WOODWARD, INC., 10-Q filed on 5/1/2025
Quarterly Report
v3.25.1
Document and Entity Information - shares
 6 Months Ended
Mar. 31, 2025
May 01, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 000-08408  
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 $0.001455 per share  
Trading Symbol WWD  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   59,501,273
Amendment Flag false  
Entity Central Index Key 0000108312  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --09-30  
Document Fiscal Year Focus 2025  
v3.25.1
Condensed Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]        
Net sales $ 883,629 $ 835,343 $ 1,656,354 $ 1,622,073
Costs and expenses:        
Cost of goods sold 643,530 600,954 1,226,621 1,183,335
Selling, general and administrative expenses 83,842 81,447 153,538 155,958
Research and development costs 37,230 36,465 67,437 67,259
Interest expense 11,889 11,530 24,230 22,966
Interest income (1,021) (1,293) (2,398) (2,766)
Other (income) expense, net (24,804) (14,384) (47,891) (35,023)
Total costs and expenses 750,666 714,719 1,421,537 1,391,729
Earnings before income taxes 132,963 120,624 234,817 230,344
Income tax expense 24,014 23,068 38,777 42,744
Net earnings $ 108,949 $ 97,556 $ 196,040 $ 187,600
Earnings per share:        
Basic earnings per share $ 1.83 $ 1.61 $ 3.3 $ 3.12
Diluted earnings per share $ 1.78 $ 1.56 $ 3.2 $ 3.02
Weighted Average Common Shares Outstanding:        
Basic 59,432 60,427 59,323 60,223
Diluted 61,344 62,365 61,258 62,106
v3.25.1
Condensed Consolidated Statements of Comprehensive Earnings - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Condensed Consolidated Statements of Comprehensive Earnings        
Net earnings $ 108,949 $ 97,556 $ 196,040 $ 187,600
Other comprehensive earnings:        
Foreign currency translation adjustments 19,562 (11,759) (17,322) 12,082
Net gain (loss) on foreign currency transactions designated as hedges of net investments in foreign subsidiaries (1,712) 978 1,351 (888)
Taxes on changes in foreign currency translation adjustments 12 108 448 (179)
Foreign currency translation and hedge transactions adjustments, net of tax 17,862 (10,673) (15,523) 11,015
Unrealized (loss) gain on fair value adjustment of derivative instruments (11,402) 7,349 8,966 (11,161)
Reclassification of net realized losses (gain) on derivatives to earnings 16,560 (8,875) (11,123) 9,024
Taxes on changes in derivative transactions   414   414
Derivative adjustments, net of tax 5,158 (1,112) (2,157) (1,723)
Amortization of pension and other postretirement plan:        
Net prior service cost 195 180 392 360
Net (gain) (167) (254) (334) (504)
Foreign currency exchange rate changes on pension and other postretirement benefit plan liabilities 202 (243) (124) 79
Taxes on changes in pension and other postretirement benefit plan liability adjustments, net of foreign currency exchange rate changes (19) 85 (34) 43
Pension and other postretirement benefit plan adjustments, net of tax 211 (232) (100) (22)
Total comprehensive earnings $ 132,180 $ 85,539 $ 178,260 $ 196,870
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Current assets:    
Cash and cash equivalents $ 364,141 $ 282,270
Accounts receivable, less allowance for uncollectible amounts of $8,558 and $7,738, respectively 831,500 770,066
Inventories 634,508 609,092
Income taxes receivable 21,280 22,016
Other current assets 60,508 60,167
Total current assets 1,911,937 1,743,611
Property, plant and equipment, net 929,357 940,715
Goodwill 791,989 806,643
Intangible assets, net 412,186 440,419
Deferred income tax assets 85,631 84,392
Other assets 362,369 353,135
Total assets 4,493,469 4,368,915
Current liabilities:    
Short-term debt 261,100 217,000
Current portion of long-term debt 160,989 85,719
Accounts payable 269,318 287,457
Income taxes payable 46,025 40,692
Accrued liabilities 242,285 292,642
Total current liabilities 979,717 923,510
Long-term debt, less current portion 489,821 569,751
Deferred income tax liabilities 117,984 121,858
Other liabilities 568,440 577,380
Total liabilities 2,155,962 2,192,499
Commitments and contingencies (Note 22)
Stockholders' equity:    
Preferred stock, par value $0.003 per share,10,000 shares authorized, no shares issued 0 0
Common stock, par value $0.001455 per share,150,000 shares authorized, 72,960 shares issued 106 106
Additional paid-in capital 449,152 396,554
Accumulated other comprehensive losses (50,478) (32,698)
Deferred compensation 1,763 2,662
Retained earnings 3,387,846 3,223,259
Stockholders' equity 3,788,389 3,589,883
Treasury stock at cost, 13,380 shares and 13,787 shares, respectively (1,449,119) (1,410,805)
Treasury stock held for deferred compensation, at cost, 30 shares and, 45 shares, respectively (1,763) (2,662)
Total stockholders' equity 2,337,507 2,176,416
Total liabilities and stockholders' equity $ 4,493,469 $ 4,368,915
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Current assets:    
Allowance, accounts receivable $ 8,558 $ 7,738
Stockholders' equity:    
Preferred stock, par value $ 0.003 $ 0.003
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Common stock, par value $ 0.001455 $ 0.001455
Common stock, shares authorized 150,000,000 150,000,000
Common stock, shares issued 72,960,000 72,960,000
Treasury stock, shares 13,380,000 13,787,000
Treasury stock held for deferred compensation, shares 30,000 45,000
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net earnings $ 196,040 $ 187,600
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 55,442 58,050
Net (gain) on sales of assets and businesses (20,049) (872)
Stock-based compensation 19,376 19,903
Deferred income taxes (1,503) 43
Changes in operating assets and liabilities:    
Trade accounts receivable (41,912) (40,619)
Unbilled receivables (contract assets) (25,310) (39,289)
Costs to fulfill a contract (7,180) (7,572)
Inventories (49,582) (59,841)
Accounts payable and accrued liabilities (14,065) 12,131
Contract liabilities 1,707 26,748
Income taxes 1,152 (14,210)
Retirement benefit obligations (1,859) (1,240)
Other 84 3,286
Net cash provided by operating activities 112,341 144,118
Cash flows from investing activities:    
Payments for purchase of property, plant, and equipment (51,990) (56,301)
Proceeds from sale of assets 33 51
Proceeds from business divestiture 44,896 600
Payments for short-term investments   (3,723)
Proceeds from sales of short-term investments 2,923 9,732
Net cash (used in) investing activities (4,138) (49,641)
Cash flows from financing activities:    
Cash dividends paid (31,453) (28,327)
Proceeds from sales of treasury stock 49,717 43,087
Payments for repurchases of common stock (79,493)  
Borrowings on revolving lines of credit and short-term borrowings 1,350,200 1,539,100
Payments on revolving lines of credit and short-term borrowings (1,306,100) (1,397,800)
Payments of long-term debt and finance lease obligations (473) (75,472)
Net cash (used in) provided by financing activities (17,602) 80,588
Effect of exchange rate changes on cash and cash equivalents (8,730) 4,420
Net change in cash and cash equivalents 81,871 179,485
Cash and cash equivalents at beginning of year 282,270 137,447
Cash and cash equivalents at end of period $ 364,141 $ 316,932
v3.25.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Foreign Currency Translation Adjustments [Member]
Unrealized Derivative Gains (Losses) [Member]
Minimum Retirement Benefit Liability Adjustments [Member]
Total Accumulated Other Comprehensive (Loss) Earnings [Member]
Deferred Compensation [Member]
Retained Earnings [Member]
Treasury Stock at Cost [Member]
Treasury Stock Held for Deferred Compensation [Member]
Balances at Sep. 30, 2023 $ 2,070,989 $ 106 $ 327,941 $ (67,393) $ (9,719) $ 6,441 $ (70,671) $ 2,776 $ 2,908,574 $ (1,094,961) $ (2,776)
Net earnings 187,600               187,600    
Other comprehensive earnings (loss), net of tax 9,270     11,015 (1,723) (22) 9,270        
Cash dividends paid (28,327)               (28,327)    
Sales of treasury stock 48,091   12,468             35,623  
Common shares issued for benefit plans 21,887   13,966             7,921  
Stock-based compensation 19,903   19,903                
Purchases of stock by deferred compensation               79     (79)
Distribution of stock from deferred compensation               177     (177)
Balances at Mar. 31, 2024 2,329,413 106 374,278 (56,378) (11,442) 6,419 (61,401) 3,032 3,067,847 (1,051,417) (3,032)
Balances at Dec. 31, 2023 2,190,062 106 337,038 (45,705) (10,330) 6,651 (49,384) 3,049 2,985,409 (1,083,107) (3,049)
Net earnings 97,556               97,556    
Other comprehensive earnings (loss), net of tax (12,017)     (10,673) (1,112) (232) (12,017)        
Cash dividends paid (15,118)               (15,118)    
Sales of treasury stock 32,077   8,308             23,769  
Common shares issued for benefit plans 21,887   13,966             7,921  
Stock-based compensation 14,966   14,966                
Purchases of stock by deferred compensation               47     (47)
Distribution of stock from deferred compensation               (64)     64
Balances at Mar. 31, 2024 2,329,413 106 374,278 (56,378) (11,442) 6,419 (61,401) 3,032 3,067,847 (1,051,417) (3,032)
Balances at Sep. 30, 2024 2,176,416 106 396,554 (39,129) (5,177) 11,608 (32,698) 2,662 3,223,259 (1,410,805) (2,662)
Net earnings 196,040               196,040    
Other comprehensive earnings (loss), net of tax (17,780)     (15,523) (2,157) (100) (17,780)        
Cash dividends paid (31,453)               (31,453)    
Sales of treasury stock 49,489   14,844             34,645  
Purchases of treasury stock (79,493)                 (79,493)  
Common shares issued for benefit plans 24,912   18,378             6,534  
Stock-based compensation 19,376   19,376                
Purchases of stock by deferred compensation               82     (82)
Distribution of stock from deferred compensation               (981)     981
Balances at Mar. 31, 2025 2,337,507 106 449,152 (54,652) (7,334) 11,508 (50,478) 1,763 3,387,846 (1,449,119) (1,763)
Balances at Dec. 31, 2024 2,208,421 106 414,175 (72,514) (12,492) 11,297 (73,709) 1,752 3,295,569 (1,427,720) (1,752)
Net earnings 108,949               108,949    
Other comprehensive earnings (loss), net of tax 23,231     17,862 5,158 211 23,231        
Cash dividends paid (16,672)               (16,672)    
Sales of treasury stock 20,830   4,504             16,326  
Purchases of treasury stock (44,020)                 (44,020)  
Common shares issued for benefit plans 24,058   17,763             6,295  
Stock-based compensation 12,710   12,710                
Purchases of stock by deferred compensation               34     (34)
Distribution of stock from deferred compensation               (23)     23
Balances at Mar. 31, 2025 $ 2,337,507 $ 106 $ 449,152 $ (54,652) $ (7,334) $ 11,508 $ (50,478) $ 1,763 $ 3,387,846 $ (1,449,119) $ (1,763)
v3.25.1
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]        
Cash dividends per share $ 0.28 $ 0.25 $ 0.53 $ 0.47
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 108,949 $ 97,556 $ 196,040 $ 187,600
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

During the three months ended March 31, 2025, three officers of the Company entered into trading plans pursuant to Rule 10b5-1 of the Exchange Act intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act (each such trading plan, a "Plan").

On February 10, 2025, Charles Blankenship, Jr., Chairman and Chief Executive Officer, entered into a Plan that provides for the exercise of up to 49,072 non-qualified stock options and sale of the net shares of common stock of the Company received upon exercise, and the sale of up to an additional 8,378 shares of common stock of the Company. Mr. Blankenship's Plan terminates on November 24, 2025.

On February 27, 2025, Randall Hobbs, Executive Vice President and President, Industrial, entered into a Plan that provides for the sale of up to 1,846 shares of common stock of the Company. Mr. Hobbs' Plan terminates on December 31, 2025.

On March 4, 2025, Terence Voskuil, Executive Vice President and President, Aerospace, entered into a Plan that provides for the exercise of up to 24,600 non-qualified stock options and sale of the net shares of common stock of the Company received upon exercise. Mr. Voskuil's Plan terminates on February 3, 2026.

During the three months ended March 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 Regulation S-K Item 408.
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 and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 10, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date November 24, 2025
Aggregate Available 49,072
Randall Hobbs [Member]  
Trading Arrangements, by Individual  
Name Randall Hobbs
Title Executive Vice President and President
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 27, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date December 31, 2025.
Aggregate Available 1,846
Terence Voskuil [Member]  
Trading Arrangements, by Individual  
Name Terence Voskuil
Title Executive Vice President and President
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 4, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date February 3, 2026
Aggregate Available 24,600
Additional shares [Member] | Randall Hobbs [Member]  
Trading Arrangements, by Individual  
Aggregate Available 8,378
v3.25.1
Basis of Presentation
 6 Months Ended
Mar. 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 March 31, 2025 and for the three and six months ended March 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 March 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 and six months ended March 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 employees, 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.
v3.25.1
New Accounting Standards
 6 Months Ended
Mar. 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 November 2023, the FASB issued ASU 2023-07, "Improvements to Reportable Segment Disclosures." The purpose of ASU 2023-07 is to provide enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 (fiscal year 2025 for Woodward), and interim periods within fiscal years beginning after December 15, 2024 (fiscal year 2026 for Woodward), with early adoption permitted, and are to be applied on a retrospective basis to all periods presented. Woodward is currently assessing the impact on its segment reporting disclosures.

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

In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses." The purpose of ASU 2024-03 is to provide enhanced disclosures about significant expenses on the Consolidated Statement of Earnings. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026 (fiscal year 2028 for Woodward), and interim periods within fiscal years beginning after December 15, 2027 (fiscal year 2029 for Woodward), with early adoption permitted, and are to be applied either on a prospective basis to financial statements issued for reporting periods after the effective date or on a retrospective basis to all periods presented. Woodward is currently assessing the impact on its Consolidated Statement of Earnings disclosures.
v3.25.1
Revenue
 6 Months Ended
Mar. 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 March 31, 2025

 

 

Three Months Ended March 31, 2024

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

223,025

 

 

$

178,801

 

 

$

401,826

 

 

$

229,171

 

 

$

203,232

 

 

$

432,403

 

Over time

 

 

338,704

 

 

 

143,099

 

 

 

481,803

 

 

 

268,341

 

 

 

134,599

 

 

 

402,940

 

Total net sales

 

$

561,729

 

 

$

321,900

 

 

$

883,629

 

 

$

497,512

 

 

$

337,831

 

 

$

835,343

 

 

 

 

Six Months Ended March 31, 2025

 

 

Six Months Ended March 31, 2024

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

415,010

 

 

$

333,869

 

 

$

748,879

 

 

$

417,674

 

 

$

389,862

 

 

$

807,536

 

Over time

 

 

640,601

 

 

 

266,874

 

 

 

907,475

 

 

 

540,594

 

 

 

273,943

 

 

 

814,537

 

Total net sales

 

$

1,055,611

 

 

$

600,743

 

 

$

1,656,354

 

 

$

958,268

 

 

$

663,805

 

 

$

1,622,073

 

Accounts Receivable

Accounts receivable consisted of the following:

 

 

March 31, 2025

 

 

September 30, 2024

 

Billed receivables

 

 

 

 

 

 

Trade accounts receivable

 

$

495,104

 

 

$

455,831

 

Other (Chinese financial institutions)

 

 

555

 

 

 

1,403

 

Total billed receivables

 

 

495,659

 

 

 

457,234

 

Current unbilled receivables (contract assets)

 

 

344,399

 

 

 

320,570

 

Total accounts receivable

 

 

840,058

 

 

 

777,804

 

Less: Allowance for uncollectible amounts

 

 

(8,558

)

 

 

(7,738

)

Total accounts receivable, net

 

$

831,500

 

 

$

770,066

 

As of March 31, 2025, “Other assets” on the Condensed Consolidated Balance Sheets includes $11,075 of unbilled receivables not expected to be invoiced and collected within a period of twelve months, compared to $11,237 as of September 30, 2024.

