WOODWARD, INC., 10-Q filed on 2/4/2026
Quarterly Report
v3.25.4
Document and Entity Information - shares
 3 Months Ended
Dec. 31, 2025
Feb. 03, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 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 $0.001455 per share  
Trading Symbol WWD  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   59,615,869
Amendment Flag false  
Entity Central Index Key 0000108312  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --09-30  
Document Fiscal Year Focus 2026  
v3.25.4
Condensed Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]    
Net sales $ 996,454 $ 772,725
Costs and expenses:    
Cost of goods sold 704,293 583,091
Selling, general and administrative expenses 94,985 69,696
Research and development costs 37,756 30,207
Interest expense 10,344 12,341
Interest income (701) (1,377)
Other income, net (19,374) (23,087)
Total costs and expenses 827,303 670,871
Earnings before income taxes 169,151 101,854
Income tax expense 35,432 14,763
Net earnings $ 133,719 $ 87,091
Earnings per share:    
Basic earnings per share $ 2.23 $ 1.47
Diluted earnings per share $ 2.17 $ 1.42
Weighted Average Common Shares Outstanding:    
Basic 59,837 59,216
Diluted 61,590 61,141
v3.25.4
Condensed Consolidated Statements of Comprehensive Earnings - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Condensed Consolidated Statements of Comprehensive Earnings    
Net earnings $ 133,719 $ 87,091
Other comprehensive earnings:    
Foreign currency translation adjustments 1,160 (36,884)
Net (loss) gain on foreign currency transactions designated as hedges of net investments (84) 3,063
Taxes on changes in foreign currency translation adjustments 2,359 436
Foreign currency translation and hedge transactions adjustments, net of tax 3,435 (33,385)
Derivative related other comprehensive earnings:    
Unrealized gain on fair value adjustment of derivative instruments 1,848 20,368
Reclassification of net realized losses (gain) on derivatives to earnings 534 (27,683)
Derivative adjustments, net of tax 2,382 (7,315)
Pension and other postretirement medical liability other comprehensive earnings:    
Net prior service cost 135 197
Net actuarial (gain) (199) (167)
Foreign currency exchange rate changes on pension and other postretirement medical liabilities (40) (326)
Taxes on changes in pension and other postretirement medical liability adjustments 34 (15)
Pension and other postretirement benefit plan adjustments, net of tax (70) (311)
Total comprehensive earnings $ 139,466 $ 46,080
v3.25.4
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Current assets:    
Cash and cash equivalents $ 454,245 $ 327,431
Accounts receivable, less allowance for uncollectible amounts of $13,426 and $9,725, respectively 796,760 831,116
Inventories 689,217 654,608
Income taxes receivable 44,934 1,553
Other current assets 63,967 69,706
Total current assets 2,049,123 1,884,414
Property, plant and equipment, net 1,002,187 986,623
Goodwill 832,065 832,288
Intangible assets, net 425,408 428,080
Deferred income tax assets 45,503 118,711
Other assets 379,611 380,027
Total assets 4,733,897 4,630,143
Current liabilities:    
Short-term debt 383,000 122,300
Current portion of long-term debt 48,033 122,934
Accounts payable 269,981 289,417
Income taxes payable 52,429 59,655
Accrued liabilities 245,688 313,083
Total current liabilities 999,131 907,389
Long-term debt, less current portion 457,005 456,968
Deferred income tax liabilities 107,652 107,669
Other liabilities 582,621 591,727
Total liabilities 2,146,409 2,063,753
Commitments and contingencies (Note 22)
Stockholders' equity:    
Preferred stock, par value $0.003 per share, 10,000 shares authorized, no shares issued 0 0
Common stock, par value $0.001455 per share, 150,000 shares authorized, 72,960 shares issued 106 106
Additional paid-in capital 497,787 482,259
Accumulated other comprehensive losses (4,668) (10,415)
Deferred compensation 1,947 1,741
Retained earnings 3,717,350 3,600,395
Stockholders' equity 4,212,522 4,074,086
Treasury stock at cost, 13,174 shares and 13,060 shares, respectively (1,623,087) (1,505,955)
Treasury stock held for deferred compensation, at cost, 28 shares (1,947) (1,741)
Total stockholders' equity 2,587,488 2,566,390
Total liabilities and stockholders' equity $ 4,733,897 $ 4,630,143
v3.25.4
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Current assets:    
Allowance, accounts receivable $ 13,426 $ 9,725
Stockholders' equity:    
Preferred stock, par value $ 0.003 $ 0.003
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Common stock, par value $ 0.001455 $ 0.001455
Common stock, shares authorized 150,000,000 150,000,000
Common stock, shares issued 72,960,000 72,960,000
Treasury stock, shares 13,174,000 13,060,000
Treasury stock held for deferred compensation, shares 28,000 28,000
v3.25.4
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net earnings $ 133,719 $ 87,091
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 29,038 27,876
Net loss (gain) on sales of assets and businesses 18 (9,243)
Stock-based compensation 7,030 6,666
Deferred income taxes 75,582 (1,504)
Changes in operating assets and liabilities:    
Trade accounts receivable 64,586 83,511
Unbilled receivables (contract assets) (30,790) (16,667)
Costs to fulfill a contract 2,754 (3,076)
Inventories (34,524) (49,514)
Accounts payable and accrued liabilities (77,721) (94,647)
Contract liabilities (10,799) (4,352)
Income taxes (50,737) 6,356
Retirement benefit obligations (866) (840)
Other 7,147 2,859
Net cash provided by operating activities 114,437 34,516
Cash flows from investing activities:    
Payments for purchase of property, plant, and equipment (44,129) (33,574)
Proceeds from sale of assets   36
Proceeds from business divestitures   1,438
Payments for acquisitions, net of cash acquired (4,200)  
Net cash (used in) investing activities (48,329) (32,100)
Cash flows from financing activities:    
Cash dividends paid (16,764) (14,781)
Proceeds from sales of treasury stock 20,859 28,876
Payments for repurchases of common stock (129,387) (35,473)
Borrowings on revolving lines of credit and short-term borrowings 1,254,653 668,300
Payments on revolving lines of credit and short-term borrowings (993,953) (627,300)
Payments of long-term debt and finance lease obligations (75,252) (236)
Net cash provided by financing activities 60,156 19,386
Effect of exchange rate changes on cash and cash equivalents 550 (20,346)
Net change in cash and cash equivalents 126,814 1,456
Cash and cash equivalents at beginning of year 327,431 282,270
Cash and cash equivalents at end of period $ 454,245 $ 283,726
v3.25.4
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Foreign Currency Translation Adjustments [Member]
Unrealized Derivative Gains (Losses) [Member]
Minimum Retirement Benefit Liability Adjustments [Member]
Total Accumulated Other Comprehensive (Loss) Earnings [Member]
Deferred Compensation [Member]
Retained Earnings [Member]
Treasury Stock at Cost [Member]
Treasury Stock Held for Deferred Compensation [Member]
Balances at Sep. 30, 2024 $ 2,176,416 $ 106 $ 396,554 $ (39,129) $ (5,177) $ 11,608 $ (32,698) $ 2,662 $ 3,223,259 $ (1,410,805) $ (2,662)
Net earnings 87,091               87,091    
Other comprehensive earnings (loss), net of tax (41,011)     (33,385) (7,315) (311) (41,011)        
Cash dividends paid (14,781)               (14,781)    
Purchases of treasury stock (35,473)                 (35,473)  
Sales of treasury stock 28,659   10,340             18,319  
Common shares issued for benefit plans 854   615             239  
Stock-based compensation 6,666   6,666                
Purchases of stock by deferred compensation               48     (48)
Distribution of stock from deferred compensation               (958)     958
Balances at Dec. 31, 2024 2,208,421 106 414,175 (72,514) (12,492) 11,297 (73,709) 1,752 3,295,569 (1,427,720) (1,752)
Balances at Sep. 30, 2025 2,566,390 106 482,259 (18,950) (5,847) 14,382 (10,415) 1,741 3,600,395 (1,505,955) (1,741)
Net earnings 133,719               133,719    
Other comprehensive earnings (loss), net of tax 5,747     3,435 2,382 (70) 5,747        
Cash dividends paid (16,764)               (16,764)    
Purchases of treasury stock (129,387)                 (129,387)  
Sales of treasury stock 20,753   8,498             12,255  
Stock-based compensation 7,030   7,030                
Purchases of stock by deferred compensation               264     (264)
Distribution of stock from deferred compensation               (58)     58
Balances at Dec. 31, 2025 $ 2,587,488 $ 106 $ 497,787 $ (15,515) $ (3,465) $ 14,312 $ (4,668) $ 1,947 $ 3,717,350 $ (1,623,087) $ (1,947)
v3.25.4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Cash dividends per share $ 0.28 $ 0.25
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 133,719 $ 87,091
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

On December 2, 2025, Charles Blankenship, Jr., Chairman of the Board and Chief Executive Officer, entered into a trading plan pursuant to Rule 10b5-1 of the Exchange Act intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The new trading plan provides for the sale of up to 27,625 shares of common stock of the Company upon the exercise of non-qualified stock options and terminates on September 3, 2026, for a duration of 275 days.

On December 2, 2025, Shawn McLevige, President, Aerospace, entered into a trading plan pursuant to Rule 10b5-1 of the Exchange Act intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The new trading plan provides for the sale of up to 4,000 shares of common stock of the Company upon the exercise of non-qualified stock options and terminates on September 3, 2026, for a duration of 275 days.

During the three months ended December 31, 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
Charles Blankenship, Jr [Member]  
Trading Arrangements, by Individual  
Name Charles Blankenship, Jr
Title Chairman of the Board and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 2, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date September 3, 2026
Arrangement Duration 275 days
Aggregate Available 27,625
Shawn McLevige [Member]  
Trading Arrangements, by Individual  
Name Shawn McLevige
Title President
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 2, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date September 3, 2026
Arrangement Duration 275 days
Aggregate Available 4,000
v3.25.4
Basis of Presentation
 3 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Note 1. Basis of presentation

The Condensed Consolidated Financial Statements of Woodward, Inc. (“Woodward” or the “Company”) as of December 31, 2025 and for the three months ended December 31, 2025 and 2024, included herein, have not been audited by an independent registered public accounting firm. These unaudited Condensed Consolidated Financial Statements reflect all normal recurring adjustments that, in the opinion of management, are necessary to present fairly Woodward’s financial position as of December 31, 2025, and the statements of earnings, comprehensive earnings, cash flows, and changes in stockholders’ equity for the periods presented herein. The results of operations for the three months ended December 31, 2025 and 2024 are not necessarily indicative of the operating results to be expected for other interim periods or for the full fiscal year. Dollar and share amounts contained in these unaudited Condensed Consolidated Financial Statements are in thousands, except per share amounts, unless otherwise noted.

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

Management is required to use estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported revenues and expenses recognized during the reporting period, and certain financial statement disclosures, in the preparation of the unaudited Condensed Consolidated Financial Statements included herein. Significant estimates in these unaudited Condensed Consolidated Financial Statements include allowances for credit losses; net realizable value of inventories; variable consideration including customer rebates earned and payable and early payment discounts; warranty reserves; useful lives of property and identifiable intangible assets; the evaluation of impairments of property, intangible assets, and goodwill; the provision for income tax and related valuation reserves; the valuation of derivative instruments; assumptions used in the determination of the funded status and annual expense of pension and postretirement employee benefit plans; the valuation of stock compensation instruments granted to members, board members and any other eligible recipients; estimates of incremental borrowing rates used when estimating the present value of future lease payments; assumptions used when including renewal options or non-exercise of termination options in lease terms; estimates of total lifetime sales used in the recognition of revenue associated with material rights and balance sheet classification of the related contract liability; estimates of total sales contract costs when recognizing revenue under the cost-to-cost method; and contingencies. Actual results could vary from Woodward’s estimates.
v3.25.4
New Accounting Standards
 3 Months Ended
Dec. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Standards

Note 2. New accounting standards

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

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

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

effective date or on a retrospective basis to all periods presented. Woodward is currently assessing the impact on its Consolidated Statement of Earnings disclosures.
v3.25.4
Revenue
 3 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

Note 3. Revenue

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

 

 

Three Months Ended December 31, 2025

 

 

Three Months Ended December 31, 2024

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

253,645

 

 

$

213,971

 

 

$

467,616

 

 

$

191,985

 

 

$

155,068

 

 

$

347,053

 

Over time

 

 

381,252

 

 

 

147,586

 

 

 

528,838

 

 

 

301,897

 

 

 

123,775

 

 

 

425,672

 

Total net sales

 

$

634,897

 

 

$

361,557

 

 

$

996,454

 

 

$

493,882

 

 

$

278,843

 

 

$

772,725

 

Accounts Receivable

Accounts receivable consisted of the following:

 

 

December 31, 2025

 

 

September 30, 2025

 

Billed receivables

 

 

 

 

 

 

Trade accounts receivable

 

$

413,842

 

 

$

477,217

 

Other (Chinese financial institutions)

 

 

—

 

 

 

104

 

Total billed receivables

 

 

413,842

 

 

 

477,321

 

Current unbilled receivables (contract assets)

 

 

396,344

 

 

 

363,520

 

Total accounts receivable

 

 

810,186

 

 

 

840,841

 

Less: Allowance for uncollectible amounts

 

 

(13,426

)

 

 

(9,725

)

Total accounts receivable, net

 

$

796,760

 

 

$

831,116

 

As of December 31, 2025, “Other assets” on the Condensed Consolidated Balance Sheets includes $9,161 of unbilled receivables not expected to be invoiced and collected within a period of 12 months, compared to $10,963 as of September 30, 2025.

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

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Balance, beginning

 

$

9,725

 

 

$

7,738

 

Changes in estimates

 

 

3,629

 

 

 

207

 

Write-offs

 

 

(78

)

 

 

—

 

Other1

 

 

150

 

 

 

(152

)

Balance, ending

 

$

13,426

 

 

$

7,793

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

Contract liabilities

Contract liabilities consisted of the following:

 

 

December 31, 2025

 

 

September 30, 2025

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Deferred revenue from material rights from JV formation

 

$

7,494

 

 

$

227,583

 

 

$

7,298

 

 

$

229,878

 

Deferred revenue from advanced invoicing and/or prepayments from customers

 

 

13,553

 

 

 

722

 

 

 

14,944

 

 

 

2,115

 

Liability related to customer supplied inventory

 

 

20,109

 

 

 

—

 

 

 

19,640

 

 

 

—

 

Deferred revenue from material rights related to engineering and development funding

 

 

7,988

 

 

 

192,440

 

 

 

7,353

 

 

 

199,465

 

Net contract liabilities

 

$

49,144

 

 

$

420,745

 

 

$

49,235

 

 

$

431,458

 

Woodward recognized revenue of $14,530 in the three months ended December 31, 2025 from contract liabilities balances recorded as of October 1, 2025, compared to $16,083 in the three months ended December 31, 2024 from contract liabilities balances recorded as of October 1, 2024.

Remaining performance obligations

Remaining performance obligations related to the aggregate amount of the total contract transaction price of firm orders for which the performance obligation has not yet been recognized in revenue as of December 31, 2025 were $3,477,548, compared to $3,195,156 as of September 30, 2025, the majority of which relates to Woodward’s Aerospace segment in both periods. Woodward expects to recognize almost all remaining performance obligations within two years after December 31, 2025.

