WOODWARD, INC., 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 6 Months Ended
Mar. 31, 2026
Apr. 29, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-39265  
Entity Registrant Name WOODWARD, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-1984010  
Entity Address, Address Line One 1081 Woodward Way  
Entity Address, City or Town Fort Collins  
Entity Address, State or Province CO  
Entity Address, Postal Zip Code 80524  
City Area Code 970  
Local Phone Number 482-5811  
Title of 12(b) Security Common Stock, par value $0.001455 per share  
Trading Symbol WWD  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   59,582,861
Amendment Flag false  
Entity Central Index Key 0000108312  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --09-30  
Document Fiscal Year Focus 2026  
v3.26.1
Condensed Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]        
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 tax expense 33,414 24,014 68,846 38,777
Net earnings $ 134,013 $ 108,949 $ 267,732 $ 196,040
Earnings per share:        
Basic earnings per share $ 2.25 $ 1.83 $ 4.48 $ 3.3
Diluted earnings per share $ 2.19 $ 1.78 $ 4.36 $ 3.2
Weighted Average Common Shares Outstanding:        
Basic 59,611 59,432 59,725 59,323
Diluted 61,276 61,344 61,462 61,258
v3.26.1
Condensed Consolidated Statements of Comprehensive Earnings - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Condensed Consolidated Statements of Comprehensive Earnings        
Net earnings $ 134,013 $ 108,949 $ 267,732 $ 196,040
Other comprehensive earnings:        
Foreign currency translation adjustments (15,082) 19,562 (13,922) (17,322)
Net gain (loss) on foreign currency transactions designated as hedges of net investments 1,153 (1,712) 1,069 1,351
Taxes on changes in foreign currency translation adjustments (592) 12 1,767 448
Foreign currency translation and hedge transactions adjustments, net of tax (14,521) 17,862 (11,086) (15,523)
Derivative related other comprehensive earnings:        
Unrealized gain (loss) on fair value adjustment of derivative instruments 7,329 (11,402) 9,177 8,966
Reclassification of net realized (gain) loss on derivatives to earnings (7,791) 16,560 (7,257) (11,123)
Derivative adjustments, net of tax (462) 5,158 1,920 (2,157)
Pension and other postretirement medical liability other comprehensive earnings:        
Net prior service cost 135 195 270 392
Net actuarial (gain) (197) (167) (396) (334)
Foreign currency exchange rate changes on pension and other postretirement medical liabilities (65) 202 (105) (124)
Taxes on changes in pension and other postretirement medical liability adjustments 32 (19) 66 (34)
Pension and other postretirement benefit plan adjustments, net of tax (95) 211 (165) (100)
Total comprehensive earnings $ 118,935 $ 132,180 $ 258,401 $ 178,260
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Current assets:    
Cash and cash equivalents, including restricted cash of $3,600 as of March 31, 2026 $ 501,169 $ 327,431
Accounts receivable, less allowance for uncollectible amounts of $13,107 and $9,725, respectively 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
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
Commitments and contingencies (Note 22)
Stockholders' equity:    
Preferred stock, par value $0.003 per share, 10,000 shares authorized, no shares issued 0 0
Common stock, par value $0.001455 per share, 150,000 shares authorized, 72,960 shares issued 106 106
Additional paid-in capital 544,888 482,259
Accumulated other comprehensive losses (19,746) (10,415)
Deferred compensation 1,918 1,741
Retained earnings 3,832,274 3,600,395
Stockholders' equity 4,359,440 4,074,086
Treasury stock at cost, 13,367 shares and 13,060 shares, respectively (1,832,062) (1,505,955)
Treasury stock held for deferred compensation, at cost, 27 shares and 28 shares, respectively (1,918) (1,741)
Total stockholders' equity 2,525,460 2,566,390
Total liabilities and stockholders' equity $ 4,969,112 $ 4,630,143
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Current assets:    
Restricted cash $ 3,600  
Allowance, accounts receivable $ 13,107 $ 9,725
Stockholders' equity:    
Preferred stock, par value $ 0.003 $ 0.003
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Common stock, par value $ 0.001455 $ 0.001455
Common stock, shares authorized 150,000,000 150,000,000
Common stock, shares issued 72,960,000 72,960,000
Treasury stock, shares 13,367,000 13,060,000
Treasury stock held for deferred compensation, shares 27,000 28,000
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net earnings $ 267,732 $ 196,040
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 58,944 55,442
Net loss (gain) on sales of assets and businesses 36 (20,049)
Stock-based compensation 21,123 19,376
Deferred income taxes 75,581 (1,503)
Changes in operating assets and liabilities:    
Trade accounts receivable (59,624) (41,912)
Unbilled receivables (contract assets) (49,077) (25,310)
Costs to fulfill a contract 5,697 (7,180)
Inventories (52,633) (49,582)
Accounts payable and accrued liabilities 9,871 (14,065)
Contract liabilities (2,263) 1,707
Income taxes (72,296) 1,152
Retirement benefit obligations (2,032) (1,859)
Other 4,205 84
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
v3.26.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Foreign Currency Translation Adjustments [Member]
Unrealized Derivative Gains (Losses) [Member]
Minimum Retirement Benefit Liability Adjustments [Member]
Total Accumulated Other Comprehensive (Loss) Earnings [Member]
Deferred Compensation [Member]
Retained Earnings [Member]
Treasury Stock at Cost [Member]
Treasury Stock Held for Deferred Compensation [Member]
Balances at Sep. 30, 2024 $ 2,176,416 $ 106 $ 396,554 $ (39,129) $ (5,177) $ 11,608 $ (32,698) $ 2,662 $ 3,223,259 $ (1,410,805) $ (2,662)
Net earnings 196,040               196,040    
Other comprehensive earnings (loss), net of tax (17,780)     (15,523) (2,157) (100) (17,780)        
Cash dividends paid (31,453)               (31,453)    
Purchases of treasury stock (79,493)                 (79,493)  
Sales of treasury stock 49,489   14,844             34,645  
Common shares issued from treasury to settle benefit obligations 24,912   18,378             6,534  
Stock-based compensation 19,376   19,376                
Purchases of stock by deferred compensation               82     (82)
Distribution of stock from deferred compensation               (981)     981
Balances at Mar. 31, 2025 2,337,507 106 449,152 (54,652) (7,334) 11,508 (50,478) 1,763 3,387,846 (1,449,119) (1,763)
Balances at Dec. 31, 2024 2,208,421 106 414,175 (72,514) (12,492) 11,297 (73,709) 1,752 3,295,569 (1,427,720) (1,752)
Net earnings 108,949               108,949    
Other comprehensive earnings (loss), net of tax 23,231     17,862 5,158 211 23,231        
Cash dividends paid (16,672)               (16,672)    
Purchases of treasury stock (44,020)                 (44,020)  
Sales of treasury stock 20,830   4,504             16,326  
Common shares issued from treasury to settle benefit obligations 24,058   17,763             6,295  
Stock-based compensation 12,710   12,710                
Purchases of stock by deferred compensation               34     (34)
Distribution of stock from deferred compensation               (23)     23
Balances at Mar. 31, 2025 2,337,507 106 449,152 (54,652) (7,334) 11,508 (50,478) 1,763 3,387,846 (1,449,119) (1,763)
Balances at Sep. 30, 2025 2,566,390 106 482,259 (18,950) (5,847) 14,382 (10,415) 1,741 3,600,395 (1,505,955) (1,741)
Net earnings 267,732               267,732    
Other comprehensive earnings (loss), net of tax (9,331)     (11,086) 1,920 (165) (9,331)        
Cash dividends paid (35,853)               (35,853)    
Purchases of treasury stock (354,890)                 (354,890)  
Sales of treasury stock 40,476   15,218             25,258  
Common shares issued from treasury to settle benefit obligations 29,813   26,288             3,525  
Stock-based compensation 21,123   21,123                
Purchases of stock by deferred compensation               281     (281)
Distribution of stock from deferred compensation               (104)     104
Balances at Mar. 31, 2026 2,525,460 106 544,888 (30,036) (3,927) 14,217 (19,746) 1,918 3,832,274 (1,832,062) (1,918)
Balances at Dec. 31, 2025 2,587,488 106 497,787 (15,515) (3,465) 14,312 (4,668) 1,947 3,717,350 (1,623,087) (1,947)
Net earnings 134,013               134,013    
Other comprehensive earnings (loss), net of tax (15,078)     (14,521) (462) (95) (15,078)        
Cash dividends paid (19,089)               (19,089)    
Purchases of treasury stock (225,503)                 (225,503)  
Sales of treasury stock 19,723   6,720             13,003  
Common shares issued from treasury to settle benefit obligations 29,813   26,288             3,525  
Stock-based compensation 14,093   14,093                
Purchases of stock by deferred compensation               17     (17)
Distribution of stock from deferred compensation               (46)     46
Balances at Mar. 31, 2026 $ 2,525,460 $ 106 $ 544,888 $ (30,036) $ (3,927) $ 14,217 $ (19,746) $ 1,918 $ 3,832,274 $ (1,832,062) $ (1,918)
v3.26.1
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]        
Cash dividends per share $ 0.32 $ 0.28 $ 0.6 $ 0.53
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure        
Net Income (Loss) $ 134,013 $ 108,949 $ 267,732 $ 196,040
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

On February 12, 2026, Karrie Bem, Executive Vice President, General Counsel, Corporate Secretary, and Chief Compliance Officer, entered into a trading plan pursuant to Rule 10b5-1 of the Exchange Act intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The new trading plan provides for the sale of up to 929 shares of common stock of the Company upon the exercise of non-qualified stock options and terminates on December 7, 2026, for a duration of 298 days.

During the three months ended March 31, 2026, no other directors or officers, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408 of Regulation S-K.
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Expiration Date December 7, 2026
Karrie Bem [Member]  
Trading Arrangements, by Individual  
Name Karrie Bem
Title Executive Vice President, General Counsel, Corporate Secretary, and Chief Compliance Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 12, 2026,
Arrangement Duration 298 days
Aggregate Available 929
v3.26.1
Basis of Presentation
 6 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Note 1. Basis of presentation

The Condensed Consolidated Financial Statements of Woodward, Inc. (“Woodward” or the “Company”) as of March 31, 2026 and for the three and six months ended March 31, 2026 and 2025, included herein, have not been audited by an independent registered public accounting firm. These unaudited Condensed Consolidated Financial Statements reflect all normal recurring adjustments that, in the opinion of management, are necessary to present fairly Woodward’s financial position as of March 31, 2026, and the statements of earnings, comprehensive earnings, cash flows, and changes in stockholders’ equity for the periods presented herein. The results of operations for the three and six months ended March 31, 2026 and 2025 are not necessarily indicative of the operating results to be expected for other interim periods or for the full fiscal year. Dollar and share amounts contained in these unaudited Condensed Consolidated Financial Statements are in thousands, except per share amounts, unless otherwise noted.

The unaudited Condensed Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in Woodward’s most recent Annual Report on Form 10-K filed with the SEC and other financial information filed with the SEC.

Management is required to use estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported revenues and expenses recognized during the reporting period, and certain financial statement disclosures, in the preparation of the unaudited Condensed Consolidated Financial Statements included herein. Significant estimates in these unaudited Condensed Consolidated Financial Statements include allowances for credit losses; net realizable value of inventories; variable consideration including customer rebates earned and payable and early payment discounts; warranty reserves; useful lives of property and identifiable intangible assets; the evaluation of impairments of property, intangible assets, and goodwill; the provision for income tax and related valuation reserves; the valuation of derivative instruments; assumptions used in the determination of the funded status and annual expense of pension and postretirement employee benefit plans; the valuation of stock compensation instruments granted to members, board members and any other eligible recipients; estimates of incremental borrowing rates used when estimating the present value of future lease payments; assumptions used when including renewal options or non-exercise of termination options in lease terms; estimates of total lifetime sales used in the recognition of revenue associated with material rights and balance sheet classification of the related contract liability; estimates of total sales contract costs when recognizing revenue under the cost-to-cost method; and contingencies. Actual results could vary from Woodward’s estimates.
v3.26.1
New Accounting Standards
 6 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Standards

Note 2. New accounting standards

From time to time, the Financial Accounting Standards Board (“FASB”) or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through issuance of an Accounting Standards Update (“ASU”).

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The purpose of ASU 2023-09 is to provide enhanced annual disclosures surrounding income taxes by requiring consistent categories and greater disaggregation of information in the rate reconciliation, the disaggregation of income taxes paid by jurisdiction, as well as several other changes to the income tax disclosure. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 (fiscal year 2026 for Woodward), with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. Woodward is currently assessing the impact on its income tax disclosures.

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." The purpose of ASU 2024-03 is to provide enhanced disclosures about significant expenses on the Consolidated Statement of Earnings. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026 (fiscal year 2028 for Woodward), and interim periods within fiscal years beginning after December 15, 2027 (fiscal year 2029 for Woodward), with early adoption permitted, and are to be applied either on a prospective basis to financial statements issued for reporting periods after the

effective date or on a retrospective basis to all periods presented. Woodward is currently assessing the impact on its Consolidated Statement of Earnings disclosures.
v3.26.1
Revenue
 6 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

Note 3. Revenue

The amount of revenue recognized as point in time or over time was as follows:

 

 

Three Months Ended March 31, 2026

 

 

Three Months Ended March 31, 2025

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

278,555

 

 

$

221,071

 

 

$

499,626

 

 

$

223,025

 

 

$

178,801

 

 

$

401,826

 

Over time

 

 

424,766

 

 

 

166,176

 

 

 

590,942

 

 

 

338,704

 

 

 

143,099

 

 

 

481,803

 

Total net sales

 

$

703,321

 

 

$

387,247

 

 

$

1,090,568

 

 

$

561,729

 

 

$

321,900

 

 

$

883,629

 

 

 

 

Six Months Ended March 31, 2026

 

 

Six Months Ended March 31, 2025

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

532,200

 

 

$

435,042

 

 

$

967,242

 

 

$

415,010

 

 

$

333,869

 

 

$

748,879

 

Over time

 

 

806,018

 

 

 

313,762

 

 

 

1,119,780

 

 

 

640,601

 

 

 

266,874

 

 

 

907,475

 

Total net sales

 

$

1,338,218

 

 

$

748,804

 

 

$

2,087,022

 

 

$

1,055,611

 

 

$

600,743

 

 

$

1,656,354

 

Accounts Receivable

Accounts receivable consisted of the following:

 

 

March 31, 2026

 

 

September 30, 2025

 

Billed receivables

 

 

 

 

 

 

Trade accounts receivable

 

$

536,474

 

 

$

477,217

 

Other (Chinese financial institutions)

 

 

—

 

 

 

104

 

Total billed receivables

 

 

536,474

 

 

 

477,321

 

Current unbilled receivables (contract assets)

 

 

407,864

 

 

 

363,520

 

Total accounts receivable

 

 

944,338

 

 

 

840,841

 

Less: Allowance for uncollectible amounts

 

 

(13,107

)

 

 

(9,725

)

Total accounts receivable, net

 

$

931,231

 

 

$

831,116

 

As of March 31, 2026, “Other assets” on the Condensed Consolidated Balance Sheets includes $13,668 of unbilled receivables not expected to be invoiced and collected within a period of 12 months, compared to $10,963 as of September 30, 2025.

Accounts receivable in Woodward’s Condensed Consolidated Financial Statements represent the net amount expected to be collected, and an allowance for uncollectible amounts related to credit losses is established based on expected losses. Expected losses are estimated by reviewing specific customer accounts, taking into consideration accounts receivable aging, credit risk of the customers, and historical payment history, as well as current and forecasted economic conditions and other relevant factors.

The allowance for uncollectible amounts and change in expected credit losses for trade accounts receivable and unbilled receivables (contract assets) consisted of the following:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Balance, beginning

 

$

13,426

 

 

$

7,793

 

 

$

9,725

 

 

$

7,738

 

Changes in estimates

 

 

(179

)

 

 

599

 

 

 

3,450

 

 

 

806

 

Write-offs

 

 

—

 

 

 

(120

)

 

 

(78

)

 

 

(120

)

Other1

 

 

(140

)

 

 

286

 

 

 

10

 

 

 

134

 

Balance, ending

 

$

13,107

 

 

$

8,558

 

 

$

13,107

 

 

$

8,558

 
(1)
Includes effects of foreign exchange rate changes during the period.

Contract liabilities

Contract liabilities consisted of the following:

 

 

March 31, 2026

 

 

September 30, 2025

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Deferred revenue from material rights from JV formation

 

$

7,689

 

 

$

230,266

 

 

$

7,298

 

 

$

229,878

 

Deferred revenue from advanced invoicing and/or prepayments from customers

 

 

21,672

 

 

 

569

 

 

 

14,944

 

 

 

2,115

 

Liability related to customer supplied inventory

 

 

22,226

 

 

 

—

 

 

 

19,640

 

 

 

—

 

Deferred revenue from material rights related to engineering and development funding

 

 

9,080

 

 

 

186,376

 

 

 

7,353

 

 

 

199,465

 

Net contract liabilities

 

$

60,667

 

 

$

417,211

 

 

$

49,235

 

 

$

431,458

 

Woodward recognized revenue of $8,951 in the three months and $23,481 in the six months ended March 31, 2026 from contract liabilities balances recorded as of October 1, 2025, compared to $5,035 in the three months and $21,118 in the six months ended March 31, 2025 from contract liabilities balances recorded as of October 1, 2024.

Remaining performance obligations

Remaining performance obligations related to the aggregate amount of the total contract transaction price of firm orders for which the performance obligation has not yet been recognized in revenue as of March 31, 2026 were $3,777,552, compared to $3,195,156 as of September 30, 2025, the majority of which relates to Woodward’s Aerospace segment in both periods. Woodward expects to recognize almost all remaining performance obligations within two years after March 31, 2026.

Remaining performance obligations related to material rights that have not yet been recognized in revenue as of March 31, 2026 were $491,444, of which $8,594 is expected to be recognized in the remainder of fiscal year 2026, $17,350 is expected to be recognized in fiscal year 2027, and the remaining balance is expected to be recognized thereafter. Woodward expects to recognize revenue from performance obligations related to material rights over the life of the underlying programs, which may be as long as forty years.

Disaggregation of Revenue

Woodward designs, produces, and services reliable, efficient, low-emission, and high-performance energy control products for diverse applications in markets throughout the world. Woodward reports financial results for each of its reportable segments, Aerospace and Industrial, and further disaggregates its revenue from contracts with customers by primary market as Woodward believes this best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors. We focus primarily on serving original equipment manufacturers (“OEMs”) and equipment packagers, partnering with them to bring superior component and system solutions to their demanding applications. We also provide repair, maintenance, replacement, and other services support for our installed products. We have traditionally referred to this part of our business as “aftermarket”; however, to better reflect the nature and scope of these offerings, we will now refer to it as “services.”

Revenue by primary market for the Aerospace reportable segment was as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Commercial OEM

 

$

218,015

 

 

$

167,461

 

 

$

405,954

 

 

$

321,537

 

Commercial services

 

 

275,374

 

 

 

201,861

 

 

 

520,280

 

 

 

365,711

 

Defense OEM

 

 

150,932

 

 

 

137,928

 

 

 

289,165

 

 

 

250,710

 

Defense services

 

 

59,000

 

 

 

54,479

 

 

 

122,819

 

 

 

117,653

 

Total Aerospace segment net sales

 

$

703,321

 

 

$

561,729

 

 

$

1,338,218

 

 

$

1,055,611

 

Revenue by primary market for the Industrial reportable segment was as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Power generation

 

$

135,870

 

 

$

126,482

 

 

$

258,710

 

 

$

241,490

 

Transportation

 

 

176,914

 

 

 

132,096

 

 

 

343,222

 

 

 

239,361

 

Oil and gas

 

 

74,463

 

 

 

63,322

 

 

 

146,872

 

 

 

119,892

 

Total Industrial segment net sales

 

$

387,247

 

 

$

321,900

 

 

$

748,804

 

 

$

600,743

 

 

Based on changes in market dynamics, the Company has refined its Industrial end market presentation to better align certain sales within power generation, transportation, and oil and gas. Accordingly, sales for the three and six months ended March 31, 2025 have been reclassified for comparability. The reclassification had no impact on total Industrial segment net sales or the Company's financial results.

The customers who each account for approximately 10% or more of net sales of each of Woodward’s reportable segments were as follows:

 

 

Three Months Ended March 31, 2026

 

Three Months Ended March 31, 2025

Aerospace

 

The Boeing Company, GE Aerospace, RTX Corporation

 

RTX Corporation, GE Aerospace, The Boeing Company

Industrial

 

Rolls-Royce PLC, Caterpillar, Inc.

 

Rolls-Royce PLC, Caterpillar, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended March 31, 2026

 

Six Months Ended March 31, 2025

Aerospace

 

GE Aerospace, The Boeing Company, RTX Corporation

 

RTX Corporation, GE Aerospace, The Boeing Company

Industrial

 

Rolls-Royce PLC, Caterpillar, Inc.

 

Rolls-Royce PLC, GE Vernova, Caterpillar, Inc.
v3.26.1
Earnings Per Share
 6 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share

Note 4. Earnings per share

Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted-average number of shares of common stock outstanding for the period.

Diluted earnings per share reflects the weighted-average number of shares outstanding after consideration of the dilutive effect of stock options, restricted stock units, and performance stock units.

The following is a reconciliation of net earnings to basic earnings per share and diluted earnings per share:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

134,013

 

 

$

108,949

 

 

$

267,732

 

 

$

196,040

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares outstanding

 

 

59,611

 

 

 

59,432

 

 

 

59,725

 

 

 

59,323

 

Dilutive effect of stock options; restricted and performance stock units

 

 

1,665

 

 

 

1,912

 

 

 

1,737

 

 

 

1,935

 

Diluted shares outstanding

 

 

61,276

 

 

 

61,344

 

 

 

61,462

 

 

 

61,258

 

Income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

2.25

 

 

$

1.83

 

 

$

4.48

 

 

$

3.30

 

Diluted earnings per share

 

$

2.19

 

 

$

1.78

 

 

$

4.36

 

 

$

3.20

 

The following stock option grants and restricted stock awards were outstanding but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Restricted stock and option awards

 

 

9

 

 

 

21

 

 

 

5

 

 

 

10

 

Weighted-average price

 

$

391.53

 

 

$

193.09

 

 

$

391.53

 

 

$

193.09

 

The weighted-average shares of common stock outstanding for basic and diluted earnings per share included the weighted-average treasury stock shares held for deferred compensation obligations of the following:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Weighted-average treasury stock shares held for deferred compensation obligations

 

 

28

 

 

 

30

 

 

 

29

 

 

 

35

 
v3.26.1
Leases
 6 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases

Note 5. Leases

Lessee arrangements

Woodward has entered into operating leases for certain facilities and equipment with terms in excess of one year under agreements that expire at various dates. Some leases require the payment of property taxes, insurance, maintenance costs, or other similar costs in addition to rental payments. Woodward has also entered into finance leases for equipment with terms in excess of one year under agreements that expire at various dates.

Lease-related assets and liabilities were as follows:

 

 

Classification on the Condensed Consolidated Balance Sheets

 

March 31, 2026

 

 

September 30, 2025

 

Assets:

 

 

 

 

 

 

 

 

Operating lease

 

Other assets

 

$

23,876

 

 

$

25,274

 

Finance lease

 

Property, plant, and equipment, net

 

 

2,362

 

 

 

2,896

 

Total lease assets

 

 

 

 

26,238

 

 

 

28,170

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Operating lease

 

Accrued liabilities

 

 

5,606

 

 

 

5,465

 

Finance lease

 

Current portion of long-term debt

 

 

1,062

 

 

 

1,032

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Operating lease

 

Other liabilities

 

 

18,994

 

 

 

20,199

 

Finance lease

 

Long-term debt, less current portion

 

 

1,396

 

 

 

1,902

 

Total lease liabilities

 

 

 

$

27,058

 

 

$

28,598

 

Lease-related expenses were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating lease expense

 

$

1,995

 

 

$

1,899

 

 

$

4,053

 

 

$

3,695

 

Amortization of finance lease assets

 

 

243

 

 

 

242

 

 

 

485

 

 

 

483

 

Interest on finance lease liabilities

 

 

31

 

 

 

42

 

 

 

64

 

 

 

86

 

Variable lease expense

 

 

503

 

 

 

375

 

 

 

902

 

 

 

568

 

Short-term lease expense

 

 

178

 

 

 

55

 

 

 

204

 

 

 

108

 

Total lease expense

 

$

2,950

 

 

$

2,613

 

 

$

5,708

 

 

$

4,940

 

Lease-related supplemental cash flow information was as follows:

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

3,194

 

 

$

2,982

 

Operating cash flows for finance leases

 

 

64

 

 

 

86

 

Financing cash flows for finance leases

 

 

511

 

 

 

474

 

Right-of-use assets obtained in exchange for recorded lease obligations:

 

 

 

 

 

 

Operating leases

 

 

2,271

 

 

 

3,852

 

Finance leases

 

 

43

 

 

 

1,069

 

Lessor arrangements

Woodward has assessed its manufacturing contracts and concluded that certain contracts for the manufacture of customer products met the criteria to be considered a leasing arrangement (“embedded leases”) with Woodward as the lessor. The specific manufacturing contracts that met the criteria were those that utilized Woodward property, plant, and equipment and which are substantially (more than 90%) dedicated to the manufacturing of the product(s) for a single customer. Woodward has dedicated manufacturing lines with three of its customers representing embedded leases, all of which qualified as operating leases with undefined quantities of future customer purchase commitments.

Although Woodward expects to allocate some portion of future net sales to these customers to embedded lessor arrangements, it cannot provide expected future undiscounted lease payments from property, plant, and equipment leased to customers as of March 31, 2026. If, in the future, customers reduce purchases of related products from Woodward, the Company believes it will derive additional value from the underlying equipment by repurposing its use to support other customer arrangements.

Revenue from contracts with customers that included embedded operating leases, which are included in “Net sales” in the Condensed Consolidated Statements of Earnings, was $1,016 for the three months and $2,042 for the six months ended March 31, 2026, compared to $903 for the three months and $1,937 for the six months ended March 31, 2025.

The carrying amount of property, plant, and equipment leased to others through embedded leasing arrangements, included in “Property, plant, and equipment, net” on the Condensed Consolidated Balance Sheets, follows:

 

 

March 31, 2026

 

 

September 30, 2025

 

Property, plant, and equipment

 

$

41,243

 

 

$

41,593

 

Less accumulated depreciation

 

 

(30,143

)

 

 

(29,110

)

Property, plant, and equipment, net

 

$

11,100

 

 

$

12,483

 
v3.26.1
Joint Venture
 6 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Joint Venture

Note 6. Joint venture

In fiscal year 2016, Woodward and GE consummated the formation of a strategic joint venture (the “JV”). For purposes of the JV, GE has been acting through GE Aerospace since April 2024. The JV was formed to develop, manufacture, and support fuel systems for specified existing and all future GE commercial aircraft engines that produce thrust in excess of 50,000 pounds. Woodward is accounting for its 50% ownership interest in the JV using the equity method of accounting. The JV is a related party to Woodward, and transactions between Woodward and the JV are included in our Aerospace segment.

Unamortized deferred revenue recorded in connection with the JV formation included:

 

 

March 31, 2026

 

 

September 30, 2025

 

Accrued liabilities

 

$

7,689

 

 

$

7,298

 

Other liabilities

 

 

230,266

 

 

 

229,878

 

Amortization of the deferred gain recognized as an increase to net sales was $2,017 for the three months and $4,116 for the six months ended March 31, 2026, and $1,607 for the three months and $2,630 for the six months ended March 31, 2025.

Other income related to Woodward’s equity interest in the earnings of the JV were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Other income

 

$

15,558

 

 

$

11,386

 

 

$

30,935

 

 

$

21,542

 

Cash distributions to Woodward from the JV, recognized in “Other, net” in “Net cash provided by operating activities” on the Condensed Consolidated Statements of Cash Flows, were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Cash distributions

 

$

11,500

 

 

$

10,000

 

 

$

25,500

 

 

$

21,000

 

Net sales to the JV were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net sales

 

$

31,220

 

 

$

24,270

 

 

$

55,775

 

 

$

44,966

 

Woodward net sales includes a reduction of $22,228 for the three months and $42,901 for the six months ended March 31, 2026, compared to $19,630 for the three months and $35,169 for the six months ended March 31, 2025, related to royalties, associated with the contributed IP owed to the JV by Woodward on sales by Woodward directly to third-party services customers.

The Condensed Consolidated Balance Sheets include “Accounts receivable” related to amounts the JV owed Woodward, “Accounts payable” related to amounts Woodward owed the JV, and “Other assets” related to Woodward’s net investment in the JV, as follows:

 

 

March 31, 2026

 

 

September 30, 2025

 

Accounts receivable

 

$

6,523

 

 

$

5,377

 

Accounts payable

 

 

9,571

 

 

 

8,370

 

Other assets

 

 

28,504

 

 

 

23,069

 
v3.26.1
Financial Instruments and Fair Value Measurements
 6 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Measurements

Note 7. Financial instruments and fair value measurements

The table below presents information about Woodward’s financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques Woodward utilized to determine such fair value.

 

 

At March 31, 2026

 

 

At September 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in money markets and depository accounts

 

$

56,525

 

 

$

—

 

 

$

—

 

 

$

56,525

 

 

$

30,256

 

 

$

—

 

 

$

—

 

 

$

30,256

 

Equity securities

 

 

39,648

 

 

 

—

 

 

 

—

 

 

 

39,648

 

 

 

37,846

 

 

 

—

 

 

 

—

 

 

 

37,846

 

Total financial assets

 

$

96,173

 

 

$

—

 

 

$

—

 

 

$

96,173

 

 

$

68,102

 

 

$

—

 

 

$

—

 

 

$

68,102

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cross-currency interest rate swaps

 

$

—

 

 

$

17,741

 

 

$

—

 

 

$

17,741

 

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

27,406

 

Total financial liabilities

 

$

—

 

 

$

17,741

 

 

$

—

 

 

$

17,741

 

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

27,406

 

Investments in money markets and depository accounts: The Company sometimes invests excess cash in various highly liquid financial instruments that Woodward believes are with creditworthy financial institutions. Such investments are reported in “Cash and cash equivalents” at fair value, with realized gains from interest income recognized in earnings. The carrying value of Woodward’s investments in money markets and depository accounts are considered equal to the fair value given the highly liquid nature of the investments.

Equity securities: Woodward holds marketable equity securities, through investments in various mutual funds, related to its deferred compensation program. Based on Woodward’s intentions regarding these instruments, marketable equity securities are classified as trading securities. The trading securities are reported at fair value, with realized gains and losses recognized in “Other income, net” on the Condensed Consolidated Statements of Earnings. The trading securities are included in “Other assets” in the Condensed Consolidated Balance Sheets. The fair values of Woodward’s trading securities are based on the quoted market prices for the net asset value of the various mutual funds.

Cross-currency interest rate swaps: Woodward holds cross-currency interest rate swaps, which are accounted for at fair value. The swaps in an asset position are included in “Other current assets” and “Other assets,” and swaps in a liability position are included in “Accrued liabilities” and “Other liabilities” in the Condensed Consolidated Balance Sheets. The fair values of Woodward’s cross-currency interest rate swaps are determined using a market approach that is based on observable inputs other than quoted market prices, including contract terms, interest rates, currency rates, and other market factors.

Cash, trade accounts receivable, accounts payable, and short-term borrowings are not remeasured to fair value, as the carrying cost of each approximates its respective fair value.

The estimated fair values and carrying costs of other financial instruments that are not required to be remeasured at fair value in the Condensed Consolidated Balance Sheets were as follows:

 

 

 

 

At March 31, 2026

 

 

At September 30, 2025

 

 

 

Fair Value
Hierarchy
Level

 

Estimated
Fair Value

 

 

Carrying
Cost

 

 

Estimated
Fair Value

 

 

Carrying
Cost

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes receivable from municipalities

 

2

 

$

5,071

 

 

$

5,056

 

 

$

5,444

 

 

$

5,392

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

2

 

 

483,645

 

 

 

500,827

 

 

 

566,582

 

 

 

580,547

 

In connection with certain economic incentives related to Woodward’s development of a second campus in the greater Rockford, Illinois area for its Aerospace segment and Woodward’s development of its corporate headquarters in Fort Collins, Colorado, Woodward received long-term notes from municipalities within the states of Illinois and Colorado. The fair value of the long-term notes was estimated based on a model that discounted future principal and interest payments received at an interest rate available to Woodward at the end of the period for similarly rated municipal notes of similar maturity, which is a level 2 input as defined by the U.S. GAAP fair value hierarchy. The interest rates used to estimate the fair value of the long-term notes were 3.2% at March 31, 2026 and 3.0% at September 30, 2025.

The fair value of long-term debt was estimated based on a model that discounted future principal and interest payments at interest rates available to the Company at the end of the period for similar debt of the same maturity, which is a level 2 input as defined by the U.S. GAAP fair value hierarchy. The weighted-average interest rates used to estimate the fair value of long-term debt were 4.5% at March 31, 2026 and 4.2% at September 30, 2025.

Woodward does not have expected credit losses related to any financial assets that are not required to be remeasured at fair value.
v3.26.1
Derivative Instruments and Hedging Activities
 6 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedges, Assets [Abstract]  
Derivative Instruments and Hedging Activities

Note 8. Derivative instruments and hedging activities

Derivative instruments not designated or qualifying as hedging instruments

In May 2020, Woodward entered into five fixed-rate cross-currency interest rate swap agreements (the “2020 Fixed-Rate Cross-Currency Swaps”), with an aggregate notional value of $400,000, which effectively reduced the interest rates on the underlying fixed-rate debt under the 2018 Notes (as defined in Note 15, Credit facilities, short-term borrowings, and long-term debt, in the Notes to the Consolidated Financial Statements included in Part II, Item 8 of Woodward’s most recently filed Form 10-K) and Woodward’s then existing revolving credit agreement. The net interest income of the 2020 Fixed-Rate Cross-Currency Swaps is recorded as a reduction to “Interest expense” in Woodward’s Condensed Consolidated Statements of Earnings. The total notional value of the 2020 Fixed-Rate Cross-Currency Swaps was $315,000 at March 31, 2026. See Note 7, Financial Instruments and fair value measurements for the related fair value of the derivative instruments as of March 31, 2026.

Derivative instruments in cash flow hedging relationships

In May 2020, Woodward entered into five U.S. dollar intercompany loans payable, with identical terms and notional values of each tranche of the 2020 Fixed-Rate Cross-Currency Swaps, together with reciprocal fixed-rate intercompany cross-currency interest rate swaps. The agreements were entered into by Woodward Barbados Euro Financing SRL ("Euro Barbados"), a wholly owned subsidiary of Woodward, and are designated as cash flow hedges under the criteria prescribed in ASC 815. The objective of these derivative instruments is to hedge the risk of variability in cash flows attributable to the foreign currency exchange risk for future principal and interest payments associated with the U.S. dollar denominated intercompany loans over a 13 year period, as Euro Barbados maintains a Euro functional currency. For each of the fixed-rate intercompany cross-currency interest rate swaps, changes in the fair values of the derivative instruments are recognized in accumulated OCI and reclassified to foreign currency transaction gain or loss included in “Selling, general and administrative expenses” in Woodward’s Condensed Consolidated Statements of Earnings. Reclassifications out of accumulated OCI of the change in fair value occur each reporting period based upon changes in the spot rate remeasurement of the Euro and U.S. dollar denominated intercompany loans, including associated interest. Hedge effectiveness is assessed based on the fair value changes of the derivative instruments, and such hedges are deemed to be highly effective in offsetting exposure to variability in foreign exchange rates. There are no credit-risk-related contingent features associated with these fixed-rate cross-currency interest rate swaps.

Derivatives instruments in net investment hedging relationships

On September 23, 2016, Woodward and Woodward International Holding B.V., a wholly owned subsidiary of Woodward organized under the laws of The Netherlands (the “BV Subsidiary”), each entered into a note purchase agreement (the “2016 Note Purchase Agreement”) relating to the sale by Woodward and the BV Subsidiary of an aggregate principal amount of €160,000 of senior unsecured notes in a series of private placement transactions. Woodward issued €40,000 aggregate principal amount of Woodward’s Series M Senior Notes due September 23, 2026 (the “Series M Notes”). Woodward designated the Series M Notes as a hedge of a foreign currency exposure of Woodward’s net investment in its Euro denominated functional currency subsidiaries. Related to the Series M Notes, included in foreign currency translation adjustments within total comprehensive (losses) earnings were a net foreign exchange gain of $1,153 for the three months and a foreign exchange gain of $1,069 for the six months ended March 31, 2026, compared to a net foreign exchange loss of $1,712 for the three months and a foreign exchange gain of $1,351 for the six months ended March 31, 2025.

Impact of derivative instruments designated as qualifying hedging instruments

The following table discloses the amounts recognized in relation to the cash flow hedges designated as qualifying hedging instruments:

 

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

Derivatives in:

 

Location

 

2026

 

 

2025

 

 

2026

 

 

2025

 

(Gain) loss reclassified from accumulated OCI into earnings

 

Selling, general and administrative expenses

 

$

(7,791

)

 

$

16,560

 

 

$

(7,257

)

 

$

(11,123

)

(Gain) loss recognized in accumulated OCI

 

Selling, general and administrative expenses

 

 

(7,329

)

 

 

11,402

 

 

 

(9,177

)

 

 

(8,966

)

The remaining unrecognized gains and losses in Woodward’s Condensed Consolidated Balance Sheets associated with derivative instruments that were previously entered into by Woodward, which are classified in accumulated OCI, were net losses of $4,322 as of March 31, 2026 and $5,830 as of September 30, 2025.
v3.26.1
Supplemental Statement of Cash Flows Information
 6 Months Ended
Mar. 31, 2026
Supplemental Cash Flow Information [Abstract]  
Supplemental Statement of Cash Flows Information

Note 9. Supplemental statement of cash flows information

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

Interest paid

 

$

17,838

 

 

$

18,366

 

Income taxes paid

 

 

62,977

 

 

 

43,141

 

Income tax refunds received

 

 

2,886

 

 

 

4,182

 

Non-cash activities:

 

 

 

 

 

 

Purchases of property, plant and equipment on account

 

 

10,808

 

 

 

6,292

 

Common shares issued from treasury to settle benefit obligations

 

 

29,813

 

 

 

24,912

 

Receivables related to business acquisitions and divestitures

 

 

—

 

 

 

7,003

 
v3.26.1
Acquisitions and Divestitures
 6 Months Ended
Mar. 31, 2026
Acquisitions And Divestitures [Abstract]  
Acquisitions and Divestitures

Note 10. Acquisitions and Divestitures

Acquisitions

On March 9, 2026, Woodward entered into a definitive agreement to acquire Jet Research Development, Inc., doing business as Valve Research & Manufacturing Company, a Florida-based manufacturer of high-precision flow control valves for aerospace applications ("Valve Research Acquisition"). The Valve Research Acquisition, included within the Aerospace reportable segment, adds precision electromagnetic valve solutions, including solenoid valves, check valves, and relief valves to Woodward’s comprehensive aerospace controls capabilities. It also provides new growth opportunities across commercial and defense aerospace OEM applications, including Next Generation Single Aisle (NSA) programs. Solenoid technology for precision flow control plays a vital role in both current and future defense and commercial aircraft programs.

The Valve Research Acquisition includes intellectual property, operations assets, associated real estate, and talent. The Valve Research Acquisition closed on April 1, 2026 (the "Closing Date"), and the Company paid aggregate cash consideration of $120,972, subject to post-Closing adjustments. The cash consideration was financed through the use of cash on hand.

As the Valve Research Acquisition was completed subsequent to March 31, 2026, the Company has not yet completed the accounting for the business combination, including the preliminary purchase price allocation. Accordingly, the Company is unable to provide amounts recognized as of the Closing Date for major classes of assets and liabilities related to the Valve Research Acquisition. This information, at least on a provisional basis, will be available in the Quarterly Report on Form 10-Q to be filed for the quarterly period ended June 30, 2026.

On July 21, 2025, the Company acquired 100% of the outstanding equity interests of Safran Electronics and Defense Canada, Inc. and certain net assets of Safran’s electro-mechanical actuation business in the United States and Mexico (“Safran Acquisition”) for total consideration of $40,286, net of cash acquired and after net working capital adjustments. The Safran Acquisition, included within the Aerospace reportable segment, expands the Company’s electromechanical actuation portfolio and was financed through existing cash balances. The Company incurred acquisition-related costs of $9,348 in fiscal year 2025 that were expensed as incurred and recorded in "Selling, general and administrative expenses" within the Condensed Consolidated Statement of Earnings.

During the first quarter of fiscal 2026, the Company substantially completed its evaluation of the fair value of assets acquired and liabilities assumed related to the Safran Acquisition. The following table presents the preliminary fair‑value determinations of the assets acquired and liabilities assumed as of July 21, 2025:

Assets:

 

 

 

Accounts Receivable

 

$

6,103

 

Inventories

 

 

11,833

 

Other current assets

 

 

3,125

 

Property, plant, and equipment

 

 

6,945

 

Goodwill

 

 

17,462

 

Other assets

 

 

4,527

 

Total assets

 

$

49,995

 

Liabilities:

 

 

 

Accrued liabilities

 

$

4,447

 

Accounts payable

 

 

588

 

Income tax payable

 

 

189

 

Other noncurrent liabilities

 

 

4,485

 

Total liabilities

 

$

9,709

 

During the first quarter of fiscal year 2026, we made certain measurement period adjustments to the acquired assets and the assumed liabilities due to clarification of information utilized to determine fair value during the measurement period. The measurement period adjustment was a working capital adjustment that resulted in the reduction of goodwill.

The majority of the goodwill is expected to be deductible for tax purposes and represents the estimated value of the acquired workforce, expanded sales opportunities on the next generation of aircraft, and other synergies expected from the integration of the Safran Acquisition with Woodward’s Aerospace segment.

Divestitures

The Company periodically reviews its business and from time to time may sell businesses, assets, or product lines as part of business rationalization. Any gain or loss recognized due to divestitures is recorded within the line item “Other income, net” in the Condensed Consolidated Statements of Earnings.

In connection with certain product rationalization activities, during the six months ended March 31, 2025, the Company sold certain product lines and its heavy-duty gas turbine combustion parts product line, included in the Industrial segment, to third parties. The Company received cash proceeds of $44,896 and recognized a pretax gain of $20,524 during the six months ended March 31, 2025.

v3.26.1
Inventories
 6 Months Ended
Mar. 31, 2026
Inventory, Net [Abstract]  
Inventories

Note 11. Inventories

 

 

March 31, 2026

 

 

September 30, 2025

 

Raw materials

 

$

224,611

 

 

$

192,373

 

Work in progress

 

 

176,037

 

 

 

163,275

 

Component parts(1)

 

 

403,308

 

 

 

382,650

 

Finished goods

 

 

106,480

 

 

 

102,746

 

Customer supplied inventory

 

 

22,226

 

 

 

19,640

 

On-hand inventory for which control has transferred to the customer

 

 

(228,197

)

 

 

(206,076

)

 

$

704,465

 

 

$

654,608

 
(1)
Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.
v3.26.1
Property, Plant, and Equipment
 6 Months Ended
Mar. 31, 2026
Property, Plant and Equipment, Net [Abstract]  
Property, Plant and Equipment

Note 12. Property, plant, and equipment

 

 

March 31, 2026

 

 

September 30, 2025

 

Land and land improvements

 

$

103,810

 

 

$

95,172

 

Buildings and building improvements

 

 

639,239

 

 

 

626,144

 

Leasehold improvements

 

 

15,816

 

 

 

15,900

 

Machinery and production equipment

 

 

908,199

 

 

 

885,473

 

Computer equipment and software

 

 

123,394

 

 

 

116,706

 

Office furniture and equipment

 

 

44,202

 

 

 

43,312

 

Other

 

 

33,621

 

 

 

33,591

 

Construction in progress

 

 

145,666

 

 

 

111,580

 

 

 

2,013,947

 

 

 

1,927,878

 

Less accumulated depreciation

 

 

(979,149

)

 

 

(941,255

)

Property, plant, and equipment, net

 

$

1,034,798

 

 

$

986,623

 

Woodward had depreciation expense as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Depreciation expense

 

$

22,482

 

 

$

20,794

 

 

$

44,178

 

 

$

41,756

 
v3.26.1
Goodwill
 6 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

Note 13. Goodwill

 

 

September 30, 2025

 

 

Reduction from Working Capital Adjustment

 

 

Effects of Foreign Currency Translation

 

 

March 31, 2026

 

Aerospace

 

$

473,779

 

 

$

(931

)

 

$

47

 

 

$

472,895

 

Industrial

 

 

358,509

 

 

 

—

 

 

 

(5,901

)

 

 

352,608

 

Consolidated

 

$

832,288

 

 

$

(931

)

 

$

(5,854

)

 

$

825,503

 

In the first quarter of 2026, a working capital adjustment was made that resulted in a reduction of goodwill of $931.
v3.26.1
Intangible Assets, Net
 6 Months Ended
Mar. 31, 2026
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets, Net

Note 14. Intangible assets, net

 

 

March 31, 2026

 

 

September 30, 2025

 

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

Intangible assets with finite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

281,683

 

 

$

(253,588

)

 

$

28,095

 

 

$

281,683

 

 

$

(251,109

)

 

$

30,574

 

Industrial

 

 

392,991

 

 

 

(133,176

)

 

 

259,815

 

 

 

401,778

 

 

 

(125,909

)

 

 

275,869

 

Total

 

$

674,674

 

 

$

(386,764

)

 

$

287,910

 

 

$

683,461

 

 

$

(377,018

)

 

$

306,443

 

Intellectual property:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

3,139

 

 

 

(3,139

)

 

 

—

 

 

 

3,139

 

 

 

(3,139

)

 

 

—

 

Total

 

$

3,139

 

 

$

(3,139

)

 

$

—

 

 

$

3,139

 

 

$

(3,139

)

 

$

—

 

Process technology:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

44,570

 

 

$

(41,281

)

 

$

3,289

 

 

$

44,570

 

 

$

(40,973

)

 

$

3,597

 

Industrial

 

 

89,930

 

 

 

(38,800

)

 

 

51,130

 

 

 

87,640

 

 

 

(37,610

)

 

 

50,030

 

Total

 

$

134,500

 

 

$

(80,081

)

 

$

54,419

 

 

$

132,210

 

 

$

(78,583

)

 

$

53,627

 

Intangible asset with indefinite life:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade name:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

66,472

 

 

 

—

 

 

 

66,472

 

 

 

68,010

 

 

 

—

 

 

 

68,010

 

Total

 

$

66,472

 

 

$

—

 

 

$

66,472

 

 

$

68,010

 

 

$

—

 

 

$

68,010

 

Total intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

326,253

 

 

$

(294,869

)

 

$

31,384

 

 

$

326,253

 

 

$

(292,082

)

 

$

34,171

 

Industrial

 

 

552,532

 

 

 

(175,115

)

 

 

377,417

 

 

 

560,567

 

 

 

(166,658

)

 

 

393,909

 

Consolidated Total

 

$

878,785

 

 

$

(469,984

)

 

$

408,801

 

 

$

886,820

 

 

$

(458,740

)

 

$

428,080

 

Woodward recorded amortization expense associated with intangibles of the following:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Amortization expense

 

$

7,424

 

 

$

6,772

 

 

$

14,766

 

 

$

13,686

 

Future amortization expense associated with intangibles is expected to be:

Year Ending September 30:

 

 

 

2026 (Remaining)

 

$

14,618

 

2027

 

 

29,498

 

2028

 

 

29,147

 

2029

 

 

28,242

 

2030

 

 

28,214

 

Thereafter

 

 

212,610

 

 

$

342,329

 
v3.26.1
Credit Facilities, Short-term Borrowings and Long-term Debt
 6 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Credit Facilities, Short-term Borrowings and Long-term Debt

Note 15. Credit facilities, short-term borrowings, and long-term debt

As of March 31, 2026, Woodward’s short-term borrowings and availability under its various short-term credit facilities were as follows:

 

 

Total availability

 

 

Outstanding letters of credit and guarantees

 

 

Banker acceptance notes issued

 

 

Outstanding
borrowings

 

 

Remaining
availability

 

Revolving credit facility

 

$

1,000,000

 

 

$

(7,875

)

 

$

—

 

 

$

(623,000

)

 

$

369,125

 

Foreign lines of credit and overdraft facilities

 

 

25,600

 

 

 

(23

)

 

 

(51

)

 

 

—

 

 

 

25,526

 

Foreign performance guarantee facilities

 

 

33

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33

 

 

 

$

1,025,633

 

 

$

(7,898

)

 

$

(51

)

 

$

(623,000

)

 

$

394,684

 

 

Revolving credit facility

Woodward maintains a $1,000,000 revolving credit facility established under a revolving credit agreement among Woodward, a syndicate of lenders and Wells Fargo Bank, National Association, as administrative agent, which provides for the option to increase available borrowings up to $1,500,000, subject to lenders’ participation (as amended in October 2022, the “Second Amended and Restated Revolving Credit Agreement”). Borrowings under the Second Amended and Restated Revolving Credit Agreement can be made by Woodward and certain Woodward foreign subsidiaries in U.S. dollars or in foreign currencies other than the U.S. dollar and generally bear interest at the Euro Interbank Offered Rate (“Euribor”), Sterling Overnight Index Average (“SONIA”), Tokyo Interbank Offered Rate (“TIBOR”), and Secured Overnight Financing Rate (“SOFR”) base rates plus 0.875% to 1.75%. The Second Amended and Restated Revolving Credit Agreement matures on October 21, 2027.

Under the Second Amended and Restated Revolving Credit Agreement, there were $623,000 in principal amount of borrowings outstanding as of March 31, 2026 at an effective interest rate of 4.78% as compared to $122,300 in principal borrowings outstanding as of September 30, 2025 at an effective interest rate of 5.41%. All of the borrowings outstanding were classified as short-term borrowings based on Woodward's intent and ability to pay this amount in the next 12 months.

Short-term borrowings

Woodward has other foreign lines of credit and foreign overdraft facilities at various financial institutions, which are generally reviewed annually for renewal and are subject to the usual terms and conditions applied by the financial institutions. Pursuant to the terms of the related facility agreements, Woodward’s foreign performance guarantee facilities are limited in use to providing performance guarantees to third parties. There were no borrowings outstanding on Woodward’s foreign lines of credit and foreign overdraft facilities as of March 31, 2026 and September 30, 2025.

Series I and L Notes

On November 17, 2025, Woodward paid the entire principal balance of $75,000 on the Series I and L Notes using proceeds from borrowings under its existing revolving credit facility.
v3.26.1
Accrued Liabilities
 6 Months Ended
Mar. 31, 2026
Accrued Liabilities, Current [Abstract]  
Accrued Liabilities

Note 16. Accrued liabilities

 

 

 

March 31, 2026

 

 

September 30, 2025

 

Salaries and other member benefits

 

$

130,666

 

 

$

175,110

 

Product warranties and related liabilities

 

 

18,885

 

 

 

25,504

 

Interest payable

 

 

8,773

 

 

 

10,211

 

Accrued restructuring

 

 

3,647

 

 

 

—

 

Accrued retirement benefits

 

 

2,915

 

 

 

2,986

 

Net current contract liabilities

 

 

60,667

 

 

 

49,235

 

Taxes, other than income

 

 

14,480

 

 

 

15,367

 

Other

 

 

41,430

 

 

 

34,670

 

 

$

281,463

 

 

$

313,083

 

Product warranties and related liabilities

Provisions of Woodward’s sales agreements include product warranties customary to these types of agreements. Accruals are established for specifically identified warranty issues and related liabilities that are probable to result in future costs. Warranty costs are accrued as revenue is recognized on a non-specific basis whenever past experience indicates a normal and predictable pattern exists.

Changes in accrued product warranties and related liabilities were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Beginning of period

 

$

17,773

 

 

$

19,008

 

 

 

25,504

 

 

$

18,844

 

Additions, net of recoveries

 

 

3,097

 

 

 

5,841

 

 

 

5,476

 

 

 

9,346

 

Reductions for settlement

 

 

(1,931

)

 

 

(4,030

)

 

 

(12,051

)

 

 

(7,044

)

Foreign currency exchange rate changes

 

 

(54

)

 

 

127

 

 

 

(44

)

 

 

(200

)

End of period

 

$

18,885

 

 

$

20,946

 

 

$

18,885

 

 

$

20,946

 

 

Restructuring charges

On January 12, 2026, the Company approved a plan to wind-down its on-highway natural gas truck manufacturing operations in China (the “China OH Business”). This decision follows prior unsuccessful efforts to divest the China OH Business and is a strategic step to align the Industrial segment portfolio with priority end-markets and long-term growth opportunities. As a result of the China OH Business wind-down, during the three months ended March 31, 2026, the Company incurred $6,815 of restructuring charges for employee severance and benefit costs, as well as additional wind-down charges. All of the restructuring charges recorded during the three months ended March 31, 2026 were recorded as nonsegment expenses and are expected to be paid within twelve months.

 

 

 

 

 

Period Activity

 

 

 

 

 

 

Balances as of September 30, 2025

 

 

Charges

 

 

Payments

 

 

Non-cash
activity

 

 

Balances as of March 31, 2026

 

Workforce management costs associated with:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

China On-Highway Wind-down

 

$

—

 

 

$

6,815

 

 

$

(2,836

)

 

$

(332

)

 

$

3,647

 

Total

 

$

—

 

 

$

6,815

 

 

$

(2,836

)

 

$

(332

)

 

$

3,647

 

In addition to the restructuring charges recognized in the first six months of fiscal year 2026, the Company anticipates incurring additional costs associated with the China OH Business wind-down such as expenses associated with equipment relocation, accelerated depreciation, and inventory write-offs over the coming year. The Company anticipates these additional expenses, which are expected to be approximately $13,000 in total, will be substantially complete by the end of fiscal year 2026.

v3.26.1
Other Liabilities
 6 Months Ended
Mar. 31, 2026
Other Liabilities, Noncurrent [Abstract]  
Other Liabilities

Note 17. Other liabilities

 

 

March 31, 2026

 

 

September 30, 2025

 

Net accrued retirement benefits, less amounts recognized within accrued liabilities

 

$

88,815

 

 

$

88,112

 

Total unrecognized tax benefits

 

 

18,576

 

 

 

12,130

 

Deferred economic incentives (1)

 

 

5,548

 

 

 

6,158

 

Noncurrent operating lease liabilities

 

 

18,994

 

 

 

20,199

 

Net noncurrent contract liabilities

 

 

417,211

 

 

 

431,458

 

Cross-currency swap derivative liability

 

 

17,741

 

 

 

27,406

 

Other

 

 

6,307

 

 

 

6,264

 

 

 

$

573,192

 

 

$

591,727

 
(1)
Woodward receives certain economic incentives from various state and local authorities related to capital expansion projects. Such amounts are initially recorded as deferred credits and are being recognized as a reduction to pre-tax expense over the economic lives of the related capital expansion projects.
v3.26.1
Other Income, Net
 6 Months Ended
Mar. 31, 2026
Nonoperating income [Abstract]  
Other Income, Net

Note 18. Other income, net

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Equity interest in the earnings of the JV

 

$

(15,558

)

 

$

(11,386

)

 

$

(30,935

)

 

$

(21,542

)

Net loss (gain) on sales of assets and businesses

 

 

18

 

 

 

(10,806

)

 

 

36

 

 

 

(20,049

)

Net loss on investments in deferred compensation program

 

 

1,369

 

 

 

1,034

 

 

 

762

 

 

 

1,133

 

Other components of net periodic pension and other postretirement benefit, excluding service cost and interest expense

 

 

(3,259

)

 

 

(3,323

)

 

 

(6,552

)

 

 

(6,639

)

Other

 

 

(628

)

 

 

(323

)

 

 

(743

)

 

 

(794

)

 

$

(18,058

)

 

$

(24,804

)

 

$

(37,432

)

 

$

(47,891

)
v3.26.1
Income Taxes
 6 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

Note 19. Income taxes

The determination of the estimated annual effective tax rate is based upon a number of significant estimates and judgments. In addition, as a global commercial enterprise, Woodward’s tax expense can be impacted by changes in tax rates, tax laws, the finalization of tax audits and reviews, changes in the estimate of the amount of undistributed foreign earnings that Woodward considers indefinitely reinvested, issuance of future guidance, interpretation, and rule-making,

and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions.

The following table sets forth the tax expense and the effective tax rate for Woodward’s earnings before income taxes:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Earnings before income taxes

 

$

167,427

 

 

$

132,963

 

 

$

336,578

 

 

$

234,817

 

Income tax expense

 

 

33,414

 

 

 

24,014

 

 

 

68,846

 

 

 

38,777

 

Effective tax rate

 

 

20.0

%

 

 

18.1

%

 

 

20.5

%

 

 

16.5

%

The increases in the effective tax rates for the three months ended March 31, 2026 and the six months ended March 31, 2026 compared to the same periods of the prior fiscal year were primarily attributable to remeasurement to tax reserves, the current year elimination of the U.S. intangible income tax benefit due to the one-time reversal of research costs previously capitalized, a reduction to the U.S. Federal Research and Development Credit, and unfavorable state tax law changes. These increases were partially offset by increases in the tax benefit from stock-based compensation.

Gross unrecognized tax benefits were $24,329 as of March 31, 2026 and $17,271 as of September 30, 2025. At March 31, 2026, the amount of the liability for unrecognized tax benefits that, if recognized, would impact Woodward’s effective tax rate was $14,438. At this time, Woodward believes it is reasonably possible that the liability for unrecognized tax benefits will decrease by as much as $1,326 in the next 12 months due to the completion of review by tax authorities, lapses of statutes, and the settlement of tax positions. Woodward’s tax expense includes accruals for potential interest and penalties related to unrecognized tax benefits and all other interest and penalties related to tax payments.

Woodward’s tax returns are subject to audits by U.S. federal, state, and foreign tax authorities, and these audits are at various stages of completion at any given time. Reviews of tax matters by authorities and lapses of the applicable statutes of limitation may result in changes to tax expense. Woodward’s fiscal years remaining open to examination for U.S. Federal income taxes include fiscal years 2022 and thereafter. Woodward’s fiscal years remaining open to examination for significant U.S. state income tax jurisdictions include fiscal years 2020 and thereafter. Woodward’s fiscal years remaining open to examination in significant foreign jurisdictions include 2018 and thereafter.
v3.26.1
Retirement Benefits
 6 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Retirement Benefits

Note 20. Retirement benefits

Woodward provides various retirement benefits to eligible members of the Company, including contributions to various defined contribution plans, pension benefits associated with defined benefit plans, postretirement medical benefits, and postretirement life insurance benefits. Eligibility requirements and benefit levels vary depending on member location.

Woodward's U.S. employees receive an annual contribution of Woodward stock, equal to 5% of their eligible prior year wages, to their personal Woodward Retirement Saving Plan accounts. Woodward fulfilled its annual Woodward stock contribution obligation using shares held in treasury stock by issuing a total of 78 shares of common stock for a value of $29,813 in the second quarter of fiscal year 2026, compared to a total of 126 shares of common stock for a value of $24,058 in the second quarter of fiscal year 2025.

Defined contribution plans

Most of the Company’s U.S. members are eligible to participate in the U.S. defined contribution plan. The U.S. defined contribution plan allows members to defer part of their annual income for income tax purposes into their personal 401(k) accounts. The Company makes matching contributions to eligible member accounts, which are also deferred for member personal income tax purposes. Certain non-U.S. members are also eligible to participate in similar non-U.S. plans.

The amount of expense associated with defined contribution plans were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Company costs

 

$

16,505

 

 

$

13,627

 

 

$

31,246

 

 

$

25,970

 

 

Defined benefit plans

Woodward has defined benefit plans that provide pension benefits for certain retired members in the United States, the United Kingdom, Japan, and Germany. Woodward also provides other postretirement benefits to its members including postretirement medical benefits and life insurance benefits. Postretirement medical benefits are provided to certain current and retired members and their covered dependents, and beneficiaries in the United States. Life insurance benefits are provided to certain retirees in the United States under frozen plans, which are no longer available to current members. A September 30 measurement date is utilized to value plan assets and obligations for all of Woodward’s defined benefit pension and other postretirement benefit plans.

U.S. GAAP requires that, for obligations outstanding as of September 30, 2025, the funded status reported in interim periods shall be the same asset or liability recognized in the previous year end statement of financial position adjusted for (a) subsequent accruals of net periodic benefit cost that exclude the amortization of amounts previously recognized in other comprehensive income (for example, subsequent accruals of service cost, interest cost, and return on plan assets) and (b) contributions to a funded plan or benefit payments.

The components of the net periodic retirement pension costs recognized were as follows:

 

 

Three Months Ended March 31,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service cost

 

$

199

 

 

$

230

 

 

$

338

 

 

$

343

 

 

$

537

 

 

$

573

 

Interest cost

 

 

1,770

 

 

 

1,718

 

 

 

793

 

 

 

717

 

 

 

2,563

 

 

 

2,435

 

Expected return on plan assets

 

 

(2,617

)

 

 

(2,748

)

 

 

(641

)

 

 

(604

)

 

 

(3,258

)

 

 

(3,352

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

 

34

 

 

 

42

 

 

 

(119

)

 

 

(98

)

 

 

(85

)

 

 

(56

)

Prior service cost

 

 

129

 

 

 

190

 

 

 

6

 

 

 

5

 

 

 

135

 

 

 

195

 

Net periodic retirement pension (benefit) cost

 

$

(485

)

 

$

(568

)

 

$

377

 

 

$

363

 

 

$

(108

)

 

$

(205

)

Contributions paid

 

$

—

 

 

$

—

 

 

$

692

 

 

$

490

 

 

$

692

 

 

$

490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended March 31,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service cost

 

$

398

 

 

$

459

 

 

$

673

 

 

$

691

 

 

$

1,071

 

 

$

1,150

 

Interest cost

 

 

3,540

 

 

 

3,437

 

 

 

1,579

 

 

 

1,445

 

 

 

5,119

 

 

 

4,882

 

Expected return on plan assets

 

 

(5,235

)

 

 

(5,496

)

 

 

(1,276

)

 

 

(1,218

)

 

 

(6,511

)

 

 

(6,714

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

 

68

 

 

 

85

 

 

 

(239

)

 

 

(198

)

 

 

(171

)

 

 

(113

)

Prior service cost

 

 

258

 

 

 

381

 

 

 

12

 

 

 

11

 

 

 

270

 

 

 

392

 

Net periodic retirement pension (benefit) cost

 

$

(971

)

 

$

(1,134

)

 

$

749

 

 

$

731

 

 

$

(222

)

 

$

(403

)

Contributions paid

 

$

—

 

 

$

—

 

 

$

1,112

 

 

$

874

 

 

$

1,112

 

 

$

874

 

The components of net periodic retirement pension costs other than the service cost and interest cost components are included in the line item “Other income, net”, and the interest component is included in the line item “Interest expense” in the Condensed Consolidated Statements of Earnings.

The components of the net periodic other postretirement benefit costs recognized were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Interest cost

 

$

178

 

 

$

180

 

 

$

355

 

 

$

359

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial gain

 

 

(112

)

 

 

(111

)

 

 

(225

)

 

 

(221

)

Net periodic other postretirement cost

 

$

66

 

 

$

69

 

 

$

130

 

 

$

138

 

Contributions paid

 

$

394

 

 

$

408

 

 

$

791

 

 

$

794

 

The components of net periodic other postretirement benefit costs other than the service cost and interest cost components are included in the line item “Other income, net”, and the interest cost is included in the line item “Interest expense” in the Condensed Consolidated Statements of Earnings.

The amount of cash contributions made to these plans in any year is dependent upon several factors, including minimum funding requirements in the jurisdictions in which Woodward operates and arrangements made with trustees of certain foreign plans. As a result, the actual funding in fiscal year 2026 may differ from the current estimate. Woodward estimates its remaining cash contributions in fiscal year 2026 will be as follows:

Retirement pension benefits:

 

 

 

United States

 

$

433

 

United Kingdom

 

 

186

 

Japan

 

 

—

 

Germany

 

 

541

 

Other postretirement benefits

 

 

1,588

 
v3.26.1
Stockholders' Equity
 6 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity

Note 21. Stockholders’ equity

Common stock and treasury stock

Activity in common stock and treasury stock shares was as follows:

 

 

Common Stock

 

 

Treasury Stock

 

 

Treasury stock held for deferred compensation

 

Balances as of January 1, 2025

 

 

72,960

 

 

 

(13,607

)

 

 

(31

)

Purchase of treasury stock

 

 

—

 

 

 

(243

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

344

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

126

 

 

 

—

 

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

1

 

Balances as of March 31, 2025

 

 

72,960

 

 

 

(13,380

)

 

 

(30

)

 

 

 

 

 

 

 

 

 

 

Balances as of January 1, 2026

 

 

72,960

 

 

 

(13,174

)

 

 

(28

)

Purchase of treasury stock

 

 

—

 

 

 

(631

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

360

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

78

 

 

 

—

 

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

1

 

Balances as of March 31, 2026

 

 

72,960

 

 

 

(13,367

)

 

 

(27

)

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Treasury stock held for deferred compensation

 

Balances as of September 30, 2024

 

 

72,960

 

 

 

(13,787

)

 

 

(45

)

Purchase of treasury stock

 

 

—

 

 

 

(449

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

725

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

131

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

16

 

Balances as of March 31, 2025

 

 

72,960

 

 

 

(13,380

)

 

 

(30

)

 

 

 

 

 

 

 

 

 

Balances as of September 30, 2025

 

 

72,960

 

 

 

(13,060

)

 

 

(28

)

Purchase of treasury stock

 

 

—

 

 

 

(1,086

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

701

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

78

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

2

 

Balances as of March 31, 2026

 

 

72,960

 

 

 

(13,367

)

 

 

(27

)

Stock repurchase program

In January 2024, the Board of Directors of the Company (the "Board") authorized a program for the repurchase of up to $600,000 of Woodward’s outstanding shares of common stock on the open market or in privately negotiated transactions

over a three-year period ending in January 2027 (the “2024 Authorization”). During the six months ended March 31, 2026, Woodward repurchased 153 shares of its common stock for $39,145 under the 2024 Authorization, all held for reissuance. During the six months ended March 31, 2025, Woodward repurchased 449 shares of its common stock for $79,493 under the 2024 Authorization, all held for reissuance.

In November 2025, Woodward completed the 2024 Authorization, and subsequently the Board authorized a new program for the repurchase of up to $1,800,000 of Woodward’s outstanding shares of common stock on the open market or in privately negotiated transactions over a three-year period ending in November 2028 (the "2026 Authorization"). During the six months ended March 31, 2026, Woodward repurchased 933 shares of its common stock for $315,745 under the 2026 Authorization, all held for reissuance.

Stock-based compensation

Provisions governing non-qualified stock option awards ("stock options" or "options"), restricted stock units ("RSUs"), and performance restricted stock units ("PSUs") are included in the 2017 Omnibus Incentive Plan, as amended from time to time (the “2017 Plan”).

The 2017 Plan was first approved by Woodward’s stockholders in January 2017. The Board delegated authority to administer the 2017 Plan to the Human Capital & Compensation Committee of the Board, including, but not limited to, the power to determine the recipients of awards and the terms of those awards.

Stock options

Stock option awards are granted with an exercise price equal to the market price of Woodward’s stock at the date the grants are awarded, a ten-year term, and generally have a four-year vesting schedule at a rate of 25% per year.

The fair value of options granted is estimated as of the grant date using the Black-Scholes-Merton option-valuation model. Woodward calculates the expected term, which represents the average period of time that stock options granted are expected to be outstanding, based upon historical experience of plan participants. Expected volatility is based on historical volatility using daily stock price observations. The estimated dividend yield is based upon Woodward’s historical dividend practice and the market value of its common stock. The risk-free rate is based on the U.S. treasury yield curve, for periods within the contractual life of the stock option, at the time of grant.

The following is a summary of the activity for stock option awards:

 

 

Three Months Ended March 31, 2026

 

 

Six Months Ended March 31, 2026

 

 

 

Number of options

 

 

Weighted-Average Exercise Price per Share

 

 

Number of options

 

 

Weighted-Average Exercise Price per Share

 

Beginning balance

 

 

1,942

 

 

$

92.48

 

 

 

2,249

 

 

$

91.25

 

Granted

 

 

17

 

 

 

391.53

 

 

 

17

 

 

 

391.53

 

Exercised

 

 

(287

)

 

 

81.78

 

 

 

(594

)

 

 

82.65

 

Forfeited

 

 

(1

)

 

 

83.24

 

 

 

(1

)

 

 

83.24

 

Ending balance

 

 

1,671

 

 

$

97.33

 

 

 

1,671

 

 

$

97.33

 

Changes in non-vested stock options were as follows:

 

 

Three Months Ended March 31, 2026

 

 

Six Months Ended March 31, 2026

 

 

 

Number of options

 

 

Weighted-Average Grant Date Fair Value per Share

 

 

Number of options

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Beginning balance

 

 

247

 

 

$

48.33

 

 

 

473

 

 

$

43.40

 

Granted

 

 

17

 

 

 

173.79

 

 

 

17

 

 

 

173.79

 

Vested

 

 

(31

)

 

 

64.60

 

 

 

(257

)

 

 

41.21

 

Forfeited

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance

 

 

233

 

 

$

55.26

 

 

 

233

 

 

$

55.26

 

 

Information about stock options that have vested, or are expected to vest, and are exercisable at March 31, 2026 was as follows:

 

 

Number of options

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Life in Years

 

 

Aggregate Intrinsic Value

 

Options outstanding

 

 

1,671

 

 

$

97.33

 

 

 

4.8

 

 

$

436,191

 

Options vested and exercisable

 

 

1,439

 

 

 

91.91

 

 

 

4.4

 

 

 

382,708

 

Options vested and expected to vest

 

 

1,663

 

 

 

96.84

 

 

 

4.8

 

 

 

434,762

 

Restricted stock units

The Company generally grants RSUs to eligible employees under its form RSU Agreement for Employees and Consultants (the “Standard Form RSU Agreement”). RSUs granted under the Standard Form RSU Agreement prior to November 14, 2023 generally have a four-year vesting schedule at a rate of 25% per year, and RSUs granted after November 14, 2023 generally have a three-year vesting schedule at a rate of 33.3% per year, in each case generally subject to continued employment. The fair value of RSUs granted is estimated using the closing price of the Company’s stock on the grant date.

The Company has also granted RSUs to certain employees under its form attraction and retention RSU agreement (the “Form Attraction and Retention RSU Agreement”), which has from time to time been used for new hires and specific retention purposes. RSUs granted under the Form Attraction and Retention RSU Agreement are generally scheduled to fully vest on the third or fourth anniversary of the respective grant dates, and in each case, subject to continued employment.

A summary of the activity for RSUs:

 

 

Three Months Ended March 31, 2026

 

 

Six Months Ended March 31, 2026

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

264

 

 

$

159.51

 

 

 

309

 

 

$

148.31

 

Granted

 

 

55

 

 

 

391.53

 

 

 

62

 

 

 

378.10

 

Released

 

 

(82

)

 

 

159.64

 

 

 

(132

)

 

 

139.31

 

Forfeited

 

 

(1

)

 

 

188.05

 

 

 

(3

)

 

 

131.21

 

Ending balance

 

 

236

 

 

$

213.07

 

 

 

236

 

 

$

213.07

 

Performance restricted stock units

PSUs represent the right to receive a share of the Company’s common stock subject to the achievement of conditions established by the Human Capital & Compensation Committee of the Board and measured over a three-year performance period. Partial vesting in these awards may occur after separation from the Company for retirement eligible employees. The Company awards two types of PSUs, one of which is subject to a market condition (the “rTSR PSUs”) and the other is subject to a performance condition (the “ROIC PSUs”). Subject to the terms of the applicable award agreement, full or partial vesting in these awards may occur upon or after separation from the Company in certain circumstances.

Market condition awards

The market condition associated with the rTSR PSU awards is based on the Company's relative total shareholder return ("TSR") compared to the TSR generated by the other companies that comprise the S&P 400 Midcap Index over a three-year performance period. Performance at target will result in vesting and issuance of the number of PSUs granted, equal to 100% payout. For rTSR PSUs granted prior to September 30, 2025, performance below or above target can result in an issuance of between 0% to 150% of the target number of rTSR PSUs granted. For rTSR PSUs granted after September 30, 2025, performance below or above target can result in an issuance of 0% to 200% of the target number of rTSR PSUs granted. Expense is recognized based on the weighted average grant date fair value on a straight line basis over the service period, irrespective as to whether the market condition is achieved.

The fair value of the rTSR PSUs at the grant date was determined based upon a Monte Carlo valuation method. The assumptions used in the Monte Carlo method to value the rTSR PSUs granted, which includes the grant date fair value outcome from the Monte Carlo method, were as follows:

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2024

 

Expected volatility

 

 

30.7

%

 

 

30.9

%

 

 

30.2

%

Risk free interest rate

 

 

3.4

%

 

 

4.1

%

 

 

4.5

%

Expected life

 

3 years

 

 

3 years

 

 

3 years

 

Grant date fair value

 

$

367.56

 

 

$

196.63

 

 

$

146.47

 

The PSUs granted receive dividend equivalent units; therefore, no discount was applied for Woodward’s dividends.

A summary of the activity for market condition awards:

 

 

Six Months Ended March 31, 2026

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

104

 

 

$

167.17

 

Granted

 

 

15

 

 

 

367.56

 

Forfeited

 

 

—

 

 

 

—

 

Ending balance

 

 

119

 

 

$

193.29

 

There was no activity for market condition awards during the three months ended March 31, 2026.

Performance condition awards

The performance condition associated with the ROIC PSU awards is based on an internal return on invested capital growth metric. Each of these performance conditions is measured over the same three-year performance period. The cumulative result of these performance conditions can result in a number of shares earned in the range of 0% to 200% of the target number of shares granted.

The fair value on the date of grant of the ROIC PSUs is equal to the market price of the Company’s stock at the date of the grant, and the amount of expense recognized over the vesting period is subject to adjustment based on the expected attainment of the performance condition.

A summary of the activity for performance condition awards:

 

 

Six Months Ended March 31, 2026

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

—

 

 

$

—

 

Granted

 

 

15

 

 

 

298.15

 

Forfeited

 

 

—

 

 

 

—

 

Ending balance

 

 

15

 

 

$

298.15

 

There was no activity for performance condition awards during the three months ended March 31, 2026.

Stock-based compensation expense

Woodward recognizes stock-based compensation expense on a straight-line basis over the requisite service period. Pursuant to the form agreements used by the Company, with terms approved by the administrator of the applicable plan, the requisite service period can be less than the stated vesting period based on grantee’s retirement eligibility. As such, the recognition of stock-based compensation expense associated with some grants can be accelerated to a period of less than the stated vesting period, including immediate recognition of stock-based compensation expense on the date of grant.

At March 31, 2026, there was approximately $43,646 of total unrecognized compensation expense related to non-vested stock-based compensation arrangements, including stock options, RSUs, and PSUs. The pre-vesting forfeiture rates for purposes of determining stock-based compensation expense recognized were estimated to be 0% for members of the Board and 7.2% for all others. The remaining unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 2 years.
v3.26.1
Commitments and Contingencies
 6 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 22. Commitments and contingencies

Woodward is currently involved in claims, pending or threatened litigation or other legal proceedings, investigations and/or regulatory proceedings arising in the normal course of business, including, among others, those relating to product liability claims, employment matters, worker’s compensation claims, contractual disputes, product warranty claims, and alleged violations of various laws and regulations. Woodward accrues for known individual matters using estimates of the most likely amount of loss where it believes that it is probable the matter will result in a loss when ultimately resolved and such loss is reasonably estimable. Legal costs are expensed as incurred and are classified in “Selling, general and administrative expenses” on the Condensed Consolidated Statements of Earnings.

Woodward is partially self-insured in the United States for healthcare and worker’s compensation up to predetermined amounts, above which third-party insurance applies. Management regularly reviews the probable outcome of related claims and proceedings, the expenses expected to be incurred, the availability and limits of the insurance coverage, and the established accruals for liabilities.

While the outcome of pending claims, legal and regulatory proceedings, and investigations cannot be predicted with certainty, management believes that any liabilities that may result from these claims, proceedings, and investigations will not have a material effect on Woodward’s liquidity, financial condition, or results of operations.

Under the Company’s severance and change in control agreements with its current corporate officers, Woodward would be required to pay termination benefits to any such officer if such officer’s employment is terminated without Cause or for Good Reason (as each term is defined therein). The amount of such benefits would vary depending on whether such termination occurs during a specified period within a change of control.
v3.26.1
Segment Information
 6 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information

Note 23. Segment information

Woodward’s segments are composed of similar product groupings that serve the same or similar end markets. Based on this approach, Woodward has two reportable segments that are also its operating segments: Aerospace and Industrial, as described below in further detail. Woodward uses segment information internally to manage its business, including the assessment of segment performance and decisions for the allocation of resources between segments.

Our Aerospace segment designs, manufactures, and services systems and products for the management of fuel, air, combustion, and motion control. These products include fuel pumps, metering units, actuators, air valves, specialty valves, fuel nozzles, and thrust reverser actuation systems for turbine engines and nacelles, as well as flight deck controls, actuators, servocontrols, motors, and sensors for aircraft. These products are used on commercial and private aircraft and rotorcraft, as well as on military fixed-wing aircraft and rotorcraft, guided weapons, and other defense systems.

Our Industrial segment designs, produces, and services systems and products for the management of energy in the form of fuel, air, fluids, gases, motion, combustion, and electricity. These products include actuators, valves, pumps, fuel injection systems, solenoids, ignition systems, control systems, electronics and software, and sensors. Our products are used on industrial gas turbines (including heavy frame, aeroderivative, and small industrial gas turbines), steam turbines, compressors, and reciprocating engines (including low speed, medium speed, and high-speed engines that operate on various fuels, including natural gas, diesel, heavy fuel oil, and new lower carbon alternative fuels in both single and dual-fuel applications). The equipment on which our products are found is used to: generate power; to extract, distribute, and refine energy sources; to mine other commodities; and to convert fuel to work in transportation and freight (both marine and locomotives), mobile, and industrial equipment applications.

Nonsegment expenses consist of corporate office expenses, including compensation, benefits, depreciation, restructuring charges, and other administrative costs.

The accounting policies of the reportable segments are the same as those of the Company. The Aerospace and Industrial segments maintain separate financial information that is reviewed by the Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer. The CODM uses forecast-to-actual variances and year-over-year variances on a monthly basis when assessing segment performance and forecasts in deciding how to allocate resources among the segments. The CODM evaluates the performance of the Company’s segments based on reportable segment operating profit. In connection with that assessment, Woodward generally excludes matters such as certain charges for restructuring, interest income and expense, certain gains and losses from asset dispositions, or other unusual and/or non-operationally related expenses.

A summary of consolidated net sales and segment operating profit by segment follows:

 

Three Months Ended March 31, 2026

 

 

Six Months Ended March 31, 2026

 

 

Aerospace

 

 

Industrial

 

 

Total

 

 

Aerospace

 

 

Industrial

 

 

Total

 

Net sales

$

703,321

 

 

$

387,247

 

 

$

1,090,568

 

 

$

1,338,218

 

 

$

748,804

 

 

$

2,087,022

 

Cost of goods sold

 

506,058

 

 

 

268,272

 

 

 

774,330

 

 

 

959,858

 

 

 

518,433

 

 

 

1,478,291

 

Selling, general and administrative expenses

 

27,912

 

 

 

39,488

 

 

 

67,400

 

 

 

56,531

 

 

 

70,277

 

 

 

126,808

 

Research and development costs

 

29,416

 

 

 

14,906

 

 

 

44,322

 

 

 

51,434

 

 

 

29,178

 

 

 

80,612

 

Other segment items1

 

(18,140

)

 

 

(1,140

)

 

 

(19,280

)

 

 

(36,075

)

 

 

(1,799

)

 

 

(37,874

)

Reportable segment operating profit

$

158,075

 

 

$

65,721

 

 

$

223,796

 

 

$

306,470

 

 

$

132,715

 

 

$

439,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2025

 

 

Six Months Ended March 31, 2025

 

 

Aerospace

 

 

Industrial

 

 

Total

 

 

Aerospace

 

 

Industrial

 

 

Total

 

Net sales

$

561,729

 

 

$

321,900

 

 

$

883,629

 

 

$

1,055,611

 

 

$

600,743

 

 

$

1,656,354

 

Cost of goods sold

 

407,063

 

 

 

235,704

 

 

 

642,767

 

 

 

782,815

 

 

 

442,623

 

 

 

1,225,438

 

Selling, general and administrative expenses

 

22,490

 

 

 

26,813

 

 

 

49,303

 

 

 

40,965

 

 

 

47,917

 

 

 

88,882

 

Research and development costs

 

21,223

 

 

 

14,372

 

 

 

35,595

 

 

 

38,851

 

 

 

25,638

 

 

 

64,489

 

Other segment items1

 

(13,663

)

 

 

(956

)

 

 

(14,619

)

 

 

(26,361

)

 

 

(1,599

)

 

 

(27,960

)

Reportable segment operating profit

$

124,616

 

 

$

45,967

 

 

$

170,583

 

 

$

219,341

 

 

$

86,164

 

 

$

305,505

 
(1)
Other segment items mainly includes our equity interest in the earnings of the JV, other components of net periodic pension and other postretirement benefit, excluding service cost and interest expense, and net gain/loss on sales of assets and businesses.

A summary of consolidated earnings before income taxes was as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Reportable segment operating profit

 

$

223,796

 

 

$

170,583

 

 

$

439,185

 

 

$

305,505

 

Nonsegment expenses

 

 

(45,049

)

 

 

(26,752

)

 

 

(81,644

)

 

 

(48,856

)

Interest expense, net

 

 

(11,320

)

 

 

(10,868

)

 

 

(20,963

)

 

 

(21,832

)

Consolidated earnings before income taxes

 

$

167,427

 

 

$

132,963

 

 

$

336,578

 

 

$

234,817

 

Segment assets consist of accounts receivable, inventories, property, plant, and equipment, net, goodwill, and other intangibles, net. A summary of consolidated total assets was as follows:

 

 

March 31, 2026

 

 

September 30, 2025

 

Segment assets:

 

 

 

 

 

 

Aerospace

 

$

2,276,086

 

 

$

2,110,805

 

Industrial

 

 

1,506,784

 

 

 

1,501,503

 

Unallocated corporate property, plant, and equipment, net

 

 

122,023

 

 

 

120,502

 

Other unallocated assets

 

 

1,064,219

 

 

 

897,333

 

Consolidated total assets

 

$

4,969,112

 

 

$

4,630,143

 

A summary of consolidated capital expenditures was as follows:

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

Segment capital expenditures:

 

 

 

 

 

 

Aerospace

 

$

67,742

 

 

$

19,047

 

Industrial

 

 

19,515

 

 

 

11,871

 

Unallocated corporate amounts

 

 

9,013

 

 

 

21,072

 

Consolidated capital expenditures

 

$

96,270

 

 

$

51,990

 

 

A summary of consolidated depreciation and amortization was as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Segment depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

13,232

 

 

$

12,607

 

 

$

26,297

 

 

$

25,341

 

Industrial

 

 

13,127

 

 

 

11,979

 

 

 

25,909

 

 

 

24,115

 

Unallocated corporate amounts

 

 

3,547

 

 

 

2,980

 

 

 

6,738

 

 

 

5,986

 

Consolidated depreciation and amortization

 

$

29,906

 

 

$

27,566

 

 

$

58,944

 

 

$

55,442

 
v3.26.1
Subsequent Events
 6 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events

Note 24. Subsequent events

On April 22, 2026, the Board declared a cash dividend of $0.32 per share for the quarter, payable on June 4, 2026 for stockholders of record as of May 21, 2026.

