# EDGAR Filing Document

**Accession Number:** 0000108312
**File Stem:** 0001171843-26-000562
**Filing Date:** 2026-2
**Character Count:** 34862
**Document Hash:** dce7f8b3c3e807ccb6401972d0c1ca51
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-26-000562.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0001171843-26-000562

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260202

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260202

**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:** 26587729

**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

?xml version='1.0' encoding='ASCII'? Form 8-K

### 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): February 2, 2026
_______________________________

#### Woodward, Inc.
(Exact name of registrant as specified in its charter)

_______________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39265** | **36-1984010** |
| (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 class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001455 | WWD | Nasdaq 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 February 2, 2026, Woodward, Inc. (the "Registrant") reported its results of operations for its first quarter of fiscal year 2026. 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.**

**(d) Exhibits**

[99.1](exh_991.htm) [Press Release of Woodward, Inc. dated February 2, 2026](exh_991.htm) <br> 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.** | **Woodward, Inc.** |
| Dated: February 2, 2026 | By: | <u>/s/ William F. Lacey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  |  | William F. Lacey |
|  |  | *Executive Vice President and Chief Financial Officer* |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Woodward Reports Strong First Quarter Fiscal Year 2026 Results**

**Raising Sales and Earnings Guidance Based on First Quarter Outperformance**

FORT COLLINS, Colo., Feb. 02, 2026 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its first quarter ended December 31, 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.*

**First Quarter Overview**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**First Quarter 2026** |
| &nbsp;&nbsp;Net sales | &nbsp;&nbsp;$996M, +29% |
| &nbsp;&nbsp;Net earnings | &nbsp;&nbsp;$134M, +54% |
| &nbsp;&nbsp;Earnings per share (EPS) | &nbsp;&nbsp;$2.17, +53% |
| &nbsp;&nbsp;Net cash provided by operating activities | &nbsp;&nbsp;$114M, +$80M |
| &nbsp;&nbsp;Free cash flow<sup>1</sup> | &nbsp;&nbsp;$70M, +$69M |

---

"We delivered strong first quarter 2026 performance that exceeded our expectations," said Chip Blankenship, Chairman and Chief Executive Officer. "Year-over-year growth was broad-based across both segments and reflected strong demand and disciplined execution by our global teams. In Aerospace, margin expansion was driven by higher mix of commercial services activity and robust defense OEM demand. Industrial performance was driven by strength in power generation, transportation, and oil and gas. Our focus on operational excellence continues to drive output improvements and more consistent execution across our portfolio.

"Based on a strong start to the year, we are raising our full-year sales and earnings guidance. We remain focused on operational excellence and targeted innovation to deliver sustained profitable growth and long-term value for our shareholders."

**First Quarter Fiscal Year 2026 Company Results**

---

| | | | |
|:---|:---|:---|:---|
| **Total Company Results**<br>**(Dollars in millions, except per share amounts)** | **Total Company Results**<br>**(Dollars in millions, except per share amounts)** | **Total Company Results**<br>**(Dollars in millions, except per share amounts)** | **Total Company Results**<br>**(Dollars in millions, except per share amounts)** |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **2025** | **2024** | **Year over Year** |
| **Income Statement** |  |  |  |
| Net sales | $**996** | $**773** | **29%** |
| Net earnings | **134** | **87** | **54%** |
| Adjusted net earnings<sup>1</sup><sup>\*</sup> | $**134** | $**83** | **62%** |
| EPS | $**2.17** | $**1.42** | **53%** |
| Adjusted EPS<sup>1</sup><sup>\*</sup> | $**2.17** | $**1.35** | **61%** |
| EBIT | **179** | **113** | **59%** |
| Adjusted EBIT<sup>1</sup><sup>\*</sup> | $**179** | $**107** | **67%** |
| Effective tax rate | **20.9%** | **14.5%** | **640 bps** |
| Adjusted effective tax rate<sup>1</sup><sup>\*</sup> | **20.9%** | **14.0%** | **690 bps** |
| **Cash Flow and Financial Position** |  |  |  |
| Net cash provided by operating activities | $**114** | $**35** |  |
| Capital expenditures | **44** | **34** |  |
| Free cash flow | **70** | **1** |  |
| Dividends paid | **17** | **15** |  |
| Share repurchases | **129** | **35** |  |
| Total debt | **888** | **902** |  |
| EBITDA<sup>1</sup>leverage | **1.2x** | **1.5x** |  |

---

\* There were no adjustments to these measures in the first quarter of fiscal year 2026

**Segment Results**

---

| | | | |
|:---|:---|:---|:---|
| **Aerospace**<br>**(Dollars in millions)** | **Aerospace**<br>**(Dollars in millions)** | **Aerospace**<br>**(Dollars in millions)** | **Aerospace**<br>**(Dollars in millions)** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **2025** | **2024** | **Year over Year** |
| Commercial OEM | $**188** | $**154** | **22%** |
| Commercial services | **245** | **164** | **50%** |
| Defense OEM | **138** | **113** | **23%** |
| Defense services | **64** | **63** | **1%** |
| Sales | **635** | **494** | **29%** |
| Segment earnings | **148** | **95** | **57%** |
| Segment margin % | **23.4%** | **19.2%** | **420 bps** |

---

Aerospace segment earnings for the first quarter of 2026 were $148 million, or 23.4 percent of segment net sales. The increase in segment earnings was a result of price realization, favorable mix, and higher sales volume, partially offset by strategic investments in manufacturing capabilities and inflation.

---

| | | | |
|:---|:---|:---|:---|
| **Industrial**<br>**(Dollars in millions)** | **Industrial**<br>**(Dollars in millions)** | **Industrial**<br>**(Dollars in millions)** | **Industrial**<br>**(Dollars in millions)** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **2025** | **2024** | **Year over Year** |
| Transportation | $**166** | $**107** | **55%** |
| Power generation | **123** | **115** | **7%** |
| Oil and gas | **72** | **57** | **28%** |
| Sales | **362** | **279** | **30%** |
| Segment earnings | **67** | **40** | **67%** |
| Segment margin % | **18.5%** | **14.4%** | **410 bps** |

---

Industrial segment earnings for the first quarter of 2026 were $67 million, or 18.5 percent of segment net sales. The increase in segment earnings was a result of higher sales volume, price realization, and favorable mix, partially offset by inflation.

---

| | | | |
|:---|:---|:---|:---|
| **Nonsegment**<br>**(Dollars in millions)** | **Nonsegment**<br>**(Dollars in millions)** | **Nonsegment**<br>**(Dollars in millions)** | **Nonsegment**<br>**(Dollars in millions)** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **2025** | **2024** | **Year over Year** |
| Nonsegment expense | $**(37)** | $**(22)** | **66%** |
| Adjusted nonsegment expenses | **(37)** | **(28)** | **31%** |

---

**Fiscal Year 2026 Guidance**

Based on the strong first quarter performance, Woodward is raising its fiscal 2026 sales and earnings guidance. This guidance assumes a sustained strong demand environment, supporting continued sales growth and further margin expansion.

---

| | | |
|:---|:---|:---|
| | **Prior FY26 Guidance**<br>**Issued on November 24, 2025** | **Revised FY26 Guidance**<br>**Issued on February 2, 2026** |
| **Total Company** | | |
| &nbsp;&nbsp;Sales growth | up 7% to 12% | up 14% to 18% |
| &nbsp;&nbsp;EPS | $7.50 - $8.00 | $8.20 - $8.60 |
| &nbsp;&nbsp;Free cash flow<sup>3</sup> | $300 - $350 million | No change |
| &nbsp;&nbsp;Capital expenditures | ~$290 million | No change |
| &nbsp;&nbsp;Shares | ~61 million | No change |
| &nbsp;&nbsp;Effective tax rate | ~22% | No change |
| **Segment Data** |  |  |
| **Aerospace** |  |  |
| &nbsp;&nbsp;Sales growth | up 9% to 15% | up 15% to 20% |
| &nbsp;&nbsp;Segment earnings (% of sales) | 22% - 23% | No change |
| **Industrial** |  |  |
| &nbsp;&nbsp;Sales growth | up 5% to 9% | up 11% to 14% |
| &nbsp;&nbsp;Segment earnings (% of sales) | 14.5% - 15.5% | 16% - 17% |

---

**Conference Call**

Woodward will hold an investor conference call at 5:00 p.m. ET, February 2, 2026, to provide an overview of the financial performance for its fiscal first quarter ended December 31, 2025, business highlights, and guidance for fiscal 2026. 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, <u>www.woodward.com</u><sup>2</sup>.

