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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended September 2827, ~~2024~~2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 1-05129

MOOG Inc.

(Exact name of registrant as specified in its charter)

New York

16-0757636

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

400 Jamison Road

East Aurora,

New York

14052-0018

(Address of Principal Executive Offices)

(Zip Code)

(716) 652-2000

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock	MOG.A	New York Stock Exchange
Class B common stock	MOG.B	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Table of Contents

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The aggregate market value of the common stock outstanding and held by non-affiliates (as defined in Rule 405 under the Securities Act of 1933) of the registrant, based upon the closing sale price of the common stock on the New York Stock Exchange on March 2928, ~~2024~~2025, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $5,~~042~~360 million.

The number of shares outstanding of each class of common stock as of November 2119, ~~2024~~2025 was:

Class A common stock, 28,~~785~~428,~~765~~416 shares

Class B common stock, 3,~~218~~248,~~296~~420 shares

DOCUMENTS INCORPORATED BY REFERENCE

Portions of Moog Inc.'s definitive Proxy Statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates (the "~~2024~~2025 Proxy Statement") are incorporated by reference into Part III of this Form 10-K.

FORM 10-K INDEX

PART I
Item 1	Business	4
Item 1A	Risk Factors	1110
Item 1B	Unresolved Staff Comments	18
Item 1C	Cybersecurity	18
Item 2	Properties	20
Item 3	Legal Proceedings	20
Item 4	Mine Safety Disclosures	20
PART II
Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	21
Item 6	Reserved	22
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	3938
Item 8	Financial Statements and Supplementary Data	4039
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	90123
Item 9A	Controls and Procedures	90123
Item 9B	Other Information	90124
Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	90124
PART III
Item 10	Directors, Executive Officers and Corporate Governance	91125
Item 11	Executive Compensation	91125
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	91125
Item 13	Certain Relationships and Related Transactions, and Director Independence	91125
Item 14	Principal Accountant Fees and Services	91125
PART IV
Item 15	Exhibits and Financial Statement Schedules	92126
Item 16	Form 10-K Summary	95129

Table of Contents

PART I

The Registrant, Moog Inc., a New York corporation formed in 1951, is referred to in this report as “Moog” or the "Company" or in the nominative “we” or the possessive “our.”

Unless otherwise noted or the context otherwise requires, all references to years in this report are to fiscal years.


Item 1.						Business.

Description of the Business. Moog is a worldwide designer, manufacturer and systems integrator of high performance precision motion and fluid controls and ~~controls~~control systems for a broad range of applications in aerospace and defense and industrial markets. We have four operating segments: Space and Defense, Military Aircraft, Commercial Aircraft and Industrial.

Additional information describing the business and comparative segment revenues, operating profits and related financial information for ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023 are provided in Note 22 - Segments, of Item 8, Financial Statements and Supplementary Data, of this report.

Distribution. Our sales and marketing organization consists of individuals possessing highly specialized technical expertise. This expertise is required in order to effectively evaluate a customer’s precision control requirements and to facilitate communication between the customer and our engineering staff. Our sales staff is the primary contact with customers. Manufacturers’ representatives are used to cover certain domestic aerospace markets. Distributors are used selectively to cover certain industrial and medical markets.

Industry and Competitive Conditions. We experience considerable competition in our aerospace and defense and industrial markets across tier one and tier two suppliers as well as vertically integrated primes. We believe that the principal points of competition in our markets are product quality, reliability, price, design and engineering capabilities, product development, conformity to customer specifications, timeliness of delivery, effectiveness of the distribution organization and quality of support after the sale. We believe we compete effectively on all of these bases. Competitors to our Military and Commercial Aircraft segments specialize in precision flight control and control systems manufacturing. Competitors to our space market specialize in thrust vector controls and spacecraft engines, mechanisms, avionics and structure systems and components. Competitors in our defense market produce turreted weapons, missile steering actuation and power and data transfer systems and components. Competitors to our Industrial segment include other industrial precision controls and medical device manufacturers.

Backlog. Our twelve-month backlog represents confirmed orders we believe will be recognized as revenue within the next twelve months. Our twelve-month backlog as of September 2827, ~~2024~~2025 was $23.50 billion, an increase of 320% compared to September 3028, ~~2023~~2024. See Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report for a discussion on the various business drivers and conditions contributing to the twelve-month backlog change.

Raw Materials. Materials, supplies and components are purchased from numerous suppliers. We believe the loss of any one supplier, although potentially disruptive in the short-term, would not materially affect our operations in the long-term.

Working Capital. See the discussion on operating cycle in Note 1 - Summary of Significant Accounting Policies, of Item 8, Financial Statements and Supplementary Data, of this report.

Seasonality. Our business is generally not seasonal; however, certain products and systems, such as those in the energy market of our Industrial segment, do experience seasonal variations in sales levels.

Patents. We maintain a patent portfolio of issued or pending patents and patent applications worldwide that generally includes the United States ("U.S."), Europe, China, Japan and India. The portfolio includes patents that relate to electrohydraulic, electromechanical, electronics, hydraulics, components and methods of operation and manufacture as related to motion control and actuation systems. The portfolio also includes patents related to wind turbines, robotics, vibration control and medical devices. We do not consider any one or more of these patents or patent applications to be material in relation to our business as a whole. The patent portfolio related to certain medical devices is significant to our position in this market as several of these products work exclusively together, and provide us future revenue opportunities.

Research Activities. ~~Research~~Internal research and development activity has been, and continues to be, significant for us. Research and development expense was $~~113~~94 million and represented approximately 32.4% of sales in ~~2024~~2025.

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Human Capital Resources. Moog possesses a unique culture that fuels our business success. Our more than 13,500 employees in over 20 countries work closely together, driven by a shared sense of purpose and a desire to do the right thing. We value our ground-breaking, challenging work and what we stand for. We value the skill and commitment of our talented workforce above all else. Whether it’s enabling a Mars Rover to land safely or helping to support breakthrough advances in healthcare, together, we solve our customers’ most difficult challenges.

Although we are a successful, global business, our employees feel like they are amongst friends and are comfortable being themselves. We empower them to find innovative ways of accomplishing things, and the scale of our business means that careers can develop in exciting and unexpected directions. For prospective employees looking for inspiring and meaningful work in a warm, respectful, family-like environment, Moog will feel like home.

In order to ensure we live our values and our culture stays unique and strong, our Board of Directors and executive team put significant focus on our human capital resources. These are some of the key aspects of Moog’s human capital strategy:

Employee Recruitment

Moog actively seeks to attract the best talent from a diverse range of sources and industries in order to meet the current and future demands of our business. We have established relationships with trade schools, world-class universities, professional associations and industry groups to proactively attract talent. In 2025, we hired over 1,400 new employees and rehired over 70 employees throughout the world.

In 2024, we hired over 1,700 new employees and rehired over 100 employees throughout the world.

Diversity, Equity and Inclusion

Moog aspires to be diverse, equitable and inclusive, where employees are empowered to bring their whole, authentic selves to work every day. We believe being diverse, equitable and inclusive is better for all of our employees, customers and shareholders.

During 2024, we continued to make progress toward our Diversity, Equity and Inclusion ("DE&I") strategy. In support of this strategy, we:

•Grew our DE&I curriculum to continue to help our employees understand the value of inclusivity, the very different experiences people have and the role we all must play in creating an inclusive and welcoming environment at Moog.

•Honored employees from different backgrounds and helped increase understanding through a variety of monthly celebrations, including, but not limited to, Black History Month, International Women’s Day and Pride Month.

•Expanded our network of Employee Resource Groups ("ERGs") to include Veterans (MVO), Caregivers (C.A.R.E.S) and LGBTQ+ (Pride@Moog). Our ERGs are voluntary, employee-led, corporate-supported groups that are organized primarily around a defined characteristic, special interest, or life experience. We currently have seven ERG chapters focused on Employees of Color, Women (2 chapters), Veterans and LGBTQ+.

At Moog, we are continuously striving to ensure the diversity of our organization more fully represents the diversity of the communities in which we operate.

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Compensation and Benefits

Moog works to maintain compensation, benefits and rewards programs that enable us to attract, retain, motivate and reward employees for their contributions to company performance. Our compensation and rewards programs are linked closely to our values of We Are All In This Together, We Try Harder, Competence Is King and Performance And Commitment Should Be Rewarded.

Moog is committed to providing comprehensive benefit options that reflect the differing priorities and needs of our sites globally, governed by an intent to offer plans that will allow our employees and their families to live healthier and more secure lives.

In addition to traditional employee benefits, Moog has a number of innovative initiatives to support the well-being of our employee base, including onsite wellness clinics and pharmacies at a number of locations, online tools that assist employees with their physical, financial and mental health, special events with outside vendors and participants focusing on employee well-being and much more.

Health and Safety

Maintaining a safe and healthy work environment is a key priority and a responsibility for all of our employees. At Moog, we embrace a continuous improvement approach with regard to our global Environment, Health & Safety ("EHS") culture. All Moog businesses strive to operate in a responsible manner that demonstrates our commitment to the health and safety of our employees, customers, suppliers, communities and the environment. Our commitment will not be compromised. We expect our employees, visitors and service providers to follow our EHS standards and practices. We regularly conduct training for all of our employees and work hard to learn lessons from every incident. Additionally, we measure and review our EHS results continuously in each location.

Employee Engagement and Retention

Moog is deeply committed to continuously evolving into an even better place to work. We're built on a strong foundation of mutual trust and the premise that we must engage with employees at different levels to empower our people, enable progress and align efforts.

Moog employs a variety of mechanisms to collect and respond to feedback from our employees. We conduct a regular employee engagement survey. We also leverage focus groups and listening sessions to solicit feedback. In response to employee feedback ~~and in acknowledgment of the changing landscape brought about by the global pandemic~~, Moog ~~has~~offers ~~been piloting~~ a variety of flexible working arrangements, including remote work and hybrid working schedules. WeThis ~~are implementing these changes in a way that~~ allows our employees to collaborate and innovate in ~~the~~a ~~Moog Way that has made us so~~ successful ~~to date~~way.

We see our positive employee engagement coming through in high levels of employee retention. For the last five years, the average of voluntary attrition has been approximately 67% of our workforce. That is a competitive attrition figure and a testament to Moog being a great place to work.

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Leadership Development and Training

At Moog, we believe that the best leaders are the ones who come from within. These leaders learn with us, grow with us and reach their potential through challenging on-the-job and deliberate learning experiences we provide. Moog's leadership development strategy focuses on the growth of its leaders at the various stages of leadership. At the foundation is our Moog Values, Moog Leadership Qualities and our Business Strategy.

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Moog has carefully designed the global, enterprise-wide leadership development programs to improve the effectiveness of our leaders. Our Moog Leadership Program is an 18-month program designed to expand, develop, support and engage senior executive leadership talent. Our Emerging Leadership Program is a nine-month program designed to accelerate the development of senior leadership talent in order to help meet the demand for important leadership roles throughout our Company. Our LEAD program supports mid-level, high performing leaders excel and accelerate their careers through focused skill development in line with our key leadership qualities. In addition to these cohort-based programs and to establish the foundations of leadership across Moog, we have our Leading and Coaching People program. This is a two-day course open to all leaders that provides the foundational framework for engaging, empowering, and coaching employees for optimal performance.

In addition to our leadership development programs, Moog has many other valuable development resources available for employees in order to ensure our people have everything they need to succeed both personally and professionally. These resources include a Global Mentoring Program, Moog Gigs, access to an on-demand learning library and a suite of resources to support development of our Moog Leadership Qualities. Moog facilitates training opportunities and development programs through state-of-the-art learning and talent management systems. Our employees are encouraged to take responsibility for their own development and ~~crate~~create learning plans that fit their needs and development goals best.

Succession Planning

Each year, Moog conducts an extensive talent review across our global enterprise that includes, among other important topics, a review of succession plans for many of our roles. To ensure the long-term continuity of our business, we actively manage the development of talent to fill the roles that are most critical to our on-going success of our Company.

Sustainability

Our values, rooted in trust, integrity and collaboration, lay the foundation for Moog's commitment to grow as a sustainable corporation. As a developer of advanced motion control products, we believe in momentum and our shared responsibility to protect people and the planet now and for generations to come. Our commitment to ~~Sustainability~~sustainability includes:

•Protecting our planet by minimizing our environmental impact.

•Strengthening our communities by contributing our time, talent, and resources.

•Engaging in ethical practices across all operations.

We are committed to a more inclusive, equitable world which is reflected in our corporate culture, work environment, supply chain and community support around the globe.

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We're all in this together. Moog and its employees live this mantra with countless initiatives focused on supporting our sustainability strategy and communities. Some recent examples in 2024 of Moog’s “responsibility in action” include:

•Sustainability Reporting: See our Sustainability Report and Sustainability Accounting Standards Board (SASB) disclosure at Moog Sustainability. The content of the Sustainability Report and the Company’s website are not, and should not, be deemed to be incorporated by reference in this Form 10-K or otherwise filed with the Securities and Exchange Commission (“SEC”).

•Greenhouse Gas (GHG) Emissions Inventory: We compiled our first global inventory of greenhouse gas emissions starting with 2022 baseline and developed a global Data Collection Procedure and an Inventory Management Plan. We have set an ambition to reduce our combined Scope 1 and 2 emissions in company operations by 40% from our 2022 baseline by 2030, supported by a strategy and governance control. Baselines for water consumption and hazardous waste produced from 2022 data have been established, with improvement goals set.

•We have conducted our first Double Materiality Assessment for future regulatory disclosures.

•We continue to expand our ~~Community~~community giving, employee giving and volunteering platform, now available across all UK, US and Canada sites~~, with plans for further expansion internationally in 2025~~.

•We launched a pilot of paid Volunteer Time Off in Western New York and the UK, allowing employees one paid shift of time per year to volunteer for nonprofit community organizations, with a goal to expand to more of our footprint in 2025.

•We have refined our corporate charitable giving guidelines to prioritize twelve key United Nations Sustainable Development Goals and developed toolkits to empower Moog sites around the world create local impact at a global scale.

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Business Ethics

Moog is fully dedicated to conducting ourselves by the letter and in the spirit of the many laws and standards that apply to our business. Ethics are deeply embedded in our values and business processes. We regularly re-enforce our commitment to ethics and integrity in employee communications, in our everyday actions and in processes and controls. As a part of our on-going efforts to ensure our employees conduct business with the highest levels of ethics and integrity, Moog has compliance training programs in multiple languages. We also maintain ~~two~~the ~~ethics~~Moog ~~related hotlines~~TrustLine, ~~through~~where ~~which~~ individuals can anonymously raise concerns they have about business behavior they do not feel comfortable discussing ~~personally~~ with business operations managers or human resources personnel. The Company's general confidential ethics hotline is administered by internal company counsel designated as Moog's ethics advocate. In addition, we maintain a separate hotline for cases wherein an employee believes that the Company's financial statements are materially misstated as a result of intentional acts or material weaknesses in the systems of internal control. This hotline is administered by the Company's Corporate Secretary.

Customers. Our principal customers are Original Equipment Manufacturers ("OEMs") and end users for whom we provide aftermarket support. Aerospace and defense OEM customers collectively represented 6061% of ~~2024~~2025 sales. The majority of these sales are to a small number of large companies. Due to the long-term nature of many of the programs, many of our relationships with aerospace and defense OEM customers are based on long-term agreements. Our industrial market sales, which represented 2725% of ~~2024~~2025 sales, are to a wide range of global customers and are normally based on lead times of 90 days or less. We also provide aftermarket support, consisting of spare and replacement parts and repair and overhaul services, for all of our products. Our major aftermarket customers are the U.S. Government and commercial airlines. In ~~2024~~2025, aftermarket sales accounted for 1314% of total sales.

Our significant customers include tier one, large U.S. Government contractors and system integrators and are primarily within our Space and Defense, Military Aircraft and Commercial Aircraft segments. Net sales to our five largest customers represented approximately 2931% of our ~~2024~~2025 sales.

All U.S. Government contracts are subject to termination by the U.S. Government. In ~~2024~~2025, sales under U.S. Government contracts represented 38% of total sales and were primarily within our Space and Defense and Military Aircraft segments.

See Item 1A, Risk Factors and Note 22 – Segments, of Item 8, Financial Statements and Supplementary Data, of this report for additional information on U.S. Government contracts and customers accounting for more than 10% of our net sales.

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International Operations. Our operations outside the U.S. are conducted primarily through wholly-owned foreign subsidiaries and are located predominantly in Europe and the Asia-Pacific region. See Note 22 - Segments, of Item 8, Financial Statements and Supplementary Data of this report for information regarding sales by geographic area and Exhibit 21 of Item 15, Exhibits and Financial Statement Schedules of this report for a list of subsidiaries. Our international operations are subject to the usual risks inherent in international trade, including currency fluctuations, local government contracting regulations, local governmental restrictions on foreign investment and repatriation of profits, exchange controls, regulation of the import and distribution of foreign goods, as well as changing economic and social conditions in countries in which our operations are conducted.

Environmental Matters. See the discussion in Note 24 - Commitments and Contingencies, of Item 8, Financial Statements and Supplementary Data, of this report.

Website Access to Information. Our internet address is www.moog.com. The information contained on or connected to our website is not incorporated by reference into this Annual Report on Form 10-K and should not be considered part of this or any other report filed with the SEC. We make our annual reports on Form 10‑K, quarterly reports on Form 10-Q, current reports on Form 8-K and, if applicable, amendments to those reports, available on the investor relations portion of our website. The reports are free of charge and are available as soon as reasonably practicable after they are filed with the SEC. The SEC maintains a website at www.sec.gov that contains reports, proxy statements and other information regarding SEC registrants, including Moog.

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Information about our Executive Officers. Other than the prior positions noted in the table below, the principal occupations of our executive officers for the past five years is the current positions they hold.

Executive Officers

Current Position

Prior Positions

Age

Year FirstElected Officer

Pat Roche

President, Chief Executive Officer and Director

On February 2, 2023, Pat Roche was named Chief Executive Officer. Previously, he served as Executive Vice President and Chief Operating Officer, a position he held since December 1, 2021. Prior to that, he served as President, Industrial, a position he held since ~~2012~~2015.

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2012

Mark J. Trabert

Executive Vice President and Chief Operating Officer

On March 1, 2023, Mark J. Trabert was named Executive Vice President and Chief Operating Officer. Previously, he served as Vice President and President, Aircraft a position he held since 2015.

2015

Jennifer Walter

Executive Vice President and Chief Financial Officer

2008

Jennifer Walter

Executive Vice President and Chief Financial Officer

On January 2, 2020 Jennifer Walter was named Chief Financial Officer. Previously, she was Vice President - Finance, a position she held since 2018.

2008

Joseph Alfieri

Vice President and President, Space and Defense

On March 1, 2023, Joseph Alfieri was named Vice President and President, Space and Defense. Previously, he served as General Manager, Moog Construction, a position he held since 2021. Prior to that, he served as General Manager, Commercial Aircraft Original Equipment since 2018.

2023

Joseph Alfieri

Vice President and President, Space and Defense

2023

Mark Graczyk

Vice President and President, Military Aircraft

On March 1, 2023, Mark Graczyk was named Vice President and President, Military Aircraft. Previously, he served as Chief Business Officer, Aircraft, a position he held since 2022. Prior to that, he served as General Manager, Industrial Controls since 2021 and Finance Director, Aircraft, since 2017.

2023

Mark Graczyk

Vice President and President, Military Aircraft

2023

Stuart Mclachlan

Vice President and President, Industrial

On December 1, 2021, Stuart Mclachlan was named Vice President and President, Industrial Group. Previously, he was Chief Business Officer, Aircraft, a position he held since 2019. Prior to that, he served as Group Vice President for Aircraft Control Components.

2022

Stuart Mclachlan

Vice President and President, Industrial

2022

Michael Schaff

Vice President and President, Commercial Aircraft

On March 1, 2023, Michael Schaff was named Vice President and President, Commercial Aircraft. Previously, he served as General Manager, Commercial Aircraft Original Equipment since 2021. Prior to that, he served as Finance Director, Space and Defense since 2017.

2023

Michael Schaff

Vice President and President, Commercial Aircraft

2023

Paul Wilkinson

Executive Vice President and Chief Human Resources Officer

2017

Paul Wilkinson

Executive Vice President and Chief Human Resources Officer

2017

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Disclosure Regarding Forward-Looking Statements

Information included or incorporated by reference in this report that does not consist of historical facts, including statements accompanied by or containing words such as “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume” and “assume,” are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not 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. Certain of these factors, risks and uncertainties are discussed in the sections of this report entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. We disclaim any obligation to update the forward-looking statements made in this report, except as required by law.