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

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Balance, beginning

 

$

7,793

 

 

$

5,777

 

 

$

7,738

 

 

$

5,847

 

Changes in estimates

 

 

599

 

 

 

1,398

 

 

 

806

 

 

 

1,696

 

Write-offs

 

 

(120

)

 

 

(16

)

 

 

(120

)

 

 

(475

)

Other1

 

 

286

 

 

 

(33

)

 

 

134

 

 

 

58

 

Balance, ending

 

$

8,558

 

 

$

7,126

 

 

$

8,558

 

 

$

7,126

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

Contract liabilities

Contract liabilities consisted of the following:

 

 

March 31, 2025

 

 

September 30, 2024

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Deferred revenue from material rights from JV formation

 

$

6,939

 

 

$

234,069

 

 

$

6,580

 

 

$

232,164

 

Deferred revenue from advanced invoicing and/or prepayments from customers

 

 

15,749

 

 

 

7,542

 

 

 

23,706

 

 

 

6,437

 

Liability related to customer supplied inventory

 

 

16,648

 

 

 

—

 

 

 

20,563

 

 

 

—

 

Deferred revenue from material rights related to engineering and development funding

 

 

8,083

 

 

 

191,298

 

 

 

5,942

 

 

 

186,008

 

Net contract liabilities

 

$

47,419

 

 

$

432,909

 

 

$

56,791

 

 

$

424,609

 

Woodward recognized revenue of $5,035 in the three months and $21,118 in the six months ended March 31, 2025 from contract liabilities balances recorded as of October 1, 2024, compared to $8,232 in the three months and $21,265 in the six months ended March 31, 2024 from contract liabilities balances recorded as of October 1, 2023.

Remaining performance obligations

Remaining performance obligations related to the aggregate amount of the total contract transaction price of firm orders for which the performance obligation has not yet been recognized in revenue as of March 31, 2025 was $3,105,657, compared to $2,932,793 as of September 30, 2024, the majority of which relates to Woodward’s Aerospace segment in both periods. Woodward expects to recognize almost all remaining performance obligations within two years after March 31, 2025.

Remaining performance obligations related to material rights that have not yet been recognized in revenue as of March 31, 2025 was $511,464, of which $8,587 is expected to be recognized in the remainder of fiscal year 2025, $17,013 is expected to be recognized in fiscal year 2026, 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 March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Commercial OEM

 

$

167,461

 

 

$

183,517

 

 

$

321,537

 

 

$

354,871

 

Commercial aftermarket

 

 

201,861

 

 

 

163,886

 

 

 

365,711

 

 

 

301,430

 

Defense OEM

 

 

137,928

 

 

 

91,017

 

 

 

250,710

 

 

 

184,442

 

Defense aftermarket

 

 

54,479

 

 

 

59,092

 

 

 

117,653

 

 

 

117,525

 

Total Aerospace segment net sales

 

$

561,729

 

 

$

497,512

 

 

$

1,055,611

 

 

$

958,268

 

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Power generation

 

$

111,047

 

 

$

106,811

 

 

$

216,266

 

 

$

204,917

 

Transportation

 

 

141,734

 

 

 

173,786

 

 

 

258,340

 

 

 

348,255

 

Oil and gas

 

 

69,119

 

 

 

57,234

 

 

 

126,137

 

 

 

110,633

 

Total Industrial segment net sales

 

$

321,900

 

 

$

337,831

 

 

$

600,743

 

 

$

663,805

 

On April 2, 2024, The General Electric Company ("GE") split into two separate companies, GE Aerospace and GE Vernova. During fiscal year 2024, we engaged in transactions with GE prior to its split, and subsequently engaged in

transactions with both GE Aerospace and GE Vernova. Sales listed with "GE" represent the legacy General Electric Company, and any sales following the split are listed as GE Aerospace and GE Vernova as applicable.

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

 

 

Three Months Ended March 31, 2025

 

Three Months Ended March 31, 2024

Aerospace

 

RTX Corporation, GE Aerospace, The Boeing Company

 

RTX Corporation, GE

Industrial

 

Rolls-Royce PLC, Caterpillar, Inc.

 

Weichai Power, Rolls-Royce PLC

 

 

 

Six Months Ended March 31, 2025

 

Six Months Ended March 31, 2024

Aerospace

 

RTX Corporation, GE Aerospace, The Boeing Company

 

GE, RTX Corporation, The Boeing Company

Industrial

 

Rolls-Royce PLC, GE Vernova, Caterpillar, Inc.

 

Weichai Power, Rolls-Royce PLC
v3.25.1
Earnings Per Share
 6 Months Ended
Mar. 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, and performance stock units.

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

 

 

Three Months Ended
March 31,

 

 

Six Months Ended
March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

108,949

 

 

$

97,556

 

 

$

196,040

 

 

$

187,600

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares outstanding

 

 

59,432

 

 

 

60,427

 

 

 

59,323

 

 

 

60,223

 

Dilutive effect of stock options; restricted and performance stock

 

 

1,912

 

 

 

1,938

 

 

 

1,935

 

 

 

1,883

 

Diluted shares outstanding

 

 

61,344

 

 

 

62,365

 

 

 

61,258

 

 

 

62,106

 

Income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.83

 

 

$

1.61

 

 

$

3.30

 

 

$

3.12

 

Diluted earnings per share

 

$

1.78

 

 

$

1.56

 

 

$

3.20

 

 

$

3.02

 

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Restricted stock and option awards

 

 

21

 

 

 

14

 

 

 

10

 

 

 

37

 

Weighted-average price

 

$

193.09

 

 

$

122.38

 

 

$

193.09

 

 

$

131.03

 

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Weighted-average treasury stock shares held for deferred compensation obligations

 

 

30

 

 

 

54

 

 

 

35

 

 

 

54

 
v3.25.1
Leases
 6 Months Ended
Mar. 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

 

March 31, 2025

 

 

September 30, 2024

 

Assets:

 

 

 

 

 

 

 

 

Operating lease

 

Other assets

 

$

25,471

 

 

$

27,135

 

Finance lease

 

Property, plant, and equipment, net

 

 

3,101

 

 

 

2,516

 

Total lease assets

 

 

 

 

28,572

 

 

 

29,651

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Operating lease

 

Accrued liabilities

 

 

5,783

 

 

 

5,029

 

Finance lease

 

Current portion of long-term debt

 

 

989

 

 

 

719

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Operating lease

 

Other liabilities

 

 

20,229

 

 

 

22,670

 

Finance lease

 

Long-term debt, less current portion

 

 

2,341

 

 

 

2,017

 

Total lease liabilities

 

 

 

$

29,342

 

 

$

30,435

 

Lease-related expenses were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating lease expense

 

$

1,899

 

 

$

1,656

 

 

$

3,695

 

 

$

3,288

 

Amortization of finance lease assets

 

 

242

 

 

 

222

 

 

 

483

 

 

 

470

 

Interest on finance lease liabilities

 

 

42

 

 

 

32

 

 

 

86

 

 

 

73

 

Variable lease expense

 

 

375

 

 

 

301

 

 

 

568

 

 

 

529

 

Short-term lease expense

 

 

55

 

 

 

45

 

 

 

108

 

 

 

83

 

Total lease expense

 

$

2,613

 

 

$

2,256

 

 

$

4,940

 

 

$

4,443

 

Lease-related supplemental cash flow information was as follows:

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

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

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

2,982

 

 

$

2,660

 

Operating cash flows for finance leases

 

 

86

 

 

 

73

 

Financing cash flows for finance leases

 

 

474

 

 

 

472

 

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

 

 

 

 

 

 

Operating leases

 

 

3,852

 

 

 

966

 

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 March 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 is included in “Net sales” in the Condensed Consolidated Statements of Earnings, was $903 for the three months and $1,937 for the six months ended March 31, 2025, compared to $1,365 for the three months and $2,729 for the six months ended March 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:

 

 

March 31, 2025

 

 

September 30, 2024

 

Property, plant, and equipment

 

$

36,818

 

 

$

48,495

 

Less accumulated depreciation

 

 

(24,699

)

 

 

(32,994

)

Property, plant, and equipment, net

 

$

12,119

 

 

$

15,501

 
v3.25.1
Joint Venture
 6 Months Ended
Mar. 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 fifty thousand pounds. Woodward is accounting for its 50% ownership interest in the JV using the equity method of accounting. The JV is a related party to Woodward and transactions between Woodward and the JV are included in our Aerospace segment.

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

 

 

March 31, 2025

 

 

September 30, 2024

 

Accrued liabilities

 

$

6,939

 

 

$

6,580

 

Other liabilities

 

 

234,069

 

 

 

232,164

 

Amortization of the deferred revenue (material right) recognized as an increase to sales was $1,607 for the three months and $2,630 for the six months ended March 31, 2025, and $1,502 for the three months and $2,837 for the six months ended March 31, 2024.

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Other income

 

$

11,386

 

 

$

8,701

 

 

$

21,542

 

 

$

18,856

 

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cash distributions

 

$

10,000

 

 

$

12,000

 

 

$

21,000

 

 

$

18,500

 

Net sales to the JV were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net sales

 

$

24,270

 

 

$

22,080

 

 

$

44,966

 

 

$

42,352

 

Woodward net sales includes a reduction of $19,630 for the three months and $35,169 for the six months ended March 31, 2025, compared to $14,992 for the three months and $29,531 for the six months ended March 31, 2024 related to royalties owed to the JV by Woodward on sales by Woodward directly to third party aftermarket customers.

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

 

 

March 31, 2025

 

 

September 30, 2024

 

Accounts receivable

 

$

5,729

 

 

$

5,205

 

Accounts payable

 

 

6,129

 

 

 

11,378

 

Other assets

 

 

19,761

 

 

 

19,219

 
v3.25.1
Financial Instruments and Fair Value Measurements
 6 Months Ended
Mar. 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 March 31, 2025

 

 

At September 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in banks and financial institutions

 

$

18,751

 

 

$

—

 

 

$

—

 

 

$

18,751

 

 

$

23,128

 

 

$

—

 

 

$

—

 

 

$

23,128

 

Equity securities

 

 

33,906

 

 

 

—

 

 

 

—

 

 

 

33,906

 

 

 

30,782

 

 

 

—

 

 

 

—

 

 

 

30,782

 

Cross-currency interest rate swaps

 

 

—

 

 

 

1,173

 

 

 

—

 

 

 

1,173

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total financial assets

 

$

52,657

 

 

$

1,173

 

 

$

—

 

 

$

53,830

 

 

$

53,910

 

 

$

—

 

 

$

—

 

 

$

53,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cross-currency interest rate swaps

 

$

—

 

 

$

3,055

 

 

$

—

 

 

$

3,055

 

 

$

—

 

 

$

12,004

 

 

$

—

 

 

$

12,004

 

Total financial liabilities

 

$

—

 

 

$

3,055

 

 

$

—

 

 

$

3,055

 

 

$

—

 

 

$

12,004

 

 

$

—

 

 

$

12,004

 

Investments in banks and financial institutions: Woodward and its subsidiaries sometimes invest excess cash in various highly liquid financial instruments that Woodward believes are with creditworthy financial institutions. Such investments are reported in “Cash and cash equivalents” at fair value, with realized gains from interest income recognized in earnings. The carrying value of Woodward’s investments in term deposits with foreign banks 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) expense, net” on the Condensed Consolidated Statements of Earnings. The trading securities are included in “Other assets” in the Condensed Consolidated Balance Sheets. The fair values of Woodward’s trading securities are based on the quoted market prices for the net asset value of the various mutual funds.

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

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

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

 

 

 

 

At March 31, 2025

 

 

At September 30, 2024

 

 

 

Fair Value
Hierarchy
Level

 

Estimated
Fair Value

 

 

Carrying
Cost

 

 

Estimated
Fair Value

 

 

Carrying
Cost

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes receivable from municipalities

 

2

 

$

6,298

 

 

$

6,216

 

 

$

6,961

 

 

$

6,514

 

Investments in short-term time deposits

 

2

 

 

75

 

 

 

74

 

 

 

3,064

 

 

 

3,064

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

2

 

 

627,834

 

 

 

651,556

 

 

 

634,071

 

 

 

656,360

 

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

similar maturity, which is a level 2 input as defined by the U.S. GAAP fair value hierarchy. The interest rates used to estimate the fair value of the long-term notes were 3.4% at March 31, 2025 and 2.7% at September 30, 2024.

From time to time, certain of Woodward’s foreign subsidiaries will invest excess cash in short-term time deposits with a fixed maturity date of longer than three months but less than one year from the date of the deposit. Woodward believes that the investments are with creditworthy financial institutions. The fair value of the investments in short-term time deposits were 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 5.8% at March 31, 2025 and 6.8% at September 30, 2024.

The fair value of long-term debt was estimated based on a model that discounted future principal and interest payments at interest rates available to the Company at the end of the period for similar debt of the same maturity, which is a level 2 input as defined by the U.S. GAAP fair value hierarchy. The weighted-average interest rates used to estimate the fair value of long-term debt were 4.7% at March 31, 2025 and 4.5% at September 30, 2024.

Woodward does not have expected credit losses related to any financial assets that are not required to be remeasured at fair value.
v3.25.1
Derivative Instruments and Hedging Activities
 6 Months Ended
Mar. 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 cross-currency interest rate 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 $400,000 at March 31, 2025. See Note 7, Financial Instruments and fair value measurements for the related fair value of the derivative instruments as of March 31, 2025.

Derivative instruments in cash flow hedging relationships

In May 2020, Woodward entered into five US dollar intercompany loans payable, with identical terms and notional values of each tranche of the 2020 Fixed-Rate Cross-Currency Swaps, together with reciprocal fixed-rate intercompany cross-currency interest rate swaps. The agreements were entered into by Euro Barbados and are designated as cash flow hedges under the criteria prescribed in ASC 815. The objective of these derivative instruments is to hedge the risk of variability in cash flows attributable to the foreign currency exchange risk of cash flows for future principal and interest payments associated with the US dollar denominated intercompany loans over a thirteen-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 US 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 loss of $1,712 for the three months and a foreign exchange gain of $1,351 for the six months ended March 31, 2025, compared to net foreign exchange gain of $978 for the three months and a foreign exchange loss of $888 for the six months ended March 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 March 31,

 

 

Six months ended March 31,

 

Derivatives in:

 

Location

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Expense (income) recognized and loss (gain) reclassified from accumulated OCI into earnings

 

Selling, general and administrative expenses

 

$

16,560

 

 

$

(8,875

)

 

$

(11,123

)

 

$

9,024

 

Loss (gain) recognized in accumulated OCI

 

Selling, general and administrative expenses

 

 

11,402

 

 

 

(7,349

)

 

 

(8,966

)

 

 

11,161

 

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 $7,317 as of March 31, 2025 and $5,160 as of September 30, 2024.
v3.25.1
Supplemental Statement of Cash Flows Information
 6 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Information [Abstract]  
Supplemental Statement of Cash Flows Information

Note 9. Supplemental statement of cash flows information

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

Interest paid

 

$

18,366

 

 

$

18,068

 

Income taxes paid

 

 

43,141

 

 

 

59,677

 

Income tax refunds received

 

 

4,182

 

 

 

3,662

 

Non-cash activities:

 

 

 

 

 

 

Purchases of property, plant and equipment on account

 

 

6,292

 

 

 

2,127

 

Common shares issued from treasury to settle benefit obligations

 

 

24,912

 

 

 

21,887

 

Receivables related to business divestitures

 

 

7,003

 

 

 

—

 
v3.25.1
Acquisitions and Divestitures
 6 Months Ended
Mar. 31, 2025
Acquisitions And Divestitures [Abstract]  
Acquisitions and Divestitures

Note 10. Acquisitions and Divestitures

Acquisitions

On December 19, 2024, Woodward entered into a definitive agreement to acquire the Safran Electronics & Defense electromechanical actuation business based in the United States, Mexico, and Canada. The acquisition includes intellectual property, operations assets, talent, and long-term customer agreements for Horizontal Stabilizer Trim Actuation (HSTA) systems for aircraft stabilization to support safe and efficient flight, notably used for the Airbus A350. The acquisition is expected to close in the second half of fiscal year 2025.

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) expense, net” in the Condensed Consolidated Statements of Earnings.

In connection with certain product rationalization activities, during the six months ended March 31, 2025, the Company sold certain product lines and its heavy-duty gas turbine combustion parts product line, included in the Industrial segment, to third parties. The Company received cash proceeds of $44,896 and receivables of $7,003 included in “Other current assets” and “Other assets,” in the Condensed Consolidated Balance Sheets and recognized a pretax gain of $20,524.

