Document


(in millions, except per share results)	Three Months Ended
	Q2 2026			Q2 2025			Deltas
Net sales	$	1,052		$	934		13%
Operating margin	13.1		%	11.7		%	140 bps
Adjusted operating margin(1)	13.4		%	12.5		%	90 bps
Diluted net earnings per share	$	2.55		$	1.71		49%
Adjusted diluted net earnings per share(1)	$	2.64		$	1.88		40%
Net cash provided (used) by operating activities	$	130		$	40		$	90
Free cash flow(1)	$	98		$	2		$	95

(1) See the reconciliations of adjusted financial measures to the most directly comparable U.S. GAAP measures included in the financial statements herein for the periods ended March 28, 2026, and March 29, 2025.

Sales in the second quarter of 2026 increased 13% to $1.1 billion. Space and Defense sales increased 16% to $314 million, reflecting broad-based defense demand. Demand was particularly strong for space vehicles and missile controls. Commercial Aircraft sales increased 15% to $247 million, driven by increased volume and pricing on certain major production programs. Military Aircraft sales increased 10% to $235 million, driven by higher activity on the MV-75 program. Industrial sales increased 9% to $256 million, driven by strong demand for data center cooling pumps, as well as favorable foreign currency translation.

Operating margin in the second quarter of 2026 increased 140 basis points to 13.1%, compared to the second quarter of 2025. Military Aircraft operating margin increased 260 basis points to 13.7%, driven by profitable sales growth. Space and Defense operating margin increased 170 basis points to 13.8%, driven by profitable sales growth, partially offset by increased investments for product development, business capture and operational readiness. Industrial operating margin increased 130 basis points to 12.9%, driven by lower charges associated with simplification initiatives and the benefits from business optimization, partially offset by tariff pressure. Commercial Aircraft operating margin increased 10 basis points to 11.9%, driven by pricing benefits, partially offset by tariff pressure.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which can be identified by words such as: “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume,” “assume” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995, are neither historical facts nor guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements.

Although it is not possible to create a comprehensive list of all factors that may cause our actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the Securities and Exchange Commission (“SEC”) and include, but are not limited to, risks relating to: (i) our operation in highly competitive markets with competitors who may have greater resources than we possess; (ii) our operation in cyclical markets that are sensitive to domestic and foreign economic conditions and events; (iii) current and future geopolitical conditions and events, including wars, armed conflicts, sanctions, trade restrictions and related disruptions to global markets and supply chains; (iv) our heavy dependence on government contracts that may not be fully funded, delayed or terminated; (v) our ability to remediate the material weakness in internal control over financial reporting and maintain effective disclosure controls and procedures; (vi) supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; (vii) failure of our subcontractors or suppliers to perform their contractual obligations; (viii) risks related to information systems interruptions, intrusions, cybersecurity threats or new software implementations; and (ix) our accounting estimates for over-time contracts and any changes we may need to make thereto. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties.

While we believe we have identified and discussed in our SEC filings the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward-looking statements we make herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this press release, except as required by applicable law.

The press release also includes certain financial information that is not presented in accordance with Generally Accepted Accounting Principles (“GAAP”), including, but not limited to, “Adjusted Operating Margin,” “Adjusted Diluted Net Earnings Per Share,” “Adjusted Net Earnings,” “Adjusted Effective Tax Rate,” “Free Cash Flow” and “Free Cash Flow Conversion.” While we believe that these non-GAAP financial measures may be useful in evaluating our financial condition and results of operations, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP. Adjustments to operating profit and margin and net earnings per share have included restructuring charges; acquisition- and integration-related costs; gains or losses on investments; asset impairments; litigation and regulatory matters; discrete tax items; changes in the fair value of contingent consideration; foreign exchange gains or losses; and other non-recurring or non-cash items. Reconciliations of the non-GAAP measures to the most directly comparable GAAP measures can be found in the accompanying materials.

