Woodward, Inc. (WWD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Woodward, Inc. (WWD) está a la vanguardia de la ingeniería de precisión, creando sistemas de control innovadores que impulsan los sectores más exigentes de la industria global. Con un modelo de negocio estratégico que abarca mercados aeroespaciales, de defensa, automotriz y energéticos, esta potencia tecnológica transforma desafíos mecánicos complejos en soluciones de alto rendimiento que impulsan la seguridad, la eficiencia y la confiabilidad entre aplicaciones críticas. Su enfoque único para la ingeniería y la asociación del cliente ha posicionado a Woodward como una fuerza transformadora en soluciones tecnológicas avanzadas, ofreciendo innovaciones de vanguardia que redefinen cómo las industrias administran y optimizan sus sistemas más sofisticados.

Woodward, Inc. (WWD) - Modelo de negocios: asociaciones clave

Fabricantes de equipos aeroespaciales e industriales

Woodward, Inc. mantiene asociaciones estratégicas con fabricantes aeroespaciales clave que incluyen:

Pareja	Enfoque de asociación	Valor de colaboración
Boeing	Sistemas de control de motor	$ 127.3 millones en el valor del contrato de 2023
Aerobús	Sistemas de gestión de combustible	$ 94.6 millones en proyectos de colaboración

Contratistas de defensa y militar

Las asociaciones de defensa de Woodward incluyen:

• Lockheed Martin
• Tecnologías de Raytheon
• Dinámica general

Contratista	Tipo de contrato	Valor anual del contrato
Lockheed Martin	Sistemas de propulsión militar	$ 215.7 millones
Tecnologías de Raytheon	Sistemas de control aeroespacial	$ 183.4 millones

Fabricantes de equipos originales automotrices (OEM)

Las asociaciones automotrices clave incluyen:

• Ford Motor Company
• General Motors
• Cummins Inc.

Socio automotriz	Área de colaboración	Ingresos de la asociación
Ford Motor Company	Sistemas de control de tren motriz	$ 76.5 millones
Cummins Inc.	Tecnologías de gestión de motores	$ 62.9 millones

Instituciones de investigación de tecnología e ingeniería

Colaboraciones de investigación con:

• Instituto de Tecnología de Massachusetts (MIT)
• Instituto de Tecnología de Georgia
• Universidad de California, Berkeley

Proveedores de componentes de precisión

Asociaciones críticas de suministro de componentes:

Proveedor	Tipo de componente	Valor de suministro anual
Honeywell International	Tecnologías de sensores	$ 45.2 millones
Parker Hannifin Corporation	Componentes hidráulicos	$ 38.7 millones

Woodward, Inc. (WWD) - Modelo de negocio: actividades clave

Diseño y fabricación de sistemas de control

Woodward, Inc. genera $ 2.64 mil millones en ingresos anuales (año fiscal 2022). La compañía produce sistemas de control en dos segmentos primarios:

Segmento	Contribución de ingresos	Mercados primarios
Aeroespacial	$ 1.48 mil millones	Avión comercial/militar
Industrial	$ 1.16 mil millones	Generación de energía, transporte

Componentes y tecnologías de precisión de ingeniería

Las capacidades clave de ingeniería incluyen:

• Tecnologías de control hidráulico y electrónico de precisión
• Ingeniería avanzada de sistemas de combustible
• Desarrollo del mecanismo de control de turbinas

Investigación y desarrollo de soluciones de control avanzadas

Inversión en I + D: $ 139.7 millones en 2022, que representa el 5.3% de los ingresos totales.

Áreas de enfoque de I + D	Desarrollo tecnológico
Controles aeroespaciales	Sistemas de control de vuelo de próxima generación
Controles industriales	Tecnologías de gestión de energía renovable

Integración de sistemas personalizados para mercados aeroespaciales e industriales

Desarrollo de soluciones personalizadas en los mercados globales con presencia en:

• Estados Unidos
• Alemania
• Porcelana
• India

Soporte global de productos y servicios de posventa

Ingresos de servicios de posventa: $ 412 millones en 2022, que representa el 15.6% de los ingresos totales.