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 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, the results of our ongoing focus on operational excellence, increased output, more consistent execution, and innovation, including whether such focus ultimately leads to sustained profitable growth and long-term shareholder value, and statements regarding our business and guidance for fiscal year 2026, including our guidance for sales, earnings per share, segment sales growth rates, segment earnings margin growth rates, effective tax rate, free cash flow, capital expenditures, and diluted weighted average shares outstanding, as well as our assumptions regarding our guidance, anticipated trends in our business and markets, including our assumptions regarding sales, demand, and margin expansion in fiscal 2026. 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 in the financial markets that affect Woodward, its customers, and its supply chain; (2) risks related to constraints and disruptions in the global supply chain and labor markets; (3) Woodward's long sales cycle; (4) risks related to Woodward's concentration of revenue among a relatively small number of customers; (5) Woodward's ability to implement and realize the intended effects of any restructuring efforts; (6) Woodward's ability to successfully manage competitive factors including expenses and fluctuations in sales, as well as innovation and new product development; (7) changes and consolidations in the aerospace market; (8) Woodward's financial obligations including debt obligations and tax expenses and exposures; (9) risks related to Woodward's U.S. government contracting activities including potential changes in government spending patterns; (10) volatility with respect to the China on-highway natural gas truck market; (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, including its ability to retain key personnel or attract and retain new qualified personnel; (15) Woodward's ability to manage various regulatory and legal matters; (16) risks from operating internationally; (17) cybersecurity, data privacy, 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, 2025, its Quarterly Report on Form 10-Q for the quarterly period ended December 31, 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**<br>**Condensed Consolidated Statement of Earnings** <br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Condensed Consolidated Statement of Earnings** <br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Condensed Consolidated Statement of Earnings** <br>**(Unaudited – In thousands)** |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **2025** | **2024** |
| **Net sales** | $**996454** | $**772725** |
| Costs and expenses: |  |  |
| &nbsp;&nbsp;Cost of goods sold | 704293 | 583091 |
| &nbsp;&nbsp;Selling, general, and administrative expenses | 94985 | 69696 |
| &nbsp;&nbsp;Research and development costs | 37756 | 30207 |
| &nbsp;&nbsp;Interest expense | 10344 | 12341 |
| &nbsp;&nbsp;Interest income | (701) | (1377) |
| &nbsp;&nbsp;Other income, net | (19374) | (23087) |
| **Total costs and expenses** | **827303** | **670871** |
| **Earnings before income taxes** | **169151** | **101854** |
| Income taxes | 35432 | 14763 |
| **Net earnings** | $**133719** | $**87091** |
| Earnings per share amounts: |  |  |
| &nbsp;&nbsp;**Basic earnings per share** | $**2.23** | $**1.47** |
| &nbsp;&nbsp;**Diluted earnings per share** | $**2.17** | $**1.42** |
| Weighted average common shares outstanding: |  |  |
| &nbsp;&nbsp;Basic | 59837 | 59216 |
| &nbsp;&nbsp;Diluted | 61590 | 61141 |
| Cash dividends paid per share | $**0.28** | $**0.25** |