The press release also includes certain forward-looking non-GAAP financial guidance, including, but not limited to, “Adjusted Diluted Net Earnings per Share,” “Adjusted Operating Margin” and “Free Cash Flow Conversion". The Company is unable to provide a reconciliation of such forward-looking non-GAAP guidance to the most directly comparable GAAP measures without unreasonable effort because certain items that are material to the comparable GAAP measures are not available and cannot be estimated with reasonable certainty. These items are dependent on future events that are difficult to predict and outside the Company’s control. These items may include, but are not limited to, restructuring charges; acquisition- and integration-related costs; gains or losses on investments; asset impairments; litigation and regulatory matters; discrete tax items; changes in the fair value of contingent consideration; foreign exchange gains or losses; and other non-recurring or non-cash items. The timing and amount of these items may vary significantly from period to period and could have a material impact on the Company’s GAAP results, including, but not limited to, “Diluted Net Earnings per Share” and “Operating Margin”.


	Three Months Ended				Six Months Ended
	March 28, 2026		March 29, 2025		March 28, 2026		March 29, 2025
Net sales	$	1,051,947	$	934,022	$	2,152,293	$	1,841,904
Cost of sales	764,392		675,255		1,570,498		1,338,059
Inventory write-down	—		2,149		—		2,149
Gross profit	287,555		256,618		581,795		501,696
Research and development	26,662		24,481		51,296		48,086
Selling, general and administrative	136,324		133,932		285,283		262,069
Interest	15,540		19,548		32,735		35,796

Restructuring	1,505		2,425		2,956		6,209




Other	(1,295)		4,174		(508)		3,043
Earnings before income taxes	108,819		72,058		210,033		146,493
Income taxes	26,980		17,448		49,343		34,357
Net earnings	$	81,839	$	54,610	$	160,690	$	112,136



Net earnings per share
Basic	$	2.58	$	1.73	$	5.07	$	3.53
Diluted	$	2.55	$	1.71	$	5.01	$	3.49

Weighted average common shares outstanding
Basic	31,715,560		31,558,372		31,696,403		31,764,917
Diluted	32,102,535		31,942,315		32,072,594		32,174,804


	Three Months Ended						Six Months Ended
	March 28, 2026			March 29, 2025			March 28, 2026			March 29, 2025
Net Earnings as Reported	$	81,839		$	54,610		$	160,690		$	112,136
Adjustments to Net Earnings:
Program terminations(1)	—			—			1,324			—
Simplification initiatives(2)	3,303			5,343			5,292			11,399


Acquisition and integration(3)	—			—			3,606			—
Other charges(4)	400			2,000			533			2,000
Tax effect of adjustments	(932)			(1,801)			(2,642)			(3,313)

Net Earnings as Adjusted	$	84,610		$	60,152		$	168,803		$	122,222

Diluted Net Earnings Per Share
As Reported	$	2.55		$	1.71		$	5.01		$	3.49
As Adjusted	$	2.64		$	1.88		$	5.26		$	3.80

Effective Income Tax Rate
As Reported	24.8		%	24.2		%	23.5		%	23.5		%
As Adjusted	24.8		%	24.2		%	23.5		%	23.6		%
The diluted net earnings per share associated with the adjustments in the table above may not reconcile when totaled due to rounding. (1) Adjustments include costs related to the termination of significant development, production, or support programs, such as write-off and impairments of inventory and long-lived assets, contract termination costs and other related charges or credits. (2) Adjustments include costs related to footprint rationalization, portfolio shaping and legal entity re-organization activities, such as facility closure costs, employee severance and retention costs, write-off and impairments of inventory and long-lived assets and other related charges or credits. (3) Adjustments include acquisition related activity, such as amortization of inventory fair value step-up and professional services fees. Charges also include costs related to integrating the businesses, such as employee severance and retention costs, professional services fees, legal entity and facility rationalization costs and other related charges or credits. (4) Adjustments include costs associated with business interruptions from natural causes, litigation matters and other charges or credits that are not part of normal operations.


