{"id":956085,"date":"2026-04-29T16:03:35","date_gmt":"2026-04-29T20:03:35","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/woodward-reports-second-quarter-fiscal-year-2026-results\/"},"modified":"2026-04-29T16:03:35","modified_gmt":"2026-04-29T20:03:35","slug":"woodward-reports-second-quarter-fiscal-year-2026-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/woodward-reports-second-quarter-fiscal-year-2026-results\/","title":{"rendered":"Woodward Reports Second Quarter Fiscal Year 2026 Results"},"content":{"rendered":"

\nRaising Sales and Earnings Guidance Based on Strong Second Quarter and Confidence in the Second Half Outlook
\n<\/h2>\n
\n

FORT COLLINS, Colo., April 29, 2026 (GLOBE NEWSWIRE) — Woodward, Inc. (NASDAQ:WWD) today reported financial results for its second quarter ended March 31, 2026.<\/p>\n

\n 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\u2019s fiscal year unless otherwise stated.<\/em>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n Second Quarter Overview<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Second Quarter 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year-to-Date 2026<\/strong>\n <\/td>\n<\/tr>\n
Net sales<\/td>\n$1.1B, +23%<\/td>\n\u00a0<\/td>\n$2.1B, +26%<\/td>\n<\/tr>\n
Net earnings<\/td>\n$134M, +23%<\/td>\n\u00a0<\/td>\n$268M, +37%<\/td>\n<\/tr>\n
Adjusted net earnings1<\/sup><\/td>\n$139M, +35%<\/td>\n\u00a0<\/td>\n$273M, +47%<\/td>\n<\/tr>\n
Earnings per share (EPS)<\/td>\n$2.19, +23%<\/td>\n\u00a0<\/td>\n$4.36, +36%<\/td>\n<\/tr>\n
Adjusted EPS1<\/sup><\/td>\n$2.27, +34%<\/td>\n\u00a0<\/td>\n$4.44, +46%<\/td>\n<\/tr>\n
Net cash provided by operating activities<\/td>\n$91M, +17%<\/td>\n\u00a0<\/td>\n$205M, +83%<\/td>\n<\/tr>\n
Free cash flow1<\/sup><\/td>\n$38M, -36%<\/td>\n\u00a0<\/td>\n$109M, +80%<\/td>\n<\/tr>\n<\/table>\n

\n
“We delivered outstanding second quarter results reflecting robust demand and strong execution across both segments,\u201d said Chip Blankenship, Chairman and Chief Executive Officer. \u201cAerospace performance was largely driven by continued strength in commercial services activity and OEM demand. Industrial grew across the board in transportation, power generation, and oil and gas.<\/p>\n

