Woodward, Inc.

WWD 10-K · FY 2025

WWD FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 3,567,064 3,324,249 +7.3%
Show Product Lines breakouts
Commercial OEM [Member] · Aerospace [Member] 690,962 738,394 -6.4%
Commercial Services [Member] · Aerospace [Member] 823,547 640,823 +28.5%
Defense OEM [Member] · Aerospace [Member] 561,288 406,810 +38.0%
Defense Services [Member] · Aerospace [Member] 237,009 242,591 -2.3%
Oil And Gas · Industrial [Member] 257,942 227,202 +13.5%
Power Generation [Member] · Industrial [Member] 488,940 443,667 +10.2%
Transportation [Member] · Industrial [Member] 507,376 624,762 -18.8%
Show Business Segments breakouts
Aerospace [Member] 2,312,806 2,028,618 +14.0%
Aerospace [Member] · Asia, excluding China [Member] 61,965 59,103 +4.8%
Aerospace [Member] · CN 148,192 96,136 +54.1%
Aerospace [Member] · DE 72,883 72,583 +0.4%
Aerospace [Member] · Direct Sales to U.S. Government [Member] 95,147 107,978 -11.9%
Aerospace [Member] · Europe, excluding Germany [Member] 224,302 202,421 +10.8%
Aerospace [Member] · Indirect Sales to U.S. Government [Member] 598,254 443,370 +34.9%
Aerospace [Member] · Operating Segments 2,312,806 2,028,618 +14.0%
Aerospace [Member] · Other Countries [Member] 220,291 194,152 +13.5%
Aerospace [Member] · Transferred At Point In Time 916,671 853,728 +7.4%
Aerospace [Member] · Transferred Over Time 1,396,135 1,174,890 +18.8%
Aerospace [Member] · U.S. Government Related [Member] 693,401 551,348 +25.8%
Aerospace [Member] · US 1,585,173 1,404,223 +12.9%
Industrial [Member] 1,254,258 1,295,631 -3.2%
Industrial [Member] · Asia, excluding China [Member] 187,240 163,603 +14.4%
Industrial [Member] · CN 137,678 293,908 -53.2%
Industrial [Member] · DE 202,539 196,775 +2.9%
Industrial [Member] · Direct Sales to U.S. Government [Member] 6,903 9,039 -23.6%
Industrial [Member] · Europe, excluding Germany [Member] 341,286 297,517 +14.7%
Industrial [Member] · Indirect Sales to U.S. Government [Member] 17,305 10,273 +68.5%
Industrial [Member] · Operating Segments 1,254,258 1,295,631 -3.2%
Industrial [Member] · Other Countries [Member] 56,407 49,795 +13.3%
Industrial [Member] · Transferred At Point In Time 712,627 780,794 -8.7%
Industrial [Member] · Transferred Over Time 541,631 514,837 +5.2%
Industrial [Member] · U.S. Government Related [Member] 24,208 19,312 +25.4%
Industrial [Member] · US 329,108 294,033 +11.9%
Show Geography breakouts
Asia, excluding China [Member] 249,205 222,706 +11.9%
CN 285,870 390,044 -26.7%
DE 275,422 269,358 +2.3%
Europe, excluding Germany [Member] 565,588 499,938 +13.1%
Other Countries [Member] 276,698 243,947 +13.4%
US 1,914,281 1,698,256 +12.7%
Show Consolidation Items breakouts
Operating Segments 3,567,064 3,324,249 +7.3%
Show Major Customers breakouts
Direct Sales to U.S. Government [Member] 102,050 117,017 -12.8%
Indirect Sales to U.S. Government [Member] 615,559 453,643 +35.7%
U.S. Government Related [Member] 717,609 570,660 +25.8%
Show Timing Of Transfer Of Good Or Service breakouts
Transferred At Point In Time 1,629,298 1,634,522 -0.3%
Transferred Over Time 1,937,766 1,689,727 +14.7%
Cost of Revenue 2,610,772 2,447,770 +6.7%
Show Business Segments breakouts
Aerospace [Member] · Operating Segments 1,687,214 1,517,239 +11.2%
Industrial [Member] · Operating Segments 914,520 923,953 -1.0%
Show Consolidation Items breakouts