---

---

| | | |
|:---|:---|:---|
| **Woodward, Inc. and Subsidiaries**<br>**Condensed Consolidated Balance Sheets**<br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Condensed Consolidated Balance Sheets**<br>**(Unaudited – In thousands)** | |
| | **December 31, 2025** | **September 30, 2025** |
| **Assets** | **Assets** | **Assets** |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $**454245** | $**327431** |
| &nbsp;&nbsp;Accounts receivable | 796760 | 831116 |
| &nbsp;&nbsp;Inventories | 689217 | 654608 |
| &nbsp;&nbsp;Income taxes receivable | 44934 | 1553 |
| &nbsp;&nbsp;Other current assets | 63967 | 69706 |
| &nbsp;&nbsp;**Total current assets** | **2049123** | **1884414** |
| Property, plant, and equipment, net | 1002187 | 986623 |
| Goodwill | 832065 | 832288 |
| Intangible assets, net | 425408 | 428080 |
| Deferred income tax assets | 45503 | 118711 |
| Other assets | 379611 | 380027 |
| &nbsp;&nbsp;**Total assets** | $**4733897** | $**4630143** |
| **Liabilities and stockholders' equity** | **Liabilities and stockholders' equity** | **Liabilities and stockholders' equity** |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Short-term debt | $**383000** | $**122300** |
| &nbsp;&nbsp;Current portion of long-term debt | 48033 | 122934 |
| &nbsp;&nbsp;Accounts payable | 269981 | 289417 |
| &nbsp;&nbsp;Income taxes payable | 52429 | 59655 |
| &nbsp;&nbsp;Accrued liabilities | 245688 | 313083 |
| &nbsp;&nbsp;**Total current liabilities** | **999131** | **907389** |
| Long-term debt, less current portion | 457005 | 456968 |
| Deferred income tax liabilities | 107652 | 107669 |
| Other liabilities | 582621 | 591727 |
| &nbsp;&nbsp;**Total liabilities** | 2146409 | 2063753 |
| Stockholders' equity | 2587488 | 2566390 |
| &nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**4733897** | $**4630143** |

---

---

| | | |
|:---|:---|:---|
| **Woodward, Inc. and Subsidiaries**<br>**Condensed Consolidated Statements of Cash Flows**<br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Condensed Consolidated Statements of Cash Flows**<br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Condensed Consolidated Statements of Cash Flows**<br>**(Unaudited – In thousands)** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **2025** | **2024** |
| **Net cash provided by operating activities** | $**114437** | $**34516** |
| Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: |
| &nbsp;&nbsp;Payments for purchase of property, plant, and equipment | (44129) | (33574) |
| &nbsp;&nbsp;Proceeds from sale of assets | - | 36 |
| &nbsp;&nbsp;Proceeds from business divestitures | - | 1438 |
| &nbsp;&nbsp;Payments for acquisition, net of cash acquired | (4200) | - |
| **Net cash used in investing activities** | **(48329)** | **(32100)** |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;Cash dividends paid | (16764) | (14781) |
| &nbsp;&nbsp;Proceeds from sales of treasury stock | 20859 | 28876 |
| &nbsp;&nbsp;Payments for repurchases of common stock | (129387) | (35473) |
| &nbsp;&nbsp;Borrowings on revolving lines of credit and short-term borrowings | 1254653 | 668300 |
| &nbsp;&nbsp;Payments on revolving lines of credit and short-term borrowings | (993953) | (627300) |
| &nbsp;&nbsp;Payments of long-term debt and finance lease obligations | (75252) | (236) |
| **Net cash provided by financing activities** | **60156** | **19386** |
| Effect of exchange rate changes on cash and cash equivalents | 550 | (20346) |
| **Net change in cash and cash equivalents** | **126814** | **1456** |
| **Cash and cash equivalents at beginning of year** | **327431** | **282270** |
| **Cash and cash equivalents at end of period** | $**454245** | $**283726** |

