0001171843-25-004742.txt : 20250728 0001171843-25-004742.hdr.sgml : 20250728 20250728160032 ACCESSION NUMBER: 0001171843-25-004742 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20250728 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20250728 DATE AS OF CHANGE: 20250728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Woodward, Inc. CENTRAL INDEX KEY: 0000108312 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL INDUSTRIAL APPARATUS [3620] ORGANIZATION NAME: 04 Manufacturing EIN: 361984010 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39265 FILM NUMBER: 251155475 BUSINESS ADDRESS: STREET 1: 1081 WOODWARD WAY CITY: FORT COLLINS STATE: CO ZIP: 80524 BUSINESS PHONE: 970-482-5811 MAIL ADDRESS: STREET 1: 1081 WOODWARD WAY CITY: FORT COLLINS STATE: CO ZIP: 80524 FORMER COMPANY: FORMER CONFORMED NAME: WOODWARD GOVERNOR CO DATE OF NAME CHANGE: 19920703 8-K 1 f8k_072825.htm FORM 8-K Form 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 28, 2025

_______________________________

Woodward, Inc.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware000-840836-1984010
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

1081 Woodward Way

Fort Collins, Colorado 80524

(Address of Principal Executive Offices) (Zip Code)

(970) 482-5811

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001455WWDNasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 
 
Item 2.02. Results of Operations and Financial Condition.

 

On July 28, 2025, Woodward, Inc. (the "Registrant") reported its results of operations for its third quarter of fiscal year 2025. A copy of the news release issued by the Registrant concerning the foregoing results is furnished herewith as Exhibit 99.1 and incorporated by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(a) Financial statements:

None

(b) Pro forma financial information:

None

(c) Shell company transactions:

None

(d) Exhibits

99.1 Press Release of Woodward, Inc. dated July 28, 2025

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 
 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 Woodward, Inc.
   
  
Dated: July 28, 2025By: /s/ William F. Lacey        
  William F. Lacey
  Executive Vice President and Chief Financial Officer
  

 

 EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFiling

EXHIBIT 99.1

Woodward Reports Third Quarter Fiscal Year 2025 Results

Raises 2025 Sales and Earnings Guidance on Strong Year-to-Date Performance and Outlook

FORT COLLINS, Colo., July 28, 2025 (GLOBE NEWSWIRE) -- Today, Woodward, Inc. (NASDAQ:WWD) reported financial results for its third quarter of fiscal year 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.

Third Quarter Overview

 Third Quarter 2025 Year-to-Date 2025
Net Sales$915M, 8% $2.6B, 4%
Net Earnings$108M, 6% $304M, 5%
Adjusted Net Earnings1- $294M, 1%
Earnings Per Share (EPS)$1.76, 8% $4.96, 7%
Adjusted EPS1- $4.80, 2%
Cash from Operations$126, -18% $238, -20%
Free Cash Flow1$99, -28% $159, -29%
    

"We delivered strong results in the third quarter underpinned by robust demand across our end markets, coupled with disciplined execution by our global teams,” said Chip Blankenship, Chairman and Chief Executive Officer. “The Aerospace segment generated substantial sales growth and margin expansion, driven by smart defense and commercial services. This was partially offset by lower commercial OEM and defense services, although both achieved sequential improvement. Our Industrial business again delivered double-digit sales growth in oil and gas and marine transportation. This was offset by an expected decrease in China on-highway natural gas truck sales.

Based on our strong year-to-date performance and solid fourth quarter outlook, we are raising our full-year sales and earnings guidance. However, given the demands to support higher sales in a dynamic supply chain and production environment, we are lowering our full-year free cash flow guidance. We remain focused on growth, operational excellence, and innovation, which continue to position Woodward to deliver sustained long-term shareholder value.”

Third Quarter and Fiscal Year 2025 Company Results
 
Total Company Results
(Dollars in millions, except per share amounts)		 
 Three Months Ended June 30 Nine Months Ended June 30 
 2025 2024 Year
over
Year		 2025 2024 Year
over
Year		 
Income Statement            
Total Sales$915 $848 8.0%$2,572 $2,470 4.1%
Net Earnings 108  102 6.2% 304  290 5.1%
Adjusted Net Earnings1 -  - -  294  293 0.6%
EPS$1.76 $1.63 8.0%$4.96 $4.65 6.7%
Adjusted EPS1 -  - - $4.80 $4.70 2.1%
EBIT 137  132 4.1% 394  382 3.0%
Adjusted EBIT1 -  - -  381  386 -1.4%
Effective Tax Rate 14.5% 16.4%-190 bps  15.8% 17.8%-200 bps 
Adjusted Effective Tax Rate1 -  - -  15.5% 17.8%-230 bps 
             