Remaining performance obligations related to material rights that have not yet been recognized in revenue as of December 31, 2025 were $506,806, of which $11,666 is expected to be recognized in the remainder of fiscal year 2026, $17,480 is expected to be recognized in fiscal year 2027, and the remaining balance is expected to be recognized thereafter. Woodward expects to recognize revenue from performance obligations related to material rights over the life of the underlying programs, which may be as long as forty years.

Disaggregation of Revenue

Woodward designs, produces, and services reliable, efficient, low-emission, and high-performance energy control products for diverse applications in markets throughout the world. Woodward reports financial results for each of its reportable segments, Aerospace and Industrial, and further disaggregates its revenue from contracts with customers by primary market as Woodward believes this best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors.

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Commercial OEM

 

$

187,939

 

 

$

154,076

 

Commercial services

 

 

244,906

 

 

 

163,850

 

Defense OEM

 

 

138,233

 

 

 

112,782

 

Defense services

 

 

63,819

 

 

 

63,174

 

Total Aerospace segment net sales

 

$

634,897

 

 

$

493,882

 

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Power generation

 

$

122,840

 

 

$

115,008

 

Transportation

 

 

166,308

 

 

 

107,265

 

Oil and gas

 

 

72,409

 

 

 

56,570

 

Total Industrial segment net sales

 

$

361,557

 

 

$

278,843

 

Based on changes in market dynamics, the Company has refined its Industrial end market presentation to better align certain sales within power generation, transportation, and oil and gas. Accordingly, sales for the three months ended

December 31, 2024 have been reclassified for comparability. The reclassification had no impact on total Industrial segment net sales or the Company's financial results.

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

 

 

Three Months Ended December 31, 2025

 

Three Months Ended December 31, 2024

Aerospace

 

GE Aerospace, The Boeing Company, RTX Corporation

 

RTX Corporation, GE Aerospace, The Boeing Company

Industrial

 

Rolls-Royce PLC, Weichai Power

 

Rolls-Royce PLC, GE Vernova, Inc.
v3.25.4
Earnings Per Share
 3 Months Ended
Dec. 31, 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:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

Net earnings

 

$

133,719

 

 

$

87,091

 

Denominator:

 

 

 

 

 

 

Basic shares outstanding

 

 

59,837

 

 

 

59,216

 

Dilutive effect of stock options; restricted and performance stock units

 

 

1,753

 

 

 

1,925

 

Diluted shares outstanding

 

 

61,590

 

 

 

61,141

 

Income per common share:

 

 

 

 

 

 

Basic earnings per share

 

$

2.23

 

 

$

1.47

 

Diluted earnings per share

 

$

2.17

 

 

$

1.42

 

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Restricted stock and option awards

 

 

12

 

 

 

16

 

Weighted-average price

 

$

—

 

 

$

—

 

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Weighted-average treasury stock shares held for deferred compensation obligations

 

 

29

 

 

 

38

 
v3.25.4
Leases
 3 Months Ended
Dec. 31, 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.

Lease-related assets and liabilities were as follows:

 

 

Classification on the Condensed Consolidated Balance Sheets

 

December 31, 2025

 

 

September 30, 2025

 

Assets:

 

 

 

 

 

 

 

 

Operating lease

 

Other assets

 

$

23,794

 

 

$

25,274

 

Finance lease

 

Property, plant, and equipment, net

 

 

2,573

 

 

 

2,896

 

Total lease assets

 

 

 

 

26,367

 

 

 

28,170

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Operating lease

 

Accrued liabilities

 

 

5,387

 

 

 

5,465

 

Finance lease

 

Current portion of long-term debt

 

 

1,043

 

 

 

1,032

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Operating lease

 

Other liabilities

 

 

19,079

 

 

 

20,199

 

Finance lease

 

Long-term debt, less current portion

 

 

1,635

 

 

 

1,902

 

Total lease liabilities

 

 

 

$

27,144

 

 

$

28,598

 

Lease-related expenses were as follows:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Operating lease expense

 

$

2,058

 

 

$

1,796

 

Amortization of finance lease assets

 

 

242

 

 

 

241

 

Interest on finance lease liabilities

 

 

33

 

 

 

44

 

Variable lease expense

 

 

399

 

 

 

193

 

Short-term lease expense

 

 

26

 

 

 

53

 

Total lease expense

 

$

2,758

 

 

$

2,327

 

Lease-related supplemental cash flow information was as follows:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

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

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

1,614

 

 

$

1,534

 

Operating cash flows for finance leases

 

 

33

 

 

 

44

 

Financing cash flows for finance leases

 

 

253

 

 

 

235

 

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

 

 

 

 

 

 

Operating leases

 

 

224

 

 

 

476

 

Finance leases

 

 

—

 

 

 

1,069

 

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 are substantially (more than 90%) dedicated to the manufacturing of the product(s) for a single customer. Woodward has dedicated manufacturing lines with three of its customers representing embedded leases, all of which qualified as operating leases with undefined quantities of future customer purchase commitments.

Although Woodward expects to allocate some portion of future net sales to these customers to embedded lessor arrangements, it cannot provide expected future undiscounted lease payments from property, plant, and equipment leased to customers as of December 31, 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.

Revenue from contracts with customers that included embedded operating leases, which are included in “Net sales” in the Condensed Consolidated Statements of Earnings, were $1,026 for the three months ended December 31, 2025, compared to $1,034 for the three months ended December 31, 2024.

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

 

 

December 31, 2025

 

 

September 30, 2025

 

Property, plant, and equipment

 

$

41,915

 

 

$

41,593

 

Less accumulated depreciation

 

 

(29,899

)

 

 

(29,110

)

Property, plant, and equipment, net

 

$

12,016

 

 

$

12,483

 
v3.25.4
Joint Venture
 3 Months Ended
Dec. 31, 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 recorded in connection with the JV formation included:

 

 

December 31, 2025

 

 

September 30, 2025

 

Accrued liabilities

 

$

7,494

 

 

$

7,298

 

Other liabilities

 

 

227,583

 

 

 

229,878

 

Amortization of the deferred gain recognized as an increase to net sales was $2,099 for the three months ended December 31, 2025 and $1,023 for the three months ended December 31, 2024.

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Other income

 

$

15,377

 

 

$

10,156

 

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Cash distributions

 

$

14,000

 

 

$

11,000

 

Net sales to the JV were as follows:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Net sales

 

$

24,555

 

 

$

20,696

 

Woodward net sales includes a reduction of $20,673 for the three months ended December 31, 2025, compared to $16,011 for the three months ended December 31, 2024, related to royalties, associated with the contributed IP, owed to the JV by Woodward on sales by Woodward directly to third-party services customers.

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

 

 

December 31, 2025

 

 

September 30, 2025

 

Accounts receivable

 

$

4,131

 

 

$

5,377

 

Accounts payable

 

 

7,591

 

 

 

8,370

 

Other assets

 

 

24,446

 

 

 

23,069

 
v3.25.4
Financial Instruments and Fair Value Measurements
 3 Months Ended
Dec. 31, 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 December 31, 2025

 

 

At September 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in money markets and depository accounts

 

$

87,573

 

 

$

—

 

 

$

—

 

 

$

87,573

 

 

$

30,256

 

 

$

—

 

 

$

—

 

 

$

30,256

 

Equity securities

 

 

41,671

 

 

 

—

 

 

 

—

 

 

 

41,671

 

 

 

37,846

 

 

 

—

 

 

 

—

 

 

 

37,846

 

Total financial assets

 

$

129,244

 

 

$

—

 

 

$

—

 

 

$

129,244

 

 

$

68,102

 

 

$

—

 

 

$

—

 

 

$

68,102

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cross-currency interest rate swaps

 

$

—

 

 

$

25,612

 

 

$

—

 

 

$

25,612

 

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

27,406

 

Total financial liabilities

 

$

—

 

 

$

25,612

 

 

$

—

 

 

$

25,612

 

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

27,406

 

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

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

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

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

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

 

 

 

 

At December 31, 2025

 

 

At September 30, 2025

 

 

 

Fair Value
Hierarchy
Level

 

Estimated
Fair Value

 

 

Carrying
Cost

 

 

Estimated
Fair Value

 

 

Carrying
Cost

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes receivable from municipalities

 

2

 

$

5,055

 

 

$

5,007

 

 

$

5,444

 

 

$

5,392

 

Investments in short-term time deposits

 

2

 

 

66

 

 

 

65

 

 

 

67

 

 

 

66

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

2

 

 

493,326

 

 

 

505,638

 

 

 

566,582

 

 

 

580,547

 

In connection with certain economic incentives related to Woodward’s development of a second campus in the greater Rockford, Illinois area for its Aerospace segment and Woodward’s development of its corporate headquarters in Fort Collins, Colorado, Woodward received long-term notes from municipalities within the states of Illinois and Colorado. The fair value of the long-term notes was estimated based on a model that discounted future principal and interest payments

received at an interest rate available to Woodward at the end of the period for similarly rated municipal notes of similar maturity, which is a level 2 input as defined by the U.S. GAAP fair value hierarchy. The interest rates used to estimate the fair value of the long-term notes were 2.9% at December 31, 2025 and 3.0% at September 30, 2025.

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 were 4.8% at December 31, 2025 and 5.3% at September 30, 2025.

The fair value of long-term debt was estimated based on a model that discounted future principal and interest payments at interest rates available to the Company at the end of the period for similar debt of the same maturity, which is a level 2 input as defined by the U.S. GAAP fair value hierarchy. The weighted-average interest rates used to estimate the fair value of long-term debt were 4.1% at December 31, 2025 and 4.2% at September 30, 2025.

Woodward does not have expected credit losses related to any financial assets that are not required to be remeasured at fair value.
v3.25.4
Derivative Instruments and Hedging Activities
 3 Months Ended
Dec. 31, 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 five fixed-rate cross-currency interest rate swap agreements (the “2020 Fixed-Rate Cross-Currency Swaps”), with an aggregate notional value of $400,000, which effectively reduced the interest rates on the underlying fixed-rate debt under the 2018 Notes (as defined in Note 15, Credit Facilities, short-term borrowings, and long-term debt, in the Notes to the Consolidated Financial Statements included in Part II, Item 8 of Woodward’s most recently filed Form 10-K) and Woodward’s then existing revolving credit agreement. The net interest income of the 2020 Fixed-Rate Cross-Currency Swaps is recorded as a reduction to “Interest expense” in Woodward’s Condensed Consolidated Statements of Earnings. The total notional value of the 2020 Fixed-Rate Cross-Currency Swaps was $315,000 at December 31, 2025. See Note 7, Financial Instruments and fair value measurements for the related fair value of the derivative instruments as of December 31, 2025.

Derivative instruments in cash flow hedging relationships

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

Derivatives instruments in net investment hedging relationships

On September 23, 2016, Woodward and Woodward International Holding B.V., a wholly owned subsidiary of Woodward organized under the laws of The Netherlands (the “BV Subsidiary”), each entered into a note purchase agreement (the “2016 Note Purchase Agreement”) relating to the sale by Woodward and the BV Subsidiary of an aggregate principal amount of €160,000 of senior unsecured notes in a series of private placement transactions. Woodward issued €40,000 aggregate principal amount of Woodward’s Series M Senior Notes due September 23, 2026 (the “Series M Notes”).

Woodward designated the Series M Notes as a hedge of a foreign currency exposure of Woodward’s net investment in its Euro denominated functional currency subsidiaries. Related to the Series M Notes, included in foreign currency translation adjustments within total comprehensive (losses) earnings were net foreign exchange losses of $84 for the three months ended December 31, 2025, compared to net foreign exchange gains of $3,063 for the three months ended December 31, 2024.

Impact of derivative instruments designated as qualifying hedging instruments

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

 

 

 

 

Three months ended December 31,

 

Derivatives in:

 

Location

 

2025

 

 

2024

 

Loss (gain) reclassified from accumulated OCI into earnings

 

Selling, general and administrative expenses

 

$

534

 

 

$

(27,683

)

(Gain) recognized in accumulated OCI

 

Selling, general and administrative expenses

 

 

(1,848

)

 

 

(20,368

)

The remaining unrecognized gains and losses in Woodward’s Condensed Consolidated Balance Sheets associated with derivative instruments that were previously entered into by Woodward, which are classified in accumulated OCI, were net losses of $3,448 as of December 31, 2025 and $5,830 as of September 30, 2025.
v3.25.4
Supplemental Statement of Cash Flows Information
 3 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Information [Abstract]  
Supplemental Statement of Cash Flows Information

Note 9. Supplemental statement of cash flows information

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Interest paid

 

$

11,150

 

 

$

13,158

 

Income taxes paid

 

 

11,588

 

 

 

11,060

 

Income tax refunds received

 

 

1,222

 

 

 

1,119

 

Non-cash activities:

 

 

 

 

 

 

Purchases of property, plant and equipment on account

 

 

4,706

 

 

 

3,916

 

Common shares issued from treasury to settle benefit obligations

 

 

—

 

 

 

854

 

Receivables related to business acquisitions and divestitures

 

 

1,391

 

 

 

9,213

 
v3.25.4
Acquisitions and Divestitures
 3 Months Ended
Dec. 31, 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 $40,286, net of cash acquired and after net working capital adjustments. The acquisition, included within the Aerospace reportable segment, expands the Company’s electromechanical actuation portfolio and was financed through existing cash balances. The Company incurred acquisition-related costs of $9,348 in fiscal year 2025 that were expensed as incurred and recorded in "Selling, general and administrative expenses" within the Condensed Consolidated Statement of Earnings.

During the first quarter of fiscal 2026, the Company substantially completed its evaluation of the fair value of assets acquired and liabilities assumed related to the Safran Acquisition. The following table presents the preliminary fair‑value determinations included in the Condensed Consolidated Balance Sheet as of December 31, 2025:

 

 

December 31, 2025

 

Assets:

 

 

 

Accounts Receivable

 

$

6,103

 

Inventories

 

 

11,833

 

Other current assets

 

 

3,125

 

Property, plant, and equipment

 

 

6,945

 

Goodwill

 

 

17,462

 

Other assets

 

 

4,527

 

Total assets

 

$

49,995

 

Liabilities:

 

 

 

Accrued liabilities

 

$

4,447

 

Accounts payable

 

 

588

 

Income tax payable

 

 

189

 

Other noncurrent liabilities

 

 

4,485

 

Total liabilities

 

$

9,709

 

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

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

Divestitures

The Company periodically reviews its business and from time to time may sell businesses, assets, or product lines as part of business rationalization. Any gain or loss recognized due to divestitures is recorded within the line item “Other income, net” in the Condensed Consolidated Statements of Earnings. In connection with certain product rationalization activities, during the three months ended December 31, 2024, the Company sold certain product lines of its Industrial segment. The Company received cash proceeds of $1,438 during the three months ended December 31, 2024.

