WWD

MKT CAP:$22B

Woodward, Inc.

Market Cap

$22B

Industrials·Aerospace & Defense·🇺🇸 United States·NASDAQ

Industrials·Aerospace·🇺🇸·NASDAQ

Stock Price

$366.73+$55.87 (+17.97%)

Apr 23, 2026

Company Details

Woodward, Inc. designs, manufactures, and services control solutions for the aerospace and industrial markets worldwide. The company operates through two segments: Aerospace and Industrial. The Aerospace segment provides fuel pumps, meterin...

CEO

Charles Blankenship Jr.

IPO Date

Apr 4, 1994

Website

www.woodward.com

Key Metrics TTM

Revenue

$3.8B

+14.5% YoY

Net Income

$489M

EPS (Diluted)

$7.94

Free Cash Flow

$410M

Revenue / Share

$61.55

Gross Margin

27.9%

Operating Margin

14.6%

Net Margin

12.9%

FCF Margin

10.8%

P/S

5.8x

P/E

44.9x

Earnings Reports

Q2 2026

Apr 27, 2026

PENDING

Q1 2026

Feb 4, 2026

$996M+29.0%EPS $2.17

FY 2025

Nov 25, 2025

$3.6B+7.3%EPS $7.19

Q4 2025

Nov 25, 2025

$995M+16.5%EPS $2.23

Q3 2025

Aug 1, 2025

$915M+8.0%EPS $1.76

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$587M	$133M	$57M
Q3 22	$614M	$134M	$56M
Q4 22	$640M	$136M	$60M
Q1 23	$619M	$126M	$34M
Q2 23	$718M	$159M	$46M
Q3 23	$801M	$204M	$104M
Q4 23	$777M	$190M	$103M
Q1 24	$787M	$204M	$103M
Q2 24	$835M	$234M	$121M
Q3 24	$848M	$230M	$117M
Q4 24	$854M	$208M	$101M
Q1 25	$773M	$190M	$94M
Q2 25	$884M	$240M	$124M
Q3 25	$915M	$249M	$120M
Q4 25	$995M	$277M	$151M
Q1 26	$996M	$292M	$159M

Valuation

Quarter	P/S	P/E
Q2 22	3.5x	44.2x
Q3 22	2.4x	33.8x
Q4 22	2.1x	28.9x
Q1 23	2.5x	35.7x
Q2 23	2.3x	37.3x
Q3 23	2.6x	34.9x
Q4 23	2.5x	31.9x
Q1 24	2.6x	27.5x
Q2 24	2.9x	26.1x
Q3 24	3.2x	27.8x
Q4 24	3.1x	27.8x
Q1 25	3.0x	27.0x
Q2 25	3.2x	28.3x
Q3 25	4.3x	37.6x
Q4 25	4.1x	33.1x
Q1 26	4.9x	37.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$11M	-$209.0K
Q3 22	$36M	$23M
Q4 22	$108M	$92M
Q1 23	$5M	-$19M
Q2 23	$35M	$15M
Q3 23	$115M	$102M
Q4 23	$151M	$131M
Q1 24	$47M	$5M
Q2 24	$97M	$83M
Q3 24	$153M	$137M
Q4 24	$142M	$118M
Q1 25	$35M	$942.0K
Q2 25	$78M	$59M
Q3 25	$126M	$99M
Q4 25	$233M	$181M
Q1 26	$114M	$70M

Capital Expenditures

Quarter	CapEx
Q2 22	$11M
Q3 22	$13M
Q4 22	$16M
Q1 23	$24M
Q2 23	$20M
Q3 23	$13M
Q4 23	$19M
Q1 24	$42M
Q2 24	$14M
Q3 24	$16M
Q4 24	$24M
Q1 25	$34M
Q2 25	$18M
Q3 25	$27M
Q4 25	$52M
Q1 26	$44M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+0.9%	+5.1%
Q3 22	+10.4%	+12.0%
Q4 22	+12.2%	+15.9%
Q1 23	+14.2%	+15.6%
Q2 23	+22.4%	+26.9%
Q3 23	+30.3%	+24.8%
Q4 23	+21.4%	+16.2%
Q1 24	+27.2%	+16.9%
Q2 24	+16.3%	+6.2%
Q3 24	+5.9%	+4.8%
Q4 24	+10.0%	+11.7%
Q1 25	-1.8%	-0.7%
Q2 25	+5.8%	+6.4%
Q3 25	+8.0%	+8.9%
Q4 25	+16.5%	+12.1%
Q1 26	+29.0%	+23.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$2M	0.4%
Q3 22	$3M	0.5%
Q4 22	$3M	0.5%
Q1 23	$11M	1.8%
Q2 23	$4M	0.6%
Q3 23	$4M	0.5%
Q4 23	$0	0.0%
Q1 24	$5M	0.6%
Q2 24	$15M	1.8%
Q3 24	$8M	0.9%
Q4 24	$5M	0.6%
Q1 25	$7M	0.9%
Q2 25	$13M	1.4%
Q3 25	$6M	0.7%
Q4 25	$6M	0.6%
Q1 26	$7M	0.7%

