WOODWARD, INC., 10-K filed on 11/25/2025
Annual Report
v3.25.3
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2025
Nov. 24, 2025
Mar. 31, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Sep. 30, 2025    
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    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 7,090
Entity Common Stock, Shares Outstanding   59,868,975  
Amendment Flag false    
Entity Central Index Key 0000108312    
Document Fiscal Period Focus FY    
Current Fiscal Year End Date --09-30    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Document Fiscal Year Focus 2025    
ICFR Auditor Attestation Flag true    
Documents Incorporated by Reference

Portions of our proxy statement for the Annual Meeting of Stockholders to be held virtually on January 28, 2026, are incorporated by reference into Part III of this Annual Report on Form 10-K, to the extent indicated.

    
Auditor Name DELOITTE & TOUCHE LLP    
Auditor Location Denver, Colorado    
Auditor Firm ID 34    
Auditor Opinion [Text Block]

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Woodward, Inc. and subsidiaries (the "Company") as of September 30, 2025 and 2024, the related consolidated statements of earnings, comprehensive earnings, cash flows, and stockholders' equity, for each of the three years in the period ended September 30, 2025, and the related notes (collectively referred to as the "financial statements"). We also have audited the Company's internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of September 30, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

Basis for Opinions

The Company's management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on these financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and

directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Point in time and over time revenue recognition and material rights and costs to fulfill a contract – Refer to Notes 1 and 3 to the financial statements

Critical Audit Matter Description

The Company recognizes revenue for performance obligations within a customer contract when control of the associated product or service is transferred to the customer. The Company also identifies and measures material rights associated with consideration it receives from customers for funded research and development activities related to long-term supply contracts.

•
Performance obligations are satisfied and revenue is recognized over time if: (i) the customer receives the benefits as Woodward performs work, (ii) if the customer controls the asset as it is being enhanced, or (iii) if the product being produced for the customer has no alternative use to Woodward and Woodward has an enforceable right to payment with a profit. For products being produced for the customer that have no alternative use to Woodward and Woodward has an enforceable right to payment with a profit, and where the products are substantially the same and have the same pattern of transfer to the customer, revenue is recognized as a series of distinct products. Revenue is recognized at a point in time if the conditions above are not met. Revenue recognized over time and at a point in time was $1,937,766 and $1,629,298, respectively, for the year ended September 30, 2025.
•
Customers sometimes pay consideration to Woodward for product engineering and development activities that do not result in the immediate transfer of distinct products or services to the customer. There is an implicit assumption that without the customer making such advance payments to Woodward, Woodward’s future sales of products or services to the customer would be at a higher selling price; therefore, such payments create a “material right” to the customer that effectively gives the customer an option to acquire future products or services, at a discount, that are dependent upon the product engineering and development. Material rights are recorded as contract liabilities and will be recognized when control of the related products or services are transferred to the customer. Deferred revenue from material rights related to engineering and development funding as of September 30, 2025 were $7,353 within Accrued liabilities and $199,465 in Other liabilities.

We identified both the determination of whether to recognize revenue at a point in time or over time as well as the identification and measurement of material rights associated with funded research and development activities as a critical audit matter because of the significant judgments and assumptions management makes related to alternative use, the enforceable right to payment, and the identification and measurement of material rights. This required a high degree of auditor judgment and an increased extent of effort to evaluate the appropriateness of management’s classification of revenue as point in time or over time and identification and measurement of material rights.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the classification of revenue and identification of material rights included the following, among others:

•
We tested the effectiveness of controls over alternative use, enforceable right to payment, and the application of those conclusions to customer sales orders.
•
We tested the effectiveness of controls over the identification and subsequent monitoring of material rights.
•
We tested that alternative use and enforceable right to payment were appropriately applied to determine that revenue was classified properly.
•
We tested balances identified as material rights by inspecting contracts, source documents, and payment support to determine that balances were appropriately measured, accounted for, and disclosed as material rights.
    
v3.25.3
Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]      
Net sales $ 3,567,064 $ 3,324,249 $ 2,914,566
Costs and expenses:      
Cost of goods sold 2,610,772 2,447,770 2,236,983
Selling, general and administrative expenses 329,823 307,499 269,692
Research and development costs 147,568 140,676 132,095
Restructuring activities     5,172
Interest expense 45,689 47,959 47,898
Interest income (4,189) (6,458) (2,751)
Other income expense, net (84,010) (67,168) (50,291)
Total costs and expenses 3,045,653 2,870,278 2,638,798
Earnings before income taxes 521,411 453,971 275,768
Income tax expense 79,300 81,000 43,400
Net earnings $ 442,111 $ 372,971 $ 232,368
Earnings per share:      
Basic earnings per share $ 7.42 $ 6.21 $ 3.88
Diluted earnings per share $ 7.19 $ 6.01 $ 3.78
Weighted Average Common Shares Outstanding:      
Basic 59,563 60,076 59,908
Diluted 61,464 62,084 61,482
v3.25.3
Consolidated Statements of Comprehensive Earnings - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Consolidated Statements of Comprehensive Earnings      
Net earnings $ 442,111 $ 372,971 $ 232,368
Foreign currency related other comprehensive earnings:      
Foreign currency translation adjustments 19,041 30,311 21,180
Net (loss) on foreign currency transactions designated as hedges of net investments (2,263) (2,381) (3,090)
Taxes on changes on foreign currency translation adjustments 3,401 334 1,011
Foreign currency translation and transactions adjustments, net of tax 20,179 28,264 19,101
Derivative related other comprehensive earnings:      
Unrealized (loss) on fair value adjustment of derivative instruments (23,105) (18,551) (36,587)
Reclassification of net realized losses on derivatives to earnings 22,435 23,093 33,224
Taxes on changes on derivative transactions 0 0 (141)
Derivative adjustments, net of tax (670) 4,542 (3,504)
Pension and postretirement medical liability other comprehensive earnings:      
Net gain arising during the period 3,227 7,826 9,401
Prior service cost arising during the period 0 (1,121) 0
Amortization of:      
Prior service cost 785 721 720
Net (gain) (683) (1,049) (823)
Foreign currency exchange rate changes on pension and postretirement medical liabilities 509 110 247
Taxes on changes on pension and postretirement medical liability adjustments (1,064) (1,320) (3,250)
Pension and other postretirement benefit plan adjustments, net of tax 2,774 5,167 6,295
Total comprehensive earnings $ 464,394 $ 410,944 $ 254,260
v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Current assets:    
Cash and cash equivalents $ 327,431 $ 282,270
Accounts receivable, less allowance for uncollectible amounts of $9,725 and $7,738, respectively 831,116 770,066
Inventories 654,608 609,092
Income taxes receivable 1,553 22,016
Other current assets 69,706 60,167
Total current assets 1,884,414 1,743,611
Property, plant and equipment, net 986,623 940,715
Goodwill 832,288 806,643
Intangible assets, net 428,080 440,419
Deferred income tax assets 118,711 84,392
Other assets 380,027 353,135
Total assets 4,630,143 4,368,915
Current liabilities:    
Short-term debt 122,300 217,000
Current portion of long-term debt 122,934 85,719
Accounts payable 289,417 287,457
Income taxes payable 59,655 40,692
Accrued liabilities 313,083 292,642
Total current liabilities 907,389 923,510
Long-term debt, less current portion 456,968 569,751
Deferred income tax liabilities 107,669 121,858
Other liabilities 591,727 577,380
Total liabilities 2,063,753 2,192,499
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 482,259 396,554
Accumulated other comprehensive losses (10,415) (32,698)
Deferred compensation 1,741 2,662
Retained earnings 3,600,395 3,223,259
Stockholders' equity 4,074,086 3,589,883
Treasury stock at cost, 13,060 shares and 13,787 shares, respectively (1,505,955) (1,410,805)
Treasury stock held for deferred compensation, at cost, 28 shares and 45 shares, respectively (1,741) (2,662)
Total stockholders' equity 2,566,390 2,176,416
Total liabilities and stockholders' equity $ 4,630,143 $ 4,368,915
v3.25.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Current assets:    
Allowance, accounts receivable $ 9,725 $ 7,738
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 13,060,000 13,787,000
Treasury stock held for deferred compensation, shares 28,000 45,000
v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:      
Net earnings $ 442,111 $ 372,971 $ 232,368
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 113,278 116,170 119,743
Net (gain) loss on sales of assets and businesses (18,731) (457) 1,491
Stock-based compensation 31,674 33,052 23,383
Deferred income taxes (52,358) (44,606) (40,155)
Changes in operating assets and liabilities, net of the effect of acquisition:      
Trade accounts receivable (11,475) 35,799 (113,119)
Unbilled receivables (contract assets) (38,478) (51,168) (23,879)
Costs to fulfill a contract (14,812) (3,718) (11,544)
Inventories (49,624) (84,944) 3,234
Accounts payable and accrued liabilities 56,818 63,655 67,447
Contract liabilities (3,042) 31,538 20,115
Income taxes 31,992 (18,069) (3,652)
Retirement benefit obligations (3,406) (1,837) (909)
Other (12,653) (9,297) 34,020
Net cash provided by operating activities 471,294 439,089 308,543
Cash flows from investing activities:      
Payments for purchase of property, plant, and equipment (130,928) (96,280) (76,500)
Proceeds from sale of assets 42 2,292 488
Proceeds from business divestiture 50,068 1,800  
Payments for business acquisition, net of cash acquired (41,678)   878
Proceeds from sales of short-term investments 2,943 9,738 7,692
Payments for purchases of short-term investments   (6,767) (6,109)
Net cash used in investing activities (119,553) (89,217) (73,551)
Cash flows from financing activities:      
Cash dividends paid (64,975) (58,286) (51,027)
Proceeds from sales of treasury stock 104,578 89,875 50,749
Payments for repurchases of common stock (172,857) (390,819) (126,380)
Borrowings on revolving lines of credit and short-term borrowings 2,285,900 2,962,800 2,323,500
Payments on revolving lines of credit and short-term borrowings (2,380,600) (2,745,800) (2,390,300)
Payments of debt financing costs     (2,236)
Payments of long-term debt and finance lease obligations (85,972) (75,817) (779)
Net cash used in financing activities (313,926) (218,047) (196,473)
Effect of exchange rate changes on cash and cash equivalents 7,346 12,998 (8,916)
Net change in cash and cash equivalents 45,161 144,823 29,603
Cash and cash equivalents at beginning of year 282,270 137,447 107,844
Cash and cash equivalents at end of year $ 327,431 $ 282,270 $ 137,447
v3.25.3
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Treasury Stock at Cost [Member]
Treasury Stock Held for Deferred Compensation [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]
Balances at Sep. 30, 2022 $ 1,901,122 $ 106 $ (1,027,194) $ (6,781) $ 293,540 $ (86,494) $ (6,215) $ 146 $ (92,563) $ 6,781 $ 2,727,233
Net earnings 232,368                   232,368
Other comprehensive earnings (loss), net of tax 21,892         19,101 (3,504) 6,295 21,892    
Cash dividends paid (51,027)                   (51,027)
Purchases of treasury stock (126,682)   (126,380)   (302)            
Sales of treasury stock 50,467   50,090   377            
Common shares issued for benefit plans 19,466   8,523   10,943            
Stock-based compensation 23,383       23,383            
Purchases of stock by deferred compensation       (178)           178  
Distribution of stock from deferred compensation       4,183           (4,183)  
Balances at Sep. 30, 2023 2,070,989 106 (1,094,961) (2,776) 327,941 (67,393) (9,719) 6,441 (70,671) 2,776 2,908,574
Net earnings 372,971                   372,971
Other comprehensive earnings (loss), net of tax 37,973         28,264 4,542 5,167 37,973    
Cash dividends paid (58,286)                   (58,286)
Purchases of treasury stock (393,593)   (390,819)   (2,774)            
Sales of treasury stock 91,421   67,053   24,368            
Common shares issued for benefit plans 21,889   7,922   13,967            
Stock-based compensation 33,052       33,052            
Purchases of stock by deferred compensation       (173)           173  
Distribution of stock from deferred compensation       287           (287)  
Balances at Sep. 30, 2024 2,176,416 106 (1,410,805) (2,662) 396,554 (39,129) (5,177) 11,608 (32,698) 2,662 3,223,259
Net earnings 442,111                   442,111
Other comprehensive earnings (loss), net of tax 22,283         20,179 (670) 2,774 22,283    
Cash dividends paid (64,975)                   (64,975)
Purchases of treasury stock (170,489)   (170,083)   (406)            
Sales of treasury stock 104,458   68,399   36,059            
Common shares issued for benefit plans 24,912   6,534   18,378            
Stock-based compensation 31,674       31,674            
Purchases of stock by deferred compensation       (150)           150  
Distribution of stock from deferred compensation       1,071           (1,071)  
Balances at Sep. 30, 2025 $ 2,566,390 $ 106 $ (1,505,955) $ (1,741) $ 482,259 $ (18,950) $ (5,847) $ 14,382 $ (10,415) $ 1,741 $ 3,600,395
v3.25.3
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]      
Cash dividends per share $ 1.09 $ 0.97 $ 0.85
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 442,111 $ 372,971 $ 232,368
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

Insider Trading Arrangements Intended to Satisfy the Affirmative Defense of Rule 10b5-1(c)

During the three months ended September 30, 2025, two officers of the Company entered into trading plans pursuant to Rule 10b5-1 of the Exchange Act intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act (each such trading plan, a "Plan"), as discussed below.

On July 30, 2025, Thomas Cromwell, Executive Vice President and Chief Operating Officer, entered into a Plan that provides for the exercise of up to 30,000 non-qualified stock options and sale of the net shares of common stock of the Company received upon exercise. Mr. Cromwell’s plan terminates on June 1, 2026, for a duration of 306 days.

On September 3, 2025, Terence Voskuil, our then-incumbent Executive Vice President and President, Aerospace, entered into a Plan that provides for the exercise of up to 17,300 non-qualified stock options and sale of the net shares of common stock of the Company received upon exercise. Mr. Voskuil's Plan terminates on May 29, 2026, for a duration of 268 days. As of October 1, 2025, Mr. Voskuil transitioned into the role of Executive Vice President, Chief Technology Officer, Aerospace. Mr. Voskuil is no longer an officer of the Company, as defined in Rule 16a-1(f).

During the quarter ended September 30, 2025, 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
Thomas Cromwell [Member]  
Trading Arrangements, by Individual  
Name Thomas Cromwell
Title Executive Vice President and Chief Operating Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date July 30, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date June 1, 2026
Arrangement Duration 306 days
Aggregate Available 30,000
Terence Voskuil [Member]  
Trading Arrangements, by Individual  
Name Terence Voskuil
Title incumbent Executive Vice President and President
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 3, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date May 29, 2026
Arrangement Duration 268 days
Aggregate Available 17,300
v3.25.3
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Sep. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C. Cybersecurity

Cybersecurity Risk Management and Strategy

We maintain a cybersecurity risk management program based on the National Institute of Standards and Technology Cybersecurity Framework to assess, identify, and manage cybersecurity risks. This program is designed to protect business continuity and preserve the confidentiality, integrity, and continued availability of our IT systems and infrastructure used in our business as well as the information that we own or is in our care and is integrated into our overall enterprise risk management program.

We have established processes to evaluate and address cybersecurity risks on an ongoing basis. As part of our risk management program, we engage with external third parties to measure the effectiveness of our cybersecurity program through penetration tests, control assessments, tabletop exercises, and other related activities. Further, we have implemented a defense-in-depth strategy in which we utilize real-time 24/7 monitoring to identify anomalies, potential threats, and alerts. This cybersecurity strategy incorporates frameworks, policies, and practices designed to protect the privacy and security of our sensitive information, backed by a suite of security technologies and tools to implement and automate select security protections. We maintain cyber risk and related insurance policies as a measure of added protection.

We educate our members to raise awareness of cybersecurity threats. As part of our program, we maintain annual training for all members on cybersecurity standards and provide training on how to recognize and properly respond to phishing, social engineering schemes, and certain other cyber threats. We equip our members with a mechanism to easily report suspicious emails which are analyzed by our security systems and dedicated incident response team. We periodically send “Test” phishing assessments to our members. Any failures trigger a retraining exercise. Also, we have specific and regular training for our IT and finance members, as well as our system administrators.

In addition, we maintain processes governing interconnections with third-party systems and we perform due diligence procedures before onboarding service providers with access to our systems or processing sensitive data on our behalf. This process includes, as applicable and appropriate based on risk profile and criticality, a review of System and Organization Controls ("SOC") 1 and SOC 2 reports (as each such report is defined by the American Institute of Certified Public Accountants), ISO 27001 certifications, and/or Cybersecurity Maturity Model Certifications, as well as reviewing penetration tests, conducting vulnerability tests, and administering security questionnaires and assessments.

We have not identified risks from known cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. However, risks from cybersecurity threats, including but not limited to exploitation of vulnerabilities, ransomware, denial of service, supply chain attacks, or other similar threats may materially affect us, including our execution of business strategy, reputation, results of operations and/or financial condition. Nonetheless, our IT infrastructure, systems, networks, products, solutions, and services remain vulnerable to numerous additional known or unknown threats. For more information about the cybersecurity risks we face, please refer to Item 1A, “Risk Factors,” in this Form 10-K, including the risk factor entitled “Our business and operations may be adversely affected by cybersecurity breaches or other information technology system or network interruptions or intrusions.”

Cybersecurity Governance

Our cybersecurity program is ultimately overseen by the Board of Directors (the "Board"). The Audit Committee has responsibility for the oversight of risk management activities related to cybersecurity and other information security and technology risks. Our cybersecurity program is implemented and administered by a dedicated team of internal and external cybersecurity professionals that conduct periodic control gap assessments, maturity assessments, and benchmarking against peers in the industry, monitor various security tools deployed in the IT environment and review threat intelligence and other information from various public and private sources. The team has decades of experience with varied certifications and is led by our Chief Information Security Officer ("CISO"), who reports to our Vice President of IT, has over 18 years of experience as an IT professional and in cybersecurity, including experience leading cybersecurity programs protecting high value assets and critical infrastructure, including in high-risk locations. Our Vice President of IT has been a key leader in our IT group for more than 25 years, including the last seven in his current role leading our IT function. He plays an integral role in cybersecurity risk assessment and mitigation in all corporate acquisitions, and he participated in the development and implementation of our initial cybersecurity program more than 20 years ago.

Our CISO and Vice President of IT are primarily responsible for assessing and managing risks from cybersecurity threats to the Company. The CISO and Vice President of IT make regular reports to senior management regarding the cybersecurity program. We also have a notification process for appropriate escalation of cyber incidents by members of our internal cybersecurity team to senior management as appropriate, including our Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, and/or General Counsel, as well as to the Audit Committee. The senior management team, including the CISO and Vice President of IT, provides quarterly data protection and cybersecurity reports to the Audit Committee, as well as periodic reports to the full Board of Directors, which include information about cyber risk management, the cybersecurity risk environment, and the status of ongoing efforts to strengthen cybersecurity effectiveness.

Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

We maintain a cybersecurity risk management program based on the National Institute of Standards and Technology Cybersecurity Framework to assess, identify, and manage cybersecurity risks. This program is designed to protect business continuity and preserve the confidentiality, integrity, and continued availability of our IT systems and infrastructure used in our business as well as the information that we own or is in our care and is integrated into our overall enterprise risk management program.

Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Our cybersecurity program is ultimately overseen by the Board of Directors (the "Board"). The Audit Committee has responsibility for the oversight of risk management activities related to cybersecurity and other information security and technology risks. Our cybersecurity program is implemented and administered by a dedicated team of internal and external cybersecurity professionals that conduct periodic control gap assessments, maturity assessments, and benchmarking against peers in the industry, monitor various security tools deployed in the IT environment and review threat intelligence and other information from various public and private sources. The team has decades of experience with varied certifications and is led by our Chief Information Security Officer ("CISO"), who reports to our Vice President of IT, has over 18 years of experience as an IT professional and in cybersecurity, including experience leading cybersecurity programs protecting high value assets and critical infrastructure, including in high-risk locations. Our Vice President of IT has been a key leader in our IT group for more than 25 years, including the last seven in his current role leading our IT function. He plays an integral role in cybersecurity risk assessment and mitigation in all corporate acquisitions, and he participated in the development and implementation of our initial cybersecurity program more than 20 years ago.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee has responsibility for the oversight of risk management activities related to cybersecurity and other information security and technology risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our cybersecurity program is implemented and administered by a dedicated team of internal and external cybersecurity professionals that conduct periodic control gap assessments, maturity assessments, and benchmarking against peers in the industry, monitor various security tools deployed in the IT environment and review threat intelligence and other information from various public and private sources.
Cybersecurity Risk Role of Management [Text Block] Our CISO and Vice President of IT are primarily responsible for assessing and managing risks from cybersecurity threats to the Company. The CISO and Vice President of IT make regular reports to senior management regarding the cybersecurity program. We also have a notification process for appropriate escalation of cyber incidents by members of our internal cybersecurity team to senior management as appropriate, including our Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, and/or General Counsel, as well as to the Audit Committee. The senior management team, including the CISO and Vice President of IT, provides quarterly data protection and cybersecurity reports to the Audit Committee, as well as periodic reports to the full Board of Directors, which include information about cyber risk management, the cybersecurity risk environment, and the status of ongoing efforts to strengthen cybersecurity effectiveness.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] We also have a notification process for appropriate escalation of cyber incidents by members of our internal cybersecurity team to senior management as appropriate, including our Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, and/or General Counsel, as well as to the Audit Committee.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The team has decades of experience with varied certifications and is led by our Chief Information Security Officer ("CISO"), who reports to our Vice President of IT, has over 18 years of experience as an IT professional and in cybersecurity, including experience leading cybersecurity programs protecting high value assets and critical infrastructure, including in high-risk locations. Our Vice President of IT has been a key leader in our IT group for more than 25 years, including the last seven in his current role leading our IT function. He plays an integral role in cybersecurity risk assessment and mitigation in all corporate acquisitions, and he participated in the development and implementation of our initial cybersecurity program more than 20 years ago.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The senior management team, including the CISO and Vice President of IT, provides quarterly data protection and cybersecurity reports to the Audit Committee, as well as periodic reports to the full Board of Directors, which include information about cyber risk management, the cybersecurity risk environment, and the status of ongoing efforts to strengthen cybersecurity effectiveness.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.3
Operations and Summary of Significant Accounting Policies
 12 Months Ended
Sep. 30, 2025
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Operations and Summary of Significant Accounting Policies

Note 1. Operations and summary of significant accounting policies

Basis of presentation

The Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Woodward, Inc. and its subsidiaries (collectively “Woodward” or “the Company”).

Nature of operations

Woodward is an independent designer, manufacturer, and service provider of energy control and optimization solutions. Woodward designs, produces, and services reliable, efficient, low-emission, and high-performance energy control products for diverse applications in challenging environments. Woodward has significant production and assembly facilities primarily in the United States, Europe, and Asia, and promotes its products and services through its worldwide locations.

Woodward’s strategic focus is providing energy control and optimization solutions for the aerospace and industrial markets. The precise and efficient control of energy, including motion, fluid, combustion, and electrical energy, is a growing requirement in the markets Woodward serves. Woodward’s customers look to it to optimize the efficiency, emissions, and operation of power equipment in both commercial and defense operations. Woodward’s core technologies leverage well across its markets and customer applications, enabling it to develop and integrate cost-effective and state-of-the-art fuel, combustion, fluid, actuation, and electronic systems. Woodward focuses its solutions and services primarily on serving original equipment manufacturers (“OEMs”) and equipment packagers, partnering with them to bring superior component and system solutions to their demanding applications. Woodward also provides service repair, maintenance, replacement, and other service support for its installed products.

Woodward’s components and integrated systems optimize performance of commercial aircraft, defense aircraft, military ground vehicles and other equipment, gas and steam turbines, industrial diesel, gas, biodiesel and dual-fuel reciprocating engines, and electrical power systems. Woodward’s innovative motion, fluid, combustion, and electrical energy control systems help its customers offer more cost-effective, cleaner, and more reliable equipment.

Summary of significant accounting policies

Principles of consolidation: These Consolidated Financial Statements are prepared in accordance with U.S. GAAP and include the accounts of Woodward and its wholly and majority-owned subsidiaries. Transactions within and between these companies are eliminated.

Use of estimates: The preparation of the Consolidated Financial Statements requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities, at the date of the financial statements and the reported revenues and expenses recognized during the reporting period, and certain financial statement disclosures. Significant estimates include allowances for uncollectible amounts, net realizable value of inventories, customer rebates earned, useful lives of property and identifiable intangible assets, the evaluation of impairments of property, identifiable intangible assets and goodwill, the provision for income tax and related valuation reserves, the valuation of assets and liabilities acquired in business combinations, 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, and contingencies. Actual results could differ from those estimates.

Foreign currency exchange rates: The assets and liabilities of substantially all subsidiaries outside the United States are translated at fiscal year-end rates of exchange, and earnings and cash flow statements are translated at weighted-average rates of exchange. The exchange rate in effect at the time of the cash flow is used for significant or infrequent cash flows, such as payments for a business acquisition, for which the use of weighted-average rates of exchange could result in a substantially different cash flow. Translation adjustments are accumulated with other comprehensive (losses) earnings as a separate component of stockholders’ equity and are presented net of tax effects in the Consolidated Statements of Stockholders’ Equity. The effects of changes in foreign currency exchange rates on loans between consolidated subsidiaries that are considered permanent in nature are also accumulated with other comprehensive earnings, net of tax.

The Company is exposed to market risks related to fluctuations in foreign currency exchange rates because some sales transactions, and certain assets and liabilities of its domestic and foreign subsidiaries, are denominated in foreign currencies. Selling, general and administrative expenses include a net foreign currency loss of $512 in fiscal year 2025, a net foreign currency loss of $8,369 in fiscal year 2024, and a net foreign currency loss of $1,020 in fiscal year 2023.

Revenue recognition: Revenue is recognized on contracts with customers for arrangements in which quantities and pricing are fixed and/or determinable and are generally based on customer purchase orders, often within the framework of a long-term supply arrangement with the customer. Woodward has determined that it is the principal in its sales transactions, as Woodward is primarily responsible for fulfilling the promised performance obligations, has discretion to establish the selling price, and generally assumes the inventory risk. Woodward recognizes revenue for performance obligations within a customer contract when control of the associated product or service is transferred to the customer. Some of Woodward’s contracts with customers contain a single performance obligation, while other contracts contain multiple performance obligations. Each product within a contract generally represents a separate performance obligation as Woodward does not provide significant installation and integration services, the products do not customize each other, and the products can function independently of each other.

A contract's transaction price is allocated to each performance obligation and recognized as revenue when, or as, the customer obtains control of the associated product or service. When there are multiple performance obligations within a contract, Woodward generally uses the observable standalone sales price for each distinct product or service within the contract to allocate the transaction price to the distinct products or services. In instances when a standalone sales price for each product or service is not observable within the contract, Woodward allocates the transaction price to each performance obligation using an estimate of the standalone selling price for each product or service, which is generally based on incurred costs plus a reasonable margin, for each distinct product or service in the contract.

When determining the transaction price of each contract, Woodward considers contractual consideration payable by the customer and variable consideration that may affect the total transaction price. Variable consideration, consisting of early payment discounts, rebates, and other sources of price variability, are included in the estimated transaction price based on both customer-specific information as well as historical experience.

Customers sometimes trade in used products in exchange for new or refurbished products. In addition, Woodward’s customers sometimes provide inventory to Woodward which will be integrated into final products sold to those customers. Woodward obtains control of these exchanged products and customer provided inventory, and therefore, both are forms of noncash consideration. Noncash consideration paid by customers on overall sales transactions is additive to the transaction price. Woodward’s net sales and cost of goods sold include the value of such noncash consideration for the same amount, with no resulting impact to earnings before income taxes. Upon receipt of such inventory, Woodward recognizes an inventory asset and a contract liability.

Point in time and over time revenue recognition: Control of the products generally transfers to the customer at a point in time, if the customer does not control the products as they are produced. Performance obligations are satisfied and revenue is recognized over time if: (i) the customer receives the benefits as Woodward performs work, (ii) if the customer controls the asset as it is being enhanced, or (iii) if the product being produced for the customer has no alternative use to Woodward and Woodward has an enforceable right to payment with a profit. For products being produced for the customer that have no alternative use to Woodward and Woodward has an enforceable right to payment with a profit, and where the products are substantially the same and have the same pattern of transfer to the customer, revenue is recognized as a series of distinct products. As Woodward satisfies MRO performance obligations, revenue is recognized over time, as the customer, rather than Woodward, controls the asset being enhanced. When services are provided, revenue from those services is recognized over time because control is transferred continuously to customers as Woodward performs the work.

For services that are not short-term in nature, MRO, and sales of products that have no alternative use to Woodward and an enforceable right to payment with a profit, Woodward uses an actual cost input measure to determine the extent of progress towards completion of the performance obligation. For these revenue streams, revenue is recognized over time as work is performed based on the relationship between actual costs incurred to-date for each contract and the total estimated costs for such contract at completion of the performance obligation (the cost-to-cost method). Woodward has concluded that this measure of progress best depicts the transfer of assets to the customer because incurred costs are integral to Woodward’s completion of the performance obligation under the specific customer contract and correlate directly to the transfer of control to the customer. Contract costs include labor, material, and overhead. Contract cost estimates are based on various assumptions to project the outcome of future events. These assumptions include labor

productivity, and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred.

If at any time the estimate of contract profitability indicates an anticipated loss on the contract, Woodward recognizes provisions for estimated losses on uncompleted contracts in the period in which such losses are determined. In situations where the creditworthiness of a customer becomes in doubt, Woodward ceases to recognize the over-time revenue on the associated customer contract.

Occasionally, Woodward sells maintenance or service arrangements, extended warranties, or other stand ready services. Woodward recognizes revenue from such arrangements as a series of performance obligations over the time period in which the services are available to the customer.

Material rights and costs to fulfill a contract: Customers sometimes pay consideration to Woodward for product engineering and development activities that do not result in the immediate transfer of distinct products or services to the customer. There is an implicit assumption that without the customer making such advance payments to Woodward, Woodward’s future sales of products or services to the customer would be at a higher selling price; therefore, such payments create a “material right” to the customer that effectively gives the customer an option to acquire future products or services, at a discount, that are dependent upon the product engineering and development. Material rights are recorded as contract liabilities and will be recognized over time when control of the related products or services are transferred to the customer.

Woodward capitalizes costs of product engineering and development identified as material rights up to the amount of customer funding as costs to fulfill a contract are incurred because the costs incurred up to the amount of the customer funding commitment are recoverable. Product engineering and development costs in excess of contractual customer funding are expensed as incurred. Woodward recognizes the deferred material rights as revenue based on a percentage of actual sales to total estimated lifetime sales of the related developed products as the customers exercise their option to acquire additional products or services at a discount. Woodward amortizes the capitalized costs to fulfill a contract as cost of goods sold proportionally to the recognition of the associated deferred material rights. Estimated total lifetime sales are reviewed at least annually and more frequently when circumstances warrant a modification to the previous estimate.

Woodward does not capitalize incremental costs of obtaining a contract, as Woodward does not pay sales commissions or incur other incremental costs related to contracts with Woodward’s customers for arrangements in which quantities and pricing are fixed and/or determinable.

Contract liabilities: Advance payments and billings in excess of revenue recognized represent contract liabilities and are recorded as deferred revenues when customers remit contractual cash payments in advance of Woodward satisfying performance obligations under contractual arrangements, including those with performance obligations satisfied over time. Woodward generally receives advance payments from customers related to maintenance or service arrangements, extended warranties, or other stand ready services, which it recognizes over the performance period. Contract liabilities are satisfied when revenue is recognized and the performance obligation is satisfied. Advance payments and billings in excess of revenue recognized are included in deferred revenue, which is classified as current or noncurrent based on the timing of when Woodward expects to recognize revenue.

Customer payments: Woodward occasionally agrees to make payments to certain customers in order to participate in anticipated sales activity. Payments made to customers are accounted for as a reduction of revenue unless they are made in exchange for identifiable goods or services with fair values that can be reasonably estimated. Reductions in revenue associated with these customer payments are recognized immediately to the extent that the payments cannot be attributed to anticipated future sales, and are recognized in future periods to the extent that the payments relate to anticipated future sales. Such determinations are based on the facts and circumstances underlying each payment.

Purchase accounting: Business combinations are accounted for using the purchase method of accounting. Under this method, assets and liabilities, including intangible assets, are recorded at their fair values as of the acquisition date. Acquisition costs in excess of amounts assigned to assets acquired and liabilities assumed are recorded as goodwill. Transaction-related costs associated with business combinations are expensed as incurred.

Stock-based compensation: Compensation cost relating to stock-based payment awards made to members and directors is recognized in the financial statements using a fair value method. Non-qualified stock option awards, restricted stock units, and performance restricted stock units are issued under Woodward’s stock-based compensation plans. The cost of such awards, measured at the grant date, is based on the estimated fair value of the award.

Forfeitures are estimated at the time of each grant in order to estimate the portion of the award that will ultimately vest. The estimate is based on Woodward’s historical rates of forfeitures and is updated periodically. The portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods, which is generally the vesting period of the awards.

Research and development costs: Company funded expenditures related to new product development and significant product enhancement and/or upgrade activities are expensed as incurred and are separately reported in the Consolidated Statements of Earnings.

Income taxes: Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of Woodward’s assets, liabilities, and certain unrecognized gains and losses recorded in accumulated other comprehensive (losses) earnings. Woodward provides for taxes that may be payable if undistributed earnings of overseas subsidiaries were to be remitted to the United States, except for those earnings that it considers to be indefinitely invested.

Cash equivalents: Highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents.

Accounts receivable: Almost all of Woodward’s sales are made on credit and result in accounts receivable, which are recorded at the amount invoiced and are generally not collateralized. In the normal course of business, not all accounts receivable are collected and, therefore, an allowance for uncollectible amounts is provided equal to the amount that Woodward believes ultimately will not be collected. In establishing the amount of the allowance related to the credit risk of accounts receivable, customer-specific information is considered related to delinquent accounts, past loss experience, bankruptcy filings, deterioration in the customer’s operating results or financial position, current and forecasted economic conditions, and other relevant factors. Bad debt losses are deducted from the allowance, and the related accounts receivable balances are written off when the receivables are deemed uncollectible. Recoveries of accounts receivable previously written off are recognized when received. The allowance associated with anticipated other adjustments to the selling price or cash discounts is also established and is included in the allowance for uncollectible amounts. In establishing this amount, both customer-specific information as well as historical experience is considered.

In coordination with its customers and when terms are considered favorable to Woodward, Woodward from time-to-time transfers ownership to collect amounts due to Woodward for outstanding accounts receivable to third parties in exchange for cash. When the transfer of accounts receivable meets the criteria of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification ("ASC") Topic 860-10, “Transfers and Servicing,” and are without recourse, it is recognized as a sale and the accounts receivable is derecognized.

Unbilled receivables (contract assets) arise when the timing of billing differs from the timing of revenue recognized, such as when contract provisions require revenue to be recognized over time rather than at a point in time. Unbilled receivables primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and the revenue recognized exceeds the amount billed to the customer as there is not yet a right to payment in accordance with contractual terms. Unbilled receivables are recorded as a contract asset when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract.

For composition of accounts receivable, see Note 3, Revenue.

Inventories: Inventories are valued at the lower of cost or net realizable value, with cost being determined using methods that approximate a first-in, first-out basis.

Short-term investments: From time to time, certain of Woodward’s foreign subsidiaries will invest excess cash in short-term time deposits with a fixed maturity date of longer than three months but less than one year from the date of the deposit. Woodward believes that the investments are with creditworthy financial institutions. Amounts with maturities of less than 365 days are classified as “Other current assets.”

Property, plant, and equipment: Property, plant, and equipment are recorded at cost and are depreciated over the estimated useful lives of the assets. Assets are generally depreciated using the straight-line method. Assets are tested for recoverability whenever events or circumstances indicate the carrying value may not be recoverable.

Estimated lives over which fixed assets are generally depreciated at September 30, 2025 were as follows:

Land improvements

 

 

10

 

 

–

 

 

20

 

years

Buildings and improvements

 

 

10

 

 

–

 

 

40

 

years

Leasehold improvements

 

 

1

 

 

–

 

 

10

 

years

Machinery and production equipment

 

 

3

 

 

–

 

 

25

 

years

Computer equipment and software

 

 

3

 

 

–

 

 

15

 

years

Office furniture and equipment

 

 

3

 

 

–

 

 

15

 

years

Other

 

 

3

 

 

–

 

 

5

 

years

Included in computer equipment and software are Woodward’s enterprise resource planning (“ERP”) systems, which have an estimated useful life of 15 years. All other computer equipment and software is generally depreciated over three years to five years.

Leases: Right-of-use (“ROU”) assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the remaining fixed lease payments over the lease term. In determining the estimated present value of lease payments, Woodward discounts the fixed lease payments using the rate implicit in the agreement or, if the implicit rate is not known, using the incremental borrowing rate. Woodward’s incremental borrowing rate is based on the information available at the lease commencement date, with consideration given to Woodward’s recent debt issuances as well as publicly available data for instruments with similar characteristics.

For operating leases, lease expense is recognized over the expected lease term and classified as cost of goods sold or selling, general and administrative expenses based on the nature of the underlying leased asset. For finance leases, the ROU asset is recognized over the shorter of the useful life of the asset, consistent with Woodward’s normal depreciation policy, or the lease term, and is classified as cost of goods sold, selling, general and administrative expense, or research and development expense, based on the nature and use of the underlying leased asset.

Certain of Woodward’s operating lease agreements include variable payments that are passed through by the landlord, such as insurance, taxes, and common area maintenance, payments based on the usage of the asset, and rental payments adjusted periodically for inflation. Pass-through charges, payments due to changes in usage of the asset, and payments due to changes in indexation are included within variable rent expense and are recognized in the period in which the variable obligation for the payments was incurred.

Goodwill: Woodward tests goodwill for impairment at the reporting unit level on an annual basis and more often if an event occurs or circumstances change that indicates the fair value of a reporting unit may be below its carrying amount. Based on the relevant U.S. GAAP authoritative guidance, Woodward aggregates components of a single operating segment into a reporting unit, if appropriate.

In fiscal year 2025, Woodward used the qualitative approach and was not required to conduct the quantitative analysis. Woodward applied its best judgment when assessing the reasonableness of the assumptions used to determine the fair value of the reporting unit.

In each of fiscal year 2024 and fiscal year 2023, Woodward performed the quantitative assessment consisting of comparing the implied fair value of each reporting unit with its carrying amount that includes goodwill. If the carrying amount of the reporting unit exceeds its implied fair value, Woodward compares the implied fair value of goodwill with the recorded carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value of goodwill, an impairment loss would be recognized to reduce the carrying amount to its implied fair value.

Based on the results of Woodward’s annual goodwill impairment testing, no impairment charges were recorded in the year ended September 30, 2025, 2024, or 2023 or since the goodwill was originally recorded.

Other intangibles: Other intangibles are recognized apart from goodwill whenever an acquired intangible asset arises from contractual or other legal rights, or whenever it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset, or liability. Woodward amortizes the cost of other intangibles over their useful lives unless such lives are deemed indefinite. The cost of finite-lived other intangibles are amortized over their respective useful life using patterns that reflect the periods over which the economic benefits of the assets are expected to be realized. Amortization expense is allocated to cost of goods sold and selling, general and administrative expenses based on the nature of the intangible asset. Finite-lived other intangible assets are reviewed for impairment whenever an event occurs or circumstances change indicating that the related carrying amount of the other intangible asset may not be recoverable. Impairment losses are recognized if the carrying amount of an intangible is both not recoverable and exceeds its fair value.

Woodward has recorded no impairment charges related to its other intangibles in the year ended September 30, 2025, 2024, or 2023.

Estimated lives over which intangible assets are amortized at September 30, 2025 were as follows:

 

Customer relationships and contracts

 

 

11

 

 

–

 

 

30

 

 

years

Intellectual property

 

17 years

Process technology

 

 

10

 

 

–

 

 

30

 

 

years

Woodward has one indefinitely lived intangible asset consisting of the Woodward L’Orange trade name. The Woodward L’Orange trade name intangible asset is tested for impairment on an annual basis and more often if an event occurs or circumstances change that indicate the fair value of the Woodward L’Orange intangible asset may be below its carrying amount.

In fiscal year 2025, Woodward used the qualitative approach and was not required to conduct the quantitative assessment. Woodward applied its best judgment when assessing the reasonableness of the assumptions used to determine the fair value of the reporting unit. In each of fiscal year 2024 and fiscal year 2023, Woodward performed the quantitative assessment which consists of comparing the fair value of the Woodward L’Orange trade name intangible asset, determined using discounted cash flows based on the relief from royalty method under the income approach, with its carrying amount. If the carrying amount of the Woodward L’Orange trade name intangible asset exceeds its fair value, an impairment loss would be recognized to reduce the carrying amount to its fair value. Woodward has not recorded any impairment charges against the L'Orange trade name intangible asset since it was acquired.

Impairment of long-lived assets: Woodward reviews the carrying amount of its long-lived assets or asset groups to be used in operations whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset, or a significant decline in the observable market value of an asset, among others.

If such facts indicate a potential impairment, the Company would assess the recoverability of an asset group by determining if the carrying amount of the asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the primary asset in the asset group. If the recoverability test indicates that the carrying amount of the asset group is not recoverable, the Company will estimate the fair value of the asset group using appropriate valuation methodologies, which would typically include an estimate of discounted cash flows. Any impairment would be measured as the difference between the asset group’s carrying amount and its estimated fair value.

Investment in marketable equity securities: Woodward holds marketable equity securities. 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.” The trading securities are included in “Other assets.”

Investments in unconsolidated subsidiaries: Investments in, and operating results of, entities in which Woodward does not have a controlling financial interest or the ability to exercise significant influence over the operations are included in the financial statements using the cost method of accounting. Investments and operating results of entities in which Woodward does not have a controlling interest but does have the ability to exercise significant influence over operations are included in the financial statements using the equity method of accounting.

Deferred compensation: The Company maintains a deferred compensation program as part of its overall compensation package for certain members.

Deferred compensation obligations will be settled either by delivery of a fixed number of shares of Woodward’s common stock (in accordance with certain eligible members’ irrevocable elections) or in cash. Woodward has contributed shares of its common stock into a trust (the "rabbi trust") established for the future settlement of deferred compensation obligations that are payable in shares of Woodward’s common stock. Common stock held by the trust is reflected in the Consolidated Balance Sheets as “Treasury stock held for deferred compensation” and the related deferred compensation obligation is reflected as a separate component of equity in amounts equal to the fair value of the common stock at the dates of contribution. Deferred compensation obligations that will be settled in cash are accounted for on an accrual basis in accordance with the terms of the underlying contract and are reflected in the Consolidated Balance Sheet as “Other liabilities.”

Financial instruments: The Company’s financial instruments include cash and cash equivalents, short-term investments, investments in the deferred compensation program, notes receivable from municipalities, investments in term deposits, cross-currency interest rate swaps, and debt. Because of their short-term maturity, the carrying amount of cash and cash equivalents and short-term debt approximate fair value. Financial assets and liabilities recorded at fair value in the Consolidated Balance Sheets are categorized based upon a fair value hierarchy established by U.S. GAAP, which prioritizes the inputs used to measure fair value into the following levels:

Level 1: Inputs based on quoted market prices in active markets for identical assets or liabilities at the measurement date.

Level 2: Quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data.

Level 3: Inputs reflect management’s best estimates and assumptions of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments.

Further information on the fair value of financial instruments can be found at Note 7, Financial instruments and fair value measurements.

Derivatives: The Company is exposed to various global market risks, including the effect of changes in interest rates, foreign currency exchange rates, changes in certain commodity prices, and fluctuations in various producer indices. From time to time, Woodward enters into derivative instruments for risk management purposes only, including derivatives designated as accounting hedges and/or those utilized as economic hedges. Woodward uses interest rate related derivative instruments to manage its exposure to fluctuations of interest rates. Woodward does not enter into or issue derivatives for trading or speculative purposes.

By using derivative and/or hedging instruments to manage its risk exposure, Woodward is subject, from time to time, to credit risk and market risk on those derivative instruments. Credit risk arises from the potential failure of the counterparty to perform under the terms of the derivative and/or hedging instrument. When the fair value of a derivative contract is positive, the counterparty owes Woodward, which creates credit risk for Woodward. Woodward mitigates this credit risk by entering into transactions only with counterparties that are believed to be creditworthy. Market risk arises from the potential adverse effects on the value of derivative and/or hedging instruments that result from a change in interest rates, commodity prices, or foreign currency exchange rates. Woodward minimizes this market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken.

From time to time, in order to hedge against foreign currency exposure, Woodward designates certain non-derivative financial instrument loans as net investment hedges. Foreign exchange gains or losses on these loans are recognized in foreign currency translation adjustments within total comprehensive (losses) earnings. Also, to hedge against the foreign currency exposure attributable to non-functional currency denominated intercompany loans, Woodward has entered into derivative instruments in fair value hedging relationships and cash flow hedging relationships.

Further information on net investment hedges and derivative instruments in fair value and cash flow hedging relationships, including the Company’s policy in accounting for these derivatives, can be found at Note 8, Derivative instruments and hedging activities.

Postretirement benefits: The Company provides various benefits to certain current and former members through defined benefit pension and postretirement plans. For financial reporting purposes, net periodic benefits expense and related obligations are calculated using a number of significant actuarial assumptions. Changes in net periodic expense and funding status may occur in the future due to changes in these assumptions. The funded status of defined pension and postretirement plans recognized in the statement of financial position is measured as the difference between the fair market value of the plan assets and the benefit obligation. For a defined benefit pension plan, the benefit obligation is the projected benefit obligation; for any other defined benefit postretirement plan, such as a retiree health-care plan, the benefit obligation is the accumulated benefit obligation. Any over-funded status is recognized as an asset and any underfunded status is recognized as a liability.

Projected benefit obligation is the actuarial present value as of the measurement date of all benefits attributed by the plan benefit formula to employee service rendered before the measurement date using assumptions as to future compensation levels if the plan benefit formula is based on those future compensation levels. The accumulated benefit

obligation is the actuarial present value of benefits (whether vested or unvested) attributed by the plan benefit formula to employee service rendered before the measurement date and based on employee service and compensation, if applicable, prior to that date. The accumulated benefit obligation differs from the projected benefit obligation in that it includes no assumption about future compensation levels.
v3.25.3
New Accounting Standards
 12 Months Ended
Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Standards

Note 2. New accounting standards

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

In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures." The purpose of ASU 2023-09 is to provide enhanced 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, "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.

v3.25.3
Revenue
 12 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

Note 3. Revenue

Sales of products

Woodward primarily generates revenue through the manufacture and sale of engineered aerospace and industrial products, including revenue derived from MRO performance obligations performed on products originally manufactured by Woodward and subsequently returned by OEM or other end-user customers. The majority of Woodward’s costs incurred to satisfy MRO performance obligations are related to replacing and/or refurbishing component parts of the returned products to restore the units back to a condition generally comparable to that of the unit upon its initial sale to an OEM customer. Therefore, Woodward considers almost all of its revenue to be derived from product sales, including those related to MRO.

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Manufactured products

 

 

81

%

 

 

83

%

 

 

84

%

MRO

 

 

17

%

 

 

15

%

 

 

14

%

Services

 

 

2

%

 

 

2

%

 

 

2

%

Point in time and over time revenue recognition

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

 

 

For the Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

916,671

 

 

$

712,627

 

 

$

1,629,298

 

 

$

853,728

 

 

$

780,794

 

 

$

1,634,522

 

 

$

748,278

 

 

$

708,458

 

 

$

1,456,736

 

Over time

 

 

1,396,135

 

 

 

541,631

 

 

 

1,937,766

 

 

 

1,174,890

 

 

 

514,837

 

 

 

1,689,727

 

 

 

1,019,825

 

 

 

438,005

 

 

 

1,457,830

 

Total net sales

 

$

2,312,806

 

 

$

1,254,258

 

 

$

3,567,064

 

 

$

2,028,618

 

 

$

1,295,631

 

 

$

3,324,249

 

 

$

1,768,103

 

 

$

1,146,463

 

 

$

2,914,566

 

 

Material rights and costs to fulfill a contract

Amounts recognized related to changes in estimated total lifetime sales for material rights and costs to fulfill contracts with customers follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue

 

$

1,462

 

 

$

17,154

 

 

$

1,460

 

Cost of goods sold

 

 

1,855

 

 

 

15,486

 

 

 

1,736

 

Amounts recognized related to amortization of costs to fulfill contracts and contract liabilities, which were not related to changes in estimate, follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue

 

$

4,521

 

 

$

7,230

 

 

$

6,741

 

Cost of goods sold

 

 

3,717

 

 

 

3,112

 

 

 

5,559

 

As of September 30, 2025, “Other assets” on the Consolidated Balance Sheets included $203,171 of capitalized costs to fulfill contracts with customers, compared to $185,102 as of September 30, 2024.

Accounts receivable and contract assets

Customer receivables include amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in “Accounts receivable” in Woodward’s Consolidated Balance Sheets. Amounts are billed in accordance with contractual terms, which are generally tied to shipment of the products to the customer, or as work progresses in accordance with contractual terms. Billed accounts receivable are typically due within 60 days. Woodward’s contracts with customers generally have no financing components.

Accounts receivable consisted of the following:

 

 

September 30, 2025

 

 

September 30, 2024

 

Billed receivables

 

 

 

 

 

 

Trade accounts receivable

 

$

477,217

 

 

$

455,831

 

Other (Chinese financial institutions)

 

 

104

 

 

 

1,403

 

Total billed receivables

 

 

477,321

 

 

 

457,234

 

Current unbilled receivables (contract assets)

 

 

363,520

 

 

 

320,570

 

Total accounts receivable

 

 

840,841

 

 

 

777,804

 

Less: Allowance for uncollectible amounts

 

 

(9,725

)

 

 

(7,738

)

Total accounts receivable, net

 

$

831,116

 

 

$

770,066

 

As of September 30, 2025, “Other assets” on the Consolidated Balance Sheets includes $10,963 of unbilled receivables not expected to be invoiced and collected within a period of 12 months, compared to $11,237 as of September 30, 2024. Unbilled receivables not expected to be invoiced and collected within a period of 12 months are primarily attributable to the timing of revenue recognized in excess of billings in the Aerospace segment.

Billed and unbilled accounts receivable from the U.S. Government were less than 10% of total billed and unbilled accounts receivable at September 30, 2025 and September 30, 2024.

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

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Balance, beginning

 

$

7,738

 

 

$

5,847

 

 

$

3,922

 

Changes in estimates

 

 

1,879

 

 

 

3,219

 

 

 

7,211

 

Write-offs

 

 

(347

)

 

 

(586

)

 

 

(5,305

)

Other1

 

 

455

 

 

 

(742

)

 

 

19

 

Balance, ending

 

$

9,725

 

 

$

7,738

 

 

$

5,847

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

Contract liabilities

Contract liabilities consisted of the following:

 

 

September 30, 2025

 

 

September 30, 2024

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Deferred revenue from material rights from JV formation

 

$

7,298

 

 

$

229,878

 

 

$

6,580

 

 

$

232,164

 

Deferred revenue from advanced invoicing and/or prepayments from customers

 

 

14,944

 

 

 

2,115

 

 

 

23,706

 

 

 

6,437

 

Liability related to customer supplied inventory

 

 

19,640

 

 

 

—

 

 

 

20,563

 

 

 

—

 

Deferred revenue from material rights related to engineering and development funding

 

 

7,353

 

 

 

199,465

 

 

 

5,942

 

 

 

186,008

 

Net contract liabilities

 

$

49,235

 

 

$

431,458

 

 

$

56,791

 

 

$

424,609

 

The current portion of contract liabilities is included in “Accrued liabilities” and the noncurrent portion is included in “Other liabilities” of Woodward’s Consolidated Balance Sheets. Woodward recognized revenue of $31,998 in the year ended September 30, 2025 from contract liabilities balances recorded as of September 30, 2024, compared to $44,398 in the year ended September 30, 2024 from contract liabilities balances recorded as of September 30, 2023.

The amount of revenue recognized related to noncash consideration received from customers follows:

 

 

For the Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Aerospace

 

$

68,059

 

 

$

61,323

 

 

$

50,329

 

Industrial

 

 

3,089

 

 

 

4,974

 

 

 

1,939

 

Consolidated

 

$

71,148

 

 

$

66,297

 

 

$

52,268

 

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 September 30, 2025 was $3,195,156, compared to $2,932,793 as of September 30, 2024, the majority of which in both periods relate to Woodward’s Aerospace segment. Woodward expects to recognize almost all of these remaining performance obligations within two years after September 30, 2025.

Remaining performance obligations related to material rights that have not yet been recognized in revenue as of September 30, 2025 was $513,570, of which $13,517 is expected to be recognized in fiscal year 2026, and the 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 40 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 Aerospace and Industrial reportable segments. Woodward further disaggregates its revenue from contracts with customers by primary market and by geographical area as Woodward believes this best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors.

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

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Commercial OEM

 

$

690,962

 

 

$

738,394

 

 

$

651,275

 

Commercial services

 

 

823,547

 

 

 

640,823

 

 

 

547,625

 

Defense OEM

 

 

561,288

 

 

 

406,810

 

 

 

368,653

 

Defense services

 

 

237,009

 

 

 

242,591

 

 

 

200,550

 

Total Aerospace segment net sales

 

$

2,312,806

 

 

$

2,028,618

 

 

$

1,768,103

 

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

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Power generation

 

$

488,940

 

 

$

443,667

 

 

$

382,536

 

Transportation

 

 

507,376

 

 

 

624,762

 

 

 

527,498

 

Oil and gas

 

 

257,942

 

 

 

227,202

 

 

 

236,429

 

Total Industrial segment net sales

 

$

1,254,258

 

 

$

1,295,631

 

 

$

1,146,463

 

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 years ended September 30, 2025 and 2024 have been reclassified for comparability. The reclassification had no impact on total Industrial or the consolidated financial results.

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

 

 

For the Year Ended September 30,

 

 

2025

 

2024

 

2023

Aerospace

 

RTX Corporation, GE Aerospace, The Boeing Company

 

RTX Corporation,
 The Boeing Company

 

RTX Corporation, General Electric Company, The Boeing Company

Industrial

 

Rolls-Royce PLC, Caterpillar Inc., GE Vernova

 

Weichai Power, Rolls-Royce PLC

 

Rolls-Royce PLC, Caterpillar Inc., Weichai Power

Net sales by geographic area, as determined based on the location of the customer, were as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

United States

 

$

1,585,173

 

 

$

329,108

 

 

$

1,914,281

 

 

$

1,404,223

 

 

$

294,033

 

 

$

1,698,256

 

 

$

1,254,954

 

 

$

283,121

 

 

$

1,538,075

 

Germany

 

 

72,883

 

 

 

202,539

 

 

 

275,422

 

 

 

72,583

 

 

 

196,775

 

 

 

269,358

 

 

 

80,450

 

 

 

193,392

 

 

 

273,842

 

Europe, excluding Germany

 

 

224,302

 

 

 

341,286

 

 

 

565,588

 

 

 

202,421

 

 

 

297,517

 

 

 

499,938

 

 

 

163,222

 

 

 

273,757

 

 

 

436,979

 

China

 

 

148,192

 

 

 

137,678

 

 

 

285,870

 

 

 

96,136

 

 

 

293,908

 

 

 

390,044

 

 

 

56,773

 

 

 

186,713

 

 

 

243,486

 

Asia, excluding China

 

 

61,965

 

 

 

187,240

 

 

 

249,205

 

 

 

59,103

 

 

 

163,603

 

 

 

222,706

 

 

 

37,107

 

 

 

162,922

 

 

 

200,029

 

Other countries

 

 

220,291

 

 

 

56,407

 

 

 

276,698

 

 

 

194,152

 

 

 

49,795

 

 

 

243,947

 

 

 

175,597

 

 

 

46,558

 

 

 

222,155

 

Total net sales

 

$

2,312,806

 

 

$

1,254,258

 

 

$

3,567,064

 

 

$

2,028,618

 

 

$

1,295,631

 

 

$

3,324,249

 

 

$

1,768,103

 

 

$

1,146,463

 

 

$

2,914,566

 
v3.25.3
Earnings Per Share
 12 Months Ended
Sep. 30, 2025
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:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

Net earnings

 

$

442,111

 

 

$

372,971

 

 

$

232,368

 

Denominator:

 

 

 

 

 

 

 

 

 

Basic shares outstanding

 

 

59,563

 

 

 

60,076

 

 

 

59,908

 

Dilutive effect of stock options; restricted and performance stock units

 

 

1,901

 

 

 

2,008

 

 

 

1,574

 

Diluted shares outstanding

 

 

61,464

 

 

 

62,084

 

 

 

61,482

 

Income per common share:

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

7.42

 

 

$

6.21

 

 

$

3.88

 

Diluted earnings per share

 

$

7.19

 

 

$

6.01

 

 

$

3.78

 

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

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Options

 

 

25

 

 

 

63

 

 

 

561

 

Weighted-average option price

 

$

186.19

 

 

$

135.26

 

 

$

114.88

 

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:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted-average treasury stock shares held for deferred compensation obligations

 

 

33

 

 

 

51

 

 

 

88

 
v3.25.3
Leases
 12 Months Ended
Sep. 30, 2025
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.

None of Woodward’s lease agreements contain significant residual value guarantees, restrictions, or covenants. As of September 30, 2025, Woodward has not entered into any lease arrangements that have not yet commenced but would create significant rights and obligations. Woodward does not have any lease transactions between related parties.

Lease-related assets and liabilities follows:

 

 

Classification on the Consolidated Balance Sheets

 

September 30, 2025

 

 

September 30, 2024

 

Assets:

 

 

 

 

 

 

 

 

Operating lease assets

 

Other assets

 

$

25,274

 

 

$

27,135

 

Finance lease assets

 

Property, plant, and equipment, net

 

 

2,896

 

 

 

2,516

 

Total lease assets

 

 

 

 

28,170

 

 

 

29,651

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Operating lease liabilities

 

Accrued liabilities

 

 

5,465

 

 

 

5,029

 

Finance lease liabilities

 

Current portion of long-term debt

 

 

1,032

 

 

 

719

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Operating lease liabilities

 

Other liabilities

 

 

20,199

 

 

 

22,670

 

Finance lease liabilities

 

Long-term debt, less current portion

 

 

1,902

 

 

 

2,017

 

Total lease liabilities

 

 

 

$

28,598

 

 

$

30,435

 

 

Supplemental lease-related information was as follows:

 

 

September 30, 2025

 

 

September 30, 2024

 

Weighted average remaining lease term

 

 

 

 

 

 

Operating leases

 

7.3 years

 

 

8.1 years

 

Finance leases

 

3.0 years

 

 

3.8 years

 

Weighted average discount rate

 

 

 

 

 

 

Operating leases

 

 

4.5

%

 

 

4.4

%

Finance leases

 

 

5.0

%

 

 

4.6

%

Lease-related expenses were as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Operating lease expense

 

$

7,568

 

 

$

6,804

 

 

$

6,213

 

Amortization of financing lease assets

 

 

967

 

 

 

820

 

 

 

914

 

Interest on financing lease liabilities

 

 

162

 

 

 

138

 

 

 

157

 

Variable lease expense

 

 

1,200

 

 

 

1,299

 

 

 

917

 

Short-term lease expense

 

 

205

 

 

 

164

 

 

 

196

 

Total lease expense

 

$

10,102

 

 

$

9,225

 

 

$

8,397

 

Lease-related supplemental cash flow information was as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

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

 

 

 

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

6,044

 

 

$

5,375

 

 

$

5,151

 

Operating cash flows for finance leases

 

 

162

 

 

 

138

 

 

 

157

 

Financing cash flows for finance leases

 

 

971

 

 

 

818

 

 

 

779

 

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

 

 

 

 

 

 

 

 

 

Operating leases

 

 

6,016

 

 

 

6,117

 

 

 

2,230

 

Finance leases

 

 

1,171

 

 

 

—

 

 

 

48

 

Maturities of lease liabilities were as follows:

Year Ending September 30:

 

Operating Leases

 

 

Finance Leases

 

2026

 

$

6,561

 

 

$

1,146

 

2027

 

 

5,435

 

 

 

1,143

 

2028

 

 

4,554

 

 

 

555

 

2029

 

 

3,406

 

 

 

204

 

2030

 

 

2,638

 

 

 

89

 

Thereafter

 

 

7,612

 

 

 

—

 

Total lease payments

 

 

30,206

 

 

 

3,137

 

Less: imputed interest

 

 

(4,542

)

 

 

(203

)

Total lease obligations

 

$

25,664

 

 

$

2,934

 

Lessor arrangements

Woodward has assessed its manufacturing contracts and concluded that certain of the 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 is 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 September 30, 2025. 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.

Woodward recognizes revenue from the embedded lessor arrangements based on the value of the underlying dedicated property, plant, and equipment. There are no fixed payments that the customers under the embedded lessor arrangements are obligated to pay. Therefore, all the customer payments under the embedded lessor arrangements are considered variable with the associated leasing revenue recognized when the revenue from underlying product sale related to variable lease payment is recognized. Revenue from contracts with customers that included embedded operating leases, which is included in “Net sales” at the Consolidated Statements of Earnings, was $3,947 for the fiscal year ended September 30, 2025, compared to $5,486 for the fiscal year ended September 30, 2024 and $5,030 for the fiscal year ended September 30, 2023.

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

 

 

September 30, 2025

 

 

September 30, 2024

 

Property, plant, and equipment

 

$

41,593

 

 

$

48,495

 

Less accumulated depreciation

 

 

(29,110

)

 

 

(32,994

)

Property, plant, and equipment, net

 

$

12,483

 

 

$

15,501

 
v3.25.3
Joint Venture
 12 Months Ended
Sep. 30, 2025
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 from material rights in connection with the JV formation included:

 

 

September 30, 2025

 

 

September 30, 2024

 

Accrued liabilities

 

$

7,298

 

 

$

6,580

 

Other liabilities

 

 

229,878

 

 

 

232,164

 

Amortization of the deferred revenue (material right) recognized as an increase to sales was $6,462 for the fiscal year ended September 30, 2025, $6,294 for the fiscal year ended September 30, 2024, and $5,020 for the fiscal year ended September 30, 2023.

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

 

 

For the Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Other income

 

$

45,850

 

 

$

41,191

 

 

$

36,846

 

As part of the JV formation, GE pays contingent consideration to Woodward consisting of 15 annual payments of $4,894 per year, which began in the second quarter of fiscal year 2017, subject to certain claw-back conditions. Woodward received its annual payments of $4,894 during the three months ended March 31, 2025, 2024, and 2023, which were recorded as deferred income and included in “Net cash provided by operating activities” on the Consolidated Statements of Cash Flows.

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

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Cash distributions

 

$

42,000

 

 

$

38,000

 

 

$

29,000

 

Net sales to the JV were as follows:

 

 

For the Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Net sales

 

$

97,576

 

 

$

80,708

 

 

$

47,607

 

 

Woodward net sales include a reduction of $71,030 for the fiscal year ended September 30, 2025, $63,794 for the fiscal year ended September 30, 2024, and $49,624 for the fiscal year ended September 30, 2023 related to royalties owed to the JV by Woodward on sales by Woodward directly to third-party commercial services customers.

The 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:

 

 

September 30, 2025

 

 

September 30, 2024

 

Accounts receivable

 

$

5,377

 

 

$

5,205

 

Accounts payable

 

 

8,370

 

 

 

11,378

 

Other assets

 

 

23,069

 

 

 

19,219

 

Woodward records in “Other liabilities” amounts invoiced to the JV for support of the JV’s engineering and development projects as an increase to contract liabilities and records in “Other assets” related incurred expenditures as costs to fulfill a contract. Contract liabilities and costs to fulfill a contract were as follows:

 

 

September 30, 2025

 

 

September 30, 2024

 

Contract liabilities

 

$

78,985

 

 

$

78,226

 

Costs to fulfill a contract

 

 

78,985

 

 

 

78,226

 

Woodward recognized revenue of $1,488 in the fiscal year ended September 30, 2025, from contract liabilities, recorded as of September 30, 2024, compared to $812 in the fiscal year ended September 30, 2024, from contract liabilities recorded as of September 30, 2023. Comparatively, Woodward recognized cost of goods sold of $1,488 in the fiscal year ended September 30, 2025, from contract assets recorded as of September 30, 2024, compared to $1,236 in the fiscal year ended September 30, 2024, from contract assets recorded as of September 30, 2023.

No reductions in costs to fulfill a contract or contract liabilities were recorded during the fiscal year ended September 30, 2025 as a result of the termination of joint venture engineering and development projects. In the fiscal year ended September 30, 2024, Woodward recognized a $9,680 reduction in the contract liability and a $9,680 reduction in costs to fulfill a contract related to the termination of a JV engineering and development project previously recognized as a material right.

v3.25.3
Financial Instruments and Fair Value Measurements
 12 Months Ended
Sep. 30, 2025
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 September 30, 2025

 

 

At September 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in banks and financial institutions

 

$

30,256

 

 

$

—

 

 

$

—

 

 

$

30,256

 

 

$

23,128

 

 

$

—

 

 

$

—

 

 

$

23,128

 

Equity securities

 

 

37,846

 

 

 

—

 

 

 

—

 

 

 

37,846

 

 

 

30,782

 

 

 

—

 

 

 

—

 

 

 

30,782

 

Cross-currency interest rate swaps

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total financial assets

 

$

68,102

 

 

$

—

 

 

$

—

 

 

$

68,102

 

 

$

53,910

 

 

$

—

 

 

$

—

 

 

$

53,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cross-currency interest rate swaps

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

12,004

 

 

$

—

 

 

$

12,004

 

Total financial liabilities

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

12,004

 

 

$

—

 

 

$

12,004

 

Investments in banks and financial institutions: Woodward and its subsidiaries sometimes invest 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 banks and financial institutions 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 Consolidated Statements of Earnings. The trading securities are included in “Other assets” in the 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 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 Consolidated Balance Sheets were as follows:

 

 

 

 

At September 30, 2025

 

 

At September 30, 2024

 

 

 

Fair Value
Hierarchy
Level

 

Estimated
Fair Value

 

 

Carrying
Cost

 

 

Estimated
Fair Value

 

 

Carrying
Cost

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes receivable from municipalities

 

2

 

$

5,444

 

 

$

5,392

 

 

$

6,961

 

 

$

6,514

 

Investments in short-term time deposits

 

2

 

 

67

 

 

 

66

 

 

 

3,064

 

 

 

3,064

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

2

 

$

566,582

 

 

$

580,547

 

 

$

634,071

 

 

$

656,360

 

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 the Company 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 3.0% at September 30, 2025 and 2.7% at September 30, 2024.

From time to time, certain of Woodward’s foreign subsidiaries will invest excess cash in short-term time deposits with a fixed maturity date of longer than three months but less than one year from the date of the deposit. Woodward believes that the investments are with creditworthy financial institutions. The fair value of the investments in short-term time deposits was estimated based on a model that discounted future principal and interest payments to be received at an interest rate available to the foreign subsidiary entering into the investment for similar short-term time deposits of similar maturity. This was determined to be 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 short-term time deposits was 5.3% at September 30, 2025 and 6.8% at September 30, 2024.

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 4.2% at September 30, 2025 and 4.5% at September 30, 2024.
v3.25.3
Derivative Instruments and Hedging Activities
 12 Months Ended
Sep. 30, 2025
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 a floating-rate cross-currency interest rate swap (the “2020 Floating-Rate Cross-Currency Swap”), with a notional value of $45,000, and 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 and floating-rate debt, respectively, under the 2018 Notes (as defined in Note 15, Credit facilities, short-term borrowings and long-term debt) and Woodward’s then existing revolving credit agreement.

The net interest income of the cross-currency interest rate swaps is recorded as a reduction to “Interest expense” in Woodward’s Consolidated Statements of Earnings. The 2020 Floating-Rate Cross-Currency Swap expired on May 31, 2023

and, as such, is no longer recorded on the Consolidated Balance Sheets. As of September 30, 2025, the total notional value of the 2020 Fixed-Rate Cross-Currency Swaps was $315,000. See Note 7, Financial instruments and fair value measurements, for the related fair value of the derivative instruments as of September 30, 2025.

Derivatives instruments in fair value hedging relationships

In May 2020, Woodward entered into a U.S. dollar denominated intercompany loan payable with identical terms and notional value as the 2020 Floating-Rate Cross-Currency Swap, together with a reciprocal intercompany floating-rate cross-currency interest rate swap. The agreements were entered into by Woodward Barbados Euro Financing SRL (“Euro Barbados”), a wholly owned subsidiary of Woodward. The U.S. dollar denominated intercompany loan and reciprocal intercompany floating-rate cross-currency interest rate swap are designated as a fair value hedge under the criteria prescribed in ASC 815. The objective of the derivative instrument is to hedge against the foreign currency exchange risk attributable to the spot remeasurement of the U.S. dollar denominated intercompany loan, as Euro Barbados maintains a Euro functional currency.

For each floating-rate intercompany cross-currency interest rate swap, only the change in the fair value related to the cross-currency basis spread, or excluded component, of the derivative instrument is recognized in accumulated other comprehensive income ("OCI"). The remaining change in the fair value of the derivative instrument is recognized in foreign currency transaction gain or loss included in “Selling, general and administrative expenses” in Woodward’s Consolidated Statements of Earnings. The change in the fair value of the derivative instrument in foreign currency transaction gain or loss offsets the change in the spot remeasurement of the intercompany Euro and U.S. dollar denominated loans. Hedge effectiveness is assessed based on the fair value changes of the derivative instrument, after excluding any fair value changes related to the cross-currency basis spread. The initial cost of the cross-currency basis spread is recorded in earnings each period through the swap accrual process. There are no credit-risk-related contingent features associated with the intercompany floating-rate cross-currency interest rate swap.

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 Euro Barbados 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 of cash flows 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 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 are net foreign exchange losses of $2,263 for the fiscal year ended September 30, 2025, compared to net foreign exchange losses of $2,381 for the fiscal year ended September 30, 2024, and net foreign exchange losses of $3,090 for the fiscal year ended September 30, 2023.

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:

 

 

 

 

Year Ended September 30,

 

Derivatives in:

 

Location

 

2025

 

 

2024

 

 

2023

 

Loss reclassified from accumulated OCI into earnings

 

Selling, general and administrative expenses

 

$

22,435

 

 

$

23,093

 

 

$

32,285

 

Loss recognized in accumulated OCI

 

Selling, general and administrative expenses

 

 

23,105

 

 

 

18,551

 

 

 

35,712

 

 

 

 

$

45,540

 

 

$

41,644

 

 

$

67,997

 

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

 

 

 

 

Year Ended September 30,

 

Derivatives in:

 

Location

 

2025

 

 

2024

 

 

2023

 

Loss reclassified from accumulated OCI into earnings

 

Selling, general and administrative expenses

 

$

—

 

 

$

—

 

 

$

939

 

Loss recognized in accumulated OCI

 

Selling, general and administrative expenses

 

 

—

 

 

 

—

 

 

 

875

 

 

 

 

$

—

 

 

$

—

 

 

$

1,814

 

The remaining unrecognized gains and losses in Woodward’s Consolidated Balance Sheets associated with derivative instruments that were previously entered into by Woodward, which are classified in accumulated OCI were net losses of $5,830 as of September 30, 2025 and $5,160 as of September 30, 2024.

v3.25.3
Supplemental Statement of Cash Flows Information
 12 Months Ended
Sep. 30, 2025
Supplemental Cash Flow Information [Abstract]  
Supplemental Statement of Cash Flows Information

Note 9. Supplemental statement of cash flows information

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Interest paid

 

$

34,725

 

 

$

36,700

 

 

$

35,306

 

Income taxes paid

 

 

105,427

 

 

 

152,049

 

 

 

92,509

 

Income tax refunds received

 

 

4,672

 

 

 

6,521

 

 

 

3,661

 

Non-cash activities:

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment on account

 

 

12,173

 

 

 

22,056

 

 

 

11,276

 

Common shares issued from treasury to settle benefit obligations

 

 

24,912

 

 

 

21,889

 

 

 

19,466

 

Receivables related to business divestitures

 

 

1,750

 

 

 

—

 

 

 

—

 
v3.25.3
Acquisitions and Divestitures
 12 Months Ended
Sep. 30, 2025
Acquisitions And Divestitures [Abstract]  
Acquisitions and Divestitures

Note 10. Acquisitions and Divestitures

Acquisitions

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 $41,678, net of cash acquired and subject to net working capital adjustments to be finalized in fiscal year 2026. The acquisition, included within the Aerospace reportable segment, expands the Company’s electromechanical actuation portfolio and was financed through the use of cash on hand. The Company incurred acquisition-related costs of $9,348 in fiscal year 2025 that were expend as incurred and recorded in Selling, general and administrative expenses within the Consolidated Statement of Earnings.

The following table summarizes the preliminary determination of the fair value of the assets acquired and liabilities assumed that are included in the Consolidated Balance Sheet as of September 30, 2025:

 

 

July 21, 2025

 

Assets:

 

 

 

Accounts Receivable

 

$

8,032

 

Inventories

 

 

12,514

 

Other current assets

 

 

3,125

 

Property, plant, and equipment

 

 

6,945

 

Goodwill

 

 

18,389

 

Other assets

 

 

4,528

 

Total assets

 

$

53,533

 

Liabilities:

 

 

 

Accrued liabilities

 

$

4,201

 

Accounts payable

 

 

2,981

 

Income tax payable

 

 

188

 

Other noncurrent liabilities

 

 

4,485

 

Total liabilities

 

$

11,855

 

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. As of September 30, 2025, the purchase accounting is subject to final adjustment, primarily for working capital adjustments, amounts allocated to goodwill, and tax balances.

We have not presented pro forma results because the Safran Acquisition was not deemed significant at the date of Closing.

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 Consolidated Statements of Earnings.

In connection with certain product rationalization activities, during the year ended September 30, 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 $50,068 and receivables of $1,750 included in “Other current assets” and “Other assets” in the Consolidated Balance Sheets and recognized a pretax gain of $20,524.

The sale of the heavy-duty gas turbine combustion parts product line was completed on March 3, 2025. The carrying value of the assets and liabilities sold were as follows:

 

 

March 3, 2025

 

Assets:

 

 

 

Inventories

 

$

20,110

 

Property, plant, and equipment

 

 

2,904

 

Goodwill

 

 

5,772

 

Intangible assets

 

 

2,269

 

Other assets

 

 

2,608

 

Total assets

 

$

33,663

 

Liabilities:

 

 

 

Accrued liabilities

 

$

1,566

 

Accounts payable

 

 

459

 

Other noncurrent liabilities

 

 

2,474

 

Total liabilities

 

$

4,499

 
v3.25.3
Inventories
 12 Months Ended
Sep. 30, 2025
Inventory, Net [Abstract]  
Inventories

Note 11. Inventories

 

 

September 30, 2025

 

 

September 30, 2024

 

Raw materials

 

$

192,373

 

 

$

161,734

 

Work in progress

 

 

163,275

 

 

 

147,676

 

Component parts (1)

 

 

382,650

 

 

 

376,456

 

Finished goods

 

 

102,746

 

 

 

91,787

 

Customer supplied inventory

 

 

19,640

 

 

 

20,563

 

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

 

 

(206,076

)

 

 

(189,124

)

 

$

654,608

 

 

$

609,092

 
(1)
Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.
v3.25.3
Property, Plant, and Equipment
 12 Months Ended
Sep. 30, 2025
Property, Plant and Equipment, Net [Abstract]  
Property, Plant and Equipment

Note 12. Property, plant, and equipment

 

 

September 30, 2025

 

 

September 30, 2024

 

Land and land improvements

 

$

95,172

 

 

$

91,105

 

Buildings and building improvements

 

 

626,144

 

 

 

599,897

 

Leasehold improvements

 

 

15,900

 

 

 

22,022

 

Machinery and production equipment

 

 

885,473

 

 

 

849,595

 

Computer equipment and software

 

 

116,706

 

 

 

120,185

 

Office furniture and equipment

 

 

43,312

 

 

 

42,873

 

Other

 

 

33,591

 

 

 

33,392

 

Construction in progress

 

 

111,580

 

 

 

71,890

 

 

 

1,927,878

 

 

 

1,830,959

 

Less accumulated depreciation

 

 

(941,255

)

 

 

(890,244

)

Property, plant, and equipment, net

 

$

986,623

 

 

$

940,715

 

Woodward had depreciation expense as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Depreciation expense

 

$

85,054

 

 

$

82,578

 

 

$

82,154

 
v3.25.3
Goodwill
 12 Months Ended
Sep. 30, 2025
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill

Note 13. Goodwill

 

 

September 30, 2024

 

 

Additions

 

 

Reduction from Divestiture

 

 

Effects of Foreign Currency Translation

 

 

September 30, 2025

 

Aerospace

 

$

455,423

 

 

$

18,389

 

 

$

—

 

 

$

(33

)

 

$

473,779

 

Industrial

 

 

351,220

 

 

 

—

 

 

 

(5,772

)

 

 

13,061

 

 

 

358,509

 

Consolidated

 

$

806,643

 

 

$

18,389

 

 

$

(5,772

)

 

$

13,028

 

 

$

832,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2023

 

 

Additions

 

 

Reduction from Divestiture

 

 

Effects of Foreign Currency Translation

 

 

September 30, 2024

 

Aerospace

 

$

455,423

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

455,423

 

Industrial

 

 

336,045

 

 

 

—

 

 

 

—

 

 

 

15,175

 

 

 

351,220

 

Consolidated

 

$

791,468

 

 

$

—

 

 

$

—

 

 

$

15,175

 

 

$

806,643

 

On July 21, 2025, Woodward completed the Safran Acquisition (see Note 10, Acquisitions and Divestitures) which resulted in the recognition of $18,389 in goodwill in the Company's Aerospace segment.

On March 3, 2025, the sale of the Industrial heavy-duty gas turbine combustion parts product line located in Greenville, South Carolina was completed (see Note 10, Acquisitions and Divestitures), which resulted in the removal of $5,772 of goodwill in the Company's Industrial segment.

Woodward tests goodwill for impairment at the reporting unit level on an annual basis or at any time there is an

indication goodwill may be impaired, commonly referred to as triggering events. Woodward completed its annual goodwill impairment test as of July 31, 2025 during the quarter ended September 30, 2025. The results of Woodward’s annual goodwill impairment test performed as of July 31, 2025 did not indicate impairment of any of Woodward’s reporting units.

v3.25.3
Intangible Assets, Net
 12 Months Ended
Sep. 30, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets, Net

Note 14. Intangible assets, net

 

 

September 30, 2025

 

 

September 30, 2024

 

 

 

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

 

 

$

(251,109

)

 

$

30,574

 

 

$

281,683

 

 

$

(246,152

)

 

$

35,531

 

Industrial

 

 

401,778

 

 

 

(125,909

)

 

 

275,869

 

 

 

399,030

 

 

 

(114,391

)

 

 

284,639

 

Total

 

$

683,461

 

 

$

(377,018

)

 

$

306,443

 

 

$

680,713

 

 

$

(360,543

)

 

$

320,170

 

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

 

 

$

(40,973

)

 

$

3,597

 

 

$

44,570

 

 

$

(40,346

)

 

$

4,224

 

Industrial

 

 

87,640

 

 

 

(37,610

)

 

 

50,030

 

 

 

87,257

 

 

 

(35,983

)

 

 

51,274

 

Total

 

$

132,210

 

 

$

(78,583

)

 

$

53,627

 

 

$

131,827

 

 

$

(76,329

)

 

$

55,498

 

Other intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

592

 

 

 

(592

)

 

 

—

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

592

 

 

$

(592

)

 

$

—

 

Intangible asset with indefinite life:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade name:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

68,010

 

 

 

—

 

 

 

68,010

 

 

 

64,751

 

 

 

—

 

 

 

64,751

 

Total

 

$

68,010

 

 

$

—

 

 

$

68,010

 

 

$

64,751

 

 

$

—

 

 

$

64,751

 

Total intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

326,253

 

 

$

(292,082

)

 

$

34,171

 

 

$

326,253

 

 

$

(286,498

)

 

$

39,755

 

Industrial

 

 

560,567

 

 

 

(166,658

)

 

 

393,909

 

 

 

554,769

 

 

 

(154,105

)

 

 

400,664

 

Consolidated Total

 

$

886,820

 

 

$

(458,740

)

 

$

428,080

 

 

$

881,022

 

 

$

(440,603

)

 

$

440,419

 

Indefinite lived intangible assets

The Woodward L’Orange trade name intangible asset is analyzed for impairment on an annual basis and more often if an event occurs or circumstances change that indicate the fair value of the Woodward L’Orange intangible asset may be below its carrying amount. During the fourth quarter, Woodward completed its annual impairment analysis of the Woodward L’Orange trade name intangible asset as of July 31, 2025 for the fiscal year ended September 30, 2025. The results of the annual impairment analysis performed as of July 31, 2025 indicated no impairment existed.

Finite-lived intangible assets

Woodward recorded amortization expense associated with intangibles of the following:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Amortization expense

 

$

28,224

 

 

$

33,592

 

 

$

37,589

 

 

Future amortization expense associated with intangibles is expected to be:

Year Ending September 30:

 

 

 

2026

 

$

28,104

 

2027

 

 

28,035

 

2028

 

 

27,667

 

2029

 

 

26,761

 

2030

 

 

26,734

 

Thereafter

 

 

222,769

 

 

$

360,070

 
v3.25.3
Credit Facilities, Short-term Borrowings and Long-term Debt
 12 Months Ended
Sep. 30, 2025
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 September 30, 2025, Woodward’s short-term borrowings and availability under its various short-term credit facilities follows:

 

 

Total availability

 

 

Outstanding
letters of credit
and guarantees

 

 

Banker acceptance notes issued

 

 

Outstanding
borrowings

 

 

Remaining
availability

 

Revolving credit facility

 

$

1,000,000

 

 

$

(7,872

)

 

$

—

 

 

$

(122,300

)

 

$

869,828

 

Lines of credit and overdraft facilities

 

 

25,000

 

 

 

—

 

 

 

(824

)

 

 

—

 

 

 

24,176

 

Foreign performance guarantee facilities

 

 

88

 

 

 

(52

)

 

 

—

 

 

 

—

 

 

 

36

 

 

 

$

1,025,088

 

 

$

(7,924

)

 

$

(824

)

 

$

(122,300

)

 

$

894,040

 

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 of its 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 $122,300 in principal borrowings outstanding as of September 30, 2025, at an effective interest rate of 5.41%, compared to $217,000 borrowings outstanding as of September 30, 2024, at an effective interest rate of 5.82%

The Second Amended and Restated Revolving Credit Agreement contains certain covenants customary with such agreements, which are generally consistent with the covenants applicable to Woodward’s long-term debt agreements, and contains customary events of default, including certain cross-default provisions related to Woodward’s other outstanding material debt arrangements, the occurrence of which would permit the lenders to accelerate the amounts due thereunder. In addition, the Second Amended and Restated Revolving Credit Agreement includes the following financial covenants: (i) a maximum permitted leverage ratio of consolidated net debt to consolidated earnings before interest, taxes, depreciation, stock-based compensation, and amortization, plus any unusual non-cash charges to the extent deducted in computing net income and transaction costs associated with permitted acquisitions (incurred within six months of the permitted acquisition), minus any unusual non-cash gains to the extent added in computing net income (“Leverage Ratio”) for Woodward and its consolidated subsidiaries of 3.5 to 1.0, which ratio, subject to certain restrictions, may increase to 4.0 to 1.0 for each period of four consecutive quarters during which a permitted acquisition occurs, and (ii) a minimum consolidated net worth of $1,156,000 plus (a) 50% of Woodward’s positive net income for the prior fiscal year and (b) 50% of Woodward’s net cash proceeds resulting from certain issuances of stock, subject to certain adjustments.

The obligations of Woodward and from time-to-time certain of Woodward’s foreign subsidiaries, under the Second Amended and Restated Revolving Credit Agreement are guaranteed by Woodward MPC, Inc., Woodward HRT, Inc., or in case of obligations with any foreign subsidiaries of Woodward that are borrowers thereunder, Woodward L’Orange GmbH, each of which is a wholly owned subsidiary of Woodward.

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.

Consistent with common business practice in China, Woodward's Chinese subsidiaries have issued bankers' acceptance notes ("Bank drafts") to Chinese suppliers in settlement of certain customer accounts payable. Bank drafts are financial instruments issued by Chinese financial institutions as part of financing arrangements between the financial institution and a customer of the financial institution. Bank drafts represent a commitment by the issuing financial institution to pay a certain amount of money at a specified future maturity date to the legal owner of the bankers' acceptance note as of the maturity date. Woodward has elected to adopt the practical expedient to not adjust the promised amounts of consideration at contract inception as the financing component associated with issuing bank drafts has a duration of less than one year. There were no borrowings outstanding on Woodward’s foreign lines of credit and foreign overdraft facilities as of both September 30, 2025 and September 30, 2024.

Long-term debt

 

 

September 30, 2025

 

 

September 30, 2024

 

Series I notes – 4.18%, due November 15, 2025; unsecured

 

$

25,000

 

 

$

25,000

 

Series L notes – 4.18%, due November 15, 2025; unsecured

 

 

50,000

 

 

 

50,000

 

Series M notes – 1.12% due September 23, 2026; unsecured

 

 

46,903

 

 

 

44,656

 

Series N notes – 1.31% due September 23, 2028; unsecured

 

 

90,289

 

 

 

85,963

 

Series O notes – 1.57% due September 23, 2031; unsecured

 

 

50,421

 

 

 

48,005

 

Series P notes – 4.27% due May 30, 2025; unsecured

 

 

—

 

 

 

85,000

 

Series Q notes – 4.35% due May 30, 2027; unsecured

 

 

85,000

 

 

 

85,000

 

Series R notes – 4.41% due May 30, 2029; unsecured

 

 

75,000

 

 

 

75,000

 

Series S notes – 4.46% due May 30, 2030; unsecured

 

 

75,000

 

 

 

75,000

 

Series T notes – 4.61% due May 30, 2033; unsecured

 

 

80,000

 

 

 

80,000

 

Finance leases (Note 5)

 

 

2,934

 

 

 

2,736

 

Unamortized debt issuance costs

 

 

(645

)

 

 

(890

)

Total long-term debt

 

 

579,902

 

 

 

655,470

 

Less: Current portion of long-term debt

 

 

122,934

 

 

 

85,719

 

Long-term debt, less current portion

 

$

456,968

 

 

$

569,751

 

The Notes

On October 1, 2013, Woodward entered into a note purchase agreement relating to the sale by Woodward of an aggregate principal amount of $250,000 of its senior unsecured notes in a series of private placement transactions. Woodward issued the Series I Notes (the “First Closing Notes”) on October 1, 2013. Woodward issued the Series L Notes (the “Second Closing Notes” and with the First Closing Notes, collectively the “USD Notes”) on November 15, 2013. 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.

On September 23, 2016, Woodward and the BV Subsidiary each entered into note purchase agreements (the “2016 Note Purchase Agreements”) 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 Series M Notes. The BV Subsidiary issued (a) €77,000 aggregate principal amount of the BV Subsidiary’s Series N Senior Notes (the “Series N Notes”) and (b) €43,000 aggregate principal amount of the BV Subsidiary’s Series O Senior Notes (the “Series O Notes” and together with the Series M Notes and the Series N Notes, the “2016 Notes”).

On May 31, 2018, Woodward entered into a note purchase agreement (the “2018 Note Purchase Agreement”) relating to the sale by Woodward of an aggregate principal amount of $400,000 of senior unsecured notes comprised of (a) $85,000 aggregate principal amount of its Series P Senior Notes (the “Series P Notes”), (b) $85,000 aggregate principal amount of its Series Q Senior Notes (the “Series Q Notes”), (c) $75,000 aggregate principal amount of its Series R Senior Notes (the “Series R Notes”), (d) $75,000 aggregate principal amount of its Series S Senior Notes (the “Series S Notes”), and (e) $80,000 aggregate principal amount of its Series T Senior Notes (the “Series T Notes”, and together with the Series P Notes, the Series Q Notes, the Series R Notes, and the Series S Notes, the “2018 Notes,” and, together with the USD Notes and 2016 Notes, the “Notes”), in a series of private placement transactions.

In connection with the issuance of the 2018 Notes, the Company entered into cross-currency swap transactions in respect of each tranche of the 2018 Notes, which effectively reduced the interest rates on the Series P Notes to 1.82% per annum, the Series Q Notes to 2.15% per annum, the Series R Notes to 2.42% per annum, the Series S Notes to 2.55% per

annum and the Series T Notes to 2.90% per annum. The Company entered into the 2020 Floating-Rate Cross-Currency Swap and 2020 Fixed-Rate Cross-Currency Swaps, which effectively resulted in the interest rates on the Series P Notes being 3.44% per annum, the Series Q Notes to 3.44% per annum, the Series R Notes to 3.45% per annum, the Series S Notes to 3.50% per annum and the Series T Notes to 3.62% per annum (see Note 8, Derivative instruments and hedging activities).

Interest on the USD Notes are payable semi-annually on April 1 and October 1 of each year until all principal is paid. Interest on the 2016 Notes is payable semi-annually on March 23 and September 23 of each year, until all principal is paid.

On May 30, 2025, Woodward paid the entire principal balance of $85,000 on the Series P Notes using proceeds from borrowings under its existing revolving credit facility.

None of the Notes were registered under the Securities Act of 1933, as amended, and they may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Holders of the Notes do not have any registration rights. All of the issued Notes are held by multiple institutions.

Woodward’s payment and performance obligations under the Notes, including without limitation the obligations for payment of all principal, interest, and any applicable prepayment compensation amount, are guaranteed by (i) Woodward FST, Inc., Woodward MPC, Inc., and Woodward HRT, Inc., each of which is a wholly owned subsidiary of Woodward, and (ii) in the case of the BV Subsidiary’s Series N and O Notes, by Woodward. Woodward’s obligations under the Notes rank equal in right of payment with all of Woodward’s other unsecured unsubordinated debt, including its outstanding debt under its revolving credit facility.

The Notes contain restrictive covenants customary for such financings, including among other things, covenants that place limits on Woodward’s ability to incur liens on assets, incur additional debt (including a leverage or coverage-based maintenance test), transfer or sell Woodward’s assets, merge or consolidate with other persons and enter into material transactions with affiliates. Under the financial covenants contained in the note purchase agreement governing each series of the Notes as of fiscal year 2024, Woodward’s priority debt may not exceed, at any time, 15% of its consolidated net worth. Woodward’s Leverage Ratio cannot exceed 4.0 to 1.0 during any material acquisition period, or 3.5 to 1.0 at any other time on a rolling four quarter basis. In the event that Woodward’s Leverage Ratio exceeds 3.5 to 1.0 during any material acquisition period, the interest rate on each series of Notes will increase. The minimum consolidated net worth, prior year positive net income, and net cash proceeds resulting from certain issuances of stock for satisfaction of Woodward’s leverage ratio are consistent between the Notes and Second Amended and Restated Revolving Credit Agreement.

On October 23, 2025, Woodward and its subsidiaries entered into an amendment on the Notes to provide for changes to, among other things, replace a consolidated net worth covenant with an interest coverage covenant, such that the Company will not permit, as of the end of each fiscal quarter, beginning with the fiscal quarter ending September 30, 2025, the ratio of (a) EBITDA to (b) interest expense, in each case for the period of four consecutive fiscal quarters ending on the end of such fiscal quarter, to be less than 2.00 to 1.00.

Required future principal payments of the Notes and financing leases as of September 30, 2025 are as follows:

Year Ending September 30:

 

 

 

2026

 

$

122,934

 

2027

 

 

86,143

 

2028

 

 

90,844

 

2029

 

 

75,204

 

2030

 

 

75,000

 

Thereafter

 

 

130,422

 

 

$

580,547

 

Certain financial and other covenants under Woodward’s debt agreements contain customary restrictions on the operation of its business. Management believes that Woodward was in compliance with the covenants under the long-term debt agreements at September 30, 2025.

Debt Issuance Costs

In connection with the Second Amended and Restated Revolving Credit Agreement, Woodward incurred $2,236 in debt issuance costs, which are deferred and are being amortized using the straight-line method over the life of the agreement. Amounts recognized as interest expense from the amortization of debt issuance costs were $918 in fiscal year 2025, $929 in fiscal year 2024, and $963 in fiscal year 2023. Unamortized debt issuance costs associated with the Notes of

$645 as of September 30, 2025 and $890 as of September 30, 2024 were recorded as a reduction in “Long-term debt, less current portion” in the Consolidated Balance Sheets. Unamortized debt issuance costs associated with Woodward’s Second Amended and Restated Revolving Credit Agreement of $1,318 as of September 30, 2025 and $1,977 as of September 30, 2024 were recorded as “Other assets” in the Consolidated Balance Sheets. Amortization of debt issuance costs is included in operating activities in the Consolidated Statements of Cash Flows.
v3.25.3
Accrued Liabilities
 12 Months Ended
Sep. 30, 2025
Accrued Liabilities, Current [Abstract]  
Accrued Liabilities

Note 16. Accrued liabilities

 

 

September 30, 2025

 

 

September 30, 2024

 

Salaries and other member benefits

 

$

175,110

 

 

$

151,921

 

Product warranties and related liabilities

 

 

25,504

 

 

 

18,844

 

Interest payable

 

 

10,211

 

 

 

12,163

 

Accrued retirement benefits

 

 

2,986

 

 

 

2,888

 

Net current contract liabilities

 

 

49,235

 

 

 

56,791

 

Taxes, other than income

 

 

15,367

 

 

 

15,884

 

Other

 

 

34,670

 

 

 

34,151

 

 

 

$

313,083

 

 

$

292,642

 

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:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Beginning of period

 

$

18,844

 

 

$

18,162

 

 

$

40,042

 

Additions, net of recoveries

 

 

20,887

 

 

 

13,797

 

 

 

25,984

 

Reductions for settlement

 

 

(14,339

)

 

 

(13,368

)

 

 

(47,949

)

Foreign currency exchange rate changes

 

 

112

 

 

 

253

 

 

 

85

 

End of period

 

$

25,504

 

 

$

18,844

 

 

$

18,162

 

Restructuring charges

During fiscal year 2023, the Company committed to a cost reduction plan ("Cost Reduction Plan") to better align the cost structure and recorded $5,172 of restructuring charges. The charges recognized under the Cost Reduction Plan consist of workforce management costs primarily related to aligning the cost structure of the Company's Industrial segment with the current market conditions. All of the restructuring charges were recorded as nonsegment expenses and were paid as of September 30, 2023.
v3.25.3
Other Liabilities
 12 Months Ended
Sep. 30, 2025
Other Liabilities, Noncurrent [Abstract]  
Other Liabilities

Note 17. Other liabilities

 

 

September 30, 2025

 

 

September 30, 2024

 

Net accrued retirement benefits, less amounts recognized within accrued liabilities

 

$

88,112

 

 

$

83,094

 

Total unrecognized tax benefits

 

 

12,130

 

 

 

10,104

 

Noncurrent income taxes payable

 

 

—

 

 

 

5,894

 

Deferred economic incentives (1)

 

 

6,158

 

 

 

7,062

 

Noncurrent operating lease liabilities

 

 

20,199

 

 

 

22,670

 

Cross-currency swap derivative liability

 

 

27,406

 

 

 

10,562

 

Net noncurrent contract liabilities

 

 

431,458

 

 

 

424,609

 

Other

 

 

6,264

 

 

 

13,385

 

 

$

591,727

 

 

$

577,380

 
(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.
v3.25.3
Other Income, Net
 12 Months Ended
Sep. 30, 2025
Nonoperating Income (Expense) [Abstract]  
Other income, net

Note 18. Other income, net

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Equity interest in the earnings of the JV

 

$

(45,850

)

 

$

(41,191

)

 

$

(36,846

)

Net (gain) loss on sales of assets and businesses

 

 

(18,731

)

 

 

(457

)

 

 

1,491

 

Gain on non-recurring matter related to a previous acquisition

 

 

—

 

 

 

(4,803

)

 

 

—

 

Rent income

 

 

(355

)

 

 

(347

)

 

 

(360

)

Net gain on investments in deferred compensation program

 

 

(4,151

)

 

 

(6,571

)

 

 

(3,265

)

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

 

 

(13,375

)

 

 

(11,764

)

 

 

(10,547

)

Other

 

 

(1,548

)

 

 

(2,035

)

 

 

(764

)

 

$

(84,010

)

 

$

(67,168

)

 

$

(50,291

)
v3.25.3
Income Taxes
 12 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 19. Income taxes

Income taxes consisted of the following:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

77,033

 

 

$

46,102

 

 

$

41,195

 

State

 

 

8,287

 

 

 

4,841

 

 

 

2,641

 

Foreign

 

 

46,338

 

 

 

74,663

 

 

 

39,719

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

(27,268

)

 

 

(18,888

)

 

 

(38,136

)

State

 

 

(6,361

)

 

 

(7,341

)

 

 

(10,006

)

Foreign

 

 

(18,729

)

 

 

(18,377

)

 

 

7,987

 

 

 

$

79,300

 

 

$

81,000

 

 

$

43,400

 

Earnings before income taxes by geographical area consisted of the following:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

United States

 

$

366,744

 

 

$

244,320

 

 

$

122,389

 

Other countries

 

 

154,667

 

 

 

209,651

 

 

 

153,379

 

 

 

$

521,411

 

 

$

453,971

 

 

$

275,768

 

 

Significant components of deferred income taxes presented in the Consolidated Balance Sheets are related to the following:

 

 

September 30, 2025

 

 

September 30, 2024

 

Deferred tax assets:

 

 

 

 

 

 

Defined benefit plans, other postretirement

 

$

3,453

 

 

$

3,695

 

Foreign net operating loss carryforwards

 

 

2,564

 

 

 

6,547

 

Inventory

 

 

81,241

 

 

 

77,013

 

Stock-based and other compensation

 

 

48,764

 

 

 

48,360

 

Deferred revenue net of unbilled receivables

 

 

45,144

 

 

 

43,400

 

Other reserves

 

 

11,841

 

 

 

7,850

 

Tax credits and incentives

 

 

32,171

 

 

 

30,886

 

Lease obligations

 

 

6,171

 

 

 

6,851

 

Other

 

 

6,668

 

 

 

4,622

 

Capitalized research and development costs

 

 

83,582

 

 

 

63,080

 

Valuation allowance

 

 

(4,080

)

 

 

(5,983

)

Total deferred tax assets, net of valuation allowance

 

 

317,519

 

 

 

286,321

 

Deferred tax liabilities:

 

 

 

 

 

 

Goodwill and intangibles - net

 

 

(182,717

)

 

 

(198,012

)

Property, plant and equipment

 

 

(94,238

)

 

 

(97,340

)

Right of use assets

 

 

(6,037

)

 

 

(6,691

)

Defined benefit plans, pension

 

 

(15,657

)

 

 

(13,133

)

Other

 

 

(7,804

)

 

 

(8,612

)

Total deferred tax liabilities

 

 

(306,453

)

 

 

(323,788

)

Net deferred tax assets (liabilities)

 

$

11,066

 

 

$

(37,467

)

Woodward has recorded a net operating loss (“NOL”) deferred tax asset of $2,564 as of September 30, 2025 and $6,547 as of September 30, 2024. The majority of the NOL carryforwards as of September 30, 2025 expire at various times beginning in fiscal years 2027 through 2045.

Woodward has recorded tax credits and incentives deferred tax assets of $32,171 as of September 30, 2025 and $30,886 as of September 30, 2024. The majority of the tax credit and incentive carryforwards as of September 30, 2025 expire at various times beginning in fiscal year 2027 through 2035.

Deferred tax assets are reduced by a valuation allowance when the realization of the deferred tax asset is less than 50 percent likely. Both positive and negative evidence are considered in forming Woodward’s judgment as to whether a valuation allowance is appropriate, and more weight is given to evidence that can be objectively verified. Valuation allowances are reassessed whenever there are changes in circumstances that may cause a change in judgment.

The change in the valuation allowance was primarily the result of adjusting an existing valuation allowance for the utilization of foreign net operating losses.

At September 30, 2025, Woodward has not provided for taxes on undistributed foreign earnings of $327,400 that it considered indefinitely reinvested. This balance has been reduced for foreign earnings that are considered distributable, which results in an associated cumulative net deferred tax liability of approximately $6,040 as of September 30, 2025. These undistributed earnings could become subject to income taxes if they are remitted as dividends, are loaned to Woodward or any of Woodward’s subsidiaries located in the United States, or if Woodward sells its stock in the foreign subsidiaries. Any additional U.S. taxes could be offset, in part or in whole, by foreign tax credits. The amount of such taxes and application of tax credits would be dependent on the income tax laws and other circumstances at the time these amounts are repatriated. Based on these variables, it is impractical to determine the income tax liability that might be incurred if these funds were to be repatriated.

The following is a reconciliation of the U.S. federal statutory tax rate of 21.0% in the fiscal years ended September 30, 2025, September 30, 2024, and September 30, 2023 to Woodward’s effective income tax rate:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Percent of pretax earnings

 

 

 

 

 

 

 

 

 

Statutory tax rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State income taxes, net of federal tax benefit

 

 

0.3

 

 

 

(0.4

)

 

 

(1.6

)

Taxes on international activities

 

 

0.4

 

 

 

(0.8

)

 

 

(0.6

)

Research credit

 

 

(1.2

)

 

 

(2.1

)

 

 

(3.9

)

Net excess income tax benefit from stock-based compensation

 

 

(3.5

)

 

 

(3.0

)

 

 

(3.7

)

Adjustments of prior period tax items

 

 

0.4

 

 

 

0.9

 

 

 

(1.3

)

Compensation and benefits

 

 

0.3

 

 

 

0.8

 

 

 

0.6

 

Distributable foreign earnings

 

 

0.3

 

 

 

1.4

 

 

 

4.6

 

German tax rate change

 

 

(2.6

)

 

 

—

 

 

 

—

 

Other items, net

 

 

(0.2

)

 

 

—

 

 

 

0.6

 

Effective tax rate

 

 

15.2

%

 

 

17.8

%

 

 

15.7

%

In determining the tax amounts in Woodward’s financial statements, estimates are sometimes used that are subsequently adjusted in the actual filing of tax returns or by updated calculations. In addition, Woodward occasionally has resolutions of tax items with tax authorities related to prior years due to the conclusion of audits and the lapse of applicable statutes of limitations. Such adjustments are included in the “Adjustments of prior period tax items” line in the above table.

The decrease in the effective tax rate for fiscal year 2025 compared to fiscal year 2024 is primarily attributable to a reduction in the German corporate tax rate and lower projected future withholding taxes on unremitted foreign earnings in the current fiscal year. These favorable items were partially offset by a reduced research and development credit, lower benefits related to foreign intangible income, and higher state income tax expense driven by increased U.S. earnings in the current fiscal year.

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Beginning balance

 

$

14,274

 

 

$

11,112

 

 

$

11,938

 

Additions to current year tax positions

 

 

4,982

 

 

 

5,673

 

 

 

3,933

 

Reductions to prior year tax positions

 

 

(231

)

 

 

(99

)

 

 

(141

)

Additions to prior year tax positions

 

 

250

 

 

 

180

 

 

 

0

 

Lapse of applicable statute of limitations

 

 

(2,004

)

 

 

(2,592

)

 

 

(4,618

)

Ending balance

 

$

17,271

 

 

$

14,274

 

 

$

11,112

 

Included in the balance of unrecognized tax benefits were $8,858 as of September 30, 2025 and $8,003 as of September 30, 2024 of tax benefits that, if recognized, would affect the effective tax rate. At this time, Woodward estimates that it is reasonably possible that the liability for unrecognized tax benefits will decrease by as much as $1,076 in the next 12 months due to the completion of review by tax authorities, lapses of statutes, and the settlement of tax positions. Woodward accrues for potential interest and penalties related to unrecognized tax benefits and all other interest and penalties related to tax payments in tax expense.

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 2018 and thereafter. Woodward’s, fiscal years remaining open to examination in significant foreign jurisdictions include 2018 and thereafter.
v3.25.3
Retirement Benefits
 12 Months Ended
Sep. 30, 2025
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.

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.

Most of Woodward's U.S. members receive an annual contribution of Woodward stock, equal to 5% of their eligible prior year wages, to their personal Woodward Retirement Savings Plan accounts. In the second quarters of fiscal years 2025, 2024, and 2023, Woodward fulfilled its annual Woodward stock contribution obligation using shares held in treasury stock by issuing a total of 126 shares of common stock for a value of $24,058 in fiscal year 2025, 159 total shares of common stock for a value of $21,889 in fiscal year 2024, and 188 shares of common stock for a value of $19,466 in fiscal year 2023. The Woodward Retirement Savings Plan (the “WRS Plan”) held 2,085 shares of Woodward stock as of September 30, 2025 and 2,222 shares as of September 30, 2024. The shares held in the WRS Plan participate in dividends and are considered issued and outstanding for purposes of calculating basic and diluted earnings per share. Accrued liabilities included obligations to contribute shares of Woodward common stock to the WRS Plan in the amount of $22,010 as of September 30, 2025 and $19,532 as of September 30, 2024.

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

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Company costs

 

$

55,611

 

 

$

51,148

 

 

$

44,202

 

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 and the United Kingdom. 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.

Excluding the Woodward HRT Plan, which is only partially frozen to salaried participants, the defined benefit plans in the United States were frozen in fiscal year 2007; no additional members may participate in the U.S. plans, and no additional service costs will be incurred.

Pension Plans

The actuarial assumptions used in measuring the net periodic benefit cost and plan obligations of retirement pension benefits were as follows:

 

 

At September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

United States:

 

 

 

 

 

 

 

 

 

Weighted-average assumptions to determine benefit obligation:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.50

%

 

 

5.05

%

 

 

6.20

%

Weighted-average assumptions to determine periodic benefit costs:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.05

 

 

 

6.20

 

 

 

5.70

 

Long-term rate of return on plan assets

 

 

6.28

 

 

 

6.03

 

 

 

5.53

 

The discount rate assumption is intended to reflect the rate at which the retirement benefits could be effectively settled based upon the assumed timing of the benefit payments.

In the United States, Woodward uses a bond portfolio matching analysis based on recently traded, non-callable bonds rated AA or better that have at least $50 million outstanding to determine the benefit obligations at year end.

 

 

At September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

United Kingdom:

 

 

 

 

 

 

 

 

 

Weighted-average assumptions to determine benefit obligation:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.90

%

 

 

5.28

%

 

 

5.85

%

Rate of compensation increase

 

 

3.20

 

 

 

3.40

 

 

 

3.60

 

Weighted-average assumptions to determine periodic benefit costs:

 

 

 

 

 

 

 

 

 

Discount rate - service cost

 

 

5.41

 

 

 

5.91

 

 

 

4.99

 

Discount rate - interest cost

 

 

5.13

 

 

 

5.84

 

 

 

5.71

 

Rate of compensation increase

 

 

3.40

 

 

 

3.60

 

 

 

4.00

 

Long-term rate of return on plan assets

 

 

4.70

 

 

 

4.90

 

 

 

4.80

 

 

 

 

At September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Japan:

 

 

 

 

 

 

 

 

 

Weighted-average assumptions to determine benefit obligation:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

2.90

%

 

 

1.92

%

 

 

2.01

%

Rate of compensation increase

 

 

4.00

 

 

 

3.00

 

 

 

2.00

 

Weighted-average assumptions to determine periodic benefit costs:

 

 

 

 

 

 

 

 

 

Discount rate - service cost

 

 

2.10

 

 

 

2.20

 

 

 

1.78

 

Discount rate - interest cost

 

 

1.53

 

 

 

1.58

 

 

 

1.17

 

Rate of compensation increase

 

 

3.00

 

 

 

2.00

 

 

 

2.00

 

Long-term rate of return on plan assets

 

 

3.75

 

 

 

3.25

 

 

 

2.75

 

 

 

 

At September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Germany:

 

 

 

 

 

 

 

 

 

Weighted-average assumptions to determine benefit obligation:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.05

%

 

 

3.58

%

 

 

4.27

%

Rate of compensation increase

 

 

2.50

 

 

 

2.50

 

 

 

2.50

 

Weighted-average assumptions to determine periodic benefit costs:

 

 

 

 

 

 

 

 

 

Discount rate - service cost

 

 

3.64

 

 

 

4.23

 

 

 

3.95

 

Discount rate - interest cost

 

 

3.47

 

 

 

4.29

 

 

 

3.91

 

Rate of compensation increase

 

 

2.50

 

 

 

2.50

 

 

 

2.50

 

In the United Kingdom, Germany, and Japan, Woodward uses a high-quality corporate bond yield curve matched with separate cash flows to develop a single rate to determine the single rate equivalent to settle the entire benefit obligations in each jurisdiction. For the fiscal years ended September 30, 2025 and 2024, the discount rate used to determine periodic service cost and interest cost components of the overall benefit costs was based on spot rates derived from the same high-quality corporate bond yield curve used to determine the September 30, 2024 and 2023 benefit obligation, respectively, matched with separate cash flows for each future year.

Compensation increase assumptions, where applicable, are based upon historical experience and anticipated future management actions.

In determining the long-term rate of return on plan assets, Woodward assumes that the historical long-term compound growth rates of equity and fixed-income securities will predict the future returns of similar investments in the plan portfolio. Investment management and other fees paid out of the plan assets are factored into the determination of asset return assumptions.

Mortality assumptions are based on published mortality studies developed primarily based on past experience of the broad population and modified for projected longevity trends. The projected benefit obligations in the United States as of September 30, 2025 and September 30, 2024 were based on the Society of Actuaries (“SOA”) Pri-2012 Mortality Tables Report using the SOA’s Mortality Improvement Scale MP-2019 (“MP-2019”) and projected forward using a custom projection scale based on MP-2019 with a 5-year convergence period and a long-term rate of 0.75%.

As of September 30, 2025, mortality assumptions in Japan were based on the Standard rates 2025, compared to the Standard rates 2020 as of September 30, 2024. Mortality assumptions for the United Kingdom pension scheme were based on the self-administered pension scheme (“SAPS”) S3 “all” tables with a projected 1.5% annual improvement rate. As of September 30, 2025 and September 30, 2024, mortality assumptions in Germany were based on the Heubeck 2018G mortality tables.

Net periodic benefit costs consist of the following components reflected as expense in Woodward’s Consolidated Statement of Earnings:

 

 

Year Ended September 30,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

Service cost

 

$

917

 

 

$

775

 

 

$

893

 

 

$

1,432

 

 

$

1,244

 

 

$

1,333

 

 

$

2,349

 

 

$

2,019

 

 

$

2,226

 

Interest cost

 

 

6,875

 

 

 

7,598

 

 

 

7,297

 

 

 

2,983

 

 

 

3,213

 

 

 

3,137

 

 

 

9,858

 

 

 

10,811

 

 

 

10,434

 

Expected return on plan assets

 

 

(10,992

)

 

 

(9,084

)

 

 

(8,297

)

 

 

(2,496

)

 

 

(2,406

)

 

 

(2,300

)

 

 

(13,488

)

 

 

(11,490

)

 

 

(10,597

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (gain)

 

 

171

 

 

 

226

 

 

 

292

 

 

 

(413

)

 

 

(679

)

 

 

(620

)

 

 

(242

)

 

 

(453

)

 

 

(328

)

Net prior service cost

 

 

762

 

 

 

698

 

 

 

698

 

 

 

23

 

 

 

23

 

 

 

22

 

 

 

785

 

 

 

721

 

 

 

720

 

Net periodic (benefit) cost

 

$

(2,267

)

 

$

213

 

 

$

883

 

 

$

1,529

 

 

$

1,395

 

 

$

1,572

 

 

$

(738

)

 

$

1,608

 

 

$

2,455

 

The following tables provide a reconciliation of the changes in the projected benefit obligation and fair value of assets for the defined benefit pension plans:

 

 

At or for the Year Ended September 30,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Changes in projected benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

140,955

 

 

$

127,222

 

 

$

77,347

 

 

$

67,263

 

 

$

218,302

 

 

$

194,485

 

Plan amendment

 

 

—

 

 

 

1,121

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,121

 

Service cost

 

 

917

 

 

 

775

 

 

 

1,432

 

 

 

1,244

 

 

 

2,349

 

 

 

2,019

 

Interest cost

 

 

6,875

 

 

 

7,598

 

 

 

2,983

 

 

 

3,213

 

 

 

9,858

 

 

 

10,811

 

Net actuarial (gains) losses

 

 

(6,027

)

 

 

13,249

 

 

 

(944

)

 

 

4,128

 

 

 

(6,971

)

 

 

17,377

 

Contribution by participants

 

 

—

 

 

 

—

 

 

 

12

 

 

 

12

 

 

 

12

 

 

 

12

 

Benefits paid

 

 

(9,112

)

 

 

(9,010

)

 

 

(3,818

)

 

 

(3,647

)

 

 

(12,930

)

 

 

(12,657

)

Foreign currency exchange rate changes

 

 

—

 

 

 

—

 

 

 

1,615

 

 

 

5,134

 

 

 

1,615

 

 

 

5,134

 

Projected benefit obligation at end of year

 

$

133,608

 

 

$

140,955

 

 

$

78,627

 

 

$

77,347

 

 

$

212,235

 

 

$

218,302

 

Changes in fair value of plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

179,917

 

 

$

155,370

 

 

$

57,476

 

 

$

50,775

 

 

$

237,393

 

 

$

206,145

 

Actual return on plan assets

 

 

7,778

 

 

 

33,382

 

 

 

1,687

 

 

 

3,866

 

 

 

9,465

 

 

 

37,248

 

Contributions by the Company

 

 

—

 

 

 

175

 

 

 

1,423

 

 

 

1,863

 

 

 

1,423

 

 

 

2,038

 

Contributions by plan participants

 

 

—

 

 

 

—

 

 

 

12

 

 

 

12

 

 

 

12

 

 

 

12

 

Benefits paid

 

 

(9,112

)

 

 

(9,010

)

 

 

(3,818

)

 

 

(3,647

)

 

 

(12,930

)

 

 

(12,657

)

Foreign currency exchange rate changes

 

 

—

 

 

 

—

 

 

 

(222

)

 

 

4,607

 

 

 

(222

)

 

 

4,607

 

Fair value of plan assets at end of year

 

$

178,583

 

 

$

179,917

 

 

$

56,558

 

 

$

57,476

 

 

$

235,141

 

 

$

237,393

 

Net over/(under) funded status at end of year

 

$

44,975

 

 

$

38,962

 

 

$

(22,069

)

 

$

(19,871

)

 

$

22,906

 

 

$

19,091

 

At September 30, 2025, the Company’s defined benefit pension plans in the United Kingdom, Japan, and Germany represented $36,377, $6,246, and $36,004 of the total projected benefit obligation, respectively. At September 30, 2025, the United Kingdom and Japan pension plan assets represented $47,208 and $9,350 of the total fair value of all plan assets, respectively. The German pension plans are unfunded and have no plan assets.

The largest contributor to the net actuarial gains affecting the funded status for the defined benefit pension plans in the United States, United Kingdom, Japan, and Germany is due to an increase in the discount rates.

The accumulated benefit obligations of the Company’s defined benefit pension plans at September 30, 2025 was $133,608 in the United States, $35,912 in the United Kingdom, $5,280 in Japan, and $36,004 in Germany, and at September 30, 2024 was $140,955 in the United States, $33,766 in the United Kingdom, $5,958 in Japan, and $36,380 in Germany.

 

 

 

Plans with accumulated
benefit obligation in
excess of plan assets

 

 

Plans with accumulated
benefit obligation less
than plan assets

 

 

 

At September 30,

 

 

At September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Projected benefit obligation

 

$

(36,197

)

 

$

(56,783

)

 

$

(176,038

)

 

$

(161,519

)

Accumulated benefit obligation

 

 

(36,163

)

 

 

(56,757

)

 

 

(174,641

)

 

 

(160,302

)

Fair value of plan assets

 

 

—

 

 

 

20,053

 

 

 

235,141

 

 

 

217,340

 

The following tables provide the amounts recognized in the Consolidated Balance Sheets and accumulated other comprehensive (earnings) losses for the defined benefit pension plans:

 

 

Year Ended September 30,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Amounts recognized in the Consolidated Balance Sheets consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other non-current assets

 

$

44,975

 

 

$

39,148

 

 

$

14,129

 

 

$

16,673

 

 

$

59,104

 

 

$

55,821

 

Accrued liabilities

 

 

—

 

 

 

—

 

 

 

(1,372

)

 

 

(1,166

)

 

 

(1,372

)

 

 

(1,166

)

Other non-current liabilities

 

 

—

 

 

 

(186

)

 

 

(34,826

)

 

 

(35,378

)

 

 

(34,826

)

 

 

(35,564

)

Net over/(under) funded status at end of year

 

$

44,975

 

 

$

38,962

 

 

$

(22,069

)

 

$

(19,871

)

 

$

22,906

 

 

$

19,091

 

Amounts recognized in accumulated other
comprehensive (earnings) losses consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrecognized net prior service cost

 

$

2,437

 

 

$

3,200

 

 

$

488

 

 

$

509

 

 

$

2,925

 

 

$

3,709

 

Unrecognized net (gains) losses

 

 

(5,733

)

 

 

(2,749

)

 

 

(4,886

)

 

 

(4,655

)

 

 

(10,619

)

 

 

(7,404

)

Total amounts recognized

 

 

(3,296

)

 

 

451

 

 

 

(4,398

)

 

 

(4,146

)

 

 

(7,694

)

 

 

(3,695

)

Deferred taxes

 

 

(2,557

)

 

 

(3,499

)

 

 

(27

)

 

 

(191

)

 

 

(2,584

)

 

 

(3,690

)

Amounts recognized in accumulated other comprehensive (earnings) losses

 

$

(5,853

)

 

$

(3,048

)

 

$

(4,425

)

 

$

(4,337

)

 

$

(10,278

)

 

$

(7,385

)

The following table reconciles the changes in accumulated other comprehensive (earnings) losses for the defined benefit pension plans:

 

 

Year Ended September 30,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Beginning of year

 

$

451

 

 

$

11,304

 

 

$

(4,146

)

 

$

(7,360

)

 

$

(3,695

)

 

$

3,944

 

Net (gain) loss

 

 

(2,814

)

 

 

(11,050

)

 

 

(135

)

 

 

2,668

 

 

 

(2,949

)

 

 

(8,382

)

Prior service cost

 

 

—

 

 

 

1,121

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,121

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) gain

 

 

(171

)

 

 

(226

)

 

 

413

 

 

 

679

 

 

 

242

 

 

 

453

 

Prior service cost

 

 

(762

)

 

 

(698

)

 

 

(23

)

 

 

(23

)

 

 

(785

)

 

 

(721

)

Foreign currency exchange rate changes

 

 

—

 

 

 

—

 

 

 

(507

)

 

 

(110

)

 

 

(507

)

 

 

(110

)

End of year

 

$

(3,296

)

 

$

451

 

 

$

(4,398

)

 

$

(4,146

)

 

$

(7,694

)

 

$

(3,695

)

Pension benefit payments are made from the assets of the pension plans. The German pension plans are unfunded; therefore, benefit payments are made from Company contributions into these plans as required to meet the payment obligations. Using foreign exchange rates as of September 30, 2025 and expected future service assumptions, it is anticipated that the future benefit payments will be as follows:

Year Ending September 30,

 

United States

 

 

Other
Countries

 

 

Total

 

2026

 

$

9,790

 

 

$

3,693

 

 

$

13,483

 

2027

 

 

10,142

 

 

 

3,776

 

 

 

13,918

 

2028

 

 

10,410

 

 

 

4,057

 

 

 

14,467

 

2029

 

 

10,633

 

 

 

4,225

 

 

 

14,858

 

2030

 

 

10,759

 

 

 

4,888

 

 

 

15,647

 

2031-2035

 

 

53,000

 

 

 

24,718

 

 

 

77,718

 

 

Woodward expects its pension plan contributions in fiscal year 2026 will be $305 in the United Kingdom, $150 in Japan, $1,386 in Germany, and $433 in the United States.

Pension plan assets

The overall investment objective of the pension plan assets is to earn a rate of return over time that, when combined with Company contributions, satisfies the benefit obligations of the pension plans and maintains sufficient liquidity to pay benefits.

As the timing and nature of the plan obligations varies for each Company sponsored pension plan, investment strategies have been individually designed for each pension plan with a common focus on maintaining diversified investment portfolios that provide for long-term growth while minimizing the risk to principal associated with short-term market behavior. The strategy for each of the plans balances the requirements to generate returns, using investments expected to produce higher returns, such as equity securities, with the need to control risk within the pension plans using less volatile investment assets, such as debt securities. A strategy of more equity-oriented allocation is adopted for those plans that have a longer-term investment plan based on the timing of the associated benefit obligations.

Risks associated with the plan assets include interest rate fluctuation risk, market fluctuation risk, risk of default by debt issuers, and liquidity risk. To manage these risks, the assets are managed by established, professional investment firms and performance is evaluated regularly by the Company’s investment committee against specific benchmarks and each plan’s investment objectives. Liability management and asset class diversification are central to the Company’s risk management approach and overall investment strategy.

The assets of the U.S. plans are invested in actively managed mutual funds. The assets of the plans in the United Kingdom and Japan are invested in actively managed pooled investment funds. Each individual mutual fund or pooled investment fund has been selected based on the investment strategy of the related plan, which mirrors a specific asset class within the associated target allocation. The plans in Germany are unfunded and have no plan assets. Pension plan assets at September 30, 2025 and 2024 do not include any direct investment in Woodward’s common stock.

The asset allocations are monitored and rebalanced regularly by investment managers assigned to the individual pension plans. The actual allocations of pension plan assets and target allocation ranges by asset class are as follows:

 

 

At September 30,

 

 

2025

 

2024

 

 

Percentage of Plan
Assets

 

Target Allocation
Ranges

 

Percentage of Plan
Assets

 

Target Allocation
Ranges

United States:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Class

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

31.6%

 

2.1%

 

 

—

 

 

51.1%

 

30.5%

 

2.3%

 

 

—

 

 

51.1%

Debt Securities

 

67.2%

 

58.9%

 

 

—

 

 

96.8%

 

67.6%

 

58.9%

 

 

—

 

 

96.7%

Other

 

1.2%

 

0.0%

 

1.9%

 

0.0%

 

 

100.0%

 

 

 

 

 

 

 

 

100.0%

 

 

 

 

 

 

 

United Kingdom:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Class

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities

 

0.0%

 

0.0%

 

95.8%

 

90.0%

 

 

—

 

 

100.0%

Insurance Contract

 

76.2%

 

90.0%

 

 

—

 

 

100.0%

 

0.0%

 

0.0%

Other

 

23.8%

 

0.0%

 

 

—

 

 

10.0%

 

4.2%

 

0.0%

 

 

—

 

 

10.0%

 

 

100.0%

 

 

 

 

 

 

 

 

100.0%

 

 

 

 

 

 

 

Japan:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Class

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

40.8%

 

36.0%

 

 

—

 

 

44.0%

 

39.7%

 

36.0%

 

 

—

 

 

44.0%

Debt Securities

 

58.3%

 

55.0%

 

 

—

 

 

63.0%

 

59.4%

 

55.0%

 

 

—

 

 

63.0%

Other

 

1.0%

 

0%

 

 

—

 

 

2.0%

 

0.9%

 

0.0%

 

 

—

 

 

2.0%

 

 

100.0%

 

 

 

 

 

 

 

 

100.0%

 

 

 

 

 

 

 

Actual allocations to each asset class can vary from target allocations due to periodic market value fluctuations, investment strategy changes, and the timing of benefit payments and contributions.

The following tables present Woodward’s pension plan assets using the fair value hierarchy established by U.S. GAAP:

 

 

At September 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

 

 

 

United
States

 

 

Other
Countries

 

 

United
States

 

 

Other
Countries

 

 

United
States

 

 

Other
Countries

 

 

Total

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,181

 

 

$

11,332

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

13,513

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. corporate bond fund

 

 

120,010

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

120,010

 

U.S. equity large cap fund

 

 

35,001

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

35,001

 

International equity large cap growth fund

 

 

21,391

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

21,391

 

Pooled funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Japanese equity securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,000

 

 

 

—

 

 

 

—

 

 

 

2,000

 

International equity securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,818

 

 

 

—

 

 

 

—

 

 

 

1,818

 

Japanese fixed income securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,046

 

 

 

—

 

 

 

—

 

 

 

4,046

 

International fixed income securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,397

 

 

 

—

 

 

 

—

 

 

 

1,397

 

Insurance Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.K. Insurance contract

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

35,965

 

 

 

35,965

 

Total assets

 

$

178,583

 

 

$

11,332

 

 

$

—

 

 

$

9,261

 

 

$

—

 

 

$

35,965

 

 

$

235,141

 

 

 

 

At September 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

 

 

 

United
States

 

 

Other
Countries

 

 

United
States

 

 

Other
Countries

 

 

United
States

 

 

Other
Countries

 

 

Total

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,370

 

 

$

2,130

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5,500

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. corporate bond fund

 

 

121,581

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

121,581

 

U.S. equity large cap fund

 

 

33,454

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33,454

 

International equity large cap growth fund

 

 

21,512

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

21,512

 

Pooled funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Japanese equity securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,939

 

 

 

—

 

 

 

—

 

 

 

1,939

 

International equity securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,786

 

 

 

—

 

 

 

—

 

 

 

1,786

 

Japanese fixed income securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,157

 

 

 

—

 

 

 

—

 

 

 

4,157

 

International fixed income securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,409

 

 

 

—

 

 

 

—

 

 

 

1,409

 

Index linked U.K. corporate bonds fund

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17,085

 

 

 

—

 

 

 

—

 

 

 

17,085

 

Index linked U.K. government securities fund

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,049

 

 

 

—

 

 

 

—

 

 

 

12,049

 

Index linked U.K. long-term government securities fund

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,924

 

 

 

—

 

 

 

—

 

 

 

14,924

 

Index U.K. long-term government securities fund

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,997

 

 

 

—

 

 

 

—

 

 

 

1,997

 

Total assets

 

$

179,917

 

 

$

2,130

 

 

$

—

 

 

$

55,346

 

 

$

—

 

 

$

—

 

 

$

237,393

 

Cash and cash equivalents: Cash and cash equivalents held by the Company’s pension plans are held on deposit with creditworthy financial institutions. The fair value of the cash and cash equivalents are based on the quoted market price of the respective currency in which the cash is maintained.

Pension assets invested in mutual funds: The assets of the Company’s U.S. pension plans are invested in various mutual funds, which invest in both equity and debt securities. The fair value of the mutual funds is determined based on the quoted market price of each fund.

Pension assets invested in pooled funds: The assets of the Company’s Japan and United Kingdom pension plans are invested in pooled investment funds, which include both equity and debt securities. The assets of the United Kingdom pension plan are invested in index-linked pooled funds, which aim to replicate the movements of an underlying market index to which the fund is linked. Fair value of the pooled funds is based on the net asset value of shares held by the plan as reported by the fund sponsors. All pooled funds held by plans outside of the United States are considered to be invested in international equity and debt securities. Although the underlying securities may be largely domestic to the plan holding the investment assets, the underlying assets are considered international from the perspective of the Company.

Insurance contracts: In August 2025, the Trustee Board of the U.K. defined benefit pension plan entered into an agreement with an insurance company for a “buy-in” insurance contract, for its U.K. defined benefit pension plan to reduce retirement plan risk, while delivering promised benefits to plan participants. This transaction allows the Company to reduce volatility by removing investment, longevity, mortality, interest rate and inflation risk upon the transfer of substantially all of the pension plan assets to the insurer in exchange for the insurance contract. At this time the Company retains both the fair value of the contract within plan assets and the pension benefit obligations related to these participants. The fair value of the buy-in insurance contract is based on the calculated pension benefit obligations covered. The fair value of plan assets categorized as Level 3 during fiscal year 2025 are related to the purchase of the buy-in insurance contract. The Company anticipates an annuity purchase or a “buy-out” will likely occur within the next fiscal year or shortly thereafter, which will trigger a pension settlement that will result in all plan balances, including accumulated pension components within other comprehensive income, being charged to expense as a noncash settlement charge.

Other postretirement benefit plans

Woodward 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. Benefits include the option to elect company provided medical insurance coverage to age 65 and a Medicare supplemental plan after age 65. Life insurance benefits are also provided to certain retirees in the United States under frozen plans that are no longer available to current members. A September 30 measurement date is utilized to value plan assets and obligations for Woodward’s other postretirement benefit plans.

The postretirement medical benefit plans, other than the plan assumed in an acquisition in fiscal year 2009, were frozen in fiscal year 2006, and no additional members may participate in the plans. Generally, members who had attained age 55 and had rendered 10 or more years of service before the plans were frozen were eligible for these postretirement medical benefits.

Certain participating retirees are required to contribute to the plans in order to maintain coverage. The plans provide postretirement medical benefits for approximately three retired members and their covered dependents and beneficiaries and may provide future benefits to 304 active members and their covered dependents and beneficiaries, upon retirement, if the members elect to participate. All the postretirement medical plans are fully insured for retirees who have attained age 65.

The actuarial assumptions used in measuring the net periodic benefit cost and plan obligations of postretirement benefits were as follows:

 

 

At September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted-average discount rate used to determine benefit obligation

 

 

5.30

%

 

 

5.00

%

 

 

6.25

%

Weighted-average discount rate used to determine net periodic benefit cost

 

 

5.00

 

 

 

6.25

 

 

 

5.70

 

The discount rate assumption is intended to reflect the rate at which the postretirement benefits could be effectively settled based upon the assumed timing of the benefit payments.

Woodward used a bond portfolio matching analysis based on recently traded, non-callable bonds rated AA or better that have at least $50 million outstanding to determine the benefit obligations at year end.

Mortality assumptions are based on published mortality studies developed primarily based on past experience of the broad population and modified for projected longevity trends. The projected benefit obligations in the United States as of September 30, 2025 and September 30, 2024 were based on the SOA Pri-2012 Mortality Tables Report using the SOA’s MP-2019 and projected forward using a custom projection scale based on MP-2019 with a five-year convergence period and a long-term rate of 0.75%.

Assumed healthcare cost trend rates at September 30 were as follows:

 

 

2025

 

 

2024

 

Health-care cost trend rate assumed for next year

 

 

7.00

%

 

 

6.00

%

Rate to which the cost trend rate is assumed to decline

 

 

 

 

 

 

(the ultimate trend rate)

 

 

5.00

%

 

 

5.00

%

Year that the rate reaches the ultimate trend rate

 

2033

 

 

2030

 

 

Net periodic benefit costs consist of the following components reflected as expense in Woodward’s Consolidated Statements of Earnings:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Service cost

 

$

—

 

 

$

—

 

 

$

1

 

Interest cost

 

 

717

 

 

 

902

 

 

 

904

 

Amortization of:

 

 

 

 

 

 

 

 

 

Net gain

 

 

(441

)

 

 

(555

)

 

 

(495

)

Net periodic cost

 

$

276

 

 

$

347

 

 

$

410

 

The following table provides a reconciliation of the changes in the accumulated postretirement benefit obligation and fair value of assets for the postretirement benefits:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

Changes in accumulated postretirement benefit obligation:

 

 

 

 

 

 

Accumulated postretirement benefit obligation at beginning of year

 

$

15,203

 

 

$

15,336

 

Service cost

 

 

—

 

 

 

—

 

Interest cost

 

 

717

 

 

 

902

 

Premiums paid by plan participants

 

 

753

 

 

 

834

 

Net actuarial (gain) loss

 

 

(278

)

 

 

597

 

Benefits paid

 

 

(2,202

)

 

 

(2,466

)

Accumulated postretirement benefit obligation at end of year

 

$

14,193

 

 

$

15,203

 

Changes in fair value of plan assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

—

 

 

$

—

 

Contributions by the company

 

 

1,449

 

 

 

1,632

 

Premiums paid by plan participants

 

 

753

 

 

 

834

 

Benefits paid

 

 

(2,202

)

 

 

(2,466

)

Fair value of plan assets at end of year

 

$

—

 

 

$

—

 

Funded status at end of year

 

$

(14,193

)

 

$

(15,203

)

The following tables provide the amounts recognized in the Consolidated Balance Sheets and accumulated other comprehensive (earnings) losses for the postretirement plans:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

Amounts recognized in Consolidated Balance Sheets consist of:

 

 

 

 

 

 

Accrued liabilities

 

$

(1,576

)

 

$

(1,668

)

Other non-current liabilities

 

 

(12,617

)

 

 

(13,535

)

Funded status at end of year

 

$

(14,193

)

 

$

(15,203

)

Amounts recognized in accumulated other comprehensive income consist of:

 

 

 

 

 

 

Unrecognized net prior service cost (benefit)

 

$

—

 

 

$

—

 

Unrecognized net gains

 

 

(5,097

)

 

 

(5,260

)

Total amounts recognized

 

 

(5,097

)

 

 

(5,260

)

Deferred taxes

 

 

968

 

 

 

1,009

 

Amounts recognized in accumulated other comprehensive (earnings)

 

$

(4,129

)

 

$

(4,251

)

Woodward pays plan benefits from its general funds; therefore, there are no segregated plan assets as of September 30, 2025 or September 30, 2024.

The accumulated benefit obligations of the Company’s postretirement plans were $14,193 at September 30, 2025 and $15,203 at September 30, 2024. The largest contributor to the actuarial gain affecting the Company’s postretirement plans accumulated benefit obligations was an increase in the discount rate.

The following table reconciles the changes in accumulated other comprehensive (earnings) losses for the other postretirement benefit plans:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

Beginning of year

 

$

(5,260

)

 

$

(6,412

)

Net (gain) loss

 

 

(278

)

 

 

597

 

Amortization of:

 

 

 

 

 

 

Net gain

 

 

441

 

 

 

555

 

End of year

 

$

(5,097

)

 

$

(5,260

)

Using expected future service, it is anticipated that the future Company contributions to pay benefits for other postretirement benefit plans, excluding participate contributions, will be as follows:

Year Ending September 30,

 

 

 

2026

 

$

2,379

 

2027

 

 

2,318

 

2028

 

 

2,251

 

2029

 

 

2,176

 

2030

 

 

2,087

 

2031-2035

 

 

8,751

 
v3.25.3
Stockholders' Equity
 12 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders' Equity

Note 21. Stockholders’ equity

Common stock and treasury stock

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

 

 

Common Stock

 

 

Treasury Stock

 

 

Treasury stock held for deferred compensation

 

Balances as of September 30, 2022

 

 

72,960

 

 

 

(13,207

)

 

 

(139

)

Purchase of treasury stock

 

 

—

 

 

 

(1,060

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

1,009

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

188

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(2

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

86

 

Balances as of September 30, 2023

 

 

72,960

 

 

 

(13,070

)

 

 

(55

)

 

 

 

 

 

 

 

 

 

Balances as of September 30, 2023

 

 

72,960

 

 

 

(13,070

)

 

 

(55

)

Purchase of treasury stock

 

 

—

 

 

 

(2,236

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

1,360

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

159

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

11

 

Balances as of September 30, 2024

 

 

72,960

 

 

 

(13,787

)

 

 

(45

)

 

 

 

 

 

 

 

 

 

Balances as of September 30, 2024

 

 

72,960

 

 

 

(13,787

)

 

 

(45

)

Purchase of treasury stock

 

 

—

 

 

 

(864

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

1,460

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

131

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

18

 

Balances as of September 30, 2025

 

 

72,960

 

 

 

(13,060

)

 

 

(28

)

Stock repurchase program

In January 2022, the Board authorized a program for the repurchase of up to $800,000 of Woodward’s outstanding shares of common stock on the open market or in privately negotiated transactions over a two-year period ending in

January 2024 (the “2022 Authorization”). During fiscal year 2023, we repurchased 1,060 shares of our common stock for $126,380 under the 2022 Authorization.

In January 2024, the Board terminated the 2022 Authorization, which was nearing expiration, and concurrently authorized a new 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 fiscal year 2025, we repurchased 864 shares of our common stock for $170,083 under the 2024 Authorization. During fiscal year 2024, we repurchased 2,236 shares of our common stock for $390,819 under the 2024 Authorization.

On November 20, 2025, the Board approved a new $1,800,000, three-year share repurchase authorization. The Company completed its prior $600,000 authorization in November 2025. The shares may be repurchased from time to time using various methods, subject to market conditions and the Company’s discretion. The new authorization does not obligate the Company to acquire a specific dollar amount or number of shares and may be modified, suspended or discontinued at any time.

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 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. Under the 2017 Plan, there were approximately 5,031 shares of Woodward’s common stock available for future grants as of September 30, 2025.

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 10-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 using the assumptions in the following table. 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.

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted-average exercise price per share

 

$

191.45

 

 

$

137.36

 

 

$

84.84

 

Expected term (years)

 

 

 

6.6

 

-

 

8.7

 

 

 

 

6.6

 

-

 

8.7

 

 

 

 

6.6

 

-

 

8.8

 

Estimated volatility

 

 

 

35.2

%

-

 

38.2

%

 

 

 

35.0

%

-

 

37.6

%

 

 

 

34.7

%

-

 

37.6

%

Estimated dividend yield

 

 

 

0.6

%

-

 

0.6

%

 

 

 

0.7

%

-

 

0.7

%

 

 

 

0.7

%

-

 

0.9

%

Risk-free interest rate

 

 

 

3.8

%

-

 

4.4

%

 

 

 

4.2

%

-

 

4.4

%

 

 

 

3.4

%

-

 

4.4

%

The weighted average grant date fair value of options granted follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted-average grant date fair value of options

 

$

83.65

 

 

$

58.34

 

 

$

34.19

 

 

The following is a summary of the activity for stock option awards during the fiscal year ended September 30, 2025:

 

 

Number of options

 

 

Weighted-
Average Exercise
Price Per Share

 

Balance at September 30, 2024

 

 

3,578

 

 

$

86.03

 

Granted

 

 

41

 

 

 

191.45

 

Exercised

 

 

(1,364

)

 

 

80.49

 

Forfeited

 

 

(6

)

 

 

103.52

 

Balance at September 30, 2025

 

 

2,249

 

 

$

91.25

 

Changes in non-vested stock options during the fiscal year ended September 30, 2025 were as follows:

 

 

Number of options

 

 

Weighted-
Average Grant
Date Fair Value
Per Share

 

Balance at September 30, 2024

 

 

898

 

 

$

37.30

 

Granted

 

 

41

 

 

 

83.65

 

Vested

 

 

(459

)

 

 

35.08

 

Forfeited

 

 

(7

)

 

 

40.97

 

Balance at September 30, 2025

 

 

473

 

 

$

43.40

 

Information about stock options that have vested, or are expected to vest, and are exercisable at September 30, 2025 was as follows:

 

 

Number of options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Life in Years

 

 

Aggregate
Intrinsic
Value

 

Options outstanding

 

 

2,249

 

 

$

91.25

 

 

 

5.0

 

 

$

363,126

 

Options vested and exercisable

 

 

1,776

 

 

 

86.74

 

 

 

4.4

 

 

 

294,766

 

Options vested and expected to vest

 

 

2,238

 

 

 

91.03

 

 

 

5.0

 

 

 

361,894

 

Other information follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Total fair value of stock options vested

 

$

16,006

 

 

$

18,527

 

 

$

24,388

 

Total intrinsic value of options exercised

 

 

167,121

 

 

 

115,198

 

 

 

67,203

 

Cash received from exercises of stock options

 

 

104,578

 

 

 

89,875

 

 

 

50,749

 

Excess tax benefit realized from exercise of stock options

 

 

22,950

 

 

 

17,939

 

 

 

12,595

 

Restricted stock units

The Company generally grants RSUs to eligible members 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 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 are estimated using the closing price of the Company’s stock on the grant date.

The Company has also granted RSUs to certain members 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:

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Balance at September 30, 2024

 

 

318

 

 

$

118.19

 

Granted

 

 

124

 

 

 

194.40

 

Vested

 

 

(123

)

 

 

116.93

 

Forfeited

 

 

(10

)

 

 

149.06

 

Balance at September 30, 2025

 

 

309

 

 

$

148.31

 

Performance restricted stock units

The Company grants PSUs to certain eligible members under the form PSU agreement that generally will vest subject to a market condition and a service condition through the performance period. The market condition associated with the 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. Performance below or above target can result in an issuance of between 0% to 150% of the target number of 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 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 PSUs granted, which includes the grant date fair value outcome from the Monte Carlo method, were as follows:

 

 

September 30, 2025

 

 

September 30, 2024

 

Expected volatility

 

 

30.9

%

 

 

30.2

%

Risk free interest rate

 

 

4.1

%

 

 

4.5

%

Expected life

 

3 years

 

 

3 years

 

Grant date fair value

 

$

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 PSUs:

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

62

 

 

$

146.47

 

Granted

 

 

44

 

 

 

196.63

 

Forfeited

 

 

(2

)

 

 

173.47

 

Ending balance

 

 

104

 

 

$

167.17

 

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.

Stock-based compensation expense recognized was as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Stock-based compensation expense

 

$

31,674

 

 

$

33,052

 

 

$

23,958

 

In connection with executive separations and release agreements entered into by the Company, Woodward recognized an additional $1,682 and $1,265 of stock-based compensation expense, before tax, during fiscal year 2024 and fiscal year 2023, respectively.

At September 30, 2025, there was approximately $32,896 of total unrecognized compensation expense related to non-vested stock-based compensation arrangements, including stock options, restricted stock units, and performance stock units. The pre-vesting forfeiture rates for purposes of determining stock-based compensation expense recognized were estimated to be 0.0% for members of Woodward’s Board and 7.4% for all others. The remaining unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 1.54 years.
v3.25.3
Commitments and Contingencies
 12 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 22. Commitments and contingencies

Woodward enters into unconditional purchase obligation arrangements (i.e., issuance of purchase orders, obligations to transfer funds in the future for fixed or minimum quantities of goods or services at fixed or minimum prices, such as "take-or-pay" contracts) in the normal course of business to ensure that adequate levels of sourced product are available to Woodward. Future minimum unconditional purchase obligations are as follows:

Year Ending September 30:

 

 

 

2026

 

$

640,763

 

2027

 

 

89,718

 

2028

 

 

3,302

 

2029

 

 

171

 

2030

 

 

64,620

 

Thereafter

 

 

2

 

Total

 

$

798,576

 

The U.S. Government, and other governments, may terminate any of Woodward’s government contracts (and, in general, subcontracts) at their convenience, as well as for default based on specified performance measurements. If any of Woodward’s government contracts were to be terminated for convenience, the Company generally would be entitled to receive payment for work completed and allowable termination or cancellation costs. If any of Woodward’s government contracts were to be terminated for Woodward’s default, the U.S. Government generally would pay only for the work accepted and could require Woodward to pay the difference between the original contract price and the cost to re-procure the contract items, net of the work accepted from the original contract. The U.S. Government could also hold Woodward liable for damages resulting from the default.

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 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.

In the event of a change in control of Woodward, as defined in change-in-control agreements with its current corporate officers, Woodward may be required to pay termination benefits to any such officer if such officer’s employment is terminated within two years following the change of control.
v3.25.3
Segment Information
 12 Months Ended
Sep. 30, 2025
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, 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:

 

Year Ended September 30,

 

 

2025

 

 

Aerospace

 

 

Industrial

 

 

Total

 

Net sales

$

2,312,806

 

 

$

1,254,258

 

 

$

3,567,064

 

Cost of goods sold

 

1,687,214

 

 

 

914,520

 

 

 

2,601,734

 

Selling, general and administrative expenses

 

87,136

 

 

 

107,205

 

 

 

194,341

 

Research and development costs

 

87,302

 

 

 

53,850

 

 

 

141,152

 

Other segment items1

 

(55,459

)

 

 

(3,841

)

 

 

(59,300

)

Reportable segment operating profit

$

506,613

 

 

$

182,524

 

 

$

689,137

 

 

 

 

 

 

 

 

 

 

 

Year Ended September 30,

 

 

2024

 

 

Aerospace

 

 

Industrial

 

 

Total

 

Net sales

$

2,028,618

 

 

$

1,295,631

 

 

$

3,324,249

 

Cost of goods sold

 

1,517,239

 

 

 

923,953

 

 

 

2,441,192

 

Selling, general and administrative expenses

 

85,103

 

 

 

100,758

 

 

 

185,861

 

Research and development costs

 

90,138

 

 

 

44,759

 

 

 

134,897

 

Other segment items1

 

(49,222

)

 

 

(3,696

)

 

 

(52,918

)

Reportable segment operating profit

$

385,360

 

 

$

229,857

 

 

$

615,217

 

 

 

 

 

 

 

 

 

 

 

Year Ended September 30,

 

 

2023

 

 

Aerospace

 

 

Industrial

 

 

Total

 

Net sales

$

1,768,103

 

 

$

1,146,463

 

 

$

2,914,566

 

Cost of goods sold

 

1,362,124

 

 

 

855,900

 

 

 

2,218,024

 

Selling, general and administrative expenses

 

78,910

 

 

 

87,637

 

 

 

166,547

 

Research and development costs

 

80,825

 

 

 

44,296

 

 

 

125,121

 

Other segment items1

 

(43,860

)

 

 

(2,992

)

 

 

(46,852

)

Reportable segment operating profit

$

290,104

 

 

$

161,622

 

 

$

451,726

 
(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:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Reportable segment operating profit

 

$

689,137

 

 

$

615,217

 

 

$

451,726

 

Nonsegment expenses

 

 

(126,226

)

 

 

(119,745

)

 

 

(130,811

)

Interest expense, net

 

 

(41,500

)

 

 

(41,501

)

 

 

(45,147

)

Consolidated earnings before income taxes

 

$

521,411

 

 

$

453,971

 

 

$

275,768

 

 

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

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Segment assets:

 

 

 

 

 

 

 

 

 

Aerospace

 

$

2,110,805

 

 

$

1,936,507

 

 

$

1,829,410

 

Industrial

 

 

1,501,503

 

 

 

1,509,495

 

 

 

1,490,341

 

Unallocated corporate property, plant and equipment, net

 

 

120,502

 

 

 

120,946

 

 

 

104,962

 

Other unallocated assets

 

 

897,333

 

 

 

801,967

 

 

 

585,490

 

Consolidated total assets

 

$

4,630,143

 

 

$

4,368,915

 

 

$

4,010,203

 

 

 

 

 

 

 

 

 

 

Segment depreciation and amortization:

 

 

 

 

 

 

 

 

 

Aerospace

 

$

51,603

 

 

$

55,305

 

 

$

59,880

 

Industrial

 

 

49,480

 

 

 

49,779

 

 

 

51,167

 

Unallocated corporate amounts

 

 

12,195

 

 

 

11,086

 

 

 

8,696

 

Consolidated depreciation and amortization

 

$

113,278

 

 

$

116,170

 

 

$

119,743

 

 

 

 

 

 

 

 

 

 

Segment capital expenditures:

 

 

 

 

 

 

 

 

 

Aerospace

 

$

62,892

 

 

$

55,989

 

 

$

56,913

 

Industrial

 

 

42,305

 

 

 

41,930

 

 

 

21,855

 

Unallocated corporate amounts

 

 

25,731

 

 

 

(1,639

)

 

 

(2,268

)

Consolidated capital expenditures

 

$

130,928

 

 

$

96,280

 

 

$

76,500

 

Property, plant, and equipment, net by geographical area, as determined by the physical location of the assets, were as follows:

 

 

At September 30,

 

 

 

2025

 

 

2024

 

United States

 

$

841,528

 

 

$

827,242

 

Germany

 

 

109,403

 

 

 

87,970

 

Other countries

 

 

35,692

 

 

 

25,503

 

Consolidated property, plant and equipment, net

 

$

986,623

 

 

$

940,715

 

We had no customers who accounted for 10% or more of our consolidated net sales for the fiscal years ended September 30, 2025 and September 30, 2024. Sales to GE were 12% of our consolidated net sales, and sales to RTX Corporation were 10% of our consolidated net sales for the fiscal year ended September 30, 2023. Sales to GE were made by both of Woodward’s operating segments, and sales to RTX Corporation were made by our Aerospace segment.

 

U.S. Government related sales from Woodward’s reportable segments were as follows:

 

 

Direct U.S.
Government
Sales

 

 

Indirect U.S.
Government
Sales

 

 

Total U.S.
Government
Related Sales

 

Fiscal year ended September 30, 2025

 

 

 

 

 

 

 

 

 

Aerospace

 

$

95,147

 

 

$

598,254

 

 

$

693,401

 

Industrial

 

 

6,903

 

 

 

17,305

 

 

 

24,208

 

Total net external sales

 

$

102,050

 

 

$

615,559

 

 

$

717,609

 

Percentage of total net sales

 

 

3

%

 

 

17

%

 

 

20

%

 

 

 

 

 

 

 

 

 

Fiscal year ended September 30, 2024

 

 

 

 

 

 

 

 

 

Aerospace

 

$

107,978

 

 

$

443,370

 

 

$

551,348

 

Industrial

 

 

9,039

 

 

 

10,273

 

 

 

19,312

 

Total net external sales

 

$

117,017

 

 

$

453,643

 

 

$

570,660

 

Percentage of total net sales

 

 

3

%

 

 

14

%

 

 

17

%

 

 

 

 

 

 

 

 

 

Fiscal year ended September 30, 2023

 

 

 

 

 

 

 

 

 

Aerospace

 

$

99,848

 

 

$

363,835

 

 

$

463,683

 

Industrial

 

 

7,524

 

 

 

14,840

 

 

 

22,364

 

Total net external sales

 

$

107,372

 

 

$

378,675

 

 

$

486,047

 

Percentage of total net sales

 

 

4

%

 

 

13

%

 

 

17

%
v3.25.3
Operations and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of presentation

Basis of presentation

The Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Woodward, Inc. and its subsidiaries (collectively “Woodward” or “the Company”).

Nature of operations

Nature of operations

Woodward is an independent designer, manufacturer, and service provider of energy control and optimization solutions. Woodward designs, produces, and services reliable, efficient, low-emission, and high-performance energy control products for diverse applications in challenging environments. Woodward has significant production and assembly facilities primarily in the United States, Europe, and Asia, and promotes its products and services through its worldwide locations.

Woodward’s strategic focus is providing energy control and optimization solutions for the aerospace and industrial markets. The precise and efficient control of energy, including motion, fluid, combustion, and electrical energy, is a growing requirement in the markets Woodward serves. Woodward’s customers look to it to optimize the efficiency, emissions, and operation of power equipment in both commercial and defense operations. Woodward’s core technologies leverage well across its markets and customer applications, enabling it to develop and integrate cost-effective and state-of-the-art fuel, combustion, fluid, actuation, and electronic systems. Woodward focuses its solutions and services primarily on serving original equipment manufacturers (“OEMs”) and equipment packagers, partnering with them to bring superior component and system solutions to their demanding applications. Woodward also provides service repair, maintenance, replacement, and other service support for its installed products.

Woodward’s components and integrated systems optimize performance of commercial aircraft, defense aircraft, military ground vehicles and other equipment, gas and steam turbines, industrial diesel, gas, biodiesel and dual-fuel reciprocating engines, and electrical power systems. Woodward’s innovative motion, fluid, combustion, and electrical energy control systems help its customers offer more cost-effective, cleaner, and more reliable equipment.
Principles of consolidation

Principles of consolidation: These Consolidated Financial Statements are prepared in accordance with U.S. GAAP and include the accounts of Woodward and its wholly and majority-owned subsidiaries. Transactions within and between these companies are eliminated.
Use of estimates

Use of estimates: The preparation of the Consolidated Financial Statements requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities, at the date of the financial statements and the reported revenues and expenses recognized during the reporting period, and certain financial statement disclosures. Significant estimates include allowances for uncollectible amounts, net realizable value of inventories, customer rebates earned, useful lives of property and identifiable intangible assets, the evaluation of impairments of property, identifiable intangible assets and goodwill, the provision for income tax and related valuation reserves, the valuation of assets and liabilities acquired in business combinations, 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, and contingencies. Actual results could differ from those estimates.
Foreign currency exchange rates

Foreign currency exchange rates: The assets and liabilities of substantially all subsidiaries outside the United States are translated at fiscal year-end rates of exchange, and earnings and cash flow statements are translated at weighted-average rates of exchange. The exchange rate in effect at the time of the cash flow is used for significant or infrequent cash flows, such as payments for a business acquisition, for which the use of weighted-average rates of exchange could result in a substantially different cash flow. Translation adjustments are accumulated with other comprehensive (losses) earnings as a separate component of stockholders’ equity and are presented net of tax effects in the Consolidated Statements of Stockholders’ Equity. The effects of changes in foreign currency exchange rates on loans between consolidated subsidiaries that are considered permanent in nature are also accumulated with other comprehensive earnings, net of tax.

The Company is exposed to market risks related to fluctuations in foreign currency exchange rates because some sales transactions, and certain assets and liabilities of its domestic and foreign subsidiaries, are denominated in foreign currencies. Selling, general and administrative expenses include a net foreign currency loss of $512 in fiscal year 2025, a net foreign currency loss of $8,369 in fiscal year 2024, and a net foreign currency loss of $1,020 in fiscal year 2023.
Revenue recognition

Revenue recognition: Revenue is recognized on contracts with customers for arrangements in which quantities and pricing are fixed and/or determinable and are generally based on customer purchase orders, often within the framework of a long-term supply arrangement with the customer. Woodward has determined that it is the principal in its sales transactions, as Woodward is primarily responsible for fulfilling the promised performance obligations, has discretion to establish the selling price, and generally assumes the inventory risk. Woodward recognizes revenue for performance obligations within a customer contract when control of the associated product or service is transferred to the customer. Some of Woodward’s contracts with customers contain a single performance obligation, while other contracts contain multiple performance obligations. Each product within a contract generally represents a separate performance obligation as Woodward does not provide significant installation and integration services, the products do not customize each other, and the products can function independently of each other.

A contract's transaction price is allocated to each performance obligation and recognized as revenue when, or as, the customer obtains control of the associated product or service. When there are multiple performance obligations within a contract, Woodward generally uses the observable standalone sales price for each distinct product or service within the contract to allocate the transaction price to the distinct products or services. In instances when a standalone sales price for each product or service is not observable within the contract, Woodward allocates the transaction price to each performance obligation using an estimate of the standalone selling price for each product or service, which is generally based on incurred costs plus a reasonable margin, for each distinct product or service in the contract.

When determining the transaction price of each contract, Woodward considers contractual consideration payable by the customer and variable consideration that may affect the total transaction price. Variable consideration, consisting of early payment discounts, rebates, and other sources of price variability, are included in the estimated transaction price based on both customer-specific information as well as historical experience.

Customers sometimes trade in used products in exchange for new or refurbished products. In addition, Woodward’s customers sometimes provide inventory to Woodward which will be integrated into final products sold to those customers. Woodward obtains control of these exchanged products and customer provided inventory, and therefore, both are forms of noncash consideration. Noncash consideration paid by customers on overall sales transactions is additive to the transaction price. Woodward’s net sales and cost of goods sold include the value of such noncash consideration for the same amount, with no resulting impact to earnings before income taxes. Upon receipt of such inventory, Woodward recognizes an inventory asset and a contract liability.
Point in time and over time revenue recognition

Point in time and over time revenue recognition: Control of the products generally transfers to the customer at a point in time, if the customer does not control the products as they are produced. Performance obligations are satisfied and revenue is recognized over time if: (i) the customer receives the benefits as Woodward performs work, (ii) if the customer controls the asset as it is being enhanced, or (iii) if the product being produced for the customer has no alternative use to Woodward and Woodward has an enforceable right to payment with a profit. For products being produced for the customer that have no alternative use to Woodward and Woodward has an enforceable right to payment with a profit, and where the products are substantially the same and have the same pattern of transfer to the customer, revenue is recognized as a series of distinct products. As Woodward satisfies MRO performance obligations, revenue is recognized over time, as the customer, rather than Woodward, controls the asset being enhanced. When services are provided, revenue from those services is recognized over time because control is transferred continuously to customers as Woodward performs the work.

For services that are not short-term in nature, MRO, and sales of products that have no alternative use to Woodward and an enforceable right to payment with a profit, Woodward uses an actual cost input measure to determine the extent of progress towards completion of the performance obligation. For these revenue streams, revenue is recognized over time as work is performed based on the relationship between actual costs incurred to-date for each contract and the total estimated costs for such contract at completion of the performance obligation (the cost-to-cost method). Woodward has concluded that this measure of progress best depicts the transfer of assets to the customer because incurred costs are integral to Woodward’s completion of the performance obligation under the specific customer contract and correlate directly to the transfer of control to the customer. Contract costs include labor, material, and overhead. Contract cost estimates are based on various assumptions to project the outcome of future events. These assumptions include labor

productivity, and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred.

If at any time the estimate of contract profitability indicates an anticipated loss on the contract, Woodward recognizes provisions for estimated losses on uncompleted contracts in the period in which such losses are determined. In situations where the creditworthiness of a customer becomes in doubt, Woodward ceases to recognize the over-time revenue on the associated customer contract.

Occasionally, Woodward sells maintenance or service arrangements, extended warranties, or other stand ready services. Woodward recognizes revenue from such arrangements as a series of performance obligations over the time period in which the services are available to the customer.
Material rights and costs to fulfill a contract

Material rights and costs to fulfill a contract: Customers sometimes pay consideration to Woodward for product engineering and development activities that do not result in the immediate transfer of distinct products or services to the customer. There is an implicit assumption that without the customer making such advance payments to Woodward, Woodward’s future sales of products or services to the customer would be at a higher selling price; therefore, such payments create a “material right” to the customer that effectively gives the customer an option to acquire future products or services, at a discount, that are dependent upon the product engineering and development. Material rights are recorded as contract liabilities and will be recognized over time when control of the related products or services are transferred to the customer.

Woodward capitalizes costs of product engineering and development identified as material rights up to the amount of customer funding as costs to fulfill a contract are incurred because the costs incurred up to the amount of the customer funding commitment are recoverable. Product engineering and development costs in excess of contractual customer funding are expensed as incurred. Woodward recognizes the deferred material rights as revenue based on a percentage of actual sales to total estimated lifetime sales of the related developed products as the customers exercise their option to acquire additional products or services at a discount. Woodward amortizes the capitalized costs to fulfill a contract as cost of goods sold proportionally to the recognition of the associated deferred material rights. Estimated total lifetime sales are reviewed at least annually and more frequently when circumstances warrant a modification to the previous estimate.

Woodward does not capitalize incremental costs of obtaining a contract, as Woodward does not pay sales commissions or incur other incremental costs related to contracts with Woodward’s customers for arrangements in which quantities and pricing are fixed and/or determinable.
Contract Liabilities

Contract liabilities: Advance payments and billings in excess of revenue recognized represent contract liabilities and are recorded as deferred revenues when customers remit contractual cash payments in advance of Woodward satisfying performance obligations under contractual arrangements, including those with performance obligations satisfied over time. Woodward generally receives advance payments from customers related to maintenance or service arrangements, extended warranties, or other stand ready services, which it recognizes over the performance period. Contract liabilities are satisfied when revenue is recognized and the performance obligation is satisfied. Advance payments and billings in excess of revenue recognized are included in deferred revenue, which is classified as current or noncurrent based on the timing of when Woodward expects to recognize revenue.
Customer Payments

Customer payments: Woodward occasionally agrees to make payments to certain customers in order to participate in anticipated sales activity. Payments made to customers are accounted for as a reduction of revenue unless they are made in exchange for identifiable goods or services with fair values that can be reasonably estimated. Reductions in revenue associated with these customer payments are recognized immediately to the extent that the payments cannot be attributed to anticipated future sales, and are recognized in future periods to the extent that the payments relate to anticipated future sales. Such determinations are based on the facts and circumstances underlying each payment.
Purchase Accounting

Purchase accounting: Business combinations are accounted for using the purchase method of accounting. Under this method, assets and liabilities, including intangible assets, are recorded at their fair values as of the acquisition date. Acquisition costs in excess of amounts assigned to assets acquired and liabilities assumed are recorded as goodwill. Transaction-related costs associated with business combinations are expensed as incurred.
Stock-based compensation

Stock-based compensation: Compensation cost relating to stock-based payment awards made to members and directors is recognized in the financial statements using a fair value method. Non-qualified stock option awards, restricted stock units, and performance restricted stock units are issued under Woodward’s stock-based compensation plans. The cost of such awards, measured at the grant date, is based on the estimated fair value of the award.

Forfeitures are estimated at the time of each grant in order to estimate the portion of the award that will ultimately vest. The estimate is based on Woodward’s historical rates of forfeitures and is updated periodically. The portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods, which is generally the vesting period of the awards.
Research and development costs

Research and development costs: Company funded expenditures related to new product development and significant product enhancement and/or upgrade activities are expensed as incurred and are separately reported in the Consolidated Statements of Earnings.

Income taxes

Income taxes: Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of Woodward’s assets, liabilities, and certain unrecognized gains and losses recorded in accumulated other comprehensive (losses) earnings. Woodward provides for taxes that may be payable if undistributed earnings of overseas subsidiaries were to be remitted to the United States, except for those earnings that it considers to be indefinitely invested.
Cash equivalents

Cash equivalents: Highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents.
Accounts receivable

Accounts receivable: Almost all of Woodward’s sales are made on credit and result in accounts receivable, which are recorded at the amount invoiced and are generally not collateralized. In the normal course of business, not all accounts receivable are collected and, therefore, an allowance for uncollectible amounts is provided equal to the amount that Woodward believes ultimately will not be collected. In establishing the amount of the allowance related to the credit risk of accounts receivable, customer-specific information is considered related to delinquent accounts, past loss experience, bankruptcy filings, deterioration in the customer’s operating results or financial position, current and forecasted economic conditions, and other relevant factors. Bad debt losses are deducted from the allowance, and the related accounts receivable balances are written off when the receivables are deemed uncollectible. Recoveries of accounts receivable previously written off are recognized when received. The allowance associated with anticipated other adjustments to the selling price or cash discounts is also established and is included in the allowance for uncollectible amounts. In establishing this amount, both customer-specific information as well as historical experience is considered.

In coordination with its customers and when terms are considered favorable to Woodward, Woodward from time-to-time transfers ownership to collect amounts due to Woodward for outstanding accounts receivable to third parties in exchange for cash. When the transfer of accounts receivable meets the criteria of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification ("ASC") Topic 860-10, “Transfers and Servicing,” and are without recourse, it is recognized as a sale and the accounts receivable is derecognized.

Unbilled receivables (contract assets) arise when the timing of billing differs from the timing of revenue recognized, such as when contract provisions require revenue to be recognized over time rather than at a point in time. Unbilled receivables primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and the revenue recognized exceeds the amount billed to the customer as there is not yet a right to payment in accordance with contractual terms. Unbilled receivables are recorded as a contract asset when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract.

For composition of accounts receivable, see Note 3, Revenue.
Inventories

Inventories: Inventories are valued at the lower of cost or net realizable value, with cost being determined using methods that approximate a first-in, first-out basis.
Short-term investments Short-term investments: From time to time, certain of Woodward’s foreign subsidiaries will invest excess cash in short-term time deposits with a fixed maturity date of longer than three months but less than one year from the date of the deposit. Woodward believes that the investments are with creditworthy financial institutions. Amounts with maturities of less than 365 days are classified as “Other current assets.”
Property, plant and equipment

Property, plant, and equipment: Property, plant, and equipment are recorded at cost and are depreciated over the estimated useful lives of the assets. Assets are generally depreciated using the straight-line method. Assets are tested for recoverability whenever events or circumstances indicate the carrying value may not be recoverable.

Estimated lives over which fixed assets are generally depreciated at September 30, 2025 were as follows:

Land improvements

 

 

10

 

 

–

 

 

20

 

years

Buildings and improvements

 

 

10

 

 

–

 

 

40

 

years

Leasehold improvements

 

 

1

 

 

–

 

 

10

 

years

Machinery and production equipment

 

 

3

 

 

–

 

 

25

 

years

Computer equipment and software

 

 

3

 

 

–

 

 

15

 

years

Office furniture and equipment

 

 

3

 

 

–

 

 

15

 

years

Other

 

 

3

 

 

–

 

 

5

 

years

Included in computer equipment and software are Woodward’s enterprise resource planning (“ERP”) systems, which have an estimated useful life of 15 years. All other computer equipment and software is generally depreciated over three years to five years.
Leases

Leases: Right-of-use (“ROU”) assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the remaining fixed lease payments over the lease term. In determining the estimated present value of lease payments, Woodward discounts the fixed lease payments using the rate implicit in the agreement or, if the implicit rate is not known, using the incremental borrowing rate. Woodward’s incremental borrowing rate is based on the information available at the lease commencement date, with consideration given to Woodward’s recent debt issuances as well as publicly available data for instruments with similar characteristics.

For operating leases, lease expense is recognized over the expected lease term and classified as cost of goods sold or selling, general and administrative expenses based on the nature of the underlying leased asset. For finance leases, the ROU asset is recognized over the shorter of the useful life of the asset, consistent with Woodward’s normal depreciation policy, or the lease term, and is classified as cost of goods sold, selling, general and administrative expense, or research and development expense, based on the nature and use of the underlying leased asset.

Certain of Woodward’s operating lease agreements include variable payments that are passed through by the landlord, such as insurance, taxes, and common area maintenance, payments based on the usage of the asset, and rental payments adjusted periodically for inflation. Pass-through charges, payments due to changes in usage of the asset, and payments due to changes in indexation are included within variable rent expense and are recognized in the period in which the variable obligation for the payments was incurred.