Item 1A.						Risk Factors.

Our business, financial condition and results of operations face many risks, many of which are not exclusively within our control. The known, material risks to our business summarized below should be carefully considered together with all the other information included in this report, including the financial statements and related notes. Any of the risks discussed below, elsewhere in this report or in our other SEC filings could have a material impact on our business, financial condition or results of operations. Although the risks summarized below are organized by heading, and each risk is summarized separately, many of the risks are interrelated. While we believe we have identified and discussed below the material risks affecting our business, there may be additional risks and uncertainties not currently known to us or that we currently consider immaterial that may materially adversely affect our business, financial condition or results of operations in the future and may require significant management time and attention.

STRATEGIC RISKS

We operate in highly competitive markets with competitors who may have greater resources than we possess. Many of our products are sold in highly competitive markets. Some of our competitors, especially in our industrial markets and medical market, are larger, more diversified and have greater financial, marketing, production and research and development resources. Within the aerospace and defense industries, suppliers have consolidated to expand their product offerings and to secure long-term sole-source positions. As a result, these competitors may be better able to withstand the effects of periodic economic downturns. Our sales and operating margins will be negatively impacted if our competitors:

•develop products that are superior to our products,

•develop products of comparable quality and performance that are more competitively priced than our products,

•develop more efficient and effective manufacturing methods for their products and services, or

•adapt more quickly than we do to technological innovations or evolving customer requirements.

We believe that the principal points of competition in our markets are product quality, reliability, design and engineering capabilities, price, innovation, conformity to customers' specifications, timeliness of delivery, effectiveness of the distribution organization and quality of support after the sale. Maintaining or improving our competitive position requires continued investment in manufacturing, engineering, quality standards, marketing, customer service and support and in our distribution networks. If we do not maintain sufficient resources to make these investments, are unsuccessful in meeting our quality or delivery standards or are unsuccessful in maintaining our competitive position, we could face pricing pressures or loss in market share, causing our operations and financial performance to suffer.

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Our research and development and innovation efforts are substantial and may not be successful, which could reduce our sales and earnings. Our products and technological capabilities have undergone, and in the future may undergo, significant changes. In order to maintain a leadership position in the high-performance, precision controls market, we have incurred, and we expect to continue to incur, substantial expenses associated with research and development and innovation activities during the introduction of new products. Our technology has been developed through customer-funded and internally-funded research and development investments, as well as through business acquisitions. If we fail to predict customers' preferences, market preferences or fail to provide viable technological solutions, we may experience inefficiencies that could delay or prevent the acceptance of new products or product innovations. Also, incurred research and development expenses may exceed our cost estimates and the new products we develop may not generate sales sufficient to offset our investments. Additionally, our competitors may develop technologies or products that have more competitive advantages than ours and render our technology noncompetitive or obsolete.

If we are unable to adequately enforce and protect our intellectual property or defend against assertions of infringement, our business and our ability to compete could be harmed. Protecting our intellectual property is critical in order to maintain a competitive advantage. We therefore rely on internally developed and acquired patents, trademarks, copyrights, trade secrets, and proprietary know-how to establish and protect our technologies and products. However, these measures afford only limited protection, and our patent rights and other intellectual property protections have been in the past, and may be in the future, infringed, misappropriated, misrepresented, copied without authorization, circumvented or invalidated in the U.S. or in foreign countries that do not offer the same level of intellectual property protections. Also, as our patents and other intellectual property protections expire, we may face increased competition. Additionally, we cannot be assured that our existing or planned products do not, or will not, infringe on the intellectual property rights of others or that others will not claim such infringement. When others infringe on our intellectual property rights, the value of our products is diminished, and we have incurred, and may continue to incur, substantial litigation costs to enforce our rights. Litigation related to intellectual property matters has diverted, and may continue to divert, management's focus and resources away from operations. If we are unable to adequately enforce and protect our intellectual property or defend against assertions of infringement, we could face reputational harm and our inability to defend against these scenarios could have an adverse effect on our competitive position, our business operations and financial condition.

Our sales and earnings may be affected if we cannot identify, acquire or integrate strategic acquisitions, or as we conduct portfolio shaping and footprint rationalization initiatives. Acquisitions are an element of our growth strategy as we opportunistically make strategic investments in our businesses. Our historical growth has depended, and our future growth could depend, on our ability to successfully identify, acquire and integrate acquired businesses. We intend to seek additional acquisition opportunities that enhance our core businesses or accelerate our position on our new growth ventures. Growth by acquisition involves risk that could adversely affect our financial condition and operating results. We may not know the potential exposure to unanticipated liabilities, and the acquisition agreements we may enter into may not fully protect us from unanticipated liabilities. Additionally, the expected benefits or synergies might not be fully realized, integrating operations and personnel may be slowed and key employees, suppliers or customers of the acquired business may depart. As a result of our ongoing margin expansion initiatives, we expect to continue to divest assets or businesses, discontinue products or reduce our operating footprint. Under certain circumstances, this may require us to record impairment charges or losses as a result of a transaction. In pursuing acquisition opportunities, integrating acquired businesses or divesting business operations, management's time and attention may be diverted from our core business, while consuming resources and incurring expenses for these activities.

MARKET CONDITION RISKS

The markets we serve are cyclical and sensitive to domestic and foreign economic conditions and events, which may cause our operating results to fluctuate. The markets we serve are sensitive to fluctuations in general business cycles, global pandemics, domestic and foreign governmental tariffs, trade and monetary policies and economic conditions and events. Boeing and Airbus are producing widebody aircraft at rates to support the post-pandemic air traffic volumes, as well as working through their current supply-chain challenges. Any adjustments to their ramp schedules affects the demand for our flight control systems. Also, U.S. ~~Department~~defense ~~of Defense~~ and other foreign governments' defense funding levels, driven in part by the current global unrest, can fluctuate and affect our defense and our space programs. Our industrial product demand depends upon several factors including levels of capital investment, the pace of product innovations and technology upgrades, changing economic conditions and the current and forecasted price of oil and natural gas.

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We depend heavily on government contracts that may not be fully funded or may be terminated, and the failure to receive funding or the termination of one or more of these contracts could reduce our sales and increase our costs. Sales to the U.S. Government and its prime contractors and subcontractors represent a significant portion of our business. In ~~2024~~2025, sales under U.S. Government contracts represented 38% of our total sales, primarily within Space and Defense and Military Aircraft. Sales to foreign governments represented 9% of our total sales. Funding for government programs can be structured into a series of individual contracts and depend on cyclical annual congressional appropriations. At times when there are perceived threats to national security, U.S. Defense spending can increase; at other times, defense spending can decrease. Future levels of defense spending are uncertain and subject to congressional debate and spending prioritization. Any reduction in defense spending could adversely impact our sales, operating profit and our cash flow. We have resources applied to specific government contracts and if any of those contracts are rescheduled or terminated, we may incur substantial costs redeploying those resources.

The loss of The Boeing Company as a customer or a significant reduction in the sales to The Boeing Company could adversely impact our operating results. We provide Boeing with controls for both military and commercial applications, as well as controls for space and defense applications, which totaled 1210% of our ~~2024~~2025 sales. Sales to Boeing's commercial airplane group are generally made under long-term supply agreements. Boeing operates in a competitive environment and continues to evaluate the size, scope and cost of their supplier base. Labor disruptions or other supply chain constraints experienced by Boeing or its supplier base could delay planned production and negatively impact commercial aircraft production rates. Also, Boeing continues to match their commercial production rates to the resized global air traffic volume ~~and is increasing production rates following the COVID-19 pandemic~~. In addition, a portion of our sales to Boeing is tied to varying levels of government defense spending, and a reduction in future ~~Department~~U.S. ofdefense ~~Defense~~ spending levels could adversely impact our sales, operating profit and cash flow. Furthermore, a loss of Boeing as a customer could materially reduce our sales and earnings.

We may not realize the full amounts reflected in our backlog as revenue, which could adversely affect our future revenue and growth prospects. As of September 2827, ~~2024~~2025, our total backlog was $56.10 billion, which represents confirmed orders we believe will be recognized as revenue. There is no assurance that our customers will purchase all the orders represented in our backlog. If customers do not purchase these orders, it would increase our risk of inventory obsolescence and inventory write-downs, which would adversely affect our operations and our earnings. A significant portion of our backlog relates to commercial aircraft programs, and any adjustments to their planned production schedules will affect the demand for our flight control systems. Also, given the uncertain nature of our contracts with the U.S. Government and other foreign governments, in part due to governments' abilities to modify, curtail or terminate major programs, we may not realize the full revenue value of the orders included in our backlog. If this occurs, our future revenue and growth prospects may be adversely affected.

OPERATIONAL RISKS

AInflated ~~constrained supply chain, as well as inflated~~ prices, across various raw materials and third-party provided components and sub-assemblies have ~~had~~adversely impacted, and could continue to ~~have,~~adversely ~~a material~~ impact, on our ~~ability~~financial ~~to manufacture and ship our products~~condition, ~~in addition to adversely impacting our~~ operating profit and ~~balance~~cash ~~sheet~~flow. ~~Constraints~~A inconstrained ~~our~~ supply chain ~~due~~could tohave ~~worldwide~~a ~~demand~~material ~~for~~impact ~~electronics~~on ~~and components across several end markets has affected~~ our ~~business.~~ability Weto ~~have~~manufacture ~~experienced~~ and ~~may~~ship ~~continue~~products. toThe ~~experience~~prices ~~shortages~~for ~~and delays in~~ materials and components ~~necessary~~used in our ~~manufacturing~~products ~~processes~~has increased, ~~preventing~~adding usadditional ~~from~~pressures ~~completing~~to ~~and shipping~~ our ~~final~~operating ~~products on time~~margins. AsAlso, asole-source ~~result~~suppliers ofcould ~~these~~apply ~~interruptions~~leverage ~~and~~over ~~long~~price ~~lead~~or ~~times~~other ~~that~~terms. We may ~~continue,~~be weunable ~~are~~to ~~selectively~~raise ~~purchasing,~~our inprices ~~advance,~~for ~~certain~~our ~~raw~~products ~~materials~~equal ~~and~~to ~~third-party~~the ~~provided~~increased ~~components~~prices ~~and~~for ~~sub-assemblies~~supplied ~~that~~materials weand ~~are~~components, ~~concerned~~which ~~might~~could ~~otherwise~~adversely beaffect ~~delayed.~~our ~~Additionally~~financial condition, ~~the~~operating ~~prices~~results ~~for~~and ~~materials~~cash ~~and~~flow. ~~components~~In ~~used~~addition, constraints in our ~~products~~supply ~~has~~chain ~~increased,~~that ~~adding~~cause ~~additional~~shortages ~~pressures~~or todelays ~~our~~in ~~operating~~materials ~~margins.~~and Wecomponents ~~may~~could beprevent ~~unable~~us tofrom ~~raise~~completing ~~our~~and ~~prices~~shipping ~~for~~ our final products ~~equal~~on totime. ~~the~~We ~~increased~~have ~~prices~~taken ~~for~~actions ~~supplied~~to ~~materials~~strengthen ~~and components, and if~~ our ~~constrained~~ supply chain, ~~continues~~including ormaking wesupplier ~~otherwise~~changes ~~face~~and ~~continued~~internalizing ~~price~~some ~~increases~~processes. ~~from~~Transitions ~~our~~to new suppliers, ~~our~~and ~~operating~~internalizing ~~profit~~processes ~~and~~could ~~balance~~result ~~sheet~~in ~~may~~significant beadditional ~~negatively~~costs ~~impacted.~~and ~~Additionally~~delays, ~~sole-source~~preventing ~~suppliers~~us ~~could~~from ~~apply~~meeting ~~leverage~~customer ~~over~~demand ~~price~~for orour ~~other terms~~products, which could damage customer relationships and adversely affect our financial condition, operating results and cash flow.

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If our subcontractors or suppliers fail to perform their contractual obligations, our prime contract performance and our ability to obtain future business could be materially and adversely impacted. We rely on other companies to perform portions of the manufacturing process of our products. While we actively manage our supply chain, establishing alternate sources, some business conditions cause us to obtain certain components and sub-assemblies from a single supplier or a limited group of suppliers. There are risks that we may have disputes with our subcontractors regarding the quality and timeliness of work performed by the subcontractor, customer concerns about the subcontractor, our failure to extend existing task orders or issue new task orders under a subcontract or our hiring of personnel of a subcontractor. A failure by any of our sole-sourced or group of subcontractors to timely and satisfactorily provide the required, defect-free supplies or components, or perform the required services, may materially and adversely impact our ability to perform our obligations as the prime contractor. Subcontractor performance deficiencies could result in a customer terminating our prime contract for default, which could expose us to liability and substantially impair our ability to compete for future orders.

We face, and may continue to face, risks related to information systems interruptions, intrusions and or new software implementations, which may adversely affect our business operations. We rely extensively on various information technologies throughout our company supporting nearly every business activity. In doing so, we work with sensitive data types including proprietary business information, intellectual property and confidential employee data. Handling and storage of this data, either onsite or managed by authorized third parties, subjects us to privacy, security, or other regulatory requirements, which could, if not handled or stored in compliance with applicable requirements, result in a potential liability. Business operations face risks, and may continue to face risks, due to information system errors, equipment failures, or ever-evolving cyber-attacks. In addition, advancements in artificial intelligence and quantum computing present risks to our business, as they may be used to identify vulnerabilities and produce advanced cybersecurity attacks. Unauthorized access or tampering via cybersecurity incidents may result in potential data corruption, exposure of proprietary or confidential information and work stoppages. Additionally, we have and expect to incur additional costs to comply with our customers' increased cybersecurity protections and standards, including those of the U.S. ~~Government~~government. We have embarked on multi-year business information system transformation and standardization projects. These endeavors are complex and company-wide, involving new technologies and may introduce risk to our cybersecurity infrastructure. While we are investing significant resources throughout the planning, project managing and deployment processes, unanticipated delays could occur and could adversely affect our financial results. Any of these cybersecurity issues may cause operational stoppages, increased operational costs, fines, penalties and diminished competitive advantages through reputational damages.

We may not be able to prevent, or timely detect, issues with our products and our manufacturing processes which may adversely affect our operations and our earnings. We must continuously improve product development and manufacturing processes and systems to ensure we deliver high-quality, technically advanced products. Due to growth in operations and our constrained supply chain, there is a risk our current manufacturing processes and systems are unable to maintain our high-quality and on-time delivery standards for our customers. If we are unable to maintain these standards, we could experience late deliveries and penalties, recalls, increased warranty costs, order cancellations and litigation.

The failure or misuse of our products may damage our reputation, necessitate a product recall or result in claims against us that exceed our insurance coverage, thereby requiring us to pay significant damages. Defects in the design and manufacture of our products or our subcontractors' products may necessitate a product recall. We include complex system designs and components in our products that could contain errors or defects, particularly when we incorporate new technologies into our ~~customer~~customers’ solutions. If any of our products are defective, we could be required to redesign or recall those products, pay substantial damages or warranty claims or face actions by regulatory bodies and government authorities. Such an event could result in significant expenses, delay sales, inflate inventory, cause reputational damage or cause us to withdraw from certain markets. We are also exposed to product liability claims. Many of our products are used in applications where their failure or misuse could result in significant property or economic loss and serious personal injury or death. We carry product liability insurance consistent with industry norms. However, these insurance coverages may not be sufficient to fully cover the payment of any potential claim. A product recall or a product liability claim not covered by insurance could have a material adverse effect on our business, financial condition and results of operations.

14As an aerospace and defense company, we face risks related to the security of our facilities and employees. Threats to the physical security of our facilities and employees, such as civil unrest, terrorism, sabotage and workplace violence, could disrupt production, delay deliveries, compromise sensitive information or assets and increase security and insurance costs. These threats could adversely impact our sales, operating profit, cash flow and reputation.

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FINANCIAL RISKS

We make estimates in accounting for over-time contracts, and changes in these estimates may have significant impacts on our earnings. We have over-time contracts with some of our customers, predominantly in our aerospace and defense markets. We recognize revenue using an input method that uses costs incurred to date to measure progress toward completion ("cost-to-cost"). Changes in these required estimates could have a material adverse effect on sales and profits. Any adjustments are recognized in the period in which the change becomes known using the cumulative catch-up method of accounting. For contracts with anticipated losses at completion, we establish a provision for the entire amount of the estimated remaining loss and charge it against income in the period in which the loss becomes known and can be reasonably estimated. Amounts representing performance incentives, penalties, contract claims or impacts of scope change negotiations are considered in estimating revenues, costs and profits. Due to the substantial judgments involved with this process, our actual results could differ materially or could be settled unfavorably from our estimates. See Note 2 - Revenue from Contracts with Customers of Item 8, Financial Statements and Supplementary Data, of this report.

We enter into fixed-price contracts, which could subject us to losses if we have cost overruns. In ~~2024~~2025, fixed-price contracts represented 9390% of our over-time sales that we account for using the cost-to-cost method. On fixed-price contracts, we agree to perform the scope of work specified in the contract for a predetermined price. Depending on the fixed price negotiated, these contracts may provide us with an opportunity to achieve higher profits based on the relationship between our total contract costs and the contract's fixed price. However, we bear the risk that increased or unexpected costs may reduce our profit or cause us to incur a loss on the contract, which would reduce our net earnings. Although we closely monitor all programs and continuously seek opportunities, in coordination with our customers and suppliers, to mitigate future material impacts on fixed price contract profitability, we may be unsuccessful in these efforts and our net earnings may be reduced. Contract loss reserves are most commonly associated with fixed-price contracts that involve the design and development of control systems to meet the customer's specifications.

Our indebtedness and restrictive covenants under our credit facilities and indenture governing our senior notes could limit our operational and financial flexibility. We have incurred significant indebtedness and may incur additional debt as we invest in operations, research and development, capital expenditures and acquisitions. Our ability to make scheduled interest and principal payments could be adversely impacted by changes in the availability, terms and cost of capital, changes in interest rates or changes in our credit ratings or our outlook. These changes could place us at a competitive disadvantage through higher debt costs, limiting our ability to meet operational and capital needs, delaying our reactions to changes in market conditions and pursuing acquisitions. In addition, the restrictive covenants under both our credit facilities and the indenture governing our senior notes could limit our operational and financial flexibility, which could also impact our ability to efficiently operate our business.

Significant changes in discount rates, rates of return on pension assets, mortality tables and other factors could adversely affect our earnings and equity and increase our pension funding requirements. Pension costs and obligations are determined using actual results as well as actuarial valuations that involve several assumptions. The most critical assumptions are the discount rate, the long-term expected return on assets and mortality tables. Other assumptions include salary increases and retirement age. Some of these assumptions, such as the discount rate and return on pension assets, are reflective of economic conditions and largely out of our control. Despite our largest pension plan being well funded, changes in the pension assumptions could adversely affect our earnings, equity and funding requirements.

A write-off of all or part of our goodwill or other intangible assets could adversely affect our operating results and enterprise value. Goodwill and other intangible assets are a substantial portion of our assets. At September 2827, ~~2024~~2025, goodwill was $~~834~~842 million and other intangible assets were $6366 million of our total assets of $4.14 billion. The amount of goodwill and other intangible assets may increase in the future as a result of acquisitions. However, we may have to impair all or part of our goodwill or other intangible assets if the fair value falls because of changes in macroeconomic conditions, industry and market environments or the financial performance of the company. Although this impairment would be a non-cash charge, it could reduce our earnings and adversely affect our enterprise value. We review whether goodwill or other intangible assets have been impaired annually, or more frequently, if there have been changes in circumstances or conditions.

1514

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Unforeseen exposure to additional income tax liabilities may affect our operating results. Our distribution of taxable income is subject to domestic and foreign tax jurisdictions. Our effective tax rate and earnings may be affected by shifts in our mix of earnings in countries with varying statutory tax rates, changes in the valuation of deferred tax assets and outcomes of any audits performed on previous tax returns. Additionally, any alterations to domestic and foreign government tax regulations or interpretations, global minimum taxes or other tax law changes could have significant impacts on our effective tax rate and on our deferred tax assets and liabilities. ~~During~~In ~~October~~ 2021, the Organization for Economic Cooperation and Development (OECD) passed Pillar Two, an inclusive framework on Base Erosion and Profit Sharing, which would enact a minimum 15% tax for large multinational companies. Many countries are considering changes to their tax laws or proposing new tax laws to align with the recommendations that have been made by the OECD regarding Pillar Two. We are closely monitoring developments and evaluating the potential impacts of Pillar Two, which could adversely affect our effective tax rate, tax payments and results of operations.