Cash Flow and Financial Position 
Cash from Operating Activities$126 $153 -18.0%$238 $297 -20.0%
Capital Expenditures27  16 67.0%79  72 8.8%
Free Cash Flow 99  137 -27.8% 159  225 -29.2%
             
Dividends Paid 17  15 10.7% 48  43 10.9%
Share Repurchases 45  305 -  124  305 - 
Total Debt -  - -  933  923 1.1%
EBITDA1Leverage- - - 1.5x 1.5x - 
             


Segment Results
 
Aerospace
(Dollars in millions)		 
 Three Months Ended June 30 Nine Months Ended June 30 
 2025 2024 Year
over
Year		 2025 2024 Year
over
Year		 
Commercial OEM$175 $190 -7.6%$497 $545 -8.8%
Commercial Aftermarket 215  166 30.0% 581  467 24.4%
Defense OEM 150  97 55.7% 401  281 42.7%
Defense Aftermarket 55  66 -16.2% 173  183 -5.7%
             
Sales 596  518 15.2% 1,652  1,476 11.9%
Segment Earnings 126  102 23.5% 345  279 23.6%
Segment Margin % 21.1% 19.7%140 bps  20.9% 18.9%200 bps 
             

The increase in Aerospace segment earnings in the third quarter was primarily a result of price realization and volume, partially offset by planned strategic investments in manufacturing capabilities to meet current and future growth, inflation, and unfavorable mix.

The increase in Aerospace segment earnings for the nine months ended June 30, 2025, was primarily a result of price realization and volume, partially offset by planned strategic investments in manufacturing capabilities to meet current and future growth, inflation, and unfavorable mix.

Industrial
(Dollars in millions)		 
 Three Months Ended June 30 Nine Months Ended June 30 
 2025 2024 Year
over
Year		 2025 2024 Year
over
Year		 
Transportation$144 $163 -12.0%$402 $512 -21.4%
Power Generation 109  110 -0.2% 326  315 3.5%
Oil and Gas 66  57 16.1% 193  168 14.7%
             
Sales 319  330 -3.2% 920  994 -7.4%
Segment Earnings 48  60 -20.3% 134  192 -30.3%
Segment Margin % 14.9% 18.1%-320 bps  14.5% 19.3%-480 bps 
                 

The decrease in Industrial segment earnings in the third quarter was primarily a result of lower China on-highway volume and inflation, partially offset by price realization.

The decrease in Industrial segment earnings in the nine months ended June 30, 2025, was primarily a result of lower China on-highway volume and unfavorable mix, partially offset by price realization.

Nonsegment
(Dollars in millions)		 
 Three Months Ended June 30 Nine Months Ended June 30 
 2025 2024 Year
over
Year		 2025 2024 Year
over
Year		 
Nonsegment Expenses$(36)$(30)21.8%$(85)$(89)-4.2%
Adjusted Nonsegment Expenses -  - -  (98) (85)15.6%
             


Fiscal Year 2025 Guidance
 
Woodward, Inc. and Subsidiaries​
Revised Guidance
(In millions, except per share amount and percentages)
 Prior FY25 GuidanceRevised FY25 Guidance
 April 28, 2025July 28, 2025
Total Company  
Sales$3,375 - $3,500$3,450 - $3,525
Adjusted Effective Tax Rate~19%~17%
Adjusted Free Cash Flow$350 - $400$315 - $350
Capital Expenditures~$115No change
Shares~61.5No change
Adjusted EPS$5.95 - $6.25$6.50 - $6.75
   
Segment Data  
Aerospace  
Sales GrowthUp 8% to 13%Up 11% to 13%
Segment Earnings (% of Sales)20% - 21%21% - 21.5%
Industrial  
Sales GrowthDown 7% to 9%Down 5% to 7%
Segment Earnings (% of Sales)13% - 14%~14.5%
   