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

 

 

March 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

 
v3.25.1
Inventories
 6 Months Ended
Mar. 31, 2025
Inventory, Net [Abstract]  
Inventories

Note 11. Inventories

 

 

March 31, 2025

 

 

September 30, 2024

 

Raw materials

 

$

186,797

 

 

$

161,734

 

Work in progress

 

 

151,999

 

 

 

147,676

 

Component parts(1)

 

 

391,505

 

 

 

376,456

 

Finished goods

 

 

94,717

 

 

 

91,787

 

Customer supplied inventory

 

 

16,648

 

 

 

20,563

 

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

 

 

(207,158

)

 

 

(189,124

)

 

$

634,508

 

 

$

609,092

 
(1)
Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.
v3.25.1
Property, Plant, and Equipment
 6 Months Ended
Mar. 31, 2025
Property, Plant and Equipment, Net [Abstract]  
Property, Plant and Equipment

Note 12. Property, plant, and equipment

 

 

March 31, 2025

 

 

September 30, 2024

 

Land and land improvements

 

$

91,098

 

 

$

91,105

 

Buildings and building improvements

 

 

607,285

 

 

 

599,897

 

Leasehold improvements

 

 

19,508

 

 

 

22,022

 

Machinery and production equipment

 

 

841,404

 

 

 

849,595

 

Computer equipment and software

 

 

116,380

 

 

 

120,185

 

Office furniture and equipment

 

 

43,607

 

 

 

42,873

 

Other

 

 

33,320

 

 

 

33,392

 

Construction in progress

 

 

77,342

 

 

 

71,890

 

 

 

1,829,944

 

 

 

1,830,959

 

Less accumulated depreciation

 

 

(900,587

)

 

 

(890,244

)

Property, plant, and equipment, net

 

$

929,357

 

 

$

940,715

 

Woodward had depreciation expense as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Depreciation expense

 

$

20,794

 

 

$

20,607

 

 

$

41,756

 

 

$

40,833

 
v3.25.1
Goodwill
 6 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

Note 13. Goodwill

 

 

September 30, 2024

 

 

Reduction from Divestiture

 

 

Effects of Foreign Currency Translation

 

 

March 31, 2025

 

Aerospace

 

$

455,423

 

 

$

—

 

 

$

—

 

 

$

455,423

 

Industrial

 

 

351,220

 

 

 

(5,772

)

 

 

(8,882

)

 

 

336,566

 

Consolidated

 

$

806,643

 

 

$

(5,772

)

 

$

(8,882

)

 

$

791,989

 

On March 3, 2025, the agreement to sell the Industrial heavy-duty gas turbine combustion parts product line located in Greenville, South Carolina was finalized (see Note 10 Acquisitions and Divestitures), which resulted in $5,772 of goodwill in the Company's Industrial segment being removed.
v3.25.1
Intangible Assets, Net
 6 Months Ended
Mar. 31, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets, Net

Note 14. Intangible assets, net

 

 

March 31, 2025

 

 

September 30, 2024

 

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

Intangible assets with finite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

281,683

 

 

$

(248,631

)

 

$

33,052

 

 

$

281,683

 

 

$

(246,152

)

 

$

35,531

 

Industrial

 

 

371,677

 

 

 

(107,018

)

 

 

264,659

 

 

 

399,030

 

 

 

(114,391

)

 

 

284,639

 

Total

 

$

653,360

 

 

$

(355,649

)

 

$

297,711

 

 

$

680,713

 

 

$

(360,543

)

 

$

320,170

 

Intellectual property:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

3,139

 

 

 

(3,139

)

 

 

—

 

 

 

3,139

 

 

 

(3,139

)

 

 

—

 

Total

 

$

3,139

 

 

$

(3,139

)

 

$

—

 

 

$

3,139

 

 

$

(3,139

)

 

$

—

 

Process technology:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

44,570

 

 

$

(40,660

)

 

$

3,910

 

 

$

44,570

 

 

$

(40,346

)

 

$

4,224

 

Industrial

 

 

81,886

 

 

 

(34,116

)

 

 

47,770

 

 

 

87,257

 

 

 

(35,983

)

 

 

51,274

 

Total

 

$

126,456

 

 

$

(74,776

)

 

$

51,680

 

 

$

131,827

 

 

$

(76,329

)

 

$

55,498

 

Other intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

565

 

 

 

(565

)

 

 

—

 

 

 

592

 

 

 

(592

)

 

 

—

 

Total

 

$

565

 

 

$

(565

)

 

$

—

 

 

$

592

 

 

$

(592

)

 

$

—

 

Intangible asset with indefinite life:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade name:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

62,795

 

 

 

—

 

 

 

62,795

 

 

 

64,751

 

 

 

—

 

 

 

64,751

 

Total

 

$

62,795

 

 

$

—

 

 

$

62,795

 

 

$

64,751

 

 

$

—

 

 

$

64,751

 

Total intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

326,253

 

 

$

(289,291

)

 

$

36,962

 

 

$

326,253

 

 

$

(286,498

)

 

$

39,755

 

Industrial

 

 

520,062

 

 

 

(144,838

)

 

 

375,224

 

 

 

554,769

 

 

 

(154,105

)

 

 

400,664

 

Consolidated Total

 

$

846,315

 

 

$

(434,129

)

 

$

412,186

 

 

$

881,022

 

 

$

(440,603

)

 

$

440,419

 

Woodward recorded amortization expense associated with intangibles of the following:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Amortization expense

 

$

6,772

 

 

$

8,618

 

 

$

13,686

 

 

$

17,217

 

 

Future amortization expense associated with intangibles is expected to be:

Year Ending September 30:

 

 

 

2025 (remaining)

 

$

13,858

 

2026

 

 

27,237

 

2027

 

 

27,183

 

2028

 

 

26,802

 

2029

 

 

25,894

 

Thereafter

 

 

228,417

 

 

$

349,391

 
v3.25.1
Credit Facilities, Short-term Borrowings and Long-term Debt
 6 Months Ended
Mar. 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 March 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

 

 

$

(7,886

)

 

$

—

 

 

$

(261,100

)

 

$

731,014

 

Foreign lines of credit and overdraft facilities

 

 

25,600

 

 

 

(207

)

 

 

(2,540

)

 

 

—

 

 

 

22,853

 

Foreign performance guarantee facilities

 

 

95

 

 

 

(59

)

 

 

—

 

 

 

—

 

 

 

36

 

 

 

$

1,025,695

 

 

$

(8,152

)

 

$

(2,540

)

 

$

(261,100

)

 

$

753,903

 

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 $261,100 in principal amount of borrowings outstanding as of March 31, 2025 at an effective interest rate of 5.48% as compared to $217,000 in principal borrowings outstanding as of September 30, 2024 at an effective interest rate of 5.82%. 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 twelve months.

Short-term borrowings

Woodward has other foreign lines of credit and foreign overdraft facilities at various financial institutions, which are generally reviewed annually for renewal and are subject to the usual terms and conditions applied by the financial institutions. Pursuant to the terms of the related facility agreements, Woodward’s foreign performance guarantee facilities are limited in use to providing performance guarantees to third parties. There were no borrowings outstanding on Woodward’s foreign lines of credit and foreign overdraft facilities as of March 31, 2025 and September 30, 2024.

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 and 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.

The Notes

On November 15, 2023, Woodward paid the entire principal balance of $75,000 on the Series H and K Notes using proceeds from borrowings under its existing revolving credit facility.
v3.25.1
Accrued Liabilities
 6 Months Ended
Mar. 31, 2025
Accrued Liabilities, Current [Abstract]  
Accrued Liabilities

Note 16. Accrued liabilities

 

 

 

March 31, 2025

 

 

September 30, 2024

 

Salaries and other member benefits

 

$

105,065

 

 

$

151,921

 

Product warranties and related liabilities

 

 

20,946

 

 

 

18,844

 

Interest payable

 

 

12,193

 

 

 

12,163

 

Accrued retirement benefits

 

 

2,799

 

 

 

2,888

 

Net current contract liabilities

 

 

47,419

 

 

 

56,791

 

Taxes, other than income

 

 

15,755

 

 

 

15,884

 

Other

 

 

38,108

 

 

 

34,151

 

 

$

242,285

 

 

$

292,642

 

Product warranties and related liabilities

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

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Beginning of period

 

$

19,008

 

 

$

21,802

 

 

$

18,844

 

 

$

18,162

 

Additions, net of recoveries

 

 

5,841

 

 

 

4,653

 

 

 

9,346

 

 

 

9,959

 

Reductions for settlement

 

 

(4,030

)

 

 

(6,579

)

 

 

(7,044

)

 

 

(8,406

)

Foreign currency exchange rate changes

 

 

127

 

 

 

(76

)

 

 

(200

)

 

 

85

 

End of period

 

$

20,946

 

 

$

19,800

 

 

$

20,946

 

 

$

19,800

 
v3.25.1
Other Liabilities
 6 Months Ended
Mar. 31, 2025
Other Liabilities, Noncurrent [Abstract]  
Other Liabilities

Note 17. Other liabilities

 

 

March 31, 2025

 

 

September 30, 2024

 

Net accrued retirement benefits, less amounts recognized within accrued liabilities

 

$

85,064

 

 

$

83,094

 

Total unrecognized tax benefits

 

 

12,320

 

 

 

10,104

 

Noncurrent income taxes payable

 

 

—

 

 

 

5,894

 

Deferred economic incentives (1)

 

 

6,425

 

 

 

7,062

 

Noncurrent operating lease liabilities

 

 

20,229

 

 

 

22,670

 

Net noncurrent contract liabilities

 

 

432,909

 

 

 

424,609

 

Cross-currency swap derivative liability

 

 

3,055

 

 

 

10,562

 

Other

 

 

8,438

 

 

 

13,385

 

 

 

$

568,440

 

 

$

577,380

 
(1)
Woodward receives certain economic incentives from various state and local authorities related to capital expansion projects. Such amounts are initially recorded as deferred credits and are being recognized as a reduction to pre-tax expense over the economic lives of the related capital expansion projects.
v3.25.1
Other (Income) Expense, Net
 6 Months Ended
Mar. 31, 2025
Nonoperating Income (Expense) [Abstract]  
Other (Income) Expense, Net

Note 18. Other (income) expense, net

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Equity interest in the earnings of the JV

 

$

(11,386

)

 

$

(8,701

)

 

$

(21,542

)

 

$

(18,856

)

Rent income

 

 

(86

)

 

 

(88

)

 

 

(172

)

 

 

(170

)

Net gain on sales of assets and businesses

 

 

(10,806

)

 

 

(863

)

 

 

(20,049

)

 

 

(872

)

Net loss (gain) on investments in deferred compensation program

 

 

1,034

 

 

 

(1,785

)

 

 

1,133

 

 

 

(4,394

)

Gain on non-recurring matter related to a previous acquisition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,803

)

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

 

 

(3,323

)

 

 

(2,947

)

 

 

(6,639

)

 

 

(5,866

)

Other

 

 

(237

)

 

 

—

 

 

 

(622

)

 

 

(62

)

 

$

(24,804

)

 

$

(14,384

)

 

$

(47,891

)

 

$

(35,023

)
v3.25.1
Income Taxes
 6 Months Ended
Mar. 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 or laws, the finalization of tax audits and reviews, changes in the estimate of the amount of undistributed foreign earnings that Woodward considers indefinitely reinvested, issuance of future guidance, interpretation, and rule-making, and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions.

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Earnings before income taxes

 

$

132,963

 

 

$

120,624

 

 

$

234,817

 

 

$

230,344

 

Income tax expense

 

 

24,014

 

 

 

23,068

 

 

 

38,777

 

 

 

42,744

 

Effective tax rate

 

 

18.1

%

 

 

19.1

%

 

 

16.5

%

 

 

18.6

%

The decrease in the effective tax rate for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily attributable to a decrease to the projected future withholding taxes on unremitted foreign earnings. This decrease was partially offset by a decrease to the research and development credit.

The decrease in the effective tax rate for first half of fiscal year 2025 as compared to the same period of the prior fiscal year was primarily attributable to a larger stock-based compensation tax benefit and a decrease to projected future withholding taxes on unremitted foreign earnings. This decrease was partially offset by a decrease to the research and development credit.

Gross unrecognized tax benefits were $17,054 as of March 31, 2025, and $14,273 as of September 30, 2024. At March 31, 2025, the amount of the liability for unrecognized tax benefits that, if recognized, would impact Woodward’s effective tax rate was $9,185. At this time, Woodward believes it is reasonably possible that the liability for unrecognized tax benefits will decrease by as much as $1,909 in the next twelve 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. Generally, Woodward’s fiscal years remaining open to examination for U.S. Federal income taxes include fiscal years 2021 and thereafter. Woodward’s fiscal years remaining open to examination for significant U.S. state income tax jurisdictions include fiscal years 2018 and thereafter. Woodward’s fiscal years remaining open to examination in significant foreign jurisdictions include 2018 and thereafter.
v3.25.1
Retirement Benefits
 6 Months Ended
Mar. 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 employee location.

Defined contribution plans

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

Woodward's U.S. employees receive an annual contribution of Woodward stock, equal to 5% of their eligible prior year wages, to their personal Woodward Retirement Saving Plan accounts. Woodward fulfilled its annual Woodward stock contribution obligation using shares held in treasury stock by issuing a total of 126 shares of common stock for a value of $24,058 in the second quarter of fiscal year 2025, compared to a total of 159 shares of common stock for a value of $21,887 in the second quarter of fiscal year 2024.

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Company costs

 

$

13,627

 

 

$

12,902

 

 

$

25,970

 

 

$

24,077

 

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, 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 employees. 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, 2024, the funded status reported in interim periods shall be the same asset or liability recognized in the previous year end statement of financial position adjusted for (a) subsequent accruals of net periodic benefit cost that exclude the amortization of amounts previously recognized in other comprehensive income (for example, subsequent accruals of service cost, interest cost, and return on plan assets) and (b) contributions to a funded plan or benefit payments.

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

 

 

Three Months Ended March 31,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

230

 

 

$

194

 

 

$

343

 

 

$

312

 

 

$

573

 

 

$

506

 

Interest cost

 

 

1,718

 

 

 

1,900

 

 

 

717

 

 

 

803

 

 

 

2,435

 

 

 

2,703

 

Expected return on plan assets

 

 

(2,748

)

 

 

(2,271

)

 

 

(604

)

 

 

(602

)

 

 

(3,352

)

 

 

(2,873

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

 

42

 

 

 

56

 

 

 

(98

)

 

 

(171

)

 

 

(56

)

 

 

(115

)

Prior service cost

 

 

190

 

 

 

175

 

 

 

5

 

 

 

5

 

 

 

195

 

 

 

180

 

Net periodic retirement pension (benefit) cost

 

$

(568

)

 

$

54

 

 

$

363

 

 

$

347

 

 

$

(205

)

 

$

401

 

Contributions paid

 

$

—

 

 

$

—

 

 

$

490

 

 

$

746

 

 

$

490

 

 

$

746

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended March 31,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

459

 

 

$

388

 

 

$

691

 

 

$

621

 

 

$

1,150

 

 

$

1,009

 

Interest cost

 

 

3,437

 

 

 

3,799

 

 

 

1,445

 

 

 

1,596

 

 

 

4,882

 

 

 

5,395

 

Expected return on plan assets

 

 

(5,496

)

 

 

(4,542

)

 

 

(1,218

)

 

 

(1,194

)

 

 

(6,714

)

 

 

(5,736

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

 

85

 

 

 

113

 

 

 

(198

)

 

 

(339

)

 

 

(113

)

 

 

(226

)

Prior service cost

 

 

381

 

 

 

349

 

 

 

11

 

 

 

11

 

 

 

392

 

 

 

360

 

Net periodic retirement pension (benefit) cost

 

$

(1,134

)

 

$

107

 

 

$

731

 

 

$

695

 

 

$

(403

)

 

$

802

 

Contributions paid

 

$

—

 

 

$

—

 

 

$

874

 

 

$

1,339

 

 

$

874

 

 

$

1,339

 

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) expense, net”, and the interest component is included in the line item “Interest expense” in the Condensed Consolidated Statements of Earnings.

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest cost

 

$

180

 

 

$

225

 

 

$

359

 

 

$

451

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial gain

 

 

(111

)

 

 

(139

)

 

 

(221

)

 

 

(278

)

Net periodic other postretirement cost

 

$

69

 

 

$

86

 

 

$

138

 

 

$

173

 

Contributions paid

 

$

408

 

 

$

413

 

 

$

794

 

 

$

825

 

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) expense, 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 a number of 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 2025 may differ from the current estimate. Woodward estimates its remaining cash contributions in fiscal year 2025 will be as follows:

Retirement pension benefits:

 

 

 

United States

 

$

—

 

United Kingdom

 

 

145

 

Japan

 

 

—

 

Germany

 

 

583

 

Other postretirement benefits

 

 

1,725

 
v3.25.1
Stockholders' Equity
 6 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders' Equity

Note 21. Stockholders’ equity

Common stock and treasury stock

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

 

 

Common Stock

 

 

Treasury Stock

 

 

Treasury stock held for deferred compensation

 

Balances as of January 1, 2024

 

 

72,960

 

 

 

(12,823

)

 

 

(54

)

Sales of treasury stock

 

 

—

 

 

 

479

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

159

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

—

 

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

1

 

Balances as of March 31, 2024

 

 

72,960

 

 

 

(12,185

)

 

 

(53

)

 

 

 

 

 

 

 

 

 

 

Balances as of January 1, 2025

 

 

72,960

 

 

 

(13,607

)

 

 

(31

)

Sales of treasury stock

 

 

—

 

 

 

344

 

 

 

—

 

Purchase of treasury stock

 

 

—

 

 

 

(243

)

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

126

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

—

 

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

1

 

Balances as of March 31, 2025

 

 

72,960

 

 

 

(13,380

)

 

 

(30

)

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Treasury stock held for deferred compensation

 

Balances as of September 30, 2023

 

 

72,960

 

 

 

(13,070

)

 

 

(55

)

Sales of treasury stock

 

 

—

 

 

 

726

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

159

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

3

 

Balances as of March 31, 2024

 

 

72,960

 

 

 

(12,185

)

 

 

(53

)

 

 

 

 

 

 

 

 

 

 

Balances as of September 30, 2024

 

 

72,960

 

 

 

(13,787

)

 

 

(45

)

Sales of treasury stock

 

 

—

 

 

 

725

 

 

 

—

 

Purchase of treasury stock

 

 

—

 

 

 

(449

)

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

131

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

16

 

Balances as of March 31, 2025

 

 

72,960

 

 

 

(13,380

)

 

 

(30

)

Stock repurchase program

In January 2024, the Board authorized a program for the repurchase of up to $600,000 of Woodward’s outstanding shares of common stock on the open market or in privately negotiated transactions over a three-year period ending in January 2027 (the “2024 Authorization”). During the six months ended March 31, 2025 we repurchased 449 shares of our common stock for $79,493 under the 2024 Authorization. We did not repurchase any shares of our common stock during the six months ended March 31, 2024.

Stock-based compensation

Provisions governing non-qualified stock option awards, 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. As of September 14, 2016, the effective date of the 2017 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 March 31, 2025

 

 

Six Months Ended March 31, 2025

 

 

 

Number of options

 

 

Weighted-Average Exercise Price per Share

 

 

Number of options

 

 

Weighted-Average Exercise Price per Share

 

Beginning balance

 

 

3,220

 

 

$

86.54

 

 

 

3,578

 

 

$

86.03

 

Granted

 

 

38

 

 

 

193.09

 

 

 

41

 

 

 

191.45

 

Exercised

 

 

(298

)

 

 

73.59

 

 

 

(659

)

 

 

78.24

 

Forfeited

 

 

(4

)

 

 

108.31

 

 

 

(4

)

 

 

108.31

 

Ending balance

 

 

2,956

 

 

$

89.20

 

 

 

2,956

 

 

$

89.20

 

Changes in non-vested stock options were as follows:

 

 

Three Months Ended March 31, 2025

 

 

Six Months Ended March 31, 2025

 

 

 

Number of options

 

 

Weighted-Average Grant Date Fair Value per Share

 

 

Number of options

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Beginning balance

 

 

495

 

 

$

40.62

 

 

 

898

 

 

$

37.30

 

Granted

 

 

38

 

 

 

84.13

 

 

 

41

 

 

 

83.65

 

Vested

 

 

(28

)

 

 

50.20

 

 

 

(434

)

 

 

34.62

 

Forfeited

 

 

(4

)

 

 

44.31

 

 

 

(4

)

 

 

44.31

 

Ending balance

 

 

501

 

 

$

43.35

 

 

 

501

 

 

$

43.35

 

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

 

 

Number of options

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Life in Years

 

 

Aggregate Intrinsic Value

 

Options outstanding

 

 

2,956

 

 

$

89.20

 

 

 

5.1

 

 

$

276,144

 

Options vested and exercisable

 

 

2,455

 

 

 

85.34

 

 

 

4.6

 

 

 

238,491

 

Options vested and expected to vest

 

 

2,938

 

 

 

88.96

 

 

 

5.1

 

 

 

275,121

 

Restricted stock units

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

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

A summary of the activity for RSUs:

 

 

Three Months Ended March 31, 2025

 

 

Six Months Ended March 31, 2025

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

303

 

 

$

122.07

 

 

 

318

 

 

$

118.19

 

Granted

 

 

101

 

 

 

193.09

 

 

 

113

 

 

 

191.08

 

Released

 

 

(51

)

 

 

137.63

 

 

 

(77

)

 

 

125.32

 

Forfeited

 

 

(3

)

 

 

144.37

 

 

 

(4

)

 

 

126.88

 

Ending balance

 

 

350

 

 

$

140.11

 

 

 

350

 

 

$

140.11

 

Performance restricted stock units

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

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

 

 

March 31, 2025

 

 

March 31, 2024

 

Expected volatility

 

 

30.9

%

 

 

30.2

%

Risk free interest rate

 

 

4.1

%

 

 

4.5

%

Expected life

 

3 years

 

 

3 years

 

Grant date fair value

 

$

196.63

 

 

$

146.47

 

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

A summary of the activity for PSUs:

 

 

Three Months Ended March 31, 2025

 

 

Six Months Ended March 31, 2025

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

106

 

 

$

167.31

 

 

 

62

 

 

$

146.47

 

Granted

 

 

—

 

 

 

—

 

 

 

44

 

 

 

196.63

 

Forfeited

 

 

(1

)

 

 

173.87

 

 

 

(1

)

 

 

171.60

 

Ending balance

 

 

105

 

 

$

167.25

 

 

 

105

 

 

$

167.25

 

Stock-based compensation expense

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

At March 31, 2025, there was approximately $40,139 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.
v3.25.1
Commitments and Contingencies
 6 Months Ended
Mar. 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.
v3.25.1
Segment Information
 6 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information

Note 23. Segment information

Woodward serves the aerospace and industrial markets through its two reportable segments – Aerospace and Industrial. When appropriate, Woodward’s reportable segments are aggregations of Woodward’s operating segments. Woodward uses operating segment information internally to manage its business, including the assessment of operating segment performance and decisions for the allocation of resources between operating segments.

The accounting policies of the reportable segments are the same as those of the Company. Woodward evaluates segment profit or loss based on internal performance measures for each segment in a given period. 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 non-recurring and/or non-operationally related expenses.

A summary of consolidated net sales and earnings by segment follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Segment external net sales:

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

561,729

 

 

$

497,512

 

 

$

1,055,611

 

 

$

958,268

 

Industrial

 

 

321,900

 

 

 

337,831

 

 

 

600,743

 

 

 

663,805

 

Total consolidated net sales

 

$

883,629

 

 

$

835,343

 

 

$

1,656,354

 

 

$

1,622,073

 

Segment earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

124,616

 

 

$

98,451

 

 

$

219,341

 

 

$

177,453

 

Industrial

 

 

45,967

 

 

 

65,244

 

 

 

86,164

 

 

 

132,125

 

Nonsegment expenses

 

 

(26,752

)

 

 

(32,834

)

 

 

(48,856

)

 

 

(59,034

)

Interest expense, net

 

 

(10,868

)

 

 

(10,237

)

 

 

(21,832

)

 

 

(20,200

)

Consolidated earnings before income taxes

 

$

132,963

 

 

$

120,624

 

 

$

234,817

 

 

$

230,344

 

 

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

 

 

March 31, 2025

 

 

September 30, 2024

 

Segment assets:

 

 

 

 

 

 

Aerospace

 

$

2,013,509

 

 

$

1,936,507

 

Industrial

 

 

1,466,602

 

 

 

1,509,495

 

Unallocated corporate property, plant, and equipment, net

 

 

119,454

 

 

 

120,946

 

Other unallocated assets

 

 

893,904

 

 

 

801,967

 

Consolidated total assets

 

$

4,493,469

 

 

$

4,368,915

 
v3.25.1
Subsequent Events
 6 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

Note 24. Subsequent events

On April 23, 2025, the Board declared a cash dividend of $0.28 per share for the quarter, payable on June 5, 2025, for stockholders of record as of May 22, 2025.
v3.25.1
Revenue (Tables)
 6 Months Ended
Mar. 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 March 31, 2025

 

 

Three Months Ended March 31, 2024

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

223,025

 

 

$

178,801

 

 

$

401,826

 

 

$

229,171

 

 

$

203,232

 

 

$

432,403

 

Over time

 

 

338,704

 

 

 

143,099

 

 

 

481,803

 

 

 

268,341

 

 

 

134,599

 

 

 

402,940

 

Total net sales

 

$

561,729

 

 

$

321,900

 

 

$

883,629

 

 

$

497,512

 

 

$

337,831

 

 

$

835,343

 

 

 

 

Six Months Ended March 31, 2025

 

 

Six Months Ended March 31, 2024

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

415,010

 

 

$

333,869

 

 

$

748,879

 

 

$

417,674

 

 

$

389,862

 

 

$

807,536

 

Over time

 

 

640,601

 

 

 

266,874

 

 

 

907,475

 

 

 

540,594

 

 

 

273,943

 

 

 

814,537

 

Total net sales

 

$

1,055,611

 

 

$

600,743

 

 

$

1,656,354

 

 

$

958,268

 

 

$

663,805

 

 

$

1,622,073

 
Schedule of Accounts Receivable

Accounts receivable consisted of the following:

 

 

March 31, 2025

 

 

September 30, 2024

 

Billed receivables

 

 

 

 

 

 

Trade accounts receivable

 

$

495,104

 

 

$

455,831

 

Other (Chinese financial institutions)

 

 

555

 

 

 

1,403

 

Total billed receivables

 

 

495,659

 

 

 

457,234

 

Current unbilled receivables (contract assets)

 

 

344,399

 

 

 

320,570

 

Total accounts receivable

 

 

840,058

 

 

 

777,804

 

Less: Allowance for uncollectible amounts

 

 

(8,558

)

 

 

(7,738

)

Total accounts receivable, net

 

$

831,500

 

 

$

770,066

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

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Balance, beginning

 

$

7,793

 

 

$

5,777

 

 

$

7,738

 

 

$

5,847

 

Changes in estimates

 

 

599

 

 

 

1,398

 

 

 

806

 

 

 

1,696

 

Write-offs

 

 

(120

)

 

 

(16

)

 

 

(120

)

 

 

(475

)

Other1

 

 

286

 

 

 

(33

)

 

 

134

 

 

 

58

 

Balance, ending

 

$

8,558

 

 

$

7,126

 

 

$

8,558

 

 

$

7,126

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

Contract liabilities consisted of the following:

 

 

March 31, 2025

 

 

September 30, 2024

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Deferred revenue from material rights from JV formation

 

$

6,939

 

 

$

234,069

 

 

$

6,580

 

 

$

232,164

 

Deferred revenue from advanced invoicing and/or prepayments from customers

 

 

15,749

 

 

 

7,542

 

 

 

23,706

 

 

 

6,437

 

Liability related to customer supplied inventory

 

 

16,648

 

 

 

—

 

 

 

20,563

 

 

 

—

 

Deferred revenue from material rights related to engineering and development funding

 

 

8,083

 

 

 

191,298

 

 

 

5,942

 

 

 

186,008

 

Net contract liabilities

 

$

47,419

 

 

$

432,909

 

 

$

56,791

 

 

$

424,609

 
Schedule of Disaggregation of Revenue

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Commercial OEM

 

$

167,461

 

 

$

183,517

 

 

$

321,537

 

 

$

354,871

 

Commercial aftermarket

 

 

201,861

 

 

 

163,886

 

 

 

365,711

 

 

 

301,430

 

Defense OEM

 

 

137,928

 

 

 

91,017

 

 

 

250,710

 

 

 

184,442

 

Defense aftermarket

 

 

54,479

 

 

 

59,092

 

 

 

117,653

 

 

 

117,525

 

Total Aerospace segment net sales

 

$

561,729

 

 

$

497,512

 

 

$

1,055,611

 

 

$

958,268

 

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Power generation

 

$

111,047

 

 

$

106,811

 

 

$

216,266

 

 

$

204,917

 

Transportation

 

 

141,734

 

 

 

173,786

 

 

 

258,340

 

 

 

348,255

 

Oil and gas

 

 

69,119

 

 

 

57,234

 

 

 

126,137

 

 

 

110,633

 

Total Industrial segment net sales

 

$

321,900

 

 

$

337,831

 

 

$

600,743

 

 

$

663,805

 

On April 2, 2024, The General Electric Company ("GE") split into two separate companies, GE Aerospace and GE Vernova. During fiscal year 2024, we engaged in transactions with GE prior to its split, and subsequently engaged in

transactions with both GE Aerospace and GE Vernova. Sales listed with "GE" represent the legacy General Electric Company, and any sales following the split are listed as GE Aerospace and GE Vernova as applicable.

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

 

 

Three Months Ended March 31, 2025

 

Three Months Ended March 31, 2024

Aerospace

 

RTX Corporation, GE Aerospace, The Boeing Company

 

RTX Corporation, GE

Industrial

 

Rolls-Royce PLC, Caterpillar, Inc.

 

Weichai Power, Rolls-Royce PLC

 

 

 

Six Months Ended March 31, 2025

 

Six Months Ended March 31, 2024

Aerospace

 

RTX Corporation, GE Aerospace, The Boeing Company

 

GE, RTX Corporation, The Boeing Company

Industrial

 

Rolls-Royce PLC, GE Vernova, Caterpillar, Inc.

 

Weichai Power, Rolls-Royce PLC
v3.25.1
Earnings Per Share (Tables)
 6 Months Ended
Mar. 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
March 31,

 

 

Six Months Ended
March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

108,949

 

 

$

97,556

 

 

$

196,040

 

 

$

187,600

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares outstanding

 

 

59,432

 

 

 

60,427

 

 

 

59,323

 

 

 

60,223

 

Dilutive effect of stock options; restricted and performance stock

 

 

1,912

 

 

 

1,938

 

 

 

1,935

 

 

 

1,883

 

Diluted shares outstanding

 

 

61,344

 

 

 

62,365

 

 

 

61,258

 

 

 

62,106

 

Income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.83

 

 

$

1.61

 

 

$

3.30

 

 

$

3.12

 

Diluted earnings per share

 

$

1.78

 

 

$

1.56

 

 

$

3.20

 

 

$

3.02

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

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Restricted stock and option awards

 

 

21

 

 

 

14

 

 

 

10

 

 

 

37

 

Weighted-average price

 

$

193.09

 

 

$

122.38

 

 

$

193.09

 

 

$

131.03

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

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Weighted-average treasury stock shares held for deferred compensation obligations

 

 

30

 

 

 

54

 

 

 

35

 

 

 

54

 
v3.25.1
Leases (Tables)
 6 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Lease-Related Assets and Liabilities

Lease-related assets and liabilities were as follows:

 

 

Classification on the Condensed Consolidated Balance Sheets

 

March 31, 2025

 

 

September 30, 2024

 

Assets:

 

 

 

 

 

 

 

 

Operating lease

 

Other assets

 

$

25,471

 

 

$

27,135

 

Finance lease

 

Property, plant, and equipment, net

 

 

3,101

 

 

 

2,516

 

Total lease assets

 

 

 

 

28,572

 

 

 

29,651

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Operating lease

 

Accrued liabilities

 

 

5,783

 

 

 

5,029

 

Finance lease

 

Current portion of long-term debt

 

 

989

 

 

 

719

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Operating lease

 

Other liabilities

 

 

20,229

 

 

 

22,670

 

Finance lease

 

Long-term debt, less current portion

 

 

2,341

 

 

 

2,017

 

Total lease liabilities

 

 

 

$

29,342

 

 

$

30,435

 
Lease-Related Expenses

Lease-related expenses were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating lease expense

 

$

1,899

 

 

$

1,656

 

 

$

3,695

 

 

$

3,288

 

Amortization of finance lease assets

 

 

242

 

 

 

222

 

 

 

483

 

 

 

470

 

Interest on finance lease liabilities

 

 

42

 

 

 

32

 

 

 

86

 

 

 

73

 

Variable lease expense

 

 

375

 

 

 

301

 

 

 

568

 

 

 

529

 

Short-term lease expense

 

 

55

 

 

 

45

 

 

 

108

 

 

 

83

 

Total lease expense

 

$

2,613

 

 

$

2,256

 

 

$

4,940

 

 

$

4,443

 
Lease-Related Supplemental Cash Flow Information

Lease-related supplemental cash flow information was as follows:

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

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

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

2,982

 

 

$

2,660

 

Operating cash flows for finance leases

 

 

86

 

 

 

73

 

Financing cash flows for finance leases

 

 

474

 

 

 

472

 

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

 

 

 

 

 

 

Operating leases

 

 

3,852

 

 

 

966

 

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:

 

 

March 31, 2025

 

 

September 30, 2024

 

Property, plant, and equipment

 

$

36,818

 

 

$

48,495

 

Less accumulated depreciation

 

 

(24,699

)

 

 

(32,994

)

Property, plant, and equipment, net

 

$

12,119

 

 

$

15,501

 
v3.25.1
Joint Venture (Tables)
 6 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Unamortized Deferred Revenue from JV

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

 

 

March 31, 2025

 

 

September 30, 2024

 

Accrued liabilities

 

$

6,939

 

 

$

6,580

 

Other liabilities

 

 

234,069

 

 

 

232,164

 
Other Income Related JV

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Other income

 

$

11,386

 

 

$

8,701

 

 

$

21,542

 

 

$

18,856

 
Cash Distribution from JV

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cash distributions

 

$

10,000

 

 

$

12,000

 

 

$

21,000

 

 

$

18,500

 
Net Sales to the JV

Net sales to the JV were as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net sales

 

$

24,270

 

 

$

22,080

 

 

$

44,966

 

 

$

42,352

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

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

 

 

March 31, 2025

 

 

September 30, 2024

 

Accounts receivable

 

$

5,729

 

 

$

5,205

 

Accounts payable

 

 

6,129

 

 

 

11,378

 

Other assets

 

 

19,761

 

 

 

19,219

 
v3.25.1
Financial Instruments and Fair Value Measurements (Tables)
 6 Months Ended
Mar. 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 March 31, 2025

 

 

At September 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in banks and financial institutions

 

$

18,751

 

 

$

—

 

 

$

—

 

 

$

18,751

 

 

$

23,128

 

 

$

—

 

 

$

—

 

 

$

23,128

 

Equity securities

 

 

33,906

 

 

 

—

 

 

 

—

 

 

 

33,906

 

 

 

30,782

 

 

 

—

 

 

 

—

 

 

 

30,782

 

Cross-currency interest rate swaps

 

 

—

 

 

 

1,173

 

 

 

—

 

 

 

1,173

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total financial assets

 

$

52,657

 

 

$

1,173

 

 

$

—

 

 

$

53,830

 

 

$

53,910

 

 

$

—

 

 

$

—

 

 

$

53,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cross-currency interest rate swaps

 

$

—

 

 

$

3,055

 

 

$

—

 

 

$

3,055

 

 

$

—

 

 

$

12,004

 

 

$

—

 

 

$

12,004

 

Total financial liabilities

 

$

—

 

 

$

3,055

 

 

$

—

 

 

$

3,055

 

 

$

—

 

 

$

12,004

 

 

$

—

 

 

$

12,004

 
Estimated Fair Values of Financial Instruments

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

 

 

 

 

At March 31, 2025

 

 

At September 30, 2024

 

 

 

Fair Value
Hierarchy
Level

 

Estimated
Fair Value

 

 

Carrying
Cost

 

 

Estimated
Fair Value

 

 

Carrying
Cost

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes receivable from municipalities

 

2

 

$

6,298

 

 

$

6,216

 

 

$

6,961

 

 

$

6,514

 

Investments in short-term time deposits

 

2

 

 

75

 

 

 

74

 

 

 

3,064

 

 

 

3,064

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

2

 

 

627,834

 

 

 

651,556

 

 

 

634,071

 

 

 

656,360

 
v3.25.1
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Mar. 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 March 31,

 

 

Six months ended March 31,

 

Derivatives in:

 

Location

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Expense (income) recognized and loss (gain) reclassified from accumulated OCI into earnings

 

Selling, general and administrative expenses

 

$

16,560

 

 

$

(8,875

)

 

$

(11,123

)

 

$

9,024

 

Loss (gain) recognized in accumulated OCI

 

Selling, general and administrative expenses

 

 

11,402

 

 

 

(7,349

)

 

 

(8,966

)

 

 

11,161

 
v3.25.1
Supplemental Statement of Cash Flows Information (Tables)
 6 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Information [Abstract]  
Schedule of Supplemental Statement of Cash Flows Information

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

Interest paid

 

$

18,366

 

 

$

18,068

 

Income taxes paid

 

 

43,141

 

 

 

59,677

 

Income tax refunds received

 

 

4,182

 

 

 

3,662

 

Non-cash activities:

 

 

 

 

 

 

Purchases of property, plant and equipment on account

 

 

6,292

 

 

 

2,127

 

Common shares issued from treasury to settle benefit obligations

 

 

24,912

 

 

 

21,887

 

Receivables related to business divestitures

 

 

7,003

 

 

 

—

 
v3.25.1
Acquisitions and Divestitures (Tables)
 6 Months Ended
Mar. 31, 2025
Acquisitions And Divestitures [Abstract]  
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

 
v3.25.1
Inventories (Tables)
 6 Months Ended
Mar. 31, 2025
Inventory, Net [Abstract]  
Schedule of Inventories

 

 

March 31, 2025

 

 

September 30, 2024

 

Raw materials

 

$

186,797

 

 

$

161,734

 

Work in progress

 

 

151,999

 

 

 

147,676

 

Component parts(1)

 

 

391,505

 

 

 

376,456

 

Finished goods

 

 

94,717

 

 

 

91,787

 

Customer supplied inventory

 

 

16,648

 

 

 

20,563

 

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

 

 

(207,158

)

 

 

(189,124

)

 

$

634,508

 

 

$

609,092

 
(1)
Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.
v3.25.1
Property, Plant, and Equipment (Tables)
 6 Months Ended
Mar. 31, 2025
Property, Plant and Equipment, Net [Abstract]  
Schedule of Property Plant and Equipment, Net

 

 

March 31, 2025

 

 

September 30, 2024

 

Land and land improvements

 

$

91,098

 

 

$

91,105

 

Buildings and building improvements

 

 

607,285

 

 

 

599,897

 

Leasehold improvements

 

 

19,508

 

 

 

22,022

 

Machinery and production equipment

 

 

841,404

 

 

 

849,595

 

Computer equipment and software

 

 

116,380

 

 

 

120,185

 

Office furniture and equipment

 

 

43,607

 

 

 

42,873

 

Other

 

 

33,320

 

 

 

33,392

 

Construction in progress

 

 

77,342

 

 

 

71,890

 

 

 

1,829,944

 

 

 

1,830,959

 

Less accumulated depreciation

 

 

(900,587

)

 

 

(890,244

)

Property, plant, and equipment, net

 

$

929,357

 

 

$

940,715

 
Schedule of Depreciation Expense

Woodward had depreciation expense as follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Depreciation expense

 

$

20,794

 

 

$

20,607

 

 

$

41,756

 

 

$

40,833

 
v3.25.1
Goodwill (Tables)
 6 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill

 

 

September 30, 2024

 

 

Reduction from Divestiture

 

 

Effects of Foreign Currency Translation

 

 

March 31, 2025

 

Aerospace

 

$

455,423

 

 

$

—

 

 

$

—

 

 

$

455,423

 

Industrial

 

 

351,220

 

 

 

(5,772

)

 

 

(8,882

)

 

 

336,566

 

Consolidated

 

$

806,643

 

 

$

(5,772

)

 

$

(8,882

)

 

$

791,989

 

On March 3, 2025, the agreement to sell the Industrial heavy-duty gas turbine combustion parts product line located in Greenville, South Carolina was finalized (see Note 10 Acquisitions and Divestitures), which resulted in $5,772 of goodwill in the Company's Industrial segment being removed.
v3.25.1
Intangible Assets, Net (Tables)
 6 Months Ended
Mar. 31, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Finite-lived and Indefinite-lived Intangible Assets by Major Class

 

 

March 31, 2025

 

 

September 30, 2024

 

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

Intangible assets with finite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

281,683

 

 

$

(248,631

)

 

$

33,052

 

 

$

281,683

 

 

$

(246,152

)

 

$

35,531

 

Industrial

 

 

371,677

 

 

 

(107,018

)

 

 

264,659

 

 

 

399,030

 

 

 

(114,391

)

 

 

284,639

 

Total

 

$

653,360

 

 

$

(355,649

)

 

$

297,711

 

 

$

680,713

 

 

$

(360,543

)

 

$

320,170

 

Intellectual property:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

3,139

 

 

 

(3,139

)

 

 

—

 

 

 

3,139

 

 

 

(3,139

)

 

 

—

 

Total

 

$

3,139

 

 

$

(3,139

)

 

$

—

 

 

$

3,139

 

 

$

(3,139

)

 

$

—

 

Process technology:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

44,570

 

 

$

(40,660

)

 

$

3,910

 

 

$

44,570

 

 

$

(40,346

)

 

$

4,224

 

Industrial

 

 

81,886

 

 

 

(34,116

)

 

 

47,770

 

 

 

87,257

 

 

 

(35,983

)

 

 

51,274

 

Total

 

$

126,456

 

 

$

(74,776

)

 

$

51,680

 

 

$

131,827

 

 

$

(76,329

)

 

$

55,498

 

Other intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

565

 

 

 

(565

)

 

 

—

 

 

 

592

 

 

 

(592

)

 

 

—

 

Total

 

$

565

 

 

$

(565

)

 

$

—

 

 

$

592

 

 

$

(592

)

 

$

—

 

Intangible asset with indefinite life:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade name:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Industrial

 

 

62,795

 

 

 

—

 

 

 

62,795

 

 

 

64,751

 

 

 

—

 

 

 

64,751

 

Total

 

$

62,795

 

 

$

—

 

 

$

62,795

 

 

$

64,751

 

 

$

—

 

 

$

64,751

 

Total intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

326,253

 

 

$

(289,291

)

 

$

36,962

 

 

$

326,253

 

 

$

(286,498

)

 

$

39,755

 

Industrial

 

 

520,062

 

 

 

(144,838

)

 

 

375,224

 

 

 

554,769

 

 

 

(154,105

)

 

 

400,664

 

Consolidated Total

 

$

846,315

 

 

$

(434,129

)

 

$

412,186

 

 

$

881,022

 

 

$

(440,603

)

 

$

440,419

 
Schedule of Finite-Lived Intangible Assets Amortization Expense

Woodward recorded amortization expense associated with intangibles of the following:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Amortization expense

 

$

6,772

 

 

$

8,618

 

 

$

13,686

 

 

$

17,217

 

 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Future amortization expense associated with intangibles is expected to be:

Year Ending September 30:

 

 

 

2025 (remaining)

 

$

13,858

 

2026

 

 

27,237

 

2027

 

 

27,183

 

2028

 

 

26,802

 

2029

 

 

25,894

 

Thereafter

 

 

228,417

 

 

$

349,391

 
v3.25.1
Credit Facilities, Short-term Borrowings and Long-term Debt (Tables)
 6 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Short-term Borrowings and Availability Under Various Short-term Credit Facilities

As of March 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

 

 

$

(7,886

)

 

$

—

 

 

$

(261,100

)

 

$

731,014

 

Foreign lines of credit and overdraft facilities

 

 

25,600

 

 

 

(207

)

 

 

(2,540

)

 

 

—

 

 

 

22,853

 

Foreign performance guarantee facilities

 

 

95

 

 

 

(59

)

 

 

—

 

 

 

—

 

 

 

36

 

 

 

$

1,025,695

 

 

$

(8,152

)

 

$

(2,540

)

 

$

(261,100

)

 

$

753,903

 
v3.25.1
Accrued Liabilities (Tables)
 6 Months Ended
Mar. 31, 2025
Accrued Liabilities, Current [Abstract]  
Accrued Liabilities

 

 

March 31, 2025

 

 

September 30, 2024

 

Salaries and other member benefits

 

$

105,065

 

 

$

151,921

 

Product warranties and related liabilities

 

 

20,946

 

 

 

18,844

 

Interest payable

 

 

12,193

 

 

 

12,163

 

Accrued retirement benefits

 

 

2,799

 

 

 

2,888

 

Net current contract liabilities

 

 

47,419

 

 

 

56,791

 

Taxes, other than income

 

 

15,755

 

 

 

15,884

 

Other

 

 

38,108

 

 

 

34,151

 

 

$

242,285

 

 

$

292,642

 
Changes in Accrued Product Warranties and Related Liabilities

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Beginning of period

 

$

19,008

 

 

$

21,802

 

 

$

18,844

 

 

$

18,162

 

Additions, net of recoveries

 

 

5,841

 

 

 

4,653

 

 

 

9,346

 

 

 

9,959

 

Reductions for settlement

 

 

(4,030

)

 

 

(6,579

)

 

 

(7,044

)

 

 

(8,406

)

Foreign currency exchange rate changes

 

 

127

 

 

 

(76

)

 

 

(200

)

 

 

85

 

End of period

 

$

20,946

 

 

$

19,800

 

 

$

20,946

 

 

$

19,800

 
v3.25.1
Other Liabilities (Tables)
 6 Months Ended
Mar. 31, 2025
Other Liabilities, Noncurrent [Abstract]  
Schedule of Other Liabilities

 

 

March 31, 2025

 

 

September 30, 2024

 

Net accrued retirement benefits, less amounts recognized within accrued liabilities

 

$

85,064

 

 

$

83,094

 

Total unrecognized tax benefits

 

 

12,320

 

 

 

10,104

 

Noncurrent income taxes payable

 

 

—

 

 

 

5,894

 

Deferred economic incentives (1)

 

 

6,425

 

 

 

7,062

 

Noncurrent operating lease liabilities

 

 

20,229

 

 

 

22,670

 

Net noncurrent contract liabilities

 

 

432,909

 

 

 

424,609

 

Cross-currency swap derivative liability

 

 

3,055

 

 

 

10,562

 

Other

 

 

8,438

 

 

 

13,385

 

 

 

$

568,440

 

 

$

577,380

 
(1)
Woodward receives certain economic incentives from various state and local authorities related to capital expansion projects. Such amounts are initially recorded as deferred credits and are being recognized as a reduction to pre-tax expense over the economic lives of the related capital expansion projects.
v3.25.1
Other (Income) Expense, Net (Tables)
 6 Months Ended
Mar. 31, 2025
Nonoperating Income (Expense) [Abstract]  
Schedule of Other (Income) Expense, Net

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Equity interest in the earnings of the JV

 

$

(11,386

)

 

$

(8,701

)

 

$

(21,542

)

 

$

(18,856

)

Rent income

 

 

(86

)

 

 

(88

)

 

 

(172

)

 

 

(170

)

Net gain on sales of assets and businesses

 

 

(10,806

)

 

 

(863

)

 

 

(20,049

)

 

 

(872

)

Net loss (gain) on investments in deferred compensation program

 

 

1,034

 

 

 

(1,785

)

 

 

1,133

 

 

 

(4,394

)

Gain on non-recurring matter related to a previous acquisition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,803

)

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

 

 

(3,323

)

 

 

(2,947

)

 

 

(6,639

)

 

 

(5,866

)

Other

 

 

(237

)

 

 

—

 

 

 

(622

)

 

 

(62

)

 

$

(24,804

)

 

$

(14,384

)

 

$

(47,891

)

 