Goodwill

Goodwill: Woodward tests goodwill for impairment at the reporting unit level on an annual basis and more often if an event occurs or circumstances change that indicates the fair value of a reporting unit may be below its carrying amount. Based on the relevant U.S. GAAP authoritative guidance, Woodward aggregates components of a single operating segment into a reporting unit, if appropriate.

In fiscal year 2025, Woodward used the qualitative approach and was not required to conduct the quantitative analysis. Woodward applied its best judgment when assessing the reasonableness of the assumptions used to determine the fair value of the reporting unit.

In each of fiscal year 2024 and fiscal year 2023, Woodward performed the quantitative assessment consisting of comparing the implied fair value of each reporting unit with its carrying amount that includes goodwill. If the carrying amount of the reporting unit exceeds its implied fair value, Woodward compares the implied fair value of goodwill with the recorded carrying amount of goodwill. If the carryingamount of goodwill exceeds the implied fair value of goodwill, an impairment loss would be recognized to reduce the carrying amount to its implied fair value.

Based on the results of Woodward’s annual goodwill impairment testing, no impairment charges were recorded in the year ended September 30, 2025, 2024, or 2023 or since the goodwill was originally recorded.
Other intangibles

Other intangibles: Other intangibles are recognized apart from goodwill whenever an acquired intangible asset arises from contractual or other legal rights, or whenever it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset, or liability. Woodward amortizes the cost of other intangibles over their useful lives unless such lives are deemed indefinite. The cost of finite-lived other intangibles are amortized over their respective useful life using patterns that reflect the periods over which the economic benefits of the assets are expected to be realized. Amortization expense is allocated to cost of goods sold and selling, general and administrative expenses based on the nature of the intangible asset. Finite-lived other intangible assets are reviewed for impairment whenever an event occurs or circumstances change indicating that the related carrying amount of the other intangible asset may not be recoverable. Impairment losses are recognized if the carrying amount of an intangible is both not recoverable and exceeds its fair value.

Woodward has recorded no impairment charges related to its other intangibles in the year ended September 30, 2025, 2024, or 2023.

Estimated lives over which intangible assets are amortized at September 30, 2025 were as follows:

 

Customer relationships and contracts

 

 

11

 

 

–

 

 

30

 

 

years

Intellectual property

 

17 years

Process technology

 

 

10

 

 

–

 

 

30

 

 

years

Woodward has one indefinitely lived intangible asset consisting of the Woodward L’Orange trade name. The Woodward L’Orange trade name intangible asset is tested for impairment on an annual basis and more often if an event occurs or circumstances change that indicate the fair value of the Woodward L’Orange intangible asset may be below its carrying amount.

In fiscal year 2025, Woodward used the qualitative approach and was not required to conduct the quantitative assessment. Woodward applied its best judgment when assessing the reasonableness of the assumptions used to determine the fair value of the reporting unit. In each of fiscal year 2024 and fiscal year 2023, Woodward performed the quantitative assessment which consists of comparing the fair value of the Woodward L’Orange trade name intangible asset, determined using discounted cash flows based on the relief from royalty method under the income approach, with its carrying amount. If the carrying amount of the Woodward L’Orange trade name intangible asset exceeds its fair value, an impairment loss would be recognized to reduce the carrying amount to its fair value. Woodward has not recorded any impairment charges against the L'Orange trade name intangible asset since it was acquired.

Impairment of long-lived assets

Impairment of long-lived assets: Woodward reviews the carrying amount of its long-lived assets or asset groups to be used in operations whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset, or a significant decline in the observable market value of an asset, among others.

If such facts indicate a potential impairment, the Company would assess the recoverability of an asset group by determining if the carrying amount of the asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the primary asset in the asset group. If the recoverability test indicates that the carrying amount of the asset group is not recoverable, the Company will estimate the fair value of the asset group using appropriate valuation methodologies, which would typically include an estimate of discounted cash flows. Any impairment would be measured as the difference between the asset group’s carrying amount and its estimated fair value.
Investments in marketable equity securities

Investment in marketable equity securities: Woodward holds marketable equity securities. 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.” The trading securities are included in “Other assets.”

Investments in unconsolidated subsidiaries

Investments in unconsolidated subsidiaries: Investments in, and operating results of, entities in which Woodward does not have a controlling financial interest or the ability to exercise significant influence over the operations are included in the financial statements using the cost method of accounting. Investments and operating results of entities in which Woodward does not have a controlling interest but does have the ability to exercise significant influence over operations are included in the financial statements using the equity method of accounting.
Deferred compensation

Deferred compensation: The Company maintains a deferred compensation program as part of its overall compensation package for certain members.

Deferred compensation obligations will be settled either by delivery of a fixed number of shares of Woodward’s common stock (in accordance with certain eligible members’ irrevocable elections) or in cash. Woodward has contributed shares of its common stock into a trust (the "rabbi trust") established for the future settlement of deferred compensation obligations that are payable in shares of Woodward’s common stock. Common stock held by the trust is reflected in the Consolidated Balance Sheets as “Treasury stock held for deferred compensation” and the related deferred compensation obligation is reflected as a separate component of equity in amounts equal to the fair value of the common stock at the dates of contribution. Deferred compensation obligations that will be settled in cash are accounted for on an accrual basis in accordance with the terms of the underlying contract and are reflected in the Consolidated Balance Sheet as “Other liabilities.”

Financial instruments

Financial instruments: The Company’s financial instruments include cash and cash equivalents, short-term investments, investments in the deferred compensation program, notes receivable from municipalities, investments in term deposits, cross-currency interest rate swaps, and debt. Because of their short-term maturity, the carrying amount of cash and cash equivalents and short-term debt approximate fair value. Financial assets and liabilities recorded at fair value in the Consolidated Balance Sheets are categorized based upon a fair value hierarchy established by U.S. GAAP, which prioritizes the inputs used to measure fair value into the following levels:

Level 1: Inputs based on quoted market prices in active markets for identical assets or liabilities at the measurement date.

Level 2: Quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data.

Level 3: Inputs reflect management’s best estimates and assumptions of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments.

Further information on the fair value of financial instruments can be found at Note 7, Financial instruments and fair value measurements.
Derivatives

Derivatives: The Company is exposed to various global market risks, including the effect of changes in interest rates, foreign currency exchange rates, changes in certain commodity prices, and fluctuations in various producer indices. From time to time, Woodward enters into derivative instruments for risk management purposes only, including derivatives designated as accounting hedges and/or those utilized as economic hedges. Woodward uses interest rate related derivative instruments to manage its exposure to fluctuations of interest rates. Woodward does not enter into or issue derivatives for trading or speculative purposes.

By using derivative and/or hedging instruments to manage its risk exposure, Woodward is subject, from time to time, to credit risk and market risk on those derivative instruments. Credit risk arises from the potential failure of the counterparty to perform under the terms of the derivative and/or hedging instrument. When the fair value of a derivative contract is positive, the counterparty owes Woodward, which creates credit risk for Woodward. Woodward mitigates this credit risk by entering into transactions only with counterparties that are believed to be creditworthy. Market risk arises from the potential adverse effects on the value of derivative and/or hedging instruments that result from a change in interest rates, commodity prices, or foreign currency exchange rates. Woodward minimizes this market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken.

From time to time, in order to hedge against foreign currency exposure, Woodward designates certain non-derivative financial instrument loans as net investment hedges. Foreign exchange gains or losses on these loans are recognized in foreign currency translation adjustments within total comprehensive (losses) earnings. Also, to hedge against the foreign currency exposure attributable to non-functional currency denominated intercompany loans, Woodward has entered into derivative instruments in fair value hedging relationships and cash flow hedging relationships.

Further information on net investment hedges and derivative instruments in fair value and cash flow hedging relationships, including the Company’s policy in accounting for these derivatives, can be found at Note 8, Derivative instruments and hedging activities.
Postretirement benefits

Postretirement benefits: The Company provides various benefits to certain current and former members through defined benefit pension and postretirement plans. For financial reporting purposes, net periodic benefits expense and related obligations are calculated using a number of significant actuarial assumptions. Changes in net periodic expense and funding status may occur in the future due to changes in these assumptions. The funded status of defined pension and postretirement plans recognized in the statement of financial position is measured as the difference between the fair market value of the plan assets and the benefit obligation. For a defined benefit pension plan, the benefit obligation is the projected benefit obligation; for any other defined benefit postretirement plan, such as a retiree health-care plan, the benefit obligation is the accumulated benefit obligation. Any over-funded status is recognized as an asset and any underfunded status is recognized as a liability.

Projected benefit obligation is the actuarial present value as of the measurement date of all benefits attributed by the plan benefit formula to employee service rendered before the measurement date using assumptions as to future compensation levels if the plan benefit formula is based on those future compensation levels. The accumulated benefit

obligation is the actuarial present value of benefits (whether vested or unvested) attributed by the plan benefit formula to employee service rendered before the measurement date and based on employee service and compensation, if applicable, prior to that date. The accumulated benefit obligation differs from the projected benefit obligation in that it includes no assumption about future compensation levels.
v3.25.3
Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Sep. 30, 2025
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Schedule of Property, Plant and Equipment Useful Lives

Estimated lives over which fixed assets are generally depreciated at September 30, 2025 were as follows:

Land improvements

 

 

10

 

 

–

 

 

20

 

years

Buildings and improvements

 

 

10

 

 

–

 

 

40

 

years

Leasehold improvements

 

 

1

 

 

–

 

 

10

 

years

Machinery and production equipment

 

 

3

 

 

–

 

 

25

 

years

Computer equipment and software

 

 

3

 

 

–

 

 

15

 

years

Office furniture and equipment

 

 

3

 

 

–

 

 

15

 

years

Other

 

 

3

 

 

–

 

 

5

 

years
Schedule of Finite-Lived Intangible Assets Useful Lives

Estimated lives over which intangible assets are amortized at September 30, 2025 were as follows:

 

Customer relationships and contracts

 

 

11

 

 

–

 

 

30

 

 

years

Intellectual property

 

17 years

Process technology

 

 

10

 

 

–

 

 

30

 

 

years
v3.25.3
Revenue (Tables)
 12 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Derived from Product Sales

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Manufactured products

 

 

81

%

 

 

83

%

 

 

84

%

MRO

 

 

17

%

 

 

15

%

 

 

14

%

Services

 

 

2

%

 

 

2

%

 

 

2

%
Schedule of Revenue Recognition Time

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

 

 

For the Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

916,671

 

 

$

712,627

 

 

$

1,629,298

 

 

$

853,728

 

 

$

780,794

 

 

$

1,634,522

 

 

$

748,278

 

 

$

708,458

 

 

$

1,456,736

 

Over time

 

 

1,396,135

 

 

 

541,631

 

 

 

1,937,766

 

 

 

1,174,890

 

 

 

514,837

 

 

 

1,689,727

 

 

 

1,019,825

 

 

 

438,005

 

 

 

1,457,830

 

Total net sales

 

$

2,312,806

 

 

$

1,254,258

 

 

$

3,567,064

 

 

$

2,028,618

 

 

$

1,295,631

 

 

$

3,324,249

 

 

$

1,768,103

 

 

$

1,146,463

 

 

$

2,914,566

 

 
Summary of Amounts Recognized Related to Changes in Estimated Total Lifetime Sales for Material Rights and Costs to Fulfill Contracts With Customers

Amounts recognized related to changes in estimated total lifetime sales for material rights and costs to fulfill contracts with customers follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue

 

$

1,462

 

 

$

17,154

 

 

$

1,460

 

Cost of goods sold

 

 

1,855

 

 

 

15,486

 

 

 

1,736

 
Summary of Amounts Recognized Related to Amortization of Costs to Fulfill Contracts and Contract Liabilities Not Related to Changes in Estimate

Amounts recognized related to amortization of costs to fulfill contracts and contract liabilities, which were not related to changes in estimate, follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue

 

$

4,521

 

 

$

7,230

 

 

$

6,741

 

Cost of goods sold

 

 

3,717

 

 

 

3,112

 

 

 

5,559

 
Schedule of Accounts Receivable

Accounts receivable consisted of the following:

 

 

September 30, 2025

 

 

September 30, 2024

 

Billed receivables

 

 

 

 

 

 

Trade accounts receivable

 

$

477,217

 

 

$

455,831

 

Other (Chinese financial institutions)

 

 

104

 

 

 

1,403

 

Total billed receivables

 

 

477,321

 

 

 

457,234

 

Current unbilled receivables (contract assets)

 

 

363,520

 

 

 

320,570

 

Total accounts receivable

 

 

840,841

 

 

 

777,804

 

Less: Allowance for uncollectible amounts

 

 

(9,725

)

 

 

(7,738

)

Total accounts receivable, net

 

$

831,116

 

 

$

770,066

 
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:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Balance, beginning

 

$

7,738

 

 

$

5,847

 

 

$

3,922

 

Changes in estimates

 

 

1,879

 

 

 

3,219

 

 

 

7,211

 

Write-offs

 

 

(347

)

 

 

(586

)

 

 

(5,305

)

Other1

 

 

455

 

 

 

(742

)

 

 

19

 

Balance, ending

 

$

9,725

 

 

$

7,738

 

 

$

5,847

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

Contract liabilities consisted of the following:

 

 

September 30, 2025

 

 

September 30, 2024

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Deferred revenue from material rights from JV formation

 

$

7,298

 

 

$

229,878

 

 

$

6,580

 

 

$

232,164

 

Deferred revenue from advanced invoicing and/or prepayments from customers

 

 

14,944

 

 

 

2,115

 

 

 

23,706

 

 

 

6,437

 

Liability related to customer supplied inventory

 

 

19,640

 

 

 

—

 

 

 

20,563

 

 

 

—

 

Deferred revenue from material rights related to engineering and development funding

 

 

7,353

 

 

 

199,465

 

 

 

5,942

 

 

 

186,008

 

Net contract liabilities

 

$

49,235

 

 

$

431,458

 

 

$

56,791

 

 

$

424,609

 
Schedule of Revenue Recognized Related to Noncash Consideration

The amount of revenue recognized related to noncash consideration received from customers follows:

 

 

For the Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Aerospace

 

$

68,059

 

 

$

61,323

 

 

$

50,329

 

Industrial

 

 

3,089

 

 

 

4,974

 

 

 

1,939

 

Consolidated

 

$

71,148

 

 

$

66,297

 

 

$

52,268

 
Schedule of Disaggregation of Revenue

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

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Commercial OEM

 

$

690,962

 

 

$

738,394

 

 

$

651,275

 

Commercial services

 

 

823,547

 

 

 

640,823

 

 

 

547,625

 

Defense OEM

 

 

561,288

 

 

 

406,810

 

 

 

368,653

 

Defense services

 

 

237,009

 

 

 

242,591

 

 

 

200,550

 

Total Aerospace segment net sales

 

$

2,312,806

 

 

$

2,028,618

 

 

$

1,768,103

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

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Power generation

 

$

488,940

 

 

$

443,667

 

 

$

382,536

 

Transportation

 

 

507,376

 

 

 

624,762

 

 

 

527,498

 

Oil and gas

 

 

257,942

 

 

 

227,202

 

 

 

236,429

 

Total Industrial segment net sales

 

$

1,254,258

 

 

$

1,295,631

 

 

$

1,146,463

 

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 years ended September 30, 2025 and 2024 have been reclassified for comparability. The reclassification had no impact on total Industrial or the consolidated financial results.

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

 

 

For the Year Ended September 30,

 

 

2025

 

2024

 

2023

Aerospace

 

RTX Corporation, GE Aerospace, The Boeing Company

 

RTX Corporation,
 The Boeing Company

 

RTX Corporation, General Electric Company, The Boeing Company

Industrial

 

Rolls-Royce PLC, Caterpillar Inc., GE Vernova

 

Weichai Power, Rolls-Royce PLC

 

Rolls-Royce PLC, Caterpillar Inc., Weichai Power

Net sales by geographic area, as determined based on the location of the customer, were as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

United States

 

$

1,585,173

 

 

$

329,108

 

 

$

1,914,281

 

 

$

1,404,223

 

 

$

294,033

 

 

$

1,698,256

 

 

$

1,254,954

 

 

$

283,121

 

 

$

1,538,075

 

Germany

 

 

72,883

 

 

 

202,539

 

 

 

275,422

 

 

 

72,583

 

 

 

196,775

 

 

 

269,358

 

 

 

80,450

 

 

 

193,392

 

 

 

273,842

 

Europe, excluding Germany

 

 

224,302

 

 

 

341,286

 

 

 

565,588

 

 

 

202,421

 

 

 

297,517

 

 

 

499,938

 

 

 

163,222

 

 

 

273,757

 

 

 

436,979

 

China

 

 

148,192

 

 

 

137,678

 

 

 

285,870

 

 

 

96,136

 

 

 

293,908

 

 

 

390,044

 

 

 

56,773

 

 

 

186,713

 

 

 

243,486

 

Asia, excluding China

 

 

61,965

 

 

 

187,240

 

 

 

249,205

 

 

 

59,103

 

 

 

163,603

 

 

 

222,706

 

 

 

37,107

 

 

 

162,922

 

 

 

200,029

 

Other countries

 

 

220,291

 

 

 

56,407

 

 

 

276,698

 

 

 

194,152

 

 

 

49,795

 

 

 

243,947

 

 

 

175,597

 

 

 

46,558

 

 

 

222,155

 

Total net sales

 

$

2,312,806

 

 

$

1,254,258

 

 

$

3,567,064

 

 

$

2,028,618

 

 

$

1,295,631

 

 

$

3,324,249

 

 

$

1,768,103

 

 

$

1,146,463

 

 

$

2,914,566

 
v3.25.3
Earnings Per Share (Tables)
 12 Months Ended
Sep. 30, 2025
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:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

Net earnings

 

$

442,111

 

 

$

372,971

 

 

$

232,368

 

Denominator:

 

 

 

 

 

 

 

 

 

Basic shares outstanding

 

 

59,563

 

 

 

60,076

 

 

 

59,908

 

Dilutive effect of stock options; restricted and performance stock units

 

 

1,901

 

 

 

2,008

 

 

 

1,574

 

Diluted shares outstanding

 

 

61,464

 

 

 

62,084

 

 

 

61,482

 

Income per common share:

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

7.42

 

 

$

6.21

 

 

$

3.88

 

Diluted earnings per share

 

$

7.19

 

 

$

6.01

 

 

$

3.78

 
Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share

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

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Options

 

 

25

 

 

 

63

 

 

 

561

 

Weighted-average option price

 

$

186.19

 

 

$

135.26

 

 

$

114.88

 
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:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted-average treasury stock shares held for deferred compensation obligations

 

 

33

 

 

 

51

 

 

 

88

 
v3.25.3
Leases (Tables)
 12 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Lease-Related Assets and Liabilities

Lease-related assets and liabilities follows:

 

 

Classification on the Consolidated Balance Sheets

 

September 30, 2025

 

 

September 30, 2024

 

Assets:

 

 

 

 

 

 

 

 

Operating lease assets

 

Other assets

 

$

25,274

 

 

$

27,135

 

Finance lease assets

 

Property, plant, and equipment, net

 

 

2,896

 

 

 

2,516

 

Total lease assets

 

 

 

 

28,170

 

 

 

29,651

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Operating lease liabilities

 

Accrued liabilities

 

 

5,465

 

 

 

5,029

 

Finance lease liabilities

 

Current portion of long-term debt

 

 

1,032

 

 

 

719

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Operating lease liabilities

 

Other liabilities

 

 

20,199

 

 

 

22,670

 

Finance lease liabilities

 

Long-term debt, less current portion

 

 

1,902

 

 

 

2,017

 

Total lease liabilities

 

 

 

$

28,598

 

 

$

30,435

 

 
Supplemental Lease-Related Information

Supplemental lease-related information was as follows:

 

 

September 30, 2025

 

 

September 30, 2024

 

Weighted average remaining lease term

 

 

 

 

 

 

Operating leases

 

7.3 years

 

 

8.1 years

 

Finance leases

 

3.0 years

 

 

3.8 years

 

Weighted average discount rate

 

 

 

 

 

 

Operating leases

 

 

4.5

%

 

 

4.4

%

Finance leases

 

 

5.0

%

 

 

4.6

%
Lease-Related Expenses

Lease-related expenses were as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Operating lease expense

 

$

7,568

 

 

$

6,804

 

 

$

6,213

 

Amortization of financing lease assets

 

 

967

 

 

 

820

 

 

 

914

 

Interest on financing lease liabilities

 

 

162

 

 

 

138

 

 

 

157

 

Variable lease expense

 

 

1,200

 

 

 

1,299

 

 

 

917

 

Short-term lease expense

 

 

205

 

 

 

164

 

 

 

196

 

Total lease expense

 

$

10,102

 

 

$

9,225

 

 

$

8,397

 
Lease-Related Supplemental Cash Flow Information

Lease-related supplemental cash flow information was as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

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

 

 

 

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

6,044

 

 

$

5,375

 

 

$

5,151

 

Operating cash flows for finance leases

 

 

162

 

 

 

138

 

 

 

157

 

Financing cash flows for finance leases

 

 

971

 

 

 

818

 

 

 

779

 

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

 

 

 

 

 

 

 

 

 

Operating leases

 

 

6,016

 

 

 

6,117

 

 

 

2,230

 

Finance leases

 

 

1,171

 

 

 

—

 

 

 

48

 
Maturities of Lease Liabilities

Maturities of lease liabilities were as follows:

Year Ending September 30:

 

Operating Leases

 

 

Finance Leases

 

2026

 

$

6,561

 

 

$

1,146

 

2027

 

 

5,435

 

 

 

1,143

 

2028

 

 

4,554

 

 

 

555

 

2029

 

 

3,406

 

 

 

204

 

2030

 

 

2,638

 

 

 

89

 

Thereafter

 

 

7,612

 

 

 

—

 

Total lease payments

 

 

30,206

 

 

 

3,137

 

Less: imputed interest

 

 

(4,542

)

 

 

(203

)

Total lease obligations

 

$

25,664

 

 

$

2,934

 
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” at the Consolidated Balance Sheets, was as follows:

 

 

September 30, 2025

 

 

September 30, 2024

 

Property, plant, and equipment

 

$

41,593

 

 

$

48,495

 

Less accumulated depreciation

 

 

(29,110

)

 

 

(32,994

)

Property, plant, and equipment, net

 

$

12,483

 

 

$

15,501

 
v3.25.3
Joint Venture (Tables)
 12 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Unamortized Deferred Revenue from JV

Unamortized deferred revenue from material rights in connection with the JV formation included:

 

 

September 30, 2025

 

 

September 30, 2024

 

Accrued liabilities

 

$

7,298

 

 

$

6,580

 

Other liabilities

 

 

229,878

 

 

 

232,164

 
Other Income Related JV

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

 

 

For the Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Other income

 

$

45,850

 

 

$

41,191

 

 

$

36,846

 
Cash Distribution from JV

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

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Cash distributions

 

$

42,000

 

 

$

38,000

 

 

$

29,000

 
Net Sales to the JV

Net sales to the JV were as follows:

 

 

For the Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Net sales

 

$

97,576

 

 

$

80,708

 

 

$

47,607

 

 

Woodward net sales include a reduction of $71,030 for the fiscal year ended September 30, 2025, $63,794 for the fiscal year ended September 30, 2024, and $49,624 for the fiscal year ended September 30, 2023 related to royalties owed to the JV by Woodward on sales by Woodward directly to third-party commercial services customers.
Accounts Receivable, Accounts Payable, and Other Assets Related to JV

The 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:

 

 

September 30, 2025

 

 

September 30, 2024

 

Accounts receivable

 

$

5,377

 

 

$

5,205

 

Accounts payable

 

 

8,370

 

 

 

11,378

 

Other assets

 

 

23,069

 

 

 

19,219

 
Contract Liabilities and Costs to Fulfill a Contract Contract liabilities and costs to fulfill a contract were as follows:

 

 

September 30, 2025

 

 

September 30, 2024

 

Contract liabilities

 

$

78,985

 

 

$

78,226

 

Costs to fulfill a contract

 

 

78,985

 

 

 

78,226

 
v3.25.3
Financial Instruments and Fair Value Measurements (Tables)
 12 Months Ended
Sep. 30, 2025
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 September 30, 2025

 

 

At September 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in banks and financial institutions

 

$

30,256

 

 

$

—

 

 

$

—

 

 

$

30,256

 

 

$

23,128

 

 

$

—

 

 

$

—

 

 

$

23,128

 

Equity securities

 

 

37,846

 

 

 

—

 

 

 

—

 

 

 

37,846

 

 

 

30,782

 

 

 

—

 

 

 

—

 

 

 

30,782

 

Cross-currency interest rate swaps

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total financial assets

 

$

68,102

 

 

$

—

 

 

$

—

 

 

$

68,102

 

 

$

53,910

 

 

$

—

 

 

$

—

 

 

$

53,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cross-currency interest rate swaps

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

12,004

 

 

$

—

 

 

$

12,004

 

Total financial liabilities

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

12,004

 

 

$

—

 

 

$

12,004

 
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 Consolidated Balance Sheets were as follows

 

 

 

 

At September 30, 2025

 

 

At September 30, 2024

 

 

 

Fair Value
Hierarchy
Level

 

Estimated
Fair Value

 

 

Carrying
Cost

 

 

Estimated
Fair Value

 

 

Carrying
Cost

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes receivable from municipalities

 

2

 

$

5,444

 

 

$

5,392

 

 

$

6,961

 

 

$

6,514

 

Investments in short-term time deposits

 

2

 

 

67

 

 

 

66

 

 

 

3,064

 

 

 

3,064

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

2

 

$

566,582

 

 

$

580,547

 

 

$

634,071

 

 

$

656,360

 
v3.25.3
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Sep. 30, 2025
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:

 

 

 

 

Year Ended September 30,

 

Derivatives in:

 

Location

 

2025

 

 

2024

 

 

2023

 

Loss reclassified from accumulated OCI into earnings

 

Selling, general and administrative expenses

 

$

22,435

 

 

$

23,093

 

 

$

32,285

 

Loss recognized in accumulated OCI

 

Selling, general and administrative expenses

 

 

23,105

 

 

 

18,551

 

 

 

35,712

 

 

 

 

$

45,540

 

 

$

41,644

 

 

$

67,997

 

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

 

 

 

 

Year Ended September 30,

 

Derivatives in:

 

Location

 

2025

 

 

2024

 

 

2023

 

Loss reclassified from accumulated OCI into earnings

 

Selling, general and administrative expenses

 

$

—

 

 

$

—

 

 

$

939

 

Loss recognized in accumulated OCI

 

Selling, general and administrative expenses

 

 

—

 

 

 

—

 

 

 

875

 

 

 

 

$

—

 

 

$

—

 

 

$

1,814

 
v3.25.3
Supplemental Statement of Cash Flows Information (Tables)
 12 Months Ended
Sep. 30, 2025
Supplemental Cash Flow Information [Abstract]  
Schedule of Supplemental Statement of Cash Flows Information

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Interest paid

 

$

34,725

 

 

$

36,700

 

 

$

35,306

 

Income taxes paid

 

 

105,427

 

 

 

152,049

 

 

 

92,509

 

Income tax refunds received

 

 

4,672

 

 

 

6,521

 

 

 

3,661

 

Non-cash activities:

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment on account

 

 

12,173

 

 

 

22,056

 

 

 

11,276

 

Common shares issued from treasury to settle benefit obligations

 

 

24,912

 

 

 

21,889

 

 

 

19,466

 

Receivables related to business divestitures

 

 

1,750

 

 

 

—

 

 

 

—

 
v3.25.3
Acquisitions and Divestitures (Tables)
 12 Months Ended
Sep. 30, 2025
Acquisitions And Divestitures [Abstract]  
Summary of Preliminary Determination of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary determination of the fair value of the assets acquired and liabilities assumed that are included in the Consolidated Balance Sheet as of September 30, 2025:

 

 

July 21, 2025

 

Assets:

 

 

 

Accounts Receivable

 

$

8,032

 

Inventories

 

 

12,514

 

Other current assets

 

 

3,125

 

Property, plant, and equipment

 

 

6,945

 

Goodwill

 

 

18,389

 

Other assets

 

 

4,528

 

Total assets

 

$

53,533

 

Liabilities:

 

 

 

Accrued liabilities

 

$

4,201

 

Accounts payable

 

 

2,981

 

Income tax payable

 

 

188

 

Other noncurrent liabilities

 

 

4,485

 

Total liabilities

 

$

11,855

 
Schedule of Carrying Value of the Assets and Liabilities Sold The carrying value of the assets and liabilities sold were as follows:

 

 

March 3, 2025

 

Assets:

 

 

 

Inventories

 

$

20,110

 

Property, plant, and equipment

 

 

2,904

 

Goodwill

 

 

5,772

 

Intangible assets

 

 

2,269

 

Other assets

 

 

2,608

 

Total assets

 

$

33,663

 

Liabilities:

 

 

 

Accrued liabilities

 

$

1,566

 

Accounts payable

 

 

459

 

Other noncurrent liabilities

 

 

2,474

 

Total liabilities

 

$

4,499

 
v3.25.3
Inventories (Tables)
 12 Months Ended
Sep. 30, 2025
Inventory, Net [Abstract]  
Schedule of Inventories

 

 

September 30, 2025

 

 

September 30, 2024

 

Raw materials

 

$

192,373

 

 

$

161,734

 

Work in progress

 

 

163,275

 

 

 

147,676

 

Component parts (1)

 

 

382,650

 

 

 

376,456

 

Finished goods

 

 

102,746

 

 

 

91,787

 

Customer supplied inventory

 

 

19,640

 

 

 

20,563

 

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

 

 

(206,076

)

 

 

(189,124

)

 

$

654,608

 

 

$

609,092

 
(1)
Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.
v3.25.3
Property, Plant, and Equipment (Tables)
 12 Months Ended
Sep. 30, 2025
Property, Plant and Equipment, Net [Abstract]  
Schedule of Property Plant and Equipment, Net

 

 

September 30, 2025

 

 

September 30, 2024

 

Land and land improvements

 

$

95,172

 

 

$

91,105

 

Buildings and building improvements

 

 

626,144

 

 

 

599,897

 

Leasehold improvements

 

 

15,900

 

 

 

22,022

 

Machinery and production equipment

 

 

885,473

 

 

 

849,595

 

Computer equipment and software

 

 

116,706

 

 

 

120,185

 

Office furniture and equipment

 

 

43,312

 

 

 

42,873

 

Other

 

 

33,591

 

 

 

33,392

 

Construction in progress

 

 

111,580

 

 

 

71,890

 

 

 

1,927,878

 

 

 

1,830,959

 

Less accumulated depreciation

 

 

(941,255

)

 

 

(890,244

)

Property, plant, and equipment, net

 

$

986,623

 

 

$

940,715

 
Schedule of Depreciation Expense

Woodward had depreciation expense as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Depreciation expense

 

$

85,054

 

 

$

82,578

 

 

$

82,154

 
v3.25.3
Goodwill (Tables)
 12 Months Ended
Sep. 30, 2025
Goodwill And Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill

 

 

September 30, 2024

 

 

Additions

 

 

Reduction from Divestiture

 

 

Effects of Foreign Currency Translation

 

 

September 30, 2025

 

Aerospace

 

$

455,423

 

 

$

18,389

 

 

$

—

 

 

$

(33

)

 

$

473,779

 

Industrial

 

 

351,220

 

 

 

—

 

 

 

(5,772

)

 

 

13,061

 

 

 

358,509

 

Consolidated

 

$

806,643

 

 

$

18,389

 

 

$

(5,772

)

 

$

13,028

 

 

$

832,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2023

 

 

Additions

 

 

Reduction from Divestiture

 

 

Effects of Foreign Currency Translation

 

 

September 30, 2024

 

Aerospace

 

$

455,423

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

455,423

 

Industrial

 

 

336,045

 

 

 

—

 

 

 

—

 

 

 

15,175

 

 

 

351,220

 

Consolidated

 

$

791,468

 

 

$

—

 

 

$

—

 

 

$

15,175

 

 

$

806,643

 

On July 21, 2025, Woodward completed the Safran Acquisition (see Note 10, Acquisitions and Divestitures) which resulted in the recognition of $18,389 in goodwill in the Company's Aerospace segment.

On March 3, 2025, the sale of the Industrial heavy-duty gas turbine combustion parts product line located in Greenville, South Carolina was completed (see Note 10, Acquisitions and Divestitures), which resulted in the removal of $5,772 of goodwill in the Company's Industrial segment.
v3.25.3
Intangible Assets, Net (Tables)
 12 Months Ended
Sep. 30, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Finite-lived and Indefinite-lived Intangible Assets by Major Class

 

 

September 30, 2025

 

 

September 30, 2024

 

 

 

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

 

 

$

(251,109

)

 

$

30,574

 

 

$

281,683

 

 

$

(246,152

)

 

$

35,531

 

Industrial

 

 

401,778

 

 

 

(125,909

)

 

 

275,869

 

 

 

399,030

 

 

 

(114,391

)

 

 

284,639

 

Total

 

$

683,461

 

 

$

(377,018

)

 

$

306,443

 

 

$

680,713

 

 

$

(360,543

)

 

$

320,170

 

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

 

 

$

(40,973

)

 

$

3,597

 

 

$

44,570

 

 

$

(40,346

)

 

$

4,224

 

Industrial

 

 

87,640

 

 

 

(37,610

)

 

 

50,030

 

 

 

87,257

 

 

 

(35,983

)

 

 

51,274

 

Total

 

$

132,210

 

 

$

(78,583

)

 

$

53,627

 

 

$

131,827

 

 

$

(76,329

)

 

$

55,498

 

Other intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

592

 

 

 

(592

)

 

 

—

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

592

 

 

$

(592

)

 

$

—

 

Intangible asset with indefinite life:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade name:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

68,010

 

 

 

—

 

 

 

68,010

 

 

 

64,751

 

 

 

—

 

 

 

64,751

 

Total

 

$

68,010

 

 

$

—

 

 

$

68,010

 

 

$

64,751

 

 

$

—

 

 

$

64,751

 

Total intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

326,253

 

 

$

(292,082

)

 

$

34,171

 

 

$

326,253

 

 

$

(286,498

)

 

$

39,755

 

Industrial

 

 

560,567

 

 

 

(166,658

)

 

 

393,909

 

 

 

554,769

 

 

 

(154,105

)

 

 

400,664

 

Consolidated Total

 

$

886,820

 

 

$

(458,740

)

 

$

428,080

 

 

$

881,022

 

 

$

(440,603

)

 

$

440,419

 
Schedule of Finite-Lived Intangible Assets Amortization Expense

Woodward recorded amortization expense associated with intangibles of the following:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Amortization expense

 

$

28,224

 

 

$

33,592

 

 

$

37,589

 

 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Future amortization expense associated with intangibles is expected to be:

Year Ending September 30:

 

 

 

2026

 

$

28,104

 

2027

 

 

28,035

 

2028

 

 

27,667

 

2029

 

 

26,761

 

2030

 

 

26,734

 

Thereafter

 

 

222,769

 

 

$

360,070

 
v3.25.3
Credit Facilities, Short-term Borrowings and Long-term Debt (Tables)
 12 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Short-term Borrowings and Availability Under Various Short-term Credit Facilities

As of September 30, 2025, Woodward’s short-term borrowings and availability under its various short-term credit facilities follows:

 

 

Total availability

 

 

Outstanding
letters of credit
and guarantees

 

 

Banker acceptance notes issued

 

 

Outstanding
borrowings

 

 

Remaining
availability

 

Revolving credit facility

 

$

1,000,000

 

 

$

(7,872

)

 

$

—

 

 

$

(122,300

)

 

$

869,828

 

Lines of credit and overdraft facilities

 

 

25,000

 

 

 

—

 

 

 

(824

)

 

 

—

 

 

 

24,176

 

Foreign performance guarantee facilities

 

 

88

 

 

 

(52

)

 

 

—

 

 

 

—

 

 

 

36

 

 

 

$

1,025,088

 

 

$

(7,924

)

 

$

(824

)

 

$

(122,300

)

 

$

894,040

 
Schedule of Long-term Debt

 

 

September 30, 2025

 

 

September 30, 2024

 

Series I notes – 4.18%, due November 15, 2025; unsecured

 

$

25,000

 

 

$

25,000

 

Series L notes – 4.18%, due November 15, 2025; unsecured

 

 

50,000

 

 

 

50,000

 

Series M notes – 1.12% due September 23, 2026; unsecured

 

 

46,903

 

 

 

44,656

 

Series N notes – 1.31% due September 23, 2028; unsecured

 

 

90,289

 

 

 

85,963

 

Series O notes – 1.57% due September 23, 2031; unsecured

 

 

50,421

 

 

 

48,005

 

Series P notes – 4.27% due May 30, 2025; unsecured

 

 

—

 

 

 

85,000

 

Series Q notes – 4.35% due May 30, 2027; unsecured

 

 

85,000

 

 

 

85,000

 

Series R notes – 4.41% due May 30, 2029; unsecured

 

 

75,000

 

 

 

75,000

 

Series S notes – 4.46% due May 30, 2030; unsecured

 

 

75,000

 

 

 

75,000

 

Series T notes – 4.61% due May 30, 2033; unsecured

 

 

80,000

 

 

 

80,000

 

Finance leases (Note 5)

 

 

2,934

 

 

 

2,736

 

Unamortized debt issuance costs

 

 

(645

)

 

 

(890

)

Total long-term debt

 

 

579,902

 

 

 

655,470

 

Less: Current portion of long-term debt

 

 

122,934

 

 

 

85,719

 

Long-term debt, less current portion

 

$

456,968

 

 

$

569,751

 
Schedule of Future Principal Payments of Notes and Financing Leases

Required future principal payments of the Notes and financing leases as of September 30, 2025 are as follows:

Year Ending September 30:

 

 

 

2026

 

$

122,934

 

2027

 

 

86,143

 

2028

 

 

90,844

 

2029

 

 

75,204

 

2030

 

 

75,000

 

Thereafter

 

 

130,422

 

 

$

580,547

 
v3.25.3
Accrued Liabilities (Tables)
 12 Months Ended
Sep. 30, 2025
Accrued Liabilities [Line Items]  
Accrued Liabilities

 

 

September 30, 2025

 

 

September 30, 2024

 

Salaries and other member benefits

 

$

175,110

 

 

$

151,921

 

Product warranties and related liabilities

 

 

25,504

 

 

 

18,844

 

Interest payable

 

 

10,211

 

 

 

12,163

 

Accrued retirement benefits

 

 

2,986

 

 

 

2,888

 

Net current contract liabilities

 

 

49,235

 

 

 

56,791

 

Taxes, other than income

 

 

15,367

 

 

 

15,884

 

Other

 

 

34,670

 

 

 

34,151

 

 

 

$

313,083

 

 

$

292,642

 
Changes in Accrued Product Warranties and Related Liabilities Changes in accrued product warranties and related liabilities were as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Beginning of period

 

$

18,844

 

 

$

18,162

 

 

$

40,042

 

Additions, net of recoveries

 

 

20,887

 

 

 

13,797

 

 

 

25,984

 

Reductions for settlement

 

 

(14,339

)

 

 

(13,368

)

 

 

(47,949

)

Foreign currency exchange rate changes

 

 

112

 

 

 

253

 

 

 

85

 

End of period

 

$

25,504

 

 

$

18,844

 

 

$

18,162

 
v3.25.3
Other Liabilities (Tables)
 12 Months Ended
Sep. 30, 2025
Other Liabilities, Noncurrent [Abstract]  
Schedule of Other Liabilities

 

 

September 30, 2025

 

 

September 30, 2024

 

Net accrued retirement benefits, less amounts recognized within accrued liabilities

 

$

88,112

 

 

$

83,094

 

Total unrecognized tax benefits

 

 

12,130

 

 

 

10,104

 

Noncurrent income taxes payable

 

 

—

 

 

 

5,894

 

Deferred economic incentives (1)

 

 

6,158

 

 

 

7,062

 

Noncurrent operating lease liabilities

 

 

20,199

 

 

 

22,670

 

Cross-currency swap derivative liability

 

 

27,406

 

 

 

10,562

 

Net noncurrent contract liabilities

 

 

431,458

 

 

 

424,609

 

Other

 

 

6,264

 

 

 

13,385

 

 

$

591,727

 

 

$

577,380

 
(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.
v3.25.3
Other Income, Net (Tables)
 12 Months Ended
Sep. 30, 2025
Nonoperating Income (Expense) [Abstract]  
Schedule of Other Income, Net

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Equity interest in the earnings of the JV

 

$

(45,850

)

 

$

(41,191

)

 

$

(36,846

)

Net (gain) loss on sales of assets and businesses

 

 

(18,731

)

 

 

(457

)

 

 

1,491

 

Gain on non-recurring matter related to a previous acquisition

 

 

—

 

 

 

(4,803

)

 

 

—

 

Rent income

 

 

(355

)

 

 

(347

)

 

 

(360

)

Net gain on investments in deferred compensation program

 

 

(4,151

)

 

 

(6,571

)

 

 

(3,265

)

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

 

 

(13,375

)

 

 

(11,764

)

 

 

(10,547

)

Other

 

 

(1,548

)

 

 

(2,035

)

 

 

(764

)

 

$

(84,010

)

 

$

(67,168

)

 

$

(50,291

)
v3.25.3
Income Taxes (Tables)
 12 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense (Benefit)

Income taxes consisted of the following:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

77,033

 

 

$

46,102

 

 

$

41,195

 

State

 

 

8,287

 

 

 

4,841

 

 

 

2,641

 

Foreign

 

 

46,338

 

 

 

74,663

 

 

 

39,719

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

(27,268

)

 

 

(18,888

)