Operating Segments 2,601,734 2,441,192 +6.6%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Woodward and General Electric Joint Venture [Member] 1,488 1,236 +20.4%
Selling, General & Administrative 329,823 307,499 +7.3%
Show Business Segments breakouts
Aerospace [Member] · Operating Segments 87,136 85,103 +2.4%
Industrial [Member] · Operating Segments 107,205 100,758 +6.4%
Show Consolidation Items breakouts
Operating Segments 194,341 185,861 +4.6%
Research & Development 147,568 140,676 +4.9%
Show Business Segments breakouts
Aerospace [Member] · Operating Segments 87,302 90,138 -3.1%
Industrial [Member] · Operating Segments 53,850 44,759 +20.3%
Show Consolidation Items breakouts
Operating Segments 141,152 134,897 +4.6%
Interest Expense 45,689 47,959 -4.7%
Interest Income -4,189 -6,458 +35.1%
Other Non-Operating Income (Expense) -84,010 -67,168 -25.1%
Costs And Expenses All 3,045,653 2,870,278 +6.1%
Income Before Taxes 521,411 453,971 +14.9%
Income Tax Expense (Benefit) 79,300 81,000 -2.1%
Net Income 442,111 372,971 +18.5%
Show Equity Components breakouts
Retained Earnings 442,111 372,971 +18.5%
EPS (Basic) 7.42 6.21 +19.5%
EPS (Diluted) 7.19 6.01 +19.6%
Wtd Avg Shares (Basic) 59,563 60,076 -0.9%
Wtd Avg Shares (Diluted) 61,464 62,084 -1.0%
Revenue (FY)
Show Equity Method Investment Nonconsolidated Investee breakouts
Woodward and General Electric Joint Venture [Member] · Related Party 97,576 80,708 +20.9%
Operating Income (FY)
Show Business Segments breakouts
Aerospace [Member] · Operating Segments 506,613 385,360 +31.5%
Industrial [Member] · Operating Segments 182,524 229,857 -20.6%
Show Consolidation Items breakouts
Operating Segments 689,137 615,217 +12.0%
Comprehensive Income 464,394 410,944 +13.0%
Other Comprehensive Income 22,283 37,973 -41.3%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment 2,774 5,167 -46.3%
Accumulated Gain Loss Net Cash Flow Hedge Parent -670 4,542 -114.8%
Accumulated Other Comprehensive Income 22,283 37,973 -41.3%
Accumulated Translation Adjustment 20,179 28,264 -28.6%
Income Loss From Equity Method Investments 45,850 41,191 +11.3%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Woodward and General Electric Joint Venture [Member] 45,850 41,191 +11.3%
Operating Lease Lease Income 3,947 5,486 -28.1%
Foreign Currency Transaction Gain Loss Before Tax -512 -8,369 +93.9%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 327,431 282,270 +16.0%
Accounts And Other Receivables Net Current 831,116 770,066 +7.9%
Inventory 654,608 609,092 +7.5%
Income Taxes Receivable 1,553 22,016 -92.9%
Other Assets Current 69,706 60,167 +15.9%
Total Current Assets 1,884,414 1,743,611 +8.1%
Accounts Receivable 477,321 457,234 +4.4%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Woodward and General Electric Joint Venture [Member] · Related Party 5,377 5,205 +3.3%
Non-Current Assets
Property, Plant & Equipment 986,623 940,715 +4.9%
Show Geography breakouts
DE 109,403 87,970 +24.4%
Other Countries [Member] 35,692 25,503 +40.0%
US 841,528 827,242 +1.7%
Show Consolidation Items breakouts
Corporate Non Segment 120,502 120,946 -0.4%
Goodwill 832,288 806,643 +3.2%
Show Business Segments breakouts
Aerospace [Member] 473,779 455,423 +4.0%
Industrial [Member] 358,509 351,220 +2.1%
Deferred Tax Assets 118,711 84,392 +40.7%
Other Non-Current Assets 380,027 353,135 +7.6%
Total Assets 4,630,143 4,368,915 +6.0%
Show Business Segments breakouts