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 31, 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

 
v3.25.4
Inventories
 3 Months Ended
Dec. 31, 2025
Inventory, Net [Abstract]  
Inventories

Note 11. Inventories

 

 

December 31, 2025

 

 

September 30, 2025

 

Raw materials

 

$

211,680

 

 

$

192,373

 

Work in progress

 

 

169,849

 

 

 

163,275

 

Component parts(1)

 

 

410,758

 

 

 

382,650

 

Finished goods

 

 

99,276

 

 

 

102,746

 

Customer supplied inventory

 

 

20,109

 

 

 

19,640

 

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

 

 

(222,455

)

 

 

(206,076

)

 

$

689,217

 

 

$

654,608

 
(1)
Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.
v3.25.4
Property, Plant, and Equipment
 3 Months Ended
Dec. 31, 2025
Property, Plant and Equipment, Net [Abstract]  
Property, Plant and Equipment

Note 12. Property, plant, and equipment

 

 

December 31, 2025

 

 

September 30, 2025

 

Land and land improvements

 

$

103,903

 

 

$

95,172

 

Buildings and building improvements

 

 

630,593

 

 

 

626,144

 

Leasehold improvements

 

 

15,932

 

 

 

15,900

 

Machinery and production equipment

 

 

891,257

 

 

 

885,473

 

Computer equipment and software

 

 

118,175

 

 

 

116,706

 

Office furniture and equipment

 

 

43,612

 

 

 

43,312

 

Other

 

 

33,610

 

 

 

33,591

 

Construction in progress

 

 

127,588

 

 

 

111,580

 

 

 

1,964,670

 

 

 

1,927,878

 

Less accumulated depreciation

 

 

(962,483

)

 

 

(941,255

)

Property, plant, and equipment, net

 

$

1,002,187

 

 

$

986,623

 

Woodward had depreciation expense as follows:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Depreciation expense

 

$

21,696

 

 

$

20,962

 
v3.25.4
Goodwill
 3 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

Note 13. Goodwill

 

 

September 30, 2025

 

 

Reduction from Working Capital Adjustment

 

 

Effects of Foreign Currency Translation

 

 

December 31, 2025

 

Aerospace

 

$

473,779

 

 

$

(931

)

 

$

84

 

 

$

472,932

 

Industrial

 

 

358,509

 

 

 

—

 

 

 

624

 

 

 

359,133

 

Consolidated

 

$

832,288

 

 

$

(931

)

 

$

708

 

 

$

832,065

 

In the first quarter of 2026, a working capital adjustment was made that resulted in a reduction of goodwill of $931.
v3.25.4
Intangible Assets, Net
 3 Months Ended
Dec. 31, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets, Net

Note 14. Intangible assets, net

 

 

December 31, 2025

 

 

September 30, 2025

 

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

Intangible assets with finite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

281,683

 

 

$

(252,348

)

 

$

29,335

 

 

$

281,683

 

 

$

(251,109

)

 

$

30,574

 

Industrial

 

 

402,534

 

 

 

(131,270

)

 

 

271,264

 

 

 

401,778

 

 

 

(125,909

)

 

 

275,869

 

Total

 

$

684,217

 

 

$

(383,618

)

 

$

300,599

 

 

$

683,461

 

 

$

(377,018

)

 

$

306,443

 

Intellectual property:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

3,139

 

 

 

(3,139

)

 

 

—

 

 

 

3,139

 

 

 

(3,139

)

 

 

—

 

Total

 

$

3,139

 

 

$

(3,139

)

 

$

—

 

 

$

3,139

 

 

$

(3,139

)

 

$

—

 

Process technology:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

44,570

 

 

$

(41,127

)

 

$

3,443

 

 

$

44,570

 

 

$

(40,973

)

 

$

3,597

 

Industrial

 

 

91,765

 

 

 

(38,534

)

 

 

53,231

 

 

 

87,640

 

 

 

(37,610

)

 

 

50,030

 

Total

 

$

136,335

 

 

$

(79,661

)

 

$

56,674

 

 

$

132,210

 

 

$

(78,583

)

 

$

53,627

 

Intangible asset with indefinite life:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade name:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

68,135

 

 

 

—

 

 

 

68,135

 

 

 

68,010

 

 

 

—

 

 

 

68,010

 

Total

 

$

68,135

 

 

$

—

 

 

$

68,135

 

 

$

68,010

 

 

$

—

 

 

$

68,010

 

Total intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

326,253

 

 

$

(293,475

)

 

$

32,778

 

 

$

326,253

 

 

$

(292,082

)

 

$

34,171

 

Industrial

 

 

565,573

 

 

 

(172,943

)

 

 

392,630

 

 

 

560,567

 

 

 

(166,658

)

 

 

393,909

 

Consolidated Total

 

$

891,826

 

 

$

(466,418

)

 

$

425,408

 

 

$

886,820

 

 

$

(458,740

)

 

$

428,080

 

Woodward recorded amortization expense associated with intangibles of the following:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Amortization expense

 

$

7,342

 

 

$

6,914

 

Future amortization expense associated with intangibles is expected to be:

Year Ending September 30:

 

 

 

2026 (Remaining)

 

$

21,932

 

2027

 

 

29,381

 

2028

 

 

29,023

 

2029

 

 

28,118

 

2030

 

 

28,090

 

Thereafter

 

 

220,729

 

 

$

357,273

 
v3.25.4
Credit Facilities, Short-term Borrowings and Long-term Debt
 3 Months Ended
Dec. 31, 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 December 31, 2025, Woodward’s short-term borrowings and availability under its various short-term credit facilities were as follows:

 

 

Total availability

 

 

Outstanding letters of credit and guarantees

 

 

Banker acceptance notes issued

 

 

Outstanding
borrowings

 

 

Remaining
availability

 

Revolving credit facility

 

$

1,000,000

 

 

$

(7,869

)

 

$

—

 

 

$

(383,000

)

 

$

609,131

 

Foreign lines of credit and overdraft facilities

 

 

25,600

 

 

 

(93

)

 

 

(192

)

 

 

—

 

 

 

25,315

 

Foreign performance guarantee facilities

 

 

87

 

 

 

(52

)

 

 

—

 

 

 

—

 

 

 

35

 

 

 

$

1,025,687

 

 

$

(8,014

)

 

$

(192

)

 

$

(383,000

)

 

$

634,481

 

 

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 $383,000 in principal amount of borrowings outstanding as of December 31, 2025 at an effective interest rate of 5.03% as compared to $122,300 in principal borrowings outstanding as of September 30, 2025 at an effective interest rate of 5.41%. All of the borrowings outstanding were classified as short-term borrowings based on Woodward's intent and ability to pay this amount in the next 12 months.

Short-term borrowings

Woodward has other foreign lines of credit and foreign overdraft facilities at various financial institutions, which are generally reviewed annually for renewal and are subject to the usual terms and conditions applied by the financial institutions. Pursuant to the terms of the related facility agreements, Woodward’s foreign performance guarantee facilities are limited in use to providing performance guarantees to third parties.

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 December 31, 2025 and September 30, 2025.

Series I and L Notes

On November 17, 2025, Woodward paid the entire principal balance of $75,000 on the Series I and L Notes using proceeds from borrowings under its existing revolving credit facility.
v3.25.4
Accrued Liabilities
 3 Months Ended
Dec. 31, 2025
Accrued Liabilities, Current [Abstract]  
Accrued Liabilities

Note 16. Accrued liabilities

 

 

 

December 31, 2025

 

 

September 30, 2025

 

Salaries and other member benefits

 

$

117,049

 

 

$

175,110

 

Product warranties and related liabilities

 

 

17,773

 

 

 

25,504

 

Interest payable

 

 

2,920

 

 

 

10,211

 

Accrued retirement benefits

 

 

2,949

 

 

 

2,986

 

Net current contract liabilities

 

 

49,144

 

 

 

49,235

 

Taxes, other than income

 

 

18,746

 

 

 

15,367

 

Other

 

 

37,107

 

 

 

34,670

 

 

$

245,688

 

 

$

313,083

 

Product warranties and related liabilities

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

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Beginning of period

 

$

25,504

 

 

$

18,844

 

Additions, net of recoveries

 

 

2,379

 

 

 

3,505

 

Reductions for settlement

 

 

(10,120

)

 

 

(3,014

)

Foreign currency exchange rate changes

 

 

10

 

 

 

(327

)

End of period

 

$

17,773

 

 

$

19,008

 
v3.25.4
Other Liabilities
 3 Months Ended
Dec. 31, 2025
Other Liabilities, Noncurrent [Abstract]  
Other Liabilities

Note 17. Other liabilities

 

 

December 31, 2025

 

 

September 30, 2025

 

Net accrued retirement benefits, less amounts recognized within accrued liabilities

 

$

91,969

 

 

$

88,112

 

Total unrecognized tax benefits

 

 

13,052

 

 

 

12,130

 

Deferred economic incentives (1)

 

 

5,881

 

 

 

6,158

 

Noncurrent operating lease liabilities

 

 

19,079

 

 

 

20,199

 

Net noncurrent contract liabilities

 

 

420,745

 

 

 

431,458

 

Cross-currency swap derivative liability

 

 

25,612

 

 

 

27,406

 

Other

 

 

6,283

 

 

 

6,264

 

 

 

$

582,621

 

 

$

591,727

 
(1)
Woodward receives certain economic incentives from various state and local authorities related to capital expansion projects. Such amounts are initially recorded as deferred credits and are being recognized as a reduction to pre-tax expense over the economic lives of the related capital expansion projects.
v3.25.4
Other Income, Net
 3 Months Ended
Dec. 31, 2025
Nonoperating income [Abstract]  
Other Income, Net

Note 18. Other income, net

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Equity interest in the earnings of the JV

 

$

(15,377

)

 

$

(10,156

)

Rent income

 

 

(91

)

 

 

(86

)

Net loss (gain) on sales of assets and businesses

 

 

18

 

 

 

(9,243

)

Net (gain) loss on investments in deferred compensation program

 

 

(607

)

 

 

99

 

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

 

 

(3,293

)

 

 

(3,316

)

Other

 

 

(24

)

 

 

(385

)

 

$

(19,374

)

 

$

(23,087

)
v3.25.4
Income Taxes
 3 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 19. Income taxes

The determination of the estimated annual effective tax rate is based upon a number of significant estimates and judgments. In addition, as a global commercial enterprise, Woodward’s tax expense can be impacted by changes in tax rates, tax laws, the finalization of tax audits and reviews, changes in the estimate of the amount of undistributed foreign earnings that Woodward considers indefinitely reinvested, issuance of future guidance, interpretation, and rule-making, and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions.

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Earnings before income taxes

 

$

169,151

 

 

$

101,854

 

Income tax expense

 

 

35,432

 

 

 

14,763

 

Effective tax rate

 

 

20.9

%

 

 

14.5

%

The increase in the effective tax rate for the three months ended December 31, 2025 compared to the three months ended December 31, 2024 was primarily attributable to higher current quarter earnings relative to the tax benefit of

stock-based compensation, unfavorable state tax law changes, the current year elimination of the U.S. intangible income tax benefit due to the one-time reversal of research costs previously capitalized, and a reduction to the U.S. Federal Research and Development Credit.

Gross unrecognized tax benefits were $18,759 as of December 31, 2025 and $17,271 as of September 30, 2025. At December 31, 2025, the amount of the liability for unrecognized tax benefits that, if recognized, would impact Woodward’s effective tax rate was $9,507. At this time, Woodward believes it is reasonably possible that the liability for unrecognized tax benefits will decrease by as much as $1,326 in the next 12 months due to the completion of review by tax authorities, lapses of statutes, and the settlement of tax positions. Woodward’s tax expense includes accruals for potential interest and penalties related to unrecognized tax benefits and all other interest and penalties related to tax payments.

Woodward’s tax returns are subject to audits by U.S. federal, state, and foreign tax authorities, and these audits are at various stages of completion at any given time. Reviews of tax matters by authorities and lapses of the applicable statutes of limitation may result in changes to tax expense. Woodward’s fiscal years remaining open to examination for U.S. Federal income taxes include fiscal years 2022 and thereafter. Woodward’s fiscal years remaining open to examination for significant U.S. state income tax jurisdictions include fiscal years 2020 and thereafter. Woodward’s fiscal years remaining open to examination in significant foreign jurisdictions include 2018 and thereafter.
v3.25.4
Retirement Benefits
 3 Months Ended
Dec. 31, 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.

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Company costs

 

$

14,741

 

 

$

12,343

 

Defined benefit plans

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

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

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

 

 

Three Months Ended December 31,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

199

 

 

$

229

 

 

$

335

 

 

$

348

 

 

$

534

 

 

$

577

 

Interest cost

 

 

1,770

 

 

 

1,719

 

 

 

786

 

 

 

728

 

 

 

2,556

 

 

 

2,447

 

Expected return on plan assets

 

 

(2,618

)

 

 

(2,748

)

 

 

(635

)

 

 

(614

)

 

 

(3,253

)

 

 

(3,362

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

 

34

 

 

 

43

 

 

 

(120

)

 

 

(100

)

 

 

(86

)

 

 

(57

)

Prior service cost

 

 

129

 

 

 

191

 

 

 

6

 

 

 

6

 

 

 

135

 

 

 

197

 

Net periodic retirement pension (benefit) cost

 

$

(486

)

 

$

(566

)

 

$

372

 

 

$

368

 

 

$

(114

)

 

$

(198

)

Contributions paid

 

$

—

 

 

$

—

 

 

$

420

 

 

$

384

 

 

$

420

 

 

$

384

 

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

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Interest cost

 

$

177

 

 

$

179

 

Amortization of:

 

 

 

 

 

 

Net actuarial gain

 

 

(113

)

 

 

(110

)

Net periodic other postretirement cost

 

$

64

 

 

$

69

 

Contributions paid

 

$

397

 

 

$

386

 

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

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

Retirement pension benefits:

 

 

 

United States

 

$

433

 

United Kingdom

 

 

258

 

Japan

 

 

—

 

Germany

 

 

1,162

 

Other postretirement benefits

 

 

1,982

 
v3.25.4
Stockholders' Equity
 3 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity

Note 21. Stockholders’ equity

Common stock and treasury stock

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

 

 

Common Stock

 

 

Treasury Stock

 

 

Treasury stock held for deferred compensation

 

Balances as of September 30, 2024

 

 

72,960

 

 

 

(13,787

)

 

 

(45

)

Purchase of treasury stock

 

 

—

 

 

 

(206

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

381

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

5

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

15

 

Balances as of December 31, 2024

 

 

72,960

 

 

 

(13,607

)

 

 

(31

)

 

 

 

 

 

 

 

 

 

Balances as of September 30, 2025

 

 

72,960

 

 

 

(13,060

)

 

 

(28

)

Purchase of treasury stock

 

 

—

 

 

 

(455

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

341

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

—

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

1

 

Balances as of December 31, 2025

 

 

72,960

 

 

 

(13,174

)

 

 

(28

)

Stock repurchase program

In January 2024, the Board of Directors of the Company (the "Board") authorized a program for the repurchase of up to $600,000 of Woodward’s outstanding shares of common stock on the open market or in privately negotiated transactions over a three-year period ending in January 2027 (the “2024 Authorization”). During the three months ended December 31, 2025, Woodward repurchased 153 shares of its common stock for $39,145 under the 2024 Authorization, all held for reissuance. During the three months ended December 31, 2024, Woodward repurchased 206 shares of its common stock for $35,473 under the 2024 Authorization, all held for reissuance.

In November 2025, Woodward completed the 2024 Authorization, consequently, the Board authorized a new program for the repurchase of up to $1,800,000 of Woodward’s outstanding shares of common stock on the open market or in privately negotiated transactions over a three-year period ending in November 2028 (the "2026 Authorization"). During the three months ended December 31, 2025, Woodward repurchased 302 shares of its common stock for $90,242 under the 2026 Authorization all held for reissuance.

Stock-based compensation

Provisions governing non-qualified stock option awards ("stock options" or "options"), restricted stock units ("RSUs"), and performance restricted stock units ("PSUs") are included in the 2017 Omnibus Incentive Plan, as amended from time to time (the “2017 Plan”) and, with respect to outstanding stock options awarded in or prior to fiscal year 2016, the 2006 Omnibus Incentive Plan (the “2006 Plan”).

The 2017 Plan was first approved by Woodward’s stockholders in January 2017 and is the successor plan to the 2006 Plan. The Board delegated authority to administer the 2017 Plan to the Human Capital & Compensation Committee of the Board, including, but not limited to, the power to determine the recipients of awards and the terms of those awards.

Stock options

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

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

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

 

 

Three Months Ended December 31, 2025

 

 

 

Number of options

 

 

Weighted-Average Exercise Price per Share

 

Beginning balance

 

 

2,249

 

 

$

91.25

 

Granted

 

 

—

 

 

 

—

 

Exercised

 

 

(307

)

 

 

83.46

 

Forfeited

 

 

—

 

 

 

—

 

Ending balance

 

 

1,942

 

 

$

92.48

 

Changes in non-vested stock options were as follows:

 

 

Three Months Ended December 31, 2025

 

 

 

Number of options

 

 

Weighted-Average Grant Date Fair Value per Share

 

Beginning balance

 

 

473

 

 

$

43.40

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(226

)

 

 

37.99

 

Forfeited

 

 

—

 

 

 

—

 

Ending balance

 

 

247

 

 

$

48.33

 

Information about stock options that have vested, or are expected to vest, and are exercisable at December 31, 2025 was as follows:

 

 

Number of options

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Life in Years

 

 

Aggregate Intrinsic Value

 

Options outstanding

 

 

1,942

 

 

$

92.48

 

 

 

4.8

 

 

$

407,571

 

Options vested and exercisable

 

 

1,695

 

 

 

89.09

 

 

 

4.4

 

 

 

361,414

 

Options vested and expected to vest

 

 

1,934

 

 

 

92.27

 

 

 

4.8

 

 

 

406,205

 

Restricted stock units

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

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

A summary of the activity for RSUs:

 

 

Three Months Ended December 31, 2025

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

309

 

 

$

148.31

 

Granted

 

 

7

 

 

 

264.77

 

Released

 

 

(50

)

 

 

106.12

 

Forfeited

 

 

(2

)

 

 

99.92

 

Ending balance

 

 

264

 

 

$

159.51

 

 

Performance restricted stock units

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

Market condition awards

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

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

 

 

December 31, 2025

 

 

December 31, 2024

 

 

December 31, 2023

 

Expected volatility

 

 

30.7

%

 

 

30.9

%

 

 

30.2

%

Risk free interest rate

 

 

3.4

%

 

 

4.1

%

 

 

4.5

%

Expected life

 

3 years

 

 

3 years

 

 

3 years

 

Grant date fair value

 

$

367.56

 

 

$

196.63

 

 

$

146.47

 

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

A summary of the activity for market condition awards:

 

 

Three Months Ended December 31, 2025

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

104

 

 

$

167.17

 

Granted

 

 

15

 

 

 

367.56

 

Forfeited

 

 

—

 

 

 

—

 

Ending balance

 

 

119

 

 

$

193.39

 

Performance condition awards

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

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

A summary of the activity for performance condition awards:

 

 

Three Months Ended December 31, 2025

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

—

 

 

$

—

 

Granted

 

 

15

 

 

 

298.15

 

Forfeited

 

 

—

 

 

 

—

 

Ending balance

 

 

15

 

 

$

298.15

 

 

Stock-based compensation expense

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

At December 31, 2025, there was approximately $34,488 of total unrecognized compensation expense related to non-vested stock-based compensation arrangements, including stock options, RSUs, and PSUs. The pre-vesting forfeiture rates for purposes of determining stock-based compensation expense recognized were estimated to be 0% for members of the Board and 7.4% for all others. The remaining unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 2 years.
v3.25.4
Commitments and Contingencies
 3 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 22. Commitments and contingencies

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

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

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

Under the Company’s severance and change in control agreements with its current corporate officers, Woodward would be required to pay termination benefits to any such officer if such officer’s employment is terminated without Cause or for Good Reason (as each term is defined therein). The amount of such benefits would vary depending on whether such termination occurs during a specified period within a change of control.
v3.25.4
Segment Information
 3 Months Ended
Dec. 31, 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:

 

Three Months Ended December 31,

 

 

2025

 

 

Aerospace

 

 

Industrial

 

 

Total

 

Net sales

$

634,897

 

 

$

361,557

 

 

$

996,454

 

Cost of goods sold

 

453,800

 

 

 

250,161

 

 

 

703,961

 

Selling, general and administrative expenses

 

28,619

 

 

 

30,789

 

 

 

59,408

 

Research and development costs

 

22,018

 

 

 

14,272

 

 

 

36,290

 

Other segment items1

 

(17,935

)

 

 

(659

)

 

 

(18,594

)

Reportable segment operating profit

$

148,395

 

 

$

66,994

 

 

$

215,389

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

2024

 

 

Aerospace

 

 

Industrial

 

 

Total

 

Net sales

$

493,882

 

 

$

278,843

 

 

$

772,725

 

Cost of goods sold

 

375,752

 

 

 

206,919

 

 

 

582,671

 

Selling, general and administrative expenses

 

18,475

 

 

 

21,104

 

 

 

39,579

 

Research and development costs

 

17,628

 

 

 

11,266

 

 

 

28,894

 

Other segment items1

 

(12,698

)

 

 

(643

)

 

 

(13,341

)

Reportable segment operating profit

$

94,725

 

 

$

40,197

 

 

$

134,922

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

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Reportable segment operating profit

 

$

215,389

 

 

$

134,922

 

Nonsegment expenses

 

 

(36,595

)

 

 

(22,104

)

Interest expense, net

 

 

(9,643

)

 

 

(10,964

)

Consolidated earnings before income taxes

 

$

169,151

 

 

$

101,854

 

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

 

 

December 31, 2025

 

 

September 30, 2025

 

Segment assets:

 

 

 

 

 

 

Aerospace

 

$

2,134,719

 

 

$

2,110,805

 

Industrial

 

 

1,491,531

 

 

 

1,501,503

 

Unallocated corporate property, plant, and equipment, net

 

 

119,481

 

 

 

120,502

 

Other unallocated assets

 

 

988,166

 

 

 

897,333

 

Consolidated total assets

 

$

4,733,897

 

 

$

4,630,143

 

 

A summary of consolidated depreciation and amortization and consolidated capital expenditures was as follows:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Segment depreciation and amortization:

 

 

 

 

 

 

Aerospace

 

$

13,065

 

 

$

12,734

 

Industrial

 

 

12,782

 

 

 

12,136

 

Unallocated corporate amounts

 

 

3,191

 

 

 

3,006

 

Consolidated depreciation and amortization

 

$

29,038

 

 

$

27,876

 

 

 

 

 

 

 

 

Segment capital expenditures:

 

 

 

 

 

 

Aerospace

 

$

23,663

 

 

$

8,627

 

Industrial

 

 

10,876

 

 

 

4,823

 

Unallocated corporate amounts

 

 

9,590

 

 

 

20,124

 

Consolidated capital expenditures

 

$

44,129

 

 

$

33,574

 
v3.25.4
Subsequent Events
 3 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

Note 24. Subsequent events

On January 28, 2026, the Board declared a cash dividend of $0.32 per share for the quarter, payable on March 5, 2026 for stockholders of record as of February 19, 2026.

On January 12, 2026, the Company approved a plan to wind-down its on-highway natural gas truck manufacturing operations in China (the “China OH Business”). This decision follows prior unsuccessful efforts to divest the China OH Business and is a strategic step to align the Industrial segment portfolio with priority end-markets and long-term growth opportunities. The China OH Business has not significantly contributed to the Company's overall financial performance on a consistent basis. The wind-down is expected to be substantially completed by the end of fiscal year 2026.

In connection with this action, the Company expects to incur pre-tax charges of approximately $20,000 to $25,000. The majority of these charges are expected to be recognized in the second and third quarters of fiscal year 2026.
v3.25.4
Revenue (Tables)
 3 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Recognition Time

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

 

 

Three Months Ended December 31, 2025

 

 

Three Months Ended December 31, 2024

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

253,645

 

 

$

213,971

 

 

$

467,616

 

 

$

191,985

 

 

$

155,068

 

 

$

347,053

 

Over time

 

 

381,252

 

 

 

147,586

 

 

 

528,838

 

 

 

301,897

 

 

 

123,775

 

 

 

425,672

 

Total net sales

 

$

634,897

 

 

$

361,557

 

 

$

996,454

 

 

$

493,882

 

 

$

278,843

 

 

$

772,725

 
Schedule of Accounts Receivable

Accounts receivable consisted of the following:

 

 

December 31, 2025

 

 

September 30, 2025

 

Billed receivables

 

 

 

 

 

 

Trade accounts receivable

 

$

413,842

 

 

$

477,217

 

Other (Chinese financial institutions)

 

 

—

 

 

 

104

 

Total billed receivables

 

 

413,842

 

 

 

477,321

 

Current unbilled receivables (contract assets)

 

 

396,344

 

 

 

363,520

 

Total accounts receivable

 

 

810,186

 

 

 

840,841

 

Less: Allowance for uncollectible amounts

 

 

(13,426

)

 

 

(9,725

)

Total accounts receivable, net

 

$

796,760

 

 

$

831,116

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

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Balance, beginning

 

$

9,725

 

 

$

7,738

 

Changes in estimates

 

 

3,629

 

 

 

207

 

Write-offs

 

 

(78

)

 

 

—

 

Other1

 

 

150

 

 

 

(152

)

Balance, ending

 

$

13,426

 

 

$

7,793

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

Contract liabilities consisted of the following:

 

 

December 31, 2025

 

 

September 30, 2025

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Deferred revenue from material rights from JV formation

 

$

7,494

 

 

$

227,583

 

 

$

7,298

 

 

$

229,878

 

Deferred revenue from advanced invoicing and/or prepayments from customers

 

 

13,553

 

 

 

722

 

 

 

14,944

 

 

 

2,115

 

Liability related to customer supplied inventory

 

 

20,109

 

 

 

—

 

 

 

19,640

 

 

 

—

 

Deferred revenue from material rights related to engineering and development funding

 

 

7,988

 

 

 

192,440

 

 

 

7,353

 

 

 

199,465

 

Net contract liabilities

 

$

49,144

 

 

$

420,745

 

 

$

49,235

 

 

$

431,458

 
Schedule of Disaggregation of Revenue

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Commercial OEM

 

$

187,939

 

 

$

154,076

 

Commercial services

 

 

244,906

 

 

 

163,850

 

Defense OEM

 

 

138,233

 

 

 

112,782

 

Defense services

 

 

63,819

 

 

 

63,174

 

Total Aerospace segment net sales

 

$

634,897

 

 

$

493,882

 

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Power generation

 

$

122,840

 

 

$

115,008

 

Transportation

 

 

166,308

 

 

 

107,265

 

Oil and gas

 

 

72,409

 

 

 

56,570

 

Total Industrial segment net sales

 

$

361,557

 

 

$

278,843

 

Based on changes in market dynamics, the Company has refined its Industrial end market presentation to better align certain sales within power generation, transportation, and oil and gas. Accordingly, sales for the three months ended

December 31, 2024 have been reclassified for comparability. The reclassification had no impact on total Industrial segment net sales or the Company's financial results.

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

 

 

Three Months Ended December 31, 2025

 

Three Months Ended December 31, 2024

Aerospace

 

GE Aerospace, The Boeing Company, RTX Corporation

 

RTX Corporation, GE Aerospace, The Boeing Company

Industrial

 

Rolls-Royce PLC, Weichai Power

 

Rolls-Royce PLC, GE Vernova, Inc.
v3.25.4
Earnings Per Share (Tables)
 3 Months Ended
Dec. 31, 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:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

Net earnings

 

$

133,719

 

 

$

87,091

 

Denominator:

 

 

 

 

 

 

Basic shares outstanding

 

 

59,837

 

 

 

59,216

 

Dilutive effect of stock options; restricted and performance stock units

 

 

1,753

 

 

 

1,925

 

Diluted shares outstanding

 

 

61,590

 

 

 

61,141

 

Income per common share:

 

 

 

 

 

 

Basic earnings per share

 

$

2.23

 

 

$

1.47

 

Diluted earnings per share

 

$

2.17

 

 

$

1.42

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

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Restricted stock and option awards

 

 

12

 

 

 

16

 

Weighted-average price

 

$

—

 

 

$

—

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

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Weighted-average treasury stock shares held for deferred compensation obligations

 

 

29

 

 

 

38

 
v3.25.4
Leases (Tables)
 3 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lease-Related Assets and Liabilities

Lease-related assets and liabilities were as follows:

 

 

Classification on the Condensed Consolidated Balance Sheets

 

December 31, 2025

 

 

September 30, 2025

 

Assets:

 

 

 

 

 

 

 

 

Operating lease

 

Other assets

 

$

23,794

 

 

$

25,274

 

Finance lease

 

Property, plant, and equipment, net

 

 

2,573

 

 

 

2,896

 

Total lease assets

 

 

 

 

26,367

 

 

 

28,170

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Operating lease

 

Accrued liabilities

 

 

5,387

 

 

 

5,465

 

Finance lease

 

Current portion of long-term debt

 

 

1,043

 

 

 

1,032

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Operating lease

 

Other liabilities

 

 

19,079

 

 

 

20,199

 

Finance lease

 

Long-term debt, less current portion

 

 

1,635

 

 

 

1,902

 

Total lease liabilities

 

 

 

$

27,144

 

 

$

28,598

 
Lease-Related Expenses

Lease-related expenses were as follows:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Operating lease expense

 

$

2,058

 

 

$

1,796

 

Amortization of finance lease assets

 

 

242

 

 

 

241

 

Interest on finance lease liabilities

 

 

33

 

 

 

44

 

Variable lease expense

 

 

399

 

 

 

193

 

Short-term lease expense

 

 

26

 

 

 

53

 

Total lease expense

 

$

2,758

 

 

$

2,327

 
Lease-Related Supplemental Cash Flow Information

Lease-related supplemental cash flow information was as follows:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

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

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

1,614

 

 

$

1,534

 

Operating cash flows for finance leases

 

 

33

 

 

 

44

 

Financing cash flows for finance leases

 

 

253

 

 

 

235

 

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

 

 

 

 

 

 

Operating leases

 

 

224

 

 

 

476

 

Finance leases

 

 

—

 

 

 

1,069

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

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

 

 

December 31, 2025

 

 

September 30, 2025

 

Property, plant, and equipment

 

$

41,915

 

 

$

41,593

 

Less accumulated depreciation

 

 

(29,899

)

 

 

(29,110

)

Property, plant, and equipment, net

 

$

12,016

 

 

$

12,483

 
v3.25.4
Joint Venture (Tables)
 3 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Unamortized Deferred Revenue from JV

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

 

 

December 31, 2025

 

 

September 30, 2025

 

Accrued liabilities

 