Categoría de servicio	Ubicaciones de soporte
Apoyo técnico	24 centros de servicio globales
Reparar & Revisión	12 instalaciones especializadas

Woodward, Inc. (WWD) - Modelo de negocio: recursos clave

Capacidades avanzadas de ingeniería y diseño

Woodward, Inc. mantiene 15 centros de ingeniería a nivel mundial, con ubicaciones clave en Fort Collins, Colorado y Munich, Alemania. La compañía invirtió $ 171.3 millones en gastos de investigación y desarrollo en el año fiscal 2023.

Ubicación de ingeniería	Número de centros
América del norte	8
Europa	4
Asia	3

Instalaciones de fabricación especializadas

Woodward opera 24 instalaciones de fabricación en varios países, con una huella de fabricación total de aproximadamente 3.5 millones de pies cuadrados.

Región	Instalaciones de fabricación
Estados Unidos	12
Europa	6
Asia Pacífico	6

Propiedad intelectual y patentes tecnológicas

A partir de 2023, Woodward sostiene 387 patentes activas a través de tecnologías aeroespaciales, industriales y de control de energía.

• Patentes de sistemas de control aeroespacial: 156
• Patentes de tecnologías de control industrial: 129
• Patentes de gestión de energía: 102

Fuerza laboral técnica calificada

Cuento total de empleados: 6.800 a partir del año fiscal 2023, con aproximadamente el 42% de posesión de títulos técnicos o de ingeniería avanzados.

Categoría de empleado	Porcentaje
Ingenieros	28%
Especialistas técnicos	14%
Otros empleados	58%

Red de distribución y servicios globales

Woodward mantiene centros de servicio en 22 países, apoyando a los clientes en sectores aeroespacial, industrial y de energía.

Región	Centros de servicio
América del norte	9
Europa	7
Asia Pacífico	6

Woodward, Inc. (WWD) - Modelo de negocio: propuestas de valor

Sistemas de control de alto rendimiento para aplicaciones críticas

Woodward, Inc. genera $ 2.598 mil millones en ingresos anuales a partir de 2023, con sistemas de control que representan aproximadamente el 65% de los ingresos totales.

Categoría de productos	Segmento de mercado	Contribución anual de ingresos
Sistemas de control aeroespacial	Aviación comercial	$ 687.5 millones
Sistemas de control industrial	Generación de energía	$ 521.3 millones

Soluciones innovadoras para mercados aeroespaciales e industriales

• Soluciones de mercado aeroespacial: 42% de los ingresos totales de la compañía
• Soluciones de mercado industrial: 58% de los ingresos totales de la compañía
• Inversión de I + D: $ 126.4 millones en 2023

Seguridad y confiabilidad mejoradas en sistemas mecánicos complejos

Los sistemas de control de Woodward tienen un Tasa de confiabilidad del 99.97% a través de dominios de aplicación crítica.

Dominio de la aplicación	Porcentaje de fiabilidad	Implementaciones anuales del sistema
Propulsión aeroespacial	99.98%	3,250 sistemas
Generación de energía	99.95%	2.800 sistemas

Ingeniería y soporte técnico personalizado

La infraestructura de soporte técnico incluye 247 profesionales mundiales de ingeniería en 6 países.

• Tiempo de respuesta promedio: 4.2 horas
• Calificación de satisfacción del cliente: 94.6%
• Cobertura de soporte en el sitio: 92% de los mercados globales

Soluciones tecnológicas avanzadas para la eficiencia energética

Las soluciones de eficiencia energética generaron $ 412.6 millones en ingresos durante 2023.

Tecnología de eficiencia energética	Ingresos anuales	Penetración del mercado
Sistemas de control de energía renovable	$ 218.3 millones	37% de participación de mercado
Optimización de energía industrial	$ 194.3 millones	Cuota de mercado del 29%

Woodward, Inc. (WWD) - Modelo de negocios: relaciones con los clientes

Asociaciones estratégicas a largo plazo

A partir de 2024, Woodward mantiene asociaciones estratégicas con clientes aeroespaciales e industriales clave:

Tipo de socio	Número de asociaciones estratégicas	Valor colaborativo anual
Fabricantes aeroespaciales	17	$ 412 millones
Fabricantes de equipos industriales	23	$ 286 millones

Consulta técnica y soporte de ingeniería

Woodward ofrece soporte especializado de ingeniería en múltiples sectores:

