Woodward, Inc. · NASDAQ:WWD
Woodward — Q4 2025 Earnings Presentation
33 slides from Woodward's earnings presentation, Nov 24, 2025
Slide 1: Fourth Quarter and Fiscal Year 2025 Results
Fourth Quarter and Fiscal Year 2025 Results November 24, 2025
Slide 2: Cautionary Statement
Cautionary Statement Information in this presentation 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 wh
Slide 3: Value Driver Pillars Deliver Differentiated Value For Shareholders
Value Driver Pillars Deliver Differentiated Value For Shareholders Operational Growth Excellence 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. We remain focused on g
Slide 4: Fiscal Year 2025 Summary
Fiscal Year 2025 Summary Sales Net Earnings Strong Balance Sheet Up 7% YOY Up 19% YOY Price realization Free Cash Flow1 of $340M Aerospace growth in Commercial Services and Defense OEM Higher Aerospace volume 1.0 times leverage Core Industrial growth in Oil & Gas, Lower China On-Highway volume Power
Slide 5: Summary: Capital Expenditures and Capital Allocation
Fiscal Year 2025 Summary $131M Capital Expenditures Capital Allocation $238M Returned to Stockholders through dividends and share repurchases 5 © WOODWARD, INC.
Slide 6: Q4 Consolidated Results
Q4 Fiscal Year 2025 Consolidated Results Adjusted Net Earnings1 Adjusted EPS1 Net Sales Reported Net Earnings Reported EPS Free Cash Flow $83M Q4 FY24; $138M Q4 FY25 $1.36 Q4 FY24; $2.23 Q4 FY25 ↑ 16% ↑ 49% ↑ 48% ↑ 54% $181M $129M $2.09 $995M $86M $1.41 $118M $855M FY24 FY25 FY24 FY25 FY24 FY25 FY24
Slide 7: Fiscal Year 2025 Consolidated Results
Fiscal Year 2025 Consolidated Results Adjusted Net Earnings1 Adjusted EPS1 Net Sales Reported Net Earnings Reported EPS Free Cash Flow $373M FY24; $442M FY25 $6.01 FY24; $7.19 FY25 ↑ 7% ↑ 12% ↑ 13% ↓ 1% $3.3B $3.6B $424M $343M $6.89 $379M $6.11 $340M FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 7 © WOODW
Slide 8: Q4 Sales & EPS Bridge
Q4 Fiscal Year 2025 Sales & EPS Bridge SALES ($Ms) EPS $0.19 $0.68 $2.09 $(0.06) $(0.12) $41 $995 $108 $(9) $1.41 ↑ 15% ↓ 38% $855 ↑ 20% FY24 Q4 Aerospace Core Industrial Industrial FY25 Q4 FY24 Q4 Aerospace Core Industrial Tax and FY25 Q4 Actuals On-Highway Actuals Adjusted Industrial On-Highway Ot
Slide 9: Fiscal Year 2025 Sales & Adjusted EPS Bridge
Fiscal Year 2025 Sales & Adjusted EPS Bridge SALES ($Ms) EPS $284 $113 $0.35 $3,567 $1.47 $3,324 ↑ 11% $(155) $6.89 ↑14% $6.11 $(0.92) $(0.11) ↓ 72% FY24 Q4 YTD Aerospace Core Industrial Industrial FY25 Q4 YTD FY24 Q4 YTD Aerospace Core Industrial Tax and FY25 Q4 YTD Actuals On-Highway Actuals Adjus
Slide 10: Aerospace Overview
Aerospace Overview 10
Slide 11: Q4 Aerospace Segment
Q4 Fiscal Year 2025 Aerospace Segment Sales Earnings Margin ↑ 20% ↑ 52% ↑ 520 bps $661M $162M 24.4% $553M 19.2% $106M FY24 FY25 FY24 FY25 FY24 FY25 11 © WOODWARD, INC.
Slide 12: Fiscal Year 2025 Aerospace Segment
Fiscal Year 2025 Aerospace Segment Sales Earnings Margin ↑ 14% ↑ 32% ↑ 290 bps $2.3B $507M $2.0B 21.9% $385M 19.0% FY24 FY25 FY24 FY25 FY24 FY25 12 © WOODWARD, INC.
Slide 13: Aerospace Commercial
Aerospace Commercial Woodward Commercial Woodward Commercial OEM Sales Services Sales FY24 to FY25 FY24 to FY25 6% 29% Decline Growth Commercial OEM Commercial Services Market Update Market Update → OEM build rates continue to improve → Air traffic remains solid → Industry supply chain challenges →
Slide 14: Aerospace Defense
Aerospace Defense Woodward Defense Woodward Defense OEM Sales Services Sales FY24 to FY25 FY24 to FY25 38% 2% Growth Decline Defense OEM Defense Services Market Update Market Update → Strong demand for defense products → Solid demand environment → Robust smart defense order activity → Steady operati
Slide 15: Industrial Overview
Industrial Overview 15
Slide 16: Q4 Industrial Segment
Q4 Fiscal Year 2025 Industrial Segment Sales Earnings Margin ↑ 11% ↑ 28% → Insert text↑ 200 bps $334M $302M → Insert text 14.6% $49M 12.6% $38M → Insert text → Insert text FY24 FY25 FY24 FY25 FY24 FY25 16 © WOODWARD, INC.