$

(35,023

)
v3.25.1
Income Taxes (Tables)
 6 Months Ended
Mar. 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 March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Earnings before income taxes

 

$

132,963

 

 

$

120,624

 

 

$

234,817

 

 

$

230,344

 

Income tax expense

 

 

24,014

 

 

 

23,068

 

 

 

38,777

 

 

 

42,744

 

Effective tax rate

 

 

18.1

%

 

 

19.1

%

 

 

16.5

%

 

 

18.6

%
v3.25.1
Retirement Benefits (Tables)
 6 Months Ended
Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Amount of Expense Associated with Defined Contribution Plans

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Company costs

 

$

13,627

 

 

$

12,902

 

 

$

25,970

 

 

$

24,077

 
Schedule of Estimated Remaining Cash Contributions Woodward estimates its remaining cash contributions in fiscal year 2025 will be as follows:

Retirement pension benefits:

 

 

 

United States

 

$

—

 

United Kingdom

 

 

145

 

Japan

 

 

—

 

Germany

 

 

583

 

Other postretirement benefits

 

 

1,725

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

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

 

 

Three Months Ended March 31,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

230

 

 

$

194

 

 

$

343

 

 

$

312

 

 

$

573

 

 

$

506

 

Interest cost

 

 

1,718

 

 

 

1,900

 

 

 

717

 

 

 

803

 

 

 

2,435

 

 

 

2,703

 

Expected return on plan assets

 

 

(2,748

)

 

 

(2,271

)

 

 

(604

)

 

 

(602

)

 

 

(3,352

)

 

 

(2,873

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

 

42

 

 

 

56

 

 

 

(98

)

 

 

(171

)

 

 

(56

)

 

 

(115

)

Prior service cost

 

 

190

 

 

 

175

 

 

 

5

 

 

 

5

 

 

 

195

 

 

 

180

 

Net periodic retirement pension (benefit) cost

 

$

(568

)

 

$

54

 

 

$

363

 

 

$

347

 

 

$

(205

)

 

$

401

 

Contributions paid

 

$

—

 

 

$

—

 

 

$

490

 

 

$

746

 

 

$

490

 

 

$

746

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended March 31,

 

 

 

United States

 

 

Other Countries

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

459

 

 

$

388

 

 

$

691

 

 

$

621

 

 

$

1,150

 

 

$

1,009

 

Interest cost

 

 

3,437

 

 

 

3,799

 

 

 

1,445

 

 

 

1,596

 

 

 

4,882

 

 

 

5,395

 

Expected return on plan assets

 

 

(5,496

)

 

 

(4,542

)

 

 

(1,218

)

 

 

(1,194

)

 

 

(6,714

)

 

 

(5,736

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

 

85

 

 

 

113

 

 

 

(198

)

 

 

(339

)

 

 

(113

)

 

 

(226

)

Prior service cost

 

 

381

 

 

 

349

 

 

 

11

 

 

 

11

 

 

 

392

 

 

 

360

 

Net periodic retirement pension (benefit) cost

 

$

(1,134

)

 

$

107

 

 

$

731

 

 

$

695

 

 

$

(403

)

 

$

802

 

Contributions paid

 

$

—

 

 

$

—

 

 

$

874

 

 

$

1,339

 

 

$

874

 

 

$

1,339

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

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

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest cost

 

$

180

 

 

$

225

 

 

$

359

 

 

$

451

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial gain

 

 

(111

)

 

 

(139

)

 

 

(221

)

 

 

(278

)

Net periodic other postretirement cost

 

$

69

 

 

$

86

 

 

$

138

 

 

$

173

 

Contributions paid

 

$

408

 

 

$

413

 

 

$

794

 

 

$

825

 
v3.25.1
Stockholders' Equity (Tables)
 6 Months Ended
Mar. 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 were as follows:

 

 

Common Stock

 

 

Treasury Stock

 

 

Treasury stock held for deferred compensation

 

Balances as of January 1, 2024

 

 

72,960

 

 

 

(12,823

)

 

 

(54

)

Sales of treasury stock

 

 

—

 

 

 

479

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

159

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

—

 

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

1

 

Balances as of March 31, 2024

 

 

72,960

 

 

 

(12,185

)

 

 

(53

)

 

 

 

 

 

 

 

 

 

 

Balances as of January 1, 2025

 

 

72,960

 

 

 

(13,607

)

 

 

(31

)

Sales of treasury stock

 

 

—

 

 

 

344

 

 

 

—

 

Purchase of treasury stock

 

 

—

 

 

 

(243

)

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

126

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

—

 

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

1

 

Balances as of March 31, 2025

 

 

72,960

 

 

 

(13,380

)

 

 

(30

)

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Treasury stock held for deferred compensation

 

Balances as of September 30, 2023

 

 

72,960

 

 

 

(13,070

)

 

 

(55

)

Sales of treasury stock

 

 

—

 

 

 

726

 

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

159

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

3

 

Balances as of March 31, 2024

 

 

72,960

 

 

 

(12,185

)

 

 

(53

)

 

 

 

 

 

 

 

 

 

 

Balances as of September 30, 2024

 

 

72,960

 

 

 

(13,787

)

 

 

(45

)

Sales of treasury stock

 

 

—

 

 

 

725

 

 

 

—

 

Purchase of treasury stock

 

 

—

 

 

 

(449

)

 

 

—

 

Common shares issued for benefit plans

 

 

—

 

 

 

131

 

 

 

—

 

Purchases of stock by deferred compensation

 

 

—

 

 

 

—

 

 

 

(1

)

Distribution of stock from deferred compensation

 

 

—

 

 

 

—

 

 

 

16

 

Balances as of March 31, 2025

 

 

72,960

 

 

 

(13,380

)

 

 

(30

)
Summary of Activity for RSUs

A summary of the activity for RSUs:

 

 

Three Months Ended March 31, 2025

 

 

Six Months Ended March 31, 2025

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

303

 

 

$

122.07

 

 

 

318

 

 

$

118.19

 

Granted

 

 

101

 

 

 

193.09

 

 

 

113

 

 

 

191.08

 

Released

 

 

(51

)

 

 

137.63

 

 

 

(77

)

 

 

125.32

 

Forfeited

 

 

(3

)

 

 

144.37

 

 

 

(4

)

 

 

126.88

 

Ending balance

 

 

350

 

 

$

140.11

 

 

 

350

 

 

$

140.11

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

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

 

 

Three Months Ended March 31, 2025

 

 

Six Months Ended March 31, 2025

 

 

 

Number of options

 

 

Weighted-Average Exercise Price per Share

 

 

Number of options

 

 

Weighted-Average Exercise Price per Share

 

Beginning balance

 

 

3,220

 

 

$

86.54

 

 

 

3,578

 

 

$

86.03

 

Granted

 

 

38

 

 

 

193.09

 

 

 

41

 

 

 

191.45

 

Exercised

 

 

(298

)

 

 

73.59

 

 

 

(659

)

 

 

78.24

 

Forfeited

 

 

(4

)

 

 

108.31

 

 

 

(4

)

 

 

108.31

 

Ending balance

 

 

2,956

 

 

$

89.20

 

 

 

2,956

 

 

$

89.20

 
Changes in Non-vested Stock Options

Changes in non-vested stock options were as follows:

 

 

Three Months Ended March 31, 2025

 

 

Six Months Ended March 31, 2025

 

 

 

Number of options

 

 

Weighted-Average Grant Date Fair Value per Share

 

 

Number of options

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Beginning balance

 

 

495

 

 

$

40.62

 

 

 

898

 

 

$

37.30

 

Granted

 

 

38

 

 

 

84.13

 

 

 

41

 

 

 

83.65

 

Vested

 

 

(28

)

 

 

50.20

 

 

 

(434

)

 

 

34.62

 

Forfeited

 

 

(4

)

 

 

44.31

 

 

 

(4

)

 

 

44.31

 

Ending balance

 

 

501

 

 

$

43.35

 

 

 

501

 

 

$

43.35

 
Stock Options Vested, or Expected to Vest and Exercisable

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

 

 

Number of options

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Life in Years

 

 

Aggregate Intrinsic Value

 

Options outstanding

 

 

2,956

 

 

$

89.20

 

 

 

5.1

 

 

$

276,144

 

Options vested and exercisable

 

 

2,455

 

 

 

85.34

 

 

 

4.6

 

 

 

238,491

 

Options vested and expected to vest

 

 

2,938

 

 

 

88.96

 

 

 

5.1

 

 

 

275,121

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

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

 

 

March 31, 2025

 

 

March 31, 2024

 

Expected volatility

 

 

30.9

%

 

 

30.2

%

Risk free interest rate

 

 

4.1

%

 

 

4.5

%

Expected life

 

3 years

 

 

3 years

 

Grant date fair value

 

$

196.63

 

 

$

146.47

 
Summary of Activity for PSUs

A summary of the activity for PSUs:

 

 

Three Months Ended March 31, 2025

 

 

Six Months Ended March 31, 2025

 

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

 

Number of units

 

 

Weighted-Average Grant Date Fair Value

 

Beginning balance

 

 

106

 

 

$

167.31

 

 

 

62

 

 

$

146.47

 

Granted

 

 

—

 

 

 

—

 

 

 

44

 

 

 

196.63

 

Forfeited

 

 

(1

)

 

 

173.87

 

 

 

(1

)

 

 

171.60

 

Ending balance

 

 

105

 

 

$

167.25

 

 

 

105

 

 

$

167.25

 
v3.25.1
Segment Information (Tables)
 6 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Summary of Consolidated Net Sales and Earnings by Segment

A summary of consolidated net sales and earnings by segment follows:

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Segment external net sales:

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

561,729

 

 

$

497,512

 

 

$

1,055,611

 

 

$

958,268

 

Industrial

 

 

321,900

 

 

 

337,831

 

 

 

600,743

 

 

 

663,805

 

Total consolidated net sales

 

$

883,629

 

 

$

835,343

 

 

$

1,656,354

 

 

$

1,622,073

 

Segment earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

124,616

 

 

$

98,451

 

 

$

219,341

 

 

$

177,453

 

Industrial

 

 

45,967

 

 

 

65,244

 

 

 

86,164

 

 

 

132,125

 

Nonsegment expenses

 

 

(26,752

)

 

 

(32,834

)

 

 

(48,856

)

 

 

(59,034

)

Interest expense, net

 

 

(10,868

)

 

 

(10,237

)

 

 

(21,832

)

 

 

(20,200

)

Consolidated earnings before income taxes

 

$

132,963

 

 

$

120,624

 

 

$

234,817

 

 

$

230,344

 

 
Summary of Consolidated Total Assets 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 by segment follows:

 

 

March 31, 2025

 

 

September 30, 2024

 

Segment assets:

 

 

 

 

 

 

Aerospace

 

$

2,013,509

 

 

$

1,936,507

 

Industrial

 

 

1,466,602

 

 

 

1,509,495

 

Unallocated corporate property, plant, and equipment, net

 

 

119,454

 

 

 

120,946

 

Other unallocated assets

 

 

893,904

 

 

 

801,967

 

Consolidated total assets

 

$

4,493,469

 

 