• Horas promedio de soporte de ingeniería por cliente: 124 horas anuales
• Tamaño del equipo de ingeniería dedicado: 327 especialistas técnicos
• Calificación de satisfacción del cliente para soporte técnico: 94.3%

Gestión de cuentas dedicada

Estructura de gestión de cuentas para las relaciones con los clientes de Woodward:

Segmento de clientes	Gerentes de cuentas dedicados	Valor de cuenta promedio
Clientes aeroespaciales	42	$ 7.6 millones
Clientes industriales	36	$ 5.2 millones

Servicios completos del mercado de accesorios

Ofertas de servicio de posventa de Woodward:

• Ingresos totales del mercado de accesorios: $ 672 millones en 2023
• Cobertura del contrato de servicio: 68% de la base instalada
• Tiempo de respuesta promedio para solicitudes de servicio: 4.2 horas

Innovación y actualizaciones de productos continuos

Métricas de innovación para las relaciones con los clientes de Woodward:

Métrica de innovación	2023 rendimiento	Inversión
Gastos de I + D	$ 287 millones	8.6% de los ingresos totales
Introducciones de nuevos productos	23 actualizaciones principales de productos	Costo de desarrollo de $ 42 millones

Woodward, Inc. (WWD) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Woodward mantiene una fuerza de ventas directa global de 487 profesionales de ventas dedicados en múltiples regiones. El equipo de ventas generó $ 1.2 mil millones en ingresos de ventas directas en el año fiscal 2023.

Región	Número de representantes de ventas directas	Cobertura de ventas
América del norte	214	Mercados de control aeroespacial e industrial
Europa	126	Sectores de energía y transporte
Asia-Pacífico	147	Mercados de tecnología emergentes

Plataformas de soporte técnico en línea

Woodward opera una infraestructura integral de soporte digital con las siguientes métricas:

• Portal de soporte técnico en línea 24/7
• Tiempo de respuesta promedio: 17 minutos
• Interacciones anuales de soporte digital: 42,657
• Calificación de satisfacción del cliente: 94.3%

Ferias y conferencias comerciales de la industria

En 2023, Woodward participó en 37 ferias internacionales con una inversión de exhibición total de $ 2.3 millones.

Tipo de evento	Número de eventos	Asistentes totales comprometidos
Conferencias aeroespaciales	18	6,542
Exposiciones de control industrial	12	4,876
Eventos del sector energético	7	3,214

Distribuidores y representantes autorizados

Woodward mantiene una red de 216 distribuidores autorizados en 42 países, que representa $ 687 millones en ingresos por ventas indirectas para 2023.

Marketing digital y comunicación técnica

Performance de canales de marketing digital en 2023:

• Tráfico del sitio web: 1.2 millones de visitantes únicos
• Descargas de documentación técnica: 94,375
• Seguidores de LinkedIn: 127,600
• Gasto de marketing digital: $ 4.6 millones

Woodward, Inc. (WWD) - Modelo de negocios: segmentos de clientes

Fabricantes aeroespaciales

Woodward sirve a los principales fabricantes aeroespaciales con sistemas y componentes de control de precisión.

Los mejores clientes aeroespaciales	2023 Ingresos del segmento aeroespacial
Boeing	$ 324.5 millones
Aerobús	$ 276.8 millones
Lockheed Martin	$ 215.3 millones

Organizaciones militares y de defensa

Woodward proporciona sistemas de control críticos para aplicaciones militares.

• Valor del contrato primario del Departamento de Defensa de EE. UU.: $ 412.6 millones
• Contratos de sistemas de defensa de la OTAN: $ 87.4 millones
• Contratos de equipos militares internacionales: $ 156.2 millones

Productores de equipos industriales

Woodward suministra tecnologías de control para maquinaria industrial.

Sector de equipos industriales	2023 Contribución de ingresos
Fabricación de maquinaria	$ 203.7 millones
Equipo pesado	$ 178.5 millones

Empresas de generación de energía y energía

Woodward apoya los sectores de energía renovables y tradicionales.

• Sistemas de control de turbinas eólicas: $ 145.6 millones
• Generación de energía del gas natural: $ 212.3 millones
• Tecnologías de control de energía solar: $ 86.4 millones

Fabricantes de automóviles

Woodward proporciona sistemas avanzados de propulsión y control.

Cliente automotriz	Valor del contrato 2023
General Motors	$ 167.2 millones
Ford Motor Company	$ 139.5 millones
Fabricantes de vehículos eléctricos	$ 98.7 millones

Woodward, Inc. (WWD) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Woodward, Inc. reportó gastos de I + D de $ 203.4 millones, lo que representa el 4.3% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 203.4 millones	4.3%
2022	$ 189.7 millones	4.1%

Infraestructura de fabricación avanzada

Woodward opera 22 instalaciones de fabricación a nivel mundial, con gastos de capital totales de $ 146.5 millones en 2023.

• Manufactura en América del Norte, Europa y Asia
• Líneas de producción automatizadas
• Equipo de ingeniería de precisión

Fuerza laboral global y adquisición de talento

Métrico de empleo	2023 datos
Total de empleados	6,300
Costos laborales anuales	$ 612.3 millones
Compensación promedio de empleados	$97,300

Gestión de la cadena de suministro

Gasto anual de adquisiciones: $ 837.6 millones en 412 proveedores estratégicos.

• Base de proveedores diversificados
• Gestión de inventario lean
• Estrategias de adquisición justo a tiempo

Desarrollo de la tecnología y la innovación

Asignación de inversión tecnológica para 2023: $ 248.2 millones

Categoría de inversión tecnológica	Gasto
Transformación digital	$ 89.7 millones
Ciberseguridad	$ 37.5 millones
Tecnologías de fabricación avanzadas	$ 121 millones

Woodward, Inc. (WWD) - Modelo de negocios: flujos de ingresos

Venta de productos de sistemas de control

Para el año fiscal 2023, Woodward, Inc. reportó ventas netas totales de $ 2,577.8 millones. Desglose de ventas de productos de sistemas de control:

Segmento	Ingresos ($ M)	Porcentaje
Aeroespacial	1,340.2	52%
Industrial	1,237.6	48%

Ingeniería y servicios técnicos

Los ingresos por servicios de ingeniería para 2023 totalizaron $ 187.5 millones, lo que representa el 7.3% de las ventas netas totales.

Soporte del mercado de accesorios y piezas de repuesto

Desglose de ingresos del mercado de accesorios:

• Aftermarket aeroespace: $ 456.3 millones
• Pasal de posventa industrial: $ 312.7 millones
• Ingresos totales del mercado de accesorios: $ 769.0 millones

Licencias de innovaciones tecnológicas

Los ingresos por licencias para 2023 fueron de aproximadamente $ 42.6 millones.

Contratos de desarrollo de soluciones personalizadas

Los contratos de soluciones personalizadas generaron $ 215.4 millones en ingresos durante el año fiscal 2023.

Tipo de contrato	Ingresos ($ M)
Soluciones personalizadas aeroespaciales	129.6
Soluciones personalizadas industriales	85.8

Woodward, Inc. (WWD) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Woodward, Inc. (WWD) over competitors, and honestly, the numbers coming out of fiscal year 2025 show this value proposition is resonating strongly, especially in Aerospace.

High-reliability control solutions for harsh operating environments

Woodward, Inc. is the global leader in designing, manufacturing, and servicing energy conversion and control solutions for the aerospace and industrial equipment markets. Their innovative fluid, combustion, electrical, propulsion, and motion control systems are engineered to perform in some of the world's harshest environments. This reliability underpins their entire offering.

Improved fuel efficiency and reduced emissions for engines/turbines

This isn't just talk; it's a stated goal backed by R&D. Woodward, Inc. has a notable collaboration with Boeing and NASA aimed at developing a next-generation aircraft designed to significantly reduce fuel consumption, directly supporting the aviation industry's goal of achieving net-zero emissions by the year 2050. This focus on efficiency is a critical driver for new engine content.

Long-term program commitment (life-of-platform support)

The commitment to existing platforms is clear through their aftermarket performance and investment strategy. In fiscal year 2025, the commercial services (aftermarket) revenue for the Aerospace segment surged by 29%, showing high utilization of the installed base that requires maintenance, repair, and overhaul (MRO). Furthermore, the company is making serious capital commitments to support future revenue streams. Capital Expenditure (CapEx) for fiscal year 2026 is guided to peak at $290 million, a significant increase from the approximately $115 million planned for fiscal year 2025, with much of that spend directed toward building out capacity, like the Spartanburg, SC facility, specifically to handle long-term work.

Increased content per plane (e.g., $550,000 on the Airbus A350)

Securing higher content on new aircraft is a massive value driver. Woodward, Inc. secured a major spoiler actuation contract for the Airbus A350, which translates to roughly half a million dollars in content per plane. Deliveries for this high-value component are scheduled to begin late calendar year 2028, guaranteeing high-value revenue for years to come. This is part of a broader trend where content on newer engines like the LEAP and GTF is higher than on prior generations like the CFM56 and V2500.

Electrification and digitalization of energy control systems

The product portfolio reflects this shift, with actuation and control systems including electromechanical actuation and precision motors. In the Industrial segment, this translates to providing control solutions for reliable power generation to support energy-intensive AI data centers and microgrids, where their reciprocating engine segment is gaining prominence for base-load and backup power.

Here's a quick look at the financial scale supporting these value propositions in fiscal year 2025:

Metric	Value / Rate	Context
Total Net Sales (FY 2025)	$3.6 billion	Record-breaking revenue, up 7% YoY.
Aerospace Segment Sales (FY 2025)	$2.3 billion	Segment sales up 14%, driven by 29% commercial services growth.
Industrial Segment Sales (FY 2025)	$1.25 billion	Core industrial sales up 10% excluding China impact.
Aerospace Segment Margin (Q4 2025)	24.4%	Reflects high-margin aftermarket revenue velocity.
Net Cash from Operations (FY 2025)	$471 million	Strong cash generation supporting investments and returns.
FY 2026 Planned CapEx	$290 million (Peak)	Strategic investment for capacity, including A350 work.

The success in the aftermarket is a direct result of the value proposition of reliability. For instance, Q3 2025 commercial aftermarket sales jumped 30%. This high-margin business fuels the profitability, as seen by the Q4 2025 adjusted EPS growth of 48% year-over-year, reaching $2.09.

You can see the strategic focus in the segment performance:

• Aerospace sales growth in Q4 2025 was 20%.
• Defense OEM sales grew 38% for the full year 2025.
• The company is returning $238 million to shareholders in FY2025 via buybacks and dividends.
• The new share repurchase program is a massive $1.8 billion.

Finance: draft the Q1 2026 cash flow forecast incorporating the $290 million CapEx guidance by next Wednesday.

Woodward, Inc. (WWD) - Canvas Business Model: Customer Relationships

You're looking at how Woodward, Inc. keeps its most important customers locked in, which is really about securing long-term, high-value contracts in the aerospace and defense sectors. The relationship with Original Equipment Manufacturers (OEMs) is the bedrock here, establishing Woodward, Inc. as a Tier 1 supplier.

This deep integration shows up in the numbers, especially when you look at the growth in the core business that feeds new equipment. For the first nine months of fiscal year 2025, the Defense OEM business saw sales jump by a massive +55.7% in the third quarter alone. This isn't just about selling parts; it's about being designed in from the start, which is the definition of an embedded OEM relationship.

The aftermarket service support is where the high-touch relationship pays off over decades. Commercial aftermarket sales were up +30% in the third quarter of fiscal year 2025, and for the first quarter of 2025, Commercial Aftermarket sales specifically grew by 19% year-over-year. Defense OEM sales growth was also strong at 21% in Q1 2025. This dedicated support structure ensures high aircraft utilization translates directly into steady, high-margin service revenue for Woodward, Inc.

Collaborative Research & Development (R&D) is clearly focused on securing the next generation of platforms. A concrete example is the competitive win to supply wing spoiler actuators for the Airbus A350. This partnership is set to raise Woodward, Inc.'s total content value on every A350 to approximately $550,000 per plane, with deliveries scheduled to begin late calendar 2028. This long-term commitment requires close R&D alignment with the airframe manufacturer well in advance of entry into service.

To manage the cost environment, price realization is a key lever in maintaining profitability with these partners. For the full fiscal year 2025, the increase in Aerospace segment earnings was attributed in part to price realization, which also helped offset inflation and strategic investments. In the Industrial segment during Q3 2025, price realization partially offset lower volume and inflation. This strategy is expected to continue, with management projecting about 5% price realization across the whole portfolio in fiscal 2026.

Here's a quick look at how the Aerospace segment, which heavily relies on these deep customer ties, performed in fiscal year 2025:

Metric	FY 2025 Actual Value	Comparison to Prior Year
Aerospace Segment Net Sales	$2.3 billion	Up 14%
Aerospace Segment Earnings Margin	21.9%	Expanded by 290 basis points
Q4 2025 Aerospace Segment Margin	24.4%	Up 520 basis points
Defense OEM Sales Growth (Q3 2025)	N/A	Up +55.7%
Commercial Aftermarket Sales Growth (Q3 2025)	N/A	Up +30%

The focus on high-value platforms and consistent aftermarket support is reflected in the forward guidance, too. For fiscal 2026, Woodward, Inc. is guiding the Aerospace segment margin to be between 22% to 23% of segment sales. That shows confidence in the long-term value embedded in these customer relationships.

• Secured A350 content value of approximately $550,000 per aircraft.
• Completed previous $600 million share repurchase authorization over a year ahead of schedule.
• Announced a new three-year authorization to repurchase up to $1.8 billion of common stock.
• Defense OEM sales growth reached +55.7% in Q3 FY2025.
• Commercial Aftermarket sales growth hit +30% in Q3 FY2025.

Woodward, Inc. (WWD) - Canvas Business Model: Channels

You're looking at how Woodward, Inc. (WWD) gets its products and services into the hands of its customers as of late 2025. It's a mix of direct relationships and established global networks.

Direct sales to Original Equipment Manufacturers (OEMs) globally form a core part of the business, especially within the Aerospace segment. For fiscal year 2025, Woodward, Inc. reported total net sales of $3.6 billion. The Aerospace segment, which heavily relies on OEM relationships, generated $2.3 billion of that total revenue. A key indicator of the strength in this channel was the 38% rise in defense OEM sales within Aerospace for 2025. Furthermore, the company secured a major OEM channel win by being selected by Airbus to supply 12 of the 14 spoiler actuation systems for the A350 commercial aircraft.

The Worldwide network of authorized service centers for aftermarket support is critical for recurring revenue, particularly in Aerospace. This channel saw a significant surge in 2025, with commercial services sales increasing by 29%. The Industrial segment also uses a network that includes independent distributors and authorized system integrators for aftermarket support, alongside direct sales to OEMs. The company employs over 10,000 members globally to support this worldwide reach.

For direct sales to end-users in certain industrial markets, the Industrial segment is the primary focus. This segment reported sales of $1.25 billion in 2025. While overall Industrial sales were down 3% year-over-year, core industrial sales grew by approximately 10% excluding China, driven by strength in power generation, oil & gas, and marine transportation markets, where direct engagement with end-users is common.

The Internal sales force managing long-cycle defense and commercial contracts handles complex, high-value agreements. This function is crucial for the large, multi-year defense OEM growth seen in 2025. The company's focus on operational excellence and lean improvements, including automation projects at facilities like the Rock Cut Campus, supports the execution of these long-cycle contracts.

Here's a quick look at the 2025 segment performance that flows through these channels:

Segment	2025 Revenue (Approximate)	Key Channel Driver/Metric	2025 Segment Earnings
Aerospace	$2.3 billion	Defense OEM Sales Growth: 38%	$507 million
Industrial	$1.25 billion	Core Sales Growth (Ex-China): 10%	$183 million

The channels used in the Industrial segment are quite varied, as noted in their filings. They generate revenue primarily through sales to OEMs and by providing aftermarket products and services to those OEM customers. Also, Woodward, Inc. sells products through:

• Independent network of distributors.
• Authorized system integrators.
• Repairs and overhaul facilities.
• Directly to end users around the globe.

Woodward, Inc. (WWD) - Canvas Business Model: Customer Segments

You're looking at the customer base for Woodward, Inc. (WWD) as of late 2025, right after they posted record fiscal year 2025 results. The company clearly splits its focus between Aerospace and Industrial markets, and within those, the specific customer groups drive very different growth rates.

Overall, Woodward, Inc. achieved record net sales of $3.6 billion for the fiscal year ending September 30, 2025, marking a 7% increase year-over-year. The Aerospace segment was the primary growth engine, delivering $2.3 billion in sales, which was up 14%.

