Woodward Reports Second Quarter Fiscal Year 2026 Results

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’s fiscal year unless otherwise stated.

Second Quarter Overview

	Second Quarter 2026	Year-to-Date 2026
Net sales	$1.1B, +23%	$2.1B, +26%
Net earnings	$134M, +23%	$268M, +37%
Adjusted net earnings¹	$139M, +35%	$273M, +47%
Earnings per share (EPS)	$2.19, +23%	$4.36, +36%
Adjusted EPS¹	$2.27, +34%	$4.44, +46%
Net cash provided by operating activities	$91M, +17%	$205M, +83%
Free cash flow¹	$38M, -36%	$109M, +80%

"We delivered outstanding second quarter results reflecting robust demand and strong execution across both segments,” said Chip Blankenship, Chairman and Chief Executive Officer. “Aerospace 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.

“Based 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.”

Second Quarter Fiscal Year 2026 Company Results

Total Company Results (Dollars in millions, except per share amounts)
	Three Months Ended March 31,									Six Months Ended March 31,
	2026			2025			Year over Year			2026			2025			Year over Year
Income Statement
Net sales	$	1,091		$	884			23	%	$	2,087		$	1,656			26	%
Net earnings		134			109			23	%		268			196			37	%
Adjusted net earnings		139			103			35	%		273			186			47	%
EPS	$	2.19		$	1.78			23	%	$	4.36		$	3.20			36	%
Adjusted EPS	$	2.27		$	1.69			34	%	$	4.44		$	3.04			46	%
EBIT¹		179			144			24	%		358			257			39	%
Adjusted EBIT¹		186			136			36	%		364			243			50	%
Effective tax rate		20.0	%		18.1	%	190 bps				20.5	%		16.5	%	400 bps
Adjusted effective tax rate¹		20.2	%		17.7	%	250 bps				20.5	%		16.1	%	440 bps

Cash Flow and Financial Position
Net cash provided by operating activities	$	91		$	78			17	%	$	205		$	112			83	%
Capital Expenditures	53				18		186		%	97				52		86		%
Free cash flow		38			59			-36	%		109			60			80	%

Dividends Paid		19			17			14	%		36			31			14	%
Share Repurchases		226			44			412	%		355			79			346	%
Total Debt											1,123			912			23	%
EBITDA¹Leverage										1.4x			1.5x

Segment Results

Aerospace (Dollars in millions)
	Three Months Ended March 31,									Six Months Ended March 31,
	2026			2025			Year over Year			2026			2025			Year over Year
Commercial OEM	$	218		$	167			30	%	$	406		$	322			26	%
Commercial services		275			202			36	%		520			366			42	%
Defense OEM		151			138			9	%		289			251			15	%
Defense services		59			54			8	%		123			118			4	%

Sales		703			562			25	%		1,338			1,056			27	%
Segment Earnings		158			125			27	%		306			219			40	%
Segment Margin %		22.5	%		22.2	%	30 bps				22.9	%		20.8	%	210 bps

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.

Industrial (Dollars in millions)
	Three Months Ended March 31,									Six Months Ended March 31,
	2026			2025			Year over Year			2026			2025			Year over Year
Transportation	$	177		$	132			34	%	$	343		$	239			43	%
Power generation		136			126			7	%		259			241			7	%
Oil and gas		74			63			18	%		147			120			23	%

Sales		387			322			20	%		749			601			25	%
Segment Earnings		66			46			43	%		133			86			54	%
Segment Margin %		17.0	%		14.3	%	270 bps				17.7	%		14.3	%	340 bps

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.

Nonsegment (Dollars in millions)
	Three Months Ended March 31,									Six Months Ended March 31,
	2026			2025			Year over Year			2026			2025			Year over Year
Nonsegment Expense	$	(45	)	$	(27	)		68	%	$	(82	)	$	(49	)		67	%
Adjusted Nonsegment Expenses		(38	)		(34	)		12	%		(75	)		(62	)		21	%

Fiscal Year 2026 Guidance

Based on strong second quarter performance and improved confidence in the second half outlook, Woodward is raising its 2026 sales and earnings guidance.

	Prior FY26 Guidance	Revised FY26 Guidance
	Issued on February 2, 2026	Issued on April 29, 2026
Total Company
Sales growth	up 14% to 18%	up 20% to 23%
Adjusted EPS³	$8.20 - $8.60	$9.15 - $9.45
Free cash flow³	$300 - $350 million	No change
Capital expenditures	~$290 million	No change
Shares	~61 million	~61.5 million
Adjusted effective tax rate³	~22%	No change

Segment Data
Aerospace
Sales Growth	up 15% to 20%	up 21% to 24%
Segment Earnings (% of Sales)	22% to 23%	23% to 23.5%
Industrial
Sales Growth	up 11% to 14%	up 18% to 20%
Segment Earnings (% of Sales)	16% to 17%	18% to 18.5%

Conference Call

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.com².