$

7,494

 

 

$

7,298

 

Other liabilities

 

 

227,583

 

 

 

229,878

 
Other Income Related JV

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Other income

 

$

15,377

 

 

$

10,156

 
Cash Distribution from JV

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Cash distributions

 

$

14,000

 

 

$

11,000

 
Net Sales to the JV

Net sales to the JV were as follows:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Net sales

 

$

24,555

 

 

$

20,696

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

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

 

 

December 31, 2025

 

 

September 30, 2025

 

Accounts receivable

 

$

4,131

 

 

$

5,377

 

Accounts payable

 

 

7,591

 

 

 

8,370

 

Other assets

 

 

24,446

 

 

 

23,069

 
v3.25.4
Financial Instruments and Fair Value Measurements (Tables)
 3 Months Ended
Dec. 31, 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 December 31, 2025

 

 

At September 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in money markets and depository accounts

 

$

87,573

 

 

$

—

 

 

$

—

 

 

$

87,573

 

 

$

30,256

 

 

$

—

 

 

$

—

 

 

$

30,256

 

Equity securities

 

 

41,671

 

 

 

—

 

 

 

—

 

 

 

41,671

 

 

 

37,846

 

 

 

—

 

 

 

—

 

 

 

37,846

 

Total financial assets

 

$

129,244

 

 

$

—

 

 

$

—

 

 

$

129,244

 

 

$

68,102

 

 

$

—

 

 

$

—

 

 

$

68,102

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cross-currency interest rate swaps

 

$

—

 

 

$

25,612

 

 

$

—

 

 

$

25,612

 

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

27,406

 

Total financial liabilities

 

$

—

 

 

$

25,612

 

 

$

—

 

 

$

25,612

 

 

$

—

 

 

$

27,406

 

 

$

—

 

 

$

27,406

 
Estimated Fair Values of Financial Instruments

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

 

 

 

 

At December 31, 2025

 

 

At September 30, 2025

 

 

 

Fair Value
Hierarchy
Level

 

Estimated
Fair Value

 

 

Carrying
Cost

 

 

Estimated
Fair Value

 

 

Carrying
Cost

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes receivable from municipalities

 

2

 

$

5,055

 

 

$

5,007

 

 

$

5,444

 

 

$

5,392

 

Investments in short-term time deposits

 

2

 

 

66

 

 

 

65

 

 

 

67

 

 

 

66

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

2

 

 

493,326

 

 

 

505,638

 

 

 

566,582

 

 

 

580,547

 
v3.25.4
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Dec. 31, 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:

 

 

 

 

Three months ended December 31,

 

Derivatives in:

 

Location

 

2025

 

 

2024

 

Loss (gain) reclassified from accumulated OCI into earnings

 

Selling, general and administrative expenses

 

$

534

 

 

$

(27,683

)

(Gain) recognized in accumulated OCI

 

Selling, general and administrative expenses

 

 

(1,848

)

 

 

(20,368

)
v3.25.4
Supplemental Statement of Cash Flows Information (Tables)
 3 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Information [Abstract]  
Schedule of Supplemental Statement of Cash Flows Information

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Interest paid

 

$

11,150

 

 

$

13,158

 

Income taxes paid

 

 

11,588

 

 

 

11,060

 

Income tax refunds received

 

 

1,222

 

 

 

1,119

 

Non-cash activities:

 

 

 

 

 

 

Purchases of property, plant and equipment on account

 

 

4,706

 

 

 

3,916

 

Common shares issued from treasury to settle benefit obligations

 

 

—

 

 

 

854

 

Receivables related to business acquisitions and divestitures

 

 

1,391

 

 

 

9,213

 
v3.25.4
Acquisitions and Divestitures (Tables)
 3 Months Ended
Dec. 31, 2025
Acquisitions And Divestitures [Abstract]  
Summary of Preliminary Fair Value Determination of Assets Acquired and Liabilities Assumed The following table presents the preliminary fair‑value determinations included in the Condensed Consolidated Balance Sheet as of December 31, 2025:

 

 

December 31, 2025

 

Assets:

 

 

 

Accounts Receivable

 

$

6,103

 

Inventories

 

 

11,833

 

Other current assets

 

 

3,125

 

Property, plant, and equipment

 

 

6,945

 

Goodwill

 

 

17,462

 

Other assets

 

 

4,527

 

Total assets

 

$

49,995

 

Liabilities:

 

 

 

Accrued liabilities

 

$

4,447

 

Accounts payable

 

 

588

 

Income tax payable

 

 

189

 

Other noncurrent liabilities

 

 

4,485

 

Total liabilities

 

$

9,709

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

 

 

March 31, 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

 
v3.25.4
Inventories (Tables)
 3 Months Ended
Dec. 31, 2025
Inventory, Net [Abstract]  
Schedule of Inventories

 

 

December 31, 2025

 

 

September 30, 2025

 

Raw materials

 

$

211,680

 

 

$

192,373

 

Work in progress

 

 

169,849

 

 

 

163,275

 

Component parts(1)

 

 

410,758

 

 

 

382,650

 

Finished goods

 

 

99,276

 

 

 

102,746

 

Customer supplied inventory

 

 

20,109

 

 

 

19,640

 

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

 

 

(222,455

)

 

 

(206,076

)

 

$

689,217

 

 

$

654,608

 
(1)
Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.
v3.25.4
Property, Plant, and Equipment (Tables)
 3 Months Ended
Dec. 31, 2025
Property, Plant and Equipment, Net [Abstract]  
Schedule of Property Plant and Equipment, Net

 

 

December 31, 2025

 

 

September 30, 2025

 

Land and land improvements

 

$

103,903

 

 

$

95,172

 

Buildings and building improvements

 

 

630,593

 

 

 

626,144

 

Leasehold improvements

 

 

15,932

 

 

 

15,900

 

Machinery and production equipment

 

 

891,257

 

 

 

885,473

 

Computer equipment and software

 

 

118,175

 

 

 

116,706

 

Office furniture and equipment

 

 

43,612

 

 

 

43,312

 

Other

 

 

33,610

 

 

 

33,591

 

Construction in progress

 

 

127,588

 

 

 

111,580

 

 

 

1,964,670

 

 

 

1,927,878

 

Less accumulated depreciation

 

 

(962,483

)

 

 

(941,255

)

Property, plant, and equipment, net

 

$

1,002,187

 

 

$

986,623

 
Schedule of Depreciation Expense

Woodward had depreciation expense as follows:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Depreciation expense

 

$

21,696

 

 

$

20,962

 
v3.25.4
Goodwill (Tables)
 3 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill

 

 

September 30, 2025

 

 

Reduction from Working Capital Adjustment

 

 

Effects of Foreign Currency Translation

 

 

December 31, 2025

 

Aerospace

 

$

473,779

 

 

$

(931

)

 

$

84

 

 

$

472,932

 

Industrial

 

 

358,509

 

 

 

—

 

 

 

624

 

 

 

359,133

 

Consolidated

 

$

832,288

 

 

$

(931

)

 

$

708

 

 

$

832,065

 
v3.25.4
Intangible Assets, Net (Tables)
 3 Months Ended
Dec. 31, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Finite-lived and Indefinite-lived Intangible Assets by Major Class

 

 

December 31, 2025

 

 

September 30, 2025

 

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

Intangible assets with finite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

281,683

 

 

$

(252,348

)

 

$

29,335

 

 

$

281,683

 

 

$

(251,109

)

 

$

30,574

 

Industrial

 

 

402,534

 

 

 

(131,270

)

 

 

271,264

 

 

 

401,778

 

 

 

(125,909

)

 

 

275,869

 

Total

 

$

684,217

 

 

$

(383,618

)

 

$

300,599

 

 

$

683,461

 

 

$

(377,018

)

 

$

306,443

 

Intellectual property:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

3,139

 

 

 

(3,139

)

 

 

—

 

 

 

3,139

 

 

 

(3,139

)

 

 

—

 

Total

 

$

3,139

 

 

$

(3,139

)

 

$

—

 

 

$

3,139

 

 

$

(3,139

)

 

$

—

 

Process technology:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

44,570

 

 

$

(41,127

)

 

$

3,443

 

 

$

44,570

 

 

$

(40,973

)

 

$

3,597

 

Industrial

 

 

91,765

 

 

 

(38,534

)

 

 

53,231

 

 

 

87,640

 

 

 

(37,610

)

 

 

50,030

 

Total

 

$

136,335

 

 

$

(79,661

)

 

$

56,674

 

 

$

132,210

 

 

$

(78,583

)

 

$

53,627

 

Intangible asset with indefinite life:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade name:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

68,135

 

 

 

—

 

 

 

68,135

 

 

 

68,010

 

 

 

—

 

 

 

68,010

 

Total

 

$

68,135

 

 

$

—

 

 

$

68,135

 

 

$

68,010

 

 

$

—

 

 

$

68,010

 

Total intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

326,253

 

 

$

(293,475

)

 

$

32,778

 

 

$

326,253

 

 

$

(292,082

)

 

$

34,171

 

Industrial

 

 

565,573

 

 

 

(172,943

)

 

 

392,630

 

 

 

560,567

 

 

 

(166,658

)

 

 

393,909

 

Consolidated Total

 

$

891,826

 

 

$

(466,418

)

 

$

425,408

 

 

$

886,820

 

 

$

(458,740

)

 

$

428,080

 
Schedule of Finite-Lived Intangible Assets Amortization Expense

Woodward recorded amortization expense associated with intangibles of the following:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Amortization expense

 

$

7,342

 

 

$

6,914

 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Future amortization expense associated with intangibles is expected to be:

Year Ending September 30:

 

 

 

2026 (Remaining)

 

$

21,932

 

2027

 

 

29,381

 

2028

 

 

29,023

 

2029

 

 

28,118

 

2030

 

 

28,090

 

Thereafter

 

 

220,729

 

 

$

357,273

 
v3.25.4
Credit Facilities, Short-term Borrowings and Long-term Debt (Tables)
 3 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Short-term Borrowings and Availability Under Various Short-term Credit Facilities

As of December 31, 2025, Woodward’s short-term borrowings and availability under its various short-term credit facilities were as follows:

 

 

Total availability

 

 

Outstanding letters of credit and guarantees

 

 

Banker acceptance notes issued

 

 

Outstanding
borrowings

 

 

Remaining
availability

 

Revolving credit facility

 

$

1,000,000

 

 

$

(7,869

)

 

$

—

 

 

$

(383,000

)

 

$

609,131

 

Foreign lines of credit and overdraft facilities

 

 

25,600

 

 

 

(93

)

 

 

(192

)

 

 

—

 

 

 

25,315

 

Foreign performance guarantee facilities

 

 

87

 

 

 

(52

)

 

 

—

 

 

 

—

 

 

 

35

 

 

 

$

1,025,687

 

 

$

(8,014

)

 

$

(192

)

 

$

(383,000

)

 

$

634,481

 

 
v3.25.4
Accrued Liabilities (Tables)
 3 Months Ended
Dec. 31, 2025
Accrued Liabilities, Current [Abstract]  
Accrued Liabilities

 

 

December 31, 2025

 

 

September 30, 2025

 

Salaries and other member benefits

 

$

117,049

 

 

$

175,110

 

Product warranties and related liabilities

 

 

17,773

 

 

 

25,504

 

Interest payable

 

 

2,920

 

 

 

10,211

 

Accrued retirement benefits

 

 

2,949

 

 

 

2,986

 

Net current contract liabilities

 

 

49,144

 

 

 

49,235

 

Taxes, other than income

 

 

18,746

 

 

 

15,367

 

Other

 

 

37,107

 

 

 

34,670

 

 

$

245,688

 

 

$

313,083

 
Changes in Accrued Product Warranties and Related Liabilities

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Beginning of period

 

$

25,504

 

 

$

18,844

 

Additions, net of recoveries

 

 

2,379

 

 

 

3,505

 

Reductions for settlement

 

 

(10,120

)

 

 

(3,014

)

Foreign currency exchange rate changes

 

 

10

 

 

 

(327

)

End of period

 

$

17,773

 

 

$

19,008

 
v3.25.4
Other Liabilities (Tables)
 3 Months Ended
Dec. 31, 2025
Other Liabilities, Noncurrent [Abstract]  
Schedule of Other Liabilities

 

 

December 31, 2025

 

 

September 30, 2025

 

Net accrued retirement benefits, less amounts recognized within accrued liabilities

 

$

91,969

 

 

$

88,112

 

Total unrecognized tax benefits

 

 

13,052

 

 

 

12,130

 

Deferred economic incentives (1)

 

 

5,881

 

 

 

6,158

 

Noncurrent operating lease liabilities

 

 

19,079

 

 

 

20,199

 

Net noncurrent contract liabilities

 

 

420,745

 

 

 

431,458

 

Cross-currency swap derivative liability

 

 

25,612

 

 

 

27,406

 

Other

 

 

6,283

 

 

 

6,264

 

 

 

$

582,621

 

 

$

591,727

 
(1)
Woodward receives certain economic incentives from various state and local authorities related to capital expansion projects. Such amounts are initially recorded as deferred credits and are being recognized as a reduction to pre-tax expense over the economic lives of the related capital expansion projects.
v3.25.4
Other Income, Net (Tables)
 3 Months Ended
Dec. 31, 2025
Nonoperating income [Abstract]  
Schedule of Other Income, Net

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Equity interest in the earnings of the JV

 

$

(15,377

)

 

$

(10,156

)

Rent income

 

 

(91

)

 

 

(86

)

Net loss (gain) on sales of assets and businesses

 

 

18

 

 

 

(9,243

)

Net (gain) loss on investments in deferred compensation program

 

 

(607

)

 

 

99

 

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

 

 

(3,293

)

 

 

(3,316

)

Other

 

 

(24

)

 

 

(385

)

 

$

(19,374

)

 

$

(23,087

)
v3.25.4
Income Taxes (Tables)
 3 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Tax Expense and Effective Tax Rate

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Earnings before income taxes

 

$

169,151

 

 

$

101,854

 

Income tax expense

 

 

35,432

 

 

 

14,763

 

Effective tax rate

 

 

20.9

%

 

 

14.5

%
v3.25.4
Retirement Benefits (Tables)
 3 Months Ended
Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Amount of Expense Associated with Defined Contribution Plans he amount of expense associated with defined contribution plans were as follows:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Company costs

 

$

14,741

 

 

$

12,343

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

Retirement pension benefits:

 

 

 

United States

 

$

433

 

United Kingdom

 

 

258

 

Japan

 

 

—

 

Germany

 

 

1,162

 

Other postretirement benefits

 

 

1,982

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

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

 

 

Three Months Ended December 31,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

199

 

 

$

229

 

 

$

335

 

 

$

348

 

 

$

534

 

 

$

577

 

Interest cost

 

 

1,770

 

 

 

1,719

 

 

 

786

 

 

 

728

 

 

 

2,556

 

 

 

2,447

 

Expected return on plan assets

 

 

(2,618

)

 

 

(2,748

)

 

 

(635

)

 

 

(614

)

 

 

(3,253

)

 

 

(3,362

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

 

34

 

 

 

43

 

 

 

(120

)

 

 

(100

)

 

 

(86

)

 

 

(57

)

Prior service cost

 

 

129

 

 

 

191

 

 

 

6

 

 

 

6

 

 

 

135

 

 

 

197

 