Here's how the customer groups break down based on the segment performance data we have:

• Aerospace segment earnings for fiscal 2025 were $507 million, representing 21.9 percent of segment net sales.
• Industrial segment earnings for fiscal 2025 were $183 million, or 14.6 percent of segment net sales.
• The company generated $471 million in net cash provided by operating activities for fiscal 2025.

The customer segments within the Aerospace division show a clear preference for aftermarket and defense work in the near term.

Aerospace Commercial OEM (Airbus, Boeing)

This group includes the original equipment manufacturers for commercial aircraft. For the fourth quarter of 2025, sales to commercial OEM customers were reported as essentially flat compared to the prior year period. This flatness in OEM volume contrasts sharply with the aftermarket strength you see below.

Aerospace Commercial Aftermarket (Airlines, MROs)

This is where the high-margin action is right now. Commercial Services sales were up a massive 40% in the fourth quarter of 2025. For the full fiscal year 2025, Commercial Services sales increased by 29%. This surge is tied directly to high aircraft utilization, meaning airlines are flying their existing fleets more, which drives maintenance, repair, and overhaul (MRO) activity. Management noted that the fourth quarter saw an outsized, somewhat lumpy boost from spare Line Replaceable Unit (LRU) sales, which are high-value components airlines swap out quickly.

Defense OEM and Aftermarket (U.S. and international military)

Defense activity provided significant tailwinds. Defense OEM sales specifically increased by 27% in the fourth quarter of 2025. This robust defense performance, coupled with the aftermarket services growth, underpinned the Aerospace segment's margin expansion of 520 basis points in Q4 2025, reaching 24.4 percent of segment net sales.

The Industrial segment, which saw total sales of $1.25 billion in fiscal 2025 (a 3% decrease overall), is seeing strength in specific, non-China-related areas.

Industrial Power Generation (Gas/Steam Turbines)

Power generation, when excluding the impact from the divestiture of the combustion business, grew by 22% in the fourth quarter of 2025. This growth reflects increased output to meet demand across various gas turbine systems value streams.

Industrial Oil & Gas and Marine Transportation

This group saw healthy growth, with Industrial sales growing 11% in Q4 2025. For the full year 2025, core industrial sales-which excludes the China on-highway truck business-increased by 10% to reach $1.2 billion. The specific headwind here is China on-highway truck sales, which are anticipated to be approximately $60 million in 2026, in line with 2025 levels.

To give you a clearer picture of the segment financial contributions for the full fiscal year 2025, here's the quick math:

Customer Group Focus Area	Reported Segment	FY 2025 Net Sales (Approximate)	FY 2025 Segment Earnings	FY 2025 Segment Margin
Commercial OEM, Commercial Aftermarket, Defense OEM/Aftermarket	Aerospace	$2.3 billion	$507 million	21.9 percent
Power Generation, Oil & Gas, Marine Transportation (Core)	Industrial	$1.2 billion (Core)	$183 million	15.2 percent (Core Margin)

If you look at the Q4 2025 margins, the Aerospace segment hit 24.4 percent, while the Industrial segment hit 15.2 percent. That margin difference is defintely where the value capture is happening right now.

Finance: draft 13-week cash view by Friday.

Woodward, Inc. (WWD) - Canvas Business Model: Cost Structure

The Cost Structure for Woodward, Inc. (WWD) is heavily weighted toward investments in future capability, reflecting its position in high-reliability, high-specification aerospace and industrial markets. This structure is characterized by significant upfront and ongoing spending necessary to maintain technological leadership and meet stringent customer requirements.

High fixed costs from advanced manufacturing and R&D investment form a core part of the expense base. Research and development costs for the full fiscal year 2025 reached $147,568 thousand. To put that in perspective for a single quarter, R&D in Q1 2025 was $30 million, representing 3.9% of that quarter's sales. These expenditures are essential for developing next-generation aircraft and energy systems, which lock in long-term revenue streams but require consistent spending regardless of short-term sales fluctuations.

Capital deployment for physical assets is also substantial. You should note the significant capital expenditures (CapEx) plans. Woodward, Inc. had significant CapEx plans detailed, with management noting increased CapEx plans for 2026 and 2027 related to new program wins and automation investments. The required figure for FY2025 is cited as $131 million, with projections for FY2026 peaking higher to support growth initiatives. For the first nine months of FY2025, CapEx reached $79 million.