On April 15, 2026, Woodward entered into a definitive agreement to sell the Aerospace pilot controls product line to ONTIC Engineering and Manufacturing, Inc. for $180,000, subject to purchase price adjustments. The agreement for the sale of the product line is expected to result in an accounting gain and close later in fiscal year 2026.
v3.26.1
Revenue (Tables)
 6 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Recognition Time

 

 

Three Months Ended March 31, 2026

 

 

Three Months Ended March 31, 2025

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

278,555

 

 

$

221,071

 

 

$

499,626

 

 

$

223,025

 

 

$

178,801

 

 

$

401,826

 

Over time

 

 

424,766

 

 

 

166,176

 

 

 

590,942

 

 

 

338,704

 

 

 

143,099

 

 

 

481,803

 

Total net sales

 

$

703,321

 

 

$

387,247

 

 

$

1,090,568

 

 

$

561,729

 

 

$

321,900

 

 

$

883,629

 

 

 

 

Six Months Ended March 31, 2026

 

 

Six Months Ended March 31, 2025

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

532,200

 

 

$

435,042

 

 

$

967,242

 

 

$

415,010

 

 

$

333,869

 

 

$

748,879

 

Over time

 

 

806,018

 

 

 

313,762

 

 

 

1,119,780

 

 

 

640,601

 

 

 

266,874

 

 

 

907,475

 

Total net sales

 

$

1,338,218

 

 

$

748,804

 

 

$

2,087,022

 

 

$

1,055,611

 

 

$

600,743

 

 

$

1,656,354

 
Schedule of Accounts Receivable

Accounts receivable consisted of the following:

 

 

March 31, 2026

 

 

September 30, 2025

 

Billed receivables

 

 

 

 

 

 

Trade accounts receivable

 

$

536,474

 

 

$

477,217

 

Other (Chinese financial institutions)

 

 

—

 

 

 

104

 

Total billed receivables

 

 

536,474

 

 

 

477,321

 

Current unbilled receivables (contract assets)

 

 

407,864

 

 

 

363,520

 

Total accounts receivable

 

 

944,338

 

 

 

840,841

 

Less: Allowance for uncollectible amounts

 

 

(13,107

)

 

 

(9,725

)

Total accounts receivable, net

 

$

931,231

 

 

$

831,116

 
Schedule of Uncollectible Amounts And Change in Expected Allowance for Credit Losses for Trade Accounts Receivable and Unbilled Receivables

The allowance for uncollectible amounts and change in expected credit losses for trade accounts receivable and unbilled receivables (contract assets) consisted of the following:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Balance, beginning

 

$

13,426

 

 

$

7,793

 

 

$

9,725

 

 

$

7,738

 

Changes in estimates

 

 

(179

)

 

 

599

 

 

 

3,450

 

 

 

806

 

Write-offs

 

 

—

 

 

 

(120

)

 

 

(78

)

 

 

(120

)

Other1

 

 

(140

)

 

 

286

 

 

 

10

 

 

 

134

 

Balance, ending

 

$

13,107

 

 

$

8,558

 

 

$

13,107

 

 

$

8,558

 
(1)
Includes effects of foreign exchange rate changes during the period.
Schedule of Contract Liability

Contract liabilities consisted of the following:

 

 

March 31, 2026

 

 

September 30, 2025

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Deferred revenue from material rights from JV formation

 

$

7,689

 

 

$

230,266

 

 

$

7,298

 

 

$

229,878

 

Deferred revenue from advanced invoicing and/or prepayments from customers

 

 

21,672

 

 

 

569

 

 

 

14,944

 

 

 

2,115

 

Liability related to customer supplied inventory

 

 

22,226

 

 

 

—

 

 

 

19,640

 

 

 

—

 

Deferred revenue from material rights related to engineering and development funding

 

 

9,080

 

 

 

186,376

 

 

 

7,353

 

 

 

199,465

 

Net contract liabilities

 

$

60,667

 

 

$

417,211

 

 

$

49,235

 

 

$

431,458

 
Schedule of Disaggregation of Revenue

Revenue by primary market for the Aerospace reportable segment was as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Commercial OEM

 

$

218,015

 

 

$

167,461

 

 

$

405,954

 

 

$

321,537

 

Commercial services

 

 

275,374

 

 

 

201,861

 

 

 

520,280

 

 

 

365,711

 

Defense OEM

 

 

150,932

 

 

 

137,928

 

 

 

289,165

 

 

 

250,710

 

Defense services

 

 

59,000

 

 

 

54,479

 

 

 

122,819

 

 

 

117,653

 

Total Aerospace segment net sales

 

$

703,321

 

 

$

561,729

 

 

$

1,338,218

 

 

$

1,055,611

 

Revenue by primary market for the Industrial reportable segment was as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Power generation

 

$

135,870

 

 

$

126,482

 

 

$

258,710

 

 

$

241,490

 

Transportation

 

 

176,914

 

 

 

132,096

 

 

 

343,222

 

 

 

239,361

 

Oil and gas

 

 

74,463

 

 

 

63,322

 

 

 

146,872

 

 

 

119,892

 

Total Industrial segment net sales

 

$

387,247

 

 

$

321,900

 

 

$

748,804

 

 

$

600,743

 

 

Based on changes in market dynamics, the Company has refined its Industrial end market presentation to better align certain sales within power generation, transportation, and oil and gas. Accordingly, sales for the three and six months ended March 31, 2025 have been reclassified for comparability. The reclassification had no impact on total Industrial segment net sales or the Company's financial results.

The customers who each account for approximately 10% or more of net sales of each of Woodward’s reportable segments were as follows:

 

 

Three Months Ended March 31, 2026

 

Three Months Ended March 31, 2025

Aerospace

 

The Boeing Company, GE Aerospace, RTX Corporation

 

RTX Corporation, GE Aerospace, The Boeing Company

Industrial

 

Rolls-Royce PLC, Caterpillar, Inc.

 

Rolls-Royce PLC, Caterpillar, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended March 31, 2026

 

Six Months Ended March 31, 2025

Aerospace

 

GE Aerospace, The Boeing Company, RTX Corporation

 

RTX Corporation, GE Aerospace, The Boeing Company

Industrial

 

Rolls-Royce PLC, Caterpillar, Inc.

 

Rolls-Royce PLC, GE Vernova, Caterpillar, Inc.
v3.26.1
Earnings Per Share (Tables)
 6 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted

The following is a reconciliation of net earnings to basic earnings per share and diluted earnings per share:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

134,013

 

 

$

108,949

 

 

$

267,732

 

 

$

196,040

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares outstanding

 

 

59,611

 

 

 

59,432

 

 

 

59,725

 

 

 

59,323

 

Dilutive effect of stock options; restricted and performance stock units

 

 

1,665

 

 

 

1,912

 

 

 

1,737

 

 

 

1,935

 

Diluted shares outstanding

 

 

61,276

 

 

 

61,344

 

 

 

61,462

 

 

 

61,258

 

Income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

2.25

 

 

$

1.83

 

 

$

4.48

 

 

$

3.30

 

Diluted earnings per share

 

$

2.19

 

 

$

1.78

 

 

$

4.36

 

 

$

3.20

 
Anti-dilutive Stock Options Grants And Restricted Stock Awards Excluded from Computation of Earnings Per Share

The following stock option grants and restricted stock awards were outstanding but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Restricted stock and option awards

 

 

9

 

 

 

21

 

 

 

5

 

 

 

10

 

Weighted-average price

 

$

391.53

 

 

$

193.09

 

 

$

391.53

 

 

$

193.09

 
Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding

The weighted-average shares of common stock outstanding for basic and diluted earnings per share included the weighted-average treasury stock shares held for deferred compensation obligations of the following:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Weighted-average treasury stock shares held for deferred compensation obligations

 

 

28

 

 

 

30

 

 

 

29

 

 

 

35

 
v3.26.1
Leases (Tables)
 6 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Lease-Related Assets and Liabilities

Lease-related assets and liabilities were as follows:

 

 

Classification on the Condensed Consolidated Balance Sheets

 

March 31, 2026

 

 

September 30, 2025

 

Assets:

 

 

 

 

 

 

 

 

Operating lease

 

Other assets

 

$

23,876

 

 

$

25,274

 

Finance lease

 

Property, plant, and equipment, net

 

 

2,362

 

 

 

2,896

 

Total lease assets

 

 

 

 

26,238

 

 

 

28,170

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Operating lease

 

Accrued liabilities

 

 

5,606

 

 

 

5,465

 

Finance lease

 

Current portion of long-term debt

 

 

1,062

 

 

 

1,032

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Operating lease

 

Other liabilities

 

 

18,994

 

 

 

20,199

 

Finance lease

 

Long-term debt, less current portion

 

 

1,396

 

 

 

1,902

 

Total lease liabilities

 

 

 

$

27,058

 

 

$

28,598

 
Lease-Related Expenses

Lease-related expenses were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating lease expense

 

$

1,995

 

 

$

1,899

 

 

$

4,053

 

 

$

3,695

 

Amortization of finance lease assets

 

 

243

 

 

 

242

 

 

 

485

 

 

 

483

 

Interest on finance lease liabilities

 

 

31

 

 

 

42

 

 

 

64

 

 

 

86

 

Variable lease expense

 

 

503

 

 

 

375

 

 

 

902

 

 

 

568

 

Short-term lease expense

 

 

178

 

 

 

55

 

 

 

204

 

 

 

108

 

Total lease expense

 

$

2,950

 

 

$

2,613

 

 

$

5,708

 

 

$

4,940

 
Lease-Related Supplemental Cash Flow Information

Lease-related supplemental cash flow information was as follows:

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

3,194

 

 

$

2,982

 

Operating cash flows for finance leases

 

 

64

 

 

 

86

 

Financing cash flows for finance leases

 

 

511

 

 

 

474

 

Right-of-use assets obtained in exchange for recorded lease obligations:

 

 

 

 

 

 

Operating leases

 

 

2,271

 

 

 

3,852

 

Finance leases

 

 

43

 

 

 

1,069

 
Property, Plant and Equipment Leased to Others through Embedded Leasing Arrangements

The carrying amount of property, plant, and equipment leased to others through embedded leasing arrangements, included in “Property, plant, and equipment, net” on the Condensed Consolidated Balance Sheets, follows:

 

 

March 31, 2026

 

 

September 30, 2025

 

Property, plant, and equipment

 

$

41,243

 

 

$

41,593

 

Less accumulated depreciation

 

 

(30,143

)

 

 

(29,110

)

Property, plant, and equipment, net

 

$

11,100

 

 

$

12,483

 
v3.26.1
Joint Venture (Tables)
 6 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Unamortized Deferred Revenue from JV

Unamortized deferred revenue recorded in connection with the JV formation included:

 

 

March 31, 2026

 

 

September 30, 2025

 

Accrued liabilities

 

$

7,689

 

 

$

7,298

 

Other liabilities

 

 

230,266

 

 

 

229,878

 
Other Income Related JV

Other income related to Woodward’s equity interest in the earnings of the JV were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Other income

 

$

15,558

 

 

$

11,386

 

 

$

30,935

 

 

$

21,542

 
Cash Distribution from JV

Cash distributions to Woodward from the JV, recognized in “Other, net” in “Net cash provided by operating activities” on the Condensed Consolidated Statements of Cash Flows, were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Cash distributions

 

$

11,500

 

 

$

10,000

 

 

$

25,500

 

 

$

21,000

 
Net Sales to the JV

Net sales to the JV were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net sales

 

$

31,220

 

 

$

24,270

 

 

$

55,775

 

 

$

44,966

 
Accounts Receivable, Accounts Payable, and Other Assets Related to JV

The Condensed Consolidated Balance Sheets include “Accounts receivable” related to amounts the JV owed Woodward, “Accounts payable” related to amounts Woodward owed the JV, and “Other assets” related to Woodward’s net investment in the JV, as follows:

 

 

March 31, 2026

 

 

September 30, 2025

 

Accounts receivable

 

$

6,523

 

 

$

5,377

 

Accounts payable

 

 

9,571

 

 

 

8,370

 

Other assets

 

 

28,504

 

 

 

23,069

 
v3.26.1
Financial Instruments and Fair Value Measurements (Tables)
 6 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The table below presents information about Woodward’s financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques Woodward utilized to determine such fair value.

 

 

At March 31, 2026

 

 

At September 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in money markets and depository accounts

 

$

56,525

 

 

$

—

 

 

$

—

 

 

$

56,525

 

 

$

30,256

 

 

$

—

 

 

$

—

 

 

$

30,256

 

Equity securities

 

 

39,648

 

 

 

—

 

 

 

—

 

 

 

39,648

 

 

 

37,846

 

 

 

—

 

 

 

—

 

 

 

37,846

 

Total financial assets

 

$

96,173

 

 

$

—

 

 

$

—

 

 

$

96,173

 

 

$

68,102

 

 

$

—

 

 

$

—

 

 

$

68,102

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cross-currency interest rate swaps

 

$

—

 

 

$

17,741

 

 

$

—

 

 

$

17,741

 

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

27,406

 

Total financial liabilities

 

$

—

 

 

$

17,741

 

 

$

—

 

 

$

17,741

 

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

27,406

 
Estimated Fair Values of Financial Instruments

The estimated fair values and carrying costs of other financial instruments that are not required to be remeasured at fair value in the Condensed Consolidated Balance Sheets were as follows:

 

 

 

 

At March 31, 2026

 

 

At September 30, 2025

 

 

 

Fair Value
Hierarchy
Level

 

Estimated
Fair Value

 

 

Carrying
Cost

 

 

Estimated
Fair Value

 

 

Carrying
Cost

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes receivable from municipalities

 

2

 

$

5,071

 

 

$

5,056

 

 

$

5,444

 

 

$

5,392

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

2

 

 

483,645

 

 

 

500,827

 

 

 

566,582

 

 

 

580,547

 
v3.26.1
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedges, Assets [Abstract]  
Impact of Derivative Instruments on Earnings

The following table discloses the amounts recognized in relation to the cash flow hedges designated as qualifying hedging instruments:

 

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

Derivatives in:

 

Location

 

2026

 

 

2025

 

 

2026

 

 

2025

 

(Gain) loss reclassified from accumulated OCI into earnings

 

Selling, general and administrative expenses

 

$

(7,791

)

 

$

16,560

 

 

$

(7,257

)

 

$

(11,123

)

(Gain) loss recognized in accumulated OCI

 

Selling, general and administrative expenses

 

 

(7,329

)

 

 

11,402

 

 

 

(9,177

)

 

 

(8,966

)
v3.26.1
Supplemental Statement of Cash Flows Information (Tables)
 6 Months Ended
Mar. 31, 2026
Supplemental Cash Flow Information [Abstract]  
Schedule of Supplemental Statement of Cash Flows Information

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

Interest paid

 

$

17,838

 

 

$

18,366

 

Income taxes paid

 

 

62,977

 

 

 

43,141

 

Income tax refunds received

 

 

2,886

 

 

 

4,182

 

Non-cash activities:

 

 

 

 

 

 

Purchases of property, plant and equipment on account

 

 

10,808

 

 

 

6,292

 

Common shares issued from treasury to settle benefit obligations

 

 

29,813

 

 

 

24,912

 

Receivables related to business acquisitions and divestitures

 

 

—

 

 

 

7,003

 
v3.26.1
Acquisitions and Divestitures (Tables)
 6 Months Ended
Mar. 31, 2026
Acquisitions And Divestitures [Abstract]  
Summary of Preliminary Fair Value Determination of Assets Acquired and Liabilities Assumed The following table presents the preliminary fair‑value determinations of the assets acquired and liabilities assumed as of July 21, 2025:

Assets:

 

 

 

Accounts Receivable

 

$

6,103

 

Inventories

 

 

11,833

 

Other current assets

 

 

3,125

 

Property, plant, and equipment

 

 

6,945

 

Goodwill

 

 

17,462

 

Other assets

 

 

4,527

 

Total assets

 

$

49,995

 

Liabilities:

 

 

 

Accrued liabilities

 

$

4,447

 

Accounts payable

 

 

588

 

Income tax payable

 

 

189

 

Other noncurrent liabilities

 

 

4,485

 

Total liabilities

 

$

9,709

 
v3.26.1
Inventories (Tables)
 6 Months Ended
Mar. 31, 2026
Inventory, Net [Abstract]  
Schedule of Inventories

 

 

March 31, 2026

 

 

September 30, 2025

 

Raw materials

 

$

224,611

 

 

$

192,373

 

Work in progress

 

 

176,037

 

 

 

163,275

 

Component parts(1)

 

 

403,308

 

 

 

382,650

 

Finished goods

 

 

106,480

 

 

 

102,746

 

Customer supplied inventory

 

 

22,226

 

 

 

19,640

 

On-hand inventory for which control has transferred to the customer

 

 

(228,197

)

 

 

(206,076

)

 

$

704,465

 

 

$

654,608

 
(1)
Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.
v3.26.1
Property, Plant, and Equipment (Tables)
 6 Months Ended
Mar. 31, 2026
Property, Plant and Equipment, Net [Abstract]  
Schedule of Property Plant and Equipment, Net

 

 

March 31, 2026

 

 

September 30, 2025

 

Land and land improvements

 

$

103,810

 

 

$

95,172

 

Buildings and building improvements

 

 

639,239

 

 

 

626,144

 

Leasehold improvements

 

 

15,816

 

 

 

15,900

 

Machinery and production equipment

 

 

908,199

 

 

 

885,473

 

Computer equipment and software

 

 

123,394

 

 

 

116,706

 

Office furniture and equipment

 

 

44,202

 

 

 

43,312

 

Other

 

 

33,621

 

 

 

33,591

 

Construction in progress

 

 

145,666

 

 

 

111,580

 

 

 

2,013,947

 

 

 

1,927,878

 

Less accumulated depreciation

 

 

(979,149

)

 

 

(941,255

)

Property, plant, and equipment, net

 

$

1,034,798

 

 

$

986,623

 
Schedule of Depreciation Expense

Woodward had depreciation expense as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Depreciation expense

 

$

22,482

 

 

$

20,794

 

 

$

44,178

 

 

$

41,756

 
v3.26.1
Goodwill (Tables)
 6 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill

 

 

September 30, 2025

 

 

Reduction from Working Capital Adjustment

 

 

Effects of Foreign Currency Translation

 

 

March 31, 2026

 

Aerospace

 

$

473,779

 

 

$

(931

)

 

$

47

 

 

$

472,895

 

Industrial

 

 

358,509

 

 

 

—

 

 

 

(5,901

)

 

 

352,608

 

Consolidated

 

$

832,288

 

 

$

(931

)

 

$

(5,854

)

 

$

825,503

 
v3.26.1
Intangible Assets, Net (Tables)
 6 Months Ended
Mar. 31, 2026
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Finite-lived and Indefinite-lived Intangible Assets by Major Class

 

 

March 31, 2026

 

 

September 30, 2025

 

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

Intangible assets with finite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

281,683

 

 

$

(253,588

)

 

$

28,095

 

 

$

281,683

 

 

$

(251,109

)

 

$

30,574

 

Industrial

 

 

392,991

 

 

 

(133,176

)

 

 

259,815

 

 

 

401,778

 

 

 

(125,909

)

 

 

275,869

 

Total

 

$

674,674

 

 

$

(386,764

)

 

$

287,910

 

 

$

683,461

 

 

$

(377,018

)

 

$

306,443

 

Intellectual property:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

3,139

 

 

 

(3,139

)

 

 

—

 

 

 

3,139

 

 

 

(3,139

)

 

 

—

 

Total

 

$

3,139

 

 

$

(3,139

)

 

$

—

 

 

$

3,139

 

 

$

(3,139

)

 

$

—

 

Process technology:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

44,570

 

 

$

(41,281

)

 

$

3,289

 

 

$

44,570

 

 

$

(40,973

)

 

$

3,597

 

Industrial

 

 

89,930

 

 

 

(38,800

)

 

 

51,130

 

 

 

87,640

 

 

 

(37,610

)

 

 

50,030

 

Total

 

$

134,500

 

 

$

(80,081

)

 

$

54,419

 

 

$

132,210

 

 

$

(78,583

)

 

$

53,627

 

Intangible asset with indefinite life:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade name:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

66,472

 

 

 

—

 

 

 

66,472

 

 

 

68,010

 

 

 

—

 

 

 

68,010

 

Total

 

$

66,472

 

 

$

—

 

 

$

66,472

 

 

$

68,010

 

 

$

—

 

 

$

68,010

 

Total intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

326,253

 

 

$

(294,869

)

 

$

31,384

 

 

$

326,253

 

 

$

(292,082

)

 

$

34,171

 

Industrial

 

 

552,532

 

 

 

(175,115

)

 

 

377,417

 

 

 

560,567

 

 

 

(166,658

)

 

 

393,909

 

Consolidated Total

 

$

878,785

 

 

$

(469,984

)

 

$

408,801

 

 

$

886,820

 

 

$

(458,740

)

 

$

428,080

 
Schedule of Finite-Lived Intangible Assets Amortization Expense

Woodward recorded amortization expense associated with intangibles of the following:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Amortization expense

 

$

7,424

 

 

$

6,772

 

 

$

14,766

 

 

$

13,686

 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Future amortization expense associated with intangibles is expected to be:

Year Ending September 30:

 

 

 

2026 (Remaining)

 

$

14,618

 

2027

 

 

29,498

 

2028

 

 

29,147

 

2029

 

 

28,242

 

2030

 

 

28,214

 

Thereafter

 

 

212,610

 

 