Net periodic retirement pension (benefit) cost

 

$

(486

)

 

$

(566

)

 

$

372

 

 

$

368

 

 

$

(114

)

 

$

(198

)

Contributions paid

 

$

—

 

 

$

—

 

 

$

420

 

 

$

384

 

 

$

420

 

 

$

384

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

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Interest cost

 

$

177

 

 

$

179

 

Amortization of:

 

 

 

 

 

 

Net actuarial gain

 

 

(113

)

 

 

(110

)

Net periodic other postretirement cost

 

$

64

 

 

$

69

 

Contributions paid

 

$

397

 

 

$

386

 
v3.25.4
Stockholders' Equity (Tables)
 3 Months Ended
Dec. 31, 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 was as follows:

 

 

Common Stock

 

 

Treasury Stock

 

 

Treasury stock held for deferred compensation

 

Balances as of September 30, 2024

 

 

72,960

 

 

 

(13,787

)

 

 

(45

)

Purchase of treasury stock

 

 

—

 

 

 

(206

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

381

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

5

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

15

 

Balances as of December 31, 2024

 

 

72,960

 

 

 

(13,607

)

 

 

(31

)

 

 

 

 

 

 

 

 

 

Balances as of September 30, 2025

 

 

72,960

 

 

 

(13,060

)

 

 

(28

)

Purchase of treasury stock

 

 

—

 

 

 

(455

)

 

 

—

 

Sales of treasury stock

 

 

—

 

 

 

341

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

—

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

1

 

Balances as of December 31, 2025

 

 

72,960

 

 

 

(13,174

)

 

 

(28

)
Summary of Activity for RSUs

A summary of the activity for RSUs:

 

 

Three Months Ended December 31, 2025

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

309

 

 

$

148.31

 

Granted

 

 

7

 

 

 

264.77

 

Released

 

 

(50

)

 

 

106.12

 

Forfeited

 

 

(2

)

 

 

99.92

 

Ending balance

 

 

264

 

 

$

159.51

 

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

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

 

 

Three Months Ended December 31, 2025

 

 

 

Number of options

 

 

Weighted-Average Exercise Price per Share

 

Beginning balance

 

 

2,249

 

 

$

91.25

 

Granted

 

 

—

 

 

 

—

 

Exercised

 

 

(307

)

 

 

83.46

 

Forfeited

 

 

—

 

 

 

—

 

Ending balance

 

 

1,942

 

 

$

92.48

 
Changes in Non-vested Stock Options

Changes in non-vested stock options were as follows:

 

 

Three Months Ended December 31, 2025

 

 

 

Number of options

 

 

Weighted-Average Grant Date Fair Value per Share

 

Beginning balance

 

 

473

 

 

$

43.40

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(226

)

 

 

37.99

 

Forfeited

 

 

—

 

 

 

—

 

Ending balance

 

 

247

 

 

$

48.33

 
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 December 31, 2025 was as follows:

 

 

Number of options

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Life in Years

 

 

Aggregate Intrinsic Value

 

Options outstanding

 

 

1,942

 

 

$

92.48

 

 

 

4.8

 

 

$

407,571

 

Options vested and exercisable

 

 

1,695

 

 

 

89.09

 

 

 

4.4

 

 

 

361,414

 

Options vested and expected to vest

 

 

1,934

 

 

 

92.27

 

 

 

4.8

 

 

 

406,205

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

 

 

December 31, 2025

 

 

December 31, 2024

 

 

December 31, 2023

 

Expected volatility

 

 

30.7

%

 

 

30.9

%

 

 

30.2

%

Risk free interest rate

 

 

3.4

%

 

 

4.1

%

 

 

4.5

%

Expected life

 

3 years

 

 

3 years

 

 

3 years

 

Grant date fair value

 

$

367.56

 

 

$

196.63

 

 

$

146.47

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

A summary of the activity for market condition awards:

 

 

Three Months Ended December 31, 2025

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

104

 

 

$

167.17

 

Granted

 

 

15

 

 

 

367.56

 

Forfeited

 

 

—

 

 

 

—

 

Ending balance

 

 

119

 

 

$

193.39

 
Performance Condition Award [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of the Activity Awards

A summary of the activity for performance condition awards:

 

 

Three Months Ended December 31, 2025

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

—

 

 

$

—

 

Granted

 

 

15

 

 

 

298.15

 

Forfeited

 

 

—

 

 

 

—

 

Ending balance

 

 

15

 

 

$

298.15

 

 
v3.25.4
Segment Information (Tables)
 3 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Summary of Consolidated Net Sales and Segment Operating Profit by Segment

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

 

Three Months Ended December 31,

 

 

2025

 

 

Aerospace

 

 

Industrial

 

 

Total

 

Net sales

$

634,897

 

 

$

361,557

 

 

$

996,454

 

Cost of goods sold

 

453,800

 

 

 

250,161

 

 

 

703,961

 

Selling, general and administrative expenses

 

28,619

 

 

 

30,789

 

 

 

59,408

 

Research and development costs

 

22,018

 

 

 

14,272

 

 

 

36,290

 

Other segment items1

 

(17,935

)

 

 

(659

)

 

 

(18,594

)

Reportable segment operating profit

$

148,395

 

 

$

66,994

 

 

$

215,389

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

2024

 

 

Aerospace

 

 

Industrial

 

 

Total

 

Net sales

$

493,882

 

 

$

278,843

 

 

$

772,725

 

Cost of goods sold

 

375,752

 

 

 

206,919

 

 

 

582,671

 

Selling, general and administrative expenses

 

18,475

 

 

 

21,104

 

 

 

39,579

 

Research and development costs

 

17,628

 

 

 

11,266

 

 

 

28,894

 

Other segment items1

 

(12,698

)

 

 

(643

)

 

 

(13,341

)

Reportable segment operating profit

$

94,725

 

 

$

40,197

 

 

$

134,922

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

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

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Reportable segment operating profit

 

$

215,389

 

 

$

134,922

 

Nonsegment expenses

 

 

(36,595

)

 

 

(22,104

)

Interest expense, net

 

 

(9,643

)

 

 

(10,964

)

Consolidated earnings before income taxes

 

$

169,151

 

 

$

101,854

 
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 was as follows:

 

 

December 31, 2025

 

 

September 30, 2025

 

Segment assets:

 

 

 

 

 

 

Aerospace

 

$

2,134,719

 

 

$

2,110,805

 

Industrial

 

 

1,491,531

 

 

 

1,501,503

 

Unallocated corporate property, plant, and equipment, net

 

 

119,481

 

 

 

120,502

 

Other unallocated assets

 

 

988,166

 

 

 

897,333

 

Consolidated total assets

 

$

4,733,897

 

 

$

4,630,143

 

 

A summary of consolidated depreciation and amortization and consolidated capital expenditures was as follows:

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Segment depreciation and amortization:

 

 

 

 

 

 

Aerospace

 

$

13,065

 

 

$

12,734

 

Industrial

 

 

12,782

 

 

 

12,136

 

Unallocated corporate amounts

 

 

3,191

 

 

 

3,006

 

Consolidated depreciation and amortization

 

$

29,038

 

 

$

27,876

 

 

 

 

 

 

 

 

Segment capital expenditures:

 

 

 

 

 

 

Aerospace

 

$

23,663

 

 

$

8,627

 

Industrial

 

 

10,876

 

 

 

4,823

 

Unallocated corporate amounts

 

 

9,590

 

 

 

20,124

 

Consolidated capital expenditures

 

$

44,129

 

 