LEGAL AND COMPLIANCE RISKS

We may not be able to remediate material weaknesses effectively, identify additional material weaknesses in the future or achieve and maintain effective disclosure controls and procedures and internal control over financial reporting, which may affect our ability to ensure timely and reliable financial reports and affect the ability of our auditors to attest to the effectiveness of our internal controls. We identified a material weakness in the design and operation of our controls over a distinct group of long-term aftermarket service revenue contracts in our Commercial Aircraft segment. That material weakness led to a conclusion that our internal controls over financial reporting and disclosure controls and procedures were not effective as of September 27, 2025. Management is responsible for establishing and maintaining adequate internal controls over financial reporting, as defined in Rule 13a-15(f) and 15d15(f) under the Securities Exchange Act. We are actively engaged in developing a remediation plan designed to address the material weakness but cannot be certain as to when our remediation plan will be fully completed. If the remedial measures are insufficient to address the material weakness or if additional material weaknesses or significant deficiencies in the internal controls are discovered or occur in the future, the consolidated financial statements may contain material misstatements. We may also be required to restate our financial results, which could materially and adversely affect our business and results of operations or financial condition, restrict our ability to access the capital markets, require us to expend significant resources to correct the material weaknesses or significant deficiencies, subject us to fines, lawsuits, penalties, judgments or other legal expenses, harm our reputation, create delays or the inability to meet future SEC reporting obligations. For more information related to our material weakness and its remediation, see Item 9A. Controls and Procedures of this report.

Contracting on government programs is subject to significant regulation, including rules related to bidding, billing and accounting standards, and any false claims or non-compliance could subject us to fines, penalties or possible debarment. We are subject to risks associated with government program contracting, including substantial civil and criminal fines and penalties. These fines and penalties could be imposed for failing to follow procurement integrity and bidding rules, employing improper billing practices or otherwise failing to follow cost accounting standards, receiving or paying kickbacks or filing false claims. We have been, and expect to continue to be, subjected to audits and investigations by U.S. and foreign government agencies and authorities. The failure to comply with the terms of our government contracts could harm our business reputation. We also could be subject to withheld progress payments or suspension or debarment from future government contracts, which could have a material effect on our operational and financial results.

Our operations in foreign countries expose us to currency, political and trade risks and adverse changes in local legal and regulatory environments could impact our results of operations. We have significant manufacturing and sales operations in foreign countries. In addition, our domestic operations sell to foreign customers. Our financial results may be adversely affected by fluctuations in foreign currencies and by the translation of the financial statements of our foreign subsidiaries from local currencies into U.S. dollars. Both the sales from international operations and export sales are subject to varying degrees of risks inherent in doing business outside of the U.S. Such risks include the possibility of unfavorable circumstances arising from host country laws, regulations or customs including, but not limited to privacy laws protecting personal data, changes in tariff and trade barriers and import or export licensing requirements. Uncertainty also remains with respect to trade policies and treaties between the U.S. and other countries including China, where we both source products and have customers. Changes to tariffs or other trade restrictions may result in higher prices for new aircraft, which may negatively impact customer order volume, and restrict our future orders. The potential loss of orders could negatively impact our financial results including lower sales, operating profits and cash flow. For our sales mix by country, see Note 22 - Segments, of Item 8, Financial Statements and Supplementary Data, of this report.15

Government regulations could limit our ability to sell our products outside the U.S. and otherwise adversely affect our business. Our failure to obtain, or fully adhere to, the limitations contained in the requisite licenses, meet registration standards or comply with other government export regulations would hinder our ability to generate revenues from the sale of our products outside the U.S. In addition, the U.S. Government has established, and from time to time revises, sanctions that restrict or prohibit U.S. companies and their subsidiaries from doing business with certain foreign countries, entities and individuals. The absence of comparable restrictions on competitors in other countries may adversely affect our competitive position. In order to sell our products in European Union countries, we must satisfy certain technical requirements. If we are unable to comply with those requirements, our sales in Europe would be restricted. Doing business internationally also subjects us to numerous U.S. and foreign laws and regulations, including regulations relating to import-export control, technology transfer restrictions, anti-bribery, privacy regulations and anti-boycott provisions. From time to time, we have filed, and may in the future file, voluntary disclosure reports with the U.S. Department of State and the Department of Commerce regarding certain violations of U.S. export laws and regulations discovered by us in the course of our business activities, employee training or internal reviews and audits. To date, our voluntary disclosures relating to export compliance matters have not resulted in a fine, penalty, or export privilege denial or restriction that has materially impacted our financial condition or ability to export. Our failure, or failure by an authorized agent or representative that is attributable to us, to comply with these laws and regulations could result in administrative, civil or criminal liabilities. In the extreme case, these failures could result in financial penalties, suspension or debarment from government contracts or suspension of our export privileges, which could have a material adverse effect on us. For our sales mix by country, see Note 22 - Segments, of Item 8, Financial Statements and Supplementary Data, of this report.

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Our operations in foreign countries expose us to currency, political and trade risks and adverse changes in local legal and regulatory environments could impact our results of operations. We have significant manufacturing and sales operations in foreign countries. In addition, our domestic operations sell to foreign customers. Our financial results may be adversely affected by fluctuations in foreign currencies and by the translation of the financial statements of our foreign subsidiaries from local currencies into U.S. dollars. Both the sales from international operations and export sales are subject to varying degrees of risks inherent in doing business outside of the U.S. Such risks include the possibility of unfavorable circumstances arising from host country laws, regulations or customs including, but not limited to privacy laws protecting personal data, changes in tariff and trade barriers and import or export licensing requirements. The tariffs recently implemented in the U.S. on steel, aluminum and other raw materials, potential of further tariffs and potential retaliatory actions by other countries could increase costs and reduce availability of raw materials. This could adversely impact our sales, operating profit and cash flow. Uncertainty also remains with respect to trade policies and treaties between the U.S. and other countries including China, where we both source products and have customers. Changes to tariffs or other trade restrictions may result in higher prices for new aircraft, which may negatively impact customer order volume, and restrict our future orders. The potential loss of orders could negatively impact our financial results including lower sales, operating profits and cash flow. For our sales mix by country, see Note 22 - Segments, of Item 8, Financial Statements and Supplementary Data, of this report.

Government regulations could limit our ability to sell our products outside the U.S. and otherwise adversely affect our business. Our failure to obtain, or fully adhere to, the limitations contained in the requisite licenses, meet registration standards or comply with other government export regulations would hinder our ability to generate revenues from the sale of our products outside the U.S. In addition, the U.S. government has established, and from time to time revises, sanctions that restrict or prohibit U.S. companies and their subsidiaries from doing business with certain foreign countries, entities and individuals. The absence of comparable restrictions on competitors in other countries may adversely affect our competitive position. In order to sell our products in European Union countries, we must satisfy certain technical requirements. If we are unable to comply with those requirements, our sales in Europe would be restricted. Doing business internationally also subjects us to numerous U.S. and foreign laws and regulations, including regulations relating to import-export control, technology transfer restrictions, anti-bribery, privacy regulations and anti-boycott provisions. From time to time, we have filed, and may in the future file, voluntary disclosure reports with the U.S. Department of State and the Department of Commerce regarding certain violations of U.S. export laws and regulations discovered by us in the course of our business activities, employee training or internal reviews and audits. To date, our voluntary disclosures relating to export compliance matters have not resulted in a fine, penalty, or export privilege denial or restriction that has materially impacted our financial condition or ability to export. Our failure, or failure by an authorized agent or representative that is attributable to us, to comply with these laws and regulations could result in administrative, civil or criminal liabilities. In the extreme case, these failures could result in financial penalties, suspension or debarment from government contracts or suspension of our export privileges, which could have a material adverse effect on us. For our sales mix by country, see Note 22 - Segments, of Item 8, Financial Statements and Supplementary Data, of this report.

We are involved in various legal proceedings, the outcome of which may be unfavorable to us. Our business may be adversely impacted by the outcome of legal proceedings and other contingencies that cannot be predicted with certainty. We estimate loss contingencies and establish reserves based on our assessment when liability is deemed probable and reasonably estimable, given the facts and circumstances known to us at a particular point in time. Subsequent developments may affect our assessment and estimates of the loss contingencies recognized as liabilities.

Our operations are subject to environmental laws and complying with those laws may cause us to incur significant costs. Our operations and facilities are subject to numerous stringent environmental laws and regulations. Although we believe that we are in material compliance with these laws and regulations, future changes in these laws, regulations or interpretations of them, or changes in the nature of our operations may require us to make significant capital expenditures to ensure continued compliance. We have been, and are currently involved in, environmental remediation activities. The cost of these activities may become significant depending on the discovery of additional environmental exposures at sites that we currently own or operate, at sites that we formerly owned or operated, or at sites to which we have sent hazardous substances or wastes for treatment, recycling or disposal.

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We may face reputational, regulatory or financial risks from a perceived, or an actual, failure to achieve our sustainability goals. The increased focus on sustainability practices and disclosures is rapidly evolving, as is the criteria to measure our sustainability performance; both of which could result in greater expectations and may cause us to undertake costly initiatives to satisfy the evolving criteria. As we advance our sustainable business model, we are pursuing programs that we believe will improve our environmental practices, social engagement and how we govern ourselves. We periodically publish information about our sustainability goals, standards and frameworks. Achievement of these objectives is subject to risks and uncertainties, many of which are outside of our direct control, and it is possible we may fail, or be perceived to have failed, in the achievement of our sustainability goals. Also, certain customers, associates, shareholders, investors, suppliers, business partners, government agencies and non-governmental organizations may not be satisfied with our sustainability efforts. A failure, or perceived failure, of our sustainability goals could negatively affect our reputation and our results of operations.

Invalidation of Moog Military Aircraft LLC’s facility security clearance by the U.S. Defense Counterintelligence and Security Agency could impact potential future business as well as adversely affect our operating results. On June 28, 2024, Moog Military Aircraft LLC (“MMA”), our subsidiary, received a facility security clearance from the U.S. Department of Defense. MMA’s facility security clearance allows it to bid on and receive new classified contracts from U.S. government contracting agencies and from prime contractors. If, in the future, we are found to be in noncompliance, or if we are required to comply with additional obligations, the U.S. Defense Counterintelligence and Security Agency ("DCSA") could invalidate MMA's facility security clearance, which may adversely impact our sales, operating profit and cash flow.

GENERAL RISKS

Future terror attacks, war, natural disasters, public health crises or other catastrophic events beyond our control could negatively impact our business. Terror attacks, war or other civil disturbances, natural disasters, public health crises and other catastrophic events could lead to economic instability and decreased demand for commercial products, which could negatively impact our business, financial condition, results of operations and cash flows. From time to time, terrorist attacks worldwide have caused instability in global financial markets and in the aviation industry. Also, our facilities and suppliers are located throughout the world and could be subject to damage from fires, floods, earthquakes or other natural or man-made disasters. Although we carry third party property insurance covering these and other risks, our inability to meet customers' schedules as a result of a catastrophe may result in the loss of customers or significantly increase costs, including penalty claims under customer contracts. Insurance for certain risks may be unavailable, insufficient or subject to dispute, which could adversely impact our financial condition, operating profit and cash flow.

Our performance could suffer if we cannot maintain our culture as well as attract, retain and engage our employees. We believe our culture is our strongest asset and is the foundation of our business. Our culture focuses on trust, respect, collaboration, confidence and empowerment. Our strong culture allows us to recruit and retain top-level talent. We also believe our employees and our experienced leadership group are competitive advantages, as the best people, over time, produce the best results. If we are unable to carry these values forward by not attracting the most talented candidates, by not retaining and engaging our global workforce including our senior management team, or by not investing in their talent and personal development, our operational and financial performances could suffer.

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Item 1B.						Unresolved Staff Comments.

None.


Item 1C.						Cybersecurity.

Cybersecurity Risk Management and Strategy

Our cybersecurity policies and reporting processes are designed so that members of our senior management receive timely and adequate information regarding cybersecurity matters that impact the Company, including threats and incident response. We have implemented an approach to assess, identify and manage cybersecurity risks within our overall enterprise risk management program that shares common methodologies, reporting channels and governance processes and is based on a recognized framework established by the National Institute of Standards and Technology.

Cybersecurity risks, both internal and from third parties, are tracked regularly. We have established plans and procedures to guide us through an active threat or incident in order to return to normal business operations. We have developed a notification process to allow for real-time escalation of material cybersecurity incidents by and among members of our Corporate IT Security Team ("CIST").

We also maintain an Executive Cyber Incident Escalation Team (“ECIET”), which consists of our Chief Executive Officer ("CEO"), Chief Financial Officer (“CFO”), Senior Vice President - General Counsel, Chief Information Officer (“CIO”) and the Chief Information Security Officer (“CISO”). The ECIET meets annually to practice and refine our processes through tabletop exercises simulating cyberattacks for incident response, management and escalation at both technical and executive levels in order to maintain readiness to respond and to identify any areas where improvements or updates to our cybersecurity infrastructure or procedures are required.

In addition, our IT infrastructure management program maintains an IT Crisis Response Plan (“ICRP”) where we have disaster recovery plans for key applications. The ICRP includes processes which address disruption of services that affect any IT services supplied by third-party vendors or service providers. Our IT infrastructure management program also ensures an initial risk assessment is conducted on all new third-party vendors prior to engagement.

We regularly complete periodic assessments and testing of our practices to address cybersecurity threats and incidents by performing internal audits of internal processes and controls. We engage third-party expertise and utilize threat intelligence feeds to supplement and enhance our CIST of cybersecurity professionals. In addition, we require all employees to take several mandatory cybersecurity training courses on an annual basis.

In the ordinary course of our business, we have experienced and expect to continue to experience, cyber-based attacks and other attempts to compromise our information systems. Based on the information we have as of the date of this Annual Report on Form 10-K, we do not believe that any risks from any cybersecurity threats or from any previous cybersecurity incident have materially affected or are reasonably likely to materially affect our business strategy, results of operations or financial condition. Although our processes are designed to help prevent, detect, respond to and mitigate the impact of such incidents, whether directly or through our supply chain or other channels, we face a risk of such threats, the consequences of which could be material. Further, the preventative actions we have taken and continue to take to reduce the risk of cybersecurity threats and incidents may not successfully protect against these potential threats and incidents in the future. While we maintain cybersecurity insurance, the costs related to cybersecurity threats or disruptions may not be fully insured. See Item 1A. “Risk Factors” under the heading "We face, and may continue to face, risks related to information systems interruptions, intrusions and or new software implementations, which may adversely affect our business operations" for a discussion of cybersecurity risks.

Cybersecurity Governance

Our Board of Directors (“Board”) is informed about cybersecurity risk matters pertaining to the Company and its operations as part of our overall enterprise risk assessment. At least annually, or more frequently as necessary, the Board receives cybersecurity briefings and is apprised of cybersecurity incidents deemed to pose significant risk to us. Our internal controls and procedures are designed to provide for the identification, notification, escalation and communication of cybersecurity incidents to management, including when appropriate to the Board, so that decisions regarding public disclosure and reporting of such incidents can be made in a timely manner.

The CIST, led by our CISO, is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture and processes that protect, detect and respond in the defense of our data and enterprise computing systems and networks.

The CIST is supported by experienced and knowledgeable leaders, who each have several decades of experience managing risk at Moog or similar companies, including risks arising from cybersecurity threats. The CIST consists of several centers of expertise comprised of persons with many types of skills and ability, including security operations center analysts, cyber engineers, threat hunters, threat modelers, cyber risk and compliance professionals, and threat and vulnerability management analysts. Members of the CIST maintain cybersecurity credentials, such as Certified Information Security Manager, Certified Information Systems Security Specialist, CompTIA Security+ and cybersecurity Analyst+, EC-Council Certified Ethical Hacker, Computer Hacking Forensic Investigator, and several vendor product certifications including from Amazon Web Services, Microsoft and Qualys.

We also perform annual internal assessments and audits of internal processes and controls related to cybersecurity and engage third-party experts to support the assessment of cybersecurity related risks, including cybersecurity penetration testing. The results of these assessments, audits and tests are reported to the CIO and CFO.

In the event of a cybersecurity incident, we engage our Incident Response Plan, which outlines the steps to be followed regarding preparation, detection, analysis, containment, eradication, recovery, notification, and post-incident remediation. Notification includes informing functional areas (e.g., legal), as well as senior management and the Board, as appropriate. We also have an insider threat detection program to proactively identify internal threats and mitigate those threats in a timely manner. As a defense contractor, we must comply with extensive regulations, including requirements imposed by the Defense Federal Acquisition Regulation Supplement to adequately safeguard controlled unclassified information and reporting cybersecurity incidents to the Department of Defense’s Cybersecurity Maturity Model Certification program. Moog also shares and receives threat intelligence information with our defense industrial base peers, government agencies, information sharing and analysis centers and cybersecurity associations.

The CISO and the CIO present cybersecurity updates regularly and, as necessary, to the CFO. The CFO will engage the Board to participate in assessing cybersecurity risk as part of the Company’s overall risk assessment. In addition, the Board is informed when a cybersecurity issue is identified that may pose significant risk to the Company.


Item 2.						Properties.

On September 2827, ~~2024~~2025, we occupied 5,~~603~~702,000 square feet of space, distributed by segment as follows:

Square Feet

Owned

Leased

Total

Space and Defense

1,177,000

~~463~~499,000

1,~~640~~676,000

Military Aircraft

~~841~~991,000

~~256~~249,000

1,~~097~~240,000

Commercial Aircraft

~~603~~605,000

~~286~~290,000

~~889~~895,000

Industrial

1,~~483~~408,000

~~474~~463,000

1,~~957~~871,000

Corporate Headquarters

20,000

—

20,000

Total

4,~~124~~201,000

1,~~479~~501,000

5,~~603~~702,000

We have principal manufacturing facilities in the U.S. and countries throughout the world in the following locations:

•Space and Defense - U.S., Ireland, United Kingdom and Australia.

•Military Aircraft - U.S. and United Kingdom.

•Commercial Aircraft - U.S., Philippines, United Kingdom and Ireland.

•Industrial - U.S., Germany, Italy, Japan, India, China, Costa Rica, Netherlands, Canada, Lithuania, United Kingdom and Philippines.

Our corporate headquarters is located in East Aurora, New York.

We believe that our properties have been adequately maintained, are generally in good condition and will be able to accommodate our capacity needs to meet current levels of demand. We continuously review our anticipated requirements for facilities and on the basis of that review, may from time to time acquire additional facilities, expand or dispose of existing facilities. Leases for our properties expire at various times from ~~2025~~2026 through 2093. Upon the expiration of our current leases, we believe that we will be able to either secure renewal terms or enter into leases for alternative locations at market terms.


Item 3.						Legal Proceedings.

From time to time, we are involved in legal proceedings. We are not a party to any pending legal proceedings that management believes will result in a material adverse effect on our financial condition, results of operations or cash flows.


Item 4.						Mine Safety Disclosures.

Not applicable.

PART II


Item 5.						Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Our two classes of common shares, Class A common stock and Class B common stock, are traded on the New York Stock Exchange ("NYSE") under the ticker symbols MOG.A and MOG.B.

The number of registered shareholders of our Class A common stock and Class B common stock was ~~493~~472 and ~~294~~314, respectively, as of November 2119, ~~2024~~2025.

The following table summarizes our purchases of our common stock for the quarter ended September 2827, ~~2024~~2025.

