Curtiss-Wright’s first quarter saw revenue and adjusted profit both surpass Wall Street expectations, yet the market responded negatively, likely due to a shortfall in adjusted EBITDA relative to consensus. The company’s leadership attributed the strong top-line growth to robust demand across all three of its segments, emphasizing notable wins in defense electronics, naval, and power markets. CEO Lynn Bamford cited “higher sales of actuation and sensors equipment supporting various U.S. and European fighter jet programs” and improvements in commercial nuclear aftermarket demand as central drivers for the results.
Is now the time to buy CW? Find out in our full research report (it’s free for active Edge members).
Curtiss-Wright (CW) Q1 CY2026 Highlights:
- Revenue: $913.7 million vs analyst estimates of $869.1 million (13.4% year-on-year growth, 5.1% beat)
- Adjusted EPS: $3.48 vs analyst estimates of $3.30 (5.3% beat)
- Adjusted EBITDA: $188.8 million vs analyst estimates of $182.1 million (20.7% margin, 3.6% beat)
- The company slightly lifted its revenue guidance for the full year to $3.77 billion at the midpoint from $3.74 billion
- Management raised its full-year Adjusted EPS guidance to $15.10 at the midpoint, a 1.2% increase
- Operating Margin: 17.5%, up from 16% in the same quarter last year
- Market Capitalization: $27.16 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Curtiss-Wright’s Q1 Earnings Call
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Kristine Liwag (Morgan Stanley) asked about Curtiss-Wright’s M&A focus in the current competitive landscape. CEO Lynn Bamford explained the priority on Defense Electronics and commercial nuclear, emphasizing a rigorous ROI approach and openness to being a second source for the Navy.
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Gregory Dahlberg (Wolfe Research) inquired about the commercial impact of SMR prototyping. CFO Chris Farkas described a meaningful ramp in SMR revenue, with the segment expected to grow from 10% to 12% of commercial nuclear sales this year.
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Nathan Jones (Stifel) questioned the outlook for industrial vehicle markets and upside potential. CEO Lynn Bamford expressed optimism for growth in 2027, citing recent booking improvements, but remained cautious for the current year.
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Unknown Analyst (Citi) sought details on military aviation demand and platform contributions. CEO Bamford said growth is broad-based across modernization programs and next-generation platforms, with heightened spares demand due to current geopolitical events.
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Louie Dipalma (William Blair) asked about Navy segment growth drivers and the margin profile of overhaul work. CFO Farkas highlighted durable revenues from core naval nuclear platforms and noted that fleet overhaul and repair work are accretive to margins.
Catalysts in Upcoming Quarters
Looking ahead, our analysts will monitor (1) the pace of defense order conversion into revenue, especially in short-cycle businesses; (2) the impact of SMR and AP1000 nuclear project timelines on the commercial nuclear segment; and (3) the company’s ability to achieve further margin expansion through operational initiatives. Developments in U.S. and NATO defense budgets and supply chain stability will also be critical markers of execution.
Curtiss-Wright currently trades at $747.36, in line with $742.89 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).
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