\u201cBased on our first half performance and continued demand strength, we are raising our full-year outlook. We remain focused on executing in a dynamic environment while continuing to invest in innovation and operational excellence to deliver sustained profitable growth and long-term shareholder value.\u201d\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Second Quarter Fiscal Year 2026 Company Results
<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Company Results<\/strong>
\n
\n (Dollars in millions, except per share amounts)<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year over Year<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year over Year<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Income Statement<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net sales<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,091<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 884<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 23<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,087<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,656<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 26<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Net earnings<\/td>\n\u00a0<\/td>\n\n 134<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 109<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 23<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 268<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 196<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 37<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Adjusted net earnings<\/td>\n\u00a0<\/td>\n\n 139<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 103<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 35<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 273<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 186<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 47<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
EPS<\/td>\n\n $<\/strong>\n <\/td>\n\n 2.19<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1.78<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 23<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 4.36<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 3.20<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 36<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Adjusted EPS<\/td>\n\n $<\/strong>\n <\/td>\n\n 2.27<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1.69<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 34<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 4.44<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 3.04<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 46<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
EBIT1<\/sup><\/td>\n\u00a0<\/td>\n\n 179<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 144<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 24<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 358<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 257<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 39<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Adjusted EBIT1<\/sup><\/td>\n\u00a0<\/td>\n\n 186<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 136<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 36<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 364<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 243<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 50<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Effective tax rate<\/td>\n\u00a0<\/td>\n\n 20.0<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 18.1<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\n 190 bps<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 20.5<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 16.5<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\n 400 bps<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted effective tax rate1<\/sup><\/td>\n\u00a0<\/td>\n\n 20.2<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 17.7<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\n 250 bps<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 20.5<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 16.1<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\n 440 bps<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash Flow and Financial Position<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net cash provided by operating activities<\/td>\n\n $<\/strong>\n <\/td>\n\n 91<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 78<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 17<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 205<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 112<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 83<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Capital Expenditures<\/td>\n\n 53<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 18<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 186<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 97<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 52<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 86<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Free cash flow<\/td>\n\u00a0<\/td>\n\n 38<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 59<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -36<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 109<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 60<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 80<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Dividends Paid<\/td>\n\u00a0<\/td>\n\n 19<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 17<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 14<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 36<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 31<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 14<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Share Repurchases<\/td>\n\u00a0<\/td>\n\n 226<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 44<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 412<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 355<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 79<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 346<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Total Debt<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,123<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 912<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 23<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
EBITDA1<\/sup>Leverage<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1.4x<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 1.5x<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Segment Results
<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Aerospace<\/strong>
\n
\n (Dollars in millions)<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year over Year<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year over Year<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Commercial OEM<\/td>\n\n $<\/strong>\n <\/td>\n\n 218<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 167<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 30<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 406<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 322<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 26<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Commercial services<\/td>\n\u00a0<\/td>\n\n 275<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 202<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 36<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 520<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 366<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 42<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Defense OEM<\/td>\n\u00a0<\/td>\n\n 151<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 138<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 9<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 289<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 251<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 15<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Defense services<\/td>\n\u00a0<\/td>\n\n 59<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 54<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 8<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 123<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 118<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 4<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Sales<\/td>\n\u00a0<\/td>\n\n 703<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 562<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 25<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,338<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,056<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 27<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Segment Earnings<\/td>\n\u00a0<\/td>\n\n 158<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 125<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 27<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 306<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 219<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 40<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Segment Margin %<\/td>\n\u00a0<\/td>\n\n 22.5<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 22.2<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\n 30 bps<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 22.9<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 20.8<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\n 210 bps<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Segment earnings for the second quarter of 2026 were $158 million, or 22.5 percent of segment net sales. Segment earnings for the first half of fiscal 2026 were $306 million, or 22.9 percent of segment net sales. The increase in segment earnings in both periods was a result of price realization and higher sales volumes, partially offset by inflation, strategic investments in manufacturing capabilities, research and development, and the enterprise resource planning system upgrade.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Industrial<\/strong>
\n
\n (Dollars in millions)<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year over Year<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year over Year<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Transportation<\/td>\n\n $<\/strong>\n <\/td>\n\n 177<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 132<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 34<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 343<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 239<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 43<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Power generation<\/td>\n\u00a0<\/td>\n\n 136<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 126<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 7<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 259<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 241<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 7<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Oil and gas<\/td>\n\u00a0<\/td>\n\n 74<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 63<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 18<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 147<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 120<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 23<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Sales<\/td>\n\u00a0<\/td>\n\n 387<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 322<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 20<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 749<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 601<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 25<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Segment Earnings<\/td>\n\u00a0<\/td>\n\n 66<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 46<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 43<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 133<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 86<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 54<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Segment Margin %<\/td>\n\u00a0<\/td>\n\n 17.0<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 14.3<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\n 270 bps<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 17.7<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 14.3<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\n 340 bps<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Industrial segment earnings for the second quarter of 2026 were $66 million, or 17.0 percent of segment net sales. Industrial segment earnings for the first half of fiscal 2026 were $133 million, or 17.7 percent of segment net sales. The increase in segment earnings in both periods was a result of higher sales volume, price realization, and favorable mix, partially offset by inflation and a reserve for a product performance claim.<\/p>\n\n\n\n\n\n\n
\n Nonsegment<\/strong>
\n
\n (Dollars in millions)<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year over Year<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year over Year<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Nonsegment Expense<\/td>\n\n $<\/strong>\n <\/td>\n\n (45<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (27<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 68<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (82<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (49<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 67<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
Adjusted Nonsegment Expenses<\/td>\n\u00a0<\/td>\n\n (38<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (34<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 12<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (75<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (62<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 21<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

\n
\n
Fiscal Year 2026 Guidance<\/strong>\n <\/p>\n

Based on strong second quarter performance and improved confidence in the second half outlook, Woodward is raising its 2026 sales and earnings guidance.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Prior FY26 Guidance<\/strong>\n <\/td>\n\n Revised FY26 Guidance<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Issued on February 2, 2026<\/strong>\n <\/td>\n\n Issued on April 29, 2026<\/strong>\n <\/td>\n<\/tr>\n
\n Total Company<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Sales growth<\/td>\nup 14% to 18%<\/td>\nup 20% to 23%<\/td>\n<\/tr>\n
Adjusted EPS3<\/sup><\/td>\n$8.20 – $8.60<\/td>\n$9.15 – $9.45<\/td>\n<\/tr>\n
Free cash flow3<\/sup><\/td>\n$300 – $350 million<\/td>\nNo change<\/td>\n<\/tr>\n
Capital expenditures<\/td>\n~$290 million<\/td>\nNo change<\/td>\n<\/tr>\n
Shares<\/td>\n~61 million<\/td>\n~61.5 million<\/td>\n<\/tr>\n
Adjusted effective tax rate3<\/sup><\/td>\n~22%<\/td>\nNo change<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Segment Data<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Aerospace<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Sales Growth<\/td>\nup 15% to 20%<\/td>\nup 21% to 24%<\/td>\n<\/tr>\n
Segment Earnings (% of Sales)<\/td>\n22% to 23%<\/td>\n23% to 23.5%<\/td>\n<\/tr>\n
\n Industrial<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Sales Growth<\/td>\nup 11% to 14%<\/td>\nup 18% to 20%<\/td>\n<\/tr>\n
Segment Earnings (% of Sales)<\/td>\n16% to 17%<\/td>\n18% to 18.5%<\/td>\n<\/tr>\n<\/table>\n