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. 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’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 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’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, any subsequently filed Quarterly Report on Form 10-Q, 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 Condensed Consolidated Statement of Earnings (Unaudited – In thousands)
	Three Months Ended March 31,						Six Months Ended March 31,
	2026			2025			2026			2025
Net sales	$	1,090,568		$	883,629		$	2,087,022		$	1,656,354
Costs and expenses:
Cost of goods sold		774,660			643,530			1,478,953			1,226,621
Selling, general, and administrative expenses		102,285			83,842			197,270			153,538
Research and development costs		46,119			37,230			83,875			67,437
Restructuring charges		6,815			-			6,815			-
Interest expense		12,035			11,889			22,379			24,230
Interest income		(715	)		(1,021	)		(1,416	)		(2,398	)
Other income, net		(18,058	)		(24,804	)		(37,432	)		(47,891	)
Total costs and expenses		923,141			750,666			1,750,444			1,421,537
Earnings before income taxes		167,427			132,963			336,578			234,817
Income taxes		33,414			24,014			68,846			38,777
Net earnings	$	134,013		$	108,949		$	267,732		$	196,040

Earnings per share amounts:
Basic earnings per share	$	2.25		$	1.83		$	4.48		$	3.30
Diluted earnings per share	$	2.19		$	1.78		$	4.36		$	3.20
Weighted average common shares outstanding:
Basic		59,611			59,432			59,725			59,323
Diluted		61,276			61,344			61,462			61,258

Cash dividends paid per share	$	0.32		$	0.28		$	0.60		$	0.53

Woodward, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited – In thousands)
	March 31, 2026		September 30, 2025
Assets
Current assets:
Cash and cash equivalents	$	501,169	$	327,431
Accounts receivable		931,231		831,116
Inventories		704,465		654,608
Income taxes receivable		69,743		1,553
Other current assets		65,314		69,706
Total current assets		2,271,922		1,884,414
Property, plant, and equipment, net		1,034,798		986,623
Goodwill		825,503		832,288
Intangible assets, net		408,801		428,080
Deferred income tax assets		44,737		118,711
Other assets		383,351		380,027
Total assets	$	4,969,112	$	4,630,143

Liabilities and stockholders’ equity
Current liabilities:
Short-term debt	$	623,000	$	122,300
Current portion of long-term debt		46,905		122,934
Accounts payable		305,855		289,417
Income taxes payable		54,532		59,655
Accrued liabilities		281,463		313,083
Total current liabilities		1,311,755		907,389
Long-term debt, less current portion		453,373		456,968
Deferred income tax liabilities		105,332		107,669
Other liabilities		573,192		591,727
Total liabilities		2,443,652		2,063,753
Stockholders’ equity		2,525,460		2,566,390
Total liabilities and stockholders’ equity	$	4,969,112	$	4,630,143

Woodward, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited – In thousands)
	Six Months Ended March 31,
	2026			2025
Net cash provided by operating activities	$	205,264		$	112,341

Cash flows from investing activities:
Payments for purchase of property, plant, and equipment	(96,720		)		(51,990	)
Proceeds from sale of assets	-				33
Proceeds from short-term investments	65				2,923
Proceeds from business divestitures	-				44,896
Payments for acquisitions, net of cash acquired	(2,808		)		-
Net cash (used in) investing activities		(99,463	)		(4,138	)

Cash flows from financing activities:
Cash dividends paid	(35,853		)		(31,453	)
Proceeds from sales of treasury stock	40,388				49,717
Payments for repurchases of common stock	(355,297		)		(79,493	)
Borrowings on revolving lines of credit and short-term borrowings	2,010,053				1,350,200
Payments on revolving lines of credit and short-term borrowings	(1,509,353		)		(1,306,100	)
Payments of long-term debt and finance lease obligations	(75,507		)		(473	)
Net cash provided by (used in) financing activities		74,431			(17,602	)
Effect of exchange rate changes on cash and cash equivalents	(6,494		)		(8,730	)
Net change in cash and cash equivalents	173,738				81,871
Cash and cash equivalents, including restricted cash, at beginning of year		327,431			282,270
Cash and cash equivalents, including restricted cash, at end of period	501,169			$	364,141