---

---

| | | |
|:---|:---|:---|
| **Woodward, Inc. and Subsidiaries**<br>**Segment Net Sales and Net Earnings**<br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Segment Net Sales and Net Earnings**<br>**(Unaudited – In thousands)** | |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
|  | **2025** | **2024** |
| **Segment net sales:** | **Segment net sales:** | **Segment net sales:** |
| &nbsp;&nbsp;Aerospace | 634897 | 493882 |
| &nbsp;&nbsp;Industrial | 361557 | 278843 |
| **Total consolidated net sales** | $**996454** | $**772725** |
| Segment earnings\*: |  |  |
| &nbsp;&nbsp;Aerospace | 148395 | 94725 |
| &nbsp;&nbsp;&nbsp;&nbsp;*As a percent of segment net sales* | *23.4 %* | *19.2 %* |
| &nbsp;&nbsp;Industrial | 66994 | 40197 |
| &nbsp;&nbsp;&nbsp;&nbsp;*As a percent of segment net sales* | *18.5 %* | *14.4 %* |
| **Total segment earnings** | $**215389** | $**134922** |
| Nonsegment expenses | (36595) | (22104) |
| **EBIT** | $**178794** | $**112818** |
| Interest expense, net | (9643) | (10964) |
| **Consolidated earnings before income taxes** | $**169151** | $**101854** |
| ***\*This schedule reconciles segment earnings, which exclude certain costs, to consolidated earnings before taxes.*** | ***\*This schedule reconciles segment earnings, which exclude certain costs, to consolidated earnings before taxes.*** | ***\*This schedule reconciles segment earnings, which exclude certain costs, to consolidated earnings before taxes.*** |
| &nbsp;&nbsp;Payments for property, plant and equipment | $**44129** | $**33574** |
| &nbsp;&nbsp;Depreciation expense | $**21696** | $**20962** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Net Earnings and EPS to Adjusted Net Earnings<sup>1</sup>** **and Adjusted EPS<sup>1</sup>** **(Unaudited – In thousands, except per share amounts)** | **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Net Earnings and EPS to Adjusted Net Earnings<sup>1</sup>** **and Adjusted EPS<sup>1</sup>** **(Unaudited – In thousands, except per share amounts)** | **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Net Earnings and EPS to Adjusted Net Earnings<sup>1</sup>** **and Adjusted EPS<sup>1</sup>** **(Unaudited – In thousands, except per share amounts)** | **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Net Earnings and EPS to Adjusted Net Earnings<sup>1</sup>** **and Adjusted EPS<sup>1</sup>** **(Unaudited – In thousands, except per share amounts)** | **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Net Earnings and EPS to Adjusted Net Earnings<sup>1</sup>** **and Adjusted EPS<sup>1</sup>** **(Unaudited – In thousands, except per share amounts)** |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **2025** | **2025** | **2024** | **2024** |
|  | **Net Earnings** | **Earnings Per Share** | **Net Earnings** | **Earnings Per Share** |
| **Net Earnings (U.S. GAAP)** | $**133719** | $**2.17** | $**87091** | $**1.42** |
| Non-U.S. GAAP Adjustments |  |  |  |  |
| &nbsp;&nbsp;Product rationalization<sup>a</sup> | - | - | (9361) | (0.15) |
| &nbsp;&nbsp;Business development activities<sup>b</sup> | - | - | 3518 | 0.06 |
| &nbsp;&nbsp;Tax Effect of Non-U.S. GAAP Net Earnings Adjustments | - | - | 1319 | 0.02 |
| **Total non-U.S. GAAP Adjustments** | **-** | **-** | **(4524)** | **(0.07)** |
| **Adjusted Net Earnings (Non-U.S. GAAP)** | $**133719** | $**2.17** | $**82567** | $**1.35** |

---

* Presented in the line item "Other income, net" in Woodward's Condensed Consolidated Statement of Earnings.

* Presented in the line item "Selling, general, and administrative expenses" in Woodward's Condensed Consolidated Statement of Earnings.

---

| | | |
|:---|:---|:---|
| **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Income Tax Expense** <br>**to Adjusted Income Tax Expense<sup>1</sup>**<br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Income Tax Expense** <br>**to Adjusted Income Tax Expense<sup>1</sup>**<br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Income Tax Expense** <br>**to Adjusted Income Tax Expense<sup>1</sup>**<br>**(Unaudited – In thousands)** |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **2025** | **2024** |
| Income tax expense (U.S. GAAP) | $**35432** | $**14763** |
| Tax Effect of Non-U.S. GAAP Net Earnings Adjustments | - | (1319) |
| **Adjusted Income Tax Expense (Non-U.S. GAAP)** | $**35432** | $**13444** |
| **Adjusted Effective Income Tax Rate (Non-U.S. GAAP)** | 20.9% | 14.0% |

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| | | |
|:---|:---|:---|
| **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Net Earnings to EBIT<sup>1</sup>** **and Adjusted EBIT<sup>1</sup>**<br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Net Earnings to EBIT<sup>1</sup>** **and Adjusted EBIT<sup>1</sup>**<br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Net Earnings to EBIT<sup>1</sup>** **and Adjusted EBIT<sup>1</sup>**<br>**(Unaudited – In thousands)** |
| | **Three Months Ended**<br>**December 31,** | **Three Months Ended**<br>**December 31,** |
| | **2025** | **2024** |
| Net Earnings (U.S. GAAP) | $**133719** | $**87091** |
| Income Tax Expense | 35432 | 14763 |
| Interest Expense | 10344 | 12341 |
| Interest Income | (701) | (1377) |
| **EBIT (Non-U.S. GAAP)** | **178794** | **112818** |
| **Total non-U.S. GAAP Adjustments** | **-** | **(5843)** |
| **Adjusted EBIT (Non-U.S. GAAP)** | $**178794** | $**106975** |