\n
\n
Conference Call<\/strong>\n <\/p>\n

Woodward will hold an investor conference call at 5:00 p.m. ET on April 29, 2026, to provide an overview of the financial performance for its second quarter ended March 31, 2026, 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, www.woodward.com<\/u><\/a>2<\/sup>.<\/p>\n

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 \u201cInvestors\/Events & Presentations\u201d from the menu and will remain accessible on the company\u2019s website for one year.<\/p>\n

\n About Woodward, Inc.
<\/strong>Woodward is the global leader in the design, manufacture, and service of energy conversion and control solutions for the aerospace and industrial equipment markets. Together with our customers, we are enabling the path to a cleaner, decarbonized world. Our innovative fluid, combustion, electrical, propulsion, and motion control systems perform in some of the world\u2019s harshest environments. Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com.<\/p>\n

\n Cautionary Statement
<\/strong>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 continued strength in demand for our products and services; our investments in our business, including in our capabilities, innovation, and operational discipline, including whether these investments ultimately lead 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, adjusted earnings per share, segment sales growth rates, segment earnings margin growth rates, adjusted 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\u2019s long sales cycle; (4) risks related to Woodward\u2019s concentration of revenue among a relatively small number of customers; (5) Woodward\u2019s ability to implement and realize the intended effects of any restructuring efforts; (6) Woodward\u2019s 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\u2019s financial obligations including debt obligations and tax expenses and exposures; (9) risks related to Woodward\u2019s 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\u2019s 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\u2019s 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\u2019s 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, any subsequently filed Quarterly Report on Form 10-Q, and other risks described in Woodward\u2019s 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.<\/p>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Woodward, Inc. and Subsidiaries<\/strong>
\n
\n Condensed Consolidated Statement of Earnings<\/strong>
\n
\n (Unaudited \u2013 In thousands)<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net sales<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 1,090,568<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 883,629<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,087,022<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,656,354<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Costs and expenses:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of goods sold<\/td>\n\u00a0<\/td>\n774,660<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n643,530<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,478,953<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,226,621<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling, general, and administrative expenses<\/td>\n\u00a0<\/td>\n102,285<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n83,842<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n197,270<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n153,538<\/td>\n\u00a0<\/td>\n<\/tr>\n
Research and development costs<\/td>\n\u00a0<\/td>\n46,119<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37,230<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n83,875<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n67,437<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restructuring charges<\/td>\n\u00a0<\/td>\n6,815<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,815<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n12,035<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,889<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,379<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,230<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest income<\/td>\n\u00a0<\/td>\n(715<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,021<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,416<\/td>\n)<\/td>\n\u00a0<\/td>\n(2,398<\/td>\n)<\/td>\n<\/tr>\n
Other income, net<\/td>\n\u00a0<\/td>\n(18,058<\/td>\n)<\/td>\n\u00a0<\/td>\n(24,804<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(37,432<\/td>\n)<\/td>\n\u00a0<\/td>\n(47,891<\/td>\n)<\/td>\n<\/tr>\n
\n Total costs and expenses<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 923,141<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 750,666<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,750,444<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,421,537<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Earnings before income taxes<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 167,427<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 132,963<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 336,578<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 234,817<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Income taxes<\/td>\n\u00a0<\/td>\n33,414<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n68,846<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38,777<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net earnings<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 134,013<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 108,949<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 267,732<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 196,040<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Earnings per share amounts:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Basic earnings per share<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 2.25<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1.83<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 4.48<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 3.30<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Diluted earnings per share<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 2.19<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1.78<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 4.36<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 3.20<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted average common shares outstanding:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n\u00a0<\/td>\n59,611<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n59,432<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n59,725<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n59,323<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted<\/td>\n\u00a0<\/td>\n61,276<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n61,344<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n61,462<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n61,258<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash dividends paid per share<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.32<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.28<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.60<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.53<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Woodward, Inc. and Subsidiaries<\/strong>
\n
\n Condensed Consolidated Balance Sheets<\/strong>
\n
\n (Unaudited \u2013 In thousands)<\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n March 31, <\/strong>
\n
\n 2026<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n September 30,