Woodward, Inc. and Subsidiaries Segment Net Sales and Net Earnings (Unaudited – In thousands)
	Three Months Ended March 31,						Six Months Ended March 31,
	2026			2025			2026			2025
Segment net sales:
Aerospace		703,321			561,729			1,338,218			1,055,611
Industrial		387,247			321,900			748,804			600,743
Total consolidated net sales	$	1,090,568		$	883,629		$	2,087,022		$	1,656,354
Segment earnings*:
Aerospace		158,075			124,616			306,470			219,341
As a percent of segment net sales		22.5	%		22.2	%		22.9	%		20.8	%
Industrial		65,721			45,967			132,715			86,164
As a percent of segment net sales		17.0	%		14.3	%		17.7	%		14.3	%
Total segment earnings	$	223,796		$	170,583		$	439,185		$	305,505
Nonsegment expenses		(45,049	)		(26,752	)		(81,644	)		(48,856	)
EBIT	$	178,747		$	143,831		$	357,541		$	256,649
Interest expense, net		(11,320	)		(10,868	)		(20,963	)		(21,832	)
Consolidated earnings before income taxes	$	167,427		$	132,963		$	336,578		$	234,817
*This schedule reconciles segment earnings, which exclude certain costs, to consolidated earnings before taxes.

Payments for property, plant and equipment	$	52,591		$	18,416		$	96,720		$	51,990
Depreciation expense	$	22,482		$	20,794		$	44,178		$	41,756

Woodward, Inc. and Subsidiaries Reconciliation of Net Earnings and EPS to Adjusted Earnings¹and Adjusted EPS¹ (Unaudited – In thousands, except per share amounts)
	Three Months Ended March 31,
	2026						2025
	Net Earnings			Earnings Per Share			Net Earnings			Earnings Per Share
Net Earnings (U.S. GAAP)	$	134,013		$	2.19		$	108,949		$	1.78
Non-U.S. GAAP Adjustments
Restructuring charges		6,815			0.11			-			-
Product rationalization^a		-			-			(11,163	)		(0.18	)
Business development activities^b		-			-			3,793			0.06
Tax Effect of Non-U.S. GAAP Net Earnings Adjustments		(1,702	)		(0.03	)		1,811			0.03
Total non-U.S. GAAP Adjustments		5,113			0.08			(5,559	)		(0.09	)
Adjusted Net Earnings (Non-U.S. GAAP)	$	139,126		$	2.27		$	103,390		$	1.69

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 Reconciliation of Net Earnings and EPS to Adjusted Net Earnings¹and Adjusted EPS¹ (Unaudited – In thousands, except per share amounts)
	Six Months Ended March 31,
	2026						2025
	Net Earnings			Earnings Per Share			Net Earnings			Earnings Per Share
Net Earnings (U.S. GAAP)	$	267,732		$	4.36		$	196,040		$	3.20
Non-U.S. GAAP Adjustments
Restructuring charges		6,815			0.11			-			-
Product rationalization^a		-			-			(20,524	)		(0.33	)
Business development activities^b		-			-			7,310			0.12
Tax Effect of Non-U.S. GAAP Net Earnings Adjustments		(1,702	)		(0.03	)		3,130			0.05
Total non-U.S. GAAP Adjustments		5,113			0.08			(10,084	)		(0.16	)
Adjusted Net Earnings(Non-U.S. GAAP)	$	272,845		$	4.44		$	185,956		$	3.04

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 Reconciliation of Income Tax Expense to Adjusted Income Tax Expense¹ (Unaudited – In thousands)
	Three Months Ended March 31,
	2026			2025
Income tax expense (U.S. GAAP)	$	33,414		$	24,014
Tax Effect of Non-U.S. GAAP Net Earnings Adjustments		1,702			(1,811	)
Adjusted Income Tax Expense (Non-U.S. GAAP)	$	35,116		$	22,203
Adjusted Income Tax Rate (Non-U.S. GAAP)		20.2	%		17.7	%

Woodward, Inc. and Subsidiaries Reconciliation of Income Tax Expense to Adjusted Income Tax Expense¹ (Unaudited – In thousands)
	Six Months Ended March 31,
	2026			2025
Income tax expense (U.S. GAAP)	$	68,846		$	38,777
Tax Effect of Non-U.S. GAAP Net Earnings Adjustments		1,702			(3,130	)
Adjusted Income Tax Expense (Non-U.S. GAAP)	$	70,548		$	35,647
Adjusted Income Tax Rate (Non-U.S. GAAP)		20.5	%		16.1	%

Woodward, Inc. and Subsidiaries Reconciliation of Net Earnings to EBIT¹and Adjusted EBIT¹ (Unaudited – In thousands)
	Three Months Ended March 31,
	2026			2025
Net Earnings (U.S. GAAP)	$	134,013		$	108,949
Income Tax Expense		33,414			24,014
Interest Expense		12,035			11,889
Interest Income		(715	)		(1,021	)
EBIT (Non-U.S. GAAP)		178,747			143,831
Total non-U.S. GAAP Adjustments		6,815			(7,370	)
Adjusted EBIT(Non-U.S. GAAP)	$	185,562		$	136,461