$

33,574

 
v3.25.4
Revenue (Schedule of Revenue Recognition Time) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Disaggregation Of Revenue [Line Items]    
Net sales $ 996,454 $ 772,725
Aerospace [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 634,897 493,882
Industrial [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 361,557 278,843
Point In Time [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 467,616 347,053
Point In Time [Member] | Aerospace [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 253,645 191,985
Point In Time [Member] | Industrial [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 213,971 155,068
Over Time [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 528,838 425,672
Over Time [Member] | Aerospace [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 381,252 301,897
Over Time [Member] | Industrial [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales $ 147,586 $ 123,775
v3.25.4
Revenue (Schedule of Accounts Receivable) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Contract With Customer Asset [Line Items]    
Total billed receivables $ 413,842 $ 477,321
Current unbilled receivables (contract assets) 396,344 363,520
Total accounts receivable 810,186 840,841
Less: Allowance for uncollectible amounts (13,426) (9,725)
Total accounts receivable, net 796,760 831,116
Trade Accounts Receivable [Member]    
Contract With Customer Asset [Line Items]    
Billed receivables $ 413,842 477,217
Other (Chinese Financial Institutions) [Member]    
Contract With Customer Asset [Line Items]    
Billed receivables   $ 104
v3.25.4
Revenue (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]      
Noncurrent unbilled receivables $ 9,161   $ 10,963
Revenue from contract liabilities $ 14,530 $ 16,083  
v3.25.4
Revenue (Schedule of Uncollectible Amounts And Change in Expected Allowance for Credit Losses for Trade Accounts Receivable and Unbilled Receivables) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Balance, beginning $ 9,725 $ 7,738
Changes in estimates 3,629 207
Write-offs (78)  
Other [1] 150 (152)
Balance, ending $ 13,426 $ 7,793
[1] Includes effects of foreign exchange rate changes during the period.
v3.25.4
Revenue (Schedule of Contract Liability) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Contract With Customer Liability [Line Items]    
Current contract liabilities $ 49,144 $ 49,235
Noncurrent contract liabilities 420,745 431,458
Deferred Revenue From Material Rights From JV Formation [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 7,494 7,298
Noncurrent contract liabilities 227,583 229,878
Deferred Revenue From Advance Invoicing And/Or Prepayments From Customers [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 13,553 14,944
Noncurrent contract liabilities 722 2,115
Liability Related To Customer Supplied Inventory [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 20,109 19,640
Deferred Revenue From Material Rights Related To Engineering And Development Funding [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 7,988 7,353
Noncurrent contract liabilities $ 192,440 $ 199,465
v3.25.4
Revenue (Narrative - Performance Obligations) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation amount $ 3,477,548 $ 3,195,156
Material Rights [Member]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation amount $ 506,806  
v3.25.4
Revenue (Narrative - Performance Obligations) (Details1) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation amount $ 3,477,548 $ 3,195,156
Material Rights [Member]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation amount $ 506,806  
Material Rights [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Period of remaining performance obligation, expected timing of satisfaction 9 months  
Remaining performance obligation amount $ 11,666  
Remaining performance obligation, expected timing of satisfaction, year 2026  
Material Rights [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Period of remaining performance obligation, expected timing of satisfaction 1 year  
Remaining performance obligation amount $ 17,480  
Remaining performance obligation, expected timing of satisfaction, year 2027  
Aerospace [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Period of remaining performance obligation, expected timing of satisfaction 2 years  
Maximum [Member] | Material Rights [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Period of remaining performance obligation, expected timing of satisfaction 40 years  
v3.25.4
Revenue (Schedule of Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Disaggregation Of Revenue [Line Items]    
Total net sales $ 996,454 $ 772,725
Aerospace [Member]    
Disaggregation Of Revenue [Line Items]    
Total net sales 634,897 493,882
Aerospace [Member] | Commercial OEM [Member]    
Disaggregation Of Revenue [Line Items]    
Total net sales 187,939 154,076
Aerospace [Member] | Commercial services    
Disaggregation Of Revenue [Line Items]    
Total net sales 244,906 163,850
Aerospace [Member] | Defense OEM [Member]    
Disaggregation Of Revenue [Line Items]    
Total net sales 138,233 112,782
Aerospace [Member] | Defense services    
Disaggregation Of Revenue [Line Items]    
Total net sales 63,819 63,174
Industrial [Member]    
Disaggregation Of Revenue [Line Items]    
Total net sales 361,557 278,843
Industrial [Member] | Power Generation [Member]    
Disaggregation Of Revenue [Line Items]    
Total net sales 122,840 115,008
Industrial [Member] | Transportation [Member]    
Disaggregation Of Revenue [Line Items]    
Total net sales 166,308 107,265
Industrial [Member] | Oil and Gas [Member]    
Disaggregation Of Revenue [Line Items]    
Total net sales $ 72,409 $ 56,570
v3.25.4
Earnings Per Share (Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Numerator:    
Net earnings $ 133,719 $ 87,091
Denominator:    
Basic shares outstanding 59,837 59,216
Dilutive effect of stock options; restricted and performance stock units 1,753 1,925
Diluted shares outstanding 61,590 61,141
Income per common share:    
Basic earnings per share $ 2.23 $ 1.47
Diluted earnings per share $ 2.17 $ 1.42
v3.25.4
Earnings Per Share (Anti-dilutive Stock Options Grants And Restricted Stock Awards Excluded from Computation of Earnings Per Share) (Details) - Restricted Stock And Option Grants Awards [Member] - $ / shares
shares in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Awards and options 12 16
Weighted-average price $ 0 $ 0
v3.25.4
Earnings Per Share (Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding) (Details) - shares
shares in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Earnings Per Share [Abstract]    
Weighted-average treasury stock shares held for deferred compensation obligations 29 38
v3.25.4
Leases (Lease-Related Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Assets:    
Operating lease assets $ 23,794 $ 25,274
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
Finance lease assets $ 2,573 $ 2,896
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Total lease assets $ 26,367 $ 28,170
Current liabilities:    
Operating lease liabilities $ 5,387 $ 5,465
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Finance lease liabilities $ 1,043 $ 1,032
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Long-Term Debt, Current Maturities Long-Term Debt, Current Maturities
Noncurrent liabilities:    
Operating lease liabilities $ 19,079 $ 20,199
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Finance lease liabilities $ 1,635 $ 1,902
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-Term Debt, Excluding Current Maturities Long-Term Debt, Excluding Current Maturities
Total lease liabilities $ 27,144 $ 28,598
v3.25.4
Leases (Lease-Related Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease expense $ 2,058 $ 1,796
Amortization of finance lease assets 242 241
Interest on finance lease liabilities 33 44
Variable lease expense 399 193
Short-term lease expense 26 53
Total lease expense $ 2,758 $ 2,327
v3.25.4
Leases (Lease-Related Supplemental Cash Flow Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,614 $ 1,534
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases 33 44
Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows for finance leases 253 235
Right-of-use assets obtained in exchange for recorded lease obligations: Operating leases $ 224 476
Right-of-use assets obtained in exchange for recorded lease obligations: Finance leases   $ 1,069
v3.25.4
Leases (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Revenue included embedded operating leases $ 1,026 $ 1,034
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Revenue from Contract with Customer, Excluding Assessed Tax Revenue from Contract with Customer, Excluding Assessed Tax
v3.25.4
Leases (Property, Plant and Equipment Leased to Others through Embedded Leasing Arrangements) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Leases [Abstract]    
Property, plant, and equipment $ 41,915 $ 41,593
Less accumulated depreciation (29,899) (29,110)
Property, plant, and equipment, net $ 12,016 $ 12,483
v3.25.4
Joint Venture (Unamortized Deferred Revenue from JV) (Details) - Woodward and General Electric Joint Venture [Member] - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Schedule Of Equity Method Investments [Line Items]    
Accrued liabilities $ 7,494 $ 7,298
Other liabilities $ 227,583 $ 229,878
v3.25.4
Joint Venture (Narrative) (Details) - Woodward and General Electric Joint Venture [Member] - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Schedule Of Equity Method Investments [Line Items]    
Ownership interest, joint venture 50.00%  
Sales [Member]    
Schedule Of Equity Method Investments [Line Items]    
Amortization of deferred gain recognized as an increase to net sales $ 2,099 $ 1,023
Reduction to sales related to royalties, associated with the contributed IP, owed to joint venture $ 20,673 $ 16,011
v3.25.4
Joint Venture (Other Income Related JV) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Schedule Of Equity Method Investments [Line Items]    
Other income $ 15,377 $ 10,156
Woodward and General Electric Joint Venture [Member]    
Schedule Of Equity Method Investments [Line Items]    
Other income $ 15,377 $ 10,156
v3.25.4
Joint Venture (Cash Distribution from JV) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Woodward and General Electric Joint Venture [Member]    
Schedule Of Equity Method Investments [Line Items]    
Cash distributions $ 14,000 $ 11,000
v3.25.4
Joint Venture (Net Sales to the JV) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Woodward and General Electric Joint Venture [Member] | Related Party [Member]    
Schedule Of Equity Method Investments [Line Items]    
Net sales $ 24,555 $ 20,696
v3.25.4
Joint Venture (Accounts Receivable, Accounts Payable, and Other Assets Related to JV) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Schedule Of Equity Method Investments [Line Items]    
Accounts receivable $ 413,842 $ 477,321
Accounts payable 269,981 289,417
Woodward and General Electric Joint Venture [Member]    
Schedule Of Equity Method Investments [Line Items]    
Other assets 24,446 23,069
Woodward and General Electric Joint Venture [Member] | Related Party [Member]    
Schedule Of Equity Method Investments [Line Items]    
Accounts receivable 4,131 5,377
Accounts payable $ 7,591 $ 8,370
v3.25.4
Financial Instruments and Fair Value Measurements (Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Sep. 30, 2024
Financial assets:      
Total financial assets $ 129,244 $ 68,102  
Financial liabilities:      
Total financial liabilities 25,612   $ 27,406
Cross Currency Interest Rate Swaps [Member]      
Financial liabilities:      
Cross-currency interest rate swaps 25,612   27,406
Level 1 [Member]      
Financial assets:      
Total financial assets 129,244 68,102  
Level 2 [Member]      
Financial liabilities:      
Total financial liabilities 25,612   27,406
Level 2 [Member] | Cross Currency Interest Rate Swaps [Member]      
Financial liabilities:      
Cross-currency interest rate swaps 25,612   $ 27,406
Investments in Banks and Financial Institutions [Member]      
Financial assets:      
Investments in money markets and depository accounts 87,573 30,256  
Investments in Banks and Financial Institutions [Member] | Level 1 [Member]      
Financial assets:      
Investments in money markets and depository accounts 87,573 30,256  
Equity Securities [Member]      
Financial assets:      
Equity securities 41,671 37,846  
Equity Securities [Member] | Level 1 [Member]      
Financial assets:      
Equity securities $ 41,671 $ 37,846  
v3.25.4
Financial Instruments and Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - Level 2 [Member] - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
ASSETS    
Investments in short-term time deposits, Estimated Fair Value $ 66 $ 67
Liabilities:    
Long-term debt, Estimated Fair Value 493,326 566,582
Investments in short-term time deposits, Carrying Cost 65 66
Long-term debt, Carrying Cost 505,638 580,547
Long Term Notes Receivable from Municipalities [Member]    
ASSETS    
Notes receivable, Estimated Fair Value 5,055 5,444
Liabilities:    
Notes receivable, Carrying Cost $ 5,007 $ 5,392
v3.25.4
Financial Instruments and Fair Value Measurements (Narrative) (Details) - Measurement Input, Discount Rate [Member]
Dec. 31, 2025
Sep. 30, 2025
Long-Term Debt [Member] | Weighted Average [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Interest rate used to measure long-term debt 4.1 4.2
Long Term Notes Receivable from Municipalities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Interest rate used to measure municipal notes 2.9 3
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 4.8 5.3
v3.25.4
Derivative Instruments and Hedging Activities (Narrative) (Details)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
May 31, 2020
USD ($)
Swap
Loan
Sep. 23, 2016
EUR (€)
Derivative Instruments Gain Loss [Line Items]          
Remaining unrecognized gains (losses) associated with derivative instruments included in AOCI $ (3,448)   $ (5,830)    
2016 Note Purchase Agreements [Member]          
Derivative Instruments Gain Loss [Line Items]          
Issuance date Sep. 23, 2016        
Face amount | €         € 160,000,000
Series M Notes [Member]          
Derivative Instruments Gain Loss [Line Items]          
Face amount | €         € 40,000,000
Maturity date Sep. 23, 2026        
Gain (Loss) on foreign currency transaction designated as a hedge of a net investment in a foreign subsidiary $ (84) $ 3,063      
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  
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  
v3.25.4
Derivative Instruments and Hedging Activities (Impact of Derivative Instruments on Earnings) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments Gain Loss [Line Items]    
Amount of (Gain) loss recognized in accumulated OCI $ 1,848 $ 20,368
Loss (gain) reclassified from accumulated OCI into earnings | Cash Flow Hedging    
Derivative Instruments Gain Loss [Line Items]    
Amount of Loss (gain) reclassified from accumulated OCI into earnings $ 534 $ (27,683)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, General and Administrative Expense Selling, General and Administrative Expense
(Gain) recognized in accumulated OCI | Cash Flow Hedging    
Derivative Instruments Gain Loss [Line Items]    
Amount of (Gain) loss recognized in accumulated OCI $ (1,848) $ (20,368)
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
v3.25.4
Supplemental Statement of Cash Flows Information (Schedule of Supplemental Statement of Cash Flows Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]    
Interest paid $ 11,150 $ 13,158
Income taxes paid 11,588 11,060
Income tax refunds received 1,222 1,119
Non-cash activities:    
Purchases of property, plant and equipment on account 4,706 3,916
Common shares issued from treasury to settle benefit obligations   854
Receivables related to business acquisitions and divestitures $ 1,391 $ 9,213
v3.25.4
Acquisitions and Divestitures (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jul. 21, 2025
Dec. 31, 2025
Dec. 31, 2024
Sep. 30, 2025
Acquisitions And Divestitures [Line Items]        
Cash proceeds     $ 1,438  
Cash receivables   $ 1,391 $ 9,213  
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%      
Acquisition-related costs       $ 9,348
Total consideration $ 40,286      
v3.25.4
Acquisitions and Divestitures (Summary of Preliminary Fair Value Determination of Assets Acquired and Liabilities Assumed) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Assets:    
Goodwill $ 832,065 $ 832,288
Safran Electronics and Defense [Member]    
Assets:    
Accounts Receivable 6,103  
Inventories 11,833  
Other current assets 3,125  
Property, plant, and equipment 6,945  
Goodwill 17,462  
Other assets 4,527  
Total assets 49,995  
Liabilities:    
Accrued liabilities 4,447  
Accounts payable 588  
Income tax payable 189  
Other noncurrent liabilities 4,485  
Total liabilities $ 9,709  
v3.25.4
Acquisitions and Divestitures - Schedule of Carrying Value of the Assets and Liabilities Sold (Details)
$ in Thousands
Mar. 31, 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
v3.25.4
Inventories (Schedule of Inventories) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Inventory, Net [Abstract]    
Raw materials $ 211,680 $ 192,373
Work in progress 169,849 163,275
Component parts [1] 410,758 382,650
Finished goods 99,276 102,746
Customer supplied inventory 20,109 19,640
On-hand inventory for which control has transferred to the customer (222,455) (206,076)
Inventory, net $ 689,217 $ 654,608
[1] Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.
v3.25.4
Property, Plant, and Equipment (Schedule of Property Plant and Equipment, Net) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross $ 1,964,670 $ 1,927,878
Less accumulated depreciation (962,483) (941,255)
Property, plant, and equipment, net 1,002,187 986,623
Land and Land Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 103,903 95,172
Building and Building Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 630,593 626,144
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 15,932 15,900
Machinery and Production Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 891,257 885,473
Computer Equipment and Software [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 118,175 116,706
Office Furniture and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 43,612 43,312
Other [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 33,610 33,591
Construction in Progress [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross $ 127,588 $ 111,580
v3.25.4
Property, Plant, and Equipment (Schedule of Depreciation Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment, Net [Abstract]    
Depreciation expense $ 21,696 $ 20,962
v3.25.4
Goodwill (Schedule of Goodwill) (Details)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
USD ($)
Goodwill [Line Items]  
Goodwill, Beginning Balance $ 832,288
Reduction from Working Capital Adjustment (931)
Effects of Foreign Currency Translation 708
Goodwill, Ending Balance 832,065
Aerospace [Member]  
Goodwill [Line Items]  
Goodwill, Beginning Balance 473,779
Reduction from Working Capital Adjustment (931)
Effects of Foreign Currency Translation 84
Goodwill, Ending Balance 472,932
Industrial [Member]  
Goodwill [Line Items]  
Goodwill, Beginning Balance 358,509
Effects of Foreign Currency Translation 624
Goodwill, Ending Balance $ 359,133
v3.25.4
Goodwill (Narrative) (Details)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
USD ($)
Goodwill [Line Items]  
Working capital adjustment resulting in reduction of goodwill $ 931
v3.25.4
Intangible Assets, Net (Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization of Finite-Lived Intangible $ (466,418) $ (458,740)
Net Carrying Amount - Finite-Lived Intangible 357,273  
Intangible Assets, Gross, Total 891,826 886,820
Intangible Assets, Net, Total 425,408 428,080
Customer Relationships And Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 684,217 683,461
Accumulated Amortization of Finite-Lived Intangible (383,618) (377,018)
Net Carrying Amount - Finite-Lived Intangible 300,599 306,443
Intellectual Property [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 3,139 3,139
Accumulated Amortization of Finite-Lived Intangible (3,139) (3,139)
Process Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 136,335 132,210
Accumulated Amortization of Finite-Lived Intangible (79,661) (78,583)
Net Carrying Amount - Finite-Lived Intangible 56,674 53,627
Trade Name [Member]    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-Lived Intangible Assets 68,135 68,010
Intangible Assets, Net, Total 68,135 68,010
Aerospace [Member]    
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization of Finite-Lived Intangible (293,475) (292,082)
Intangible Assets, Gross, Total 326,253 326,253
Intangible Assets, Net, Total 32,778 34,171
Aerospace [Member] | Customer Relationships And Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 281,683 281,683
Accumulated Amortization of Finite-Lived Intangible (252,348) (251,109)
Net Carrying Amount - Finite-Lived Intangible 29,335 30,574
Aerospace [Member] | Process Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 44,570 44,570
Accumulated Amortization of Finite-Lived Intangible (41,127) (40,973)
Net Carrying Amount - Finite-Lived Intangible 3,443 3,597
Industrial [Member]    
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization of Finite-Lived Intangible (172,943) (166,658)
Intangible Assets, Gross, Total 565,573 560,567
Intangible Assets, Net, Total 392,630 393,909
Industrial [Member] | Customer Relationships And Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 402,534 401,778
Accumulated Amortization of Finite-Lived Intangible (131,270) (125,909)
Net Carrying Amount - Finite-Lived Intangible 271,264 275,869
Industrial [Member] | Intellectual Property [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 3,139 3,139
Accumulated Amortization of Finite-Lived Intangible (3,139) (3,139)
Industrial [Member] | Process Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 91,765 87,640
Accumulated Amortization of Finite-Lived Intangible (38,534) (37,610)