2025<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\n Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Current assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\n $<\/strong>\n <\/td>\n\n 501,169<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 327,431<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable<\/td>\n\u00a0<\/td>\n931,231<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n831,116<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories<\/td>\n\u00a0<\/td>\n704,465<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n654,608<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income taxes receivable<\/td>\n\u00a0<\/td>\n69,743<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,553<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other current assets<\/td>\n\u00a0<\/td>\n65,314<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n69,706<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total current assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2,271,922<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,884,414<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Property, plant, and equipment, net<\/td>\n\u00a0<\/td>\n1,034,798<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n986,623<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill<\/td>\n\u00a0<\/td>\n825,503<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n832,288<\/td>\n\u00a0<\/td>\n<\/tr>\n
Intangible assets, net<\/td>\n\u00a0<\/td>\n408,801<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n428,080<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income tax assets<\/td>\n\u00a0<\/td>\n44,737<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n118,711<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n383,351<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n380,027<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total assets<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 4,969,112<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 4,630,143<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liabilities and stockholders\u2019 equity<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Current liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Short-term debt<\/td>\n\n $<\/strong>\n <\/td>\n\n 623,000<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 122,300<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Current portion of long-term debt<\/td>\n\u00a0<\/td>\n46,905<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,934<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable<\/td>\n\u00a0<\/td>\n305,855<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n289,417<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income taxes payable<\/td>\n\u00a0<\/td>\n54,532<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n59,655<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued liabilities<\/td>\n\u00a0<\/td>\n281,463<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n313,083<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total current liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 1,311,755<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 907,389<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term debt, less current portion<\/td>\n\u00a0<\/td>\n453,373<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n456,968<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income tax liabilities<\/td>\n\u00a0<\/td>\n105,332<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n107,669<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other liabilities<\/td>\n\u00a0<\/td>\n573,192<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n591,727<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n2,443,652<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,063,753<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stockholders\u2019 equity<\/td>\n\u00a0<\/td>\n2,525,460<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,566,390<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total liabilities and stockholders\u2019 equity<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 4,969,112<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 4,630,143<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Woodward, Inc. and Subsidiaries<\/strong>
\n
\n Condensed Consolidated Statements of Cash Flows<\/strong>
\n
\n (Unaudited \u2013 In thousands)<\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Six Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash provided by operating activities<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 205,264<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 112,341<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash flows from investing activities:<\/td>\n\u00a0<\/td>\n<\/tr>\n
Payments for purchase of property, plant, and equipment<\/td>\n(96,720<\/td>\n)<\/td>\n\u00a0<\/td>\n(51,990<\/td>\n)<\/td>\n<\/tr>\n
Proceeds from sale of assets<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33<\/td>\n\u00a0<\/td>\n<\/tr>\n
Proceeds from short-term investments<\/td>\n65<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,923<\/td>\n\u00a0<\/td>\n<\/tr>\n
Proceeds from business divestitures<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n44,896<\/td>\n\u00a0<\/td>\n<\/tr>\n
Payments for acquisitions, net of cash acquired<\/td>\n(2,808<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash (used in) investing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (99,463<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (4,138<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash flows from financing activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash dividends paid<\/td>\n(35,853<\/td>\n)<\/td>\n\u00a0<\/td>\n(31,453<\/td>\n)<\/td>\n<\/tr>\n
Proceeds from sales of treasury stock<\/td>\n40,388<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49,717<\/td>\n\u00a0<\/td>\n<\/tr>\n
Payments for repurchases of common stock<\/td>\n(355,297<\/td>\n)<\/td>\n\u00a0<\/td>\n(79,493<\/td>\n)<\/td>\n<\/tr>\n
Borrowings on revolving lines of credit and short-term borrowings<\/td>\n2,010,053<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,350,200<\/td>\n\u00a0<\/td>\n<\/tr>\n
Payments on revolving lines of credit and short-term borrowings<\/td>\n(1,509,353<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,306,100<\/td>\n)<\/td>\n<\/tr>\n
Payments of long-term debt and finance lease obligations<\/td>\n(75,507<\/td>\n)<\/td>\n\u00a0<\/td>\n(473<\/td>\n)<\/td>\n<\/tr>\n
\n Net cash provided by (used in) financing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 74,431<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (17,602<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
Effect of exchange rate changes on cash and cash equivalents<\/td>\n(6,494<\/td>\n)<\/td>\n\u00a0<\/td>\n(8,730<\/td>\n)<\/td>\n<\/tr>\n
\n Net change in cash and cash equivalents<\/strong>\n <\/td>\n\n 173,738<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 81,871<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash and cash equivalents, including restricted cash, at beginning of year<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 327,431<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 282,270<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash and cash equivalents, including restricted cash, at end of period<\/strong>\n <\/td>\n\n 501,169<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 364,141<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Woodward, Inc. and Subsidiaries<\/strong>
\n
\n Segment Net Sales and Net Earnings<\/strong>
\n
\n (Unaudited \u2013 In thousands)<\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Segment net sales:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Aerospace<\/td>\n\u00a0<\/td>\n703,321<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n561,729<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,338,218<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,055,611<\/td>\n\u00a0<\/td>\n<\/tr>\n