Issuer Purchases of Equity Securities

Period	(a) TotalNumber ofSharesPurchased(1)(2)	(b) AveragePrice PaidPer Share		(c) Total Numberof SharesPurchased asPart of PubliclyAnnounced Plansor Programs (3)	(d) MaximumNumber(or Approx.Dollar Value) ofShares that MayYet Be PurchasedUnder Plans orPrograms (3)
June 30, 2024 - August 3, 2024	80,679	$	172.91	—	2,172,081
June 29, 2025 - August 2, 2025	92,796	$	183.14	—	1,660,107
August 4, 2024 - August 31, 2024	22,226	189.76		—	2,172,081
August 3, 2025 - August 30, 2025	19,703	198.23		—	1,660,107
September 1, 2024 - September 28, 2024	27,332	193.14		—	2,172,081
August 31, 2025 - September 27, 2025	17,910	198.07		—	1,660,107
Total	130,~~237~~409	$	~~180~~187.0342	—	21,~~172~~660,~~081~~107

(1)Reflects purchases by the Moog Inc. Stock Employee Compensation Trust Agreement ("SECT") of shares of Class B common stock from the Moog Inc. Retirement Savings Plan ("RSP") and the Employee Stock Purchase Plan ("ESPP") as follows: 2132,~~540~~621 shares at $~~180~~190.3173 during July; 715,~~787~~929 shares at $~~186~~197.6482 during August and 165,~~978~~548 shares at $~~188~~199.6646 during September.

(2)In connection with the exercise of equity-based compensation awards, we accept delivery of shares to pay for the exercise price and withhold shares for tax withholding obligations. In July, we accepted delivery of ~~286~~1,759 Class ~~A shares at $194.70 and 259 Class~~ B shares at $~~190~~204.5532; In August, we accepted delivery of ~~305~~492 Class A shares at $~~192~~196.5250 and 61,~~095~~972 Class B shares at $~~186~~200.0776; In September, we accepted delivery of ~~10,354~~234 Class A shares at $199.30 and 3,469 Class B shares at $200.4800. In connection with the issuance of equity-based awards and shares to the ESPP, we purchased 58,~~594~~416 Class B shares at $~~170~~178.0027 in July, 1,310 Class B shares at $200.00 in August, and 8,~~039~~659 Class B shares at $~~195~~196.4638 in ~~August~~September from the SECT.

(3)The Board of Directors has authorized a share repurchase program that permits the purchase of up to 3 million common shares of Class A or Class B common stock in open market or privately negotiated transactions at the discretion of management.

Performance Graph

The following performance graph and ~~tables~~related ~~show~~information shall not be deemed “soliciting material” nor to be “filed” with the ~~performance~~SEC, nor shall such information be incorporated by reference into any future filings under the Securities Act of 1933 or the ~~Company's~~Securities ~~Class~~Exchange AAct ~~common~~of ~~stock~~1934, ~~compared~~each as amended, except to the ~~NYSE~~ ~~Composite-Total~~extent ~~Return~~we ~~Index~~specifically ~~and~~incorporate ~~the~~it ~~S&P~~by ~~Aerospace~~reference &into ~~Defense~~such ~~Index~~filing. ~~for~~The astock ~~$100~~performance ~~investment~~shown ~~made~~ on ~~September~~the ~~30,~~graph ~~2019,~~is ~~including~~not ~~reinvestment~~intended to be indicative of ~~any~~future ~~dividends~~stock performance.

	9/19		9/20		9/21		9/22		9/23		9/24
Moog Inc. - Class A Common Stock	$	100.00	$	79.06	$	96.06	$	89.82	$	145.81	$	262.61
NYSE Composite - Total Return Index	100.00		100.14		130.07		111.10		130.15		168.74
S&P Aerospace & Defense Index	100.00		71.72		92.95		87.69		97.55		140.73

The following graph and table show the performance of the Company's Class A common stock compared to the Russell 3000 Total Return Index, a broad market index, and the Standard & Poor’s ("S&P") Aerospace & Defense Select Industry Total Return Index, an index that includes public companies within our industry, for a $100 investment made on September 30, 2020, including the reinvestment of any dividends.

The Russell 3000 Total Return Index and S&P Aerospace & Defense Select Industry Total Return Index replaced the NYSE Composite Total Return Index and S&P Aerospace & Defense Index, respectively, as they more appropriately represent the market and our industry. In the transition year, the table and the graph below include both the prior and the new indices of peer companies.


	9/20		9/21		9/22		9/23		9/24		9/25
Moog Inc. - Class A Common Stock	$	100.00	$	121.49	$	113.60	$	184.42	$	332.15	$	343.47
Russell 3000 Total Return Index	100.00		131.88		108.63		130.86		176.91		207.71
S&P Aerospace & Defense Select Industry Total Return Index	100.00		138.28		107.07		132.01		187.10		282.62
NYSE Composite Total Return Index	100.00		129.89		110.94		129.97		168.51		190.18
S&P Aerospace & Defense Index	100.00		129.60		122.27		136.02		196.22		261.55


Item 6.						Reserved.


Item 7.						Management's Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and the related notes appearing elsewhere in this report.

This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those under the heading “Risk Factors” in Item 1A of this report.

OVERVIEW

We are a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and control systems for a broad range of applications in aerospace and defense and industrial markets.

Within the aerospace and defense market, our products and systems include:

•Defense market - primary and secondary flight controls and components for military aircraft, ~~turreted weapon systems,~~ tactical and strategic missile steering controls, defense ground vehicle systems including turreted weapon systems and various other defense product components.

•Commercial aircraft market - primary and secondary flight controls and components for commercial aircraft.

•Space market - satellite avionics, propulsion and positioning controls and components, launcher thrust vector controls and components, as well as integrated space vehicles.

In the industrial market, our products are used in a wide range of applications including:

•Industrial market - various components and systems used in ~~various~~ applications including: heavy industrial machinery used for metal forming and pressing, flight simulation motion control systems, energy exploration and generation products, material and automotive structural and fatigue testing systems, as well as ~~for~~liquid ~~the~~cooling ~~electrification~~pumps ofused ~~construction~~in ~~vehicles~~data centers.

•Medical market - ~~components~~pumps and ~~pumps~~sets for enteral clinical nutrition and infusion therapy, slip rings used in CT scan medical equipment, and various components used in ultrasonic sensors and surgical handpieces ~~and sleep apnea equipment~~.

We operate under four segments, Space and Defense, Military Aircraft, Commercial Aircraft and Industrial. Our principal manufacturing facilities are located in the United States, Philippines, United Kingdom, Germany, Italy, Costa Rica, China, Netherlands, Japan, Canada, India and Lithuania.

Under ASC 606, 64% of revenue was recognized over time for the year ended September 2827, ~~2024~~2025, using the cost-to-cost method of accounting. The over-time method of revenue recognition is predominantly used in Space and Defense, Military Aircraft and Commercial Aircraft. We use this method for U.S. Government contracts and repair and overhaul arrangements as we are creating or enhancing assets that the customer controls. In addition, many of our large commercial contracts qualify for over-time accounting as our performance does not create an asset with an alternative use and we have an enforceable right to payment for performance completed to date.

For the year ended September 2827, ~~2024~~2025, 36% of revenue was recognized at the point in time control transferred to the customer. This method of revenue recognition is used most frequently in Industrial. We use this method for commercial contracts in which the asset being created has an alternative use. We determine the point in time control transfers to the customer by weighing the five indicators provided by ASC 606. When control has transferred to the customer, profit is generated as cost of sales is recorded and as revenue is recognized.

Our products and technologies affect ~~the lives of~~ millions of people ~~around the world~~worldwide. Our solutions ~~are~~preserve ~~critical to preserving~~ national security, ~~ensuring~~ensure safe air transportation, ~~reducing~~reduce industrial factory emissions and ~~enhancing~~enhance ~~patient~~patients's lives, ~~all~~ while driving innovation. Our engineers collaboratively design and manufacture the most advanced motion control products, to the highest quality standards, for use in demanding applications. By ~~capitalizing~~building on these core foundational ~~strengths~~capabilities, we believe we have achieved a leadership position in the high -performance, precision controls market, and are "Shaping The Way Our World Moves™."

ByWe ~~leveraging~~leverage our engineering ~~heritage~~expertise and byclose ~~focusing on~~ customer ~~intimacy~~relationships to solve ~~our~~complex ~~customers' most demanding~~ technical problems,. weThis ~~have~~approach ~~been~~has ~~able~~allowed us to expand, ~~our~~organically ~~control~~and ~~product~~through ~~franchise~~acquisitions, toour ~~multiple~~high-performance ~~markets;~~components ~~organically~~business ~~growing~~to ~~from~~also aoffer ~~high-performance~~the ~~components~~design, ~~manufacturer~~manufacture toand aintegration of high-performance systems ~~designer,~~across ~~manufacturer~~multiple ~~and integrator~~markets. InWe ~~addition, we~~ continue to expand our content ~~positions~~ on ~~our~~existing ~~current~~ platforms as well, seeking to be the leading precision motion-controls supplier inacross the niche markets we serve. We are also ~~look~~modernizing ~~for~~operations ~~innovation~~through inproductivity‑enhancing ~~all aspects of our business, employing new~~ technologies toand ~~improve~~targeted ~~productivity, while focusing on~~ talent development to strengthen ~~our employee~~ operational performance.

Our ~~fundamental~~ long-term strategies ~~that~~to ~~will help us~~ achieve our financial objectives ~~center~~focus ~~around~~on pricing and simplification initiatives. Our pricing ~~initiatives~~strategy ~~focus~~seeks ~~on receiving~~ recognition for the value we deliver to our customers across ~~all of~~ our markets. Our simplification initiatives, ~~center~~guided ~~around~~by 80/20 ~~methodologies~~principles, ~~and~~ include:

•shaping our product and business portfolio to invest in growth areas and to divest ~~those~~non-core ~~that no longer fit~~assets,

•rationalizing our global footprint to ~~align~~meet ~~with~~ current and future business ~~levels~~volumes,

•focusing our factories soto ~~that individual sites~~ meet the ~~unique~~specific needs of aeach ~~specific~~ market, and

•investing in automation and technologies to improve ~~business~~operational ~~operations~~efficiency.

We ~~focus~~aim onto ~~improving~~improve shareholder value through strategic revenue growth, both organic and acquired, ~~improving~~manufacturing and operating efficiencies and ~~manufacturing initiatives and~~ utilizing low -cost manufacturing facilities without compromising quality. Historically, weand ~~have taken a balanced approach to capital deployment in order to maximize shareholder returns~~ over the long -term., ~~These~~our ~~activities~~capital ~~have~~deployment ~~included~~strategy has balanced strategic acquisitions, share buybacks and dividend payments. ~~Today,~~to ~~our~~maximize ~~capital~~shareholder ~~deployment~~returns. ~~priority~~In in the near- term, ~~continues~~our tocapital bedeployment ~~investing~~prioritizes ~~for~~ organic growth. ~~With~~while ~~the~~opportunistically ~~anticipation~~pursuing ofacquisitions ~~several significant programs~~ that ~~will~~complement ~~provide long-term revenue growth starting in a few years,~~ our ~~investments in our facilities will continue at elevated levels to ensure we are well prepared for these opportunities~~business.

Acquisitions, Divestitures and Assets Held for Sale

~~All~~See ofNote ~~our~~3 ~~acquisitions~~- ~~are~~Acquisitions, ~~accounted~~Divestitures ~~for under the purchase method~~ and, ~~accordingly,~~Assets ~~the~~Held ~~operating results~~ for ~~the~~Sale, ~~acquired companies are included in the Consolidated Statements~~ of ~~Earnings~~Item ~~from the respective dates of acquisition. Under purchase accounting~~8, weFinancial ~~record~~Statements ~~assets~~ and ~~liabilities~~Supplementary atData, ~~fair~~of ~~value~~this ~~and~~report ~~such amounts are reflected in the respective captions on the Consolidated Balance Sheets. The purchase price described~~ for ~~each acquisition below is net of any cash acquired, includes debt issued or assumed and the fair value of contingent consideration~~details.

Acquisitions

On October 20, 2023, we acquired Data Collection Limited ("DCL") based in Auckland, New Zealand for a purchase price, net of acquired cash, of $6 million. DCL specializes in manufacturing and operating pavement surveying equipment and providing innovative solutions for measuring and managing pavements. This operation is included in our Military Aircraft segment.

Assets Held for Sale

In 2024, we recorded losses in Asset impairment and fair value adjustment of $15 million related to selling a motors business in the Czech Republic and a hydraulic systems business in Luxembourg that were included in our Industrial segment. We reclassified $9 million in other current assets and $5 million in accrued liabilities as held for sale. We completed the sale of these businesses on September 30, 2024. We do not expect any significant additional losses as a result of completing the transactions.

For further information, refer to Note 3 - Acquisitions, Divestitures and Assets Held for Sale, of Item 8, Financial Statements and Supplementary Data, of this report.

Equity Method and Other Investments

WeSee ~~use~~Note ~~the~~9 ~~equity~~- ~~method~~Equity ofMethod ~~accounting to record investments~~ and ~~operating~~Other ~~results~~Investments, of ~~those~~Item ~~investments in which we do not have a controlling interest~~8, ~~however~~Financial weStatements ~~do have the ability to exercise significant influence over operations. We held the following equity method investments~~ and ~~joint~~Supplementary ~~ventures~~Data, as of ~~the~~this ~~year~~report ~~ended~~for ~~September 28, 2024~~details.

Moog Aircraft Services Asia ("MASA") is a joint venture included in our Commercial Aircraft segment in which we currently hold a 51% ownership share. MASA is intended to provide maintenance, repair and overhaul services for our manufactured flight control systems. 24

We continued to divest our interest in NOVI LLC, which is included in our Space and Defense segment. Our ownership is now below the threshold for equity accounting and as such is now recorded at fair value.

Suffolk Technologies Fund 1, L.P., is a limited partnership included in our Industrial segment that invests in startups to transform the construction, real estate and property maintenance industries in the U.S. We have a remaining on-call capital commitment of up to $6 million.

Hybrid Motion Solutions (“HMS”) is a joint venture in our Industrial segment in which we hold a 50% ownership interest. HMS specializes in hydrostatic servo drives and leverages synergies to enter new markets. The joint venture focuses on research and development, design and assembly as well as service. Our share of cumulative losses to date has exceeded our initial investment, and as such, we had no net investment balance recorded as of September 28, 2024. In addition to the investment, we had a loan to HMS for $3 million, which we wrote off during 2023 and is included in Asset Impairment in the Consolidated Statement of Earnings.

Investments in, and the operating results of, entities in which we do not have a controlling financial interest or the ability to exercise significant influence over the operations are accounted for at historical cost or fair value using readily determinable financial information. In 2024, we recorded an impairment for the devaluation of an investment of $5 million, which is included as Asset impairment in the Consolidated Statement of Earnings. As of September 28, 2024 we had investments of $5 million, which are included as Other assets in the Consolidated Balance Sheets.

For further information, refer to Note 9 - Equity Method and Other Investments, of Item 8, Financial Statements and Supplementary Data, of this report.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our financial statements and accompanying notes are prepared in accordance with U.S. generally accepted accounting principles. The preparation of these consolidated financial statements requires us to make estimates, assumptions and judgments that affect the amounts reported. These estimates, assumptions and judgments are affected by our application of accounting policies, which are discussed in Note 1 - Summary of Significant Accounting Policies, of Item 8, Financial Statements and Supplementary Data, of this report. We believe the accounting policies discussed below are the most critical in understanding and evaluating our financial results. These critical accounting policies have been reviewed with the Audit Committee of our Board of Directors.

Revenue Recognition on Over-Time Contracts

We recognize revenue from contracts with customers using the five-step model prescribed in ASC 606. For contracts that qualify for over -time treatment, we recognize revenue as control of the promised goods or services is being transferred to the customer. This is accomplished by using the cost-to-cost method of accounting, which measures progress as determined by the ratio of cumulative costs incurred to date to estimated total contract costs at completion, multiplied by the total estimated contract revenue, less cumulative revenue recognized in prior periods. We believe this is an appropriate measure of progress toward satisfaction of performance obligations as this measure most accurately depicts the progress of our work and transfer of control to our customers. Changes in estimates affecting sales, costs and profits are recognized in the period in which the change becomes known using the cumulative catch-up method of accounting. Revenue recognized using the cost-to-cost method of accounting over time for the year ended September 2827, ~~2024~~2025 was 64% of total revenue. Revenue and cost estimates for substantially all over-time contract performance obligations are reviewed and updated quarterly. For further information, refer to Note 2 - Revenue from Contracts with Customers and Note 22 - Segments, of Item 8, Financial Statements and Supplementary Data, of this report.

Contract Reserves

At September 2827, ~~2024~~2025, we had contract reserves of $7284 million. Contract reserves are comprised of contract loss reserves, recall reserves, and contract-related reserves. Contract loss reserves are recorded for open contracts where it is anticipated that contract costs will be greater than contract income and are determined considering all direct and indirect contract costs, exclusive of any selling, general or administrative cost allocations that are treated as period expenses. In accordance with ASC 606, we calculate contract losses at the contract level, versus the performance obligation level. Recall reserves are recorded when additional work is needed on completed products for them to meet contract specifications. Contract-related reserves are recorded for other reasons, such as delivery issues outside of the ordinary scope of the contract. For all three types of reserves, a provision for the entire amount of the loss is charged against income in the period in which the loss becomes known and can be reasonably estimated by management. For further information, refer to Note 2 - Revenue from Contracts with Customers, of Item 8, Financial Statements and Supplementary Data, of this report.

Reserves for Inventory Valuation

At September 2827, ~~2024~~2025, we had net inventories of $~~864~~914 million, or 4039% of current assets. Reserves for inventory were $~~151~~146 million, or 1514% of gross inventories. Inventories are stated at the lower of cost or net realizable value with cost determined primarily on the first-in, first-out method of valuation.

We record valuation reserves to provide for slow-moving or obsolete inventory by principally using a formula-based method that increases the valuation reserve as the inventory ages. We also take specific circumstances into consideration. We consider overall inventory levels in relation to firm customer backlog in addition to forecasted demand including aftermarket sales. Changes in these and other factors, such as low demand and technological obsolescence, could cause us to increase our reserves for inventory valuation, which would negatively impact our gross margin. As we record provisions within cost of sales to increase inventory valuation reserves, we establish a new, lower cost basis for the inventory.

2625

Reviews for Impairment of Goodwill

At September 28, 2024, we had $834 million of goodwill, or 20% of total assets. We test goodwill for impairment for each of our reporting units at least annually, during our fourth quarter, and whenever events occur or circumstances change, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. We also test goodwill for impairment when there is a change in reporting units.

We identify our reporting units by assessing whether the components of our operating segments constitute businesses for which discrete financial information is available and segment management regularly reviews the operating results of those components. We aggregate certain components based upon an evaluation of the facts and circumstances, including the nature of products and services and the extent of shared assets and resources. As a result, we have four reporting units.

Companies may perform a qualitative assessment as the initial step in the annual goodwill impairment testing process for all or selected reporting units. Companies are also allowed to bypass the qualitative analysis and perform a quantitative analysis if desired. Economic uncertainties and the length of time from the calculation of a baseline fair value are factors that we consider in determining whether to perform a quantitative test.

When we evaluate the potential for goodwill impairment using a qualitative assessment, we consider factors including, but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for our products and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel and overall financial performance. If, after completing this assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we proceed to a quantitative two-step impairment test.

Quantitative testing first requires a comparison of the fair value of each reporting unit to its carrying value. We principally use the discounted cash flow method to estimate the fair value of our reporting units. The discounted cash flow method incorporates various assumptions, the most significant being projected revenue growth rates, operating margins and cash flows, the terminal growth rate and the discount rate. Management projects revenue growth rates, operating margins and cash flows based on each reporting unit's current business, expected developments and operational strategies typically over a five-year period. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired and any loss must be measured.

In measuring the impairment loss, the implied fair value of goodwill is determined by assigning a fair value to all of the reporting unit's assets and liabilities, including any unrecognized intangible assets, as if the reporting unit had been acquired in a business combination at fair value. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of that goodwill, an impairment loss would be recognized in an amount equal to that excess.

The determination of our assumptions is subjective and requires estimation. Substantial changes in these estimates and assumptions could materially affect the results of our reviews for impairment of goodwill.

For our annual test of goodwill for impairment in 2024, we performed a qualitative assessment for each of our four reporting units.

We evaluated the potential for goodwill impairment by considering macroeconomic conditions, industry and market conditions, cost factors, both current and future expected financial performance, and relevant entity-specific events for each of the reporting units. We also considered our overall market performance discretely as well as in relation to our peers. The results of our qualitative assessment indicated that is more likely than not that the fair value of each of the reporting units exceed its carrying value; and therefore, a quantitative two-step impairment test was not necessary and goodwill was not impaired.

Reviews for Impairment of Long-Lived Assets

Long-lived assets held for use, which primarily includes finite-lived intangible assets, property, plant and equipment and right-of-use assets, are evaluated for impairment whenever events or circumstances indicate that the undiscounted net cash flows to be generated by their use over their expected useful lives and eventual disposition are less than their carrying value. The long-term nature of these assets requires the estimation of their cash inflows and outflows several years into the future and only takes into consideration technological advances known at the time of the impairment test. For further information, refer to Note 6 - Property, Plant and Equipment and Note 8 - Goodwill and Intangible Assets, of Item 8, Financial Statements and Supplementary Data, of this report.

Pension Assumptions

We maintain various defined benefit pension plans covering employees at certain locations. In 2024, pension expense for all defined benefit plans, which includes the postretirement benefit plan, was $26 million. For further information, refer to Note 15 - Employee Benefit Plans, of Item 8, Financial Statements and Supplementary Data, of this report. Pension obligations and the related costs are determined using actuarial valuations that involve several assumptions. The most critical assumptions are the discount rate, the long-term expected return on assets and mortality rates. Other assumptions include salary increases and retirement age.

We use the spot rate approach to estimate the service and interest cost components of the net periodic benefit cost for most of our plans. Under this approach the service cost is determined by applying the discount rates along the yield curve to the specific service cost cash flows to determine the present value. The interest cost component is computed by using each assumed discount rate along the curve. The discount rates used in determining expense for the U.S. Employees’ Retirement Plan, our largest plan, in 2024 were 6.0% for service cost and 5.8% for interest cost, compared to 5.5% and 5.4%, respectively, in 2023. A 50 basis point decrease in the discount rates would decrease our annual pension expense by approximately $2 million. The discount rates are used to state expected future cash flows at present value. Using a higher discount rate typically decreases the present value of pension obligations and decreases pension expense. We use the Aon Hewitt AA Above Median yield curve to determine the discount rate for our U.S. defined benefit plans at year end. We believe that the Aon Hewitt AA Above Median yield curve best mirrors the yields of bonds that would be selected by management if actions were taken to settle our obligation.

Mortality rates are used to estimate the life expectancy of plan participants during which they are expected to receive benefit payments. We use a modified version of the mortality table and projection scale published by the Society of Actuaries, which reflects improvements consistent with the Social Security Administration, as a basis for our mortality assumptions for our U.S. plans. We believe the use of this modified table and projection scale best reflects our demographics and anticipated plan outcomes.

The long-term expected return on assets assumption reflects the average rate of return expected on funds invested or to be invested to provide for the benefits included in the projected benefit obligation. In determining the long-term expected return on assets assumption, we consider our current and target asset allocations. We consider the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and to provide adequate liquidity to meet immediate and future benefit payment requirements. In determining the 2024 expense for our largest plan, we used a 7.3% return on assets assumption, compared to 6.5% for 2023. A 25 basis point decrease in the long-term expected return on assets assumption would increase our annual pension expense by approximately $1 million.

Income Taxes

Our annual tax rate is based on our earnings before tax by jurisdiction, applicable statutory tax rates, the impacts of permanent differences, tax incentives and tax planning opportunities in the various jurisdictions in which we operate. Significant judgment is required in determining our annual tax rate and in evaluating our tax positions.

An estimated annual effective tax rate is applied to our quarterly ordinary operating results. For certain significant, unusual or infrequent events, we recognize the tax impact in the quarter in which it occurs.

We record reserves against tax benefits when it’s more likely than not that we will not sustain a position if the appropriate taxing jurisdiction had full information and examined our position. We adjust these reserves when facts and circumstances change, such as when progress is made by taxing authorities in their review of our position. There is a considerable amount of judgment in making these assessments. There were no significant reserves taken in 2024.

Valuation allowances associated with deferred tax assets isare another area that requires judgment. We record a valuation allowance to reduce deferred tax assets to the amount of future tax benefit that we believe is more likely than not to be realized. We consider recent earnings projections, allowable tax carryforward periods, tax planning strategies and historical earnings performance to determine the amount of the valuation allowance. Changes in these factors could cause us to adjust our valuation ~~allowance~~allowances, which would impact our income tax expense when we determine that these factors have changed.

At September 2827, ~~2024~~2025, we had gross deferred tax assets of $~~201~~209 million and deferred tax asset valuation allowances of $1112 million. The deferred tax assets principally relate to benefit accruals, inventory obsolescence, tax benefit carryforwards, contract reserves and lease liabilities. The deferred tax assets include $1813 million related to tax benefit carryforwards associated with net operating losses and tax credits, for which $1112 million of deferred tax asset valuation allowances are recorded. For further information, refer to Note 16 - Income Taxes, of Item 8, Financial Statements and Supplementary Data, of this report.

2926

CONSOLIDATED RESULTS OF OPERATIONS

~~The~~During ~~following~~the ispreparation ~~a discussion~~ of our ~~results~~consolidated offinancial ~~operations~~statements infor ~~2024~~the ~~compared~~year toended ~~2023.~~September A27, ~~discussion~~2025, ofmanagement ~~our~~identified ~~2023~~misstatements ~~results~~in ofpreviously ~~operations~~issued ~~compared~~annual toconsolidated ~~2022~~financial ~~results~~statements ~~can be found within Part II, Item 7. Management's Discussion~~ and ~~Analysis within~~interim ~~our~~consolidated ~~2023~~condensed ~~Annual~~financial ~~Report on Form 10-K~~statements, ~~filed~~impacting ~~with~~prior ~~the SEC on November 14, 2023~~periods.

										2024 vs. 2023						2023 vs. 2022
(dollars and shares in millions, except per share data)	2024			2023			2022			$ Variance			% Variance			$ Variance			% Variance
Net sales	$	3,609		$	3,319		$	3,036			$	290		9	%		$	283		9	%
Gross margin	27.6		%	26.9		%	27.0		%
Research and development expenses	113			107			110				6			6	%		(3)			(3	%)
Selling, general and administrative expenses as a percentage of sales	13.7		%	14.2		%	14.8		%
Interest expense	62			64			37				(1)			(2	%)		27			73	%
Asset impairment and fair value adjustment	22			15			18				8			N/M			(3)			(19	%)
Restructuring expense	24			8			10				16			N/M			(2)			(16	%)
Loss on sale of businesses	—			1			3				(1)			N/M			(2)			(73	%)
Gain on sale of buildings	(1)			(10)			(9)				9			N/M			(1)			N/M
Pension settlement	—			13			—				(13)			N/M			13			—	%
Other	14			9			1				5			52	%		8			N/M
Effective tax rate	22.6		%	20.9		%	23.6		%
Net earnings	$	207		$	171		$	155			$	36		21	%		$	16		10	%
Diluted average common shares outstanding	32			32			32				—			1	%		—			—	%
Diluted earnings per share	$	6.40		$	5.34		$	4.83			$	1.06		20	%		$	0.51		11	%
Total backlog	$	5,060		$	5,150		$	5,200			$	(90)		(2	%)		$	(50)		(1	%)
Twelve-month backlog	$	2,500		$	2,420		$	2,300			$	80		3	%		$	120		5	%

The principal misstatement related to the accounting for a distinct group of long-term aftermarket service contracts with customers in the Commercial Aircraft segment. Specifically, there were inaccurate inputs used in the total costs at completion estimate within the over-time revenue recognition calculation for these contracts that accumulated over several years. Additionally, other unrelated misstatements, including an adjustment for the understatement of certain warranty costs, were also identified.

~~Net~~We ~~sales~~evaluated ~~increased~~the ~~across~~nature ~~all~~and ~~our~~magnitude ~~segments~~of inall ~~2024~~identified ~~compared~~misstatements to ~~2023~~assess the materiality, ~~driven~~including byquantitative ~~production~~and ~~ramps~~qualitative considerations and determined that the misstatements were not material, individually or in ~~Commercial~~aggregate, ~~Aircraft~~to ~~and~~any bypreviously ~~defense~~issued ~~market~~quarterly ~~growth~~or annual consolidated financial statements. However, correcting these misstatements entirely in ~~Military~~the ~~Aircraft~~current period would have been material to our 2025 financial statements. As a result, within this annual report, we have revised our prior period annual consolidated financial statements for 2023 and ~~Space~~2024 and ~~Defense~~our quarterly consolidated condensed financial statements for 2024 and 2025 to reflect the corrections in the periods in which the misstatements originated.

~~Gross~~A ~~margin~~summary ~~increased~~of inthe ~~2024~~corrections ~~compared~~and totheir ~~2023,~~related ~~driven~~impacts ~~by improved performance~~ on ~~our~~each ~~space~~financial ~~vehicle~~statement ~~development~~line ~~programs,~~items ~~a $14 million benefit~~ from ~~the~~our ~~Employee~~previously ~~Retention~~issued ~~Credit~~financial ~~associated~~statements ~~with~~are ~~the~~presented ~~CARES~~in ~~Act~~Note ~~and~~1 ~~the~~- ~~results~~Summary of ~~our~~Significant ~~pricing~~Accounting Policies and ~~simplification~~Note ~~initiatives~~25 ~~across~~– ~~all~~Revision of ~~our~~Previously ~~segments~~Issued Consolidated Financial Statements.

~~Research~~The ~~and~~following ~~development~~is ~~expenses~~a ~~increased~~discussion inof ~~2024~~our ~~compared~~results toof ~~2023.~~operations ~~Activities~~in ~~supporting~~2025 ~~our~~compared ~~new~~to ~~growth~~revised ~~programs~~2024 inresults ~~Space~~ and ~~Defense~~our ~~and~~revised ~~Industrial~~2024 ~~were~~results ~~partially~~of ~~offset~~operations bycompared ato ~~reduction~~revised in2023 ~~Military Aircraft~~results.

Selling, general and administrative expenses as a percentage of sales decreased in 2024 compared to 2023, reflecting the incremental benefit from higher sales volume.


										2025 vs. 2024						2024 vs. 2023
(In millions, except per share data)	2025			2024			2023			$ Variance			% Variance			$ Variance			% Variance
Net sales	$	3,861		$	3,609		$	3,316			$	252		7	%		$	293		9	%
Gross margin	27.4		%	28.1		%	27.1		%
Research and development expenses	94			113			107				(19)			(17	%)		6			6	%
Selling, general and administrative expenses as a percentage of sales	14.3		%	13.9		%	14.3		%
Interest expense	72			66			60				6			9	%		6			11	%
Asset impairment	5			22			15				(17)						8
Restructuring expense	10			24			8				(14)						16
Loss on sale of businesses	—			—			1				—						(1)
Gain on sale of buildings	—			(1)			(10)				1						9
Pension settlement	—			—			13				—						(13)
Other	10			17			9				(8)						8
Effective tax rate	24.8		%	22.6		%	20.9		%
Net earnings	$	235		$	209		$	175			$	26		13	%		$	34		19	%
Diluted average common shares outstanding	32			32			32				—			(1	%)		—			1	%
Diluted earnings per share	$	7.33		$	6.45		$	5.47			$	0.88		14	%		$	0.98		18	%
Total backlog	$	6,010		$	5,060		$	5,150			$	950		19	%		$	(90)		(2	%)
Twelve-month backlog	$	3,000		$	2,500		$	2,420			$	500		20	%		$	80		3	%

~~Interest~~Net ~~expense~~sales ~~decreased~~increased in ~~2024~~2025 compared to ~~2023~~2024, ~~due~~driven toby ~~capitalizing~~demand ~~$10~~in ~~million~~Commercial ofAircraft ~~interest~~and ~~associated~~by ~~with~~defense ~~certain~~market ~~major~~growth ~~long~~in ~~term~~Space ~~capital~~and ~~projects~~Defense ~~in 2023~~ and ~~2024~~Military Aircraft. ~~Mostly~~These ~~offsetting~~increases were partially offset by a decrease in Industrial, driven by the ~~reduction~~lost ~~was~~sales associated with our divestitures at the ~~impact~~beginning of ~~higher~~2025. ~~rates~~Net onsales ~~outstanding~~increased ~~debt~~across ~~balances~~all our segments in 2024 compared to 2023, asdriven ~~well~~by asproduction ~~higher~~ramps ~~debt~~in ~~balances~~Commercial Aircraft and by defense market growth in Military Aircraft and Space and Defense.

In 2024 and 2023, we incurred restructuring charges, impairment charges, inventory write-downs and other charges across all our segments, as we continued to simplify our business. In 2023, we also incurred a non-cash pension settlement charge, which was mostly offset by the gain from the sales of three buildings in Industrial.27

~~The~~Gross ~~effective~~margin ~~tax~~decreased ~~rate~~in 2025 compared to 2024. This was ~~higher~~driven by a benefit of $14 million from the Employee Retention Credit associated with the CARES Act in 2024. Gross margin increased in 2024 compared to 2023, asdriven by improved performance on our space vehicle development programs, a $14 million benefit from the ~~prior~~Employee ~~year~~Retention ~~included~~Credit ~~higher~~associated ~~amounts~~with the CARES Act and the results of ~~research~~our pricing and ~~development~~simplification ~~tax~~initiatives ~~credit~~across ~~benefits~~all our segments.

Research and development expenses decreased in 2025 compared to 2024 due to lower level of activity, primarily in Industrial. Research and development expenses increased in 2024 compared to 2023, driven by activities supporting our new growth programs in Space and Defense and Industrial.

Selling, general and administrative expenses as a percentage of sales increased in 2025 compared to 2024, driven by expenses associated with the settlement of a legal dispute of $12 million and increased business capture activities. Selling, general and administrative expenses as a percentage of sales decreased in 2024 compared to 2023, reflecting the incremental benefit from higher sales volume.

Interest expense increased in 2025 compared to 2024, driven by higher outstanding debt balances, partially offset by lower interest rates. Interest expense increased in 2024 compared to 2023, driven by higher interest rates, as well as higher debt balances.

In 2025, 2024 and 2023, inventory write-down, asset impairment and restructuring charges included charges for various simplification activities, primarily within Industrial. In 2023, we also incurred a non-cash pension settlement charge, which was mostly offset by the gain from the sales of three buildings in Industrial.

The effective tax rate was higher in 2025 compared to 2024, as 2024 included a benefit associated with a capital investment incentive in the United Kingdom. The effective tax rate was higher in 2024 compared to 2023, as the effective tax rate in 2023 reflected higher amounts of research and development tax credit benefits.

The twelve-month backlog at September 27, 2025 increased as compared with the twelve-month backlog at September 28, 2024. The twelve-month backlog in Military Aircraft increased due to the timing of orders for the F-35 program and new production programs. Within Space and Defense, we had higher orders across the entire portfolio of the business, reflecting strong business capture and broad-based growth in both space and defense. The twelve-month backlog in Industrial increased due to increased orders in medical and liquid cooling pumps used in data centers.

The twelve-month backlog at September 28, 2024 increased as compared with the twelve-month backlog at September 30, 2023. Within Commercial Aircraft, we had higher spares orders in our aftermarket programs. Within Space and Defense, we had higher orders across our satellite and launch vehicle programs, as well as for defense component programs. These were partially offset by the timing of orders in various Military Aircraft programs.

3028

SEGMENT RESULTS OF OPERATIONS

Operating profit, as presented below, is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation expense, non-service pension expense and other corporate expenses. Cost of sales and other operating expenses are directly identifiable to the respective segment or allocated on the basis of sales, headcount or profit. Operating profit is reconciled to earnings before income taxes in Note 22 - Segments, of Item 8, Financial Statements and Supplementary Data, of this report.

Space and Defense

										2024 vs. 2023				2023 vs. 2022
										2025 vs. 2024				2024 vs. 2023
(dollars in millions)	~~2024~~2025			~~2023~~2024			~~2022~~2023			$ Variance		% Variance			$ Variance		% Variance
Net sales	$	1,~~018~~113		$	~~947~~1,018		$	~~872~~947		$	7195	79	%		$	7571	97	%
Operating profit	$	~~127~~131		$	96127		$	8796		$	314	333	%		$	931	1032	%
Operating margin	1211.58		%	1012.15		%	10.01		%

Space and Defense net sales increased in ~~2024~~2025 compared to ~~2023~~2024, ~~driven~~reflecting ~~by strong,~~ broad-based ~~demand for~~ defense ~~applications~~demand. InHigher ~~2024,~~demand ~~sales~~for ~~increased~~components ~~$45~~for ~~million~~both insatellites ~~our defense programs~~ and ~~$26 million in our space programs. Within our~~ defense ~~market~~applications, ~~higher~~including ~~U.S. demand for our component products and the ramp of new defense pursuits serving European needs increased sales. Within our space market~~missiles, ~~higher demand for launch vehicle and satellite components~~ was partially offset by ~~lower~~timing of activity ~~across~~on ~~our~~spacecraft ~~space~~vehicles ~~vehicle~~and ~~programs~~turrets.

Operating margin ~~increased~~decreased in ~~2024~~2025 compared to ~~2023~~2024, driven by ~~strong~~the ~~operational~~benefit ~~performance,~~from ~~including~~the ~~improved~~Employee ~~performance~~Retention onCredit ~~our~~associated ~~space~~with ~~vehicle programs and by~~ the ~~benefits~~CARES ~~from~~Act ~~our~~in ~~pricing initiatives. In~~ 2024 and ~~2023,~~expenses weassociated ~~incurred~~with ~~restructuring,~~the ~~inventory~~settlement ~~write-down, impairment and other charges~~ of $9a ~~million~~legal ~~and~~dispute $3in ~~million~~2025, ~~respectively.~~partially ~~Excluding~~offset ~~these~~by ~~charges,~~profitable ~~adjusted~~sales ~~operating margins in 2024 and 2023 were 13~~growth.~~4% and 10.5%, respectively.~~

										2024 vs. 2023				2023 vs. 2022
(dollars in millions)	2024			2023			2022			$ Variance		% Variance			$ Variance		% Variance
Net sales	$	812		$	720		$	742		$	91	13	%		$	(22)	(3	%)
Operating profit	$	86		$	60		$	90		$	25	42	%		$	(30)	(33	%)
Operating margin	10.6		%	8.4		%	12.1		%

Space and Defense net sales increased in 2024 compared to 2023, driven by strong, broad-based demand for defense applications. Higher U.S. demand for our component products, the ramp of new defense pursuits serving European needs and higher demand for launch vehicle and satellite components increased sales. These were partially offset by lower activity across our space vehicle programs.

~~Military~~Operating ~~Aircraft~~margin ~~net sales~~ increased in 2024 compared to 2023, driven by ~~growth~~strong onoperational ~~development~~performance, ~~and~~including ~~production~~improved ~~aircraft.~~performance ~~Sales~~on ~~increased~~our ~~$88~~space ~~million~~vehicle inprograms, ~~military~~the ~~OEM~~benefits ~~programs,~~from ~~driven~~our bypricing initiatives and the ~~ramp~~one-uptime ofbenefit ~~activity~~from on the ~~FLRAA~~Employee ~~program~~Retention ~~and~~Credit ~~other~~associated ~~OEM~~with ~~production~~the ~~programs~~CARES Act.

Operating margin increased in 2024 compared to 2023, driven by the benefits of cost absorption from having a full year of activity on the FLRAA program, and by a reduction in research and development expenses. Partially offsetting these benefits in 2024 were impairment, restructuring and other charges of $11 million, compared to inventory write-down, impairment and other charges of $4 million in 2023. Excluding these charges, adjusted operating margins in 2024 and 2023 were 12.0% and 9.0%, respectively.29

Military Aircraft


										2025 vs. 2024				2024 vs. 2023
(dollars in millions)	2025			2024			2023			$ Variance		% Variance			$ Variance		% Variance
Net sales	$	888		$	812		$	720		$	77	9	%		$	91	13	%
Operating profit	$	99		$	86		$	61		$	13	16	%		$	25	41	%
Operating margin	11.1		%	10.5		%	8.4		%

Military Aircraft net sales increased in 2025 compared to 2024. Sales increased in military OEM programs $63 million, driven by the ramp-up of activity on the MV-75 program and new production programs. Military aftermarket sales increased $14 million, driven primarily by fleet readiness activities.

Operating margin increased in 2025 compared to 2024, driven by stronger business performance and pricing, which was partially offset by the benefit from the Employee Retention Credit and the gain from the sale of a mature product line in 2024.

Military Aircraft net sales increased in 2024 compared to 2023, driven by growth on development and new production aircraft. Sales increased $88 million in military OEM programs, driven by the ramp-up of activity on the MV-75 program and other OEM production programs. Military aftermarket sales increased $3 million.

Operating margin increased in 2024 compared to 2023, driven by the benefits of cost absorption from having a full year of activity on the MV-75 program, a reduction in research and development expenses and the benefit from the Employee Retention Credit. Partially offsetting these benefits were higher impairment, restructuring and other charges in 2024.

Commercial Aircraft


										2025 vs. 2024				2024 vs. 2023
(dollars in millions)	2025			2024			2023			$ Variance		% Variance			$ Variance		% Variance
Net sales	$	904		$	788		$	666		$	116	15	%		$	122	18	%
Operating profit	$	112		$	99		$	86		$	13	13	%		$	13	15	%
Operating margin	12.4		%	12.5		%	12.9		%

Commercial Aircraft net sales increased in 2025 compared to 2024. Commercial aftermarket sales increased $68 million, driven largely by strong fleet utilization on the 787 and A350 programs. Commercial OEM sales increased $48 million, as we experienced growth from production ramps on widebody programs.

Operating margin decreased in 2025 compared to 2024, driven by pressure associated with tariffs, offset by the sale of a non-core product line as part of our portfolio shaping activities.

Commercial Aircraft net sales increased in 2024 compared to 2023. Commercial OEM sales increased $93 million, as we experienced growth from production ramps on widebody, narrowbody and business jet programs. Commercial aftermarket sales increased $29 million, driven by higher levels of spares for initial provisioning and higher repair volumes.

Operating margin decreased in 2024 compared to 2023. The absence of favorable aftermarket retrofit activity and the sale of a non-core product line as part of our portfolio shaping activities in 2023 were partially offset by the recovering OEM production volume in 2024.

Industrial

										2024 vs. 2023				2023 vs. 2022
										2025 vs. 2024					2024 vs. 2023
(dollars in millions)	~~2024~~2025			~~2023~~2024			~~2022~~2023			$ Variance		% Variance			$ Variance		% Variance
Net sales	$	~~788~~956		$	~~669~~991		$	~~514~~983		$	~~239~~(36)	18(4	%)		$	~~154~~8	301	%
Operating profit	$	91108		$	8493		$	34101		$	715	816	%		$	51(8)	~~151~~(8	%)
Operating margin	11.63		%	129.64		%	610.53		%

~~Commercial~~Industrial ~~Aircraft~~ net sales ~~increased~~decreased in ~~2024~~2025 compared to ~~2023.~~2024, ~~Commercial~~driven ~~OEM~~by ~~sales increased $90 million~~divestitures, asprimarily wewithin ~~experienced~~industrial ~~growth~~automation, ~~from~~and ~~production~~lower ~~ramps~~sales onfor ~~widebody,~~flight ~~narrowbody~~simulation systems and ~~business~~test ~~jet programs~~products. ~~Commercial~~These ~~aftermarket~~were ~~sales~~partially ~~increased~~offset ~~$30 million, driven~~ by ~~higher~~market ~~levels~~share ofgains ~~spares~~ for ~~initial~~medical ~~provisioning and higher repair volumes~~devices.

Operating margin ~~decreased~~increased in ~~2024~~2025 compared to ~~2023.~~2024 ~~The~~due ~~absence~~to ofthe ~~favorable~~benefits ~~aftermarket~~of ~~retrofit~~our ~~activity~~ongoing ~~and~~simplification ~~the~~initiatives, ~~sale~~as ofwell ~~inventory~~as ~~upon~~prior ~~exiting~~year acharges ~~mature~~related ~~platform~~to ~~from~~those ~~2023,~~initiatives. These were partially offset by ~~higher~~the ~~production~~benefit ~~volume~~from the Employee Retention Credit in 2024.

										2024 vs. 2023				2023 vs. 2022
(dollars in millions)	2024			2023			2022			$ Variance		% Variance		$ Variance		% Variance
Net sales	$	991		$	983		$	907		$	8	1	%	$	76	8	%
Operating profit	$	91		$	102		$	72		$	(12)	(11	%)	$	30	41	%
Operating margin	9.1		%	10.4		%	8.0		%

Industrial net sales increased in 2024 compared to 2023. Sales increased in our simulation and test market, driven by higher demand for flight simulation systems and test products. Sales also increased in our energy market. Partially offsetting these increases was a decrease in our industrial automation market, reflecting a slowdown in orders.

~~Industrial~~Operating ~~net~~margin ~~sales~~decreased ~~increased~~ in 2024 compared to 2023. ~~Sales~~due ~~increased~~to ~~$31~~higher ~~million~~amounts inof ~~our~~simplification ~~simulation~~charges, ~~and~~partially ~~test~~offset ~~market.~~by ~~Higher~~the ~~demand~~benefits ~~for~~from our ~~flight~~pricing ~~simulation~~initiatives. ~~systems,~~In ~~which~~2024 ~~support~~we ~~the~~incurred ~~increased pilot training demand~~impairment, restructuring and ~~for~~inventory ~~our~~write-down ~~test~~charges ~~products~~of ~~drove~~$32 ~~the~~million. ~~sales~~In ~~increase~~2023, inwe ~~this~~incurred ~~market.~~impairment, ~~Sales~~restructuring, ~~also~~inventory ~~increased~~write-down ~~$14~~and ~~million~~other incharges ~~our~~of ~~energy~~$21 ~~market.~~million, ~~Partially~~partially ~~offsetting~~offset ~~these~~by ~~increases was~~ a $4210 million ~~sales~~gain ~~decrease~~related into ~~our~~the ~~industrial~~sales ~~automation~~of ~~market,~~three ~~reflecting a slowdown in orders~~buildings.

Operating margin decreased in 2024 compared to 2023 due to higher amounts of simplification charges. In 2024 we incurred impairment, restructuring and inventory write-down charges of $32 million. In 2023, we incurred impairment, restructuring, inventory write-down and other charges of $21 million, partially offset by a $10 million gain related to the sales of three buildings. Excluding these charges, adjusted operating margins in 2024 and 2023 were 12.4% and 11.5%, respectively. The increase in adjusted operating margin was driven by the benefits from our pricing initiatives.

							2025 vs. 2024
(dollars in millions)	2025			2024			$ Variance		% Variance
Net sales:
Space and Defense	$	1,085		$	1,018		$	67	7	%
Military Aircraft	840			812			28		3	%
Commercial Aircraft	835			788			47		6	%
Industrial	940			991			(51)		(5	%)
	$	3,700		$	3,609		$	91	3	%
Operating profit:
Space and Defense	$	154		$	127		$	27	21	%
Military Aircraft	110			86			24		28	%
Commercial Aircraft	92			91			1		1	%
Industrial	126			91			35		39	%
	$	482		$	395		$	87	22	%
Operating margin:
Space and Defense	14.2		%	12.5		%
Military Aircraft	13.1		%	10.6		%
Commercial Aircraft	11.0		%	11.6		%
Industrial	13.4		%	9.1		%
	13.0		%	11.0		%
Net earnings	$	267		$	207
Diluted earnings per share	$	8.20		$	6.40

2025 Outlook – We expect higher sales in 2025 driven by continued growth in our aerospace and defense markets. Portfolio shaping activities in Industrial will reduce sales. We expect operating margin will increase due to the continued benefits of our pricing and simplification initiatives. Partially offsetting the incremental profit is an expected higher tax rate. We expect diluted earnings per share will range between $8.00 and $8.40, with a midpoint of $8.20.

2025 Outlook for Space and Defense – In 2025, we expect sales growth across both of our space and defense markets, primarily driven by the strong demand for defense products, in particular in space and European ground vehicle markets. We expect operating margin will increase due to profitable growth and pricing initiatives, partially offset by the lack of the prior year's employee retention credit.

2025 Outlook for Military Aircraft – In 2025, we expect sales growth in OEM programs, driven primarily by further growth on the FLRAA program, and in aftermarket programs, driven by the military ensuring mission readiness across the fleet. We expect operating margin will increase due to a transition on several programs from development to production, thereby reducing our cost risks, and by both higher sales volume and the benefits of our pricing initiatives, as well as the absence of impairment, restructuring and other charges recorded in 2024.

2025 Outlook for Commercial Aircraft – In 2025, we expect sales growth to come from continued production ramps on nearly all of our programs. This sales growth will be tempered by both pressures on our Boeing platforms and by reduced production levels at one of our facilities due to storm damage. We expect operating margin will decrease due to an unfavorable sales mix as OEM production levels outpace aftermarket sales growth, and by our facility's production recovery.

2025 Outlook for Industrial – In 2025, we expect a decrease in sales due to the lost sales associated with our portfolio shaping activities. We expect operating margin will increase due to the savings from our simplified operations, the benefits of our pricing initiatives and the the absence of restructuring and other charges recorded in 2024.

LIQUIDITY AND CAPITAL RESOURCES

Consolidated Statement of Cash Flows

							2024 vs. 2023				2023 vs. 2022
							2025 vs. 2024		2024 vs. 2023
(dollars in millions)	~~2024~~2025		~~2023~~2024		~~2022~~2023		$ Variance		~~% Variance~~		$ Variance		~~% Variance~~
Net cash provided (used) by:
Operating activities	$	~~202~~273	$	~~136~~198	$	~~247~~140	$	6675	49	%	$	~~(111)~~58	~~(45~~	%)
Investing activities	(~~160~~175)		(~~163~~156)		(85167)		4(20)		(2	%)	~~(78)~~12		91	%
Financing activities	(4998)		(2348)		(~~135~~23)		(2650)		~~111~~	%	~~112~~(25)		~~(83~~	%)

Operating activities

Net cash provided by operating activities increased in ~~2024~~2025 compared to ~~2023~~2024. ~~Billed~~Customer ~~and~~advances ~~unbilled receivables~~ provided $~~171~~123 million more of cash, ~~driven~~as bywe ~~better~~secured ~~collections~~customer ~~and~~advances ~~the~~on ~~expansion~~multiple ofdefense ~~our~~programs. ~~receivables~~Inventories ~~financing~~used ~~program.~~$80 ~~Also~~million less cash, ~~net~~as ~~earnings~~the ~~increased~~growth ~~substantially.~~of ~~Partially~~inventories ~~offsetting~~slowed ~~these~~in ~~sources~~Military ofAircraft ~~cash~~and ~~was~~Commercial ~~customer~~Aircraft. ~~advances~~These were partially offset by accounts receivable, which used $~~164~~123 million more of cash, asprimarily wein ~~worked~~Commercial ~~down~~Aircraft, ~~advances~~driven ~~across~~by ~~all~~the ~~our~~timing ~~segments~~of collections.

Net cash provided by operating activities increased in 2024 compared to 2023. Billed and unbilled receivables provided $90 million more cash, driven by better collections and the expansion of our receivables financing program. Also, net earnings increased. Partially offsetting these sources of cash was customer advances, which used $81 million more cash as we worked down advances across all our segments.

Investing activities

Net cash used by investing activities in ~~2024~~2025 included $~~156~~145 million of capital expenditures, ~~which~~and ~~included~~ $1041 million ~~for~~associated ~~the~~with ~~adjustment we made in~~ the ~~fourth~~acquisition ~~quarter~~ of ~~2024~~COTSWORKS, towhich ~~capitalize~~were ~~interest~~partially ~~associated~~offset ~~with major long term capital projects in 2023 and 2024. Net cash used~~ by ~~investing activities in 2024 also included~~ $613 million ~~associated~~of ~~with~~proceeds from the ~~acquisition~~sales of ~~DCL~~businesses.

Net cash used by investing activities in ~~2023~~2024 included $~~173~~152 million of capital expenditures,. ~~including~~Net acash ~~$28~~used ~~million~~by ~~building~~investing ~~purchase.~~activities ~~Also,~~in ~~2023~~2024 also included $226 million ofassociated ~~proceeds~~with ~~from~~ the ~~sales~~acquisition of ~~buildings and businesses~~DCL.

Net cash used by investing activities in 2023 included $177 million of capital expenditures, including a $28 million building purchase. Also, 2023 included $22 million of proceeds from the sales of buildings and businesses.

Financing activities

Net cash used by financing activities in ~~2024~~2025 included $9a ~~million~~use of ~~net~~cash ~~borrowings~~of on$100 ~~our~~million ~~credit~~for ~~facilities.~~shares ~~Partially~~under ~~offsetting~~ the ~~borrowings~~repurchase ~~was~~program aauthorized ~~cash~~by ~~use~~the Board of Directors and $3536 million for dividend payments. These were partially offset by $70 million of net borrowings on our credit facilities.

Net cash used by financing activities in ~~2023~~2024 included $2635 million offor ~~net~~dividend ~~borrowings on our credit facilities~~payments. Partially offsetting the ~~borrowings~~dividend ~~was~~payments awere ~~cash~~$9 ~~use~~million of ~~$34~~net ~~million~~borrowings ~~for~~on ~~dividend~~our ~~payments~~credit facilities.

Net cash used by financing activities in 2023 included $34 million for dividend payments. Partially offsetting the dividend payments were $26 million of net borrowings on our credit facilities.

General

Cash flows from our operations, together with our various financing arrangements, fund on-going activities, debt service requirements, organic growth, acquisition opportunities and the ability to return capital to shareholders. We believe these sources of funding will be sufficient to meet our cash requirements for the next 12 months and for the foreseeable future thereafter.

At September 2827, ~~2024~~2025, our cash balances were $62 million, ~~which~~the ~~includes~~majority ~~$56 million~~of which is held outside of the U.S. by foreign operations. We regularly assess our cash needs, including repatriation of foreign earnings which may be subject to regulatory approvals and withholding taxes, where applicable by law.

Financing Arrangements

In addition to operations, our capital resources include bank credit facilities and an accounts receivable financing program to fund our short and long-term capital requirements. We continuously evaluate various forms of financing to improve our liquidity and position ourselves for future opportunities, which from time to time, may result in selling debt and equity securities to fund acquisitions or take advantage of favorable market conditions.

We are generally not required to obtain the consent of lenders of the U.S. revolving credit facility before raising significant additional debt financing; however, certain limitations and conditions may apply that would require consent to be obtained. We have demonstrated our ability to secure consents to access debt markets. We have also been successful in accessing equity markets from time to time. We believe that we will be able to obtain additional debt or equity financing as needed.

In the normal course of business, we are exposed to interest rate risk from our long-term debt. To manage these risks, we may enter into derivative instruments such as interest rate swaps which are used to adjust the proportion of total debt that is subject to variable and fixed interest rates.

Our U.S. revolving credit facility, which matures on October 27, 2027, has a capacity of $1.1 billion and also provides an expansion option, which permits us to request an increase of up to $400 million to the credit facility upon satisfaction of certain conditions. The weighted-average interest rate on the outstanding credit facility borrowings was 65.7380% and is based on SOFR plus the applicable margin, which was 1.60% at September 2827, ~~2024~~2025. On May 30, 2025, we amended and restated our loan agreement to include a $250 million term loan with installment payments of $3 million in 2026, $9 million in 2027 and the remaining balance on the maturity date of October 27, 2027. Additional principal payments may be required under certain conditions. The proceeds of the term loan were used to pay down the outstanding revolver borrowings of the U.S. revolving credit facility. The interest rate on the term loan borrowings was 5.90% and is based on SOFR plus the applicable margin, which was 1.60% at September 27, 2025.

The loan agreement for the U.S. revolving credit facility and term loan contains various covenants. The minimum for the interest coverage ratio, defined as the ratio of EBITDA to interest expense for the most recent four quarters, is 3.0. The maximum for the leverage ratio, defined as the ratio of net debt to EBITDA for the most recent four quarters, is 4.0. EBITDA is defined in the loan agreement as (i) the sum of net income, interest expense, income taxes, depreciation expense, amortization expense, other non-cash items reducing consolidated net income and non-cash equity-based compensation expenses minus (ii) other non-cash items increasing consolidated net income.

The SECT has a revolving credit facility with a borrowing capacity of $3525 million, maturing on October 26, ~~2025~~2026. Interest was 76.2436% as of September 2827, ~~2024~~2025 and is based on SOFR plus a margin of 2.23%.

We have $500 million aggregate principal amount of 4.25% senior notes due December 15, 2027 with interest paid semiannually on June 15 and December 15 of each year. The senior notes are unsecured obligations, guaranteed on a senior unsecured basis by certain subsidiaries and contain normal incurrence-based covenants and limitations such as the ability to incur additional indebtedness, pay dividends, make other restricted payments and investments, create liens and certain corporate acts such as mergers and consolidations.

At September 2827, ~~2024~~2025, we had $~~755~~925 million of unused capacity, including $~~721~~901 million from the U.S. revolving credit facility after considering standby letters of credit and other limitations.

Our Receivables Purchase Agreement, which matures on December 11, 2026, allows the Receivables Subsidiary to sell receivables to the Purchasers in amounts up to a $125 million limit so long as certain conditions are satisfied. The receivables are sold to the Purchasers in consideration for the Purchasers making payments of cash. Each Purchaser’s share of capital accrues yield at a variable rate plus an applicable margin, which totaled 5.8821% as of September 2827, ~~2024~~2025.

We are in compliance with all covenants under each of our financing arrangements. See Note 4 - Receivables and Note 10 - Indebtedness, of Item 8, Financial Statements and Supplementary Data, for additional details regarding our financing arrangements.

Dividends and Common Stock

We believe we can create long term value for our shareholders by continuing to invest in our business through both capital expenditures as well as investments in new market opportunities. We will also continue exploring opportunities to make strategic acquisitions and return capital to shareholders.

We are currently paying quarterly cash dividends on our Class A and Class B common stock and expect to continue to do so for the foreseeable future. See the Consolidated Statement of Shareholders Equity and Cash Flows, of Item 8, Financial Statements and Supplementary Data, for additional details regarding our financing arrangements.

The Board of Directors authorized a share repurchase program that permits repurchases for both Class A and Class B common stock, and allows us to buy up to an aggregate 3 million common shares. There are approximately 21.27 million common shares remaining under this authorization. See the Consolidated Statement of Shareholders Equity and Cash Flows, of Part II, Item 8, Financial Information and Part II, Item 5, Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, of this report for additional details.

Today, we believe we can create long term value for our shareholders by continuing to invest in our business through both capital expenditures as well as investments in new market opportunities. We will also continue exploring opportunities to make strategic acquisitions and return capital to shareholders.

Off Balance Sheet Arrangements

We do not have any material off balance sheet arrangements that have or are reasonably likely to have a material future effect on our financial condition, results of operations or cash flows.

Contractual Obligations and Commercial Commitments

For further information on our contractual obligations and commitments as of September 2827, ~~2024~~2025, see the notes referenced below, of Item 8, Financial Statements and Supplementary Data, of this report.

Right-of-use lease liabilities - See Note 7 - Leases, for details on obligations and timing of expected future payments, including a five-year maturity schedule.

Debt Obligations and Interest Payments - See Note 10 - Indebtedness, for details of our debt and timing of expected future principal and interest payments. Our current and long-term interest obligation on fixed-rate debt is $21 million and $4726 million, respectively. Interest on variable-rate long-term debt, assuming the rate and outstanding balances do not change from those at September 2827, ~~2024~~2025, would be approximately $2728 million annually.

Employee Benefit Plans - See Note 15 - Employee Benefit Plans, for details on our obligations and timing of expected future payments under these plans. In ~~2025~~2026, we anticipate making contributions to defined benefit pension plans of $1510 million, of which approximately $6 million is for a non-qualified U.S. plan. We are unable to determine minimum funding requirements beyond ~~2024~~2025. We have made no discretionary incremental contributions to our defined benefit plans in excess of minimum funding requirements. We do not plan to make additional contributions for the foreseeable future.

Income Taxes - We are unable to determine or estimate any potential changes to unrecognized tax benefits. See Note 16 - Income Taxes, for additional details of tax obligations.

Commitments - See Note 2423 - Commitments and Contingencies, for additional details.

3635

ECONOMIC CONDITIONS AND MARKET TRENDS

We operate within the aerospace and defense and industrial markets. A common factor throughout our markets is the continuing demand for technologically advanced products.

Our aerospace and defense businesses represented 7375% of our ~~2024~~2025 sales. Our defense market, which represented 5152% of our ~~2024~~2025 sales, is directly affected by defense funding levels and product demand, which have recently increased. Our commercial aircraft market, which represented 2223% of our ~~2024~~2025 sales, is aligning with our customers' current plans. Within our various industrial markets, which represented 25% of our 2025 sales, our customers are affected by a broad range of factors.