Net Carrying Amount - Finite-Lived Intangible 53,231 50,030
Industrial [Member] | Trade Name [Member]    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-Lived Intangible Assets 68,135 68,010
Intangible Assets, Net, Total $ 68,135 $ 68,010
v3.25.4
Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets Amortization Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Amortization expense $ 7,342 $ 6,914
v3.25.4
Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
2026 (Remaining) $ 21,932
2027 29,381
2028 29,023
2029 28,118
2030 28,090
Thereafter 220,729
Net Carrying Amount - Finite-Lived Intangible $ 357,273
v3.25.4
Credit Facilities, Short-term Borrowings and Long-term Debt (Short-term Borrowings and Availability Under Various Short-term Credit Facilities) (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Line of Credit Facility [Line Items]  
Total availability $ 1,025,687
Outstanding letters of credit and guarantees (8,014)
Banker acceptance notes issued (192)
Outstanding borrowings (383,000)
Remaining availability 634,481
Revolving Credit Facility [Member]  
Line of Credit Facility [Line Items]  
Total availability 1,000,000
Outstanding letters of credit and guarantees (7,869)
Outstanding borrowings (383,000)
Remaining availability 609,131
Foreign Lines of Credit and Overdraft Facilities [Member]  
Line of Credit Facility [Line Items]  
Total availability 25,600
Outstanding letters of credit and guarantees (93)
Banker acceptance notes issued (192)
Remaining availability 25,315
Foreign Performance Guarantee Facilities [Member]  
Line of Credit Facility [Line Items]  
Total availability 87
Outstanding letters of credit and guarantees (52)
Remaining availability $ 35
v3.25.4
Credit Facilities, Short-term Borrowings and Long-term Debt (Narrative) (Details)
 3 Months Ended 12 Months Ended
Oct. 07, 2025
USD ($)
Dec. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 1,025,687,000  
Outstanding borrowings   383,000,000  
Borrowings outstanding   383,000,000 $ 122,300,000
Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity   1,000,000,000  
Line of credit facility, maximum borrowing capacity extension   $ 1,500,000,000  
Maturity date   Oct. 21, 2027  
Outstanding borrowings   $ 383,000,000  
Principal amount borrowing outstanding   $ 383,000,000 $ 122,300,000
Effective interest rate   0.0503 0.0541
Foreign Lines of Credit and Overdraft Facilities [Member]      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 25,600,000  
Borrowings outstanding   $ 0 $ 0
Minimum [Member] | Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Basis spread on variable rate   0.875%  
Maximum [Member] | Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Basis spread on variable rate   1.75%  
Series H and K Notes [Member]      
Debt Instrument [Line Items]      
Payment of principal balance $ 75,000,000    
v3.25.4
Accrued Liabilities (Accrued Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Accrued Liabilities, Current [Abstract]        
Salaries and other member benefits $ 117,049 $ 175,110    
Product warranties and related liabilities 17,773 25,504 $ 19,008 $ 18,844
Interest payable 2,920 10,211    
Accrued retirement benefits 2,949 2,986    
Net current contract liabilities 49,144 49,235    
Taxes, other than income 18,746 15,367    
Other 37,107 34,670    
Accrued liabilities $ 245,688 $ 313,083    
v3.25.4
Accrued Liabilities (Changes in Accrued Product Warranties and Related Liabilities) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accrued Liabilities, Current [Abstract]    
Beginning of period $ 25,504 $ 18,844
Additions, net of recoveries 2,379 3,505
Reductions for settlement (10,120) (3,014)
Foreign currency exchange rate changes 10 (327)
End of period $ 17,773 $ 19,008
v3.25.4
Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Other Liabilities, Noncurrent [Abstract]    
Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 91,969 $ 88,112
Total unrecognized tax benefits 13,052 12,130
Deferred economic incentives [1] 5,881 6,158
Noncurrent operating lease liabilities 19,079 20,199
Net noncurrent contract liabilities 420,745 431,458
Cross-currency swap derivative liability 25,612 27,406
Other 6,283 6,264
Other liabilities $ 582,621 $ 591,727
[1] Woodward receives certain economic incentives from various state and local authorities related to capital expansion projects. Such amounts are initially recorded as deferred credits and are being recognized as a reduction to pre-tax expense over the economic lives of the related capital expansion projects.
v3.25.4
Other Income, Net (Schedule of Other Income, Net) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Nonoperating income [Abstract]    
Equity interest in the earnings of the JV $ (15,377) $ (10,156)
Rent income (91) (86)
Net loss (gain) on sales of assets and businesses 18 (9,243)
Net (gain) loss on investments in deferred compensation program (607) 99
Other components of net periodic pension and other postretirement benefit, excluding service cost and interest expense (3,293) (3,316)
Other (24) (385)
Other income, net $ (19,374) $ (23,087)
v3.25.4
Income Taxes (Tax Expense and Effective Tax Rate) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Earnings before income taxes $ 169,151 $ 101,854
Income tax expense $ 35,432 $ 14,763
Effective tax rate 20.90% 14.50%
v3.25.4
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Income Taxes [Line Items]    
Gross unrecognized tax benefits $ 18,759 $ 17,271
Unrecognized tax benefits that, if recognized, would affect the effective tax rate 9,507  
Possible decrease in unrecognized tax benefits liability $ 1,326  
Domestic Tax Authority [Member]    
Income Taxes [Line Items]    
Year remaining open to tax examination 2022  
State and Local Jurisdiction [Member]    
Income Taxes [Line Items]    
Year remaining open to tax examination 2020  
Foreign Jurisdiction [Member]    
Income Taxes [Line Items]    
Year remaining open to tax examination 2018  
v3.25.4
Retirement Benefits (Schedule of Amount of Expense Associated with Defined Contribution Plans) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Retirement Benefits [Abstract]    
Company costs $ 14,741 $ 12,343
v3.25.4
Retirement Benefits (Schedule of Net Periodic Benefit Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Pension Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 534 $ 577
Interest cost 2,556 2,447
Expected return on plan assets (3,253) (3,362)
Amortization of: Net actuarial loss (gain) (86) (57)
Amortization of: Prior service cost 135 197
Net periodic retirement pension (benefit) cost (114) (198)
Contributions paid 420 384
Other Postretirement Benefit Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Interest cost 177 179
Amortization of: Net actuarial loss (gain) (113) (110)
Net periodic retirement pension (benefit) cost 64 69
Contributions paid - other postretirement plans 397 386
United States [Member] | Defined Benefit Pension Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 199 229
Interest cost 1,770 1,719
Expected return on plan assets (2,618) (2,748)
Amortization of: Net actuarial loss (gain) 34 43
Amortization of: Prior service cost 129 191
Net periodic retirement pension (benefit) cost (486) (566)
Other Countries [Member] | Defined Benefit Pension Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 335 348
Interest cost 786 728
Expected return on plan assets (635) (614)
Amortization of: Net actuarial loss (gain) (120) (100)
Amortization of: Prior service cost 6 6
Net periodic retirement pension (benefit) cost 372 368
Contributions paid $ 420 $ 384
v3.25.4
Retirement Benefits (Schedule of Estimated Remaining Cash Contributions) (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Other Postretirement Benefit Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Estimated future employer contributions in the current fiscal year $ 1,982
United States [Member] | Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Estimated future employer contributions in the current fiscal year 433
United Kingdom [Member] | Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Estimated future employer contributions in the current fiscal year 258
Germany [Member] | Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Estimated future employer contributions in the current fiscal year $ 1,162
v3.25.4
Stockholders' Equity (Summary of Activity in Common Stock and Treasury Stock Shares) (Details) - shares
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Balance, Common Stock, shares 72,960,000  
Balance, Treasury Stock, shares (13,060,000)  
Balance, Treasury stock held for deferred compensation, shares (28,000)  
Balance, Common Stock, shares 72,960,000  
Balance, Treasury Stock, shares (13,174,000)  
Balance, Treasury stock held for deferred compensation, shares (28,000)  
Common Stock [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Balance, Common Stock, shares 72,960,000 72,960,000
Balance, Common Stock, shares 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 (13,060,000) (13,787,000)
Purchase of treasury stock, shares (455,000) (206,000)
Sales of treasury stock, shares 341,000 381,000
Common shares issued for benefit plans, shares 0 5,000
Balance, Treasury Stock, shares (13,174,000) (13,607,000)
Treasury Stock Held for Deferred Compensation [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Balance, Treasury stock held for deferred compensation, shares (28,000) (45,000)
Purchases of stock by deferred compensation, shares (1,000) (1,000)
Distribution of stock from deferred compensation, shares 1,000 15,000
Balance, Treasury stock held for deferred compensation, shares (28,000) (31,000)
v3.25.4
Stockholders' Equity (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Nov. 20, 2025
Jan. 31, 2024
Dec. 31, 2025
Jun. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements     $ 34,488      
Forfeiture rate, Board of Directors     0.00%      
Forfeiture rate, non-Board of Directors     7.40%      
Unrecognized compensation cost is expected to be recognized over a weighted-average period     2 years      
Stock Options [Member]            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Vested contractual term, in years     10 years      
Vesting period, in years     4 years      
Stock Options [Member] | Share-based Compensation Award Tranche One [Member]            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Vesting rate     25.00%      
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award Tranche One [Member]            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Vesting period, in years     4 years      
Vesting rate     25.00%      
Restricted Stock Units (RSUs) [Member] | On or After November 14, 2023 [Member]            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Vesting period, in years     3 years      
Vesting rate     33.30%      
Performance Restricted Stock Units [Member]            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Discount for dividends       0.00%    
Market condition awards [Member]            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Award performance period (in years)     3 years      
Performance based criteria plan payout percentage, target     100.00%      
Market condition awards [Member] | Maximum [Member]            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Performance based criteria plan payout percentage     200.00%   150.00%  
Market condition awards [Member] | Minimum [Member]            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Performance based criteria plan payout percentage     0.00%   0.00%  
Performance Condition Award [Member]            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Award performance period (in years)     3 years      
Performance Condition Award [Member] | Maximum [Member]            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Performance based criteria plan payout percentage     200.00%      
Performance Condition Award [Member] | Minimum [Member]            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Performance based criteria plan payout percentage     0.00%      
2026 Authorization [Member]            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Stock repurchase program authorized amount     $ 90,242      
Repurchase period in years 3 years          
Stock repurchase program, number of shares authorized to be repurchased     302,000      
New stock repurchase program authorized amount $ 1,800,000          
2024 Authorization [Member]            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Stock repurchase program authorized amount   $ 600,000 $ 39,145     $ 35,473
Repurchase period in years   3 years        
Stock repurchase program, number of shares authorized to be repurchased     153,000     206,000
v3.25.4
Stockholders' Equity (Summary of Activity for Stock Option Awards) (Details) - Stock Options [Member]
shares in Thousands
 3 Months Ended
Dec. 31, 2025
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of options, Beginning balance | shares 2,249
Exercised, Number of options | shares (307)
Forfeited, Number of options | shares 0
Number of options, Ending balance | shares 1,942
Weighted Average Exercise Price Per Share, Beginning balance | $ / shares $ 91.25
Exercised, Weighted Average Exercise Price Per Share | $ / shares 83.46
Forfeited, Weighted Average Exercise Price Per Share | $ / shares 0
Weighted Average Exercise Price Per Share, Ending balance | $ / shares $ 92.48
v3.25.4
Stockholders' Equity (Changes in Non-vested Stock Options) (Details) - Stock Options [Member]
shares in Thousands
 3 Months Ended
Dec. 31, 2025
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of Options, Beginning balance | shares 473
Vested, Number of options | shares (226)
Forfeited, Number of options | shares 0
Number of Options, Ending balance | shares 247
Weighted-Average Grant Date Fair Value Per Share, Beginning balance | $ / shares $ 43.4
Vested, Weighted-Average Grant Date Fair Value Per Share | $ / shares 37.99
Forfeited, Weighted-Average Grant Date Fair Value Per Share | $ / shares 0
Weighted-Average Grant Date Fair Value Per Share, Ending balance | $ / shares $ 48.33
v3.25.4
Stockholders' Equity (Stock Options Vested, or Expected to Vest and Exercisable) (Details) - Stock Options [Member] - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options outstanding, Number of options 1,942 2,249
Options vested and exercisable, Number of options 1,695  
Options vested and expected to vest, Number of options 1,934  
Options outstanding, Weighted-Average Exercise Price $ 92.48 $ 91.25
Options vested and exercisable, Weighted-Average Exercise Price Per Share 89.09  
Options vested and expected to vest, Weighted-Average Exercise Price Per Share $ 92.27  
Options outstanding, Weighted-Average Remaining Life in Years 4 years 9 months 18 days  
Options vested and exercisable, Weighted-Average Remaining Life in Years 4 years 4 months 24 days  
Options vested and expected to vest, Weighted-Average Remaining Life in Years 4 years 9 months 18 days  
Options outstanding, Aggregate Intrinsic Value $ 407,571  
Options vested and exercisable, Aggregate Intrinsic Value 361,414  
Options vested and expected to vest, Aggregate Intrinsic Value $ 406,205  
v3.25.4
Stockholders' Equity (Summary of Activity for RSUs) (Details) - Restricted Stock Units (RSUs) [Member]
shares in Thousands
 3 Months Ended
Dec. 31, 2025
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of units, Beginning balance | shares 309
Granted, Number of units | shares 7
Released, Number of units | shares (50)
Forfeited, Number of units | shares (2)
Number of units, Ending balance | shares 264
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares $ 148.31
Granted, Weighted-Average Grant Date Fair Value | $ / shares 264.77
Released, Weighted-Average Grant Date Fair Value | $ / shares 106.12
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares 99.92
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares $ 159.51
v3.25.4
Stockholders' Equity (Schedule of Assumptions to Value PSUs Granted) (Details) - Performance Restricted Stock Units [Member] - $ / shares
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Expected volatility 30.70% 30.90% 30.20%
Risk free interest rate 3.40% 4.10% 4.50%
Expected life 3 years 3 years 3 years
Grant date fair value $ 367.56 $ 196.63 $ 146.47
v3.25.4
Stockholders' Equity (Summary of Market Condition Awards) (Details) - Market condition awards [Member]
shares in Thousands
 3 Months Ended
Dec. 31, 2025
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of units, Beginning balance | shares 104
Granted, Number of units | shares 15
Forfeited, Number of units | shares 0
Number of units, Ending balance | shares 119
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares $ 167.17
Granted, Weighted-Average Grant Date Fair Value | $ / shares 367.56
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares 0
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares $ 193.39
v3.25.4
Stockholders' Equity (Summary of Activity for Performance Condition Awards) (Details) - Performance Condition Award [Member]
shares in Thousands
 3 Months Ended
Dec. 31, 2025
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of units, Beginning balance | shares 0
Granted, Number of units | shares 15
Forfeited, Number of units | shares 0
Number of units, Ending balance | shares 15
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares $ 0
Granted, Weighted-Average Grant Date Fair Value | $ / shares 298.15
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares 0
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares $ 298.15
v3.25.4
Segment Information (Narrative) (Details)
 3 Months Ended
Dec. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of Reportable Segments 2
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The CODM uses forecast-to-actual variances and year-over-year variances on a monthly basis when assessing segment performance and forecasts in deciding how to allocate resources among the segments. The CODM evaluates the performance of the Company’s segments based on reportable segment operating profit. In connection with that assessment, Woodward generally excludes matters such as certain charges for restructuring, interest income and expense, certain gains and losses from asset dispositions, or other unusual and/or non-operationally related expenses.
v3.25.4
Segment Information (Summary of Consolidated Net Sales and Segment Operating Profit by Segment) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Net sales $ 996,454 $ 772,725
Cost of goods sold 704,293 583,091
Selling, general and administrative expenses 94,985 69,696
Research and development costs 37,756 30,207
Aerospace [Member]    
Segment Reporting Information [Line Items]    
Net sales 634,897 493,882
Industrial [Member]    
Segment Reporting Information [Line Items]    
Net sales 361,557 278,843
Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Net sales 996,454 772,725
Cost of goods sold 703,961 582,671
Selling, general and administrative expenses 59,408 39,579
Research and development costs 36,290 28,894
Other segment items [1] (18,594) (13,341)
Reportable segment operating profit 215,389 134,922
Operating Segments [Member] | Aerospace [Member]    
Segment Reporting Information [Line Items]    
Net sales 634,897 493,882
Cost of goods sold 453,800 375,752
Selling, general and administrative expenses 28,619 18,475
Research and development costs 22,018 17,628
Other segment items [1] (17,935) (12,698)
Reportable segment operating profit 148,395 94,725
Operating Segments [Member] | Industrial [Member]    
Segment Reporting Information [Line Items]    
Net sales 361,557 278,843
Cost of goods sold 250,161 206,919
Selling, general and administrative expenses 30,789 21,104
Research and development costs 14,272 11,266
Other segment items [1] (659) (643)
Reportable segment operating profit $ 66,994 $ 40,197
[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.
v3.25.4
Segment Information - Summary of Consolidated Earnings Before Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Interest expense, net $ (9,643) $ (10,964)
Consolidated earnings before income taxes 169,151 101,854
Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Reportable segment operating profit 215,389 134,922
Unallocated Corporate [Member]    
Segment Reporting Information [Line Items]    
Nonsegment expenses $ (36,595) $ (22,104)
v3.25.4
Segment Information (Summary of Consolidated Total Assets, Depreciation and Amortization, and Capital Expenditures by Segment) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Sep. 30, 2025
Segment Reporting Information [Line Items]      
Consolidated total assets $ 4,733,897   $ 4,630,143
Property, plant and equipment, net 1,002,187   986,623
Depreciation and amortization 29,038 $ 27,876  
Capital expenditures 44,129 33,574  
Unallocated Corporate [Member]      
Segment Reporting Information [Line Items]      
Property, plant and equipment, net 119,481   120,502
Other assets 988,166   897,333
Depreciation and amortization 3,191 3,006  
Capital expenditures 9,590 20,124  
Aerospace [Member] | Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Consolidated total assets 2,134,719   2,110,805
Depreciation and amortization 13,065 12,734  
Capital expenditures 23,663 8,627  
Industrial [Member] | Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Consolidated total assets 1,491,531   $ 1,501,503
Depreciation and amortization 12,782 12,136  
Capital expenditures $ 10,876 $ 4,823  
v3.25.4
Subsequent Events (Narrative) (Details) - USD ($)
Jan. 28, 2026
Jan. 12, 2026
Jul. 21, 2025
Safran Electronics & Defense [Member]      
Subsequent Event [Line Items]      
Acquisition agreement date     Jul. 21, 2025
Aggregate purchase price     $ 40,286,000
Subsequent Event [Member] | Maximum [Member]      
Subsequent Event [Line Items]      
Pre-tax charges incurred expects   $ 25,000,000  
Subsequent Event [Member] | Minimum [Member]      
Subsequent Event [Line Items]      
Pre-tax charges incurred expects   $ 20,000,000  
Subsequent Event [Member] | O 2026 Q2 Dividends [Member]      
Subsequent Event [Line Items]      
Dividend per share $ 0.32    
Dividend, payable date Mar. 05, 2026    
Dividend, record date Feb. 19, 2026