	Three Months Ended						Six Months Ended
	March 28, 2026			March 29, 2025			March 28, 2026			March 29, 2025
Net sales:
Space and Defense	$	313,593		$	270,184		$	637,871		$	517,968
Military Aircraft	235,489			213,849			482,900			427,269
Commercial Aircraft	247,007			215,563			514,850			434,053
Industrial	255,858			234,426			516,672			462,614
Net sales	$	1,051,947		$	934,022		$	2,152,293		$	1,841,904
Operating profit:
Space and Defense	$	43,265		$	32,778		$	86,035		$	61,558
	13.8		%	12.1		%	13.5		%	11.9		%
Military Aircraft	32,310			23,716			60,438			47,325
	13.7		%	11.1		%	12.5		%	11.1		%
Commercial Aircraft	29,316			25,347			57,730			51,114
	11.9		%	11.8		%	11.2		%	11.8		%
Industrial	33,046			27,210			69,180			52,658
	12.9		%	11.6		%	13.4		%	11.4		%
Total operating profit	137,937			109,051			273,383			212,655
	13.1		%	11.7		%	12.7		%	11.5		%
Deductions from operating profit:
Interest expense	15,540			19,548			32,735			35,796
Equity-based compensation expense	4,770			3,695			9,725			8,020

Non-service pension expense	1,147			1,939			2,277			3,885
Corporate and other expenses, net	7,661			11,811			18,613			18,461
Earnings before income taxes	$	108,819		$	72,058		$	210,033		$	146,493


	Three Months Ended						Six Months Ended
	March 28, 2026			March 29, 2025			March 28, 2026			March 29, 2025
Space and Defense operating profit - as reported	$	43,265		$	32,778		$	86,035		$	61,558
Simplification initiatives	2,636			1,138			3,959			2,068


Acquisition and integration	—			—			3,606			—
Other charges	—			—			133			—
Space and Defense operating profit - as adjusted	$	45,901		$	33,916		$	93,733		$	63,626
	14.6		%	12.6		%	14.7		%	12.3		%

Military Aircraft operating profit - as reported	$	32,310		$	23,716		$	60,438		$	47,325
Program terminations	—			—			1,324			—
Simplification initiatives	—			—			—			591


Other charges	—			2,000			—			2,000
Military Aircraft operating profit - as adjusted	$	32,310		$	25,716		$	61,762		$	49,916
	13.7		%	12.0		%	12.8		%	11.7		%






Commercial Aircraft operating profit - as reported and adjusted	$	29,316		$	25,347		$	57,730		$	51,114
	11.9		%	11.8		%	11.2		%	11.8		%

Industrial operating profit - as reported	$	33,046		$	27,210		$	69,180		$	52,658

Simplification initiatives	667			4,205			1,333			8,740




Industrial operating profit - as adjusted	$	33,713		$	31,415		$	70,513		$	61,398
	13.2		%	13.4		%	13.6		%	13.3		%

Total operating profit - as adjusted	$	141,240		$	116,394		$	283,738		$	226,054
	13.4		%	12.5		%	13.2		%	12.3		%


	March 28, 2026		September 27, 2025
ASSETS
Current assets
Cash and cash equivalents	$	307,553	$	62,013
Restricted cash	679		200
Receivables, net	605,518		506,768
Unbilled receivables	842,157		744,352
Inventories, net	931,804		914,302
Prepaid expenses and other current assets	105,830		142,345
Total current assets	2,793,541		2,369,980
Property, plant and equipment, net	1,060,100		1,019,906
Operating lease right-of-use assets	54,149		52,799
Goodwill	873,510		842,313
Intangible assets, net	60,544		66,101
Deferred income taxes	6,903		22,459
Other assets	53,851		52,497
Total assets	$	4,902,598	$	4,426,055
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities

Current installments of long-term debt	$	500,000	$	1,563
Accounts payable	328,084		318,402
Accrued compensation	81,968		106,040
Contract advances and progress billings	469,206		372,988

Accrued liabilities and other	286,743		320,075
Total current liabilities	1,666,001		1,119,068
Long-term debt, excluding current installments	739,825		944,123
Long-term pension and retirement obligations	152,791		157,218
Deferred income taxes	45,489		32,600
Other long-term liabilities	196,012		180,491
Total liabilities	2,800,118		2,433,500


Shareholders’ equity
Common stock - Class A	43,874		43,864
Common stock - Class B	7,406		7,416
Additional paid-in capital	1,021,544		839,328
Retained earnings	2,976,532		2,834,548
Treasury shares	(1,252,323)		(1,209,200)
Stock Employee Compensation Trust	(279,828)		(195,491)
Supplemental Retirement Plan Trust	(253,378)		(170,191)
Accumulated other comprehensive loss	(161,347)		(157,719)
Total shareholders’ equity	2,102,480		1,992,555