Conference Call

Woodward will hold an investor conference call at 5:00 p.m. ET, July 28, 2025, to provide an overview of the financial performance for its fiscal year 2025 and third quarter ending June 30, 2025, business highlights, and guidance for fiscal 2025. 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 within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, our focus on growth, operational excellence and innovation, including the outcome of such efforts on our long-term success and shareholder value; statements regarding our business, expectations and guidance for the fourth quarter and fiscal year 2025, our guidance for sales, segment sales growth as compared to the prior fiscal year, adjusted earnings per share, segment earnings margin, adjusted effective tax rate, free cash flow, capital expenditures, and diluted weighted average shares outstanding, as well as our assumptions and expectations regarding our guidance and the factors that may impact guidance, and anticipated trends in our business and markets. 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 a potential global or regional recession, inflation and the impact on customer demand and our costs and expenses; (2) changes in or uncertainty with respect to global trade and economic policy, including tariff levels and retaliatory measures; (3) risks related to constraints and disruptions in the global supply chain and labor markets; (4) Woodward’s long sales cycle; (5) risks related to Woodward’s concentration of revenue among a relatively small number of customers; (6) Woodward’s ability to implement and realize the intended effects of any restructuring efforts; (7) Woodward’s ability to successfully manage competitive factors including expenses and fluctuations in sales; (8) changes and consolidations in the aerospace market; (9) Woodward’s financial obligations including debt obligations and tax expenses and exposures; (10) risks related to Woodward’s U.S. government contracting activities including potential changes in government spending patterns; (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 Quarterly Report on Form 10-Q for the quarter ended June 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.

Woodward, Inc. and Subsidiaries​
Condensed Consolidated Statement of Earnings
(Unaudited – In thousands)		 
 Three Months
Ended June 30		 Nine Months 
Ended June 30		 
 2025 2024 2025 2024 
Net sales$915,446 $847,688 $2,571,800 $2,469,761 
Costs and expenses:        
Cost of goods sold 666,287  617,702  1,892,908  1,801,037 
Selling, general, and administrative expenses 88,703  73,812  242,241  229,770 
Research and development costs 41,088  38,728  108,525  105,987 
Interest expense 11,234  11,516  35,464  34,482 
Interest income (838) (1,728) (3,236) (4,494)
Other (income) expense, net (17,864) (14,438) (65,755) (49,461)
Total costs and expenses 788,610  725,592  2,210,147  2,117,321 
Earnings before income taxes 126,836  122,096  361,653  352,440 
Income taxes 18,388  20,021  57,165  62,765 
Net earnings$108,448 $102,075 $304,488 $289,675 
   
Earnings per share amounts:  
Basic earnings per share$1.82 $1.69 $5.12 $4.80 
Diluted earnings per share$1.76 $1.63 $4.96 $4.65 
Weighted average common shares outstanding:        
Basic 59,680  60,425  59,442  60,290 
Diluted 61,488  62,522  61,374  62,295 
         
Cash dividends paid per share$0.28 $0.25 $0.81 $0.72 
         


Woodward, Inc. and Subsidiaries​
Condensed Consolidated Balance Sheets
(Unaudited – In thousands)		   
 June 
2025		 September
2025		 
Assets 
Current assets:    
Cash and cash equivalents$473,159 $282,270 
Accounts receivable 829,581  770,066 
Inventories 657,121  609,092 
Income taxes receivable 35,883  22,016 
Other current assets 65,413  60,167 
Total current assets 2,061,157  1,743,611 
Property, plant, and equipment, net 942,103  940,715 
Goodwill 813,779  806,643 
Intangible assets, net 435,057  440,419 
Deferred income tax assets 85,714  84,392 
Other assets 374,040  353,135 
Total assets$4,711,850 $4,368,915 
     
Liabilities and stockholders’ equity 
Current liabilities:    
Short-term debt$353,000 $217,000 
Current portion of long-term debt 76,020  85,719 
Accounts payable 284,029  287,457 
Income taxes payable 35,768  40,692 
Accrued liabilities 261,381  292,642 
Total current liabilities 1,010,198  923,510 
Long-term debt, less current portion 503,851  569,751 
Deferred income tax liabilities 127,744  121,858 
Other liabilities 601,491  577,380 
Total liabilities 2,243,284  2,192,499 
Stockholders’ equity 2,468,566  2,176,416 
Total liabilities and stockholders’ equity$4,711,850 $4,368,915 
     


Woodward, Inc. and Subsidiaries​
Condensed Consolidated Statements of Cash Flows
(Unaudited – In thousands)		   
 Nine Months Ended June 30 
 2025 2024 
Net cash provided by operating activities$237,976 $297,329 
     
Cash flows from investing activities: 
Payments for purchase of property, plant, and equipment (78,537) (72,193)
Proceeds from sale of assets 41  84 
Proceeds from business divestitures 48,043  900 
Payments for short-term investments -  (6,767)
Proceeds from sales of short-term investments 2,935  9,737 
Net cash used in investing activities (27,518) (68,239)
     