Slide 17: Fiscal Year 2025 Industrial Segment
Fiscal Year 2025 Industrial Segment Sales Earnings Margin ↓ 3% ↓ 21% → Insert text↓ 310 bps $1.3B $1.3B $230M 17.7% → Insert text 14.6% $183M → Insert text → Insert text FY24 FY25 FY24 FY25 FY24 FY25 17 © WOODWARD, INC.
Slide 18: Q4 Core Industrial
Q4 Fiscal Year 2025 Core Industrial Sales Earnings Margin ↑ 15% ↑ 46% → Insert text ↑ 330 bps 15.2% $279M $320M → Insert text $49M 11.9% $33M → Insert text → Insert text FY24 FY25 FY24 FY25 FY24 FY25 18 © WOODWARD, INC.
Slide 19: Core Industrial
Fiscal Year 2025 Core Industrial Sales Earnings Margin ↑ 11% ↑ 19% → Insert text↑ 110 bps $1.2B $182M $1.1B → Insert text $153M 14.1% 15.2% → Insert text → Insert text FY24 FY25 FY24 FY25 FY24 FY25 19 © WOODWARD, INC.
Slide 20: Industrial
Industrial 10% Growth 19% Decline 14% Growth Woodward Power Gen Sales Woodward Transportation Sales Woodward Oil & Gas Sales FY24 to FY25 FY24 to FY25 FY24 to FY25 Power Generation Transportation Oil & Gas Market Update Market Update Market Update → Robust global demand for power generation → Health
Slide 21: Woodward Select Financial Results
Woodward Select Financial Results In millions, except bps and percentages Q4 FY24 Q4 FY25 Change FY24 FY25 Change Gross Margin: % of Sales 24.3% 27.9% 360 bps 26.4% 26.8% 20 bps SG&A Expenses: % of Sales 9.1% 8.8% (30) bps 9.3% 9.2% (10) bps R&D Expenses: % of Sales 4.1% 3.9% (20) bps 4.2% 4.1% (10)
Slide 22: Fiscal Year 2026 Guidance
Fiscal Year 2026 Guidance 22 © WOODWARD, INC.
Slide 23: Fiscal Year 2026 Guidance
Fiscal Year 2026 Guidance In millions, except EPS and percentages Sales Growth Up 7-12% EPS $7.50-$8.00 Free Cash Flow3 $300-$350 Woodward Capital Expenditures ~$290 Shares ~61 Effective Tax Rate ~22% Sales Growth Up 9-15% Aerospace Segment Earnings (% of Sales) 22-23% Sales Growth Up 5-9% Industria
Slide 24: Appendix
Appendix ] 24 | ©WOODWARD, INC. MW woopwarpD
Slide 25: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries 1 Reconciliation of Net Earnings to Adjusted Net Earnings (Unaudited – In thousands, except per share amounts) Three Months Ended September 30, 2025 2024 Earnings Per Earnings Per Net Earnings Net Earnings Share Share Net E
Slide 26: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries 1 Reconciliation of Net Earnings to Adjusted Net Earnings (Unaudited – In thousands, except per share amounts) Years Ended September 30, 2025 2024 Earnings Per Earnings Per Net Earnings Net Earnings Share Share Net Earnings
Slide 27: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries Woodward, Inc. and Subsidiaries 1 Reconciliation of Net Earnings to EBIT1 Reconciliation of Net Earnings to EBIT1 and Adjusted EBIT (Unaudited – In thousands) (Unaudited – In thousands) Three Months Ended September 30, Years E
Slide 28: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries Woodward, Inc. and Subsidiaries 1 1 1 Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA Reconciliation of Net Earnings to EBITDA1 and Adjusted EBITDA (Unaudited – In thousands) (Unaudited – In thousands) Three Mon
Slide 29: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries Woodward, Inc. and Subsidiaries Reconciliation of Income Tax Expense Reconciliation of Income Tax Expense to Adjusted Income Tax Expense1 to Adjusted Income Tax Expense1 (Unaudited – In thousands) (Unaudited – In thousands)
Slide 30: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries Woodward, Inc. and Subsidiaries Reconciliation of Non-Segment Expenses Reconciliation of Non-Segment Expenses to Adjusted Non-Segment Expenses1 to Adjusted Non-Segment Expenses1 (Unaudited – In thousands) (Unaudited – In thousand
Slide 31: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries Woodward, Inc. and Subsidiaries Reconciliation of Industrial Net Sales Reconciliation of Industrial Net Sales (Unaudited – In thousands) (Unaudited – In thousands) Three Months Ended September 30, Years Ended September 30, 20
Slide 32: Non-U.S. GAAP Measures
Appendix Non-U.S. GAAP Measures 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,
Slide 33: Powering a clean future
Powering a clean future AVS WOODWARD