Woodward, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Woodward, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,023	2,099	2,326	2,900	2,496	2,246	2,383	2,915	3,324	3,567
Cost of revenue	1,484	1,528	1,723	2,193	1,855	1,695	1,857	2,237	2,448	2,611
Gross profit	539	571	603	708	640	551	525	678	876	956
Research and development	126	127	148	159	133	117	120	132	141	148
Selling, general and administrative	174	177	194	211	218	187	203	270	307	330
Interest expense	26.8	35.6	40.5	44	35.8	34.3	34.5	47.9	48	45.7
Interest income	2.03	1.73	1.67	1.41	1.76	1.5	1.81	2.75	6.46	4.19
Other non-operating income	12.3	19.4	14.3	26	56.2	36.5	26.7	50.3	67.2	84
Pre-tax income	226	253	220	321	282	246	200	276	454	521
Income tax	45.6	52.2	39.2	61	41.5	37.2	28.2	43.4	81	79.3
Net income	181	201	180	260	240	209	172	232	373	442
EPS, basic	2.92	3.27	2.93	4.19	3.86	3.30	2.79	3.88	6.21	7.42
EPS, diluted	2.85	3.16	2.82	4.02	3.74	3.18	2.71	3.78	6.01	7.19
Shares, basic (weighted)	61.9	61.4	61.5	62	62.3	63.3	61.5	59.9	60.1	59.6
Shares, diluted (weighted)	63.6	63.5	63.9	64.5	64.2	65.6	63.3	61.5	62.1	61.5
Dividend per share	0.43	0.49	0.55	0.63	0.61	0.57	0.73	0.85	0.97	1.09

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	81.1	87.6	83.6	99.1	153	448	108	137	282	327
Receivables			423	416	365	322	369	485	457	477
Inventory	462	474	550	517	438	420	514	518	609	655
Other current assets	37.5	38.6	43.2	55.7	52.8	61.2	74.7	50.2	60.2	69.7
Total current assets	944	1,021	1,115	1,271	1,211	1,465	1,312	1,469	1,744	1,884
Property, plant and equipment	876	922	1,060	1,059	997	951	910	913	941	987
Lease right-of-use assets					18.9	19.4	25.1	24.7	27.1	25.3
Goodwill	556	557	813	798	808	805	773	791	807	832
Intangible assets	198	172	701	612	607	559	461	452	440	428
Other non-current assets	48.1	65.5	85.1	199	265	297	327	325	353	380
Total assets	2,642	2,757	3,791	3,957	3,903	4,091	3,806	4,010	4,369	4,630
Accounts payable	169	233	226	240	134	171	231	234	287	289
Accrued liabilities	157	155	195	228	152	183	206	263	293	313
Deferred revenue	5.78	4.63	9.66	27.9	24.6	29.5	30.7	33.7	56.8	49.2
Short-term debt	150	0	0	220	102	0.73	0.86	75.8	85.7	123
Total current liabilities	481	427	591	707	392	366	539	617	924	907
Long-term debt	577	580	1,092	865	737	734	710	646	570	457
Lease liabilities					14.6	14.8	21.4	20.7	22.7	20.2
Other non-current liabilities	368	345	398	506	618	618	529	543	577	592
Total liabilities	1,430	1,386	2,253	2,230	1,911	1,876	1,905	1,939	2,192	2,064
Total debt	577	580	1,092	865	838	735	711	722	655	580
Paid-in capital	142	164	186	207	232	262	294	328	397	482
Retained earnings	1,650	1,820	1,967	2,225	2,428	2,601	2,727	2,909	3,223	3,600
Treasury stock	-513	-560	-539	-602	-577	-582	-1,027	-1,095	-1,411	-1,506
Other comprehensive income	-65.7	-53.2	-74.9	-103	-89.8	-65.6	-92.6	-70.7	-32.7	-10.4
Shareholders' equity	1,213	1,371	1,538	1,727	1,993	2,215	1,901	2,071	2,176	2,566
Total equity	1,213	1,371	1,538	1,727	1,993	2,215	1,901	2,071	2,176	2,566
Total liabilities and equity	2,642	2,757	3,791	3,957	3,903	4,091	3,806	4,010	4,369	4,630