Industrial<\/td>\n\u00a0<\/td>\n387,247<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n321,900<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n748,804<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n600,743<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total consolidated net sales<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 1,090,568<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 883,629<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,087,022<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,656,354<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Segment earnings*:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Aerospace<\/td>\n\u00a0<\/td>\n158,075<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n124,616<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n306,470<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n219,341<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n As a percent of segment net sales<\/em>\n <\/td>\n\u00a0<\/td>\n\n 22.5<\/em>\n <\/td>\n\n %<\/em>\n <\/td>\n\u00a0<\/td>\n\n 22.2<\/em>\n <\/td>\n\n %<\/em>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 22.9<\/em>\n <\/td>\n\n %<\/em>\n <\/td>\n\u00a0<\/td>\n\n 20.8<\/em>\n <\/td>\n\n %<\/em>\n <\/td>\n<\/tr>\n
Industrial<\/td>\n\u00a0<\/td>\n65,721<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,967<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n132,715<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n86,164<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n As a percent of segment net sales<\/em>\n <\/td>\n\u00a0<\/td>\n\n 17.0<\/em>\n <\/td>\n\n %<\/em>\n <\/td>\n\u00a0<\/td>\n\n 14.3<\/em>\n <\/td>\n\n %<\/em>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 17.7<\/em>\n <\/td>\n\n %<\/em>\n <\/td>\n\u00a0<\/td>\n\n 14.3<\/em>\n <\/td>\n\n %<\/em>\n <\/td>\n<\/tr>\n
\n Total segment earnings<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 223,796<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 170,583<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 439,185<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 305,505<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Nonsegment expenses<\/td>\n\u00a0<\/td>\n(45,049<\/td>\n)<\/td>\n\u00a0<\/td>\n(26,752<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(81,644<\/td>\n)<\/td>\n\u00a0<\/td>\n(48,856<\/td>\n)<\/td>\n<\/tr>\n
\n EBIT<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 178,747<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 143,831<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 357,541<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 256,649<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n\u00a0<\/td>\n(11,320<\/td>\n)<\/td>\n\u00a0<\/td>\n(10,868<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(20,963<\/td>\n)<\/td>\n\u00a0<\/td>\n(21,832<\/td>\n)<\/td>\n<\/tr>\n
\n Consolidated earnings before income taxes<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 167,427<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 132,963<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 336,578<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 234,817<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n *This schedule reconciles segment earnings, which exclude certain costs, to consolidated earnings before taxes.<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Payments for property, plant and equipment<\/td>\n\n $<\/strong>\n <\/td>\n\n 52,591<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 18,416<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 96,720<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 51,990<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation expense<\/td>\n\n $<\/strong>\n <\/td>\n\n 22,482<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 20,794<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 44,178<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 41,756<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Woodward, Inc. and Subsidiaries<\/strong>
\n
\n Reconciliation of Net Earnings and EPS to Adjusted Earnings<\/strong>
\n
\n 1 <\/strong>
\n <\/sup>
\n and Adjusted EPS<\/strong>
\n
\n 1<\/strong>
\n <\/sup>
\n
\n (Unaudited \u2013 In thousands, except per share amounts)<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Net
Earnings<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Earnings
<\/strong>
\n Per Share<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Net
Earnings<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Earnings
<\/strong>
\n Per Share<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\n Net Earnings (U.S. GAAP)<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 134,013<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2.19<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 108,949<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1.78<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-U.S. GAAP Adjustments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restructuring charges<\/td>\n\u00a0<\/td>\n6,815<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.11<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Product rationalizationa<\/sup><\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11,163<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.18<\/td>\n)<\/td>\n<\/tr>\n
Business development activitiesb<\/sup><\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,793<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.06<\/td>\n\u00a0<\/td>\n<\/tr>\n
Tax Effect of Non-U.S. GAAP Net Earnings Adjustments<\/td>\n\u00a0<\/td>\n(1,702<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.03<\/td>\n)<\/td>\n\u00a0<\/td>\n1,811<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.03<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total non-U.S. GAAP Adjustments<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 5,113<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.08<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (5,559<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (0.09<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\n Adjusted Net Earnings (Non-U.S. GAAP)<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 139,126<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2.27<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 103,390<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1.69<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n
    \n
  1. Presented in the line item “Other income, net” in Woodward’s Condensed Consolidated Statement of Earnings.<\/li>\n
  2. Presented in the line item “Selling, general, and administrative expenses” in Woodward’s Condensed Consolidated Statement of Earnings.\n<\/li>\n<\/ol>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \n Woodward, Inc. and Subsidiaries<\/strong>
    \n
    \n Reconciliation of Net Earnings and EPS to Adjusted Net Earnings<\/strong>
    \n
    \n 1 <\/strong>
    \n <\/sup>
    \n and Adjusted EPS<\/strong>
    \n
    \n 1<\/strong>
    \n <\/sup>
    \n
    \n (Unaudited \u2013 In thousands, except per share amounts)<\/strong>\n <\/td>\n    		\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n Six Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n Net
    Earnings<\/strong>\n <\/td>\n    		\u00a0<\/td>\n\n Earnings
    <\/strong>
    \n Per Share<\/strong>\n <\/td>\n    		\u00a0<\/td>\n\n Net
    Earnings<\/strong>\n <\/td>\n    		\u00a0<\/td>\n\n Earnings
    <\/strong>
    \n Per Share<\/strong>\n <\/td>\n    		\u00a0<\/td>\n<\/tr>\n