$

342,329

 
v3.26.1
Credit Facilities, Short-term Borrowings and Long-term Debt (Tables)
 6 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Short-term Borrowings and Availability Under Various Short-term Credit Facilities

As of March 31, 2026, Woodward’s short-term borrowings and availability under its various short-term credit facilities were as follows:

 

 

Total availability

 

 

Outstanding letters of credit and guarantees

 

 

Banker acceptance notes issued

 

 

Outstanding
borrowings

 

 

Remaining
availability

 

Revolving credit facility

 

$

1,000,000

 

 

$

(7,875

)

 

$

—

 

 

$

(623,000

)

 

$

369,125

 

Foreign lines of credit and overdraft facilities

 

 

25,600

 

 

 

(23

)

 

 

(51

)

 

 

—

 

 

 

25,526

 

Foreign performance guarantee facilities

 

 

33

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33

 

 

 

$

1,025,633

 

 

$

(7,898

)

 

$

(51

)

 

$

(623,000

)

 

$

394,684

 

 
v3.26.1
Accrued Liabilities (Tables)
 6 Months Ended
Mar. 31, 2026
Accrued Liabilities, Current [Abstract]  
Accrued Liabilities

 

 

March 31, 2026

 

 

September 30, 2025

 

Salaries and other member benefits

 

$

130,666

 

 

$

175,110

 

Product warranties and related liabilities

 

 

18,885

 

 

 

25,504

 

Interest payable

 

 

8,773

 

 

 

10,211

 

Accrued restructuring

 

 

3,647

 

 

 

—

 

Accrued retirement benefits

 

 

2,915

 

 

 

2,986

 

Net current contract liabilities

 

 

60,667

 

 

 

49,235

 

Taxes, other than income

 

 

14,480

 

 

 

15,367

 

Other

 

 

41,430

 

 

 

34,670

 

 

$

281,463

 

 

$

313,083

 
Changes in Accrued Product Warranties and Related Liabilities

Changes in accrued product warranties and related liabilities were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Beginning of period

 

$

17,773

 

 

$

19,008

 

 

 

25,504

 

 

$

18,844

 

Additions, net of recoveries

 

 

3,097

 

 

 

5,841

 

 

 

5,476

 

 

 

9,346

 

Reductions for settlement

 

 

(1,931

)

 

 

(4,030

)

 

 

(12,051

)

 

 

(7,044

)

Foreign currency exchange rate changes

 

 

(54

)

 

 

127

 

 

 

(44

)

 

 

(200

)

End of period

 

$

18,885

 

 

$

20,946

 

 

$

18,885

 

 

$

20,946

 

 
Changes in Restructuring Reserve Activity

 

 

 

 

 

Period Activity

 

 

 

 

 

 

Balances as of September 30, 2025

 

 

Charges

 

 

Payments

 

 

Non-cash
activity

 

 

Balances as of March 31, 2026

 

Workforce management costs associated with:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

China On-Highway Wind-down

 

$

—

 

 

$

6,815

 

 

$

(2,836

)

 

$

(332

)

 

$

3,647

 

Total

 

$

—

 

 

$

6,815

 

 

$

(2,836

)

 

$

(332

)

 

$

3,647

 
v3.26.1
Other Liabilities (Tables)
 6 Months Ended
Mar. 31, 2026
Other Liabilities, Noncurrent [Abstract]  
Schedule of Other Liabilities

 

 

March 31, 2026

 

 

September 30, 2025

 

Net accrued retirement benefits, less amounts recognized within accrued liabilities

 

$

88,815

 

 

$

88,112

 

Total unrecognized tax benefits

 

 

18,576

 

 

 

12,130

 

Deferred economic incentives (1)

 

 

5,548

 

 

 

6,158

 

Noncurrent operating lease liabilities

 

 

18,994

 

 

 

20,199

 

Net noncurrent contract liabilities

 

 

417,211

 

 

 

431,458

 

Cross-currency swap derivative liability

 

 

17,741

 

 

 

27,406

 

Other

 

 

6,307

 

 

 

6,264

 

 

 

$

573,192

 

 

$

591,727

 
(1)
Woodward receives certain economic incentives from various state and local authorities related to capital expansion projects. Such amounts are initially recorded as deferred credits and are being recognized as a reduction to pre-tax expense over the economic lives of the related capital expansion projects.
v3.26.1
Other Income, Net (Tables)
 6 Months Ended
Mar. 31, 2026
Nonoperating income [Abstract]  
Schedule of Other Income, Net

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Equity interest in the earnings of the JV

 

$

(15,558

)

 

$

(11,386

)

 

$

(30,935

)

 

$

(21,542

)

Net loss (gain) on sales of assets and businesses

 

 

18

 

 

 

(10,806

)

 

 

36

 

 

 

(20,049

)

Net loss on investments in deferred compensation program

 

 

1,369

 

 

 

1,034

 

 

 

762

 

 

 

1,133

 

Other components of net periodic pension and other postretirement benefit, excluding service cost and interest expense

 

 

(3,259

)

 

 

(3,323

)

 

 

(6,552

)

 

 

(6,639

)

Other

 

 

(628

)

 

 

(323

)

 

 

(743

)

 

 

(794

)

 

$

(18,058

)

 

$

(24,804

)

 

$

(37,432

)

 

$

(47,891

)
v3.26.1
Income Taxes (Tables)
 6 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Tax Expense and Effective Tax Rate

The following table sets forth the tax expense and the effective tax rate for Woodward’s earnings before income taxes:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Earnings before income taxes

 

$

167,427

 

 

$

132,963

 

 

$

336,578

 

 

$

234,817

 

Income tax expense

 

 

33,414

 

 

 

24,014

 

 

 

68,846

 

 

 

38,777

 

Effective tax rate

 

 

20.0

%

 

 

18.1

%

 

 

20.5

%

 

 

16.5

%
v3.26.1
Retirement Benefits (Tables)
 6 Months Ended
Mar. 31, 2026
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Amount of Expense Associated with Defined Contribution Plans he amount of expense associated with defined contribution plans were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Company costs

 

$

16,505

 

 

$

13,627

 

 

$

31,246

 

 

$

25,970

 

 
Schedule of Estimated Remaining Cash Contributions Woodward estimates its remaining cash contributions in fiscal year 2026 will be as follows:

Retirement pension benefits:

 

 

 

United States

 

$

433

 

United Kingdom

 

 

186

 

Japan

 

 

—

 

Germany

 

 

541

 

Other postretirement benefits

 

 

1,588

 
Defined Benefit Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Periodic Benefit Costs

The components of the net periodic retirement pension costs recognized were as follows:

 

 

Three Months Ended March 31,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service cost

 

$

199

 

 

$

230

 

 

$

338

 

 

$

343

 

 

$

537

 

 

$

573

 

Interest cost

 

 

1,770

 

 

 

1,718

 

 

 

793

 

 

 

717

 

 

 

2,563

 

 

 

2,435

 

Expected return on plan assets

 

 

(2,617

)

 

 

(2,748

)

 

 

(641

)

 

 

(604

)

 

 

(3,258

)

 

 

(3,352

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

 

34

 

 

 

42

 

 

 

(119

)

 

 

(98

)

 

 

(85

)

 

 

(56

)

Prior service cost

 

 

129

 

 

 

190

 

 

 

6

 

 

 

5

 

 

 

135

 

 

 

195

 

Net periodic retirement pension (benefit) cost

 

$

(485

)

 

$

(568

)

 

$

377

 

 

$

363

 

 

$

(108

)

 

$

(205

)

Contributions paid

 

$

—

 

 

$

—

 

 

$

692

 

 

$

490

 

 

$

692

 

 

$

490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended March 31,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service cost

 

$

398

 

 

$

459

 

 

$

673

 

 

$

691

 

 

$

1,071

 

 

$

1,150

 

Interest cost

 

 

3,540

 

 

 

3,437

 

 

 

1,579

 

 

 

1,445

 

 

 

5,119

 

 

 

4,882

 

Expected return on plan assets

 

 

(5,235

)

 

 

(5,496

)

 

 

(1,276

)

 

 

(1,218

)

 

 

(6,511

)

 

 

(6,714

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

 

68

 

 

 

85

 

 

 

(239

)

 

 

(198

)

 

 

(171

)

 

 

(113

)

Prior service cost

 

 

258

 

 

 

381

 

 

 

12

 

 

 

11

 

 

 

270

 

 

 

392

 

Net periodic retirement pension (benefit) cost

 

$

(971

)

 

$

(1,134

)

 

$

749

 

 

$

731

 

 

$

(222

)

 

$

(403

)

Contributions paid

 

$

—

 

 

$

—

 

 

$

1,112

 

 

$

874

 

 

$

1,112

 

 

$

874

 
Other Postretirement Benefit Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Periodic Benefit Costs

The components of the net periodic other postretirement benefit costs recognized were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Interest cost

 

$

178

 

 

$

180

 

 

$

355

 

 

$

359

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial gain

 

 

(112

)

 

 

(111

)

 

 

(225

)

 

 

(221

)

Net periodic other postretirement cost

 

$

66

 

 

$

69

 

 

$

130

 

 

$

138

 

Contributions paid

 

$

394

 

 

$

408

 

 

$

791

 

 

$

794

 
v3.26.1
Stockholders' Equity (Tables)
 6 Months Ended
Mar. 31, 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Activity in Common Stock and Treasury Stock Shares

Activity in common stock and treasury stock shares was as follows:

 

 

Common Stock

 

 

Treasury Stock

 

 

Treasury stock held for deferred compensation

 

Balances as of January 1, 2025

 

 

72,960

 

 

 

(13,607

)

 

 

(31

)

Purchase of treasury stock

 

 

—

 

 

 

(243

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

344

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

126

 

 

 

—

 

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

1

 

Balances as of March 31, 2025

 

 

72,960

 

 

 

(13,380

)

 

 

(30

)

 

 

 

 

 

 

 

 

 

 

Balances as of January 1, 2026

 

 

72,960

 

 

 

(13,174

)

 

 

(28

)

Purchase of treasury stock

 

 

—

 

 

 

(631

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

360

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

78

 

 

 

—

 

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

1

 

Balances as of March 31, 2026

 

 

72,960

 

 

 

(13,367

)

 

 

(27

)

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Treasury stock held for deferred compensation

 

Balances as of September 30, 2024

 

 

72,960

 

 

 

(13,787

)

 

 

(45

)

Purchase of treasury stock

 

 

—

 

 

 

(449

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

725

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

131

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

16

 

Balances as of March 31, 2025

 

 

72,960

 

 

 

(13,380

)

 

 

(30

)

 

 

 

 

 

 

 

 

 

Balances as of September 30, 2025

 

 

72,960

 

 

 

(13,060

)

 

 

(28

)

Purchase of treasury stock

 

 

—

 

 

 

(1,086

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

701

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

78

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

2

 

Balances as of March 31, 2026

 

 

72,960

 

 

 

(13,367

)

 

 

(27

)
Summary of Activity for RSUs

A summary of the activity for RSUs:

 

 

Three Months Ended March 31, 2026

 

 

Six Months Ended March 31, 2026

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

264

 

 

$

159.51

 

 

 

309

 

 

$

148.31

 

Granted

 

 

55

 

 

 

391.53

 

 

 

62

 

 

 

378.10

 

Released

 

 

(82

)

 

 

159.64

 

 

 

(132

)

 

 

139.31

 

Forfeited

 

 

(1

)

 

 

188.05

 

 

 

(3

)

 

 

131.21

 

Ending balance

 

 

236

 

 

$

213.07

 

 

 

236

 

 

$

213.07

 
Stock Options [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Activity for Stock Option Awards

The following is a summary of the activity for stock option awards:

 

 

Three Months Ended March 31, 2026

 

 

Six Months Ended March 31, 2026

 

 

 

Number of options

 

 

Weighted-Average Exercise Price per Share

 

 

Number of options

 

 

Weighted-Average Exercise Price per Share

 

Beginning balance

 

 

1,942

 

 

$

92.48

 

 

 

2,249

 

 

$

91.25

 

Granted

 

 

17

 

 

 

391.53

 

 

 

17

 

 

 

391.53

 

Exercised

 

 

(287

)

 

 

81.78

 

 

 

(594

)

 

 

82.65

 

Forfeited

 

 

(1

)

 

 

83.24

 

 

 

(1

)

 

 

83.24

 

Ending balance

 

 

1,671

 

 

$

97.33

 

 

 

1,671

 

 

$

97.33

 
Changes in Non-vested Stock Options

Changes in non-vested stock options were as follows:

 

 

Three Months Ended March 31, 2026

 

 

Six Months Ended March 31, 2026

 

 

 

Number of options

 

 

Weighted-Average Grant Date Fair Value per Share

 

 

Number of options

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Beginning balance

 

 

247

 

 

$

48.33

 

 

 

473

 

 

$

43.40

 

Granted

 

 

17

 

 

 

173.79

 

 

 

17

 

 

 

173.79

 

Vested

 

 

(31

)

 

 

64.60

 

 

 

(257

)

 

 

41.21

 

Forfeited

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance

 

 

233

 

 

$

55.26

 

 

 

233

 

 

$

55.26

 

 
Stock Options Vested, or Expected to Vest and Exercisable

Information about stock options that have vested, or are expected to vest, and are exercisable at March 31, 2026 was as follows:

 

 

Number of options

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Life in Years

 

 

Aggregate Intrinsic Value

 

Options outstanding

 

 

1,671

 

 

$

97.33

 

 

 

4.8

 

 

$

436,191

 

Options vested and exercisable

 

 

1,439

 

 

 

91.91

 

 

 

4.4

 

 

 

382,708

 

Options vested and expected to vest

 

 

1,663

 

 

 

96.84

 

 

 

4.8

 

 

 

434,762

 
Performance Restricted Stock Units [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Assumptions to Value PSUs Granted

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2024

 

Expected volatility

 

 

30.7

%

 

 

30.9

%

 

 

30.2

%

Risk free interest rate

 

 

3.4

%

 

 

4.1

%

 

 

4.5

%

Expected life

 

3 years

 

 

3 years

 

 

3 years

 

Grant date fair value

 

$

367.56

 

 

$

196.63

 

 

$

146.47

 
Market condition awards [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of the Activity Awards

A summary of the activity for market condition awards:

 

 

Six Months Ended March 31, 2026

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

104

 

 

$

167.17

 

Granted

 

 

15

 

 

 

367.56

 

Forfeited

 

 

—

 

 

 

—

 

Ending balance

 

 

119

 

 

$

193.29

 

There was no activity for market condition awards during the three months ended March 31, 2026.
Performance Condition Award [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of the Activity Awards

A summary of the activity for performance condition awards:

 

 

Six Months Ended March 31, 2026

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

—

 

 

$

—

 

Granted

 

 

15

 

 

 

298.15

 

Forfeited

 

 

—

 

 

 

—

 

Ending balance

 

 

15

 

 

$

298.15

 

There was no activity for performance condition awards during the three months ended March 31, 2026.
v3.26.1
Segment Information (Tables)
 6 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Summary of Consolidated Net Sales and Segment Operating Profit by Segment

A summary of consolidated net sales and segment operating profit by segment follows:

 

Three Months Ended March 31, 2026

 

 

Six Months Ended March 31, 2026

 

 

Aerospace

 

 

Industrial

 

 

Total

 

 

Aerospace

 

 

Industrial

 

 

Total

 

Net sales

$

703,321

 

 

$

387,247

 

 

$

1,090,568

 

 

$

1,338,218

 

 

$

748,804

 

 

$

2,087,022

 

Cost of goods sold

 

506,058

 

 

 

268,272

 

 

 

774,330

 

 

 

959,858

 

 

 

518,433

 

 

 

1,478,291

 

Selling, general and administrative expenses

 

27,912

 

 

 

39,488

 

 

 

67,400

 

 

 

56,531

 

 

 

70,277

 

 

 

126,808

 

Research and development costs

 

29,416

 

 

 

14,906

 

 

 

44,322

 

 

 

51,434

 

 

 

29,178

 

 

 

80,612

 

Other segment items1

 

(18,140

)

 

 

(1,140

)

 

 

(19,280

)

 

 

(36,075

)

 

 

(1,799

)

 

 

(37,874

)

Reportable segment operating profit

$

158,075

 

 

$

65,721

 

 

$

223,796

 

 

$

306,470

 

 

$

132,715

 

 

$

439,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2025

 

 

Six Months Ended March 31, 2025

 

 

Aerospace

 

 

Industrial

 

 

Total

 

 

Aerospace

 

 

Industrial

 

 

Total

 

Net sales

$

561,729

 

 

$

321,900

 

 

$

883,629

 

 

$

1,055,611

 

 

$

600,743

 

 

$

1,656,354

 

Cost of goods sold

 

407,063

 

 

 

235,704

 

 

 

642,767

 

 

 

782,815

 

 

 

442,623

 

 

 

1,225,438

 

Selling, general and administrative expenses

 

22,490

 

 

 

26,813

 

 

 

49,303

 

 

 

40,965

 

 

 

47,917

 

 

 

88,882

 

Research and development costs

 

21,223

 

 

 

14,372

 

 

 

35,595

 

 

 

38,851

 

 

 

25,638

 

 

 

64,489

 

Other segment items1

 

(13,663

)

 

 

(956

)

 

 

(14,619

)

 

 

(26,361

)

 

 

(1,599

)

 

 

(27,960

)

Reportable segment operating profit

$

124,616

 

 

$

45,967

 

 

$

170,583

 

 

$

219,341

 

 

$

86,164

 

 

$

305,505

 
(1)
Other segment items mainly includes our equity interest in the earnings of the JV, other components of net periodic pension and other postretirement benefit, excluding service cost and interest expense, and net gain/loss on sales of assets and businesses.

A summary of consolidated earnings before income taxes was as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Reportable segment operating profit

 

$

223,796

 

 

$

170,583

 

 

$

439,185

 

 

$

305,505

 

Nonsegment expenses

 

 

(45,049

)

 

 

(26,752

)

 

 

(81,644

)

 

 

(48,856

)

Interest expense, net

 

 

(11,320

)

 

 

(10,868

)

 

 

(20,963

)

 

 

(21,832

)

Consolidated earnings before income taxes

 

$

167,427

 

 

$

132,963

 

 

$

336,578

 

 

$

234,817

 
Summary of Consolidated Total Assets, Capital Expenditures, Depreciation and Amortization by Segment

Segment assets consist of accounts receivable, inventories, property, plant, and equipment, net, goodwill, and other intangibles, net. A summary of consolidated total assets was as follows:

 

 

March 31, 2026

 

 

September 30, 2025

 

Segment assets:

 

 

 

 

 

 

Aerospace

 

$

2,276,086

 

 

$

2,110,805

 

Industrial

 

 

1,506,784

 

 

 

1,501,503

 

Unallocated corporate property, plant, and equipment, net

 

 

122,023

 

 

 

120,502

 

Other unallocated assets

 

 

1,064,219

 

 

 

897,333

 

Consolidated total assets

 

$

4,969,112

 

 

$

4,630,143

 

A summary of consolidated capital expenditures was as follows:

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

Segment capital expenditures:

 

 

 

 

 

 

Aerospace

 

$

67,742

 

 

$

19,047

 

Industrial

 

 

19,515

 

 

 

11,871

 

Unallocated corporate amounts

 

 

9,013

 

 

 

21,072

 

Consolidated capital expenditures

 

$

96,270

 

 

$

51,990

 

 

A summary of consolidated depreciation and amortization was as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Segment depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

13,232

 

 

$

12,607

 

 

$

26,297

 

 

$

25,341

 

Industrial

 

 

13,127

 

 

 

11,979

 

 

 

25,909

 

 

 

24,115

 

Unallocated corporate amounts

 

 

3,547

 

 

 

2,980

 

 

 

6,738

 

 

 

5,986

 

Consolidated depreciation and amortization

 

$

29,906

 

 

$

27,566

 

 

$

58,944

 

 