Aerospace [Member] · Operating Segments 2,110,805 1,936,507 +9.0%
Industrial [Member] · Operating Segments 1,501,503 1,509,495 -0.5%
Operating Lease Right-of-Use Assets 25,274 27,135 -6.9%
Intangible Assets 360,070
Show Business Segments breakouts
Aerospace [Member] · Customer Relationships 30,574 35,531 -14.0%
Aerospace [Member] · Process Technology [Member] 3,597 4,224 -14.8%
Industrial [Member] · Customer Relationships 275,869 284,639 -3.1%
Industrial [Member] · Process Technology [Member] 50,030 51,274 -2.4%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 306,443 320,170 -4.3%
Process Technology [Member] 53,627 55,498 -3.4%
Other Assets
Intangible Assets Net Excluding Goodwill 428,080 440,419 -2.8%
Show Business Segments breakouts
Aerospace [Member] 34,171 39,755 -14.0%
Industrial [Member] 393,909 400,664 -1.7%
Industrial [Member] · Trade Names 68,010 64,751 +5.0%
Show Finite Lived Intangible Assets By Major Class breakouts
Trade Names 68,010 64,751 +5.0%
Current Liabilities
Short Term Borrowings 122,300 217,000 -43.6%
Current Portion of Long-Term Debt 122,934 85,719 +43.4%
Accounts Payable 289,417 287,457 +0.7%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Woodward and General Electric Joint Venture [Member] · Related Party 8,370 11,378 -26.4%
Accrued Income Taxes Current 59,655 40,692 +46.6%
Accrued Liabilities 313,083 292,642 +7.0%
Total Current Liabilities 907,389 923,510 -1.7%
Deferred Revenue (Current) 49,235 56,791 -13.3%
Show Fair Value By Liability Class breakouts
Deferred Revenue From Advance Invoicing And/Or Prepayments From Customers [Member] 14,944 23,706 -37.0%
Deferred Revenue From Material Rights From JV Formation [Member] 7,298 6,580 +10.9%
Deferred Revenue From Material Rights Related To Engineering And Development Funding [Member] 7,353 5,942 +23.7%
Liability Related To Customer Supplied Inventory [Member] 19,640 20,563 -4.5%
Non-Current Liabilities
Long-Term Debt 456,968 569,751 -19.8%
Deferred Tax Liabilities 107,669 121,858 -11.6%
Other Non-Current Liabilities 591,727 577,380 +2.5%
Total Liabilities 2,063,753 2,192,499 -5.9%
Long-Term Debt 579,902 655,470 -11.5%
Show Debt Instrument breakouts
Finance Leases [Member] · Notes Payable To Banks 2,934 2,736 +7.2%
Series I Notes [Member] · Notes Payable To Banks 25,000 25,000 0.0%
Series L Notes [Member] · Notes Payable To Banks 50,000 50,000 0.0%
Series M Notes [Member] · Notes Payable To Banks 46,903 44,656 +5.0%
Series N Notes [Member] · Notes Payable To Banks 90,289 85,963 +5.0%
Series O Notes [Member] · Notes Payable To Banks 50,421 48,005 +5.0%
Series Q Notes [Member] · Notes Payable To Banks 85,000 85,000 0.0%
Series R Notes [Member] · Notes Payable To Banks 75,000 75,000 0.0%
Series S Notes [Member] · Notes Payable To Banks 75,000 75,000 0.0%
Series T Notes [Member] · Notes Payable To Banks 80,000 80,000 0.0%
Operating Lease Liabilities 20,199 22,670 -10.9%
Contract With Customer Liability Noncurrent 431,458 424,609 +1.6%
Show Fair Value By Liability Class breakouts
Deferred Revenue From Advance Invoicing And/Or Prepayments From Customers [Member] 2,115 6,437 -67.1%
Deferred Revenue From Material Rights From JV Formation [Member] 229,878 232,164 -1.0%
Deferred Revenue From Material Rights Related To Engineering And Development Funding [Member] 199,465 186,008 +7.2%
Stockholders' Equity
Common Stock 106 106 0.0%
Additional Paid In Capital Common Stock 482,259 396,554 +21.6%
Accumulated Other Comprehensive Income -10,415 -32,698 +68.1%
Deferred Compensation In Equity 1,741 2,662 -34.6%
Retained Earnings 3,600,395 3,223,259 +11.7%
Stockholders Equity Before Treasury Stock 4,074,086 3,589,883 +13.5%
Treasury Stock Value -1,505,955 -1,410,805 -6.7%
Treasury Stock Held For Deferred Compensation At Cost -1,741 -2,662 +34.6%
Total Stockholders' Equity 2,566,390 2,176,416 +17.9%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment 14,382 11,608 +23.9%
Accumulated Gain Loss Net Cash Flow Hedge Parent -5,847 -5,177 -12.9%
Accumulated Other Comprehensive Income -10,415 -32,698 +68.1%
Accumulated Translation Adjustment -18,950 -39,129 +51.6%
Additional Paid In Capital 482,259 396,554 +21.6%
Common Stock 106 106 0.0%
Deferred Compensation [Member] 1,741 2,662 -34.6%
Retained Earnings 3,600,395 3,223,259 +11.7%
Treasury Stock Common -1,505,955 -1,410,805 -6.7%
Treasury Stock Held for Deferred Compensation [Member] -1,741 -2,662 +34.6%
Total Liabilities & Equity 4,630,143 4,368,915 +6.0%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 113,278 116,170 -2.5%
Show Business Segments breakouts
Aerospace [Member] · Operating Segments 51,603 55,305 -6.7%
Industrial [Member] · Operating Segments 49,480 49,779 -0.6%
Show Consolidation Items breakouts
Corporate Non Segment 12,195 11,086 +10.0%
Gain Loss On Disposition Of Assets1 -18,731 -457 -3998.7%
Stock-Based Compensation 31,674 33,052 -4.2%
Deferred Income Taxes -52,358 -44,606 -17.4%
Change in Accounts Receivable -11,475 35,799 -132.1%
Increase Decrease In Contract With Customer Asset -38,478 -51,168 +24.8%
Increase Decrease In Costs To Fulfill Contract -14,812 -3,718 -298.4%
Change in Inventory -49,624 -84,944 +41.6%
Increase Decrease In Accounts Payable And Accrued Liabilities 56,818 63,655 -10.7%
Change in Deferred Revenue -3,042 31,538 -109.6%
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable 31,992 -18,069 +277.1%
Increase Decrease In Pension And Postretirement Obligations -3,406 -1,837 -85.4%
Increase Decrease In Other Operating Capital Net -12,653 -9,297 -36.1%
Net Cash from Operations 471,294 439,089 +7.3%
Investing Activities
Capital Expenditures -130,928 -96,280 -36.0%
Proceeds From Sale Of Productive Assets 42 2,292 -98.2%
Proceeds From Divestiture Of Businesses 50,068 1,800 +2681.6%
Payments To Acquire Businesses Net Of Cash Acquired -41,678
Proceeds From Sale Of Short Term Investments 2,943 9,738 -69.8%
Net Cash from Investing -119,553 -89,217 -34.0%
Financing Activities
Payments Of Ordinary Dividends -64,975 -58,286 -11.5%
Proceeds From Sale Of Treasury Stock 104,578 89,875 +16.4%
Share Repurchases -172,857 -390,819 +55.8%
Proceeds From Lines Of Credit 2,285,900 2,962,800 -22.8%
Repayments Of Lines Of Credit -2,380,600 -2,745,800 +13.3%
Repayments Of Long Term Debt And Capital Securities -85,972 -75,817 -13.4%
Net Cash from Financing -313,926 -218,047 -44.0%
Amortization of Financing Costs 918 929 -1.2%
Supplemental
Interest Paid 34,725 36,700 -5.4%
Unpaid Capital Expenditures 12,173 22,056 -44.8%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 7,346 12,998 -43.5%
Net Change in Cash 45,161 144,823 -68.8%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 327,431 282,270 +16.0%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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