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Curtiss Wright cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$140M in Q3 2026 · $590M over twelve months

Operating cash flow$180M
Capital spending−$40.0M
Free cash flow+$140M
Cash / net income1.3×
Cash conversion cycle162 days

Analysis

In Q3 2026, Curtiss Wright generated $180M of operating cash flow and spent $40.0M on capital projects, leaving free cash flow of $140M. That is $35.6M less than in Q3 2025 ($176M).

Over the twelve months to Sep 30, 2026, operating cash flow was $709M; the largest uses were buybacks ($522M), net borrowing (+) / repaid (−) ($348M), capital spending ($119M); besides operations, cash came from other financing ($350M), other investing ($25.5M); the cash balance rose by $55.7M.

Operating cash flow was $180M against net income of $139M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: payables +$59.7M, receivables −$52.5M, deferred revenue +$50.0M.

Its cash conversion cycle was 162 days (receivables 99 + inventory 110 − payables 47).

Free cash flow

Curtiss Wright: free cash flow by quarterCurtiss Wright: free cash flow by quarter$278MQ4 2024−$54.5MQ1 2025$117MQ2 2025$176MQ3 2025$315MQ4 2025−$17.5MQ1 2026$152MQ2 2026$140MQ3 2026
Operating cash flow less capital spending.
Curtiss Wright: operating cash flow against capital spendingCurtiss Wright: operating cash flow against capital spendingOperating cash flowCapital spending$301M$23.3MQ4 2024−$38.8M$15.8MQ1 2025$137M$19.4MQ2 2025$193M$16.9MQ3 2025$353M$37.6MQ4 2025−$5.7M$11.8MQ1 2026$181M$29.5MQ2 2026$180M$40.0MQ3 2026
Latest (Q3 2026): Operating cash flow $180M, Capital spending $40.0M.

Capital allocation, year by year

Curtiss Wright: where the cash came from (up) and went (down), by fiscal yearCurtiss Wright: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $388MFY2021: Net borrowing −$6.1MFY2021: Shares issued $9.7MFY2021: Asset sales $4.0MFY2021: Capital spending −$41.1MFY2021: Buybacks −$343MFY2021: Dividends −$28.7M$401MFY2021FY2022: Operating cash flow $295MFY2022: Net borrowing $206MFY2022: Shares issued $10.0MFY2022: Asset sales $9.8MFY2022: Capital spending −$38.2MFY2022: Acquisitions −$282MFY2022: Buybacks −$56.9MFY2022: Dividends −$28.8M$521MFY2022FY2023: Operating cash flow $448MFY2023: Net borrowing −$202MFY2023: Shares issued $10.6MFY2023: Asset sales $9.1MFY2023: Capital spending −$44.7MFY2023: Buybacks −$50.1MFY2023: Dividends −$30.2M$468MFY2023FY2024: Operating cash flow $544MFY2024: Shares issued $11.3MFY2024: Asset sales $3.2MFY2024: Capital spending −$61.0MFY2024: Acquisitions −$226MFY2024: Buybacks −$250MFY2024: Dividends −$31.7M$559MFY2024FY2025: Operating cash flow $643MFY2025: Net borrowing −$90.0MFY2025: Shares issued $12.5MFY2025: Asset sales $1.3MFY2025: Capital spending −$89.7MFY2025: Buybacks −$465MFY2025: Dividends −$34.7M$657MFY2025
Over these 5 years operating cash flow totalled $2.3B; the largest uses were buybacks ($1.2B) and acquisitions ($508M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$281M
Debt$957M
Net debt$676M
Due within a year$200M

Curtiss Wright funds itself: free cash flow was $590M over the last twelve months, and $281M of cash and investments stands against $957M of debt ($200M due within a year, 1.4× covered by cash).

Curtiss Wright: debt maturities by year (FY2025)Curtiss Wright: debt maturities by year (FY2025)$200MYear 1$158MYear 3$150MYear 5$450MAfter year 5
Principal due in each year as disclosed in the annual report, against $281M of cash and investments now.

Where the cash came from and went

Curtiss Wright: sources (+) and uses (−) of cash, Q3 2026Curtiss Wright: sources (+) and uses (−) of cash, Q3 2026Buybacks−$352MCash drawn (+) / kept (−)$196MOperating cash flow$180MCapital spending−$40.0MOther investing$17.0MDividends−$9.6MShares issued$6.6MExchange rates$1.6MAsset & business sales$490K
Curtiss Wright: sources (+) and uses (−) of cash, TTM to Q3 2026Curtiss Wright: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$709MBuybacks−$522MOther financing$350MNet borrowing (+) / repaid (−)−$348MCapital spending−$119MCash drawn (+) / kept (−)−$55.7MDividends−$36.2MOther investing$25.5MExchange rates−$5.9MAsset & business sales$1.7M

From profit to cash

Curtiss Wright: net income to operating cash flow, Q3 2026Curtiss Wright: net income to operating cash flow, Q3 2026Net income$139MDepreciation & amortization$28.4MStock-based pay$9.8MDeferred taxes$2.6MGains on disposals−$148KReceivables−$52.5MInventory−$47.5MPayables$59.7MDeferred revenue$50.0MOther operating capital−$3.0MOperating cash flow$180M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20269911047162
Q2 20269810646159
Q1 2026959745147
Q3 202510310645163
Q2 2025979841154
Q1 2025989843153

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$180M−$40.0M−$352M−$9.6M—$6.6M$196M$140M
Q2 2026$181M−$29.5M−$14.7M———−$134M$152M
Q1 2026−$5.7M−$11.8M−$14.5M——$6.5M$27.9M−$17.5M
Q4 2025$353M−$37.6M−$140M−$17.8M−$214M—−$146M$315M
Q3 2025$193M−$16.9M−$290M−$9.0M$10.5M$6.6M$106M$176M
Q2 2025$137M−$19.4M−$20.8M———−$105M$117M
Q1 2025−$38.8M−$15.8M−$14.2M—−$90.0M$6.0M$159M−$54.5M
Q4 2024$301M−$23.3M−$112M−$15.9M——$58.8M$278M

Curtiss Wright: income statement and cash flow

Curtiss Wright, Q3 2026: revenue $953M (+10% year over year), operating margin 19.7%. The chart follows the revenue to costs, profit and cash.

Curtiss Wright: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.