$

55,442

 
v3.26.1
Revenue (Schedule of Revenue Recognition Time) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Disaggregation Of Revenue [Line Items]        
Net sales $ 1,090,568 $ 883,629 $ 2,087,022 $ 1,656,354
Aerospace [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 703,321 561,729 1,338,218 1,055,611
Industrial [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 387,247 321,900 748,804 600,743
Point In Time [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 499,626 401,826 967,242 748,879
Point In Time [Member] | Aerospace [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 278,555 223,025 532,200 415,010
Point In Time [Member] | Industrial [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 221,071 178,801 435,042 333,869
Over Time [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 590,942 481,803 1,119,780 907,475
Over Time [Member] | Aerospace [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 424,766 338,704 806,018 640,601
Over Time [Member] | Industrial [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales $ 166,176 $ 143,099 $ 313,762 $ 266,874
v3.26.1
Revenue (Schedule of Accounts Receivable) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Contract With Customer Asset [Line Items]    
Total billed receivables $ 536,474 $ 477,321
Current unbilled receivables (contract assets) 407,864 363,520
Total accounts receivable 944,338 840,841
Less: Allowance for uncollectible amounts (13,107) (9,725)
Total accounts receivable, net 931,231 831,116
Trade Accounts Receivable [Member]    
Contract With Customer Asset [Line Items]    
Billed receivables $ 536,474 477,217
Other (Chinese Financial Institutions) [Member]    
Contract With Customer Asset [Line Items]    
Billed receivables   $ 104
v3.26.1
Revenue (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]          
Noncurrent unbilled receivables $ 13,668   $ 13,668   $ 10,963
Revenue from contract liabilities $ 8,951 $ 5,035 $ 23,481 $ 21,118  
v3.26.1
Revenue (Schedule of Uncollectible Amounts And Change in Expected Allowance for Credit Losses for Trade Accounts Receivable and Unbilled Receivables) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]        
Balance, beginning $ 13,426 $ 7,793 $ 9,725 $ 7,738
Changes in estimates (179) 599 3,450 806
Write-offs   (120) (78) (120)
Other [1] (140) 286 10 134
Balance, ending $ 13,107 $ 8,558 $ 13,107 $ 8,558
[1] Includes effects of foreign exchange rate changes during the period.
v3.26.1
Revenue (Schedule of Contract Liability) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Contract With Customer Liability [Line Items]    
Current contract liabilities $ 60,667 $ 49,235
Noncurrent contract liabilities 417,211 431,458
Deferred Revenue From Material Rights From JV Formation [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 7,689 7,298
Noncurrent contract liabilities 230,266 229,878
Deferred Revenue From Advance Invoicing And/Or Prepayments From Customers [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 21,672 14,944
Noncurrent contract liabilities 569 2,115
Liability Related To Customer Supplied Inventory [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 22,226 19,640
Deferred Revenue From Material Rights Related To Engineering And Development Funding [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 9,080 7,353
Noncurrent contract liabilities $ 186,376 $ 199,465
v3.26.1
Revenue (Narrative - Performance Obligations) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation amount $ 3,777,552 $ 3,195,156
Material Rights [Member]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation amount $ 491,444  
v3.26.1
Revenue (Narrative - Performance Obligations) (Details1) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation amount $ 3,777,552 $ 3,195,156
Material Rights [Member]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation amount $ 491,444  
Material Rights [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-04-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Period of remaining performance obligation, expected timing of satisfaction 6 months  
Remaining performance obligation amount $ 8,594  
Remaining performance obligation, expected timing of satisfaction, year 2026  
Material Rights [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Period of remaining performance obligation, expected timing of satisfaction 1 year  
Remaining performance obligation amount $ 17,350  
Remaining performance obligation, expected timing of satisfaction, year 2027  
Aerospace [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-04-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Period of remaining performance obligation, expected timing of satisfaction 2 years  
Maximum [Member] | Material Rights [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Period of remaining performance obligation, expected timing of satisfaction 40 years  
v3.26.1
Revenue (Schedule of Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Disaggregation Of Revenue [Line Items]        
Total net sales $ 1,090,568 $ 883,629 $ 2,087,022 $ 1,656,354
Aerospace [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales 703,321 561,729 1,338,218 1,055,611
Aerospace [Member] | Commercial OEM [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales 218,015 167,461 405,954 321,537
Aerospace [Member] | Commercial services        
Disaggregation Of Revenue [Line Items]        
Total net sales 275,374 201,861 520,280 365,711
Aerospace [Member] | Defense OEM [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales 59,000 137,928 289,165 250,710
Aerospace [Member] | Defense services        
Disaggregation Of Revenue [Line Items]        
Total net sales 150,932 54,479 122,819 117,653
Industrial [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales 387,247 321,900 748,804 600,743
Industrial [Member] | Power Generation [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales 135,870 126,482 258,710 241,490
Industrial [Member] | Transportation [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales 176,914 132,096 343,222 239,361
Industrial [Member] | Oil and Gas [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales $ 74,463 $ 63,322 $ 146,872 $ 119,892
v3.26.1
Earnings Per Share (Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Numerator:        
Net earnings $ 134,013 $ 108,949 $ 267,732 $ 196,040
Denominator:        
Basic shares outstanding 59,611 59,432 59,725 59,323
Dilutive effect of stock options; restricted and performance stock units 1,665 1,912 1,737 1,935
Diluted shares outstanding 61,276 61,344 61,462 61,258
Income per common share:        
Basic earnings per share $ 2.25 $ 1.83 $ 4.48 $ 3.3
Diluted earnings per share $ 2.19 $ 1.78 $ 4.36 $ 3.2
v3.26.1
Earnings Per Share (Anti-dilutive Stock Options Grants And Restricted Stock Awards Excluded from Computation of Earnings Per Share) (Details) - Restricted Stock And Option Grants Awards [Member] - $ / shares
shares in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Awards and options 9 21 5 10
Weighted-average price $ 391.53 $ 193.09 $ 391.53 $ 193.09
v3.26.1
Earnings Per Share (Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding) (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]        
Weighted-average treasury stock shares held for deferred compensation obligations 28 30 29 35
v3.26.1
Leases (Lease-Related Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Assets:    
Operating lease assets $ 23,876 $ 25,274
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
Finance lease assets $ 2,362 $ 2,896
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Total lease assets $ 26,238 $ 28,170
Current liabilities:    
Operating lease liabilities $ 5,606 $ 5,465
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Finance lease liabilities $ 1,062 $ 1,032
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Long-Term Debt, Current Maturities Long-Term Debt, Current Maturities
Noncurrent liabilities:    
Operating lease liabilities $ 18,994 $ 20,199
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Finance lease liabilities $ 1,396 $ 1,902
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-Term Debt, Excluding Current Maturities Long-Term Debt, Excluding Current Maturities
Total lease liabilities $ 27,058 $ 28,598
v3.26.1
Leases (Lease-Related Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]        
Operating lease expense $ 1,995 $ 1,899 $ 4,053 $ 3,695
Amortization of finance lease assets 243 242 485 483
Interest on finance lease liabilities 31 42 64 86
Variable lease expense 503 375 902 568
Short-term lease expense 178 55 204 108
Total lease expense $ 2,950 $ 2,613 $ 5,708 $ 4,940
v3.26.1
Leases (Lease-Related Supplemental Cash Flow Information) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 3,194 $ 2,982
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases 64 86
Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows for finance leases 511 474
Right-of-use assets obtained in exchange for recorded lease obligations: Operating leases 2,271 3,852
Right-of-use assets obtained in exchange for recorded lease obligations: Finance leases $ 43 $ 1,069
v3.26.1
Leases (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]        
Revenue included embedded operating leases $ 1,016 $ 903 $ 2,042 $ 1,937
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Revenue from Contract with Customer, Excluding Assessed Tax Revenue from Contract with Customer, Excluding Assessed Tax Revenue from Contract with Customer, Excluding Assessed Tax Revenue from Contract with Customer, Excluding Assessed Tax
v3.26.1
Leases (Property, Plant and Equipment Leased to Others through Embedded Leasing Arrangements) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Leases [Abstract]    
Property, plant, and equipment $ 41,243 $ 41,593
Less accumulated depreciation (30,143) (29,110)
Property, plant, and equipment, net $ 11,100 $ 12,483
v3.26.1
Joint Venture (Unamortized Deferred Revenue from JV) (Details) - Woodward and General Electric Joint Venture [Member] - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Schedule Of Equity Method Investments [Line Items]    
Accrued liabilities $ 7,689 $ 7,298
Other liabilities $ 230,266 $ 229,878
v3.26.1
Joint Venture (Narrative) (Details) - Woodward and General Electric Joint Venture [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Schedule Of Equity Method Investments [Line Items]        
Ownership interest, joint venture 50.00%   50.00%  
Sales [Member]        
Schedule Of Equity Method Investments [Line Items]        
Amortization of deferred gain recognized as an increase to net sales $ 2,017 $ 1,607 $ 4,116 $ 2,630
Reduction to sales related to royalties, associated with the contributed IP, owed to joint venture $ 22,228 $ 19,630 $ 42,901 $ 35,169
v3.26.1
Joint Venture (Other Income Related JV) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Schedule Of Equity Method Investments [Line Items]        
Other income $ 15,558 $ 11,386 $ 30,935 $ 21,542
Woodward and General Electric Joint Venture [Member]        
Schedule Of Equity Method Investments [Line Items]        
Other income $ 15,558 $ 11,386 $ 30,935 $ 21,542
v3.26.1
Joint Venture (Cash Distribution from JV) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Woodward and General Electric Joint Venture [Member]        
Schedule Of Equity Method Investments [Line Items]        
Cash distributions $ 11,500 $ 10,000 $ 25,500 $ 21,000
v3.26.1
Joint Venture (Net Sales to the JV) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Woodward and General Electric Joint Venture [Member] | Related Party [Member]        
Schedule Of Equity Method Investments [Line Items]        
Net sales $ 31,220 $ 24,270 $ 55,775 $ 44,966
v3.26.1
Joint Venture (Accounts Receivable, Accounts Payable, and Other Assets Related to JV) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Schedule Of Equity Method Investments [Line Items]    
Accounts receivable $ 536,474 $ 477,321
Accounts payable 305,855 289,417
Woodward and General Electric Joint Venture [Member]    
Schedule Of Equity Method Investments [Line Items]    
Other assets 28,504 23,069
Woodward and General Electric Joint Venture [Member] | Related Party [Member]    
Schedule Of Equity Method Investments [Line Items]    
Accounts receivable 6,523 5,377
Accounts payable $ 9,571 $ 8,370
v3.26.1
Financial Instruments and Fair Value Measurements (Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Financial assets:    
Total financial assets $ 96,173 $ 68,102
Financial liabilities:    
Total financial liabilities 17,741 27,406
Cross Currency Interest Rate Swaps [Member]    
Financial liabilities:    
Cross-currency interest rate swaps 17,741 27,406
Level 1 [Member]    
Financial assets:    
Total financial assets 96,173 68,102
Level 2 [Member]    
Financial liabilities:    
Total financial liabilities 17,741 27,406
Level 2 [Member] | Cross Currency Interest Rate Swaps [Member]    
Financial liabilities:    
Cross-currency interest rate swaps 17,741 27,406
Investments in Banks and Financial Institutions [Member]    
Financial assets:    
Investments in money markets and depository accounts 56,525 30,256
Investments in Banks and Financial Institutions [Member] | Level 1 [Member]    
Financial assets:    
Investments in money markets and depository accounts 56,525 30,256
Equity Securities [Member]    
Financial assets:    
Equity securities 39,648 37,846
Equity Securities [Member] | Level 1 [Member]    
Financial assets:    
Equity securities $ 39,648 $ 37,846
v3.26.1
Financial Instruments and Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - Level 2 [Member] - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Liabilities:    
Long-term debt, Estimated Fair Value $ 483,645 $ 566,582
Long-term debt, Carrying Cost 500,827 580,547
Long Term Notes Receivable from Municipalities [Member]    
ASSETS    
Notes receivable, Estimated Fair Value 5,071 5,444
Liabilities:    
Notes receivable, Carrying Cost $ 5,056 $ 5,392
v3.26.1
Financial Instruments and Fair Value Measurements (Narrative) (Details) - Measurement Input, Discount Rate [Member]
Mar. 31, 2026
Sep. 30, 2025
Long-Term Debt [Member] | Weighted Average [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Interest rate used to measure long-term debt 4.5 4.2
Long Term Notes Receivable from Municipalities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Interest rate used to measure municipal notes 3.2 3
v3.26.1
Derivative Instruments and Hedging Activities (Narrative) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
May 31, 2020
USD ($)
Swap
Loan
Sep. 23, 2016
EUR (€)
Derivative Instruments Gain Loss [Line Items]              
Remaining unrecognized gains (losses) associated with derivative instruments included in AOCI $ (4,322)   $ (4,322)   $ (5,830)    
2016 Note Purchase Agreements [Member]              
Derivative Instruments Gain Loss [Line Items]              
Issuance date     Sep. 23, 2016        
Face amount | €             € 160,000,000
Series M Notes [Member]              
Derivative Instruments Gain Loss [Line Items]              
Face amount | €             € 40,000,000
Maturity date     Sep. 23, 2026        
Gain (Loss) on foreign currency transaction designated as a hedge of a net investment in a foreign subsidiary 1,153 $ (1,712) $ 1,069 $ 1,351      
2020 Fixed-Rate Cross-Currency Swaps [Member]              
Derivative Instruments Gain Loss [Line Items]              
Derivative, notional amount $ 315,000   $ 315,000     $ 400,000  
2020 Fixed-Rate Cross-Currency Swaps [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]              
Derivative Instruments Gain Loss [Line Items]              
Derivative, number of instruments | Swap           5  
Fixed-Rate Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument | Cash Flow Hedging              
Derivative Instruments Gain Loss [Line Items]              
Derivative, number of instruments | Loan           5  
v3.26.1
Derivative Instruments and Hedging Activities (Impact of Derivative Instruments on Earnings) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments Gain Loss [Line Items]        
Amount of (Gain) loss recognized in accumulated OCI $ 7,329 $ (11,402) $ 9,177 $ 8,966
Loss (gain) reclassified from accumulated OCI into earnings | Cash Flow Hedging        
Derivative Instruments Gain Loss [Line Items]        
Amount of (Gain) loss reclassified from accumulated OCI into earnings $ (7,791) $ 16,560 $ (7,257) $ (11,123)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, General and Administrative Expense Selling, General and Administrative Expense Selling, General and Administrative Expense Selling, General and Administrative Expense
(Gain) recognized in accumulated OCI | Cash Flow Hedging        
Derivative Instruments Gain Loss [Line Items]        
Amount of (Gain) loss recognized in accumulated OCI $ (7,329) $ 11,402 $ (9,177) $ (8,966)
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax, Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, General and Administrative Expense Selling, General and Administrative Expense Selling, General and Administrative Expense Selling, General and Administrative Expense
v3.26.1
Supplemental Statement of Cash Flows Information (Schedule of Supplemental Statement of Cash Flows Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Supplemental Cash Flow Information [Abstract]        
Interest paid     $ 17,838 $ 18,366
Income taxes paid     62,977 43,141
Income tax refunds received     2,886 4,182
Non-cash activities:        
Purchases of property, plant and equipment on account     10,808 6,292
Common shares issued from treasury to settle benefit obligations $ 29,813 $ 24,058 $ 29,813 24,912
Receivables related to business acquisitions and divestitures       $ 7,003
v3.26.1
Acquisitions and Divestitures (Narrative) (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Mar. 09, 2026
Jul. 21, 2025
Mar. 31, 2025
Sep. 30, 2025
Acquisitions And Divestitures [Line Items]        
Cash proceeds     $ 44,896  
Cash receivables     7,003  
Pretax gain     $ 20,524  
Safran Electronics and Defense [Member]        
Acquisitions And Divestitures [Line Items]        
Acquisition date   Jul. 21, 2025    
Percentage of outstanding equity interests acquired   100.00%    
Acquisition-related costs       $ 9,348
Total consideration   $ 40,286    
Jet Research Development, Inc [Member]        
Acquisitions And Divestitures [Line Items]        
Acquisition date Mar. 09, 2026      
Total consideration $ 120,972      
v3.26.1
Acquisitions and Divestitures (Summary of Preliminary Fair Value Determination of Assets Acquired and Liabilities Assumed) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Jul. 21, 2025
Assets:      
Goodwill $ 825,503 $ 832,288  
Safran Electronics and Defense [Member]      
Assets:      
Accounts Receivable     $ 6,103
Inventories     11,833
Other current assets     3,125
Property, plant, and equipment     6,945
Goodwill     17,462
Other assets     4,527
Total assets     49,995
Liabilities:      
Accrued liabilities     4,447
Accounts payable     588
Income tax payable     189
Other noncurrent liabilities     4,485
Total liabilities     $ 9,709
v3.26.1
Inventories (Schedule of Inventories) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Inventory, Net [Abstract]    
Raw materials $ 224,611 $ 192,373
Work in progress 176,037 163,275
Component parts [1] 403,308 382,650
Finished goods 106,480 102,746
Customer supplied inventory 22,226 19,640
On-hand inventory for which control has transferred to the customer (228,197) (206,076)
Inventory, net $ 704,465 $ 654,608
[1] Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.
v3.26.1
Property, Plant, and Equipment (Schedule of Property Plant and Equipment, Net) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross $ 2,013,947 $ 1,927,878
Less accumulated depreciation (979,149) (941,255)
Property, plant, and equipment, net 1,034,798 986,623
Land and Land Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 103,810 95,172
Building and Building Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 639,239 626,144
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 15,816 15,900
Machinery and Production Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 908,199 885,473
Computer Equipment and Software [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 123,394 116,706
Office Furniture and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 44,202 43,312
Other [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 33,621 33,591
Construction in Progress [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross $ 145,666 $ 111,580
v3.26.1
Property, Plant, and Equipment (Schedule of Depreciation Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Property, Plant and Equipment, Net [Abstract]        
Depreciation expense $ 22,482 $ 20,794 $ 44,178 $ 41,756
v3.26.1
Goodwill (Schedule of Goodwill) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Mar. 31, 2026
Goodwill [Line Items]    
Goodwill, Beginning Balance $ 832,288 $ 832,288
Reduction from Working Capital Adjustment (931) (931)
Effects of Foreign Currency Translation   (5,854)
Goodwill, Ending Balance   825,503
Aerospace [Member]    
Goodwill [Line Items]    
Goodwill, Beginning Balance 473,779 473,779
Reduction from Working Capital Adjustment   (931)
Effects of Foreign Currency Translation   47
Goodwill, Ending Balance   472,895
Industrial [Member]    
Goodwill [Line Items]    
Goodwill, Beginning Balance $ 358,509 358,509
Effects of Foreign Currency Translation   (5,901)
Goodwill, Ending Balance   $ 352,608
v3.26.1
Goodwill (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Mar. 31, 2026
Goodwill [Line Items]    
Working capital adjustment resulting in reduction of goodwill $ 931 $ 931
v3.26.1
Intangible Assets, Net (Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization of Finite-Lived Intangible $ (469,984) $ (458,740)
Net Carrying Amount - Finite-Lived Intangible 342,329  
Intangible Assets, Gross, Total 878,785 886,820
Intangible Assets, Net, Total 408,801 428,080
Customer Relationships And Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 674,674 683,461
Accumulated Amortization of Finite-Lived Intangible (386,764) (377,018)
Net Carrying Amount - Finite-Lived Intangible 287,910 306,443
Intellectual Property [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 3,139 3,139
Accumulated Amortization of Finite-Lived Intangible (3,139) (3,139)
Process Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 134,500 132,210
Accumulated Amortization of Finite-Lived Intangible (80,081) (78,583)
Net Carrying Amount - Finite-Lived Intangible 54,419 53,627
Trade Name [Member]    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-Lived Intangible Assets 66,472 68,010
Intangible Assets, Net, Total 66,472 68,010
Aerospace [Member]    
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization of Finite-Lived Intangible (294,869) (292,082)
Intangible Assets, Gross, Total 326,253 326,253
Intangible Assets, Net, Total 31,384 34,171
Aerospace [Member] | Customer Relationships And Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 281,683 281,683
Accumulated Amortization of Finite-Lived Intangible (253,588) (251,109)
Net Carrying Amount - Finite-Lived Intangible 28,095 30,574
Aerospace [Member] | Process Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 44,570 44,570
Accumulated Amortization of Finite-Lived Intangible (41,281) (40,973)
Net Carrying Amount - Finite-Lived Intangible 3,289 3,597
Industrial [Member]    
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization of Finite-Lived Intangible (175,115) (166,658)
Intangible Assets, Gross, Total 552,532 560,567
Intangible Assets, Net, Total 377,417 393,909
Industrial [Member] | Customer Relationships And Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 392,991 401,778
Accumulated Amortization of Finite-Lived Intangible (133,176) (125,909)
Net Carrying Amount - Finite-Lived Intangible 259,815 275,869
Industrial [Member] | Intellectual Property [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 3,139 3,139
Accumulated Amortization of Finite-Lived Intangible (3,139) (3,139)
Industrial [Member] | Process Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 89,930 87,640
Accumulated Amortization of Finite-Lived Intangible (38,800) (37,610)
Net Carrying Amount - Finite-Lived Intangible 51,130 50,030
Industrial [Member] | Trade Name [Member]    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-Lived Intangible Assets 66,472 68,010
Intangible Assets, Net, Total $ 66,472 $ 68,010
v3.26.1
Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets Amortization Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]        
Amortization expense $ 7,424 $ 6,772 $ 14,766 $ 13,686