Within our industrial markets, which represented 27% of our 2024 sales, our programs benefited from increased order demand within industrial automation, simulation and test and energy markets.

A common factor throughout our markets is the continuing demand for technologically advanced products.

Aerospace and Defense

Within aerospace and defense, we serve three end markets: defense, commercial aircraft and space.

The defense market is dependent on military spending for development and production programs. We have a growing development program order book for future generation aircraft and turret programs, and we strive to embed our technologies within these high-performance military programs of the future, including the Textron Bell ~~FLRAA~~MV-75. Aircraft production programs are typically long-term in nature, offering predictable capacity needs and future revenues. We maintain positions on numerous high priority programs, including the Lockheed Martin F-35 Lightning II. The large installed base of our products leads to attractive aftermarket sales and service opportunities. The tactical and strategic missile, missile defense and defense vehicle controls markets are dependent on many of the same market conditions as military aircraft, including overall military spending and program funding levels. At times when there are perceived threats to national security, U.S. and European defense spending can increase; at other times, defense spending can decrease. Future levels of defense spending have increased in the near-term given the current global tensions, and are subject to governmental approvals.

The commercial OEM aircraft market depends on a number of factors, including both the ~~last decade's~~ increasing global demand for air travel and increasing fuel prices. Both factors contributed to the demand for new, more fuel-efficient aircraft with lower operating costs that led to large production backlogs for Boeing and Airbus. Boeing and Airbus are producing widebody aircraft at rates to support ~~the~~their ~~post-pandemic~~projected ~~air~~demand ~~traffic~~while ~~volumes, as well as~~ working through their current supply-chain ~~challenges~~constraints. Any adjustments to their ~~ramp~~production ~~schedules~~rates ~~affects~~affect the timing of the demand for our flight control systems.

The commercial aftermarket is driven by usage and the age of the existing aircraft fleet for passenger and cargo aircraft, which drives the need for maintenance and repairs. We have seen higher demand levels for our maintenance services and spare parts due to the increased number of flight hours across existing fleets.

The space market is comprised of three customer markets: ~~the~~ civil ~~market~~, ~~the~~ U.S. ~~Department~~defense ~~of Defense market~~ and ~~the~~ commercial space ~~market~~. The civil market, namely NASA, is driven by investment for ~~commercial and~~ exploration activities~~, including NASA's return to the moon~~. The U.S. ~~Department~~defense ~~of Defense~~ market is driven by ~~governmental~~government-authorized levels of defense spending, including funding for defense-related satellite and space vehicle technologies. Levels of U.S. defense spending could increase as there is growing emphasis on space as the next frontier of potential future conflicts. The commercial space market is driven by demand for small satellites, which ~~offer~~increases ~~new~~the ~~innovative~~demand ~~space applications. Trends~~ for ~~this~~increased ~~market, as well as for commercial~~ launch ~~vehicles,~~vehicle ~~follow demand for increased~~ capacity. Our launch vehicle and satellite components and systems will continue to benefit from increased investments in each of these markets.

Industrial

Within industrial, we serve two end markets: industrial and medical. The industrial market consists of industrial automation products, simulation and test products and energy generation and exploration products. The medical market consists of medical devices and medical ~~components~~component products.

The industrial market we serve with our industrial automation products is influenced by several factors including capital investment levels, the pace of product and technology innovation, economic conditions and cost-reduction efforts. ~~Our~~A portion of our industrial automation customers ~~mainly~~ serve the automotive market as well as the data center cooling market.

Our simulation and test products operate in markets that ~~were~~are largely affected by the same factors ~~and investment challenges~~ as our commercial aircraft market. ~~However,~~Demand ~~we have seen stronger order demand~~ for our flight simulation systems aswill match the airline training market ~~recovers~~and inthe ~~line~~change ~~with~~ in domestic and foreign flight hours.

Our energy generation and exploration products operate in a market that is influenced by changing oil and natural gas prices, global urbanization and the resulting change in supply and demand for global energy. ~~Historically,~~Drivers ~~drivers~~ for global energy growth include investments in power generation infrastructure and exploration of new oil and gas resources.

The medical market we serve, in general, is influenced by economic conditions, regulatory environments, hospital and outpatient clinic spending on equipment, population demographics, medical advances, patient demands and the need for precision control components and systems. Advances in medical technology and treatments have resulted in the greater need for medical services, which drive the demand for our medical devices and components programs.36

Foreign Currencies

We are affected by the movement of foreign currencies compared to the U.S. dollar. About one-sixth of our ~~2024~~2025 sales were denominated in foreign currencies. During ~~2024~~2025, average foreign currency rates generally strengthened against the U.S. dollar compared to ~~2023~~2024. The translation of the results of our foreign subsidiaries into U.S. dollars increased sales by $45 million compared to one year ago. During ~~2023~~2024, average foreign currency rates generally weakened against the U.S. dollar compared to ~~2022~~2023. The translation of the results of our foreign subsidiaries into U.S. dollars decreased ~~2023~~2024 sales by $194 million compared to ~~2022~~2023.

RECENT ACCOUNTING PRONOUNCEMENTS

See Note 1 - Summary of Significant Accounting Policies, included in Item 8, Financial Statements and Supplementary Data, of this report for further information regarding Financial Accounting Standards Board issued Accounting Standards Updates ("ASU").

3837


Item 7A.						Quantitative and Qualitative Disclosures about Market Risk.

In the normal course of business, we are exposed to interest rate risk from our long-term debt, receivables sold under the Receivables Purchase Agreement (the "RPA") and foreign exchange rate risk related to our foreign operations and foreign currency transactions. To manage these risks, we may enter into derivative instruments such as ~~interest~~foreign ~~rate~~currency ~~swaps~~contracts ~~and~~or ~~foreign~~interest ~~currency~~rate ~~contracts~~swaps. We do not hold or issue financial instruments for trading purposes. In ~~2024~~2025, our derivative instruments consisted of foreign currency contracts.

At September 2827, ~~2024~~2025, we had $~~377~~446 million of borrowings subject to variable interest rates. At September 2827, ~~2024~~2025, we had no outstanding interest rate swaps. During ~~2024~~2025, our average borrowings subject to variable interest rates were $~~477~~664 million and, therefore, if interest rates had been one percentage point higher during ~~2024~~2025, our interest expense would have been $57 million higher.

At September 2827, ~~2024~~2025, we had $125 million of receivables sold under the RPA subject to variable interest rates. During ~~2024~~2025, our average receivables sold under the RPA subject to variable interest rates were $~~119~~125 million and, therefore, if interest rates had been one percentage point higher during ~~2024~~2025, our interest expense would have been $1 million higher.

We also enter into forward contracts to reduce fluctuations in foreign currency cash flows related to third party purchases and revenue, intercompany product shipments and to reduce exposure on intercompany balances that are denominated in foreign currencies. We have foreign currency contracts with notional amounts of $~~174~~196 million outstanding at September 2827, ~~2024~~2025 that mature at various times through ~~October~~December 3023, ~~2024~~2026. These include notional amounts of $174 million outstanding where the U.S. dollar is one side of the trade. The net fair value of all of our foreign currency contracts involving the U.S. dollar was a $1 million net asset at September 2827, ~~2024~~2025. A hypothetical 10% increase in the value of the U.S. dollar against all currencies would decrease the fair value of our foreign currency contracts at September 2827, ~~2024~~2025 by approximately $1618 million, while a hypothetical 10% decrease in the value of the U.S. dollar against all currencies would increase the fair value of our foreign currency contracts at September 2827, ~~2024~~2025 by approximately $1922 million. It is important to note that gains and losses indicated in the sensitivity analysis would often be offset by gains and losses on the underlying receivables and payables.

Although the majority of our sales, expenses and cash flows are transacted in U.S. dollars, we have exposure to changes in foreign currency exchange rates such as the Euro and British pound. If average annual foreign exchange rates collectively weakened or strengthened against the U.S. dollar by 10%, our net earnings in ~~2024~~2025 would have decreased or increased by $912 million from foreign currency translation. This sensitivity analysis assumed that each exchange rate would change in the same direction relative to the U.S. dollar and excludes the potential effects that changes in foreign currency exchange rates may have on actual transactions.

3938


Item 8.						Financial Statements and Supplementary Data.

Consolidated Statements of Earnings

Fiscal Years Ended

(dollars in thousands, except share and per share data)

September 2827, ~~2024~~2025

September 3028, ~~2023~~2024

~~October~~September 130, ~~2022~~2023

Net sales

3,~~609~~860,~~160~~624

3,~~319~~608,~~122~~960

3,~~035~~316,~~783~~190

Cost of sales

2,~~605~~794,~~214~~802

2,~~423~~589,~~245~~525

2,~~211~~414,~~384~~090

Inventory write-down

78,~~027~~474

47,~~345~~027

34,~~598~~345

Gross profit

~~996~~1,~~919~~057,348

~~891~~1,~~532~~012,408

~~820~~897,~~801~~755

Research and development

~~112~~93,~~773~~671

~~106~~112,~~551~~773

~~109~~106,~~527~~551

Selling, general and administrative

~~494~~553,~~887~~968

~~469~~501,~~836~~253

~~448~~474,~~531~~937

Interest

6272,~~112~~075

6366,~~578~~330

3659,~~757~~838

Asset impairment and fair value adjustment

225,~~149~~374

1422,~~628~~149

1814,~~053~~628

Restructuring

2310,~~788~~015

723,~~997~~788

97,~~509~~997

Loss on sale of businesses

—

~~900~~—

~~3,346~~900

Gain on sale of buildings

~~(979)~~—

(~~10,030~~979)

(910,~~075~~030)

Pension settlement

—

~~12,542~~—

—12,542

Other

149,~~376~~597

917,~~478~~348

18,~~174~~872

Earnings before income taxes

~~267~~312,~~813~~648

~~216~~269,~~052~~746

~~202~~221,~~979~~520

Income taxes

6077,~~593~~620

4560,~~054~~960

4746,~~802~~364

Net earnings

~~207~~235,~~220~~028

~~170~~208,~~998~~786

~~155~~175,~~177~~156

Net earnings per share

Basic

67.4842

56.3753

45.8550

Diluted

67.4033

56.3445

45.8347

Weighted average common shares outstanding

Basic

31,~~954~~680,~~689~~280

31,~~831~~954,~~687~~689

31,~~977~~831,~~482~~687

Diluted

32,~~359~~082,~~338~~601

32,~~044~~359,~~226~~338

32,~~117~~044,~~028~~226

See accompanying Notes to Consolidated Financial Statements.

4039

Consolidated Statements of Comprehensive Income

Fiscal Years Ended

(dollars in thousands)

September 2827,~~2024~~2025

September 3028,~~2023~~2024

~~October~~September 130,~~2022~~2023

Net earnings

~~207~~235,~~220~~028

~~170~~208,~~998~~786

~~155~~175,~~177~~156

Other comprehensive income (loss) ("OCI"), net of tax:

Foreign currency translation adjustment

4420,~~948~~908

4144,~~538~~955

~~(89~~41,~~035)~~547

Retirement liability adjustment

523,~~374~~978

116,~~626~~315

2711,~~979~~626

Change in accumulated loss on derivatives

518

3,269

(2,426)

Change in accumulated gain (loss) on derivatives

207

518

3,269

Other comprehensive income (loss), net of tax

5045,~~840~~093

5651,~~433~~788

~~(63~~56,~~482)~~442

Comprehensive income

~~258~~280,~~060~~121

~~227~~260,~~431~~574

91231,~~695~~598

See accompanying Notes to Consolidated Financial Statements.

4140

Consolidated Balance Sheets

(dollars in thousands, except per share data)	September 2827, ~~2024~~2025		September 3028, ~~2023~~2024
ASSETS
Current assets
Cash and cash equivalents	$	6162,~~694~~013	$	6861,~~959~~694
Restricted cash	~~123~~200		~~185~~123
Receivables, net	~~419~~506,~~971~~768		~~434~~419,~~723~~971
Unbilled receivables	~~709~~744,~~014~~352		~~706~~690,~~601~~572
Inventories, net	~~863~~914,~~702~~302		~~724~~862,~~002~~541
Prepaid expenses and other current assets	86142,~~245~~345		5087,~~862~~745
Total current assets	2,~~140~~369,~~749~~980		12,~~985~~122,~~332~~646
Property, plant and equipment, net	~~929~~1,~~357~~019,906		~~814~~928,~~696~~588
Operating lease right-of-use assets	52,~~591~~799		5652,~~067~~591
Goodwill	~~833~~842,~~764~~313		~~821~~833,~~301~~764
Intangible assets, net	6366,~~479~~101		7163,~~637~~479
Deferred income taxes	2022,~~991~~459		823,~~749~~884
Other assets	52,~~695~~497		5052,~~254~~695
Total assets	$	4,~~093~~426,~~626~~055	$	34,~~808~~077,~~036~~647
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	292,988	$	264,573
Current installments of long-term debt	$	1,563	$	—
Accrued compensation	101,127		111,154
Accounts payable	318,402		293,888
Contract advances and progress billings	299,732		377,977
Accrued compensation	106,040		104,027
Accrued liabilities and other	305,180		211,769
Contract advances and progress billings	372,988		302,126
Total current liabilities	999,027		965,473
Accrued liabilities and other	320,075		313,373
Long-term debt, excluding current installments	874,139		863,092
Total current liabilities	1,119,068		1,013,414
Long-term pension and retirement obligations	167,161		157,455
Long-term debt, excluding current installments	944,123		874,139
Deferred income taxes	27,738		37,626
Long-term pension and retirement obligations	157,218		167,161
Other long-term liabilities	164,928		148,303
Deferred income taxes	32,600		27,652
Total liabilities	2,232,993		2,171,949
Other long-term liabilities	180,491		166,464
Total liabilities	2,433,500		2,248,830
Shareholders’ equity
Common stock - par value $1.00
Class A - Authorized 100,000,000 shares	43,~~835~~864		43,~~822~~835
Issued 43,863,458 and outstanding 28,424,853 shares at September 27, 2025
Issued 43,835,149 and outstanding 28,776,489 shares at September 28, 2024
Issued 43,822,344 and outstanding 28,739,299 shares at September 30, 2023
Class B - Authorized 20,000,000 shares. Convertible to Class A on a one-for-one basis	7,416		7,445
Class B - Authorized 20,000,000 shares. Convertible to Class A on a one-for-one basis	7,445		7,458
Issued 7,416,255 and outstanding 3,237,452 shares at September 27, 2025
Issued 7,444,564 and outstanding 3,209,222 shares at September 28, 2024
Issued 7,457,369 and outstanding 3,142,226 shares at September 30, 2023
Additional paid-in capital	839,328		784,509
Additional paid-in capital	784,509		608,270
Retained earnings	2,834,548		2,635,950
Retained earnings	2,668,723		2,496,979
Treasury shares	(1,209,200)		(1,082,240)
Treasury shares	(1,082,240)		(1,057,938)
Stock Employee Compensation Trust	(195,491)		(194,049)
Stock Employee Compensation Trust	(194,049)		(114,769)
Supplemental Retirement Plan Trust	(170,191)		(163,821)
Supplemental Retirement Plan Trust	(163,821)		(93,126)
Accumulated other comprehensive loss	(157,719)		(202,812)
Accumulated other comprehensive loss	(203,769)		(254,609)
Total shareholders’ equity	1,992,555		1,828,817
Total shareholders’ equity	1,860,633		1,636,087
Total liabilities and shareholders’ equity	$	4,426,055	$	4,077,647
Total liabilities and shareholders’ equity	$	4,093,626	$	3,808,036

See accompanying Notes to Consolidated Financial Statements.

4241

Consolidated Statements of Shareholders’ Equity

Fiscal Years Ended

(dollars in thousands)

September 2827, ~~2024~~2025

September 3028, ~~2023~~2024

~~October~~September 130, ~~2022~~2023

COMMON STOCK

Beginning and end of year

51,280

ADDITIONAL PAID-IN CAPITAL

Beginning of year

~~608~~784,~~270~~509

~~516~~608,~~123~~270

~~509~~516,~~622~~123

Issuance of treasury shares

830,~~572~~614

78,~~852~~572

117,~~570~~852

Equity-based compensation expense

1112,~~737~~714

811,~~119~~737

78,~~460~~119

Adjustment to market - SECT and SERP

~~155~~11,~~930~~491

76155,~~176~~930

~~(12~~76,~~529)~~176

End of year

~~784~~839,~~509~~328

~~608~~784,~~270~~509

~~516~~608,~~123~~270

RETAINED EARNINGS

Beginning of year

2,~~496~~635,~~979~~950

2,~~360~~462,~~055~~640

2,~~237~~321,~~848~~558

Net earnings

~~207~~235,~~220~~028

~~170~~208,~~998~~786

~~155~~175,~~177~~156

Dividends (1)

(3536,~~476~~430)

(3435,~~074~~476)

(3234,~~970~~074)

End of year

2,~~668~~834,~~723~~548

2,~~496~~635,~~979~~950

2,~~360~~462,~~055~~640

TREASURY SHARES AT COST

Beginning of year

(1,~~057~~082,~~938~~240)

(1,~~047~~057,~~012~~938)

(1,~~007~~047,~~506~~012)

Class A and B shares issued related to compensation

12,436

16,107

11,326

Class A and B shares issued related to compensation and acquisitions

15,537

12,436

16,107

Class A and B shares purchased

(36142,~~738~~497)

(2736,~~033~~738)

(5027,~~832~~033)

End of year

(1,~~082~~209,~~240~~200)

(1,~~057~~082,~~938~~240)

(1,~~047~~057,~~012~~938)

STOCK EMPLOYEE COMPENSATION TRUST ("SECT")

Beginning of year

(~~114~~194,~~769~~049)

(73114,~~602~~769)

(7973,~~776~~602)

Issuance of shares

2832,~~202~~664

1528,~~713~~202

1315,~~250~~713

Purchase of shares

(2228,~~247~~985)

(1422,~~841~~247)

(14,~~830~~841)

Adjustment to market

(855,~~235~~121)

(4285,~~039~~235)

7(42,~~754~~039)

End of year

(~~194~~195,~~049~~491)

(~~114~~194,~~769~~049)

(73114,~~602~~769)

SUPPLEMENTAL RETIREMENT PLAN ("SERP") TRUST

Beginning of year

(93163,~~126~~821)

(5893,~~989~~126)

(6358,~~764~~989)

Adjustment to market

(706,~~695~~370)

(3470,~~137~~695)

4(34,~~775~~137)

End of year

(~~163~~170,~~821~~191)

(93163,~~126~~821)

(5893,~~989~~126)

ACCUMULATED OTHER COMPREHENSIVE LOSS

Beginning of year

(~~254~~202,~~609~~812)

(~~311~~254,~~042~~600)

(~~247~~311,~~560~~042)

Other comprehensive income (loss)

5045,~~840~~093

5651,~~433~~788

~~(63~~56,~~482)~~442

End of year

(~~203~~157,~~769~~719)

(~~254~~202,~~609~~812)

(~~311~~254,~~042~~600)

TOTAL SHAREHOLDERS’ EQUITY

1,~~860~~992,~~633~~555

1,~~636~~828,~~087~~817

1,~~436~~601,~~813~~757

See accompanying Notes to Consolidated Financial Statements.

(1) Cash dividends were $1.1115, $1.0711 and $1.0307 per share for the fiscal years ended September 2827, ~~2024~~2025, September 3028, ~~2023~~2024, and ~~October~~September 130, ~~2022~~2023, respectively.