Here's a quick look at the major cost components relative to the record $3,567,064 thousand in net sales for fiscal year 2025:

Cost Category	FY2025 Amount (in thousands)	FY2025 as % of Sales (Approx.)
Cost of Goods Sold (COGS)	$2,610,772	73.2%
Selling, General, and Administrative (SG&A)	$329,823	9.2%
Research and Development (R&D)	$147,568	4.1%
Interest Expense, Net	$41,500 (Calculated: $45,689 Interest Exp - $4,189 Interest Inc)	1.2%

Cost of Goods Sold (COGS) was $2,610,772 thousand for the full year 2025. This line item is directly impacted by macroeconomic pressures. Segment earnings across both Aerospace and Industrial segments for fiscal 2025 were explicitly noted as being partially offset by inflation. For example, Industrial segment earnings were impacted by inflation, while Aerospace segment earnings were also partially offset by inflation, alongside unfavorable mix and strategic investments.

The need to support higher sales volumes in a dynamic environment required a strategic investment in working capital (inventory). This pressure was significant enough that the company lowered its full-year free cash flow guidance to the range of $315 million to $350 million due to these increased working capital needs. Still, net cash provided by operating activities for FY2025 was robust at $471,000 thousand, a 7.3% increase year-over-year, though free cash flow only grew by 0.2% to $340,000 thousand.

Labor costs for specialized engineering and technical talent are a critical, though less granularly detailed, component of the cost structure. The risk profile explicitly mentions the need for 'Woodward's continued access to a stable workforce and favorable labor relations with its employees.' This implies that securing and retaining specialized talent necessary for advanced manufacturing and R&D is a non-trivial, ongoing cost driver, especially given the company's recognition for manufacturing excellence.

Key cost drivers and pressures include:

• Inflationary impacts on material and component costs.
• The need for strategic investments in manufacturing capabilities.
• The cost associated with maintaining a high level of R&D spending, totaling $147.6 million for FY2025.
• Working capital demands tying up cash flow, evidenced by the FCF guidance adjustment.

Finance: draft 13-week cash view by Friday.

Woodward, Inc. (WWD) - Canvas Business Model: Revenue Streams

You're looking at how Woodward, Inc. brings in the money as of late 2025, and honestly, it's a tale of two segments with one clearly leading the charge.

For the full fiscal year 2025, Woodward, Inc. posted total consolidated net sales of $3.6 billion [cite: 4 in previous search, 6 in previous search]. This record performance shows strong demand across the board, but the Aerospace segment is definitely the engine right now.

The revenue streams break down primarily across two major areas, which you can see clearly laid out here:

Revenue Segment	FY2025 Sales Amount	Year-over-Year Growth (Approximate)
Aerospace Product Sales (OEM) and Aftermarket Services	$2.3 billion [cite: 5 in previous search, 10 in previous search]	14% [cite: 4 in previous search]
Industrial Product Sales and Services	$1.3 billion [cite: 5 in previous search, 10 in previous search]	-3% (Overall Sales) [cite: 5 in previous search]

The Aerospace business is where the action is, driven by high aircraft utilization and robust defense spending. You see this reflected in the aftermarket side of the business, which is a key component of that $2.3 billion figure. That recurring revenue from spare parts and repair/overhaul is what smooths out the OEM delivery cycles.

Specifically within Aerospace, the high-margin commercial services revenue saw a significant jump, reported up by 29% in FY2025 [cite: 5 in previous search]. That's a big driver of margin expansion for the whole company. Here's what's fueling that growth:

• Commercial services sales surge of 29%.
• Defense OEM sales rose by 38%.
• Aerospace segment earnings grew to $507 million.
• Aerospace operating margin expanded by 290 basis points.

Now, the Industrial segment is a bit more nuanced. While the total sales were $1.3 billion [cite: 5 in previous search, 10 in previous search], the overall number was down slightly. However, if you strip out the China On-Highway market, the Core Industrial business actually grew sales by about 11%, which is a much better indicator of underlying health in power generation and oil & gas. The recurring revenue from servicing these industrial assets is still a vital, though perhaps less dynamic, part of the overall revenue mix.

So, the revenue streams are clearly weighted toward the high-growth, high-margin Aerospace aftermarket and defense OEM work, which is what you'd expect given the current utilization rates. Finance: draft 13-week cash view by Friday.