v3.26.1
Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
2026 (Remaining) $ 14,618
2027 29,498
2028 29,147
2029 28,242
2030 28,214
Thereafter 212,610
Net Carrying Amount - Finite-Lived Intangible $ 342,329
v3.26.1
Credit Facilities, Short-term Borrowings and Long-term Debt (Short-term Borrowings and Availability Under Various Short-term Credit Facilities) (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Line of Credit Facility [Line Items]  
Total availability $ 1,025,633
Outstanding letters of credit and guarantees (7,898)
Banker acceptance notes issued (51)
Outstanding borrowings (623,000)
Remaining availability 394,684
Revolving Credit Facility [Member]  
Line of Credit Facility [Line Items]  
Total availability 1,000,000
Outstanding letters of credit and guarantees (7,875)
Outstanding borrowings (623,000)
Remaining availability 369,125
Foreign Lines of Credit and Overdraft Facilities [Member]  
Line of Credit Facility [Line Items]  
Total availability 25,600
Outstanding letters of credit and guarantees (23)
Banker acceptance notes issued (51)
Remaining availability 25,526
Foreign Performance Guarantee Facilities [Member]  
Line of Credit Facility [Line Items]  
Total availability 33
Remaining availability $ 33
v3.26.1
Credit Facilities, Short-term Borrowings and Long-term Debt (Narrative) (Details)
 6 Months Ended 12 Months Ended
Nov. 17, 2025
USD ($)
Mar. 31, 2026
USD ($)
Sep. 30, 2025
USD ($)
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 1,025,633,000  
Outstanding borrowings   623,000,000  
Borrowings outstanding   623,000,000 $ 122,300,000
Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity   1,000,000,000  
Line of credit facility, maximum borrowing capacity extension   $ 1,500,000,000  
Maturity date   Oct. 21, 2027  
Outstanding borrowings   $ 623,000,000  
Principal amount borrowing outstanding   $ 623,000,000 $ 122,300,000
Effective interest rate   0.0478 0.0541
Foreign Lines of Credit and Overdraft Facilities [Member]      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 25,600,000  
Borrowings outstanding   $ 0 $ 0
Minimum [Member] | Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Basis spread on variable rate   0.875%  
Maximum [Member] | Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Basis spread on variable rate   1.75%  
Series I and L Notes [Member]      
Debt Instrument [Line Items]      
Payment of principal balance $ 75,000,000    
v3.26.1
Accrued Liabilities (Accrued Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Accrued Liabilities, Current [Abstract]            
Salaries and other member benefits $ 130,666   $ 175,110      
Product warranties and related liabilities 18,885 $ 17,773 25,504 $ 20,946 $ 19,008 $ 18,844
Interest payable 8,773   10,211      
Accrued restructuring 3,647          
Accrued retirement benefits 2,915   2,986      
Net current contract liabilities 60,667   49,235      
Taxes, other than income 14,480   15,367      
Other 41,430   34,670      
Accrued liabilities $ 281,463   $ 313,083      
v3.26.1
Accrued Liabilities (Changes in Accrued Product Warranties and Related Liabilities) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Accrued Liabilities, Current [Abstract]        
Beginning of period $ 17,773 $ 19,008 $ 25,504 $ 18,844
Additions, net of recoveries 3,097 5,841 5,476 9,346
Reductions for settlement (1,931) (4,030) (12,051) (7,044)
Foreign currency exchange rate changes (54) 127 (44) (200)
End of period $ 18,885 $ 20,946 $ 18,885 $ 20,946
v3.26.1
Accrued Liabilities (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2026
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 6,815 $ 6,815
Expected business wind-down costs   $ 13,000
Employee Severance [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 6,815  
v3.26.1
Accrued Liabilities - Changes in Restructuring Reserve Activity (Details) - Employee Severance [Member]
$ in Thousands
 6 Months Ended
Mar. 31, 2026
USD ($)
Restructuring Cost and Reserve [Line Items]  
Charges $ 6,815
Payments (2,836)
Non-cash activity (332)
Restructuring charges, end of period 3,647
China On-Highway Wind-down [Member]  
Restructuring Cost and Reserve [Line Items]  
Charges 6,815
Payments (2,836)
Non-cash activity (332)
Restructuring charges, end of period $ 3,647
v3.26.1
Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Other Liabilities, Noncurrent [Abstract]    
Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 88,815 $ 88,112
Total unrecognized tax benefits 18,576 12,130
Deferred economic incentives [1] 5,548 6,158
Noncurrent operating lease liabilities 18,994 20,199
Net noncurrent contract liabilities 417,211 431,458
Cross-currency swap derivative liability 17,741 27,406
Other 6,307 6,264
Other liabilities $ 573,192 $ 591,727
[1] Woodward receives certain economic incentives from various state and local authorities related to capital expansion projects. Such amounts are initially recorded as deferred credits and are being recognized as a reduction to pre-tax expense over the economic lives of the related capital expansion projects.
v3.26.1
Other Income, Net (Schedule of Other Income, Net) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Nonoperating income [Abstract]        
Equity interest in the earnings of the JV $ (15,558) $ (11,386) $ (30,935) $ (21,542)
Net loss (gain) on sales of assets and businesses 18 (10,806) 36 (20,049)
Net (gain) loss on investments in deferred compensation program 1,369 1,034 762 1,133
Other components of net periodic pension and other postretirement benefit, excluding service cost and interest expense (3,259) (3,323) (6,552) (6,639)
Other (628) (323) (743) (794)
Other income, net $ (18,058) $ (24,804) $ (37,432) $ (47,891)
v3.26.1
Income Taxes (Tax Expense and Effective Tax Rate) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]        
Earnings before income taxes $ 167,427 $ 132,963 $ 336,578 $ 234,817
Income tax expense $ 33,414 $ 24,014 $ 68,846 $ 38,777
Effective tax rate 20.00% 18.10% 20.50% 16.50%
v3.26.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
Sep. 30, 2025
Income Taxes [Line Items]    
Gross unrecognized tax benefits $ 24,329 $ 17,271
Unrecognized tax benefits that, if recognized, would affect the effective tax rate 14,438  
Possible decrease in unrecognized tax benefits liability $ 1,326  
Domestic Tax Authority [Member]    
Income Taxes [Line Items]    
Year remaining open to tax examination 2022  
State and Local Jurisdiction [Member]    
Income Taxes [Line Items]    
Year remaining open to tax examination 2020  
Foreign Jurisdiction [Member]    
Income Taxes [Line Items]    
Year remaining open to tax examination 2018  
v3.26.1
Retirement Benefits (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]        
Percentage of annual contribution equal to eligible prior year wages     5.00%  
Common shares issued from treasury to settle benefit obligations $ 29,813 $ 24,058 $ 29,813 $ 24,912
Treasury Stock [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Common shares issued for benefit plans, shares 78,000 126,000 78,000 131,000
Common shares issued from treasury to settle benefit obligations $ 3,525 $ 6,295 $ 3,525 $ 6,534
v3.26.1
Retirement Benefits (Schedule of Amount of Expense Associated with Defined Contribution Plans) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Retirement Benefits [Abstract]        
Company costs $ 16,505 $ 13,627 $ 31,246 $ 25,970
v3.26.1
Retirement Benefits (Schedule of Net Periodic Benefit Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Pension Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 537 $ 573 $ 1,071 $ 1,150
Interest cost 2,563 2,435 5,119 4,882
Expected return on plan assets (3,258) (3,352) (6,511) (6,714)
Amortization of: Net actuarial loss (gain) (85) (56) (171) (113)
Amortization of: Prior service cost 135 195 270 392
Net periodic retirement pension (benefit) cost (108) (205) (222) (403)
Contributions paid 692 490 1,112 874
Other Postretirement Benefit Plans [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost 178 180 355 359
Amortization of: Net actuarial loss (gain) (112) (111) (225) (221)
Net periodic retirement pension (benefit) cost 66 69 130 138
Contributions paid - other postretirement plans 394 408 791 794
United States [Member] | Defined Benefit Pension Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 199 230 398 459
Interest cost 1,770 1,718 3,540 3,437
Expected return on plan assets (2,617) (2,748) (5,235) (5,496)
Amortization of: Net actuarial loss (gain) 34 42 68 85
Amortization of: Prior service cost 129 190 258 381
Net periodic retirement pension (benefit) cost (485) (568) (971) (1,134)
Other Countries [Member] | Defined Benefit Pension Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 338 343 673 691
Interest cost 793 717 1,579 1,445
Expected return on plan assets (641) (604) (1,276) (1,218)
Amortization of: Net actuarial loss (gain) (119) (98) (239) (198)
Amortization of: Prior service cost 6 5 12 11
Net periodic retirement pension (benefit) cost 377 363 749 731
Contributions paid $ 692 $ 490 $ 1,112 $ 874
v3.26.1
Retirement Benefits (Schedule of Estimated Remaining Cash Contributions) (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Other Postretirement Benefit Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Estimated future employer contributions in the current fiscal year $ 1,588
United States [Member] | Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Estimated future employer contributions in the current fiscal year 433
United Kingdom [Member] | Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Estimated future employer contributions in the current fiscal year 186
Germany [Member] | Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Estimated future employer contributions in the current fiscal year $ 541
v3.26.1
Stockholders' Equity (Summary of Activity in Common Stock and Treasury Stock Shares) (Details) - shares
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Balance, Common Stock, shares     72,960,000  
Balance, Treasury Stock, shares     (13,060,000)  
Balance, Treasury stock held for deferred compensation, shares     (28,000)  
Balance, Common Stock, shares 72,960,000   72,960,000  
Balance, Treasury Stock, shares (13,367,000)   (13,367,000)  
Balance, Treasury stock held for deferred compensation, shares (27,000)   (27,000)  
Common Stock [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Balance, Common Stock, shares 72,960,000 72,960,000 72,960,000 72,960,000
Balance, Common Stock, shares 72,960,000 72,960,000 72,960,000 72,960,000
Treasury Stock at Cost [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Balance, Treasury Stock, shares (13,174,000) (13,607,000) (13,060,000) (13,787,000)
Purchase of treasury stock, shares (631,000) (243,000) (1,086,000) (449,000)
Sales of treasury stock, shares 360,000 344,000 701,000 725,000
Common shares issued for benefit plans, shares 78,000 126,000 78,000 131,000
Balance, Treasury Stock, shares (13,367,000) (13,380,000) (13,367,000) (13,380,000)
Treasury Stock Held for Deferred Compensation [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Balance, Treasury stock held for deferred compensation, shares (28,000) (31,000) (28,000) (45,000)
Purchases of stock by deferred compensation, shares     (1,000) (1,000)
Distribution of stock from deferred compensation, shares 1,000 1,000 2,000 16,000
Balance, Treasury stock held for deferred compensation, shares (27,000) (30,000) (27,000) (30,000)
v3.26.1
Stockholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Nov. 20, 2025
Jan. 31, 2024
Mar. 31, 2026
Mar. 31, 2026
Jun. 30, 2025
Sep. 30, 2025
Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements     $ 43,646 $ 43,646      
Forfeiture rate, Board of Directors     0.00% 0.00%      
Forfeiture rate, non-Board of Directors     7.20% 7.20%      
Unrecognized compensation cost is expected to be recognized over a weighted-average period       2 years      
Stock Options [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Vested contractual term, in years       10 years      
Vesting period, in years       4 years      
Weighted-average exercise price     $ 391.53 $ 391.53      
Stock Options [Member] | Share-based Compensation Award Tranche One [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Vesting rate       25.00%      
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award Tranche One [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Vesting period, in years       4 years      
Vesting rate       25.00%      
Restricted Stock Units (RSUs) [Member] | On or After November 14, 2023 [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Vesting period, in years       3 years      
Vesting rate       33.30%      
Performance Restricted Stock Units [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Discount for dividends         0.00%    
Market condition awards [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Award performance period (in years)       3 years      
Performance based criteria plan payout percentage, target       100.00%      
Market condition awards [Member] | Maximum [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Performance based criteria plan payout percentage       200.00%   150.00%  
Market condition awards [Member] | Minimum [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Performance based criteria plan payout percentage       0.00%   0.00%  
Performance Condition Award [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Award performance period (in years)       3 years      
Performance Condition Award [Member] | Maximum [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Performance based criteria plan payout percentage       200.00%      
Performance Condition Award [Member] | Minimum [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Performance based criteria plan payout percentage       0.00%      
2026 Authorization [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Stock repurchase program authorized amount     $ 315,745 $ 315,745      
Repurchase period in years 3 years            
Stock repurchase program, number of shares authorized to be repurchased     933,000 933,000      
New stock repurchase program authorized amount $ 1,800,000            
2024 Authorization [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Stock repurchase program authorized amount   $ 600,000 $ 39,145 $ 39,145     $ 79,493
Repurchase period in years   3 years          
Stock repurchase program, number of shares authorized to be repurchased     153,000 153,000     449,000
v3.26.1
Stockholders' Equity (Summary of Activity for Stock Option Awards) (Details) - Stock Options [Member] - $ / shares
shares in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of options, Beginning balance 1,942 2,249
Granted, Number of options 17 17
Exercised, Number of options (287) (594)
Forfeited, Number of options (1) (1)
Number of options, Ending balance 1,671 1,671
Weighted Average Exercise Price Per Share, Beginning balance $ 92.48 $ 91.25
Granted, Weighted Average Exercise Price Per Share 391.53 391.53
Exercised, Weighted Average Exercise Price Per Share 81.78 82.65
Forfeited, Weighted Average Exercise Price Per Share 83.24 83.24
Weighted Average Exercise Price Per Share, Ending balance $ 97.33 $ 97.33
v3.26.1
Stockholders' Equity (Changes in Non-vested Stock Options) (Details) - Stock Options [Member] - $ / shares
shares in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of Options, Beginning balance 247 473
Granted, Number of options 17 17
Vested, Number of options (31) (257)
Forfeited, Number of options 0 0
Number of Options, Ending balance 233 233
Weighted-Average Grant Date Fair Value Per Share, Beginning balance $ 48.33 $ 43.4
Granted, Weighted-Average Grant Date Fair Value Per Share 173.79 173.79
Vested, Weighted-Average Grant Date Fair Value Per Share 64.6 41.21
Forfeited, Weighted-Average Grant Date Fair Value Per Share 0 0
Weighted-Average Grant Date Fair Value Per Share, Ending balance $ 55.26 $ 55.26
v3.26.1
Stockholders' Equity (Stock Options Vested, or Expected to Vest and Exercisable) (Details) - Stock Options [Member] - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Options outstanding, Number of options 1,671 1,942 2,249
Options vested and exercisable, Number of options 1,439    
Options vested and expected to vest, Number of options 1,663    
Options outstanding, Weighted-Average Exercise Price $ 97.33 $ 92.48 $ 91.25
Options vested and exercisable, Weighted-Average Exercise Price Per Share 91.91    
Options vested and expected to vest, Weighted-Average Exercise Price Per Share $ 96.84    
Options outstanding, Weighted-Average Remaining Life in Years 4 years 9 months 18 days    
Options vested and exercisable, Weighted-Average Remaining Life in Years 4 years 4 months 24 days    
Options vested and expected to vest, Weighted-Average Remaining Life in Years 4 years 9 months 18 days    
Options outstanding, Aggregate Intrinsic Value $ 436,191    
Options vested and exercisable, Aggregate Intrinsic Value 382,708    
Options vested and expected to vest, Aggregate Intrinsic Value $ 434,762    
v3.26.1
Stockholders' Equity (Summary of Activity for RSUs) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares
shares in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of units, Beginning balance 264 309
Granted, Number of units 55 62
Released, Number of units (82) (132)
Forfeited, Number of units (1) (3)
Number of units, Ending balance 236 236
Weighted-Average Grant Date Fair Value, Beginning balance $ 159.51 $ 148.31
Granted, Weighted-Average Grant Date Fair Value 391.53 378.1
Released, Weighted-Average Grant Date Fair Value 159.64 139.31
Forfeited, Weighted-Average Grant Date Fair Value 188.05 131.21
Weighted-Average Grant Date Fair Value, Ending balance $ 213.07 $ 213.07
v3.26.1
Stockholders' Equity (Schedule of Assumptions to Value PSUs Granted) (Details) - Performance Restricted Stock Units [Member] - $ / shares
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Expected volatility 30.70% 30.90% 30.20%
Risk free interest rate 3.40% 4.10% 4.50%
Expected life 3 years 3 years 3 years
Grant date fair value $ 367.56 $ 196.63 $ 146.47
v3.26.1
Stockholders' Equity (Summary of Market Condition Awards) (Details) - Market condition awards [Member]
shares in Thousands
 6 Months Ended
Mar. 31, 2026
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of units, Beginning balance | shares 104
Granted, Number of units | shares 15
Forfeited, Number of units | shares 0
Number of units, Ending balance | shares 119
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares $ 167.17
Granted, Weighted-Average Grant Date Fair Value | $ / shares 367.56
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares 0
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares $ 193.29
v3.26.1
Stockholders' Equity (Summary of Activity for Performance Condition Awards) (Details) - Performance Condition Award [Member]
shares in Thousands
 6 Months Ended
Mar. 31, 2026
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of units, Beginning balance | shares 0
Granted, Number of units | shares 15
Forfeited, Number of units | shares 0
Number of units, Ending balance | shares 15
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares $ 0
Granted, Weighted-Average Grant Date Fair Value | $ / shares 298.15
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares 0
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares $ 298.15
v3.26.1
Segment Information (Narrative) (Details)
 6 Months Ended
Mar. 31, 2026
Segment
Segment Reporting [Abstract]  
Number of Reportable Segments 2
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The CODM uses forecast-to-actual variances and year-over-year variances on a monthly basis when assessing segment performance and forecasts in deciding how to allocate resources among the segments. The CODM evaluates the performance of the Company’s segments based on reportable segment operating profit. In connection with that assessment, Woodward generally excludes matters such as certain charges for restructuring, interest income and expense, certain gains and losses from asset dispositions, or other unusual and/or non-operationally related expenses.
v3.26.1
Segment Information (Summary of Consolidated Net Sales and Segment Operating Profit by Segment) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]        
Net sales $ 1,090,568 $ 883,629 $ 2,087,022 $ 1,656,354
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
Aerospace [Member]        
Segment Reporting Information [Line Items]        
Net sales 703,321 561,729 1,338,218 1,055,611
Industrial [Member]        
Segment Reporting Information [Line Items]        
Net sales 387,247 321,900 748,804 600,743
Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Net sales 1,090,568 883,629 2,087,022 1,656,354
Cost of goods sold 774,330 642,767 1,478,291 1,225,438
Selling, general and administrative expenses 67,400 49,303 126,808 88,882
Research and development costs 44,322 35,595 80,612 64,489
Other segment items [1] (19,280) (14,619) (37,874) (27,960)
Reportable segment operating profit 223,796 170,583 439,185 305,505
Operating Segments [Member] | Aerospace [Member]        
Segment Reporting Information [Line Items]        
Net sales 703,321 561,729 1,338,218 1,055,611
Cost of goods sold 506,058 407,063 959,858 782,815
Selling, general and administrative expenses 27,912 22,490 56,531 40,965
Research and development costs 29,416 21,223 51,434 38,851
Other segment items [1] (18,140) (13,663) (36,075) (26,361)
Reportable segment operating profit 158,075 124,616 306,470 219,341
Operating Segments [Member] | Industrial [Member]        
Segment Reporting Information [Line Items]        
Net sales 387,247 321,900 748,804 600,743
Cost of goods sold 268,272 235,704 518,433 442,623
Selling, general and administrative expenses 39,488 26,813 70,277 47,917
Research and development costs 14,906 14,372 29,178 25,638
Other segment items [1] (1,140) (956) (1,799) (1,599)
Reportable segment operating profit $ 65,721 $ 45,967 $ 132,715 $ 86,164
[1] Other segment items mainly includes our equity interest in the earnings of the JV, other components of net periodic pension and other postretirement benefit, excluding service cost and interest expense, and net gain/loss on sales of assets and businesses.
v3.26.1
Segment Information - Summary of Consolidated Earnings Before Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]        
Interest expense, net $ (11,320) $ (10,868) $ (20,963) $ (21,832)
Consolidated earnings before income taxes 167,427 132,963 336,578 234,817
Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Reportable segment operating profit 223,796 170,583 439,185 305,505
Unallocated Corporate [Member]        
Segment Reporting Information [Line Items]        
Nonsegment expenses $ (45,049) $ (26,752) $ (81,644) $ (48,856)
v3.26.1
Segment Information (Summary of Consolidated Total Assets, Capital Expenditures, Depreciation and Amortization by Segment) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Sep. 30, 2025
Segment Reporting Information [Line Items]          
Consolidated total assets $ 4,969,112   $ 4,969,112   $ 4,630,143
Property, plant and equipment, net 1,034,798   1,034,798   986,623
Depreciation and amortization 29,906 $ 27,566 58,944 $ 55,442  
Capital expenditures     96,270 51,990  
Unallocated Corporate [Member]          
Segment Reporting Information [Line Items]          
Property, plant and equipment, net 122,023   122,023   120,502
Other assets 1,064,219   1,064,219   897,333
Depreciation and amortization 3,547 2,980 6,738 5,986  
Capital expenditures     9,013 21,072  
Aerospace [Member] | Operating Segments [Member]          
Segment Reporting Information [Line Items]          
Consolidated total assets 2,276,086   2,276,086   2,110,805
Depreciation and amortization 13,232 12,607 26,297 25,341  
Capital expenditures     67,742 19,047  
Industrial [Member] | Operating Segments [Member]          
Segment Reporting Information [Line Items]          
Consolidated total assets 1,506,784   1,506,784   $ 1,501,503
Depreciation and amortization $ 13,127 $ 11,979 25,909 24,115  
Capital expenditures     $ 19,515 $ 11,871  
v3.26.1
Subsequent Events (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
Apr. 22, 2026
Jul. 21, 2025
Apr. 15, 2026
Safran Electronics & Defense [Member]      
Subsequent Event [Line Items]      
Acquisition agreement date   Jul. 21, 2025  
Aggregate purchase price   $ 40,286  
Subsequent Event [Member]      
Subsequent Event [Line Items]      
Sales price received     $ 180,000
Subsequent Event [Member] | O 2026 Q3 Dividends Member      
Subsequent Event [Line Items]      
Dividend per share $ 0.32    
Dividend, payable date Jun. 04, 2026    
Dividend, record date May 21, 2026