Woodward, Inc. and Subsidiaries Reconciliation of Net Earnings to EBIT¹and Adjusted EBIT¹ (Unaudited – In thousands)
	Six Months Ended March 31,
	2026			2025
Net Earnings (U.S. GAAP)	$	267,732		$	196,040
Income Tax Expense		68,846			38,777
Interest Expense		22,379			24,230
Interest Income		(1,416	)		(2,398	)
EBIT (Non-U.S. GAAP)		357,541			256,649
Total non-U.S. GAAP Adjustments		6,815			(13,214	)
Adjusted EBIT(Non-U.S. GAAP)	$	364,356		$	243,435

Woodward, Inc. and Subsidiaries Reconciliation of Net Earnings to EBITDA¹and Adjusted EBITDA¹ (Unaudited – In thousands)
	Three Months Ended March 31,
	2026			2025
Net Earnings (U.S. GAAP)	$	134,013		$	108,949
Income Tax Expense		33,414			24,014
Interest Expense		12,035			11,889
Interest Income		(715	)		(1,021	)
Amortization of intangible assets		7,424			6,772
Depreciation Expense		22,482			20,794
EBITDA (Non-U.S. GAAP)		208,653			171,397
Total non-U.S. GAAP Adjustments		6,815			(7,370	)
Adjusted EBITDA(Non-U.S. GAAP)	$	215,468		$	164,027

Woodward, Inc. and Subsidiaries Reconciliation of Net Earnings to EBITDA¹and Adjusted EBITDA¹ (Unaudited – In thousands)
	Six Months Ended March 31,
	2026			2025
Net Earnings (U.S. GAAP)	$	267,732		$	196,040
Income Tax Expense		68,846			38,777
Interest Expense		22,379			24,230
Interest Income		(1,416	)		(2,398	)
Amortization of Intangible Assets		14,766			13,686
Depreciation Expense		44,178			41,756
EBITDA (Non-U.S. GAAP)		416,485			312,091
Total non-U.S. GAAP Adjustments		6,815			(13,214	)
Adjusted EBITDA(Non-U.S. GAAP)	$	423,300		$	298,877

Woodward, Inc. and Subsidiaries Reconciliation of Non-Segment Expenses to Adjusted Non-Segment Expenses¹ (Unaudited – In thousands)
	Three Months Ended March 31,
	2026			2025
Non-Segment Expenses (U.S. GAAP)	$	(45,049	)	$	(26,752	)
Restructuring charges		6,815			-
Product rationalization		-			(11,163	)
Business development activities		-			3,793
Adjusted Non-Segment Expenses (Non-U.S. GAAP)	$	(38,234	)	$	(34,122	)

Woodward, Inc. and Subsidiaries Reconciliation of Non-Segment Expenses to Adjusted Non-Segment Expenses¹ (Unaudited – In thousands)
	Six Months Ended March 31,
	2026			2025
Non-Segment Expenses (U.S. GAAP)	$	(81,644	)	$	(48,856	)
Restructuring charges		6,815			-
Product rationalization		-			(20,524	)
Business development activities		-			7,310
Adjusted Non-Segment Expenses (Non-U.S. GAAP)	$	(74,829	)	$	(62,070	)

Woodward, Inc. and Subsidiaries Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow¹ (Unaudited – In thousands)
	Three Months Ended March 31,
	2026			2025
Net cash provided by operating activities (U.S. GAAP)	$	90,827		$	77,825
Payments for property, plant, and equipment		(52,591	)		(18,416	)
Free cash flow (Non-U.S. GAAP)	$	38,236		$	59,409

Woodward, Inc. and Subsidiaries Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow¹ (Unaudited – In thousands)
	Six Months Ended March 31,
	2026			2025
Net cash provided by operating activities (U.S. GAAP)	$	205,264		$	112,341
Payments for property, plant, and equipment	(96,720		)		(51,990	)
Free cash flow (Non-U.S. GAAP)	$	108,544		$	60,351

¹Adjusted and Non-U.S. GAAP Financial Measures: 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‐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. Guidance with respect to non-U.S. GAAP measures as provided in this release excludes, as applicable, restructuring charges.

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.

²Website, Facebook: 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.

³FY26 Adjusted EPS, Free Cash Flow and Adjusted Effective Tax Rate: 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.

Contact:
Dan Provaznik
Director, Investor Relations
970-498-3849
Dan.Provaznik@woodward.com

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