Financial Information
Segment Financial Information
As Reported; Years ended December 31 (Dollars in millions, except percentages; unaudited)
| Sales | 2025 | 2024 | Change |
|---|---|---|---|
| Aerospace & Industrial | $976.8 | $932.1 | 5% |
| Defense Electronics | 1,018.6 | 910.7 | 12% |
| Naval & Power | 1,503.0 | 1,278.4 | 18% |
| Total Sales | $3,498.4 | $3,121.2 | 12% |
| Operating Income (Expense) | |||
|---|---|---|---|
| Aerospace & Industrial | $166.2 | $148.0 | 12% |
| Defense Electronics | 278.0 | 224.7 | 24% |
| Naval & Power | 231.3 | 199.7 | 16% |
| Total Segments | $675.5 | $572.4 | 18% |
| Corporate and Other | (41.9) | (43.8) | 4% |
| Total Operating Income | $633.5 | $528.6 | 20% |
| Operating Margins | |||
|---|---|---|---|
| Aerospace & Industrial | 17.0% | 15.9% | |
| Defense Electronics | 27.3% | 24.7% | |
| Naval & Power | 15.4% | 15.6% | |
| Segment Margins | 19.3% | 18.3% | |
| Total Operating Margins | 18.1% | 16.9% |
Historical Financial Performance
As Reported; Years ended December 31 (Dollars and shares in millions, except percentages and per share data; unaudited)
| Performance | 2025 | 2024 | 2023 |
|---|---|---|---|
| Net Sales | $3,498.4 | $3,121.2 | $2,845.4 |
| Operating Income | $633.5 | $528.6 | $484.6 |
| Operating Margin | 18.1% | 16.9% | 17.0% |
| Net Earnings | $484.2 | $405.0 | $354.5 |
| Basic Earnings Per Share | $12.94 | $10.61 | $9.26 |
| Diluted Earnings Per Share | $12.87 | $10.55 | $9.20 |
| Dividends Per Share | $0.93 | $0.83 | $0.79 |
| Year-End Financial Position | 2025 | 2024 | 2023 |
|---|---|---|---|
| Return on Invested Capital(1) | 15.9% | 13.5% | 12.5% |
| New Orders | $4,053.7 | $3,696.4 | $3,090.0 |
| Backlog | $4,076.5 | $3,447.3 | $2,873.2 |
| Working Capital as % of Sales(2) | 19.2% | 20.8% | 23.8% |
| Total Assets | $5,221.3 | $4,985.7 | $4,621.0 |
| Total Debt | $957.9 | $1,048.9 | $1,050.4 |
| Stockholder’s Equity | $2,533.6 | $2,449.8 | $2,328.4 |
| Other Year-End Data | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cash Flow from Operations | $643.4 | $544.3 | $448.1 |
| Capital Expenditures | $89.7 | $61.0 | $44.7 |
| Free Cash Flow(3) | $553.7 | $483.3 | $403.4 |
| EBITDA | $758.3 | $636.3 | $600.8 |
| Depreciation & Amortization | $124.8 | $107.7 | $116.2 |
| Shares of Stock Outstanding at December 31 | 36.9 | 37.7 | 38.2 |
| Number of Registered Shareholders(4) | 2,156 | 2,299 | 2,493 |
| Number of Employees(4) | 9,055 | 8,813 | 8,620 |
(1)Return on invested capital is equal to net operating profit after-tax over two-year average net debt plus equity.
(2)Working capital is equal to accounts receivable plus inventory minus accounts payable, deferred income and deferred development costs, and excludes first year impact from acquisitions.
(3)Free cash flow is defined as cash flow from operations less capital expenditures.
(4)Actual number, not in millions.