Curtiss-Wright (CW) Cash Flow: Operating & Free Cash Flow

Curtiss-Wright (CW) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Curtiss-Wright generated $643.40M of operating cash flow and spent $89.69M on capital expenditures. That left free cash flow of $553.71M, up 14.6% from $483.30M a year earlier, or 15.8% of revenue. It returned $499.68M to shareholders through $34.73M in dividends and $464.95M in share buybacks.

Curtiss-Wright Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Curtiss-Wright Corporation (CW) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	484.23	404.98	354.51	294.35	267.16	201.39	307.58	275.75	214.89
Depreciation & Amortization	124.82	107.67	116.17	112.03	114.38	115.90	102.41	102.95	100.00
Deferred Income Tax	15.00	-11.82	2.91	-23.64	-10.20	-7.05	40.79	8.56	-5.78
Stock Based Compensation	21.52	18.89	16.80	15.38	13.45	14.44	13.67	14.09	11.57
Change in Working Capital	-2.99	20.30	-39.42	-103.33	-11.97	-113.84	-27.16	-51.11	69.66
Change in Accounts Receivable	-82.85	-88.81	-2.39	-75.96	-17.71	71.15	-12.61	-57.49	-16.39
Change in Inventory	-63.48	-34.50	-21.57	-62.56	15.32	15.54	-3.49	-41.20	19.71
Change in Accounts Payable	73.93	16.02	-15.78	98.34	17.71	-55.51	-18.63	48.93	4.32
Change in Other Working Capital	0.47	-16.69	-47.59	-45.51	-27.29	-145.01	7.57	-1.35	62.01
Other Operating Activities	0.47	-7.56	0.03	-23.66	14.85	50.33	-15.89	-13.98	-1.62
Net Cash from Operating Activities	643.40	544.28	448.09	294.78	387.67	261.18	421.40	336.27	388.71
Investing Activities
Capital Expenditures	-89.69	-60.97	-44.67	-38.22	-41.11	-47.50	-69.75	-54.96	-52.71
Acquisitions	-9.62	-225.54	0.00	-287.49	-5.34	-487.94	-185.21	-209.67	-226.39
Purchases of Investments	7.92	0.00	0.00	-10.00	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	7.92	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	1.27	3.21	9.15	9.84	4.05	2.91	14.92	9.12	6.77
Net Cash from Investing Activities	-90.12	-283.31	-35.52	-325.87	-42.40	-532.53	-240.04	-255.52	-272.33
Financing Activities
Debt Repayment	-565.10	0.00	-202.50	206.10	-6.10	300.00	-0.24	-49.91	-150.52
Common Stock Issued	12.54	11.35	10.58	10.00	9.71	0.00	0.00	0.00	0.00
Common Stock Repurchased	-464.95	-250.00	-50.14	-56.87	-343.13	-200.02	-50.66	-198.59	-52.13
Dividends Paid	-34.73	-31.66	-30.25	-28.78	-28.66	-28.18	-28.20	-26.33	-24.74
Other Financing Activities	-1.16	-1.18	-1.10	-1.02	-0.95	10.27	10.96	11.19	13.49
Net Cash from Financing Activities	-578.30	-271.49	-273.40	129.43	-369.13	82.08	-68.15	-263.64	-213.90
Summary
Effect of Forex Changes on Cash	11.32	-11.30	10.73	-12.37	-3.38	-3.52	1.75	-16.17	18.79
Net Change in Cash	-13.70	-21.83	149.89	85.97	-27.24	-192.79	114.97	-199.05	-78.73
Cash at Beginning of Period	385.04	406.87	256.97	171.00	198.25	391.03	276.07	475.12	553.85
Cash at End of Period	371.35	385.04	406.87	256.97	171.00	198.25	391.03	276.07	475.12
Free Cash Flow	553.71	483.30	403.42	256.56	346.56	213.68	351.65	281.31	336.01
Supplemental Disclosures
Interest Paid	42.00	42.00	52.00	42.00	40.00	-	-	-	-
Income Taxes Paid	134.30	135.70	136.40	61.10	107.10	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Curtiss-Wright Cash Flow

What is Curtiss-Wright's free cash flow?

Curtiss-Wright generated free cash flow of $553.71M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $643.40M minus $89.69M of capital expenditures. That was up 14.6% from $483.30M a year earlier. Free cash flow equaled 15.8% of revenue.

How much does Curtiss-Wright spend on capital expenditures?

Curtiss-Wright spent $89.69M on capital expenditures in fiscal 2025, compared with $60.97M a year earlier. That equals 13.9% of operating cash flow.

Does Curtiss-Wright pay dividends or buy back shares?

Yes. In fiscal 2025 Curtiss-Wright returned $34.73M in dividends and $464.95M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition