CW Curtiss Wright (CW) Q3 FY25 earnings call
Curtiss-Wright delivered strong Q3 FY25 results, marked by accelerating top-line growth, operational excellence, and a record backlog. The company raised its full-year outlook across sales, operating income, and EPS, reflecting confidence in its "Pivot to Growth" strategy and strong market positioning, particularly in A&D and commercial nuclear. Despite some order timing delays in Defense Electronics due to government funding issues, the long-term outlook remains positive with strategic investments in key growth vectors.
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CW operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Jun 2025 Q2 FY25 | This call Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Book-to-bill ratio | 1.1 ratioGrowth in our order book was exceptionally strong in the fourth quarter, up 37% year-over-year, reflecting a 1.1x book-to-bill.Source: earnings call transcript | 1.1 ratio+We also experienced strong demand in the second quarter as new orders of $1 billion resulted in an overall book-to-bill in excess of 1.1x.Source: earnings call transcript | 1.1 ratioSo broadly speaking, good quarter, 1.1x book-to-bill.Source: earnings call transcript | <1.2 ratioRegarding our order book, new orders increased 18% in the fourth quarter, reflecting nearly 1.2x book to bill and were driven by continued solid demands within our naval, defense and commercial nuclear markets.Source: earnings call transcript | 1.3 ratioRegarding our order book, new orders increased 15%, reflecting a 1.3x book-to-bill ratio, driven by mid-teens growth in each of our 3 segments.Source: earnings call transcript | — |
| Book-to-bill ratio A&D markets | — | 1.2 ratioAs a result, book-to-bill across our A&D markets was 1.2x.Source: earnings call transcript | 1 ratioWe had a 1x book-to-bill in aerospace and defense, and we had a 1.2x in commercial.Source: earnings call transcript | — | — | -16.7% |
| Backlog | — | $3.8B+Overall, the second quarter growth in orders builds on our already strong backlog, which is now up 12% year-to-date, reaching a new record in excess of $3.8 billion.Source: earnings call transcript | $3.9BWe're at a record backlog right now at $3.9 billion.Source: earnings call transcript | — | <$4.3BOverall, based on the healthy growth in Curtiss-Wright's order book, we reached a new record of nearly $4.3 billion, which provides us with great visibility and continued confidence in our future top line growth.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.