 

 

(38,136

)

State

 

 

(6,361

)

 

 

(7,341

)

 

 

(10,006

)

Foreign

 

 

(18,729

)

 

 

(18,377

)

 

 

7,987

 

 

 

$

79,300

 

 

$

81,000

 

 

$

43,400

 
Earnings Before Income Taxes by Geographical Area

Earnings before income taxes by geographical area consisted of the following:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

United States

 

$

366,744

 

 

$

244,320

 

 

$

122,389

 

Other countries

 

 

154,667

 

 

 

209,651

 

 

 

153,379

 

 

 

$

521,411

 

 

$

453,971

 

 

$

275,768

 

 
Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred income taxes presented in the Consolidated Balance Sheets are related to the following:

 

 

September 30, 2025

 

 

September 30, 2024

 

Deferred tax assets:

 

 

 

 

 

 

Defined benefit plans, other postretirement

 

$

3,453

 

 

$

3,695

 

Foreign net operating loss carryforwards

 

 

2,564

 

 

 

6,547

 

Inventory

 

 

81,241

 

 

 

77,013

 

Stock-based and other compensation

 

 

48,764

 

 

 

48,360

 

Deferred revenue net of unbilled receivables

 

 

45,144

 

 

 

43,400

 

Other reserves

 

 

11,841

 

 

 

7,850

 

Tax credits and incentives

 

 

32,171

 

 

 

30,886

 

Lease obligations

 

 

6,171

 

 

 

6,851

 

Other

 

 

6,668

 

 

 

4,622

 

Capitalized research and development costs

 

 

83,582

 

 

 

63,080

 

Valuation allowance

 

 

(4,080

)

 

 

(5,983

)

Total deferred tax assets, net of valuation allowance

 

 

317,519

 

 

 

286,321

 

Deferred tax liabilities:

 

 

 

 

 

 

Goodwill and intangibles - net

 

 

(182,717

)

 

 

(198,012

)

Property, plant and equipment

 

 

(94,238

)

 

 

(97,340

)

Right of use assets

 

 

(6,037

)

 

 

(6,691

)

Defined benefit plans, pension

 

 

(15,657

)

 

 

(13,133

)

Other

 

 

(7,804

)

 

 

(8,612

)

Total deferred tax liabilities

 

 

(306,453

)

 

 

(323,788

)

Net deferred tax assets (liabilities)

 

$

11,066

 

 

$

(37,467

)
Reconciliation of U.S. Statutory Tax Rate to Effective Tax Rate

The following is a reconciliation of the U.S. federal statutory tax rate of 21.0% in the fiscal years ended September 30, 2025, September 30, 2024, and September 30, 2023 to Woodward’s effective income tax rate:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Percent of pretax earnings

 

 

 

 

 

 

 

 

 

Statutory tax rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State income taxes, net of federal tax benefit

 

 

0.3

 

 

 

(0.4

)

 

 

(1.6

)

Taxes on international activities

 

 

0.4

 

 

 

(0.8

)

 

 

(0.6

)

Research credit

 

 

(1.2

)

 

 

(2.1

)

 

 

(3.9

)

Net excess income tax benefit from stock-based compensation

 

 

(3.5

)

 

 

(3.0

)

 

 

(3.7

)

Adjustments of prior period tax items

 

 

0.4

 

 

 

0.9

 

 

 

(1.3

)

Compensation and benefits

 

 

0.3

 

 

 

0.8

 

 

 

0.6

 

Distributable foreign earnings

 

 

0.3

 

 

 

1.4

 

 

 

4.6

 

German tax rate change

 

 

(2.6

)

 

 

—

 

 

 

—

 

Other items, net

 

 

(0.2

)

 

 

—

 

 

 

0.6

 

Effective tax rate

 

 

15.2

%

 

 

17.8

%

 

 

15.7

%
Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Beginning balance

 

$

14,274

 

 

$

11,112

 

 

$

11,938

 

Additions to current year tax positions

 

 

4,982

 

 

 

5,673

 

 

 

3,933

 

Reductions to prior year tax positions

 

 

(231

)

 

 

(99

)

 

 

(141

)

Additions to prior year tax positions

 

 

250

 

 

 

180

 

 

 

0

 

Lapse of applicable statute of limitations

 

 

(2,004

)

 

 

(2,592

)

 

 

(4,618

)

Ending balance

 

$

17,271

 

 

$

14,274

 

 

$

11,112

 
v3.25.3
Retirement Benefits (Tables)
 12 Months Ended
Sep. 30, 2025
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Amount of Expense Associated with Defined Contribution Plans

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

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Company costs

 

$

55,611

 

 

$

51,148

 

 

$

44,202

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

Net periodic benefit costs consist of the following components reflected as expense in Woodward’s Consolidated Statement of Earnings:

 

 

Year Ended September 30,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

Service cost

 

$

917

 

 

$

775

 

 

$

893

 

 

$

1,432

 

 

$

1,244

 

 

$

1,333

 

 

$

2,349

 

 

$

2,019

 

 

$

2,226

 

Interest cost

 

 

6,875

 

 

 

7,598

 

 

 

7,297

 

 

 

2,983

 

 

 

3,213

 

 

 

3,137

 

 

 

9,858

 

 

 

10,811

 

 

 

10,434

 

Expected return on plan assets

 

 

(10,992

)

 

 

(9,084

)

 

 

(8,297

)

 

 

(2,496

)

 

 

(2,406

)

 

 

(2,300

)

 

 

(13,488

)

 

 

(11,490

)

 

 

(10,597

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (gain)

 

 

171

 

 

 

226

 

 

 

292

 

 

 

(413

)

 

 

(679

)

 

 

(620

)

 

 

(242

)

 

 

(453

)

 

 

(328

)

Net prior service cost

 

 

762

 

 

 

698

 

 

 

698

 

 

 

23

 

 

 

23

 

 

 

22

 

 

 

785

 

 

 

721

 

 

 

720

 

Net periodic (benefit) cost

 

$

(2,267

)

 

$

213

 

 

$

883

 

 

$

1,529

 

 

$

1,395

 

 

$

1,572

 

 

$

(738

)

 

$

1,608

 

 

$

2,455

 
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following tables provide a reconciliation of the changes in the projected benefit obligation and fair value of assets for the defined benefit pension plans:

 

 

At or for the Year Ended September 30,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Changes in projected benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

140,955

 

 

$

127,222

 

 

$

77,347

 

 

$

67,263

 

 

$

218,302

 

 

$

194,485

 

Plan amendment

 

 

—

 

 

 

1,121

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,121

 

Service cost

 

 

917

 

 

 

775

 

 

 

1,432

 

 

 

1,244

 

 

 

2,349

 

 

 

2,019

 

Interest cost

 

 

6,875

 

 

 

7,598

 

 

 

2,983

 

 

 

3,213

 

 

 

9,858

 

 

 

10,811

 

Net actuarial (gains) losses

 

 

(6,027

)

 

 

13,249

 

 

 

(944

)

 

 

4,128

 

 

 

(6,971

)

 

 

17,377

 

Contribution by participants

 

 

—

 

 

 

—

 

 

 

12

 

 

 

12

 

 

 

12

 

 

 

12

 

Benefits paid

 

 

(9,112

)

 

 

(9,010

)

 

 

(3,818

)

 

 

(3,647

)

 

 

(12,930

)

 

 

(12,657

)

Foreign currency exchange rate changes

 

 

—

 

 

 

—

 

 

 

1,615

 

 

 

5,134

 

 

 

1,615

 

 

 

5,134

 

Projected benefit obligation at end of year

 

$

133,608

 

 

$

140,955

 

 

$

78,627

 

 

$

77,347

 

 

$

212,235

 

 

$

218,302

 

Changes in fair value of plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

179,917

 

 

$

155,370

 

 

$

57,476

 

 

$

50,775

 

 

$

237,393

 

 

$

206,145

 

Actual return on plan assets

 

 

7,778

 

 

 

33,382

 

 

 

1,687

 

 

 

3,866

 

 

 

9,465

 

 

 

37,248

 

Contributions by the Company

 

 

—

 

 

 

175

 

 

 

1,423

 

 

 

1,863

 

 

 

1,423

 

 

 

2,038

 

Contributions by plan participants

 

 

—

 

 

 

—

 

 

 

12

 

 

 

12

 

 

 

12

 

 

 

12

 

Benefits paid

 

 

(9,112

)

 

 

(9,010

)

 

 

(3,818

)

 

 

(3,647

)

 

 

(12,930

)

 

 

(12,657

)

Foreign currency exchange rate changes

 

 

—

 

 

 

—

 

 

 

(222

)

 

 

4,607

 

 

 

(222

)

 

 

4,607

 

Fair value of plan assets at end of year

 

$

178,583

 

 

$

179,917

 

 

$

56,558

 

 

$

57,476

 

 

$

235,141

 

 

$

237,393

 

Net over/(under) funded status at end of year

 

$

44,975

 

 

$

38,962

 

 

$

(22,069

)

 

$

(19,871

)

 

$

22,906

 

 

$

19,091

 
Schedule of Accumulated Benefit Obligations In Excess of and Less Than Fair Value of Plan Assets

 

 

Plans with accumulated
benefit obligation in
excess of plan assets

 

 

Plans with accumulated
benefit obligation less
than plan assets

 

 

 

At September 30,

 

 

At September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Projected benefit obligation

 

$

(36,197

)

 

$

(56,783

)

 

$

(176,038

)

 

$

(161,519

)

Accumulated benefit obligation

 

 

(36,163

)

 

 

(56,757

)

 

 

(174,641

)

 

 

(160,302

)

Fair value of plan assets

 

 

—

 

 

 

20,053

 

 

 

235,141

 

 

 

217,340

 
Schedule of Amounts Recognized in Balance Sheets and Accumulated Other Comprehensive (Earnings) Losses

The following tables provide the amounts recognized in the Consolidated Balance Sheets and accumulated other comprehensive (earnings) losses for the defined benefit pension plans:

 

 

Year Ended September 30,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Amounts recognized in the Consolidated Balance Sheets consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other non-current assets

 

$

44,975

 

 

$

39,148

 

 

$

14,129

 

 

$

16,673

 

 

$

59,104

 

 

$

55,821

 

Accrued liabilities

 

 

—

 

 

 

—

 

 

 

(1,372

)

 

 

(1,166

)

 

 

(1,372

)

 

 

(1,166

)

Other non-current liabilities

 

 

—

 

 

 

(186

)

 

 

(34,826

)

 

 

(35,378

)

 

 

(34,826

)

 

 

(35,564

)

Net over/(under) funded status at end of year

 

$

44,975

 

 

$

38,962

 

 

$

(22,069

)

 

$

(19,871

)

 

$

22,906

 

 

$

19,091

 

Amounts recognized in accumulated other
comprehensive (earnings) losses consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrecognized net prior service cost

 

$

2,437

 

 

$

3,200

 

 

$

488

 

 

$

509

 

 

$

2,925

 

 

$

3,709

 

Unrecognized net (gains) losses

 

 

(5,733

)

 

 

(2,749

)

 

 

(4,886

)

 

 

(4,655

)

 

 

(10,619

)

 

 

(7,404

)

Total amounts recognized

 

 

(3,296

)

 

 

451

 

 

 

(4,398

)

 

 

(4,146

)

 

 

(7,694

)

 

 

(3,695

)

Deferred taxes

 

 

(2,557

)

 

 

(3,499

)

 

 

(27

)

 

 

(191

)

 

 

(2,584

)

 

 

(3,690

)

Amounts recognized in accumulated other comprehensive (earnings) losses

 

$

(5,853

)

 

$

(3,048

)

 

$

(4,425

)

 

$

(4,337

)

 

$

(10,278

)

 

$

(7,385

)
Schedule of Changes in Plan Assets and Benefit Obligations Recorded in Other Comprehensive (Earnings) Losses

The following table reconciles the changes in accumulated other comprehensive (earnings) losses for the defined benefit pension plans:

 

 

Year Ended September 30,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Beginning of year

 

$

451

 

 

$

11,304

 

 

$

(4,146

)

 

$

(7,360

)

 

$

(3,695

)

 

$

3,944

 

Net (gain) loss

 

 

(2,814

)

 

 

(11,050

)

 

 

(135

)

 

 

2,668

 

 

 

(2,949

)

 

 

(8,382

)

Prior service cost

 

 

—

 

 

 

1,121

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,121

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) gain

 

 

(171

)

 

 

(226

)

 

 

413

 

 

 

679

 

 

 

242

 

 

 

453

 

Prior service cost

 

 

(762

)

 

 

(698

)

 

 

(23

)

 

 

(23

)

 

 

(785

)

 

 

(721

)

Foreign currency exchange rate changes

 

 

—

 

 

 

—

 

 

 

(507

)

 

 

(110

)

 

 

(507

)

 

 

(110

)

End of year

 

$

(3,296

)

 

$

451

 

 

$

(4,398

)

 

$

(4,146

)

 

$

(7,694

)

 

$

(3,695

)
Schedule of Expected Benefit Payments

Pension benefit payments are made from the assets of the pension plans. The German pension plans are unfunded; therefore, benefit payments are made from Company contributions into these plans as required to meet the payment obligations. Using foreign exchange rates as of September 30, 2025 and expected future service assumptions, it is anticipated that the future benefit payments will be as follows:

Year Ending September 30,

 

United States

 

 

Other
Countries

 

 

Total

 

2026

 

$

9,790

 

 

$

3,693

 

 

$

13,483

 

2027

 

 

10,142

 

 

 

3,776

 

 

 

13,918

 

2028

 

 

10,410

 

 

 

4,057

 

 

 

14,467

 

2029

 

 

10,633

 

 

 

4,225

 

 

 

14,858

 

2030

 

 

10,759

 

 

 

4,888

 

 

 

15,647

 

2031-2035

 

 

53,000

 

 

 

24,718

 

 

 

77,718

 

 
Schedule of Allocation of Plan Assets, Actual and Target Allocations

The asset allocations are monitored and rebalanced regularly by investment managers assigned to the individual pension plans. The actual allocations of pension plan assets and target allocation ranges by asset class are as follows:

 

 

At September 30,

 

 

2025

 

2024

 

 

Percentage of Plan
Assets

 

Target Allocation
Ranges

 

Percentage of Plan
Assets

 

Target Allocation
Ranges

United States:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Class

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

31.6%

 

2.1%

 

 

—

 

 

51.1%

 

30.5%

 

2.3%

 

 

—

 

 

51.1%

Debt Securities

 

67.2%

 

58.9%

 

 

—

 

 

96.8%

 

67.6%

 

58.9%

 

 

—

 

 

96.7%

Other

 

1.2%

 

0.0%

 

1.9%

 

0.0%

 

 

100.0%

 

 

 

 

 

 

 

 

100.0%

 

 

 

 

 

 

 

United Kingdom:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Class

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities

 

0.0%

 

0.0%

 

95.8%

 

90.0%

 

 

—

 

 

100.0%

Insurance Contract

 

76.2%

 

90.0%

 

 

—

 

 

100.0%

 

0.0%

 

0.0%

Other

 

23.8%

 

0.0%

 

 

—

 

 

10.0%

 

4.2%

 

0.0%

 

 

—

 

 

10.0%

 

 

100.0%

 

 

 

 

 

 

 

 

100.0%

 

 

 

 

 

 

 

Japan:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Class

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

40.8%

 

36.0%

 

 

—

 

 

44.0%

 

39.7%

 

36.0%

 

 

—

 

 

44.0%

Debt Securities

 

58.3%

 

55.0%

 

 

—

 

 

63.0%

 

59.4%

 

55.0%

 

 

—

 

 

63.0%

Other

 

1.0%

 

0%

 

 

—

 

 

2.0%

 

0.9%

 

0.0%

 

 

—

 

 

2.0%

 

 

100.0%

 

 

 

 

 

 

 

 

100.0%

 

 

 

 

 

 

 
Schedule of Allocation of Plan Assets, Fair Value Hierarchy

The following tables present Woodward’s pension plan assets using the fair value hierarchy established by U.S. GAAP:

 

 

At September 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

 

 

 

United
States

 

 

Other
Countries

 

 

United
States

 

 

Other
Countries

 

 

United
States

 

 

Other
Countries

 

 

Total

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,181

 

 

$

11,332

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

13,513

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. corporate bond fund

 

 

120,010

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

120,010

 

U.S. equity large cap fund

 

 

35,001

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

35,001

 

International equity large cap growth fund

 

 

21,391

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

21,391

 

Pooled funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Japanese equity securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,000

 

 

 

—

 

 

 

—

 

 

 

2,000

 

International equity securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,818

 

 

 

—

 

 

 

—

 

 

 

1,818

 

Japanese fixed income securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,046

 

 

 

—

 

 

 

—

 

 

 

4,046

 

International fixed income securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,397

 

 

 

—

 

 

 

—

 

 

 

1,397

 

Insurance Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.K. Insurance contract

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

35,965

 

 

 

35,965

 

Total assets

 

$

178,583

 

 

$

11,332

 

 

$

—

 

 

$

9,261

 

 

$

—

 

 

$

35,965

 

 

$

235,141

 

 

 

 

At September 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

 

 

 

United
States

 

 

Other
Countries

 

 

United
States

 

 

Other
Countries

 

 

United
States

 

 

Other
Countries

 

 

Total

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,370

 

 

$

2,130

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5,500

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. corporate bond fund

 

 

121,581

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

121,581

 

U.S. equity large cap fund

 

 

33,454

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33,454

 

International equity large cap growth fund

 

 

21,512

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

21,512

 

Pooled funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Japanese equity securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,939

 

 

 

—

 

 

 

—

 

 

 

1,939

 

International equity securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,786

 

 

 

—

 

 

 

—

 

 

 

1,786

 

Japanese fixed income securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,157

 

 

 

—

 

 

 

—

 

 

 

4,157

 

International fixed income securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,409

 

 

 

—

 

 

 

—

 

 

 

1,409

 

Index linked U.K. corporate bonds fund

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17,085

 

 

 

—

 

 

 

—

 

 

 

17,085

 

Index linked U.K. government securities fund

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,049

 

 

 

—

 

 

 

—

 

 

 

12,049

 

Index linked U.K. long-term government securities fund

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,924

 

 

 

—

 

 

 

—

 

 

 

14,924

 

Index U.K. long-term government securities fund

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,997

 

 

 

—

 

 

 

—

 

 

 

1,997

 

Total assets

 

$

179,917

 

 

$

2,130

 

 

$

—

 

 

$

55,346

 

 

$

—

 

 

$

—

 

 

$

237,393

 
Other Postretirement Benefit Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Actuarial Assumptions Used

The actuarial assumptions used in measuring the net periodic benefit cost and plan obligations of postretirement benefits were as follows:

 

 

At September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted-average discount rate used to determine benefit obligation

 

 

5.30

%

 

 

5.00

%

 

 

6.25

%

Weighted-average discount rate used to determine net periodic benefit cost

 

 

5.00

 

 

 

6.25

 

 

 

5.70

 
Schedule of Net Periodic Benefit Costs

Net periodic benefit costs consist of the following components reflected as expense in Woodward’s Consolidated Statements of Earnings:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Service cost

 

$

—

 

 

$

—

 

 

$

1

 

Interest cost

 

 

717

 

 

 

902

 

 

 

904

 

Amortization of:

 

 

 

 

 

 

 

 

 

Net gain

 

 

(441

)

 

 

(555

)

 

 

(495

)

Net periodic cost

 

$

276

 

 

$

347

 

 

$

410

 
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following table provides a reconciliation of the changes in the accumulated postretirement benefit obligation and fair value of assets for the postretirement benefits:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

Changes in accumulated postretirement benefit obligation:

 

 

 

 

 

 

Accumulated postretirement benefit obligation at beginning of year

 

$

15,203

 

 

$

15,336

 

Service cost

 

 

—

 

 

 

—

 

Interest cost

 

 

717

 

 

 

902

 

Premiums paid by plan participants

 

 

753

 

 

 

834

 

Net actuarial (gain) loss

 

 

(278

)

 

 

597

 

Benefits paid

 

 

(2,202

)

 

 

(2,466

)

Accumulated postretirement benefit obligation at end of year

 

$

14,193

 

 

$

15,203

 

Changes in fair value of plan assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

—

 

 

$

—

 

Contributions by the company

 

 

1,449

 

 

 

1,632

 

Premiums paid by plan participants

 

 

753

 

 

 

834

 

Benefits paid

 

 

(2,202

)

 

 

(2,466

)

Fair value of plan assets at end of year

 

$

—

 

 

$

—

 

Funded status at end of year

 

$

(14,193

)

 

$

(15,203

)
Schedule of Amounts Recognized in Balance Sheets and Accumulated Other Comprehensive (Earnings) Losses

The following tables provide the amounts recognized in the Consolidated Balance Sheets and accumulated other comprehensive (earnings) losses for the postretirement plans:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

Amounts recognized in Consolidated Balance Sheets consist of:

 

 

 

 

 

 

Accrued liabilities

 

$

(1,576

)

 

$

(1,668

)

Other non-current liabilities

 

 

(12,617

)

 

 

(13,535

)

Funded status at end of year

 

$

(14,193

)

 

$

(15,203

)

Amounts recognized in accumulated other comprehensive income consist of:

 

 

 

 

 

 

Unrecognized net prior service cost (benefit)

 

$

—

 

 

$

—

 

Unrecognized net gains

 

 

(5,097

)

 

 

(5,260

)

Total amounts recognized

 

 

(5,097

)

 

 

(5,260

)

Deferred taxes

 

 

968

 

 

 

1,009

 

Amounts recognized in accumulated other comprehensive (earnings)

 

$

(4,129

)

 

$

(4,251

)
Schedule of Changes in Plan Assets and Benefit Obligations Recorded in Other Comprehensive (Earnings) Losses

The following table reconciles the changes in accumulated other comprehensive (earnings) losses for the other postretirement benefit plans:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

Beginning of year

 

$

(5,260

)

 

$

(6,412

)

Net (gain) loss

 

 

(278

)

 

 

597

 

Amortization of:

 

 

 

 

 

 

Net gain

 

 

441

 

 

 

555

 

End of year

 

$

(5,097

)

 

$

(5,260

)
Schedule of Health Care Cost Trend Rates

Assumed healthcare cost trend rates at September 30 were as follows:

 

 

2025

 

 

2024

 

Health-care cost trend rate assumed for next year

 

 

7.00

%

 

 

6.00

%

Rate to which the cost trend rate is assumed to decline

 

 

 

 

 

 

(the ultimate trend rate)

 

 

5.00

%

 

 

5.00

%

Year that the rate reaches the ultimate trend rate

 

2033

 

 

2030

 

 
Schedule of Future Postretirement Company Contributions

Using expected future service, it is anticipated that the future Company contributions to pay benefits for other postretirement benefit plans, excluding participate contributions, will be as follows:

Year Ending September 30,

 

 

 

2026

 

$

2,379

 

2027

 

 

2,318

 

2028

 

 

2,251

 

2029

 

 

2,176

 

2030

 

 

2,087

 

2031-2035

 

 

8,751

 
United States [Member] | Defined Benefit Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Actuarial Assumptions Used

The actuarial assumptions used in measuring the net periodic benefit cost and plan obligations of retirement pension benefits were as follows:

 

 

At September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

United States:

 

 

 

 

 

 

 

 

 

Weighted-average assumptions to determine benefit obligation:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.50

%

 

 

5.05

%

 

 

6.20

%

Weighted-average assumptions to determine periodic benefit costs:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.05

 

 

 

6.20

 

 

 

5.70

 

Long-term rate of return on plan assets

 

 

6.28

 

 

 

6.03

 

 

 

5.53

 
United Kingdom | Defined Benefit Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Actuarial Assumptions Used

 

 

At September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

United Kingdom:

 

 

 

 

 

 

 

 

 

Weighted-average assumptions to determine benefit obligation:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.90

%

 

 

5.28

%

 

 

5.85

%

Rate of compensation increase

 

 

3.20

 

 

 

3.40

 

 

 

3.60

 

Weighted-average assumptions to determine periodic benefit costs:

 

 

 

 

 

 

 

 

 

Discount rate - service cost

 

 

5.41

 

 

 

5.91

 

 

 

4.99

 

Discount rate - interest cost

 

 

5.13

 

 

 

5.84

 

 

 

5.71

 

Rate of compensation increase

 

 

3.40

 

 

 

3.60

 

 

 

4.00

 

Long-term rate of return on plan assets

 

 

4.70

 

 

 

4.90

 

 

 

4.80

 
Japan | Defined Benefit Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Actuarial Assumptions Used

 

 

At September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Japan:

 

 

 

 

 

 

 

 

 

Weighted-average assumptions to determine benefit obligation:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

2.90

%

 

 

1.92

%

 

 

2.01

%

Rate of compensation increase

 

 

4.00

 

 

 

3.00

 

 

 

2.00

 

Weighted-average assumptions to determine periodic benefit costs:

 

 

 

 

 

 

 

 

 

Discount rate - service cost

 

 

2.10

 

 

 

2.20

 

 

 

1.78

 

Discount rate - interest cost

 

 

1.53

 

 

 

1.58

 

 

 

1.17

 

Rate of compensation increase

 

 

3.00

 

 

 

2.00

 

 

 

2.00

 

Long-term rate of return on plan assets

 

 

3.75

 

 

 

3.25

 

 

 

2.75

 
Germany [Member] | Defined Benefit Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Actuarial Assumptions Used

 

 

At September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Germany:

 

 

 

 

 

 

 

 

 

Weighted-average assumptions to determine benefit obligation:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.05

%

 

 

3.58

%

 

 

4.27

%

Rate of compensation increase

 

 

2.50

 

 

 

2.50

 

 

 

2.50

 

Weighted-average assumptions to determine periodic benefit costs:

 

 

 

 

 

 

 

 

 

Discount rate - service cost

 

 

3.64

 

 

 

4.23

 

 

 

3.95

 

Discount rate - interest cost

 

 

3.47

 

 

 

4.29

 

 

 

3.91

 

Rate of compensation increase

 

 

2.50

 

 

 

2.50

 

 

 

2.50

 
v3.25.3
Stockholders' Equity (Tables)
 12 Months Ended
Sep. 30, 2025
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 were as follows:

 

 

Common Stock

 

 

Treasury Stock

 

 

Treasury stock held for deferred compensation

 

Balances as of September 30, 2022

 

 

72,960

 

 

 

(13,207

)

 

 

(139

)

Purchase of treasury stock

 

 

—

 

 

 

(1,060

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

1,009

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

188

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(2

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

86

 

Balances as of September 30, 2023

 

 

72,960

 

 

 

(13,070

)

 

 

(55

)

 

 

 

 

 

 

 

 

 

Balances as of September 30, 2023

 

 

72,960

 

 

 

(13,070

)

 

 

(55

)

Purchase of treasury stock

 

 

—

 

 

 

(2,236

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

1,360

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

159

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

11

 

Balances as of September 30, 2024

 

 

72,960

 

 

 

(13,787

)

 

 

(45

)

 

 

 

 

 

 

 

 

 

Balances as of September 30, 2024

 

 

72,960

 

 

 

(13,787

)

 

 

(45

)

Purchase of treasury stock

 

 

—

 

 

 

(864

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

1,460

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

131

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

18

 

Balances as of September 30, 2025

 

 

72,960

 

 

 

(13,060

)

 

 

(28

)
Summary of Activity for RSUs

A summary of the activity for RSUs:

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Balance at September 30, 2024

 

 

318

 

 

$

118.19

 

Granted

 

 

124

 

 

 

194.40

 

Vested

 

 

(123

)

 

 

116.93

 

Forfeited

 

 

(10

)

 

 

149.06

 

Balance at September 30, 2025

 

 

309

 

 

$

148.31

 
Stock-based Compensation Expense Recognized

Stock-based compensation expense recognized was as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Stock-based compensation expense

 

$

31,674

 

 

$

33,052

 

 

$

23,958

 
Stock Options [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards

The fair value of options granted is estimated as of the grant date using the Black-Scholes-Merton option-valuation model using the assumptions in the following table. 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.

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted-average exercise price per share

 

$

191.45

 

 

$

137.36

 

 

$

84.84

 

Expected term (years)

 

 

 

6.6

 

-

 

8.7

 

 

 

 

6.6

 

-

 

8.7

 

 

 

 

6.6

 

-

 

8.8

 

Estimated volatility

 

 

 

35.2

%

-

 

38.2

%

 

 

 

35.0

%

-

 

37.6

%

 

 

 

34.7

%

-

 

37.6

%

Estimated dividend yield

 

 

 

0.6

%

-

 

0.6

%

 

 

 

0.7

%

-

 

0.7

%

 

 

 

0.7

%

-

 

0.9

%

Risk-free interest rate

 

 

 

3.8

%

-

 

4.4

%

 

 

 

4.2

%

-

 

4.4

%

 

 

 

3.4

%

-

 

4.4

%
Weighted Average Grant Date Fair Value of Options Granted

The weighted average grant date fair value of options granted follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted-average grant date fair value of options

 

$

83.65

 

 

$

58.34

 

 

$

34.19

 

 
Summary of Activity for Stock Option Awards

The following is a summary of the activity for stock option awards during the fiscal year ended September 30, 2025:

 

 

Number of options

 

 

Weighted-
Average Exercise
Price Per Share

 

Balance at September 30, 2024

 

 

3,578

 

 

$

86.03

 

Granted

 

 

41

 

 

 

191.45

 

Exercised

 

 

(1,364

)

 

 

80.49

 

Forfeited

 

 

(6

)

 

 

103.52

 

Balance at September 30, 2025

 

 

2,249

 

 

$

91.25

 
Changes in Non-vested Stock Options

Changes in non-vested stock options during the fiscal year ended September 30, 2025 were as follows:

 

 

Number of options

 

 

Weighted-
Average Grant
Date Fair Value
Per Share

 

Balance at September 30, 2024

 

 

898

 

 

$

37.30

 

Granted

 

 

41

 

 

 

83.65

 

Vested

 

 

(459

)

 

 

35.08

 

Forfeited

 

 

(7

)

 

 

40.97

 

Balance at September 30, 2025

 

 

473

 

 

$

43.40

 
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 September 30, 2025 was as follows:

 

 

Number of options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Life in Years

 

 

Aggregate
Intrinsic
Value

 

Options outstanding

 

 

2,249

 

 

$

91.25

 

 

 

5.0

 

 

$

363,126

 

Options vested and exercisable

 

 

1,776

 

 

 

86.74

 

 

 

4.4

 

 

 

294,766

 

Options vested and expected to vest

 

 

2,238

 

 

 

91.03

 

 

 

5.0

 

 

 

361,894

 
Other Stock Option Information

Other information follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Total fair value of stock options vested

 

$

16,006

 

 

$

18,527

 

 

$

24,388

 

Total intrinsic value of options exercised

 

 

167,121

 

 

 

115,198

 

 

 

67,203

 

Cash received from exercises of stock options

 

 

104,578

 

 

 

89,875

 

 

 

50,749

 

Excess tax benefit realized from exercise of stock options

 

 

22,950

 

 

 

17,939

 

 

 

12,595

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

The fair value of the 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 PSUs granted, which includes the grant date fair value outcome from the Monte Carlo method, were as follows:

 

 

September 30, 2025

 

 

September 30, 2024

 

Expected volatility

 

 

30.9

%

 

 

30.2

%

Risk free interest rate

 

 

4.1

%

 

 

4.5

%

Expected life

 

3 years

 

 

3 years

 

Grant date fair value

 

$

196.63

 

 

$

146.47

 
Summary of Activity for PSUs

A summary of the activity for PSUs:

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

62

 

 

$

146.47

 

Granted

 

 

44

 

 

 

196.63

 

Forfeited

 

 

(2

)

 

 

173.47

 

Ending balance

 

 

104

 

 

$

167.17

 
v3.25.3
Commitments and Contingencies (Tables)
 12 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Future Minimum Unconditional Purchase Obligations Future minimum unconditional purchase obligations are as follows:

Year Ending September 30:

 

 

 

2026

 

$

640,763

 

2027

 

 

89,718

 

2028

 

 

3,302

 

2029

 

 

171

 

2030

 

 

64,620

 

Thereafter

 

 

2

 

Total

 

$

798,576

 
v3.25.3
Segment Information (Tables)
 12 Months Ended
Sep. 30, 2025
Entity Wide Revenue Major Customer [Line Items]  
Summary of Consolidated Net Sales and Segment Operating Profit by Segment

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

 

Year Ended September 30,

 

 

2025

 

 

Aerospace

 

 

Industrial

 

 

Total

 

Net sales

$

2,312,806

 

 

$

1,254,258

 

 

$

3,567,064

 

Cost of goods sold

 

1,687,214

 

 

 

914,520

 

 

 

2,601,734

 

Selling, general and administrative expenses

 

87,136

 

 

 

107,205

 

 

 

194,341

 

Research and development costs

 

87,302

 

 

 

53,850

 

 

 

141,152

 

Other segment items1

 

(55,459

)

 

 

(3,841

)

 

 

(59,300

)

Reportable segment operating profit

$

506,613

 

 

$

182,524

 

 

$

689,137

 

 

 

 

 

 

 

 

 

 

 

Year Ended September 30,

 

 

2024

 

 

Aerospace

 

 

Industrial

 

 

Total

 

Net sales

$

2,028,618

 

 

$

1,295,631

 

 

$

3,324,249

 

Cost of goods sold

 

1,517,239

 

 

 

923,953

 

 

 

2,441,192

 

Selling, general and administrative expenses

 

85,103

 

 

 

100,758

 

 

 

185,861

 

Research and development costs

 

90,138

 

 

 

44,759

 

 

 

134,897

 

Other segment items1

 

(49,222

)

 

 

(3,696

)

 

 

(52,918

)

Reportable segment operating profit

$

385,360

 

 

$

229,857

 

 

$

615,217

 

 

 

 

 

 

 

 

 

 

 

Year Ended September 30,

 

 

2023

 

 

Aerospace

 

 

Industrial

 

 

Total

 

Net sales

$

1,768,103

 

 

$

1,146,463

 

 

$

2,914,566

 

Cost of goods sold

 

1,362,124

 

 

 

855,900

 

 

 

2,218,024

 

Selling, general and administrative expenses

 

78,910

 

 

 

87,637

 

 

 

166,547

 

Research and development costs

 

80,825

 

 

 

44,296

 

 

 

125,121

 

Other segment items1

 

(43,860

)

 

 

(2,992

)

 

 

(46,852

)

Reportable segment operating profit

$

290,104

 

 

$

161,622

 

 

$

451,726

 
(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:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Reportable segment operating profit

 

$

689,137

 

 

$

615,217

 

 

$

451,726

 

Nonsegment expenses

 

 

(126,226

)

 

 

(119,745

)

 

 

(130,811

)

Interest expense, net

 

 

(41,500

)

 

 

(41,501

)

 

 

(45,147

)

Consolidated earnings before income taxes

 

$

521,411

 

 

$

453,971

 

 

$

275,768

 

 
Summary of Consolidated Total Assets, Depreciation and Amortization, and Capital Expenditures 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, consolidated depreciation and amortization, and consolidated capital expenditures were as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Segment assets:

 

 

 

 

 

 

 

 

 

Aerospace

 

$

2,110,805

 

 

$

1,936,507

 

 

$

1,829,410

 

Industrial

 

 

1,501,503

 

 

 

1,509,495

 

 

 

1,490,341

 

Unallocated corporate property, plant and equipment, net

 

 

120,502

 

 

 

120,946

 

 

 

104,962

 

Other unallocated assets

 

 

897,333

 

 

 

801,967

 

 

 

585,490

 

Consolidated total assets

 

$

4,630,143

 

 

$

4,368,915

 

 

$

4,010,203

 

 

 

 

 

 

 

 

 

 

Segment depreciation and amortization:

 

 

 

 

 

 

 

 

 

Aerospace

 

$

51,603

 

 

$

55,305

 

 

$

59,880

 

Industrial

 

 

49,480

 

 

 

49,779

 

 

 

51,167

 

Unallocated corporate amounts

 

 

12,195

 

 

 

11,086

 

 

 

8,696

 

Consolidated depreciation and amortization

 

$

113,278

 

 

$

116,170

 

 

$

119,743

 

 

 

 

 

 

 

 

 

 

Segment capital expenditures:

 

 

 

 

 

 

 

 

 

Aerospace

 

$

62,892

 

 

$

55,989

 

 

$

56,913

 

Industrial

 

 

42,305

 

 

 

41,930

 

 

 

21,855

 

Unallocated corporate amounts

 

 

25,731

 

 

 

(1,639

)

 

 

(2,268

)

Consolidated capital expenditures

 

$

130,928

 

 

$

96,280

 

 

$

76,500

 
Schedule of Property, Plant and Equipment, Net by Geographical Area

Property, plant, and equipment, net by geographical area, as determined by the physical location of the assets, were as follows:

 

 

At September 30,

 

 

 

2025

 

 

2024

 

United States

 

$

841,528

 

 

$

827,242

 

Germany

 

 

109,403

 

 

 

87,970

 

Other countries

 

 

35,692

 

 

 

25,503

 

Consolidated property, plant and equipment, net

 

$

986,623

 

 

$

940,715

 
U.S. Government Related [Member]  
Entity Wide Revenue Major Customer [Line Items]  
U.S. Government Related Sales by Segment

U.S. Government related sales from Woodward’s reportable segments were as follows:

 

 

Direct U.S.
Government
Sales

 

 

Indirect U.S.
Government
Sales

 

 

Total U.S.
Government
Related Sales

 

Fiscal year ended September 30, 2025

 

 

 

 

 

 

 

 

 

Aerospace

 

$

95,147

 

 

$

598,254

 

 

$

693,401

 

Industrial

 

 

6,903

 

 

 

17,305

 

 

 

24,208

 

Total net external sales

 

$

102,050

 

 

$

615,559

 

 

$

717,609

 

Percentage of total net sales

 

 

3

%

 

 

17

%

 

 

20

%

 

 

 

 

 

 

 

 

 

Fiscal year ended September 30, 2024

 

 

 

 

 

 

 

 

 

Aerospace

 

$

107,978

 

 

$

443,370

 

 

$

551,348

 

Industrial

 

 

9,039

 

 

 

10,273

 

 

 

19,312

 

Total net external sales

 

$

117,017

 

 

$

453,643

 

 

$

570,660

 

Percentage of total net sales

 

 

3

%

 

 

14

%

 

 

17

%

 

 

 

 

 

 

 

 

 

Fiscal year ended September 30, 2023

 

 

 

 

 

 

 

 

 

Aerospace

 

$

99,848

 

 

$

363,835

 

 

$

463,683

 

Industrial

 

 

7,524

 

 

 

14,840

 

 

 

22,364

 

Total net external sales

 

$

107,372

 

 

$

378,675

 

 

$

486,047

 

Percentage of total net sales

 

 

4

%

 

 

13

%

 

 