$

4,368,915

 
v3.25.1
Revenue (Schedule of Revenue Recognition Time) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Disaggregation Of Revenue [Line Items]        
Net sales $ 883,629 $ 835,343 $ 1,656,354 $ 1,622,073
Aerospace [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 561,729 497,512 1,055,611 958,268
Industrial [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 321,900 337,831 600,743 663,805
Point In Time [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 401,826 432,403 748,879 807,536
Point In Time [Member] | Aerospace [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 223,025 229,171 415,010 417,674
Point In Time [Member] | Industrial [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 178,801 203,232 333,869 389,862
Over Time [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 481,803 402,940 907,475 814,537
Over Time [Member] | Aerospace [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 338,704 268,341 640,601 540,594
Over Time [Member] | Industrial [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales $ 143,099 $ 134,599 $ 266,874 $ 273,943
v3.25.1
Revenue (Schedule of Accounts Receivable) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Sep. 30, 2023
Contract With Customer Asset [Line Items]      
Total billed receivables $ 495,659 $ 457,234  
Current unbilled receivables (contract assets) 344,399 320,570  
Total accounts receivable 840,058 777,804  
Less: Allowance for uncollectible amounts (8,558) (7,738) $ (7,738)
Total accounts receivable, net 831,500 770,066  
Trade Accounts Receivable [Member]      
Contract With Customer Asset [Line Items]      
Billed receivables 495,104 455,831  
Other (Chinese Financial Institutions) [Member]      
Contract With Customer Asset [Line Items]      
Billed receivables $ 555 $ 1,403  
v3.25.1
Revenue (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]          
Noncurrent unbilled receivables $ 11,075   $ 11,075   $ 11,237
Revenue from contract liabilities $ 5,035 $ 8,232 $ 21,118 $ 21,265  
v3.25.1
Revenue (Schedule of Uncollectible Amounts And Change in Expected Allowance for Credit Losses for Trade Accounts Receivable and Unbilled Receivables) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]        
Balance, beginning $ 7,793 $ 5,777 $ 7,738 $ 5,847
Changes in estimates 599 1,398 806 1,696
Write-offs (120) (16) (120) (475)
Other [1] 286 (33) 134 58
Balance, ending $ 8,558 $ 7,126 $ 8,558 $ 7,126
[1] Includes effects of foreign exchange rate changes during the period.
v3.25.1
Revenue (Schedule of Contract Liability) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Contract With Customer Liability [Line Items]    
Current contract liabilities $ 47,419 $ 56,791
Noncurrent contract liabilities 432,909 424,609
Deferred Revenue from Material Rights from JV Formation [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 6,939 6,580
Noncurrent contract liabilities 234,069 232,164
Deferred Revenue From Advance Invoicing And/Or Prepayments From Customers [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 15,749 23,706
Noncurrent contract liabilities 7,542 6,437
Liability Related To Customer Supplied Inventory [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 16,648 20,563
Deferred Revenue From Material Rights Related To Engineering And Development Funding [Member]    
Contract With Customer Liability [Line Items]    
Current contract liabilities 8,083 5,942
Noncurrent contract liabilities $ 191,298 $ 186,008
v3.25.1
Revenue (Narrative - Performance Obligations) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Remaining performance obligation amount $ 3,105,657 $ 2,932,793
Material Rights [Member]    
Remaining performance obligation amount $ 511,464  
v3.25.1
Revenue (Narrative - Performance Obligations) (Details1) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Remaining performance obligation amount $ 3,105,657 $ 2,932,793
Material Rights [Member]    
Remaining performance obligation amount $ 511,464  
Material Rights [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01    
Period of remaining performance obligation, expected timing of satisfaction 6 months  
Remaining performance obligation amount $ 8,587  
Remaining performance obligation, expected timing of satisfaction, year 2025  
Material Rights [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01    
Period of remaining performance obligation, expected timing of satisfaction 1 year  
Remaining performance obligation amount $ 17,013  
Remaining performance obligation, expected timing of satisfaction, year 2026  
Aerospace [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01    
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: 2025-10-01    
Period of remaining performance obligation, expected timing of satisfaction 40 years  
v3.25.1
Revenue (Schedule of Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Disaggregation Of Revenue [Line Items]        
Total net sales $ 883,629 $ 835,343 $ 1,656,354 $ 1,622,073
Aerospace [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales 561,729 497,512 1,055,611 958,268
Aerospace [Member] | Commercial OEM [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales 167,461 183,517 321,537 354,871
Aerospace [Member] | Commercial Aftermarket [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales 201,861 163,886 365,711 301,430
Aerospace [Member] | Defense OEM [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales 137,928 91,017 250,710 184,442
Aerospace [Member] | Defense Aftermarket [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales 54,479 59,092 117,653 117,525
Industrial [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales 321,900 337,831 600,743 663,805
Industrial [Member] | Power Generation [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales 111,047 106,811 216,266 204,917
Industrial [Member] | Transportation [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales 141,734 173,786 258,340 348,255
Industrial [Member] | Oil and Gas [Member]        
Disaggregation Of Revenue [Line Items]        
Total net sales $ 69,119 $ 57,234 $ 126,137 $ 110,633
v3.25.1
Earnings Per Share (Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Numerator:        
Net earnings $ 108,949 $ 97,556 $ 196,040 $ 187,600
Denominator:        
Basic shares outstanding 59,432 60,427 59,323 60,223
Dilutive effect of stock options; restricted and performance stock 1,912 1,938 1,935 1,883
Diluted shares outstanding 61,344 62,365 61,258 62,106
Income per common share:        
Basic earnings per share $ 1.83 $ 1.61 $ 3.3 $ 3.12
Diluted earnings per share $ 1.78 $ 1.56 $ 3.2 $ 3.02
v3.25.1
Earnings Per Share (Anti-dilutive Stock Options Grants And Restricted Stock Awards Excluded from Computation of Earnings Per Share) (Details) - Stock Option Grants And Restricted Stock Awards [Member] - $ / shares
shares in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Awards and options 21 14 10 37
Weighted-average price $ 193.09 $ 122.38 $ 193.09 $ 131.03
v3.25.1
Earnings Per Share (Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding) (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]        
Weighted-average treasury stock shares held for deferred compensation obligations 30 54 35 54
v3.25.1
Leases (Lease-Related Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Assets:    
Operating lease assets $ 25,471 $ 27,135
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
Finance lease assets $ 3,101 $ 2,516
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Total lease assets $ 28,572 $ 29,651
Current liabilities:    
Operating lease liabilities $ 5,783 $ 5,029
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Finance lease liabilities $ 989 $ 719
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 $ 20,229 $ 22,670
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Finance lease liabilities $ 2,341 $ 2,017
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 $ 29,342 $ 30,435
v3.25.1
Leases (Lease-Related Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]        
Operating lease expense $ 1,899 $ 1,656 $ 3,695 $ 3,288
Amortization of finance lease assets 242 222 483 470
Interest on finance lease liabilities 42 32 86 73
Variable lease expense 375 301 568 529
Short-term lease expense 55 45 108 83
Total lease expense $ 2,613 $ 2,256 $ 4,940 $ 4,443
v3.25.1
Leases (Lease-Related Supplemental Cash Flow Information) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,982 $ 2,660
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases 86 73
Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows for finance leases 474 472
Right-of-use assets obtained in exchange for recorded lease obligations: Operating leases 3,852 $ 966
Right-of-use assets obtained in exchange for recorded lease obligations: Finance leases $ 1,069  
v3.25.1
Leases (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]        
Revenue included embedded operating leases $ 903 $ 1,365 $ 1,937 $ 2,729
v3.25.1
Leases (Property, Plant and Equipment Leased to Others through Embedded Leasing Arrangements) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Leases [Abstract]    
Property, plant, and equipment $ 36,818 $ 48,495
Less accumulated depreciation (24,699) (32,994)
Property, plant, and equipment, net $ 12,119 $ 15,501
v3.25.1
Joint Venture (Unamortized Deferred Revenue from JV) (Details) - Woodward and General Electric Joint Venture [Member] - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Schedule Of Equity Method Investments [Line Items]    
Accrued liabilities $ 6,939 $ 6,580
Other liabilities $ 234,069 $ 232,164
v3.25.1
Joint Venture (Narrative) (Details) - Woodward and General Electric Joint Venture [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Schedule Of Equity Method Investments [Line Items]        
Ownership interest, joint venture 50.00%   50.00%  
Sales [Member]        
Schedule Of Equity Method Investments [Line Items]        
Amortization of deferred income recognized as an increase to sales $ 1,607 $ 1,502 $ 2,630 $ 2,837
Reduction to sales related to royalties owed to joint venture $ 19,630 $ 14,992 $ 35,169 $ 29,531
v3.25.1
Joint Venture (Other Income Related JV) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Schedule Of Equity Method Investments [Line Items]        
Other income $ 11,386 $ 8,701 $ 21,542 $ 18,856
Woodward and General Electric Joint Venture [Member]        
Schedule Of Equity Method Investments [Line Items]        
Other income $ 11,386 $ 8,701 $ 21,542 $ 18,856
v3.25.1
Joint Venture (Cash Distribution from JV) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Woodward and General Electric Joint Venture [Member]        
Schedule Of Equity Method Investments [Line Items]        
Cash distributions $ 10,000 $ 12,000 $ 21,000 $ 18,500
v3.25.1
Joint Venture (Net Sales to the JV) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Woodward and General Electric Joint Venture [Member] | Related Party [Member]        
Schedule Of Equity Method Investments [Line Items]        
Net sales $ 24,270 $ 22,080 $ 44,966 $ 42,352
v3.25.1
Joint Venture (Accounts Receivable, Accounts Payable, and Other Assets Related to JV) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Schedule Of Equity Method Investments [Line Items]    
Accounts receivable $ 495,659 $ 457,234
Accounts payable 269,318 287,457
Woodward and General Electric Joint Venture [Member]    
Schedule Of Equity Method Investments [Line Items]    
Other assets 19,761 19,219
Woodward and General Electric Joint Venture [Member] | Related Party [Member]    
Schedule Of Equity Method Investments [Line Items]    
Accounts receivable 5,729 5,205
Accounts payable $ 6,129 $ 11,378
v3.25.1
Financial Instruments and Fair Value Measurements (Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Financial assets:    
Total financial assets $ 53,830 $ 53,910
Financial liabilities:    
Total financial liabilities 3,055 12,004
Cross Currency Interest Rate Swaps [Member]    
Financial assets:    
Cross-currency interest rate swaps 1,173  
Financial liabilities:    
Cross-currency interest rate swaps 3,055 12,004
Level 1 [Member]    
Financial assets:    
Total financial assets 52,657 53,910
Level 2 [Member]    
Financial assets:    
Total financial assets 1,173  
Financial liabilities:    
Total financial liabilities 3,055 12,004
Level 2 [Member] | Cross Currency Interest Rate Swaps [Member]    
Financial assets:    
Cross-currency interest rate swaps 1,173  
Financial liabilities:    
Cross-currency interest rate swaps 3,055 12,004
Investments in Banks and Financial Institutions [Member]    
Financial assets:    
Investments 18,751 23,128
Investments in Banks and Financial Institutions [Member] | Level 1 [Member]    
Financial assets:    
Investments 18,751 23,128
Equity Securities [Member]    
Financial assets:    
Equity securities 33,906 30,782
Equity Securities [Member] | Level 1 [Member]    
Financial assets:    
Equity securities $ 33,906 $ 30,782
v3.25.1
Financial Instruments and Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - Level 2 [Member] - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
ASSETS    
Investments in short-term time deposits, Estimated Fair Value $ 75 $ 3,064
Liabilities:    
Long-term debt, Estimated Fair Value 627,834 634,071
Investments in short-term time deposits, Carrying Cost 74 3,064
Long-term debt, Carrying Cost 651,556 656,360
Long Term Notes Receivable from Municipalities [Member]    
ASSETS    
Notes receivable, Estimated Fair Value 6,298 6,961
Liabilities:    
Notes receivable, Carrying Cost $ 6,216 $ 6,514
v3.25.1
Financial Instruments and Fair Value Measurements (Narrative) (Details) - Measurement Input, Discount Rate [Member]
Mar. 31, 2025
Sep. 30, 2024
Long-Term Debt [Member] | Weighted Average [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Interest rate used to measure long-term debt 4.7 4.5
Long Term Notes Receivable from Municipalities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Interest rate used to measure municipal notes 3.4 2.7
Investments in Short-Term Time Deposits [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Interest rate used to measure short-term time deposits 5.8 6.8
v3.25.1
Derivative Instruments and Hedging Activities (Narrative) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Sep. 30, 2024
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 $ (7,317)   $ (7,317)   $ (5,160)    
2016 Note Purchase Agreements [Member]              
Derivative Instruments Gain Loss [Line Items]              
Issuance date     Sep. 23, 2016        
Face amount | €             € 160,000,000
Series M Notes [Member]              
Derivative Instruments Gain Loss [Line Items]              
Face amount | €             € 40,000,000
Maturity date     Sep. 23, 2026        
Gain (Loss) on foreign currency transaction designated as a hedge of a net investment in a foreign subsidiary (1,712) $ 978 $ 1,351 $ (888)      
2020 Fixed-Rate Cross-Currency Swaps [Member]              
Derivative Instruments Gain Loss [Line Items]              
Derivative, notional amount $ 400,000   $ 400,000     $ 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  
v3.25.1
Derivative Instruments and Hedging Activities (Impact of Derivative Instruments on Earnings) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments Gain Loss [Line Items]        
Amount of Loss (gain) recognized in accumulated OCI $ 11,402 $ (7,349) $ (8,966) $ 11,161
Cash Flow Hedging        
Derivative Instruments Gain Loss [Line Items]        
Amount of Expense (income) recognized and loss (gain) reclassified from accumulated OCI into earnings 16,560 (8,875) (11,123) 9,024
Amount of Loss (gain) recognized in accumulated OCI $ 11,402 $ (7,349) $ (8,966) $ 11,161
Expense (income) recognized and loss (gain) reclassified from accumulated OCI into earnings | Cash Flow Hedging        
Derivative Instruments Gain Loss [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, General and Administrative Expense Selling, General and Administrative Expense Selling, General and Administrative Expense Selling, General and Administrative Expense
Loss (gain) recognized in accumulated OCI | Derivatives in Fair Value Hedging Relationships [Member]        
Derivative Instruments Gain Loss [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, General and Administrative Expense Selling, General and Administrative Expense Selling, General and Administrative Expense Selling, General and Administrative Expense
v3.25.1
Supplemental Statement of Cash Flows Information (Schedule of Supplemental Statement of Cash Flows Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]        
Interest paid     $ 18,366 $ 18,068
Income taxes paid     43,141 59,677
Income tax refunds received     4,182 3,662
Non-cash activities:        
Purchases of property, plant and equipment on account     6,292 2,127
Common shares issued from treasury to settle benefit obligations $ 24,058 $ 21,887 24,912 $ 21,887
Receivables related to business divestitures     $ 7,003  
v3.25.1
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
v3.25.1
Acquisitions and Divestitures (Narrative) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Acquisitions And Divestitures [Line Items]    
Cash proceeds $ 44,896 $ 600
Cash receivables 7,003  
Pretax gain $ 20,524  
Date of divestiture Mar. 03, 2025  
Safran Electronics & Defense [Member]    
Acquisitions And Divestitures [Line Items]    
Acquisition agreement date Dec. 19, 2024  
v3.25.1
Acquisitions (Narrative) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Business Acquisition [Line Items]    
Goodwill $ 791,989 $ 806,643
Future amortization expense associated with the acquired intangibles for fiscal year ended September 30, 2023 13,858  
Future amortization expense associated with the acquired intangibles for fiscal year ended September 30, 2024 27,237  
Future amortization expense associated with the acquired intangibles for fiscal year ended September 30, 2025 27,183  
Future amortization expense associated with the acquired intangibles for fiscal year ended September 30, 2026 26,802  
Future amortization expense associated with the acquired intangibles for fiscal year ended September 30, 2027 $ 25,894  
v3.25.1
Acquisitions (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Business Acquisition [Line Items]    
Goodwill $ 791,989 $ 806,643
v3.25.1
Inventories (Schedule of Inventories) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Inventory, Net [Abstract]    
Raw materials $ 186,797 $ 161,734
Work in progress 151,999 147,676
Component parts [1] 391,505 376,456
Finished goods 94,717 91,787
Customer supplied inventory 16,648 20,563
On-hand inventory for which control has transferred to the customer (207,158) (189,124)
Inventory, net $ 634,508 $ 609,092
[1] Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.
v3.25.1
Property, Plant, and Equipment (Schedule of Property Plant and Equipment, Net) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross $ 1,829,944 $ 1,830,959
Less accumulated depreciation (900,587) (890,244)
Property, plant, and equipment, net 929,357 940,715
Land and Land Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 91,098 91,105
Building and Building Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 607,285 599,897
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 19,508 22,022
Machinery and Production Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 841,404 849,595
Computer Equipment and Software [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 116,380 120,185
Office Furniture and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 43,607 42,873
Other [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 33,320 33,392
Construction in Progress [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross $ 77,342 $ 71,890
v3.25.1
Property, Plant, and Equipment (Schedule of Depreciation Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Property, Plant and Equipment, Net [Abstract]        
Depreciation expense $ 20,794 $ 20,607 $ 41,756 $ 40,833
v3.25.1
Goodwill (Schedule of Goodwill) (Details)
$ in Thousands
 6 Months Ended
Mar. 31, 2025
USD ($)
Goodwill [Line Items]  
Goodwill, Beginning Balance $ 806,643
Reduction from Divestiture (5,772)
Effects of Foreign Currency Translation (8,882)
Goodwill, Ending Balance 791,989
Aerospace [Member]  
Goodwill [Line Items]  
Goodwill, Beginning Balance 455,423
Reduction from Divestiture 0
Goodwill, Ending Balance 455,423
Industrial [Member]  
Goodwill [Line Items]  
Goodwill, Beginning Balance 351,220
Reduction from Divestiture (5,772)
Effects of Foreign Currency Translation (8,882)
Goodwill, Ending Balance $ 336,566
v3.25.1
Goodwill (Narrative) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Industrial [Member]  
Goodwill [Line Items]  
Assets Held for Sale $ 5,772
v3.25.1
Intangible Assets, Net (Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization of Finite-Lived Intangible $ (434,129) $ (440,603)
Net Carrying Amount - Finite-Lived Intangible 349,391  
