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Curtiss-Wright’s Defense Orders Surge Nearly 50% — Can The Growth Catch Up?

Curtiss-Wright reported second quarter 2026 results characterized by revenue growth, margin expansion, and strong cash flow, reflecting momentum in both defense and commercial markets. Sales increased 5% year-over-year to $924 million, with operating income rising 12%, resulting in a 110 basis point improvement in operating margin to 19.4%. Diluted earnings per share grew 15%, slightly exceeding expectations, while free cash flow advanced by 37% year-over-year to $160 million, with a conversion rate of 116%. The company’s order intake also showed strength, with new orders up 8% and the order book maintaining a book-to-bill ratio exceeding 1.1x, demonstrating robust demand. Segment performance was mixed, with Defense Electronics posting record orders nearly 50% higher year-over-year but experiencing a slight 3% decline in sales, largely due to order timing and product mix. Defense Electronics operating margin expanded by 120 basis points to 28%.