Cash flows from financing activities:    
Cash dividends paid (48,195) (43,457)
Proceeds from sales of treasury stock 96,064  90,142 
Payments for repurchases of common stock (124,276) (304,811)
Borrowings on revolving lines of credit and short-term borrowings 1,957,900  2,258,600 
Payments on revolving lines of credit and short-term borrowings (1,821,900) (1,983,800)
Payments of long-term debt and finance lease obligations (85,719) (75,644)
Net cash used in financing activities (26,126) (58,970)
Effect of exchange rate changes on cash and cash equivalents 6,557  765 
Net change in cash and cash equivalents 190,889  170,885 
Cash and cash equivalents at beginning of year 282,270  137,447 
Cash and cash equivalents at end of period$473,159 $308,332 
     


Woodward, Inc. and Subsidiaries​
Segment Net Sales and Net Earnings
(Unaudited – In thousands)		    
 Three Months
Ended June 30		 Nine Months Ended
June 30		 
 2025 2024 2025 2024 
Segment net sales: 
Aerospace 595,990  517,560  1,651,601  1,475,828 
Industrial 319,456  330,128  920,199  993,933 
Total consolidated net sales$915,446 $847,688 $2,571,800 $2,469,761 
Segment earnings*:        
Aerospace 125,740  101,842  345,081  279,295 
As a percent of segment net sales 21.1% 19.7% 20.9% 18.9%
Industrial 47,622  59,717  133,786  191,842 
As a percent of segment net sales 14.9% 18.1% 14.5% 19.3%
Total segment earnings$173,362 $161,559 $478,867 $471,137 
Nonsegment expenses (36,130) (29,675) (84,986) (88,709)
EBIT$137,232 $131,884 $393,881 $382,428 
Interest expense, net (10,396) (9,788) (32,228) (29,988)
Consolidated earnings before income taxes$126,836 $122,096 $361,653 $352,440 
*This schedule reconciles segment earnings, which exclude certain costs, to consolidated earnings before taxes. 
         
Payments for property, plant and equipment$26,547 $15,892 $78,537 $72,193 
Depreciation expense$21,482 $20,661 $63,238 $61,494 
         

There were no adjustments to net earnings, earnings per share, adjusted effective tax rate, adjusted nonsegment, and adjusted income tax expense in the three months ended June 30, 2025 or the three months ended June 30, 2024.

Woodward, Inc. and Subsidiaries​
Reconciliation of Net Earnings to Adjusted Earnings1​
(Unaudited – In thousands, except per share amounts)		 
​Nine Months Ended June 30 
​2025 2024 
​Net
Earnings​		 Earnings​ 
Per Share		 Net
Earnings​		 Earnings 
​Per Share		 
         
Net Earnings (U.S. GAAP)​$304,488 $4.96 $289,675 $4.65 
Non-U.S. GAAP Adjustments​​   ​ ​ 
Product rationalization1 (20,524) (0.33) -  - 
Non-recurring gain related to a previous acquisition1 -  -  (4,803) (0.08)
Business development activities1 7,310  0.12  5,902  0.09 
Certain non-restructuring separation costs2 -  -  2,666  0.05 
Tax Effect of Non-U.S. GAAP ​Net Earnings Adjustments 3,130  0.05  (729) (0.01)
Total non-U.S. GAAP Adjustments​ (10,084) (0.16) 3,036  0.05 
Adjusted Net Earnings​(Non-U.S. GAAP)$294,404 $4.80 $292,711 $4.70 
         
  1. Presented in the line item "Other (income) expense, net" in Woodward's Condensed Consolidated Statement of Earnings.
  2. Presented in item "Selling, general and administrative" expenses in Woodward's Condensed Consolidated Statement of Earnings.
Woodward, Inc. and Subsidiaries​
Reconciliation of Income Tax Expense​
to Adjusted Income Tax Expense1
(Unaudited – In thousands)		 
​Nine Months Ended June 30 
​2025 2024 
Income tax expense (U.S. GAAP)​$57,165 $62,765 
Tax Effect of Non-U.S. GAAP ​Net Earnings Adjustments (3,130) 729 
Adjusted Income Tax Expense (Non-U.S. GAAP)$54,035 $63,494 
Adjusted Income Tax Rate (Non-U.S. GAAP) 15.5% 17.8%
     