    \n Net Earnings (U.S. GAAP)<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 267,732<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 4.36<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 196,040<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 3.20<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
    Non-U.S. GAAP Adjustments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Restructuring charges<\/td>\n\u00a0<\/td>\n6,815<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.11<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Product rationalizationa<\/sup><\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(20,524<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.33<\/td>\n)<\/td>\n<\/tr>\n
    Business development activitiesb<\/sup><\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,310<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.12<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Tax Effect of Non-U.S. GAAP Net Earnings Adjustments<\/td>\n\u00a0<\/td>\n(1,702<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.03<\/td>\n)<\/td>\n\u00a0<\/td>\n3,130<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.05<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Total non-U.S. GAAP Adjustments<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 5,113<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.08<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (10,084<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (0.16<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
    \n Adjusted Net Earnings<\/strong>
    \n (Non-U.S. GAAP)<\/strong>\n <\/td>\n    		\n $<\/strong>\n <\/td>\n\n 272,845<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 4.44<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 185,956<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 3.04<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n
      \n
    1. Presented in the line item “Other income, net” in Woodward’s Condensed Consolidated Statement of Earnings.<\/li>\n
    2. Presented in the line item “Selling, general, and administrative expenses” in Woodward’s Condensed Consolidated Statement of Earnings.\n<\/li>\n<\/ol>\n\n\n\n\n\n\n\n\n\n
      \n Woodward, Inc. and Subsidiaries<\/strong>
      \n
      \n Reconciliation of Income Tax Expense<\/strong>
      \n
      \n to Adjusted Income Tax Expense<\/strong>
      \n
      \n 1<\/strong>
      \n <\/sup>
      \n
      \n (Unaudited \u2013 In thousands)<\/strong>\n <\/td>\n      		\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income tax expense (U.S. GAAP)<\/td>\n\n $<\/strong>\n <\/td>\n\n 33,414<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 24,014<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Tax Effect of Non-U.S. GAAP Net Earnings Adjustments<\/td>\n\u00a0<\/td>\n1,702<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,811<\/td>\n)<\/td>\n<\/tr>\n
      \n Adjusted Income Tax Expense (Non-U.S. GAAP)<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 35,116<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 22,203<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Adjusted Income Tax Rate (Non-U.S. GAAP)<\/strong>\n <\/td>\n\u00a0<\/td>\n20.2<\/td>\n%<\/td>\n\u00a0<\/td>\n17.7<\/td>\n%<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n
      \n Woodward, Inc. and Subsidiaries<\/strong>
      \n
      \n Reconciliation of Income Tax Expense to Adjusted Income Tax Expense<\/strong>
      \n
      \n 1<\/strong>
      \n <\/sup>
      \n
      \n (Unaudited \u2013 In thousands)<\/strong>\n <\/td>\n      		\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n Six Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income tax expense (U.S. GAAP)<\/td>\n\n $<\/strong>\n <\/td>\n\n 68,846<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 38,777<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Tax Effect of Non-U.S. GAAP Net Earnings Adjustments<\/td>\n\u00a0<\/td>\n1,702<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,130<\/td>\n)<\/td>\n<\/tr>\n
      \n Adjusted Income Tax Expense (Non-U.S. GAAP)<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 70,548<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 35,647<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Adjusted Income Tax Rate (Non-U.S. GAAP)<\/strong>\n <\/td>\n\u00a0<\/td>\n20.5<\/td>\n%<\/td>\n\u00a0<\/td>\n16.1<\/td>\n%<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
      \n Woodward, Inc. and Subsidiaries<\/strong>
      \n
      \n Reconciliation of Net Earnings to EBIT<\/strong>
      \n
      \n 1 <\/strong>
      \n <\/sup>
      \n and Adjusted EBIT<\/strong>
      \n
      \n 1<\/strong>
      \n <\/sup>
      \n
      \n (Unaudited \u2013 In thousands)<\/strong>\n <\/td>\n      		\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Net Earnings (U.S. GAAP)<\/td>\n\n $<\/strong>\n <\/td>\n\n 134,013<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 108,949<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income Tax Expense<\/td>\n\u00a0<\/td>\n33,414<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest Expense<\/td>\n\u00a0<\/td>\n12,035<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,889<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest Income<\/td>\n\u00a0<\/td>\n(715<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,021<\/td>\n)<\/td>\n<\/tr>\n
      \n EBIT (Non-U.S. GAAP)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 178,747<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 143,831<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total non-U.S. GAAP Adjustments<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 6,815<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (7,370<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      \n Adjusted EBIT<\/strong>
      \n (Non-U.S. GAAP)<\/strong>\n <\/td>\n      		\n $<\/strong>\n <\/td>\n\n 185,562<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 136,461<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
      \n Woodward, Inc. and Subsidiaries<\/strong>
      \n
      \n Reconciliation of Net Earnings to EBIT<\/strong>
      \n
      \n 1 <\/strong>
      \n <\/sup>
      \n and Adjusted EBIT<\/strong>
      \n
      \n 1<\/strong>
      \n <\/sup>
      \n
      \n (Unaudited \u2013 In thousands)<\/strong>\n <\/td>\n      		\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n Six Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Net Earnings (U.S. GAAP)<\/td>\n\n $<\/strong>\n <\/td>\n\n 267,732<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 196,040<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income Tax Expense<\/td>\n\u00a0<\/td>\n68,846<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38,777<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest Expense<\/td>\n\u00a0<\/td>\n22,379<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,230<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest Income<\/td>\n\u00a0<\/td>\n(1,416<\/td>\n)<\/td>\n\u00a0<\/td>\n(2,398<\/td>\n)<\/td>\n<\/tr>\n
      \n EBIT (Non-U.S. GAAP)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 357,541<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 256,649<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total non-U.S. GAAP Adjustments<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 6,815<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (13,214<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      \n Adjusted EBIT<\/strong>
      \n (Non-U.S. GAAP)<\/strong>\n <\/td>\n      		\n $<\/strong>\n <\/td>\n\n 364,356<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 243,435<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \n Woodward, Inc. and Subsidiaries<\/strong>
      \n
      \n Reconciliation of Net Earnings to EBITDA<\/strong>
      \n
      \n 1 <\/strong>
      \n <\/sup>
      \n and Adjusted EBITDA<\/strong>
      \n