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| | | |
|:---|:---|:---|
| **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Net Earnings to EBITDA<sup>1</sup>** **and Adjusted EBITDA<sup>1</sup>**<br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Net Earnings to EBITDA<sup>1</sup>** **and Adjusted EBITDA<sup>1</sup>**<br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Net Earnings to EBITDA<sup>1</sup>** **and Adjusted EBITDA<sup>1</sup>**<br>**(Unaudited – In thousands)** |
| | **Three Months Ended**<br>**December 31,** | **Three Months Ended**<br>**December 31,** |
| | **2025** | **2024** |
| Net Earnings (U.S. GAAP) | $**133719** | $**87091** |
| Income Tax Expense | 35432 | 14763 |
| Interest Expense | 10344 | 12341 |
| Interest Income | (701) | (1377) |
| Amortization of intangible assets | 7342 | 6914 |
| Depreciation Expense | 21696 | 20962 |
| **EBITDA (Non-U.S. GAAP)** | **207832** | **140694** |
| **Total non-U.S. GAAP Adjustments** | **-** | **(5843)** |
| **Adjusted EBITDA(Non-U.S. GAAP)** | $**207832** | $**134851** |

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| | | |
|:---|:---|:---|
| **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Non-Segment Expenses** <br>**to Adjusted Non-Segment Expenses<sup>1</sup>**<br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Non-Segment Expenses** <br>**to Adjusted Non-Segment Expenses<sup>1</sup>**<br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Non-Segment Expenses** <br>**to Adjusted Non-Segment Expenses<sup>1</sup>**<br>**(Unaudited – In thousands)** |
| | **Three Months Ended**<br>**December 31,** | **Three Months Ended**<br>**December 31,** |
| | **2025** | **2024** |
| Non-Segment Expenses (U.S. GAAP) | $**36595** | $**22104** |
| Product rationalization | - | 9361 |
| Business development activities | - | (3518**)** |
| **Adjusted Non-Segment Expenses (Non-U.S. GAAP)** | $**36595** | $**27947** |

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| | | |
|:---|:---|:---|
| **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow<sup>1</sup>**<br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow<sup>1</sup>**<br>**(Unaudited – In thousands)** | **Woodward, Inc. and Subsidiaries**<br>**Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow<sup>1</sup>**<br>**(Unaudited – In thousands)** |
| | **Three Months Ended**<br>**December 31,** | **Three Months Ended**<br>**December 31,** |
| | **2025** | **2024** |
| Net cash provided by operating activities (U.S. GAAP) | $**114437** | $**34516** |
| Payments for property, plant, and equipment | (44129) | (33574) |
| **Free cash flow (Non-U.S. GAAP)** | $**70308** | $**942** |

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<sup>1</sup><u>Adjusted and Non-U.S. GAAP Financial Measures</u>: 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, (i) product rationalization and (ii) costs related to business development activities. The product rationalization adjustment pertains to the elimination and divestiture 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.

EBIT (earnings before interest and taxes), adjusted EBIT, EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted EBITDA, free cash flow, adjusted net earnings, adjusted earnings per share, adjusted income tax expenses, adjusted effective income 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 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. Management's calculations of EBIT, EBITDA, adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted effective income 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. EBITDA leverage is calculated by taking a rolling twelve month EBITDA divided by total debt.

<sup>2</sup><u>Website, Facebook</u>: Woodward has used, and intends to continue to use, its Investor Relations website and its Facebook page as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

<sup>3</sup><u>FY26 Free Cash Flow</u>: Information reconciling our FY26 free cash flow guidance to forward-looking net cash provided by operating activities is not available without unreasonable effort due primarily to uncertainty of timing for capital expenditures.

Contact: Dan Provaznik Director, Investor Relations970-498-3849Dan.Provaznik@woodward.com