Woodward Reports Record Sales & Earnings for Fiscal Year 2025

Fiscal 2026 Guidance Reflects Robust Growth

FORT COLLINS, Colo., Nov. 24, 2025 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its fiscal year 2025 and fourth quarter ending September 30, 2025.

All amounts are presented on an as reported (U.S. GAAP) basis unless otherwise indicated. All per share amounts are presented on a fully diluted basis. All comparisons are made to the same period of the prior year unless otherwise stated. All references to years are references to the Company’s fiscal year unless otherwise stated.

Fourth Quarter and Fiscal Year 2025 Overview

"Woodward delivered another year of record sales in fiscal 2025, driven by strong demand and disciplined execution that expanded earnings and strengthened our foundation for growth,” said Chip Blankenship, Chairman and Chief Executive Officer. “Aerospace delivered substantial sales and margin expansion supported by high aircraft utilization and robust defense activity, while Industrial achieved double-digit growth across power generation and oil & gas markets.

“Fiscal 2025 was a pivotal year for Woodward. With enhanced capabilities and deep customer partnerships, we are well positioned to capture opportunities from the next generation of aircraft and energy systems. We remain focused on growth, operational excellence, and innovation to drive sustained performance and long-term shareholder value.” 

Woodward’s key highlights include:

• Completed strategic acquisition of Safran’s North American Electromechanical Actuation business, enhancing our existing portfolio with industry-leading Horizontal Stabilizer Trim Actuation technology and other complementary products
• Board authorized new three-year $1.8 billion share repurchase program
• Selected by Airbus to supply 12 of the 14 spoiler actuation systems for the A350, our first primary flight control system on a commercial aircraft
• Broke ground on a cutting-edge facility in Spartanburg County, South Carolina. This highly automated, vertically integrated site will serve as a model for advanced precision aerospace manufacturing
• Earned continued recognition as a Great Place to Work and for manufacturing excellence, including:
  • TIME’s World’s Best Companies and America’s Best Mid-Size Companies 2025
  • Finalist for Manufacturing Institute’s 2025 Manufacturing Leadership Award for Operational Excellence
• Completed the divestiture of our Industrial combustion product line, aligning with our portfolio optimization strategy

Fourth Quarter and Fiscal Year 2025 Company Results

Segment Results

Segment earnings for the fourth quarter of 2025 were $162 million, or 24.4 percent of segment net sales. The increase in segment earnings was a result of price realization and higher sales volume, partially offset by strategic investments in manufacturing capabilities, as well as inflation.

Segment earnings for fiscal 2025 were $507 million, or 21.9 percent of segment net sales. The increase in segment earnings was a result of price realization and higher sales volume, partially offset by strategic investments in manufacturing capabilities, unfavorable mix, and inflation.

Based on changes in market dynamics, the Company has refined its Industrial end market presentation to better align certain sales within power generation, transportation, and oil and gas. Accordingly, sales for the quarters and years ended September 30, 2025 and 2024, have been reclassified for comparability. The reclassification had no impact on total Industrial or the consolidated financial results.

Industrial segment earnings for the fourth quarter of 2025 were $49 million, or 14.6 percent of segment net sales. The increase in segment earnings was a result of price realization, partially offset by inflation and strategic investments in manufacturing capabilities.

Industrial segment earnings for fiscal 2025 were $183 million, or 14.6 percent of segment net sales. The decrease in segment earnings was a result of lower sales volume and unfavorable mix, partially offset by price realization.

Fiscal Year 2026 Guidance

Our fiscal 2026 guidance assumes a sustained strong demand environment, supporting continued sales growth and further margin expansion.

Conference Call

Woodward will hold an investor conference call at 5:00 p.m. ET, November 24, 2025, to provide an overview of the financial performance for its fiscal year 2025 and fourth quarter ending September 30, 2025, business highlights, and guidance for fiscal 2026. You are invited to listen to the live webcast of our conference call, or a recording, and view or download accompanying presentation slides at our website, www.woodward.com².

You may also listen to the call by dialing 1-800-715-9871 (domestic) or 1-646-307-1963 (international). Participants should call prior to the start time to allow for registration; the Conference ID is 4675940. The call and presentation will be available on the website by selecting “Investors/Events & Presentations” from the menu and will remain accessible on the company’s website for one year.

About Woodward, Inc.

Woodward is the global leader in the design, manufacture, and service of energy conversion and control solutions for the aerospace and industrial equipment markets. Our purpose is to design and deliver energy control solutions our partners count on to power a clean future. Our innovative fluid, combustion, electrical, propulsion and motion control systems perform in some of the world’s harshest environments. Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com.