      \n 1<\/strong>
      \n <\/sup>
      \n
      \n (Unaudited \u2013 In thousands)<\/strong>\n <\/td>\n      		\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Net Earnings (U.S. GAAP)<\/td>\n\n $<\/strong>\n <\/td>\n\n 134,013<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 108,949<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income Tax Expense<\/td>\n\u00a0<\/td>\n33,414<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest Expense<\/td>\n\u00a0<\/td>\n12,035<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,889<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest Income<\/td>\n\u00a0<\/td>\n(715<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,021<\/td>\n)<\/td>\n<\/tr>\n
      Amortization of intangible assets<\/td>\n\u00a0<\/td>\n7,424<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,772<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Depreciation Expense<\/td>\n\u00a0<\/td>\n22,482<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,794<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n EBITDA (Non-U.S. GAAP)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 208,653<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 171,397<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total non-U.S. GAAP Adjustments<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 6,815<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (7,370<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      \n Adjusted EBITDA<\/strong>
      \n (Non-U.S. GAAP)<\/strong>\n <\/td>\n      		\n $<\/strong>\n <\/td>\n\n 215,468<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 164,027<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \n Woodward, Inc. and Subsidiaries<\/strong>
      \n
      \n Reconciliation of Net Earnings to EBITDA<\/strong>
      \n
      \n 1 <\/strong>
      \n <\/sup>
      \n and Adjusted EBITDA<\/strong>
      \n
      \n 1<\/strong>
      \n <\/sup>
      \n
      \n (Unaudited \u2013 In thousands)<\/strong>\n <\/td>\n      		\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n Six Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Net Earnings (U.S. GAAP)<\/td>\n\n $<\/strong>\n <\/td>\n\n 267,732<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 196,040<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income Tax Expense<\/td>\n\u00a0<\/td>\n68,846<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38,777<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest Expense<\/td>\n\u00a0<\/td>\n22,379<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,230<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest Income<\/td>\n\u00a0<\/td>\n(1,416<\/td>\n)<\/td>\n\u00a0<\/td>\n(2,398<\/td>\n)<\/td>\n<\/tr>\n
      Amortization of Intangible Assets<\/td>\n\u00a0<\/td>\n14,766<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,686<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Depreciation Expense<\/td>\n\u00a0<\/td>\n44,178<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,756<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n EBITDA (Non-U.S. GAAP)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 416,485<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 312,091<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total non-U.S. GAAP Adjustments<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 6,815<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (13,214<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      \n Adjusted EBITDA<\/strong>
      \n (Non-U.S. GAAP)<\/strong>\n <\/td>\n      		\n $<\/strong>\n <\/td>\n\n 423,300<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 298,877<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n
      \n Woodward, Inc. and Subsidiaries<\/strong>
      \n
      \n Reconciliation of Non-Segment Expenses to Adjusted Non-Segment Expenses<\/strong>
      \n
      \n 1<\/strong>
      \n <\/sup>
      \n
      \n (Unaudited \u2013 In thousands)<\/strong>\n <\/td>\n      		\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Non-Segment Expenses (U.S. GAAP)<\/td>\n\n $<\/strong>\n <\/td>\n\n (45,049<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (26,752<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      Restructuring charges<\/td>\n\u00a0<\/td>\n6,815<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Product rationalization<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11,163<\/td>\n)<\/td>\n<\/tr>\n
      Business development activities<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,793<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Adjusted Non-Segment Expenses (Non-U.S. GAAP)<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (38,234<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (34,122<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n
      \n Woodward, Inc. and Subsidiaries<\/strong>
      \n
      \n Reconciliation of Non-Segment Expenses to Adjusted Non-Segment Expenses<\/strong>
      \n
      \n 1<\/strong>
      \n <\/sup>
      \n
      \n (Unaudited \u2013 In thousands)<\/strong>\n <\/td>\n      		\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n Six Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Non-Segment Expenses (U.S. GAAP)<\/td>\n\n $<\/strong>\n <\/td>\n\n (81,644<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (48,856<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      Restructuring charges<\/td>\n\u00a0<\/td>\n6,815<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Product rationalization<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(20,524<\/td>\n)<\/td>\n<\/tr>\n
      Business development activities<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,310<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Adjusted Non-Segment Expenses (Non-U.S. GAAP)<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (74,829<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (62,070<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n
      \n Woodward, Inc. and Subsidiaries<\/strong>
      \n
      \n Reconciliation of Net Cash Provided by Operating Activities<\/strong>
      \n
      \n to Free Cash Flow<\/strong>
      \n
      \n 1<\/strong>
      \n <\/sup>
      \n
      \n (Unaudited \u2013 In thousands)<\/strong>\n <\/td>\n      		\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Net cash provided by operating activities (U.S. GAAP)<\/td>\n\n $<\/strong>\n <\/td>\n\n 90,827<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 77,825<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Payments for property, plant, and equipment<\/td>\n\u00a0<\/td>\n(52,591<\/td>\n)<\/td>\n\u00a0<\/td>\n(18,416<\/td>\n)<\/td>\n<\/tr>\n
      \n Free cash flow (Non-U.S. GAAP)<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 38,236<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 59,409<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n
      \n Woodward, Inc. and Subsidiaries<\/strong>
      \n
      \n Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow<\/strong>
      \n
      \n 1 <\/strong>
      \n <\/sup>
      \n
      \n (Unaudited \u2013 In thousands)<\/strong>\n <\/td>\n      		\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n Six Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Net cash provided by operating activities (U.S. GAAP)<\/td>\n\n $<\/strong>\n <\/td>\n\n 205,264<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 112,341<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Payments for property, plant, and equipment<\/td>\n(96,720<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(51,990<\/td>\n)<\/td>\n<\/tr>\n
      \n Free cash flow (Non-U.S. GAAP)<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 108,544<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 60,351<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n