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	181	201	180	260	240	209	172	232	373	442
Depreciation and amortization	69	80.9	116	142	131	130	121	120	116	113
Stock-based compensation	15.1	17.3	18.2	18.1	22.9	21.5	20.1	23.4	33.1	31.7
Deferred income tax	-52.7	22.8	-30.2	-10.1	1.31	-12	-23.2	-40.2	-44.6	-52.4
Change in receivables	-9.19	-53.2	-6.49	0.84	52.1	41.2	-54.4	-113	35.8	-11.5
Change in inventory	-17.7	-10.9	-7.66	-49.2	61	18.9	-110	3.23	-84.9	-49.6
Change in payables	17.5	64.7	-2.28	48	-153	61.8	123	67.4	63.7	56.8
Cash from operations	435	308	299	391	349	465	194	309	439	471
Capital expenditures	-176	-92.3	-127	-99.1	-47.1	-37.7	-52.9	-76.5	-96.3	-131
Acquisitions			-771				-21.5	0.88		-41.7
Cash from investing	-174	-91.9	-897	-103	-6.88	-35.3	-65.4	-73.6	-89.2	-120
Debt issued	179		400
Stock issued	15.9	14.2	9.13
Share buybacks	-126	-71.8	0	-110	-13.3	-33.3	-485	-126	-391	-173
Dividends paid	-26.6	-29.7	-34	-39.1	-37.7	-36	-45	-51	-58.3	-65
Cash from financing	-261	-212	606	-266	-290	-136	-442	-196	-218	-314
Exchange rate effect	-1.55	2.6	-12.7	-7	1.83	2.14
Net change in cash	-1.11	6.46	-3.96	15.5	54.2	295	-341	29.6	145	45.2
Free cash flow	260	215	172	292	302	427	141	232	343	340
Interest paid	34.5	27.8	29.7	39.9	27.1	27.6	27.4	35.3	36.7	34.7
Income taxes paid	99.5	33.9	44.8	68.1	94.1	38.9	29.6	92.5	152	105

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $330.31 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	29.5%	Gross profit / revenue.
Pre-tax margin	16.5%	Pre-tax income / revenue.
Net margin	13.2%	Net income / revenue.
FCF margin	9.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.0%	Cash from operations / revenue.
Effective tax rate	20.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	22.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.6%	Net income / average total assets.
R&D / revenue	4.1%	Research and development expense / revenue.
SG&A / revenue	9.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.0%	Capital expenditures / revenue.
D&A / revenue	2.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	22.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	18.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	37.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	19.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	38.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	7.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	34.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-0.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	34.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	2.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	12.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	12.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	17.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.65x	Current assets / current liabilities.
Quick ratio	0.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.33x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.30x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.4%	Total debt / total assets.
Liabilities / assets	52.4%	Total liabilities / total assets.
Net debt	$274.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$917.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	25.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.13B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.81x	Revenue / average total assets.
Fixed asset turnover	3.85x	Revenue / average property, plant and equipment.
Inventory turnover	4.08x	Cost of revenue / average inventory.
Days inventory	89 days	365 x average inventory / cost of revenue.
Receivables turnover	6.78x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Days payables	41 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	103 days	Days inventory + days sales outstanding - days payables.
FCF conversion	68.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	35.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$68.70	Revenue / diluted weighted shares.
FCF per share	$6.17	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.59	Cash from operations / diluted weighted shares.
Book value per share	$40.54	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.56	Tangible book value / shares outstanding.
Cash per share	$7.78	(Cash + short-term investments) / shares outstanding.
Payout ratio	13.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	19.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	159.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$19.50B	Share price x shares outstanding.
Enterprise value	$19.78B	Market cap + total debt - cash - short-term investments.
P/E	35.3x	Market cap / net income. Only when net income is positive.
P/S	4.65x	Market cap / revenue.
P/B	7.88x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	17.2x	Market cap / tangible book value, when positive.
P/FCF	51.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	33.3x	Market cap / cash from operations, when positive.
EV/Sales	4.72x	Enterprise value / revenue.
EV/FCF	52.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.9%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.4%	Dividends paid over the period / market cap.
Shareholder yield	3.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.92x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Woodward, Inc.'s revenue in fiscal 2025?

Woodward, Inc. reported revenue of $3.57B for fiscal 2025, 7.3% higher than the year before.

Was Woodward, Inc. profitable in fiscal 2025?

Yes. Net income was $442.1M, a net margin of 12.4%.

How much free cash flow did Woodward, Inc. generate in fiscal 2025?

Cash from operations of $471.3M minus capital expenditures of $130.9M left free cash flow of $340.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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