Total liabilities and shareholders’ equity	$	4,902,598	$	4,426,055


	Six Months Ended
	March 28, 2026		March 29, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$	160,690	$	112,136
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	50,184		44,779
Amortization	5,449		4,629
Deferred income taxes	27,607		(12,824)
Equity-based compensation expense	9,725		8,020





Other	(217)		2,291
Changes in assets and liabilities providing (using) cash:
Receivables	(101,159)		(123,555)
Unbilled receivables	(85,779)		(31,216)
Inventories	(14,511)		(54,040)
Accounts payable	7,481		1,975
Contract advances and progress billings	88,508		8,501
Accrued expenses	(26,813)		(29,523)
Accrued income taxes	(23,972)		(22,429)
Net pension and post retirement liabilities	2,005		12,067
Other assets and liabilities	(14,372)		(13,705)
Net cash provided (used) by operating activities	84,826		(92,894)
CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment	(66,178)		(70,382)
Net proceeds from businesses sold	—		13,487
Net proceeds from buildings sold	3,065		—
Other investing transactions	(458)		(2,062)
Net cash provided (used) by investing activities	(63,571)		(58,957)
CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from revolving lines of credit	869,400		752,500
Payments on revolving lines of credit	(1,064,400)		(462,000)


Proceeds from senior notes, net of issuance costs	492,221		—


Payments on finance lease obligations	(8,013)		(4,469)
Payment of dividends	(18,706)		(18,106)
Proceeds from sale of treasury stock	8,476		7,825
Purchase of outstanding shares for treasury	(50,431)		(126,425)
Proceeds from sale of stock held by SECT	33,782		19,289
Purchase of stock held by SECT	(34,470)		(14,808)



Other financing transactions	(3,116)		(1,457)
Net cash provided (used) by financing activities	224,743		152,349
Effect of exchange rate changes on cash	21		(2,309)
Increase (decrease) in cash, cash equivalents and restricted cash	246,019		(1,811)
Cash, cash equivalents and restricted cash at beginning of year	62,213		64,537
Cash, cash equivalents and restricted cash at end of period	$	308,232	$	62,726


	Three Months Ended						Six Months Ended
	March 28, 2026			March 29, 2025			March 28, 2026			March 29, 2025
Net cash provided (used) by operating activities	$	129,594		$	40,016		$	84,826		$	(92,894)
Purchase of property, plant and equipment	(31,798)			(37,604)			(66,178)			(70,382)


Free cash flow	$	97,796		$	2,412		$	18,648		$	(163,276)
Adjusted net earnings	$	84,610		$	60,152		$	168,803		$	122,222
Free cash flow conversion	116		%	4		%	11		%	(134)		%

Free cash flow is defined as net cash provided (used) by operating activities, less purchase of property, plant and equipment, less the benefit from the Receivables Purchase Agreement. Free cash flow conversion is defined as free cash flow divided by adjusted net earnings. Free cash flow and free cash flow conversion are not measures determined in accordance with GAAP and may not be comparable with the measures as used by other companies. However, management believes these adjusted financial measures may be useful in evaluating the liquidity, financial condition and results of operations of the Company. This information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.




	FY 2026 Guidance
	Current			Previous
Net sales (in billions)	$	4.3		$	4.3

Adjusted operating margin	13.4		%	13.4		%

Adjusted diluted net earnings per share(1)	$	10.60		$	10.20
Free cash flow conversion	60		%	60		%

(1) Adjusted diluted net earnings per share is forecasted to be within range of +/- $0.20.


Moog Inc.
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(dollars in thousands, except per share data)


Moog Inc.
RECONCILIATION TO ADJUSTED NET EARNINGS, ADJUSTED DILUTED NET EARNINGS PER SHARE AND ADJUSTED EFFECTIVE TAX RATE (UNAUDITED)
(dollars in thousands)


Moog Inc.
CONSOLIDATED SALES AND OPERATING PROFIT (UNAUDITED)
(dollars in thousands)


Moog Inc.
RECONCILIATION TO ADJUSTED OPERATING PROFIT AND MARGINS (UNAUDITED)
(dollars in thousands)


Moog Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)


Moog Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)


Moog Inc.
RECONCILIATION OF NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED)
(dollars in thousands)


Release Date:			April 24, 2026
			IMMEDIATE