      \u00a0\u00a0<\/p>\n

      \n 1<\/sup>
      \n 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, (ii) costs related to business development activities, and (iii) restructuring charges. The product rationalization adjustment pertains to the elimination and divestiture of certain product lines. The Company believes that these excluded items are short\u2010term 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, restructuring charges.\u00a0<\/p>\n

      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\u2019s operating performance without the impacts of financing and tax related considerations. Management uses EBITDA and adjusted EBITDA in evaluating Woodward\u2019s 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\u2019s 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\u2019s 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.<\/p>\n

      \n 2<\/sup>
      \n 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.<\/p>\n

      \n 3<\/sup>
      \n FY26 Adjusted EPS, Free Cash Flow and Adjusted Effective Tax Rate<\/u>: Information reconciling our FY26 adjusted EPS, free cash flow and adjusted effective tax rate guidance to the most directly comparable GAAP financial measures on a forward-looking basis is not available without unreasonable effort primarily due to [the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from each such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results.<\/p>\n

      Contact:
      Dan Provaznik
      Director, Investor Relations
      970-498-3849
      Dan.Provaznik@woodward.com<\/p>\n

      \"\"
      \n
      \n \"\"\n <\/div>\n

      <\/div>\n","protected":false},"excerpt":{"rendered":"

      Raising Sales and Earnings Guidance Based on Strong Second Quarter and Confidence in the Second Half Outlook FORT COLLINS, Colo., April 29, 2026 (GLOBE NEWSWIRE) — Woodward, Inc. (NASDAQ:WWD) today reported financial results for its second quarter ended March 31, 2026. 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\u2019s fiscal year unless otherwise stated. Second Quarter Overview \u00a0 \u00a0 Second Quarter 2026 \u00a0 Year-to-Date 2026 Net sales $1.1B, +23% \u00a0 $2.1B, +26% Net earnings $134M, +23% \u00a0 $268M, +37% … <\/p>\n

      Continue reading “Woodward Reports Second Quarter Fiscal Year 2026 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-956085","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nWoodward Reports Second Quarter Fiscal Year 2026 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/woodward-reports-second-quarter-fiscal-year-2026-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Woodward Reports Second Quarter Fiscal Year 2026 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Raising Sales and Earnings Guidance Based on Strong Second Quarter and Confidence in the Second Half Outlook FORT COLLINS, Colo., April 29, 2026 (GLOBE NEWSWIRE) — Woodward, Inc. (NASDAQ:WWD) today reported financial results for its second quarter ended March 31, 2026. 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\u2019s fiscal year unless otherwise stated. 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(NASDAQ:WWD) today reported financial results for its second quarter ended March 31, 2026. 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\u2019s fiscal year unless otherwise stated. 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