Cautionary Statement

Information in this press release contains forward-looking statements regarding future events and our future results within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, to the extent to which we will be successful winning content on the next generation of aircraft and energy systems, the results of our ongoing focus on growth, operational excellence and innovation, including whether such focus ultimately leads to long-term term sustained success and enhanced shareholder value, and statements regarding our business and guidance for fiscal year 2026, including our guidance for sales, earnings per share, segment sales growth rates, segment earnings margin growth rates, effective tax rate, free cash flow, capital expenditures, and diluted weighted average shares outstanding, as well as our assumptions regarding our guidance, anticipated trends in our business and markets, including our assumptions regarding sales and demand in fiscal 2026. Factors that could cause actual results and the timing of certain events to differ materially from the forward-looking statements include, but are not limited to: (1) global economic uncertainty and instability, including in the financial markets that affect Woodward, its customers, and its supply chain; (2) risks related to constraints and disruptions in the global supply chain and labor markets; (3) Woodward’s long sales cycle; (4) risks related to Woodward’s concentration of revenue among a relatively small number of customers; (5) Woodward’s ability to implement and realize the intended effects of any restructuring efforts; (6) Woodward’s ability to successfully manage competitive factors including expenses and fluctuations in sales; (7) changes and consolidations in the aerospace market; (8) Woodward’s financial obligations including debt obligations and tax expenses and exposures; (9) risks related to Woodward’s U.S. government contracting activities including potential changes in government spending patterns; (10) volatility with respect to the China on-highway natural gas truck market; (11) Woodward’s ability to protect its intellectual property rights and avoid infringing the intellectual property rights of others; (12) changes in the estimates of fair value of reporting units or of long-lived assets; (13) environmental risks; (14) Woodward’s continued access to a stable workforce and favorable labor relations with its employees; (15) Woodward’s ability to manage various regulatory and legal matters; (16) risks from operating internationally; (17) cybersecurity and other technological risks; and other risk factors and risks described in Woodward's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended September 30, 2024, any subsequently filed Quarterly Report on Form 10-Q, as well as its Annual Report on Form 10-K for the year ended September 30, 2025, which we expect to file shortly, and other risks described in Woodward’s filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date hereof and Woodward assumes no obligation to update such statements, except as required by applicable law.

1. Presented in the line item "Cost of goods sold" in Woodward's Condensed Consolidated Statement of Earnings.
2. Presented in the line item "Selling, general, and administrative expenses" in Woodward's Condensed Consolidated Statement of Earnings.
3. Presented in the line item "Income tax expense" in Woodward's Condensed Consolidated Statement of Earnings.

1. Presented in the line item "Other income, net" in Woodward's Condensed Consolidated Statement of Earnings.
2. Presented in the line item "Selling, general, and administrative expenses" in Woodward's Condensed Consolidated Statement of Earnings.
3. Presented in the line item "Cost of goods sold" in Woodward's Condensed Consolidated Statement of Earnings.
4. Presented in the line item "Income tax expense" in Woodward's Condensed Consolidated Statement of Earnings.

¹Adjusted and Non-U.S. GAAP Financial Measures: Adjusted net earnings, adjusted earnings per share, adjusted income tax expense, adjusted effective income tax rate, EBIT, adjusted EBIT, EBITDA, adjusted EBITDA, and adjusted nonsegment expenses exclude, as applicable, (i) product rationalization, (ii) costs related to business development activities, (iii) a specific charge for excess and obsolete inventory, (iv) a non-recurring gain related to a previous acquisition, (v) a non-recurring charge related to a previous acquisition, (vi) certain non-restructuring separation costs, and (vii) the impact of a German corporate tax rate reduction. The product rationalization adjustment pertains to the elimination and divestiture of certain product lines. The specific charge for excess and obsolete inventory relates to the intended disposal of certain inventory in our Industrial segment due in part to an unexpected shift in sales patterns. This non-recurring charge is not related to product rationalization and reflects an isolated event. The Company believes that these excluded items are short‐term in nature, not directly related to the ongoing operations of the business, and therefore, the exclusion of them illustrates more clearly how the underlying business of Woodward is performing.

EBIT (earnings before interest and taxes), adjusted EBIT, EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted EBITDA, free cash flow, adjusted net earnings, adjusted earnings per share, adjusted income tax expenses, adjusted effective income tax rate, and adjusted nonsegment expenses are financial measures not prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Management uses EBIT and adjusted EBIT to evaluate Woodward’s operating performance without the impacts of financing and tax related considerations. Management uses EBITDA and adjusted EBITDA in evaluating Woodward’s operating performance, making business decisions, including developing budgets, managing expenditures, forecasting future periods, and evaluating capital structure impacts of various strategic scenarios. Management also uses free cash flow, which is derived from net cash provided by or used in operating activities less payments for property, plant, and equipment in reviewing the financial performance of Woodward’s business segments and evaluating cash generation levels. Securities analysts, investors, and others frequently use EBIT, EBITDA and free cash flow in their evaluation of companies, particularly those with significant property, plant, and equipment, and intangible assets that are subject to amortization. The use of any of these non-U.S. GAAP financial measures is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. Because adjusted net earnings, adjusted earnings per share, EBIT, EBITDA, adjusted EBIT, and adjusted EBITDA exclude certain financial information compared with net earnings, the most comparable U.S. GAAP financial measure, users of this financial information should consider the information that is excluded. Free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Management’s calculations of EBIT, EBITDA, adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted effective income tax rate, adjusted nonsegment expenses, and free cash flow may differ from similarly titled measures used by other companies, limiting their usefulness as comparative measures.

²Website, Facebook: Woodward has used, and intends to continue to use, its Investor Relations website and its Facebook page as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

³FY26 Free Cash Flow: Information reconciling our FY26 free cash flow guidance to forward-looking net cash provided by operating activities is not available without unreasonable effort due primarily to uncertainty of timing for capital expenditures.

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