OpEx Breakdown

Quarter	R&D	S&M	SG&A
Q2 22	$32M	—	$44M
Q3 22	$32M	—	$45M
Q4 22	$30M	—	$46M
Q1 23	$29M	—	$64M
Q2 23	$38M	—	$76M
Q3 23	$35M	—	$65M
Q4 23	$32M	—	$55M
Q1 24	$31M	—	$70M
Q2 24	$36M	—	$77M
Q3 24	$39M	$74M	—
Q4 24	$35M	—	$72M
Q1 25	$30M	—	$65M
Q2 25	$37M	—	$79M
Q3 25	$41M	—	$88M
Q4 25	$39M	—	$88M
Q1 26	$38M	—	$95M

Revenue Segments

Quarter	Aerospace	Industrial
Q2 22	$373M	$214M
Q3 22	$402M	$213M
Q4 22	$408M	$232M
Q1 23	$396M	$223M
Q2 23	$437M	$281M
Q3 23	$481M	$320M
Q4 23	$455M	$322M
Q1 24	$461M	$326M
Q2 24	$498M	$338M
Q3 24	$518M	$330M
Q4 24	$553M	$302M
Q1 25	$494M	$279M
Q2 25	$562M	$322M
Q3 25	$596M	$319M
Q1 26	$635M	$362M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$208M	$0	$208M
Q3 22	$100M	$0	$100M
Q4 22	$108M	$0	$108M
Q1 23	$99M	$0	$99M
Q2 23	$129M	$0	$129M
Q3 23	$114M	$0	$114M
Q4 23	$137M	$0	$137M
Q1 24	$144M	$0	$144M
Q2 24	$317M	$0	$317M
Q3 24	$308M	$0	$308M
Q4 24	$282M	$0	$282M
Q1 25	$284M	$0	$284M
Q2 25	$364M	$0	$364M
Q3 25	$473M	$0	$473M
Q4 25	$327M	$0	$327M
Q1 26	$454M	$0	$454M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	65M	-0.7%	-1.6%
Q3 22	62M	-3.9%	-5.8%
Q4 22	61M	-1.4%	-6.8%
Q1 23	61M	-0.5%	-6.4%
Q2 23	61M	+0.5%	-5.2%
Q3 23	62M	+0.6%	-0.8%
Q4 23	62M	+0.7%	+1.3%
Q1 24	62M	-0.3%	+1.5%
Q2 24	62M	+0.8%	+1.9%
Q3 24	63M	+0.3%	+1.5%
Q4 24	62M	-0.7%	+0.1%
Q1 25	61M	-1.5%	-1.1%
Q2 25	61M	+0.3%	-1.6%
Q3 25	61M	+0.0%	-1.8%
Q4 25	62M	+0.6%	-0.6%
Q1 26	62M	-0.2%	+0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$81.5K	7K
Q3 22	$85.3K	7K
Q4 22	$77.1K	8K
Q1 23	$74.5K	8K
Q2 23	$86.5K	8K
Q3 23	$96.5K	8K
Q4 23	$88.3K	9K
Q1 24	$89.4K	9K
Q2 24	$94.9K	9K
Q3 24	$96.3K	9K
Q4 24	$91.9K	9K
Q1 25	$83.1K	9K
Q2 25	$95.0K	9K
Q3 25	$98.4K	9K
Q4 25	$97.6K	10K
Q1 26	$97.7K	10K

Revenue / Employee