Curtiss-Wright (NYSE: CW) has delivered substantial long-term value to shareholders, generating an average annual return of 22.67% over the past ten years. This performance outpaced the broader market by 9.23% on an annualized basis, highlighting the stock’s resilience and growth trajectory within its sector. For investors who held the position for the full decade, the compounding effect has been significant: an initial investment of $1,000 would now be worth $7,755.24.

The valuation of this historical return is based on Curtiss-Wright’s current share price of $720.75. The company currently maintains a market capitalization of $26.63 billion, reflecting its established position in the industrial and aerospace sectors. The data underscores the impact of sustained compound growth over extended periods, distinguishing long-term holders from short-term traders.

Performance Metrics

The following table outlines the key financial figures associated with Curtiss-Wright’s ten-year performance record:

What the Numbers Show

The divergence between Curtiss-Wright’s returns and the broader market average illustrates the premium investors have received for holding this specific equity. A 9.23% annualized outperformance over a ten-year horizon is material, suggesting that the company’s operational execution or sector tailwinds have consistently exceeded general market trends. The transformation of $1,000 into $7,755.24 represents a total return of approximately 675%, emphasizing how consistent double-digit annual gains accumulate exponentially rather than linearly.

Curtiss-Wright Corporation reported financial results for the second quarter ended June 30, 2026, delivering sales of $924 million, up 5% year-over-year, alongside adjusted diluted earnings per share of $3.72, up 15%, and free cash flow of $160 million generating 116% FCF conversion. The company also raised its full-year 2026 adjusted financial guidance across all key metrics.

Second Quarter 2026 Operating Results

The following table summarizes reported and adjusted operating performance for Q2-2026 compared with Q2-2025 (in millions):

Key Q2-2026 highlights included:

• Reported sales of $924 million, up 5%, with total Aerospace & Defense (A&D) market sales up 6% and total Commercial market sales up 5%
• Adjusted operating income of $179 million, up 12%, driven by favorable absorption on higher revenues, favorable mix in the Aerospace & Industrial and Defense Electronics segments, and benefits from restructuring initiatives, partially offset by higher R&D investment
• Adjusted operating margin of 19.4%, up 110 basis points
• Adjusted diluted EPS of $3.72, up 15%
• New orders of $1.1 billion, up 8%, reflecting a 1.16x book-to-bill
• Free cash flow of $160 million, generating 116% FCF conversion

"Curtiss-Wright delivered strong second quarter results, highlighted by mid-single digit revenue growth, operating margin expansion in all three segments, mid-teens growth in Adjusted diluted EPS, and better-than-expected free cash flow generation," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "The momentum continues to build in our order book, underscored by record demand for our defense electronics products. Overall, we experienced strong order growth in both our A&D and Commercial markets, as total orders increased 8% year-over-year and resulted in an overall book-to-bill of 1.16x."

Segment Performance

Aerospace & Industrial

The Aerospace & Industrial segment delivered notable margin expansion alongside strong top-line growth in Q2-2026 (in millions):

Sales of $268 million increased $29 million, or 12%, driven by:

• Higher defense market sales of sensors products and actuation equipment supporting domestic and international fighter jet programs, as well as higher sales of electromechanical actuation equipment
• Commercial aerospace revenue growth from higher OEM sales of actuation equipment, sensors products, and surface treatment services on both narrowbody and widebody platforms
• Growth in the general industrial market from higher sales of industrial vehicle products serving off-highway vehicle platforms

Adjusted operating income was $49 million, up 25%, while adjusted operating margin increased 180 basis points to 18.4%, driven by favorable absorption on higher revenues, favorable product mix, and benefits from restructuring initiatives, partially offset by higher R&D investment.

Defense Electronics

The Defense Electronics segment reported a modest sales decline but achieved meaningful margin improvement in Q2-2026 (in millions):

Sales of $246 million declined $7 million, or 3%. Higher aerospace defense revenues were principally driven by increased sales of embedded computing equipment on domestic fighter jet and unmanned aerial vehicle (UAV) programs, partially offset by lower sales on helicopter programs. Lower ground defense revenues reflected the timing of tactical communications equipment sales, partially offset by higher sales of turret drive stabilization and radar systems equipment to international customers. Adjusted operating income was $69 million, up 1%, while adjusted operating margin increased 120 basis points to 28.0%, reflecting favorable mix of embedded computing revenues and cost containment initiatives, which more than offset higher R&D investment.

Naval & Power

The Naval & Power segment delivered solid sales growth and margin expansion in Q2-2026 (in millions):

Sales of $410 million increased $26 million, or 7%. Naval defense revenue growth was principally driven by timing of revenues on the Virginia-class submarine program and higher aftermarket revenue supporting naval shipyards. Power & process market revenues primarily reflected higher sales of commercial nuclear solutions supporting next-generation advanced reactors transitioning from development into the initial prototype stage, as well as higher government nuclear revenues. Adjusted operating income was $71 million, up 12%, while adjusted operating margin increased 80 basis points to 17.3%, primarily due to favorable absorption on higher revenues.

Free Cash Flow

The following table presents free cash flow for Q2-2026 versus Q2-2025 (in millions):

Free cash flow of $160 million increased $43 million, principally driven by higher cash earnings, lower working capital, and lower tax payments.

Orders, Backlog, and Capital Allocation

New orders of $1.1 billion increased 8% compared with the prior year, driven by record demand for defense electronics products. Strong order growth was experienced in both A&D and Commercial markets, with solid demand for commercial nuclear, process, and industrial products. Backlog reached $4.5 billion, up 10% from December 31, 2025.

During the second quarter, the company repurchased 20,105 shares of its common stock for approximately $15 million. In May 2026, the Board of Directors authorized an 8% increase in the quarterly dividend, from $0.24 per share to $0.26 per share, representing the 10th consecutive year that Curtiss-Wright has increased its dividend. A quarterly dividend of $0.26 per share was declared during the second quarter.

Raised Full-Year 2026 Adjusted Financial Guidance

Following strong first-half execution, Curtiss-Wright raised its full-year 2026 adjusted financial guidance. The table below compares prior and current guidance ($ in millions, except EPS):

The updated sales guidance reflects growth across the majority of Curtiss-Wright's end markets. Free cash flow guidance includes higher capital expenditures supporting growth and efficiency, reflecting a year-over-year increase of approximately $25 million compared with 2025 results. The company noted that free cash flow guidance continues to reflect greater than 105% FCF conversion.

"Based on our strong first-half execution and our outlook for the remainder of the year, we are confidently raising our full-year outlook for sales, operating income, operating margin, diluted EPS and free cash flow," said Bamford. "Curtiss-Wright remains strategically aligned with many favorable secular trends and embedded growth vectors across our A&D and Commercial markets."