Woodward, Inc. and Subsidiaries​
Reconciliation of Net Earning to EBIT1
(Unaudited – In thousands)		 
​Three Months Ended June 30 
​2025 2024 
Net Earnings (U.S. GAAP)​$108,448 $102,075 
Income Tax Expense 18,388  20,021 
Interest Expense 11,234  11,516 
Interest Income (838) (1,728)
EBIT (Non-U.S. GAAP) 137,232  131,884 
     


Woodward, Inc. and Subsidiaries​
Reconciliation of Net Earning to EBIT1and Adjusted EBIT1​
(Unaudited – In thousands)		 
​Nine Months Ended June 30 
​2025 2024 
Net Earnings (U.S. GAAP)​$304,488 $289,675 
Income Tax Expense 57,165  62,765 
Interest Expense 35,464  34,482 
Interest Income (3,236) (4,494)
EBIT (Non-U.S. GAAP) 393,881  382,428 
Total non-U.S. GAAP Adjustments​ (13,214) 3,765 
Adjusted EBIT​ (Non-U.S. GAAP)$380,667 $386,193 
     


Woodward, Inc. and Subsidiaries​
Reconciliation of Net Earning to EBITDA1
(Unaudited – In thousands)		 
​Three Months Ended June 30 
​2025 2024 
Net Earnings (U.S. GAAP)​$108,448 $102,075 
Income Tax Expense 18,388  20,021 
Interest Expense 11,234  11,516 
Interest Income (838) (1,728)
Amortization of intangible assets​ 7,172  8,131 
Depreciation Expanse​ 21,482  20,661 
EBITDA (Non-U.S. GAAP) 165,886  160,676 
     


Woodward, Inc. and Subsidiaries​
Reconciliation of Net Earning to EBITDA1and Adjusted EBITDA1​
(Unaudited – In thousands)		 
​Nine Months Ended June 30 
​2025 2024 
Net Earnings (U.S. GAAP)​$304,488 $289,675 
Income Tax Expense 57,165  62,765 
Interest Expense 35,464  34,482 
Interest Income (3,236) (4,494)
Amortization of Intangible Assets​ 20,858  25,348 
Depreciation Expanse​ 63,238  61,494 
EBITDA (Non-U.S. GAAP) 477,977  469,270 
Total non-U.S. GAAP Adjustments​ (13,214) 3,765 
Adjusted EBITDA​ (Non-U.S. GAAP)$464,763 $473,035 
     


Woodward, Inc. and Subsidiaries​
Reconciliation of Non-Segment Expenses ​
to Adjusted Non-Segment Expenses1
(Unaudited – In thousands)		 
​Nine Months Ended June 30 
​2025 2024 
Non-Segment Expenses (U.S. GAAP)$(84,986)$(88,709)
Product rationalization (20,524) - 
Non-recurring gain related to a previous acquisition -  (4,803)
Business development activities 7,310  5,902 
Certain non-restructuring separation costs -  2,666 
Adjusted Non-Segment Expenses (Non-U.S. GAAP)$(98,200)$(84,944)
     


Woodward, Inc. and Subsidiaries​
Reconciliation of Cash Flow from Operating Activities
to Free Cash Flow1
(Unaudited – In thousands)		 
​Nine Months Ended June 30 
​2025 2024 
Net cash provided by operating activities (U.S. GAAP)$237,976 $297,329 
Payments for property, plant, and equipment (78,537) (72,193)
Free cash flow (Non-U.S. GAAP)$159,439 $225,136 
     

1Adjusted and Non-U.S. GAAP Financial Measures: Adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted income tax expense, adjusted effective tax rate, and adjusted nonsegment expenses exclude, as applicable (i) product rationalization, (ii) a non-recurring gain related to a previous acquisition, (iii) costs related to business development activities, and (iv) certain non-restructuring separation costs. The product rationalization adjustment pertains to gains related to the elimination of certain product lines. 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. Guidance with respect to non-U.S. GAAP measures as provided in this release excludes, as applicable, (i) product rationalization, and (ii) business development activities. 

EBIT (earnings before interest and taxes), EBITDA (earnings before interest, taxes, depreciation and amortization), free cash flow, adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted income tax expense, adjusted effective 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 various 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. Woodward’s calculations of EBIT, EBITDA, adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted effective 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, LinkedIn: Woodward has used, and intends to continue to use, its Investor Relations website, LinkedIn page, and Facebook page as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contact:Dan Provaznik
Director, Investor Relations
970-498-3849
Dan.Provaznik@woodward.com

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