Intangible Assets, Gross, Total 846,315 881,022
Intangible Assets, Net, Total 412,186 440,419
Customer Relationships And Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 653,360 680,713
Accumulated Amortization of Finite-Lived Intangible (355,649) (360,543)
Net Carrying Amount - Finite-Lived Intangible 297,711 320,170
Intellectual Property [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 3,139 3,139
Accumulated Amortization of Finite-Lived Intangible (3,139) (3,139)
Process Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 126,456 131,827
Accumulated Amortization of Finite-Lived Intangible (74,776) (76,329)
Net Carrying Amount - Finite-Lived Intangible 51,680 55,498
Other [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 565 592
Accumulated Amortization of Finite-Lived Intangible (565) (592)
Trade Name [Member]    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-Lived Intangible Assets 62,795 64,751
Aerospace [Member]    
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization of Finite-Lived Intangible (289,291) (286,498)
Intangible Assets, Gross, Total 326,253 326,253
Intangible Assets, Net, Total 36,962 39,755
Aerospace [Member] | Customer Relationships And Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 281,683 281,683
Accumulated Amortization of Finite-Lived Intangible (248,631) (246,152)
Net Carrying Amount - Finite-Lived Intangible 33,052 35,531
Aerospace [Member] | Process Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 44,570 44,570
Accumulated Amortization of Finite-Lived Intangible (40,660) (40,346)
Net Carrying Amount - Finite-Lived Intangible 3,910 4,224
Industrial [Member]    
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization of Finite-Lived Intangible (144,838) (154,105)
Intangible Assets, Gross, Total 520,062 554,769
Intangible Assets, Net, Total 375,224 400,664
Industrial [Member] | Customer Relationships And Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 371,677 399,030
Accumulated Amortization of Finite-Lived Intangible (107,018) (114,391)
Net Carrying Amount - Finite-Lived Intangible 264,659 284,639
Industrial [Member] | Intellectual Property [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 3,139 3,139
Accumulated Amortization of Finite-Lived Intangible (3,139) (3,139)
Industrial [Member] | Process Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 81,886 87,257
Accumulated Amortization of Finite-Lived Intangible (34,116) (35,983)
Net Carrying Amount - Finite-Lived Intangible 47,770 51,274
Industrial [Member] | Other [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value - Finite-Lived Intangible 565 592
Accumulated Amortization of Finite-Lived Intangible (565) (592)
Industrial [Member] | Trade Name [Member]    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-Lived Intangible Assets $ 62,795 $ 64,751
v3.25.1
Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets Amortization Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]        
Amortization expense $ 6,772 $ 8,618 $ 13,686 $ 17,217
v3.25.1
Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
2025 (remaining) $ 13,858
2026 27,237
2027 27,183
2028 26,802
2029 25,894
Thereafter 228,417
Net Carrying Amount - Finite-Lived Intangible $ 349,391
v3.25.1
Credit Facilities, Short-term Borrowings and Long-term Debt (Short-term Borrowings and Availability Under Various Short-term Credit Facilities) (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Line of Credit Facility [Line Items]  
Total availability $ 1,025,695
Outstanding letters of credit and guarantees (8,152)
Banker acceptance notes issued (2,540)
Outstanding borrowings (261,100)
Remaining availability 753,903
Revolving Credit Facility [Member]  
Line of Credit Facility [Line Items]  
Total availability 1,000,000
Outstanding letters of credit and guarantees (7,886)
Outstanding borrowings (261,100)
Remaining availability 731,014
Foreign Lines of Credit and Overdraft Facilities [Member]  
Line of Credit Facility [Line Items]  
Total availability 25,600
Outstanding letters of credit and guarantees (207)
Banker acceptance notes issued (2,540)
Remaining availability 22,853
Foreign Performance Guarantee Facilities [Member]  
Line of Credit Facility [Line Items]  
Total availability 95
Outstanding letters of credit and guarantees (59)
Remaining availability $ 36
v3.25.1
Credit Facilities, Short-term Borrowings and Long-term Debt (Narrative) (Details)
 6 Months Ended 12 Months Ended
Nov. 15, 2023
USD ($)
Mar. 31, 2025
USD ($)
Sep. 30, 2024
USD ($)
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 1,025,695,000  
Outstanding borrowings   261,100,000  
Borrowings outstanding   261,100,000 $ 217,000,000
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  
Outstanding borrowings   261,100,000  
Principal amount borrowing outstanding   $ 261,100,000 $ 217,000,000
Effective interest rate   0.0548 0.0582
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]      
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]  
Basis spread on variable rate   0.875%  
Maximum [Member] | Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]  
Basis spread on variable rate   1.75%  
Series H and K Notes [Member]      
Debt Instrument [Line Items]      
Payment of principal balance $ 75,000,000    
v3.25.1
Accrued Liabilities (Accrued Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Accrued Liabilities, Current [Abstract]            
Salaries and other member benefits $ 105,065   $ 151,921      
Product warranties and related liabilities 20,946 $ 19,008 18,844 $ 19,800 $ 21,802 $ 18,162
Interest payable 12,193   12,163      
Accrued retirement benefits 2,799   2,888      
Net current contract liabilities 47,419   56,791      
Taxes, other than income 15,755   15,884      
Other 38,108   34,151      
Accrued liabilities $ 242,285   $ 292,642      
v3.25.1
Accrued Liabilities (Changes in Accrued Product Warranties and Related Liabilities) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Accrued Liabilities, Current [Abstract]        
Beginning of period $ 19,008 $ 21,802 $ 18,844 $ 18,162
Additions, net of recoveries 5,841 4,653 9,346 9,959
Reductions for settlement (4,030) (6,579) (7,044) (8,406)
Foreign currency exchange rate changes 127 (76) (200) 85
End of period $ 20,946 $ 19,800 $ 20,946 $ 19,800
v3.25.1
Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Other Liabilities, Noncurrent [Abstract]    
Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 85,064 $ 83,094
Total unrecognized tax benefits 12,320 10,104
Noncurrent income taxes payable 0 5,894
Deferred economic incentives [1] 6,425 7,062
Noncurrent operating lease liabilities 20,229 22,670
Net noncurrent contract liabilities 432,909 424,609
Cross-currency swap derivative liability 3,055 10,562
Other 8,438 13,385
Other liabilities $ 568,440 $ 577,380
[1] Woodward receives certain economic incentives from various state and local authorities related to capital expansion projects. Such amounts are initially recorded as deferred credits and are being recognized as a reduction to pre-tax expense over the economic lives of the related capital expansion projects.
v3.25.1
Other (Income) Expense, Net (Schedule of Other (Income) Expense, Net) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Nonoperating Income (Expense) [Abstract]        
Equity interest in the earnings of the JV $ (11,386) $ (8,701) $ (21,542) $ (18,856)
Rent income (86) (88) (172) (170)
Net gain on sales of assets and businesses (10,806) (863) (20,049) (872)
Net loss (gain) on investments in deferred compensation program 1,034 (1,785) 1,133 (4,394)
Gain on non-recurring matter related to a previous acquisition       (4,803)
Other components of net periodic pension and other postretirement benefit, excluding service cost and interest expense (3,323) (2,947) (6,639) (5,866)
Other (237) 0 (622) (62)
Other (income) expense, net $ (24,804) $ (14,384) $ (47,891) $ (35,023)
v3.25.1
Income Taxes (Tax Expense and Effective Tax Rate) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]        
Earnings before income taxes $ 132,963 $ 120,624 $ 234,817 $ 230,344
Income tax expense $ 24,014 $ 23,068 $ 38,777 $ 42,744
Effective tax rate 18.10% 19.10% 16.50% 18.60%
v3.25.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2025
Sep. 30, 2024
Income Taxes [Line Items]    
Gross unrecognized tax benefits $ 17,054 $ 14,273
Unrecognized tax benefits that, if recognized, would affect the effective tax rate 9,185  
Possible decrease in unrecognized tax benefits liability $ 1,909  
Domestic Tax Authority [Member]    
Income Taxes [Line Items]    
Year remaining open to tax examination 2021  
State and Local Jurisdiction [Member]    
Income Taxes [Line Items]    
Year remaining open to tax examination 2018  
Foreign Jurisdiction [Member]    
Income Taxes [Line Items]    
Year remaining open to tax examination 2018  
v3.25.1
Retirement Benefits (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plan Disclosure [Line Items]        
Percentage of annual contribution equal to eligible prior year wages     5.00%  
Common shares issued from treasury to settle benefit obligations $ 24,058 $ 21,887 $ 24,912 $ 21,887
Treasury Stock [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Common shares issued from treasury stock for benefit plans, shares 126,000 159,000 131,000 159,000
Common shares issued from treasury to settle benefit obligations $ 6,295 $ 7,921 $ 6,534 $ 7,921
v3.25.1
Retirement Benefits (Schedule of Amount of Expense Associated with Defined Contribution Plans) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Retirement Benefits [Abstract]        
Company costs $ 13,627 $ 12,902 $ 25,970 $ 24,077
v3.25.1
Retirement Benefits (Schedule of Net Periodic Benefit Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Pension Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 573 $ 506 $ 1,150 $ 1,009
Interest cost 2,435 2,703 4,882 5,395
Expected return on plan assets (3,352) (2,873) (6,714) (5,736)
Amortization of: Net actuarial loss (gain) (56) (115) (113) (226)
Amortization of: Prior service cost 195 180 392 360
Net periodic retirement pension (benefit) cost (205) 401 (403) 802
Contributions paid 490 746 874 1,339
Other Postretirement Benefit Plans [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost 180 225 359 451
Amortization of: Net actuarial loss (gain) (111) (139) (221) (278)
Net periodic retirement pension (benefit) cost 69 86 138 173
Contributions paid - other postretirement plans 408 413 794 825
United States [Member] | Pension Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 230 194 459 388
Interest cost 1,718 1,900 3,437 3,799
Expected return on plan assets (2,748) (2,271) (5,496) (4,542)
Amortization of: Net actuarial loss (gain) 42 56 85 113
Amortization of: Prior service cost 190 175 381 349
Net periodic retirement pension (benefit) cost (568) 54 (1,134) 107
Other Countries [Member] | Pension Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 343 312 691 621
Interest cost 717 803 1,445 1,596
Expected return on plan assets (604) (602) (1,218) (1,194)
Amortization of: Net actuarial loss (gain) (98) (171) (198) (339)
Amortization of: Prior service cost 5 5 11 11
Net periodic retirement pension (benefit) cost 363 347 731 695
Contributions paid $ 490 $ 746 $ 874 $ 1,339
v3.25.1
Retirement Benefits (Schedule of Estimated Remaining Cash Contributions) (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Other Postretirement Benefit Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Estimated future employer contributions in the current fiscal year $ 1,725
United Kingdom [Member] | Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Estimated future employer contributions in the current fiscal year 145
Germany [Member] | Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Estimated future employer contributions in the current fiscal year $ 583
v3.25.1
Stockholders' Equity (Summary of Activity in Common Stock and Treasury Stock Shares) (Details) - shares
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Balance, Common Stock, shares     72,960,000  
Balance, Treasury Stock, shares     (13,787,000)  
Balance, Treasury stock held for deferred compensation, shares     (45,000)  
Balance, Common Stock, shares 72,960,000   72,960,000  
Balance, Treasury Stock, shares (13,380,000)   (13,380,000)  
Balance, Treasury stock held for deferred compensation, shares (30,000)   (30,000)  
Common Stock [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Balance, Common Stock, shares 72,960,000 72,960,000 72,960,000 72,960,000
Balance, Common Stock, shares 72,960,000 72,960,000 72,960,000 72,960,000
Treasury Stock at Cost [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Balance, Treasury Stock, shares (13,607,000) (12,823,000) (13,787,000) (13,070,000)
Sales of treasury stock, shares 344,000 479,000 725,000 726,000
Purchase of treasury stock, shares (243,000)   (449,000)  
Common shares issued for benefit plans, shares 126,000 159,000 131,000 159,000
Balance, Treasury Stock, shares (13,380,000) (12,185,000) (13,380,000) (12,185,000)
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 (31,000) (54,000) (45,000) (55,000)
Purchases of stock by deferred compensation, shares     (1,000) (1,000)
Distribution of stock from deferred compensation, shares 1,000 1,000 16,000 3,000
Balance, Treasury stock held for deferred compensation, shares (30,000) (53,000) (30,000) (53,000)
v3.25.1
Stockholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2024
Mar. 31, 2025
Mar. 31, 2025
Mar. 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   $ 40,139 $ 40,139  
Forfeiture rate, Board of Directors   0.00% 0.00%  
Forfeiture rate, non-Board of Directors   7.40% 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  
Weighted-average exercise price   $ 193.09 $ 191.45  
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]        
Award performance period (in years)     3 years  
Performance based criteria plan payout percentage, target     100.00%  
Discount for dividends     0.00%  
Performance Restricted Stock Units [Member] | Maximum [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Performance based criteria plan payout percentage     150.00%  
Performance Restricted Stock Units [Member] | Minimum [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Performance based criteria plan payout percentage     0.00%  
2024 Authorization [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Stock repurchase program authorized amount $ 600,000 $ 79,493 $ 79,493  
Repurchase period in years 3 years      
Stock repurchase program, number of shares authorized to be repurchased   449,000 449,000 0
v3.25.1
Stockholders' Equity (Summary of Activity for Stock Option Awards) (Details) - Stock Options [Member] - $ / shares
shares in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of options, Beginning balance 3,220 3,578
Granted, Number of options 38 41
Exercised, Number of options (298) (659)
Forfeited, Number of options (4) (4)
Number of options, Ending balance 2,956 2,956
Weighted Average Exercise Price Per Share, Beginning balance $ 86.54 $ 86.03
Granted, Weighted Average Exercise Price Per Share 193.09 191.45
Exercised, Weighted Average Exercise Price Per Share 73.59 78.24
Forfeited, Weighted Average Exercise Price Per Share 108.31 108.31
Weighted Average Exercise Price Per Share, Ending balance $ 89.2 $ 89.2
v3.25.1
Stockholders' Equity (Changes in Non-vested Stock Options) (Details) - Stock Options [Member] - $ / shares
shares in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of Options, Beginning balance 495 898
Granted, Number of options 38 41
Vested, Number of options (28) (434)
Forfeited, Number of options (4) (4)
Number of Options, Ending balance 501 501
Weighted-Average Grant Date Fair Value Per Share, Beginning balance $ 40.62 $ 37.3
Granted, Weighted-Average Grant Date Fair Value Per Share 84.13 83.65
Vested, Weighted-Average Grant Date Fair Value Per Share 50.2 34.62
Forfeited, Weighted-Average Grant Date Fair Value Per Share 44.31 44.31
Weighted-Average Grant Date Fair Value Per Share, Ending balance $ 43.35 $ 43.35
v3.25.1
Stockholders' Equity (Stock Options Vested, or Expected to Vest and Exercisable) (Details) - Stock Options [Member] - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Options outstanding, Number of options 2,956 3,220 3,578
Options vested and exercisable, Number of options 2,455    
Options vested and expected to vest, Number of options 2,938    
Options outstanding, Weighted-Average Exercise Price $ 89.2 $ 86.54 $ 86.03
Options vested and exercisable, Weighted-Average Exercise Price Per Share 85.34    
Options vested and expected to vest, Weighted-Average Exercise Price Per Share $ 88.96    
Options outstanding, Weighted-Average Remaining Life in Years 5 years 1 month 6 days    
Options vested and exercisable, Weighted-Average Remaining Life in Years 4 years 7 months 6 days    
Options vested and expected to vest, Weighted-Average Remaining Life in Years 5 years 1 month 6 days    
Options outstanding, Aggregate Intrinsic Value $ 276,144    
Options vested and exercisable, Aggregate Intrinsic Value 238,491    
Options vested and expected to vest, Aggregate Intrinsic Value $ 275,121    
v3.25.1
Stockholders' Equity (Summary of Activity for RSUs) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares
shares in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Number of units, Beginning balance 303 318
Granted, Number of units 101 113
Released, Number of units (51) (77)
Forfeited, Number of units (3) (4)
Number of units, Ending balance 350 350
Weighted-Average Grant Date Fair Value, Beginning balance $ 122.07 $ 118.19
Granted, Weighted-Average Grant Date Fair Value 193.09 191.08
Released, Weighted-Average Grant Date Fair Value 137.63 125.32
Forfeited Weighted-Average Grant Date Fair Value 144.37 126.88
Weighted-Average Grant Date Fair Value, Ending balance $ 140.11 $ 140.11
v3.25.1
Stockholders' Equity (Schedule of Assumptions to Value PSUs Granted) (Details) - Performance Restricted Stock Units [Member] - $ / shares
 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected volatility 30.90% 30.20%
Risk free interest rate 4.10% 4.50%
Expected life 3 years 3 years
Grant date fair value $ 196.63 $ 146.47
v3.25.1
Stockholders' Equity (Summary of Activity for PSUs) (Details) - Performance Restricted Stock Units [Member] - $ / shares
shares in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Number of units, Beginning balance 106 62
Granted, Number of units   44
Forfeited, Number of units (1) (1)
Number of units, Ending balance 105 105
Weighted-Average Grant Date Fair Value, Beginning balance $ 167.31 $ 146.47
Granted, Weighted-Average Grant Date Fair Value   196.63
Forfeited Weighted-Average Grant Date Fair Value 173.87 171.6
Weighted-Average Grant Date Fair Value, Ending balance $ 167.25 $ 167.25
v3.25.1
Segment Information (Narrative) (Details)
 6 Months Ended
Mar. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of Reportable Segments 2
v3.25.1
Segment Information (Summary of Consolidated Net Sales and Earnings by Segment) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]        
Total net sales $ 883,629 $ 835,343 $ 1,656,354 $ 1,622,073
Interest Expense, net (10,868) (10,237) (21,832) (20,200)
Consolidated earnings before income taxes 132,963 120,624 234,817 230,344
Aerospace [Member]        
Segment Reporting Information [Line Items]        
Total net sales 561,729 497,512 1,055,611 958,268
Industrial [Member]        
Segment Reporting Information [Line Items]        
Total net sales 321,900 337,831 600,743 663,805
Operating Segments [Member] | Aerospace [Member]        
Segment Reporting Information [Line Items]        
Total net sales 561,729 497,512 1,055,611 958,268
Segment earnings (loss) 124,616 98,451 219,341 177,453
Operating Segments [Member] | Industrial [Member]        
Segment Reporting Information [Line Items]        
Total net sales 321,900 337,831 600,743 663,805
Segment earnings (loss) 45,967 65,244 86,164 132,125
Unallocated Corporate [Member]        
Segment Reporting Information [Line Items]        
Segment earnings (loss) $ (26,752) $ (32,834) $ (48,856) $ (59,034)
v3.25.1
Segment Information (Summary of Consolidated Total Assets by Segment) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]    
Consolidated total assets $ 4,493,469 $ 4,368,915
Property, plant and equipment, net 929,357 940,715
Unallocated Corporate [Member]    
Segment Reporting Information [Line Items]    
Property, plant and equipment, net 119,454 120,946
Other assets 893,904 801,967
Aerospace [Member] | Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Consolidated total assets 2,013,509 1,936,507
Industrial [Member] | Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Consolidated total assets $ 1,466,602 $ 1,509,495
v3.25.1
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] - O 2025 Q1 Dividends [Member]
Apr. 23, 2025
$ / shares
Subsequent Event [Line Items]  
Dividend per share $ 0.28
Dividend, payable date Jun. 05, 2025
Dividend, record date May 22, 2025