17

%
v3.25.3
Operations and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]      
Selling, general, and administrative expenses include net foreign currency transaction gain (loss) $ (512,000) $ (8,369,000) $ (1,020,000)
Additional asset impairment charges 0 0 0
Additional asset impairment charges, intangible assets $ 0 $ 0 $ 0
v3.25.3
Operations and Summary of Significant Accounting Policies (Schedule of Property, Plant and Equipment Useful Lives) (Details)
Sep. 30, 2025
Land Improvements [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Land Improvements [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 20 years
Building and Building Improvements [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Building and Building Improvements [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 40 years
Leasehold Improvements [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 1 year
Leasehold Improvements [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Machinery and Production Equipment [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Machinery and Production Equipment [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 25 years
Computer Equipment and Software [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Computer Equipment and Software [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 15 years
Office furniture and equipment [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Office furniture and equipment [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 15 years
Other [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Other [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Computer Equipment and Software, Excluding ERP system [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Computer Equipment and Software, Excluding ERP system [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Enterprise Resource Planning system [Member]  
Property Plant And Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 15 years
v3.25.3
Operations and Summary of Significant Accounting Policies (Schedule of Finite-Lived Intangible Assets Useful Lives) (Details)
Sep. 30, 2025
Customer Relationships And Contracts [Member] | Minimum [Member]  
Finite Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 11 years
Customer Relationships And Contracts [Member] | Maximum [Member]  
Finite Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 30 years
Intellectual Property [Member]  
Finite Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 17 years
Process Technology [Member] | Minimum [Member]  
Finite Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 10 years
Process Technology [Member] | Maximum [Member]  
Finite Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 30 years
v3.25.3
Revenue - Revenue Derived from Product Sales (Details) - Net Sales [Member] - Product Concentration Risk [Member]
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Manufacture [Member]      
Disaggregation Of Revenue [Line Items]      
Percentage of attributable to revenue 81.00% 83.00% 84.00%
MRO [Member]      
Disaggregation Of Revenue [Line Items]      
Percentage of attributable to revenue 17.00% 15.00% 14.00%
Service [Member]      
Disaggregation Of Revenue [Line Items]      
Percentage of attributable to revenue 2.00% 2.00% 2.00%
v3.25.3
Revenue (Schedule of Revenue Recognition Time) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Disaggregation Of Revenue [Line Items]      
Net sales $ 3,567,064 $ 3,324,249 $ 2,914,566
Aerospace [Member]      
Disaggregation Of Revenue [Line Items]      
Net sales 2,312,806 2,028,618 1,768,103
Industrial [Member]      
Disaggregation Of Revenue [Line Items]      
Net sales 1,254,258 1,295,631 1,146,463
Point In Time [Member]      
Disaggregation Of Revenue [Line Items]      
Net sales 1,629,298 1,634,522 1,456,736
Point In Time [Member] | Aerospace [Member]      
Disaggregation Of Revenue [Line Items]      
Net sales 916,671 853,728 748,278
Point In Time [Member] | Industrial [Member]      
Disaggregation Of Revenue [Line Items]      
Net sales 712,627 780,794 708,458
Over Time [Member]      
Disaggregation Of Revenue [Line Items]      
Net sales 1,937,766 1,689,727 1,457,830
Over Time [Member] | Aerospace [Member]      
Disaggregation Of Revenue [Line Items]      
Net sales 1,396,135 1,174,890 1,019,825
Over Time [Member] | Industrial [Member]      
Disaggregation Of Revenue [Line Items]      
Net sales $ 541,631 $ 514,837 $ 438,005
v3.25.3
Revenue (Summary of Amounts Recognized Related to Changes in Estimated Total Lifetime Sales for Material Rights and Costs to Fulfill Contracts With Customers) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Change in Contract with Customer, Asset and Liability [Abstract]      
Revenue $ 1,462 $ 17,154 $ 1,460
Cost of goods sold $ 1,855 $ 15,486 $ 1,736
v3.25.3
Revenue (Summary of Amounts Recognized Related to Amortization of Costs to Fulfill Contracts and Contract Liabilities Not Related to Changes in Estimate) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Change in Contract with Customer, Asset and Liability [Abstract]      
Revenue $ 4,521 $ 7,230 $ 6,741
Cost of goods sold $ 3,717 $ 3,112 $ 5,559
v3.25.3
Revenue (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Capitalized cost $ 203,171 $ 185,102
Billed accounts receivable due within 60 days  
Noncurrent unbilled receivables $ 10,963 $ 11,237
Percent of total billed and unbilled accounts receivable from U.S. Government 10.00% 10.00%
Revenue from contract liabilities $ 31,998 $ 44,398
v3.25.3
Revenue (Schedule of Accounts Receivable) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Contract With Customer Asset [Line Items]    
Total billed receivables $ 477,321 $ 457,234
Current unbilled receivables (contract assets) 363,520 320,570
Total accounts receivable 840,841 777,804
Less: Allowance for uncollectible amounts (9,725) (7,738)
Total accounts receivable, net 831,116 770,066
Trade Accounts Receivable [Member]    
Contract With Customer Asset [Line Items]    
Billed receivables 477,217 455,831
Other (Chinese Financial Institutions) [Member]    
Contract With Customer Asset [Line Items]    
Billed receivables $ 104 $ 1,403
v3.25.3
Revenue (Schedule of Uncollectible Amounts And Change in Expected Allowance for Credit Losses for Trade Accounts Receivable and Unbilled Receivables) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]      
Balance, beginning $ 7,738 $ 5,847 $ 3,922
Changes in estimates 1,879 3,219 7,211
Write-offs (347) (586) (5,305)
Other [1] 455 (742) 19
Balance, ending $ 9,725 $ 7,738 $ 5,847
[1] Includes effects of foreign exchange rate changes during the period.
v3.25.3
Revenue (Schedule of Contract Liability) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Contract With Customer Liability [Line Items]    
Current contract liabilities $ 49,235 $ 56,791
Noncurrent contract liabilities 431,458 424,609
Deferred Revenue From Material Rights From JV Formation [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 7,298 6,580
Noncurrent contract liabilities 229,878 232,164
Deferred Revenue From Advance Invoicing And/Or Prepayments From Customers [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 14,944 23,706
Noncurrent contract liabilities 2,115 6,437
Liability Related To Customer Supplied Inventory [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 19,640 20,563
Deferred Revenue From Material Rights Related To Engineering And Development Funding [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 7,353 5,942
Noncurrent contract liabilities $ 199,465 $ 186,008
v3.25.3
Revenue (Schedule of Revenue Recognized Related to Noncash Consideration) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Contract With Customer Noncash Consideration [Line Items]      
Revenue recognized related to noncash consideration $ 71,148 $ 66,297 $ 52,268
Aerospace [Member]      
Contract With Customer Noncash Consideration [Line Items]      
Revenue recognized related to noncash consideration 68,059 61,323 50,329
Industrial [Member]      
Contract With Customer Noncash Consideration [Line Items]      
Revenue recognized related to noncash consideration $ 3,089 $ 4,974 $ 1,939
v3.25.3
Revenue (Narrative - Performance Obligations) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Remaining performance obligation amount $ 3,195,156 $ 2,932,793
Material Rights [Member]    
Remaining performance obligation amount $ 513,570  
v3.25.3
Revenue (Narrative - Performance Obligations) (Details1) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Remaining performance obligation amount $ 3,195,156 $ 2,932,793
Material Rights [Member]    
Remaining performance obligation amount $ 513,570  
Material Rights [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01    
Period of remaining performance obligation, expected timing of satisfaction 1 year  
Remaining performance obligation amount $ 13,517  
Remaining performance obligation, expected timing of satisfaction, year 2026  
Maximum [Member] | Material Rights [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01    
Period of remaining performance obligation, expected timing of satisfaction 40 years  
Aerospace [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01    
Period of remaining performance obligation, expected timing of satisfaction 2 years  
v3.25.3
Revenue (Schedule of Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Disaggregation Of Revenue [Line Items]      
Total net sales $ 3,567,064 $ 3,324,249 $ 2,914,566
United States [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 1,914,281 1,698,256 1,538,075
Germany [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 275,422 269,358 273,842
Europe, excluding Germany [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 565,588 499,938 436,979
China [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 285,870 390,044 243,486
Asia, excluding China [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 249,205 222,706 200,029
Other Countries [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 276,698 243,947 222,155
Aerospace [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 2,312,806 2,028,618 1,768,103
Aerospace [Member] | United States [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 1,585,173 1,404,223 1,254,954
Aerospace [Member] | Germany [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 72,883 72,583 80,450
Aerospace [Member] | Europe, excluding Germany [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 224,302 202,421 163,222
Aerospace [Member] | China [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 148,192 96,136 56,773
Aerospace [Member] | Asia, excluding China [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 61,965 59,103 37,107
Aerospace [Member] | Other Countries [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 220,291 194,152 175,597
Aerospace [Member] | Commercial OEM [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 690,962 738,394 651,275
Aerospace [Member] | Commercial Services [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 823,547 640,823 547,625
Aerospace [Member] | Defense OEM [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 561,288 406,810 368,653
Aerospace [Member] | Defense Services [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 237,009 242,591 200,550
Industrial [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 1,254,258 1,295,631 1,146,463
Industrial [Member] | United States [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 329,108 294,033 283,121
Industrial [Member] | Germany [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 202,539 196,775 193,392
Industrial [Member] | Europe, excluding Germany [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 341,286 297,517 273,757
Industrial [Member] | China [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 137,678 293,908 186,713
Industrial [Member] | Asia, excluding China [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 187,240 163,603 162,922
Industrial [Member] | Other Countries [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 56,407 49,795 46,558
Industrial [Member] | Power Generation [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 488,940 443,667 382,536
Industrial [Member] | Transportation [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales 507,376 624,762 527,498
Industrial [Member] | Oil and Gas [Member]      
Disaggregation Of Revenue [Line Items]      
Total net sales $ 257,942 $ 227,202 $ 236,429
v3.25.3
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
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Numerator:      
Net earnings $ 442,111 $ 372,971 $ 232,368
Denominator:      
Basic shares outstanding 59,563 60,076 59,908
Dilutive effect of stock options; restricted and performance stock 1,901 2,008 1,574
Diluted shares outstanding 61,464 62,084 61,482
Income per common share:      
Basic earnings per share $ 7.42 $ 6.21 $ 3.88
Diluted earnings per share $ 7.19 $ 6.01 $ 3.78
v3.25.3
Earnings Per Share (Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share) (Details) - Stock Options [Member] - $ / shares
shares in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Options 25 63 561
Weighted-average option price $ 186.19 $ 135.26 $ 114.88
v3.25.3
Earnings Per Share (Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding) (Details) - shares
shares in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]      
Weighted-average treasury stock shares held for deferred compensation obligations 33 51 88
v3.25.3
Leases (Lease-Related Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Assets:    
Operating lease assets $ 25,274 $ 27,135
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Finance lease assets $ 2,896 $ 2,516
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 $ 28,170 $ 29,651
Current liabilities:    
Operating lease liabilities $ 5,465 $ 5,029
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued liabilities Accrued liabilities
Finance lease liabilities $ 1,032 $ 719
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current portion of long-term debt Current portion of long-term debt
Noncurrent liabilities:    
Operating lease liabilities $ 20,199 $ 22,670
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Finance lease liabilities $ 1,902 $ 2,017
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-term debt, less current portion Long-term debt, less current portion
Total lease liabilities $ 28,598 $ 30,435
v3.25.3
Leases (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Lessee Lease Description [Line Items]      
Revenue included embedded operating leases $ 3,947 $ 5,486 $ 5,030
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Net sales Net sales Net sales
v3.25.3
Leases (Supplemental Lease-Related Information) (Details)
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]    
Weighted average remaining lease term, Operating leases 7 years 3 months 18 days 8 years 1 month 6 days
Weighted average remaining lease term, Finance leases 3 years 3 years 9 months 18 days
Weighted average discount rate, Operating leases 4.50% 4.40%
Weighted average discount rate, Finance leases 5.00% 4.60%
v3.25.3
Leases (Lease-Related Expenses) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Leases [Abstract]      
Operating lease expense $ 7,568 $ 6,804 $ 6,213
Amortization of financing lease assets 967 820 914
Interest on financing lease liabilities 162 138 157
Variable lease expense 1,200 1,299 917
Short-term lease expense 205 164 196
Total lease expense $ 10,102 $ 9,225 $ 8,397
v3.25.3
Leases (Lease-Related Supplemental Cash Flow Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Leases [Abstract]      
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 6,044 $ 5,375 $ 5,151
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases 162 138 157
Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows for finance leases 971 818 779
Right-of-use assets obtained in exchange for recorded lease obligations: Operating leases 6,016 $ 6,117 2,230
Right-of-use assets obtained in exchange for recorded lease obligations: Finance leases $ 1,171   $ 48
v3.25.3
Leases (Maturities of Lease Liabilities) (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Year Ending September 30:  
Operating Leases, 2026 $ 6,561
Operating Leases, 2027 5,435
Operating Leases, 2028 4,554
Operating Leases, 2029 3,406
Operating Leases, 2030 2,638
Operating Leases, Thereafter 7,612
Operating Leases, Total lease payments 30,206
Operating Leases, Less: imputed interest (4,542)
Operating lease liabilities 25,664
Year Ending September 30:  
Finance Leases, 2026 1,146
Finance Leases, 2027 1,143
Finance Leases, 2028 555
Finance Leases, 2029 204
Finance Leases, 2030 89
Finance Leases, Total lease payments 3,137
Finance Leases, Less: imputed interest (203)
Finance Leases, Total lease obigations $ 2,934
v3.25.3
Leases (Property, Plant and Equipment Leased to Others through Embedded Leasing Arrangements) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]    
Property, plant, and equipment $ 41,593 $ 48,495
Less accumulated depreciation (29,110) (32,994)
Property, plant, and equipment, net $ 12,483 $ 15,501
v3.25.3
Joint Venture (Unamortized Deferred Revenue from JV) (Details) - Woodward and General Electric Joint Venture [Member] - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Schedule Of Equity Method Investments [Line Items]    
Accrued liabilities $ 7,298 $ 6,580
Other liabilities $ 229,878 $ 232,164
v3.25.3
Joint Venture (Narrative) (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Schedule Of Equity Method Investments [Line Items]            
Revenue from contract liabilities       $ 31,998,000 $ 44,398,000  
Cost of goods sold from contract assets       $ 2,610,772,000 2,447,770,000 $ 2,236,983,000
Woodward and General Electric Joint Venture [Member]            
Schedule Of Equity Method Investments [Line Items]            
Ownership interest, joint venture       50.00%    
Cash received annually from formation of joint venture $ 4,894,000 $ 4,894,000 $ 4,894,000 $ 4,894,000    
Revenue from contract liabilities       1,488,000 812,000  
Cost of goods sold from contract assets       1,488,000 1,236,000  
Reduction in contract liability and costs to fulfill contract       0 9,680,000  
Reduction in costs to fulfill a contract related to the termination       $ 0 9,680,000  
Woodward and General Electric Joint Venture [Member] | Minimum [Member]            
Schedule Of Equity Method Investments [Line Items]            
Engine thurst specification (in pounds)       50,000    
Woodward and General Electric Joint Venture [Member] | Other Liabilities [Member]            
Schedule Of Equity Method Investments [Line Items]            
Contract liabilities       $ 78,985,000 78,226,000  
Woodward and General Electric Joint Venture [Member] | Other Assets [Member]            
Schedule Of Equity Method Investments [Line Items]            
Costs to fulfill a contract       78,985,000 78,226,000  
Woodward and General Electric Joint Venture [Member] | Sales [Member]            
Schedule Of Equity Method Investments [Line Items]            
Amortization of deferred income recognized as an increase to sales       6,462,000 6,294,000 5,020,000
Reduction to sales related to royalties owed to joint venture       $ 71,030,000 $ 63,794,000 $ 49,624,000
v3.25.3
Joint Venture (Other Income Related JV) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Schedule Of Equity Method Investments [Line Items]      
Other income $ 45,850 $ 41,191 $ 36,846
Woodward and General Electric Joint Venture [Member]      
Schedule Of Equity Method Investments [Line Items]      
Other income $ 45,850 $ 41,191 $ 36,846
v3.25.3
Joint Venture (Cash Distribution from JV) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Woodward and General Electric Joint Venture [Member]      
Schedule Of Equity Method Investments [Line Items]      
Cash distributions $ 42,000 $ 38,000 $ 29,000
v3.25.3
Joint Venture (Net Sales to the JV) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Woodward and General Electric Joint Venture [Member] | Related Party [Member]      
Schedule Of Equity Method Investments [Line Items]      
Net sales $ 97,576 $ 80,708 $ 47,607
v3.25.3
Joint Venture (Accounts Receivable, Accounts Payable, and Other Assets Related to JV) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Schedule Of Equity Method Investments [Line Items]    
Accounts receivable $ 477,321 $ 457,234
Accounts payable 289,417 287,457
Woodward and General Electric Joint Venture [Member]    
Schedule Of Equity Method Investments [Line Items]    
Other assets 23,069 19,219
Woodward and General Electric Joint Venture [Member] | Related Party [Member]    
Schedule Of Equity Method Investments [Line Items]    
Accounts receivable 5,377 5,205
Accounts payable $ 8,370 $ 11,378
v3.25.3
Joint Venture (Contract Liabilities and Costs to Fulfill a Contract) (Details) - Woodward and General Electric Joint Venture [Member] - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Other Liabilities [Member]    
Schedule of Equity Method Investments [Line Items]    
Contract liabilities $ 78,985 $ 78,226
Other Assets [Member]    
Schedule of Equity Method Investments [Line Items]    
Costs to fulfill a contract $ 78,985 $ 78,226
v3.25.3
Financial Instruments and Fair Value Measurements (Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Financial assets:    
Total financial assets $ 68,102 $ 53,910
Financial liabilities:    
Total financial liabilities 27,406 12,004
Investments in Banks and Financial Institutions [Member]    
Financial assets:    
Investments in term deposits with foreign banks 30,256 23,128
Equity Securities [Member]    
Financial assets:    
Equity securities 37,846 30,782
Cross Currency Interest Rate Swaps [Member]    
Financial liabilities:    
Cross currency interest rate swaps 27,406 12,004
Level 1 [Member]    
Financial assets:    
Total financial assets 68,102 53,910
Level 1 [Member] | Investments in Banks and Financial Institutions [Member]    
Financial assets:    
Investments in term deposits with foreign banks 30,256 23,128
Level 1 [Member] | Equity Securities [Member]    
Financial assets:    
Equity securities 37,846 30,782
Level 2 [Member]    
Financial liabilities:    
Total financial liabilities 27,406 12,004
Level 2 [Member] | Cross Currency Interest Rate Swaps [Member]    
Financial liabilities:    
Cross currency interest rate swaps $ 27,406 $ 12,004
v3.25.3
Financial Instruments and Fair Value Measurements (Narrative) (Details) - Measurement Input, Discount Rate [Member]
Sep. 30, 2025
Sep. 30, 2024
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 4.2 4.5
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 3.0 2.7
Investments in Short-Term Time Deposits [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Interest rate used to measure short-term time deposits 5.3 6.8
v3.25.3
Financial Instruments and Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - Level 2 [Member] - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
ASSETS    
Investments in short-term time deposits, Estimated Fair Value $ 67 $ 3,064
Liabilities:    
Long-term debt, Estimated Fair Value 566,582 634,071
Investments in short-term time deposits, Carrying Cost 66 3,064
Long-term debt, Carrying Cost 580,547 656,360
Long Term Notes Receivable from Municipalities [Member]    
ASSETS    
Notes receivable, Estimated Fair Value 5,444 6,961
Liabilities:    
Notes receivable, Carrying Cost $ 5,392 $ 6,514
v3.25.3
Derivative Instruments and Hedging Activities (Narrative) (Details)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
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 $ (5,830) $ (5,160)      
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 $ (2,263) $ (2,381) $ (3,090)    
2020 Fixed-Rate Cross-Currency Swaps [Member]          
Derivative Instruments Gain Loss [Line Items]          
Derivative, notional amount $ 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  
2020 Floating-Rate Cross-Currency Swap [Member]          
Derivative Instruments Gain Loss [Line Items]          
Derivative, notional amount       $ 45,000  
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  
v3.25.3
Derivative Instruments and Hedging Activities (Impact of Derivative Instruments on Earnings) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments Gain Loss [Line Items]      
Amount of loss recognized in accumulated OCI $ (23,105) $ (18,551) $ (36,587)
Cash Flow Hedging      
Derivative Instruments Gain Loss [Line Items]      
Amount of loss reclassified from accumulated OCI into earnings 45,540 41,644 67,997
Fair Value Hedging      
Derivative Instruments Gain Loss [Line Items]      
Amount of loss reclassified from accumulated OCI into earnings 0 0 1,814
Loss reclassified from accumulated OCI into earnings | Cash Flow Hedging      
Derivative Instruments Gain Loss [Line Items]      
Amount of loss reclassified from accumulated OCI into earnings $ 22,435 $ 23,093 $ 32,285
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, general and administrative expenses Selling, general and administrative expenses Selling, general and administrative expenses
Loss reclassified from accumulated OCI into earnings | Fair Value Hedging      
Derivative Instruments Gain Loss [Line Items]      
Amount of loss reclassified from accumulated OCI into earnings $ 0 $ 0 $ 939
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, general and administrative expenses Selling, general and administrative expenses Selling, general and administrative expenses
Loss recognized in accumulated OCI | Cash Flow Hedging      
Derivative Instruments Gain Loss [Line Items]      
Amount of loss recognized in accumulated OCI $ 23,105 $ 18,551 $ 35,712
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
Loss recognized in accumulated OCI | Fair Value Hedging      
Derivative Instruments Gain Loss [Line Items]      
Amount of loss recognized in accumulated OCI $ 0 $ 0 $ 875
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
v3.25.3
Supplemental Statement of Cash Flows Information (Schedule of Supplemental Statement of Cash Flows Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Supplemental Cash Flow Information [Abstract]      
Interest paid $ 34,725 $ 36,700 $ 35,306
Income taxes paid 105,427 152,049 92,509
Income tax refunds received 4,672 6,521 3,661
Non-cash activities:      
Purchases of property, plant and equipment on account 12,173 22,056 11,276
Common shares issued from treasury to settle benefit obligations 24,912 $ 21,889 $ 19,466
Receivables related to business divestitures $ 1,750    
v3.25.3
Acquisitions and Divestitures (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 21, 2025
Sep. 30, 2025
Sep. 30, 2024
Acquisitions And Divestitures [Line Items]      
Cash proceeds   $ 50,068 $ 1,800
Cash receivables   1,750  
Pretax gain   $ 20,524  
Date of divestiture   Mar. 03, 2025  
Safran Electronics and Defense [Member]      
Acquisitions And Divestitures [Line Items]      
Acquisition date Jul. 21, 2025    
Percentage of outstanding equity interests acquired 100.00%    
Total consideration $ 41,678    
Acquisition-related costs   $ 9,348  
v3.25.3
Acquisitions and Divestitures (Summary of Preliminary Determination of Fair Value of Assets Acquired and Liabilities Assumed) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jul. 21, 2025
Sep. 30, 2024
Sep. 30, 2023
Assets:        
Goodwill $ 832,288   $ 806,643 $ 791,468
Safran Electronics and Defense [Member]        
Assets:        
Accounts Receivable   $ 8,032    
Inventories   12,514    
Other current assets   3,125    
Property, plant, and equipment   6,945    
Goodwill   18,389    
Other assets   4,528    
Total assets   53,533    
Liabilities:        
Accrued liabilities   4,201    
Accounts payable   2,981    
Income tax payable   188    
Other noncurrent liabilities   4,485    
Total liabilities   $ 11,855    
v3.25.3
Acquisitions and Divestitures - Schedule of Carrying Value of the Assets and Liabilities Sold (Details)
$ in Thousands
Mar. 03, 2025
USD ($)
Assets:  
Inventories $ 20,110
Property, plant, and equipment 2,904
Goodwill 5,772
Intangible assets 2,269
Other assets 2,608
Total assets 33,663
Liabilities:  
Accrued liabilities 1,566
Accounts payable 459
Other noncurrent liabilities 2,474
Total liabilities $ 4,499
v3.25.3
Inventories (Schedule of Inventories) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Inventory, Net [Abstract]    
Raw materials $ 192,373 $ 161,734
Work in progress 163,275 147,676
Component parts [1] 382,650 376,456
Finished goods 102,746 91,787
Customer supplied inventory 19,640 20,563
On-hand inventory for which control has transferred to the customer (206,076) (189,124)
Inventory, net $ 654,608 $ 609,092
[1] Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.
v3.25.3
Property, Plant, and Equipment (Schedule of Property Plant and Equipment, Net) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross $ 1,927,878 $ 1,830,959
Less accumulated depreciation (941,255) (890,244)
Property, plant, and equipment, net 986,623 940,715
Land and Land Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 95,172 91,105
Building and Building Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 626,144 599,897
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 15,900 22,022
Machinery and Production Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 885,473 849,595
Computer Equipment and Software [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 116,706 120,185
Office Furniture and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 43,312 42,873
Other [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 33,591 33,392
Construction in Progress [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross $ 111,580 $ 71,890
v3.25.3
Property, Plant, and Equipment (Schedule of Depreciation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Property, Plant and Equipment, Net [Abstract]      
Depreciation expense $ 85,054 $ 82,578 $ 82,154
v3.25.3
Goodwill (Schedule of Goodwill) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Goodwill [Line Items]    
Goodwill, Beginning Balance $ 806,643 $ 791,468
Additions 18,389  
Reduction from Divestiture (5,772)  
Effects of Foreign Currency Translation 13,028 15,175
Goodwill, Ending Balance 832,288 806,643
Aerospace [Member]    
Goodwill [Line Items]    
Goodwill, Beginning Balance 455,423 455,423
Additions 18,389  
Effects of Foreign Currency Translation (33)  
Goodwill, Ending Balance 473,779 455,423
Industrial [Member]    
Goodwill [Line Items]    
Goodwill, Beginning Balance 351,220 336,045
Reduction from Divestiture (5,772)  
Effects of Foreign Currency Translation 13,061 15,175
Goodwill, Ending Balance $ 358,509 $ 351,220
v3.25.3
Goodwill (Narrative) (Details) - USD ($)
$ in Thousands
Mar. 03, 2025
Sep. 30, 2025
Jul. 21, 2025
Sep. 30, 2024
Sep. 30, 2023
Goodwill [Line Items]          
Goodwill   $ 832,288   $ 806,643 $ 791,468
Industrial [Member]          
Goodwill [Line Items]          
Goodwill   358,509   351,220 336,045
Assets Held for Sale $ 5,772        
Aerospace [Member]          
Goodwill [Line Items]          
Goodwill   $ 473,779 $ 18,389 $ 455,423 $ 455,423
v3.25.3
Intangible Assets, Net (Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization of Finite-Lived Intangible $ (458,740) $ (440,603)
Net Carrying Amount - Finite-Lived Intangible 360,070  
Intangible Assets, Gross, Total 886,820 881,022
Intangible Assets, Net, Total 428,080 440,419
Customer Relationships And Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 683,461 680,713
Accumulated Amortization of Finite-Lived Intangible (377,018) (360,543)
Net Carrying Amount - Finite-Lived Intangible 306,443 320,170
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 132,210 131,827
Accumulated Amortization of Finite-Lived Intangible (78,583) (76,329)
Net Carrying Amount - Finite-Lived Intangible 53,627 55,498
Trade Name [Member]    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-Lived Intangible Assets 68,010 64,751
Intangible Assets, Net, Total 68,010 64,751
Other [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible   592
Accumulated Amortization of Finite-Lived Intangible   (592)
Aerospace [Member]    
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization of Finite-Lived Intangible (292,082) (286,498)
Intangible Assets, Gross, Total 326,253 326,253
Intangible Assets, Net, Total 34,171 39,755
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 (251,109) (246,152)
Net Carrying Amount - Finite-Lived Intangible 30,574 35,531
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 (40,973) (40,346)
Net Carrying Amount - Finite-Lived Intangible 3,597 4,224
Industrial [Member]    
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization of Finite-Lived Intangible (166,658) (154,105)
Intangible Assets, Gross, Total 560,567 554,769
Intangible Assets, Net, Total 393,909 400,664
Industrial [Member] | Customer Relationships And Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 401,778 399,030
Accumulated Amortization of Finite-Lived Intangible (125,909) (114,391)
Net Carrying Amount - Finite-Lived Intangible 275,869 284,639
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 87,640 87,257
Accumulated Amortization of Finite-Lived Intangible (37,610) (35,983)
Net Carrying Amount - Finite-Lived Intangible 50,030 51,274
Industrial [Member] | Trade Name [Member]    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-Lived Intangible Assets 68,010 64,751
Intangible Assets, Net, Total $ 68,010 64,751
Industrial [Member] | Other [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible   592
Accumulated Amortization of Finite-Lived Intangible   $ (592)
v3.25.3
Intangible Assets, Net (Narrative) (Details)
$ in Thousands
Jul. 31, 2025
USD ($)
Disposal Group [Member]  
Intangible Assets, Net [Line Items]  
Impairment of intangible assets, Indefinite-lived $ 0
v3.25.3
Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets Amortization Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Amortization expense $ 28,224 $ 33,592 $ 37,589
v3.25.3
Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
2026 $ 28,104
2027 28,035
2028 27,667
2029 26,761
2030 26,734
Thereafter 222,769
Net Carrying Amount - Finite-Lived Intangible $ 360,070
v3.25.3
Credit Facilities, Short-term Borrowings and Long-term Debt (Short-term Borrowings and Availability Under Various Short-term Credit Facilities) (Details)
Sep. 30, 2025
USD ($)
Line Of Credit Facility [Line Items]  
Total availability $ 1,025,088,000
Outstanding letters of credit and guarantees (7,924,000)
Banker acceptance notes issued (824,000)
Outstanding borrowings (122,300,000)
Remaining availability 894,040,000
Revolving Credit Facility [Member]  
Line Of Credit Facility [Line Items]  
Total availability 1,000,000,000
Outstanding letters of credit and guarantees (7,872,000)
Outstanding borrowings (122,300,000)
Remaining availability 869,828,000
Lines of Credit and Overdraft Facilities [Member]  
Line Of Credit Facility [Line Items]  
Total availability 25,000,000
Banker acceptance notes issued (824,000)
Remaining availability 24,176,000
Foreign Performance Guarantee Facilities [Member]  
Line Of Credit Facility [Line Items]  
Total availability 88,000
Outstanding letters of credit and guarantees (52,000)
Remaining availability $ 36,000
v3.25.3
Credit Facilities, Short-term Borrowings and Long-term Debt (Narrative) (Details)
 12 Months Ended
Nov. 17, 2025
USD ($)
May 30, 2025
USD ($)
Oct. 01, 2013
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
May 31, 2018
USD ($)
Sep. 23, 2016
EUR (€)
Debt Instrument [Line Items]                
Line of credit facility, maximum borrowing capacity       $ 1,025,088,000        
Outstanding borrowings       122,300,000        
Short-term debt       122,300,000 $ 217,000,000      
Amortization of debt financing costs recognized as interest expense       918,000 929,000 $ 963,000    
Unamortized debt issuance costs       $ 645,000 890,000      
The Notes [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Covenant Description       The Notes contain restrictive covenants customary for such financings, including among other things, covenants that place limits on Woodward’s ability to incur liens on assets, incur additional debt (including a leverage or coverage-based maintenance test), transfer or sell Woodward’s assets, merge or consolidate with other persons and enter into material transactions with affiliates. Under the financial covenants contained in the note purchase agreement governing each series of the Notes as of fiscal year 2024, Woodward’s priority debt may not exceed, at any time, 15% of its consolidated net worth. Woodward’s Leverage Ratio cannot exceed 4.0 to 1.0 during any material acquisition period, or 3.5 to 1.0 at any other time on a rolling four quarter basis. In the event that Woodward’s Leverage Ratio exceeds 3.5 to 1.0 during any material acquisition period, the interest rate on each series of Notes will increase. The minimum consolidated net worth, prior year positive net income, and net cash proceeds resulting from certain issuances of stock for satisfaction of Woodward’s leverage ratio are consistent between the Notes and Second Amended and Restated Revolving Credit Agreement.        
Percent of debt not exceed net worth       15.00%        
Unamortized debt issuance costs       $ 645,000 890,000      
The Notes [Member] | Minimum [Member]                
Debt Instrument [Line Items]                
Leverage ratio       0.35        
The Notes [Member] | Maximum [Member]                
Debt Instrument [Line Items]                
Leverage ratio       0.4        
Second Amended And Restated Revolving Credit Agreement [Member]                
Debt Instrument [Line Items]                
Principal amount borrowing outstanding       $ 122,300,000 $ 217,000,000      
Effective interest rate       0.0541 0.0582      
Line of Credit Facility, Percentage of Positive Net Income as Part of Amended and Restated Revolving Credit Agreement       50.00%        
Line Of Credit Facility, Percentage of Net Cash Proceeds as Part of Amended And Restated         50.00%      
Line Of Credit Facility, Minimum Consolidated Net Worth Covenant       $ 1,156,000,000        
Debt Instrument, Covenant Description       The Second Amended and Restated Revolving Credit Agreement contains certain covenants customary with such agreements, which are generally consistent with the covenants applicable to Woodward’s long-term debt agreements, and contains customary events of default, including certain cross-default provisions related to Woodward’s other outstanding material debt arrangements, the occurrence of which would permit the lenders to accelerate the amounts due thereunder. In addition, the Second Amended and Restated Revolving Credit Agreement includes the following financial covenants: (i) a maximum permitted leverage ratio of consolidated net debt to consolidated earnings before interest, taxes, depreciation, stock-based compensation, and amortization, plus any unusual non-cash charges to the extent deducted in computing net income and transaction costs associated with permitted acquisitions (incurred within six months of the permitted acquisition), minus any unusual non-cash gains to the extent added in computing net income (“Leverage Ratio”) for Woodward and its consolidated subsidiaries of 3.5 to 1.0, which ratio, subject to certain restrictions, may increase to 4.0 to 1.0 for each period of four consecutive quarters during which a permitted acquisition occurs, and (ii) a minimum consolidated net worth of $1,156,000 plus (a) 50% of Woodward’s positive net income for the prior fiscal year and (b) 50% of Woodward’s net cash proceeds resulting from certain issuances of stock, subject to certain adjustments.        
Debt issuance costs       $ 2,236,000        
Second Amended And Restated Revolving Credit Agreement [Member] | Minimum [Member]                
Debt Instrument [Line Items]                
Leverage ratio       0.35        
Second Amended And Restated Revolving Credit Agreement [Member] | Maximum [Member]                
Debt Instrument [Line Items]                
Leverage ratio       0.4        
Note Purchase Agreement [Member]                
Debt Instrument [Line Items]                
Face amount     $ 250,000,000          
First Closing Notes [Member]                
Debt Instrument [Line Items]                
Issuance date     Oct. 01, 2013          
USD Notes [Member]                
Debt Instrument [Line Items]                
Issuance date     Nov. 15, 2013          
Series I and L Notes [Member] | Subsequent Event [Member]                
Debt Instrument [Line Items]                
Payment of principal balance $ 75,000,000              
2016 Note Purchase Agreements [Member]                
Debt Instrument [Line Items]                
Face amount | €               € 160,000,000
Issuance date       Sep. 23, 2016        
Series M Notes [Member]                
Debt Instrument [Line Items]                
Maturity date       Sep. 23, 2026        
Face amount | €               40,000,000
Series N Notes [Member]                
Debt Instrument [Line Items]                
Face amount | €               77,000,000
Series O Notes [Member]                
Debt Instrument [Line Items]                
Face amount | €               € 43,000,000
2018 Note Purchase Agreement [Member]                
Debt Instrument [Line Items]                
Face amount             $ 400,000,000  
Series P Notes [Member]                
Debt Instrument [Line Items]                
Face amount             85,000,000  
Payment of principal balance   $ 85,000,000            
Series P Notes [Member] | Cross Currency Interest Rate Swaps [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Effective Percentage       1.82%        
Series P Notes [Member] | 2020 Floating-Rate Cross-Currency Swap and 2020 Fixed-Rate Cross-Currency Swaps [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Effective Percentage       3.44%        
Series Q Notes [Member]                
Debt Instrument [Line Items]                
Face amount             85,000,000  
Series Q Notes [Member] | Cross Currency Interest Rate Swaps [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Effective Percentage       2.15%        
Series Q Notes [Member] | 2020 Floating-Rate Cross-Currency Swap and 2020 Fixed-Rate Cross-Currency Swaps [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Effective Percentage       3.44%        
Series R Notes [Member]                
Debt Instrument [Line Items]                
Face amount             75,000,000  
Series R Notes [Member] | Cross Currency Interest Rate Swaps [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Effective Percentage       2.42%        
Series R Notes [Member] | 2020 Floating-Rate Cross-Currency Swap and 2020 Fixed-Rate Cross-Currency Swaps [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Effective Percentage       3.45%        
Series S Notes [Member]                
Debt Instrument [Line Items]                
Face amount             75,000,000  
Series S Notes [Member] | Cross Currency Interest Rate Swaps [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Effective Percentage       2.55%        
Series S Notes [Member] | 2020 Floating-Rate Cross-Currency Swap and 2020 Fixed-Rate Cross-Currency Swaps [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Effective Percentage       3.50%        
Series T Notes [Member]                
Debt Instrument [Line Items]                
Face amount             $ 80,000,000  
Series T Notes [Member] | Cross Currency Interest Rate Swaps [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Effective Percentage       2.90%        
Series T Notes [Member] | 2020 Floating-Rate Cross-Currency Swap and 2020 Fixed-Rate Cross-Currency Swaps [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Effective Percentage       3.62%        
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       $ 122,300,000        
Revolving Credit Facility [Member] | Minimum [Member] | SOFR [Member]                
Debt Instrument [Line Items]                
Basis spread on variable rate       0.875%        
Revolving Credit Facility [Member] | Maximum [Member] | SOFR [Member]                
Debt Instrument [Line Items]                
Basis spread on variable rate       1.75%        
Foreign Lines of Credit and Overdraft Facilities [Member]                
Debt Instrument [Line Items]                
Short-term debt       $ 0 $ 0      
Revolving Credit Agreement [Member]                
Debt Instrument [Line Items]                
Balance of unamortized debt issuance costs, line of credit       $ 1,318,000 $ 1,977,000      
v3.25.3
Credit Facilities, Short-term Borrowings and Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument [Line Items]    
Long-term debt $ 579,902 $ 655,470
Unamortized debt issuance costs (645) (890)
Less: Current portion of long-term debt 122,934 85,719
Long-term debt, less current portion 456,968 569,751
Series I Notes [Member] | Notes Payable to Banks [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 25,000 25,000
Interest rate 4.18%  
Maturity date Nov. 15, 2025  
Series L Notes [Member] | Notes Payable to Banks [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 50,000 50,000
Interest rate 4.18%  
Maturity date Nov. 15, 2025  
Series M Notes [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 23, 2026  
Series M Notes [Member] | Notes Payable to Banks [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 46,903 44,656
Interest rate 1.12%  
Maturity date Sep. 23, 2026  
Series N Notes [Member] | Notes Payable to Banks [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 90,289 85,963
Interest rate 1.31%  
Maturity date Sep. 23, 2028  
Series O Notes [Member] | Notes Payable to Banks [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 50,421 48,005
Interest rate 1.57%  
Maturity date Sep. 23, 2031  
Series P Notes [Member] | Notes Payable to Banks [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 0 85,000
Interest rate 4.27%  
Maturity date May 30, 2025  
Series Q Notes [Member] | Notes Payable to Banks [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 85,000 85,000
Interest rate 4.35%  
Maturity date May 30, 2027  
Series R Notes [Member] | Notes Payable to Banks [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 75,000 75,000
Interest rate 4.41%  
Maturity date May 30, 2029  
Series S Notes [Member] | Notes Payable to Banks [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 75,000 75,000
Interest rate 4.46%  
Maturity date May 30, 2030  
Finance Leases [Member] | Notes Payable to Banks [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 2,934 2,736
Series T Notes [Member] | Notes Payable to Banks [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 80,000 $ 80,000
Interest rate 4.61%  
Maturity date May 30, 2033  
v3.25.3
Credit Facilities, Short-term Borrowings and Long-term Debt (Schedule of Future Principal Payments of Notes and Financing Leases) (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 122,934
2027 86,143
2028 90,844
2029 75,204
2030 75,000
Thereafter 130,422
Notes and financing leases $ 580,547
v3.25.3
Accrued Liabilities (Accrued Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Accrued Liabilities, Current [Abstract]        
Salaries and other member benefits $ 175,110 $ 151,921    
Product warranties and related liabilities 25,504 18,844 $ 18,162 $ 40,042
Interest payable 10,211 12,163    
Accrued retirement benefits 2,986 2,888    
Net current contract liabilities 49,235 56,791    
Taxes, other than income 15,367 15,884    
Other 34,670 34,151    
Accrued liabilities $ 313,083 $ 292,642    
v3.25.3
Accrued Liabilities (Changes in Accrued Product Warranties and Related Liabilities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Accrued Liabilities, Current [Abstract]      
Beginning of period $ 18,844 $ 18,162 $ 40,042
Additions, net of recoveries 20,887 13,797 25,984
Reductions for settlement (14,339) (13,368) (47,949)
Foreign currency exchange rate changes 112 253 85
End of period $ 25,504 $ 18,844 $ 18,162
v3.25.3
Accrued Liabilities (Narrative) (Details)
$ in Thousands
 12 Months Ended
Sep. 30, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring charges $ 5,172
Hydraulics Systems and Engine Systems [Member]  
Restructuring Cost and Reserve [Line Items]  
Restructuring charges $ 5,172
v3.25.3
Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Other Liabilities, Noncurrent [Abstract]    
Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 88,112 $ 83,094
Total unrecognized tax benefits 12,130 10,104
Noncurrent income taxes payable   5,894
Deferred economic incentives [1] 6,158 7,062
Noncurrent operating lease liabilities 20,199 22,670
Cross-currency swap derivative liability 27,406 10,562
Net noncurrent contract liabilities 431,458 424,609
Other 6,264 13,385
Other liabilities $ 591,727 $ 577,380
[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.
v3.25.3
Other Income, Net (Schedule of Other Income, Net) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Equity interest in the earnings of the JV $ (45,850) $ (41,191) $ (36,846)
Net (gain) loss on sales of assets and businesses (18,731) (457) 1,491
Gain on non-recurring matter related to a previous acquisition   (4,803)  
Rent income (355) (347) (360)
Net gain on investments in deferred compensation program (4,151) (6,571) (3,265)
Other components of net periodic pension and other postretirement benefit, excluding service cost and interest expense (13,375) (11,764) (10,547)
Other (1,548) (2,035) (764)
Other income, net $ (84,010) $ (67,168) $ (50,291)
v3.25.3
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Current:      
Federal $ 77,033 $ 46,102 $ 41,195
State 8,287 4,841 2,641
Foreign 46,338 74,663 39,719
Deferred:      
Federal (27,268) (18,888) (38,136)
State (6,361) (7,341) (10,006)
Foreign (18,729) (18,377) 7,987
Income tax expense $ 79,300 $ 81,000 $ 43,400
v3.25.3
Income Taxes (Earnings Before Income Taxes by Geographical Area) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]      
United States $ 366,744 $ 244,320 $ 122,389
Other countries 154,667 209,651 153,379
Earnings before income taxes $ 521,411 $ 453,971 $ 275,768
v3.25.3
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Deferred tax assets:    
Defined benefit plans, other postretirement $ 3,453 $ 3,695
Foreign net operating loss carryforwards 2,564 6,547
Inventory 81,241 77,013
Stock-based and other compensation 48,764 48,360
Deferred revenue net of unbilled receivables 45,144 43,400
Other reserves 11,841 7,850
Tax credits and incentives 32,171 30,886
Lease obligations 6,171 6,851
Other 6,668 4,622
Valuation allowance (4,080) (5,983)
Capitalized research and development costs 83,582 63,080
Total deferred tax assets, net of valuation allowance 317,519 286,321
Deferred tax liabilities:    
Goodwill and intangibles - net (182,717) (198,012)
Property, plant and equipment (94,238) (97,340)
Right of use assets (6,037) (6,691)
Defined benefit plans, pension (15,657) (13,133)
Other (7,804) (8,612)
Total deferred tax liabilities (306,453) (323,788)
Net deferred tax assets (liabilities) $ 11,066  
Net deferred tax assets (liabilities)   $ (37,467)
v3.25.3
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Income Taxes [Line Items]      
Statutory tax rate 21.00% 21.00% 21.00%
Net operating loss deferred tax asset, foreign $ 2,564 $ 6,547  
Tax credits and incentives 32,171 30,886  
Undistributed foreign earnings not provided for taxes 327,400    
Unrecognized tax benefits that, if recognized, would affect the effective tax rate 8,858 $ 8,003  
Possible decrease in unrecognized tax benefits liability 1,076    
Booking of associated cumulative net deferred tax liability $ 6,040    
Domestic Tax Authority [Member]      
Income Taxes [Line Items]      
Year remaining open to tax examination 2022    
Foreign Jurisdiction [Member]      
Income Taxes [Line Items]      
Year remaining open to tax examination 2018    
State and Local Jurisdiction [Member]      
Income Taxes [Line Items]      
Year remaining open to tax examination 2018    
v3.25.3
Income Taxes (Reconciliation of U.S Statutory Rate to Effective Tax Rate) (Details)
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]      
Statutory tax rate 21.00% 21.00% 21.00%
State income taxes, net of federal tax benefit 0.30% (0.40%) (1.60%)
Taxes on international activities 0.40% (0.80%) (0.60%)
Research credit (1.20%) (2.10%) (3.90%)
Net excess income tax benefit from stock-based compensation (3.50%) (3.00%) (3.70%)
Adjustments of prior period tax items 0.40% 0.90% (1.30%)
Compensation and benefits 0.30% 0.80% 0.60%
Distributable foreign earnings 0.30% 1.40% 4.60%
German tax rate change (2.60%)    
Other items, net (0.20%) 0.00% 0.60%
Effective tax rate 15.20% 17.80% 15.70%
v3.25.3
Income Taxes (Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]      
Beginning Balance $ 14,274 $ 11,112 $ 11,938
Additions to current year tax positions 4,982 5,673 3,933
Reductions to prior year tax positions (231) (99) (141)
Additions to prior year tax positions 250 180 0
Lapse of applicable statute of limitations (2,004) (2,592) (4,618)
Ending Balance $ 17,271 $ 14,274 $ 11,112
v3.25.3
Retirement Benefits (Narrative) (Details)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
USD ($)
yr
shares
Sep. 30, 2024
USD ($)
shares
Sep. 30, 2023
USD ($)
shares
Sep. 30, 2022
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 $ 24,912 $ 21,889 $ 19,466  
Shares of woodward stock held in woodward retirement savings plan | shares 2,085,000 2,222,000    
Accrued liabilities $ 22,010 $ 19,532    
Treasury Stock [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Common shares issued from treasury to settle benefit obligations 6,534 7,922 8,523  
Common shares issued from treasury to settle benefit obligations $ 24,058 $ 21,889 $ 19,466  
Common shares issued from treasury stock for benefit plans, shares | shares 131,000 159,000 188,000  
Common shares issued from treasury stock for benefit plans, shares | shares 126,000 159,000 188,000  
Defined Benefit Pension Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Current portion of pension obligation $ 1,372 $ 1,166    
Projected benefit obligation 212,235 218,302 $ 194,485  
Fair value of plan assets 235,141 237,393 206,145  
Defined Benefit Pension Plan [Member] | Cash and Cash Equivalents        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets $ 13,513 5,500    
Defined Benefit Pension Plan [Member] | Pooled funds: Index linked U.K. government securities fund [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets   12,049    
Defined Benefit Pension Plan [Member] | Pooled funds: Index linked U.K. long-term government securities fund [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets   14,924    
Defined Benefit Pension Plan [Member] | United States [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Discount rate support/source data In the United States, Woodward uses a bond portfolio matching analysis based on recently traded, non-callable bonds rated AA or better that have at least $50 million outstanding to determine the benefit obligations at year end      
Convergence period 5 years      
Long term rate 0.75      
Projected benefit obligation $ 133,608 140,955 127,222  
Fair value of plan assets 178,583 179,917 155,370  
Accumulated benefit obligation 133,608      
Estimated future employer contributions in the next fiscal year 433      
Defined Benefit Pension Plan [Member] | Foreign Plan        
Defined Benefit Plan Disclosure [Line Items]        
Current portion of pension obligation $ 1,372 1,166    
Discount rate support/source data In the United Kingdom, Germany, and Japan, Woodward uses a high-quality corporate bond yield curve matched with separate cash flows to develop a single rate to determine the single rate equivalent to settle the entire benefit obligations in each jurisdiction. For the fiscal years ended September 30, 2025 and 2024, the discount rate used to determine periodic service cost and interest cost components of the overall benefit costs was based on spot rates derived from the same high-quality corporate bond yield curve used to determine the September 30, 2024 and 2023 benefit obligation, respectively, matched with separate cash flows for each future year      
Projected benefit obligation $ 78,627 77,347 67,263  
Fair value of plan assets 56,558 57,476 50,775  
Defined Benefit Pension Plan [Member] | United Kingdom        
Defined Benefit Plan Disclosure [Line Items]        
Projected benefit obligation 36,377      
Fair value of plan assets 47,208      
Accumulated benefit obligation 35,912      
Estimated future employer contributions in the next fiscal year 305      
Defined Benefit Pension Plan [Member] | Japan        
Defined Benefit Plan Disclosure [Line Items]        
Projected benefit obligation 6,246      
Fair value of plan assets 9,350      
Accumulated benefit obligation 5,280      
Estimated future employer contributions in the next fiscal year 150      
Defined Benefit Pension Plan [Member] | Germany [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Projected benefit obligation 36,004      
Fair value of plan assets 0      
Accumulated benefit obligation 36,004      
Estimated future employer contributions in the next fiscal year $ 1,386      
Defined Benefit Pension Plan [Member] | Japan And United Kingdom [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Annual improvement rate 1.5      
Other Postretirement Benefit Plans [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Current portion of pension obligation $ 1,576 1,668    
Net periodic retirement (benefit) cost 276 347 410  
Projected benefit obligation 14,193 15,203 $ 15,336  
Accumulated benefit obligation $ 14,193 15,203    
Option to elect company provided medical insurance coverage up to this age and a Medicare supplemental plan after this age | yr 65      
Age employees were eligible to participate in plan | yr 55      
Defined benefit plan, minimum years of service required for employees to be eligible for benefits       10 years
Approximate number of retired employees and their covered dependents and beneficiaries currently providing postretirement benefits 3      
Approximate number of active employees and their covered dependants and beneficiaries who may receive postretirement benefits in the future 304      
As a result of a plan amendment, all postretirement medical benefits are fully insured for retirees who have attained this age 65      
Other Postretirement Benefit Plans [Member] | United States [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Discount rate support/source data Woodward used a bond portfolio matching analysis based on recently traded, non-callable bonds rated AA or better that have at least $50 million outstanding to determine the benefit obligations at year end      
Convergence period 5 years      
Long term rate 0.75      
Woodward Retirement Savings Plan [Member] | United States [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Accumulated benefit obligation   140,955    
Woodward Retirement Savings Plan [Member] | United Kingdom        
Defined Benefit Plan Disclosure [Line Items]        
Accumulated benefit obligation   33,766    
Woodward Retirement Savings Plan [Member] | Japan        
Defined Benefit Plan Disclosure [Line Items]        
Accumulated benefit obligation   5,958    
Woodward Retirement Savings Plan [Member] | Germany [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Accumulated benefit obligation   $ 36,380    
v3.25.3
Retirement Benefits (Schedule of Amount of Expense Associated with Defined Contribution Plans) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Retirement Benefits [Abstract]      
Company costs $ 55,611 $ 51,148 $ 44,202
v3.25.3
Retirement Benefits (Schedule of Assumptions Used) (Details)
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Pension Plan [Member] | United States [Member]      
Weighted-average assumptions to determine benefit obligation:      
Discount rate 5.50% 5.05% 6.20%
Weighted-average assumptions to determine periodic benefit costs:      
Discount rate 5.05% 6.20% 5.70%
Long-term rate of return on plan assets 6.28% 6.03% 5.53%
Defined Benefit Pension Plan [Member] | United Kingdom      
Weighted-average assumptions to determine benefit obligation:      
Discount rate 4.90% 5.28% 5.85%
Rate of compensation increase 3.20% 3.60% 4.00%
Weighted-average assumptions to determine periodic benefit costs:      
Long-term rate of return on plan assets 4.70% 4.90% 4.80%
Discount rate - service cost 5.41% 5.91% 4.99%
Discount rate - interest cost 5.13% 5.84% 5.71%
Rate of compensation increase 3.40% 3.40% 3.60%
Defined Benefit Pension Plan [Member] | Japan      
Weighted-average assumptions to determine benefit obligation:      
Discount rate 2.90% 1.92% 2.01%
Rate of compensation increase 4.00% 2.00% 2.00%
Weighted-average assumptions to determine periodic benefit costs:      
Long-term rate of return on plan assets 3.75% 3.25% 2.75%
Discount rate - service cost 2.10% 2.20% 1.78%
Discount rate - interest cost 1.53% 1.58% 1.17%
Rate of compensation increase 3.00% 3.00% 2.00%
Defined Benefit Pension Plan [Member] | Germany [Member]      
Weighted-average assumptions to determine benefit obligation:      
Discount rate 4.05% 3.58% 4.27%
Rate of compensation increase 2.50% 2.50% 2.50%
Weighted-average assumptions to determine periodic benefit costs:      
Discount rate - service cost 3.64% 4.23% 3.95%
Discount rate - interest cost 3.47% 4.29% 3.91%
Rate of compensation increase 2.50% 2.50% 2.50%
Other Postretirement Benefit Plans [Member]      
Weighted-average assumptions to determine benefit obligation:      
Discount rate 5.30% 5.00% 6.25%
Weighted-average assumptions to determine periodic benefit costs:      
Discount rate 5.00% 6.25% 5.70%
v3.25.3
Retirement Benefits (Schedule of Net Periodic Benefit Costs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 2,349 $ 2,019 $ 2,226
Interest cost 9,858 10,811 10,434
Expected return on plan assets (13,488) (11,490) (10,597)
Amortization of: Net loss (gain) (242) (453) (328)
Amortization of: Net prior service cost 785 721 720
Net periodic (benefit) cost (738) 1,608 2,455
Other Postretirement Benefit Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost     1
Interest cost 717 902 904
Amortization of: Net loss (gain) (441) (555) (495)
Net periodic (benefit) cost 276 347 410
United States [Member] | Defined Benefit Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 917 775 893
Interest cost 6,875 7,598 7,297
Expected return on plan assets (10,992) (9,084) (8,297)
Amortization of: Net loss (gain) 171 226 292
Amortization of: Net prior service cost 762 698 698
Net periodic (benefit) cost (2,267) 213 883
Foreign Plan | Defined Benefit Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 1,432 1,244 1,333
Interest cost 2,983 3,213 3,137
Expected return on plan assets (2,496) (2,406) (2,300)
Amortization of: Net loss (gain) (413) (679) (620)
Amortization of: Net prior service cost 23 23 22
Net periodic (benefit) cost $ 1,529 $ 1,395 $ 1,572
v3.25.3
Retirement Benefits (Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Pension Plan [Member]      
Changes in projected benefit obligation:      
Projected benefit obligation at beginning of year $ 218,302 $ 194,485  
Plan amendment   1,121  
Service cost 2,349 2,019  
Interest cost 9,858 10,811  
Net actuarial (gains) losses (6,971) 17,377  
Contribution by participants 12 12  
Benefits paid (12,930) (12,657)  
Foreign currency exchange rate changes 1,615 5,134  
Projected benefit obligation at end of year 212,235 218,302 $ 194,485
Changes in fair value of plan assets:      
Fair value of plan assets at beginning of year 237,393 206,145  
Actual return on plan assets 9,465 37,248  
Contributions by the Company 1,423 2,038  
Contribution by participants 12 12  
Benefits paid (12,930) (12,657)  
Foreign currency exchange rate changes (222) 4,607  
Fair value of plan assets at end of year 235,141 237,393 206,145
Net over/(under) funded status at end of year 22,906 19,091  
Other Postretirement Benefits Plan [Member]      
Changes in projected benefit obligation:      
Projected benefit obligation at beginning of year 15,203 15,336  
Service cost     1
Interest cost 717 902 904
Net actuarial (gains) losses (278) 597  
Contribution by participants 753 834  
Benefits paid (2,202) (2,466)  
Projected benefit obligation at end of year 14,193 15,203 15,336
Changes in fair value of plan assets:      
Contributions by the Company 1,449 1,632  
Contribution by participants 753 834  
Benefits paid (2,202) (2,466)  
Net over/(under) funded status at end of year (14,193) (15,203)  
United States [Member] | Defined Benefit Pension Plan [Member]      
Changes in projected benefit obligation:      
Projected benefit obligation at beginning of year 140,955 127,222  
Plan amendment   1,121  
Service cost 917 775  
Interest cost 6,875 7,598  
Net actuarial (gains) losses (6,027) 13,249  
Benefits paid (9,112) (9,010)  
Projected benefit obligation at end of year 133,608 140,955 127,222
Changes in fair value of plan assets:      
Fair value of plan assets at beginning of year 179,917 155,370  
Actual return on plan assets 7,778 33,382  
Contributions by the Company   175  
Benefits paid (9,112) (9,010)  
Fair value of plan assets at end of year 178,583 179,917 155,370
Net over/(under) funded status at end of year 44,975 38,962  
Foreign Plan | Defined Benefit Pension Plan [Member]      
Changes in projected benefit obligation:      
Projected benefit obligation at beginning of year 77,347 67,263  
Service cost 1,432 1,244  
Interest cost 2,983 3,213  
Net actuarial (gains) losses (944) 4,128  
Contribution by participants 12 12  
Benefits paid (3,818) (3,647)  
Foreign currency exchange rate changes 1,615 5,134  
Projected benefit obligation at end of year 78,627 77,347 67,263
Changes in fair value of plan assets:      
Fair value of plan assets at beginning of year 57,476 50,775  
Actual return on plan assets 1,687 3,866  
Contributions by the Company 1,423 1,863  
Contribution by participants 12 12  
Benefits paid (3,818) (3,647)  
Foreign currency exchange rate changes (222) 4,607  
Fair value of plan assets at end of year 56,558 57,476 $ 50,775
Net over/(under) funded status at end of year $ (22,069) $ (19,871)  
v3.25.3
Retirement Benefits (Schedule of Accumulated Benefit Obligations In Excess of and Less Than Fair Value of Plan Assets) (Details) - Defined Benefit Pension Plan [Member] - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Plans with accumulated benefit obligation in excess of plan assets    
Projected benefit obligation, plans with ABO in excess of plan assets $ (36,197) $ (56,783)
Accumulated benefit obligation, plans with ABO in excess of plan assets (36,163) (56,757)
Fair value of plan assets, plans with ABO in excess of plan assets   20,053
Plans with accumulated benefit obligation less than plan assets    
Projected benefit obligation, plans with ABO less than plan assets (176,038) (161,519)
Accumulated benefit obligation, plans with ABO less than plan assets (174,641) (160,302)
Fair value of plan assets, plans with ABO less than plan assets $ 235,141 $ 217,340
v3.25.3
Retirement Benefits (Schedule of Amounts Recognized in Balance Sheets and Accumulated Other Comprehensive (Earnings) Losses) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Pension Plan [Member]      
Amounts recognized in the Consolidated Balance Sheets consist of:      
Other non-current assets $ 59,104 $ 55,821  
Accrued liabilities (1,372) (1,166)  
Other non-current liabilities (34,826) (35,564)  
Net over/(under) funded status at end of year 22,906 19,091  
Amounts recognized in accumulated other comprehensive (earnings) losses consist of:      
Unrecognized net prior service cost (benefit) 2,925 3,709  
Unrecognized net (gains) losses (10,619) (7,404)  
Total amounts recognized (7,694) (3,695) $ 3,944
Deferred taxes (2,584) (3,690)  
Amounts recognized in accumulated other comprehensive (earnings) (10,278) (7,385)  
Other Postretirement Benefit Plans [Member]      
Amounts recognized in the Consolidated Balance Sheets consist of:      
Accrued liabilities (1,576) (1,668)  
Other non-current liabilities (12,617) (13,535)  
Net over/(under) funded status at end of year (14,193) (15,203)  
Amounts recognized in accumulated other comprehensive (earnings) losses consist of:      
Unrecognized net (gains) losses (5,097) (5,260)  
Total amounts recognized (5,097) (5,260) (6,412)
Deferred taxes 968 1,009  
Amounts recognized in accumulated other comprehensive (earnings) (4,129) (4,251)  
United States [Member] | Defined Benefit Pension Plan [Member]      
Amounts recognized in the Consolidated Balance Sheets consist of:      
Other non-current assets 44,975 39,148  
Other non-current liabilities   (186)  
Net over/(under) funded status at end of year 44,975 38,962  
Amounts recognized in accumulated other comprehensive (earnings) losses consist of:      
Unrecognized net prior service cost (benefit) 2,437 3,200  
Unrecognized net (gains) losses (5,733) (2,749)  
Total amounts recognized (3,296) 451 11,304
Deferred taxes (2,557) (3,499)  
Amounts recognized in accumulated other comprehensive (earnings) (5,853) (3,048)  
Foreign Plan | Defined Benefit Pension Plan [Member]      
Amounts recognized in the Consolidated Balance Sheets consist of:      
Other non-current assets 14,129 16,673  
Accrued liabilities (1,372) (1,166)  
Other non-current liabilities (34,826) (35,378)  
Net over/(under) funded status at end of year (22,069) (19,871)  
Amounts recognized in accumulated other comprehensive (earnings) losses consist of:      
Unrecognized net prior service cost (benefit) 488 509  
Unrecognized net (gains) losses (4,886) (4,655)  
Total amounts recognized (4,398) (4,146) $ (7,360)
Deferred taxes (27) (191)  
Amounts recognized in accumulated other comprehensive (earnings) $ (4,425) $ (4,337)  
v3.25.3
Retirement Benefits (Schedule of Changes in Plan Assets and Benefit Obligations Recorded in Other Comprehensive (Earnings) Losses) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]      
Net (gain) loss arising during the period $ (3,227) $ (7,826) $ (9,401)
Prior service cost 0 1,121 0
Amortization of: Net (loss) gain 683 1,049 823
Prior service (cost) benefit (785) (721) (720)
Foreign currency exchange rate changes on pension and postretirement medical liabilities 509 110 247
Defined Benefit Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Beginning of year (3,695) 3,944  
Net (gain) loss arising during the period (2,949) (8,382)  
Prior service cost   1,121  
Amortization of: Net (loss) gain 242 453  
Prior service (cost) benefit (785) (721)  
Foreign currency exchange rate changes on pension and postretirement medical liabilities (507) (110)  
End of year (7,694) (3,695) 3,944
Defined Benefit Pension Plan [Member] | United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Beginning of year 451 11,304  
Net (gain) loss arising during the period (2,814) (11,050)  
Prior service cost   1,121  
Amortization of: Net (loss) gain (171) (226)  
Prior service (cost) benefit (762) (698)  
End of year (3,296) 451 11,304
Defined Benefit Pension Plan [Member] | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Beginning of year (4,146) (7,360)  
Net (gain) loss arising during the period (135) 2,668  
Amortization of: Net (loss) gain 413 679  
Prior service (cost) benefit (23) (23)  
Foreign currency exchange rate changes on pension and postretirement medical liabilities (507) (110)  
End of year (4,398) (4,146) (7,360)
Other Postretirement Benefit Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Beginning of year (5,260) (6,412)  
Net (gain) loss arising during the period (278) 597  
Amortization of: Net (loss) gain 441 555  
End of year $ (5,097) $ (5,260) $ (6,412)
v3.25.3
Retirement Benefits (Schedule of Expected Benefit Payments) (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Defined Benefit Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2026 $ 13,483
2027 13,918
2028 14,467
2029 14,858
2030 15,647
2031-2035 77,718
Other Postretirement Benefit Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2026 2,379
2027 2,318
2028 2,251
2029 2,176
2030 2,087
2031-2035 8,751
United States [Member] | Defined Benefit Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2026 9,790
2027 10,142
2028 10,410
2029 10,633
2030 10,759
2031-2035 53,000
Foreign Plan | Defined Benefit Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2026 3,693
2027 3,776
2028 4,057
2029 4,225
2030 4,888
2031-2035 $ 24,718
v3.25.3
Retirement Benefits (Schedule of Allocation of Plan Assets, Actual and Target Allocations) (Details) - Defined Benefit Pension Plan [Member]
Sep. 30, 2025
Sep. 30, 2024
United States [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 100.00% 100.00%
United States [Member] | Equity Securities    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 31.60% 30.50%
United States [Member] | Equity Securities | Minimum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 2.10% 2.30%
United States [Member] | Equity Securities | Maximum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 51.10% 51.10%
United States [Member] | Debt Securities    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 67.20% 67.60%
United States [Member] | Debt Securities | Minimum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 58.90% 58.90%
United States [Member] | Debt Securities | Maximum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 96.80% 96.70%
United States [Member] | Other Investment Asset    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 1.20% 1.90%
United States [Member] | Other Investment Asset | Minimum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 0.00%  
United States [Member] | Other Investment Asset | Maximum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges   0.00%
United Kingdom    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 100.00% 100.00%
United Kingdom | Debt Securities    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 0.00% 95.80%
United Kingdom | Debt Securities | Minimum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 0.00% 90.00%
United Kingdom | Debt Securities | Maximum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges   100.00%
United Kingdom | Insurance Contract    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 76.20% 0.00%
United Kingdom | Insurance Contract | Minimum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 90.00%  
United Kingdom | Insurance Contract | Maximum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 100.00% 0.00%
United Kingdom | Other Investment Asset    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 23.80% 4.20%
United Kingdom | Other Investment Asset | Minimum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 0.00% 0.00%
United Kingdom | Other Investment Asset | Maximum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges   10.00%
Japan    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 100.00% 100.00%
Japan | Equity Securities    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 40.80% 39.70%
Japan | Equity Securities | Minimum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 36.00% 36.00%
Japan | Equity Securities | Maximum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 44.00% 44.00%
Japan | Debt Securities    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 58.30% 59.40%
Japan | Debt Securities | Minimum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 55.00% 55.00%
Japan | Debt Securities | Maximum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 63.00% 63.00%
Japan | Other Investment Asset    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 1.00% 0.90%
Japan | Other Investment Asset | Minimum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 0.00% 0.00%
Japan | Other Investment Asset | Maximum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation Ranges 2.00% 2.00%
v3.25.3
Retirement Benefits (Schedule of Allocation of Plan Assets, Fair Value Hierarchy) (Details) - Defined Benefit Pension Plan [Member] - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 235,141 $ 237,393 $ 206,145
United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 178,583 179,917 155,370
Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 56,558 57,476 $ 50,775
Level 1 [Member] | United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 178,583 179,917  
Level 1 [Member] | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 11,332 2,130  
Level 2 [Member] | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 9,261 55,346  
Level 3 [Member] | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 35,965    
Cash and Cash Equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 13,513 5,500  
Cash and Cash Equivalents | Level 1 [Member] | United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 2,181 3,370  
Cash and Cash Equivalents | Level 1 [Member] | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 11,332 2,130  
Debt Security, Corporate, US      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 120,010 121,581  
Debt Security, Corporate, US | Level 1 [Member] | United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 120,010 121,581  
Domestic Equity Large Cap Fund      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 35,001 33,454  
Domestic Equity Large Cap Fund | Level 1 [Member] | United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 35,001 33,454  
International Equity Large Cap Growth Fund      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 21,391 21,512  
International Equity Large Cap Growth Fund | Level 1 [Member] | United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 21,391 21,512  
Private Equity Funds Foreign Japan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 2,000 1,939  
Private Equity Funds Foreign Japan | Level 2 [Member] | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 2,000 1,939  
Private Equity Funds Pooled Funds Foreign      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1,818 1,786  
Private Equity Funds Pooled Funds Foreign | Level 2 [Member] | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1,818 1,786  
Fixed Income Funds Japan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 4,046 4,157  
Fixed Income Funds Japan | Level 2 [Member] | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 4,046 4,157  
Fixed Income Funds Foreign      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1,397 1,409  
Fixed Income Funds Foreign | Level 2 [Member] | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1,397 1,409  
U.K. Insurance Contract      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 35,965    
U.K. Insurance Contract | Level 3 [Member] | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 35,965    
Corporate Debt Securities United Kingdom      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   17,085  
Corporate Debt Securities United Kingdom | Level 2 [Member] | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   17,085  
Pooled funds: Index linked U.K. government securities fund [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   12,049  
Pooled funds: Index linked U.K. government securities fund [Member] | Level 2 [Member] | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   12,049  
Pooled funds: Index linked U.K. long-term government securities fund [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   14,924  
Pooled funds: Index linked U.K. long-term government securities fund [Member] | Level 2 [Member] | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   14,924  
Pooled funds: Index U.K Long-term Government Securities Fund [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   1,997  
Pooled funds: Index U.K Long-term Government Securities Fund [Member] | Level 2 [Member] | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   $ 1,997  
v3.25.3
Retirement Benefits (Schedule of Health Care Cost Trend Rates) (Details) - Other Postretirement Benefit Plans [Member]
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Defined Benefit Plan Disclosure [Line Items]    
Health care cost trend rate assumed for next year 7.00% 6.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.00% 5.00%
Year that the rate reaches the ultimate trend rate 2033 2030
v3.25.3
Stockholders' Equity (Summary of Activity in Common Stock and Treasury Stock Share) (Details) - shares
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Balance, Common Stock, shares 72,960,000    
Balance, Treasury Stock, shares (13,787,000)    
Balance, Treasury stock held for deferred compensation, shares (45,000)    
Balance, Common Stock, shares 72,960,000 72,960,000  
Balance, Treasury Stock, shares (13,060,000) (13,787,000)  
Balance, Treasury stock held for deferred compensation, shares (28,000) (45,000)  
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
Balance, Common Stock, shares 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 (13,787,000) (13,070,000) (13,207,000)
Purchase of treasury stock, shares (864,000) (2,236,000) (1,060,000)
Sales of treasury stock, shares 1,460,000 1,360,000 1,009,000
Common shares issued for benefit plans, shares 131,000 159,000 188,000
Balance, Treasury Stock, shares (13,060,000) (13,787,000) (13,070,000)
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 (45,000) (55,000) (139,000)
Purchases of stock by deferred compensation, shares (1,000) (1,000) (2,000)
Distribution of stock from deferred compensation, shares 18,000 11,000 86,000
Balance, Treasury stock held for deferred compensation, shares (28,000) (45,000) (55,000)
v3.25.3
Stockholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Nov. 20, 2025
Jan. 31, 2024
Jan. 31, 2022
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Jan. 22, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements       $ 32,896      
Forfeiture rate, Board of Directors       0.00%      
Forfeiture rate, non-Board of Directors       7.40%      
Stock-based compensation expense, before tax       $ 31,674 $ 33,052 $ 23,958  
Unrecognized compensation cost is expected to be recognized over a weighted-average period       1 year 6 months 14 days      
Executive Separation and Release Agreement [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Stock-based compensation expense, before tax         $ 1,682 1,265  
2017 Plan [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Common Stock, Capital Shares Reserved for Future Issuance       5,031      
Restricted Stock Units (RSUs) [Member] | RSU Agreement prior to November 14, 2023 [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] | RSUs Granted 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%      
Stock Options [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Vesting period, in years       4 years      
Vested contractual term, in years       10 years      
Exercise prices of stock options outstanding       $ 91.25 $ 86.03    
Weighted-average exercise price       $ 191.45      
Stock Options [Member] | RSU Agreement prior to November 14, 2023 [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Vesting rate       25.00%      
Performance Restricted Stock Units [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%      
Discount for dividends       0.00%      
Performance Restricted Stock Units [Member] | Maximum [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Performance based criteria plan payout percentage       150.00%      
Performance Restricted Stock Units [Member] | Minimum [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Performance based criteria plan payout percentage       0.00%      
2022 Authorization [Member] | Maximum [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Stock repurchase program authorized amount             $ 800,000
2022 Authorization [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Stock repurchase program authorized amount           $ 126,380  
Repurchase period in years     2 years        
Stock repurchase program, number of shares authorized to be repurchased           1,060,000  
2024 Authorization [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Stock repurchase program authorized amount   $ 600,000   $ 170,083 $ 390,819    
Repurchase period in years   3 years          
Stock repurchase program, number of shares authorized to be repurchased       864,000 2,236,000    
2025 Authorization [Member] | Subsequent Event [Member]              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Stock repurchase program authorized amount $ 600,000            
New stock repurchase program authorized amount $ 1,800,000            
Repurchase period in years 3 years            
v3.25.3
Stockholders' Equity (Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards) (Details) - Stock Options [Member] - $ / shares
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Weighted-average exercise price per share $ 191.45 $ 137.36 $ 84.84
Minimum [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Expected term (years) 6 years 7 months 6 days 6 years 7 months 6 days 6 years 7 months 6 days
Estimated volatility 35.20% 35.00% 34.70%
Estimated dividend yield 0.60% 0.70% 0.70%
Risk-free interest rate 3.80% 4.20% 3.40%
Maximum [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Expected term (years) 8 years 8 months 12 days 8 years 8 months 12 days 8 years 9 months 18 days
Estimated volatility 38.20% 37.60% 37.60%
Estimated dividend yield 0.60% 0.70% 0.90%
Risk-free interest rate 4.40% 4.40% 4.40%
v3.25.3
Stockholders' Equity (Weighted Average Grant Date Fair Value of Options Granted) (Details) - $ / shares
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Stock Options [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Weighted-average grant date fair value of options $ 83.65 $ 58.34 $ 34.19
v3.25.3
Stockholders' Equity (Summary of Activity for Stock Option Awards) (Details) - Stock Options [Member]
shares in Thousands
 12 Months Ended
Sep. 30, 2025
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of options, Beginning balance | shares 3,578
Granted, Number of options | shares 41
Exercised, Number of options | shares (1,364)
Forfeited, Number of options | shares (6)
Number of options, Ending balance | shares 2,249
Weighted Average Exercise Price Per Share, Beginning balance | $ / shares $ 86.03
Granted, Weighted Average Exercise Price Per Share | $ / shares 191.45
Exercised, Weighted Average Exercise Price Per Share | $ / shares 80.49
Forfeited, Weighted Average Exercise Price Per Share | $ / shares 103.52
Weighted Average Exercise Price Per Share, Ending balance | $ / shares $ 91.25
v3.25.3
Stockholders' Equity (Changes in Non-vested Stock Options) (Details) - Stock Options [Member] - $ / shares
shares in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Number of Options, Beginning balance 898    
Granted, Number of options 41    
Vested, Number of options (459)    
Forfeited, Number of options (7)    
Number of Options, Ending balance 473 898  
Weighted-Average Grant Date Fair Value Per Share, Beginning balance $ 37.3    
Granted, Weighted-Average Grant Date Fair Value Per Share 83.65 $ 58.34 $ 34.19
Vested, Weighted-Average Grant Date Fair Value Per Share 35.08    
Forfeited, Weighted-Average Grant Date Fair Value Per Share 40.97    
Weighted-Average Grant Date Fair Value Per Share, Ending balance $ 43.40 $ 37.3  
v3.25.3
Stockholders' Equity (Stock Options Vested, or Expected to Vest and Exercisable) (Details) - Stock Options [Member] - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options outstanding, Number of options 2,249 3,578
Options vested and exercisable, Number of options 1,776  
Options vested and expected to vest, Number of options 2,238  
Options outstanding, Weighted-Average Exercise Price $ 91.25 $ 86.03
Options vested and exercisable, Weighted-Average Exercise Price Per Share 86.74  
Options vested and expected to vest, Weighted-Average Exercise Price Per Share $ 91.03  
Options outstanding, Weighted-Average Remaining Life in Years 5 years  
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 5 years  
Options outstanding, Aggregate Intrinsic Value $ 363,126  
Options vested and exercisable, Aggregate Intrinsic Value 294,766  
Options vested and expected to vest, Aggregate Intrinsic Value $ 361,894  
v3.25.3
Stockholders' Equity (Other Stock Option Information) (Details) - Stock Options [Member] - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total fair value of stock options vested $ 16,006 $ 18,527 $ 24,388
Total intrinsic value of options exercised 167,121 115,198 67,203
Cash received from exercises of stock options 104,578 89,875 50,749
Excess tax benefit realized from exercise of stock options $ 22,950 $ 17,939 $ 12,595
v3.25.3
Stockholders' Equity (Summary of Activity for RSUs) (Details) - Restricted Stock Units (RSUs) [Member]
shares in Thousands
 12 Months Ended
Sep. 30, 2025
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of units, Beginning balance | shares 318
Granted, Number of units | shares 124
Vested, Number of units | shares (123)
Forfeited, Number of units | shares (10)
Number of units, Ending balance | shares 309
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares $ 118.19
Granted, Weighted-Average Grant Date Fair Value | $ / shares 194.4
Vested, Weighted-Average Grant Date Fair Value | $ / shares 116.93
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares 149.06
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares $ 148.31
v3.25.3
Stockholders' Equity (Schedule of Assumptions to Value PSUs Granted ) (Details) - Performance Restricted Stock Units [Member] - $ / shares
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Expected volatility 30.90% 30.20%
Risk free interest rate 4.10% 4.50%
Expected life 3 years 3 years
Grant date fair value $ 196.63 $ 146.47
v3.25.3
Stockholders' Equity (Summary of Activity for PSUs) (Details) - Performance Restricted Stock Units [Member]
shares in Thousands
 12 Months Ended
Sep. 30, 2025
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of units, Beginning balance | shares 62
Granted, Number of units | shares 44
Forfeited, Number of units | shares (2)
Number of units, Ending balance | shares 104
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares $ 146.47
Granted, Weighted-Average Grant Date Fair Value | $ / shares 196.63
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares 173.47
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares $ 167.17
v3.25.3
Stockholders' Equity (Stock-based Compensation Expense Recognized) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Share Based Compensation [Abstract]      
Stock-based compensation expense $ 31,674 $ 33,052 $ 23,958
v3.25.3
Commitments and Contingencies (Future Minimum Unconditional Purchase Obligations) (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 640,763
2027 89,718
2028 3,302
2029 171
2030 64,620
Thereafter 2
Total $ 798,576
v3.25.3
Commitments and Contingencies (Narrative) (Details)
 12 Months Ended
Sep. 30, 2025
Officer [Member]  
Loss Contingencies [Line Items]  
Period in which payments of termination benefits required for employment terminated following change of control 2 years
v3.25.3
Segment Information (Narrative) (Details) - Segment
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2023
Entity Wide Revenue Major Customer [Line Items]    
Number of Reportable Segments 2  
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] Chief Executive Officer [Member]  
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  
GE [Member] | Sales [Member] | Product Concentration Risk [Member]    
Entity Wide Revenue Major Customer [Line Items]    
Percentage of total attributable to major customer   12.00%
RTX Corporation [Member] | Sales [Member] | Product Concentration Risk [Member]    
Entity Wide Revenue Major Customer [Line Items]    
Percentage of total attributable to major customer   10.00%
v3.25.3
Segment Information (Summary of Consolidated Net Sales and Segment Operating Profit by Segment) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]      
Net sales $ 3,567,064 $ 3,324,249 $ 2,914,566
Cost of goods sold 2,610,772 2,447,770 2,236,983
Selling, general and administrative expenses 329,823 307,499 269,692
Research and development costs 147,568 140,676 132,095
Aerospace [Member]      
Segment Reporting Information [Line Items]      
Net sales 2,312,806 2,028,618 1,768,103
Industrial [Member]      
Segment Reporting Information [Line Items]      
Net sales 1,254,258 1,295,631 1,146,463
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Net sales 3,567,064 3,324,249 2,914,566
Cost of goods sold 2,601,734 2,441,192 2,218,024
Selling, general and administrative expenses 194,341 185,861 166,547
Research and development costs 141,152 134,897 125,121
Other segment items [1] (59,300) (52,918) (46,852)
Reportable segment operating profit 689,137 615,217 451,726
Operating Segments [Member] | Aerospace [Member]      
Segment Reporting Information [Line Items]      
Net sales 2,312,806 2,028,618 1,768,103
Cost of goods sold 1,687,214 1,517,239 1,362,124
Selling, general and administrative expenses 87,136 85,103 78,910
Research and development costs 87,302 90,138 80,825
Other segment items [1] (55,459) (49,222) (43,860)
Reportable segment operating profit 506,613 385,360 290,104
Operating Segments [Member] | Industrial [Member]      
Segment Reporting Information [Line Items]      
Net sales 1,254,258 1,295,631 1,146,463
Cost of goods sold 914,520 923,953 855,900
Selling, general and administrative expenses 107,205 100,758 87,637
Research and development costs 53,850 44,759 44,296
Other segment items [1] (3,841) (3,696) (2,992)
Reportable segment operating profit $ 182,524 $ 229,857 $ 161,622
[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.
v3.25.3
Segment Information - Summary of Consolidated Earnings Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]      
Interest expense, net $ (41,500) $ (41,501) $ (45,147)
Consolidated earnings before income taxes 521,411 453,971 275,768
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Reportable segment operating profit 689,137 615,217 451,726
Unallocated Corporate [Member]      
Segment Reporting Information [Line Items]      
Nonsegment expenses $ (126,226) $ (119,745) $ (130,811)
v3.25.3
Segment Information (Summary of Consolidated Total Assets, Depreciation and Amortization, and Capital Expenditures by Segment) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]      
Consolidated total assets $ 4,630,143 $ 4,368,915 $ 4,010,203
Property, plant and equipment, net 986,623 940,715  
Depreciation and amortization 113,278 116,170 119,743
Capital expenditures 130,928 96,280 76,500
Unallocated Corporate [Member]      
Segment Reporting Information [Line Items]      
Property, plant and equipment, net 120,502 120,946 104,962
Other assets 897,333 801,967 585,490
Depreciation and amortization 12,195 11,086 8,696
Capital expenditures 25,731 (1,639) (2,268)
Aerospace [Member] | Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Consolidated total assets 2,110,805 1,936,507 1,829,410
Depreciation and amortization 51,603 55,305 59,880
Capital expenditures 62,892 55,989 56,913
Industrial [Member] | Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Consolidated total assets 1,501,503 1,509,495 1,490,341
Depreciation and amortization 49,480 49,779 51,167
Capital expenditures $ 42,305 $ 41,930 $ 21,855
v3.25.3
Segment Information - (Schedule of Property, Plant and Equipment, Net by Geographical Area) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]    
Property, plant and equipment, net $ 986,623 $ 940,715
United States [Member]    
Segment Reporting Information [Line Items]    
Property, plant and equipment, net 841,528 827,242
Germany [Member]    
Segment Reporting Information [Line Items]    
Property, plant and equipment, net 109,403 87,970
Other Countries [Member]    
Segment Reporting Information [Line Items]    
Property, plant and equipment, net $ 35,692 $ 25,503
v3.25.3
Segment Information (U.S. Government Related Sales by Segment) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Entity Wide Revenue Major Customer [Line Items]      
Net sales $ 3,567,064 $ 3,324,249 $ 2,914,566
Aerospace [Member]      
Entity Wide Revenue Major Customer [Line Items]      
Net sales 2,312,806 2,028,618 1,768,103
Industrial [Member]      
Entity Wide Revenue Major Customer [Line Items]      
Net sales 1,254,258 1,295,631 1,146,463
Direct Sales to U.S. Government [Member]      
Entity Wide Revenue Major Customer [Line Items]      
Net sales 102,050 117,017 107,372
Direct Sales to U.S. Government [Member] | Aerospace [Member]      
Entity Wide Revenue Major Customer [Line Items]      
Net sales 95,147 107,978 99,848
Direct Sales to U.S. Government [Member] | Industrial [Member]      
Entity Wide Revenue Major Customer [Line Items]      
Net sales $ 6,903 $ 9,039 $ 7,524
Direct Sales to U.S. Government [Member] | Sales [Member] | Product Concentration Risk [Member]      
Entity Wide Revenue Major Customer [Line Items]      
Percentage of attributable to revenue 3.00% 3.00% 4.00%
Indirect Sales to U.S. Government [Member]      
Entity Wide Revenue Major Customer [Line Items]      
Net sales $ 615,559 $ 453,643 $ 378,675
Indirect Sales to U.S. Government [Member] | Aerospace [Member]      
Entity Wide Revenue Major Customer [Line Items]      
Net sales 598,254 443,370 363,835
Indirect Sales to U.S. Government [Member] | Industrial [Member]      
Entity Wide Revenue Major Customer [Line Items]      
Net sales $ 17,305 $ 10,273 $ 14,840
Indirect Sales to U.S. Government [Member] | Sales [Member] | Product Concentration Risk [Member]      
Entity Wide Revenue Major Customer [Line Items]      
Percentage of attributable to revenue 17.00% 14.00% 13.00%
U.S. Government Related [Member]      
Entity Wide Revenue Major Customer [Line Items]      
Net sales $ 717,609 $ 570,660 $ 486,047
U.S. Government Related [Member] | Aerospace [Member]      
Entity Wide Revenue Major Customer [Line Items]      
Net sales 693,401 551,348 463,683
U.S. Government Related [Member] | Industrial [Member]      
Entity Wide Revenue Major Customer [Line Items]      
Net sales $ 24,208 $ 19,312 $ 22,364
U.S. Government Related [Member] | Sales [Member] | Product Concentration Risk [Member]      
Entity Wide Revenue Major Customer [Line Items]      
Percentage of attributable to revenue 20.00% 17.00% 17.00%