4342

Consolidated Statements of Shareholders’ Equity, Shares

Fiscal Years Ended

(share data)

September 2827, ~~2024~~2025

September 3028, ~~2023~~2024

~~October~~September 130, ~~2022~~2023

COMMON STOCK - CLASS A

Beginning of year

43,~~822~~835,~~344~~149

43,~~806~~822,~~835~~344

43,~~803~~806,~~236~~835

Conversion of Class B to Class A

1228,~~805~~309

1512,~~509~~805

315,~~599~~509

End of year

43,~~835~~863,~~149~~458

43,~~822~~835,~~344~~149

43,~~806~~822,~~835~~344

COMMON STOCK - CLASS B

Beginning of year

7,~~457~~444,~~369~~564

7,~~472~~457,~~878~~369

7,~~476~~472,~~477~~878

Conversion of Class B to Class A

(1228,~~805~~309)

(1512,~~509~~805)

(315,~~599~~509)

End of year

7,~~444~~416,~~564~~255

7,~~457~~444,~~369~~564

7,~~472~~457,~~878~~369

TREASURY SHARES - CLASS A COMMON STOCK

Beginning of year

(14,~~657~~633,~~897~~512)

(14,~~614~~657,~~444~~897)

(14,~~157~~614,~~721~~444)

Class A shares issued related to compensation

44,658

50,057

45,201

Class A shares issued related to compensation and acquisitions

136,092

44,658

50,057

Class A shares purchased

(20516,~~273~~037)

(9320,~~510~~273)

(~~501~~93,~~924~~510)

End of year

(1415,~~633~~013,~~512~~457)

(14,~~657~~633,~~897~~512)

(14,~~614~~657,~~444~~897)

TREASURY SHARES - CLASS B COMMON STOCK

Beginning of year

(2,~~896~~861,~~845~~088)

(32,~~020~~896,~~291~~845)

(3,~~179~~020,~~055~~291)

Class B shares issued related to compensation

~~254~~245,~~853~~499

~~336~~254,~~451~~853

~~333~~336,~~200~~451

Class B shares purchased

(~~219~~210,~~096~~400)

(~~213~~219,~~005~~096)

(~~174~~213,~~436~~005)

End of year

(2,~~861~~825,~~088~~989)

(2,~~896~~861,~~845~~088)

(32,~~020~~896,~~291~~845)

SECT - CLASS A COMMON STOCK

Beginning and end of year

(425,148)

SECT - CLASS B COMMON STOCK

Beginning of year

(~~592~~548,~~128~~084)

(~~611~~592,~~942~~128)

(~~600~~611,~~880~~942)

Issuance of shares

~~183~~170,~~403~~034

~~168~~183,~~519~~403

~~165~~168,~~592~~519

Purchase of shares

(~~139~~148,~~359~~594)

(~~148~~139,~~705~~359)

(~~176~~148,~~654~~705)

End of year

(~~548~~526,~~084~~644)

(~~592~~548,~~128~~084)

(~~611~~592,~~942~~128)

SERP - CLASS B COMMON STOCK

Beginning and end of year

(826,170)

See accompanying Notes to Consolidated Financial Statements.

Consolidated Statements of Cash Flows


	Fiscal Years Ended
(dollars in thousands)	September 27, 2025		September 28, 2024		September 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$	235,028	$	208,786	$	175,156
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	94,013		85,878		77,763
Amortization	9,715		10,149		11,541
Deferred income taxes	(6,545)		(29,651)		(34,997)
Equity-based compensation expense	16,708		14,959		10,582
Loss on sale of businesses	—		—		900
Asset impairment and inventory write-down	13,848		29,176		18,973
Gain on sale of buildings	—		(979)		(10,030)
Pension settlement	—		—		12,542
Other	4,432		6,283		6,244
Changes in assets and liabilities providing (using) cash:
Receivables	(87,070)		35,962		(69,275)
Unbilled receivables	(64,588)		(50,474)		(35,423)
Inventories	(51,772)		(131,330)		(127,442)
Accounts payable	24,711		26,446		28,641
Contract advances and progress billings	81,597		(41,717)		39,448
Accrued expenses	3,743		7,900		(3,185)
Accrued income taxes	(20,214)		14,502		23,644
Net pension and post retirement liabilities	18,194		11,791		13,940
Other assets and liabilities	1,286		181		629
Net cash provided (used) by operating activities	273,086		197,862		139,651
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	(41,179)		(5,911)		—
Purchase of property, plant and equipment	(144,731)		(151,995)		(177,309)
Net proceeds from businesses sold	13,487		1,627		1,892
Net proceeds from buildings sold	—		1,453		19,702
Other investing transactions	(2,833)		(766)		(11,455)
Net cash provided (used) by investing activities	(175,256)		(155,592)		(167,170)
CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from revolving lines of credit	1,229,500		1,038,500		1,044,101
Payments on revolving lines of credit	(1,410,000)		(1,029,500)		(1,017,420)
Proceeds from long-term debt	250,000		—		—
Payments on long-term debt	—		—		(916)



Payments on finance lease obligations	(10,159)		(6,037)		(4,313)
Payment of dividends	(36,430)		(35,476)		(34,074)
Proceeds from sale of treasury stock	19,568		15,685		19,785
Purchase of outstanding shares for treasury	(142,707)		(36,738)		(29,306)
Proceeds from sale of stock held by SECT	32,664		28,202		15,713
Purchase of stock held by SECT	(28,985)		(22,837)		(14,251)



Other financing transactions	(1,742)		—		(2,027)
Net cash provided (used) by financing activities	(98,291)		(48,201)		(22,708)
Effect of exchange rate changes on cash	(1,863)		1,324		2,043
Increase (decrease) in cash, cash equivalents and restricted cash	(2,324)		(4,607)		(48,184)
Cash, cash equivalents and restricted cash at beginning of year(1)	64,537		69,144		117,328
Cash, cash equivalents and restricted cash at end of year (1)	$	62,213	$	64,537	$	69,144

(1) Ending cash balance at September 28, 2024 and beginning cash at September 29, 2024, includes cash related to assets held for sale of $2,720.

Consolidated Statements of Cash Flows, continued
	Fiscal Years Ended
(dollars in thousands)	September 28, 2024		September 30, 2023		October 1, 2022
	September 27, 2025		September 28, 2024		September 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
SUPPLEMENTAL CASH FLOW INFORMATION
Net earnings	$	207,220	$	170,998	$	155,177
Interest paid	$	70,977	$	65,382	$	59,453
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Income taxes paid, net of refunds	100,347		78,482		69,253
Depreciation	82,957		78,692		75,238
Treasury shares issued as compensation	6,289		5,323		4,174
Amortization	10,149		11,541		13,151
Treasury shares issued as consideration for acquisitions	20,294		—		—
Deferred income taxes	(31,735)		(35,531)		11,739
Assets acquired through lease financing	47,014		39,383		64,034
Equity-based compensation expense	14,959		10,582		8,882
Loss on sale of businesses	—		900		3,346
Inventory write-down, asset impairment and fair value adjustments	29,176		18,973		21,651
Gain on sale of buildings	(979)		(10,030)		(9,075)
Pension settlement	—		12,542		—
Other	6,512		6,244		6,818
Changes in assets and liabilities providing (using) cash:
Receivables	23,262		(56,575)		7,668
Unbilled receivables	2,856		(87,915)		(94,535)
Inventories	(126,978)		(130,378)		(28,677)
Accounts payable	26,446		28,641		43,349
Contract advances and progress billings	(84,296)		79,983		42,097
Accrued expenses	26,493		(1,692)		(4,445)
Accrued income taxes	16,219		22,869		3,070
Net pension and post retirement liabilities	11,791		13,940		18,093
Other assets and liabilities	(11,708)		2,151		(26,745)
Net cash provided (used) by operating activities	202,344		135,935		246,802
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	(5,911)		—		(11,832)
Purchase of property, plant and equipment	(156,018)		(173,286)		(139,431)
Net proceeds from businesses sold	1,627		1,892		57,315
Net proceeds from buildings sold	1,453		19,702		13,297
Other investing transactions	(766)		(11,455)		(4,573)
Net cash provided (used) by investing activities	(159,615)		(163,147)		(85,224)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit	1,038,500		1,044,101		840,475
Payments on revolving lines of credit	(1,029,500)		(1,017,420)		(827,801)
Payments on long-term debt	—		(916)		(80,364)
Payments on finance lease obligations	(6,496)		(4,620)		(2,524)
Payment of dividends	(35,476)		(34,074)		(32,970)
Proceeds from sale of treasury stock	15,685		19,785		18,414
Purchase of outstanding shares for treasury	(36,738)		(29,306)		(48,558)
Proceeds from sale of stock held by SECT	28,202		15,713		13,250
Purchase of stock held by SECT	(22,837)		(14,251)		(14,830)
Other financing transactions	—		(2,027)		—
Net cash provided (used) by financing activities	(48,660)		(23,015)		(134,908)
Effect of exchange rate changes on cash	1,324		2,043		(10,256)
Increase (decrease) in cash, cash equivalents and restricted cash	(4,607)		(48,184)		16,414
Cash, cash equivalents and restricted cash at beginning of year	69,144		117,328		100,914
Cash, cash equivalents and restricted cash at end of year (1)	$	64,537	$	69,144	$	117,328

(1) End of year cash balance at September 28, 2024 includes cash related to assets held for sale of $2,720.

Consolidated Statements of Cash Flows, continued
	Fiscal Years Ended
	September 28, 2024		September 30, 2023		October 1, 2022
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	$	61,164	$	63,193	$	34,765
Income taxes paid, net of refunds	78,482		69,253		24,047
Treasury shares issued as compensation	5,323		4,174		4,482
Assets acquired through lease financing	45,086		61,805		36,897

See accompanying Notes to Consolidated Financial Statements.

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Notes to Consolidated Financial Statements

(dollars in thousands, except per share data)

Note 1 - Summary of Significant Accounting Policies

Consolidation: The consolidated financial statements include the accounts of Moog Inc. and all of our U.S. and foreign subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Fiscal Year: Our fiscal year ends on the Saturday that is closest to September 30. The consolidated financial statements include 52 weeks for the years ended September 2827, ~~2024~~2025, September 3028, ~~2023~~2024 and ~~October~~September 130, ~~2022~~2023.

Operating Cycle: Consistent with industry practice, aerospace and defense related inventories, unbilled recoverable costs and profits on over-time contract receivables, customer advances, warranties and contract reserves include amounts relating to contracts having long production and procurement cycles, portions of which are not expected to be realized or settled within one year.

Foreign Currency Translation: Assets and liabilities of subsidiaries that prepare financial statements in currencies other than the U.S. dollar are translated using rates of exchange as of the balance sheet date and the statements of earnings are translated at the average rates of exchange for each reporting period.

Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions.

Revenue Recognition: We recognize revenue from contracts with customers using an over-time, cost-to-cost method of accounting or at the point in time that control transfers to the customer. For additional discussion on revenue recognition, see Note 2 - Revenue from Contracts with Customers.

Cost of Sales: Includes costs of products and services sold, which include but are not limited to: purchased product, raw material, direct and engineering labor and related benefits, shipping and handling costs, depreciation and amortization, indirect costs and overhead charges.

Research and Development: Research and development costs are expensed as incurred and include salaries, benefits, consulting, material costs, depreciation and amortization.

Selling, General and Administrative Expenses: Selling, general and administrative expenses are expensed as incurred. Such expenses include, but are not limited to advertising, bid and proposal, consulting, depreciation, employee payroll and related benefits, legal and professional costs.

Government Assistance: We receive various types of government assistance, primary in the form of grants and refundable tax credits. We recognize government assistance when there is reasonable assurance that it will comply with the relevant conditions and the assistance will be received. Government assistance related to property, plant and equipment is recorded as a reduction to the carrying value of the related asset, which reduces depreciation expense over the expected useful life of the asset on a straight-line basis. See Note 4 – Receivables and Note 6 – Property, Plant and Equipment for additional disclosures related to government assistance.

Equity-Based Compensation: Our equity-based compensation plans allow for various types of equity-based incentive awards. The types and mix of these incentive awards are evaluated on an on-going basis and may vary based on our overall strategy regarding compensation. Equity-based compensation expense is based on awards that are ultimately expected to vest over the requisite service periods and are based on the fair value of the award measured on the grant date. Vesting requirements vary for directors, officers and key employees. In general, awards granted to officers and key employees principally vest over three years, in equal annual installments for time-based awards and in three years cliff vest for performance-based awards. We have elected to account for forfeitures when the forfeiture of the underlying awards occur. Equity-based compensation expense is included in selling, general and administrative expenses.

4746

Cash and Cash Equivalents: All highly liquid investments with an original maturity of three months or less are considered cash equivalents.

Restricted Cash: Restricted cash principally represents funds held to satisfy supplemental retirement obligations.

Allowance for Credit Losses: The allowance for credit losses is based on our assessment of the collectibility of customer accounts. The allowance is determined by considering factors such as historical experience, credit quality, age of the accounts receivable, current economic conditions and reasonable forecasted financial information that may affect a customer’s ability to pay.

Inventories: Inventories are stated at the lower of cost or net realizable value with cost determined primarily on the first-in, first-out (FIFO) method of valuation.

Property, Plant and Equipment: Property, plant and equipment are stated at cost. Plant and equipment are depreciated principally using the straight-line method over the estimated useful lives of the assets, generally ranging from 15 to 40 years for buildings and improvements, 5 to 15 years for machinery and equipment and 3 to 10 years for computer equipment and software. Leasehold improvements are amortized on a straight-line basis over the term of the lease or the estimated useful life of the asset, whichever is shorter.

Capitalized Interest: The interest cost on certain long term capital projects is capitalized and included in the cost of the project. Capitalization begins with the first expenditure for the project and continues until the project is substantially complete and ready for its intended use. For the year ended September 27, 2025, we incurred total interest of $77,625 and capitalized $5,550, into property, plant and equipment. For the year ended September 28, 2024, we incurred total interest of $7172,~~959~~154 and capitalized $95,~~847~~824 into property, plant and equipment. For the year ended September 30, 2023, we incurred total interest of $63,861 and capitalized $4,023 into property, plant and equipment.

Goodwill: We test goodwill for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that indicate that the fair value of a reporting unit is likely to be below its carrying amount. We also test goodwill for impairment when there is a change in reporting units.

We may elect to perform a qualitative assessment that considers economic, industry and company-specific factors for all or selected reporting units. If, after completing this assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we proceed to a quantitative test. We may also elect to perform a quantitative test instead of a qualitative assessment for any or all of our reporting units. We performed a qualitative test for all reporting units in 2025, 2024 and 2023.

Quantitative testing requires a comparison of the fair value of each reporting unit to its carrying value. We typically use the discounted cash flow method to estimate the fair value of our reporting units. The discounted cash flow method incorporates various assumptions, the most significant being projected revenue growth rates, operating margins and cash flows, the terminal growth rate and the weighted-average cost of capital. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired and any loss must be measured. To determine the amount of the impairment loss, the implied fair value of goodwill is determined by assigning a fair value to all of the reporting unit's assets and liabilities, including any unrecognized intangible assets, as if the reporting unit had been acquired in a business combination at fair value. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss would be recognized in an amount equal to that excess. ~~We performed a quantitative test for all reporting units in 2022.~~

There were no goodwill impairment charges recorded in ~~2024~~2025, ~~2023~~2024 or ~~2022~~2023.

Acquired Intangible Assets: Acquired identifiable intangible assets are recorded at ~~cost~~fair value and are amortized over their estimated useful lives.

Impairment of Long-Lived Assets: Long-lived assets, including acquired identifiable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. We use undiscounted cash flows to determine whether impairment exists and measure any impairment loss using discounted cash flows.

In 2025, we recorded impairment charges on long-lived assets in our Industrial segment related to property and equipment that experienced a decline in value. These charges are included in asset impairment in the Consolidated Statements of Earnings.

In 2024, we initiated restructuring actions in conjunction with exiting a product line within our Military Aircraft segment and simplifying our business operations within our Industrial segment, both of which included the write off of intangible assets. We have recorded these charges based on the expected cash flows over the remaining life of the assets and are included in Restructuring in the Consolidated Statements of Earnings.

In 2023, we recorded an impairment charge on long-lived assets, as well as an inventory write-down in our Military Aircraft segment. These charges relate to equipment and inventory that experienced a decline in value due to the U.S. Air Force announcement to retire the KC-10 aerial refueling tanker and retirement of a trade name intangible. We also recorded impairment charges on receivables in our Space and Defense segment associated with an expected cancellation of a contract. In addition, we recorded impairment charges on long-lived assets, as well as an inventory write-down in our Industrial segment as we continue to review and simplify our business operations. These charges are included in asset impairment in the Consolidated Statements of Earnings.

In 2022, we recorded impairment charges on long-lived assets in our Commercial Aircraft and Industrial segment. These charges relate to property, plant and equipment that experienced a significant decline in value due to the slower than expected recovery of our commercial aircraft business. In addition, we recorded impairment charges on intangible assets associated with a product line we are no longer pursuing. These charges are included in asset impairment in the Consolidated Statements of Earnings.

See Note 4 - Receivables, Note 5 - Inventories, Note 6 - Property, Plant and Equipment, Note 7 - Leases and Note 8 - Goodwill and Intangible Assets for additional disclosures relating to impairment charges recorded.

Product Warranties: In the ordinary course of business, we warrant our products against defect in design, materials and workmanship typically over periods ranging from twelve to sixty months. We determine warranty reserves needed by product line based on historical experience and current facts and circumstances.

Financial Instruments: Our financial instruments consist primarily of cash and cash equivalents, restricted cash, receivables, notes payable, accounts payable, long-term debt, interest rate swaps and foreign currency contracts. The carrying values for our financial instruments approximate fair value with the exception at times of long-term debt. We do not hold or issue financial instruments for trading purposes.

We carry derivative instruments on the Consolidated Balance Sheets at fair value, determined by reference to quoted market prices. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. Our use of derivative instruments is generally limited to cash flow hedges of certain interest rate risks and minimizing foreign currency exposure on foreign currency transactions, which are typically designated in hedging relationships, and intercompany balances, which are not designated as hedging instruments. Cash flows resulting from forward contracts are accounted for as hedges of identifiable transactions or events and classified in the same category as the cash flows from the items being hedged.

Employee Benefit Plans: The measurement date for plan assets and benefit obligations is the month end closest to our fiscal year end.

Recent Accounting Pronouncements:

Recent Accounting Pronouncements Adopted

There have been no accounting pronouncements adopted for the year ended September 28, 2024.

Standard

Description

Financial Statement Effect or Other Significant Matters

ASU no. 2023-07

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

This standard requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The provisions of the standard are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendment requires retrospective application to all prior periods presented in the financial statements.

We adopted this standard using retrospective application to all prior periods presented.

Date adopted:
Q4 2025

4948

Recent Accounting Pronouncements Not Yet Adopted

Standard

Description

Financial Statement Effect or Other Significant Matters

ASU no. 2023-07Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

We are currently reviewing the guidance and evaluating the impact on our financial statements and related disclosures.

ASU no. 2023-09Income Taxes (Topic 740): Improvements to Income Tax Disclosures

This standard expands annual income tax disclosures to require specific categories in the rate reconciliation table to be disclosed using both percentages and reporting currency amounts and requires additional information for reconciling items that meet a quantitative threshold. Additionally, the amendment requires disclosure of income taxes paid by jurisdiction. The provisions of the standard are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted.

We are currently reviewing the guidance and evaluating the impact on our financial statements and related disclosures.

Planned date of adoption: FY 2025

ASU no. 2023-09Income Taxes (Topic 740): Improvements to Income Tax Disclosures

This standard expands annual income tax disclosures to require specific categories in the rate reconciliation table to be disclosed using both percentages and reporting currency amounts and requires additional information for reconciling items that meet a quantitative threshold. Additionally, the amendment requires disclosure of income taxes paid by jurisdiction. The provisions of the standard are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted.

We are currently reviewing the guidance and evaluating the impact on our financial statements and related disclosures.

Planned date of adoption: FY 2026

ASU no. 2024-03Income Statement -Reporting Comprehensive Income-Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses

This standard requires disclosure of specified information about certain cost and expenses at each interim and annual reporting period. This includes disclosure of the amounts of purchases of inventory, employee compensation, depreciation and intangible asset for each relevant expense caption on the income statement, as well as the total amount of selling expenses. Additionally, the amendments require disclosing a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated. The provisions of the standard are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements.

We are currently reviewing the guidance and evaluating the impact on our financial statements and related disclosures.

Planned date of adoption: FY 2028

We consider the applicability and impact of all Accounting Standard Updates ("ASU"). ASUs not listed above were assessed and determined to be either not applicable, or had or are expected to have an immaterial impact on our financial statements and related disclosures.

50Revision of Previously Issued Consolidated Financial Statements: During the preparation of our consolidated financial statements for the year ended September 27, 2025, management identified misstatements in previously issued consolidated financial statements and interim consolidated condensed financial statements, impacting prior periods.

The principal misstatement related to the accounting for distinct long-term aftermarket service contracts with customers in the Commercial Aircraft segment. Specifically, there were inaccurate inputs used in the total costs at completion estimate within the over-time revenue recognition calculation for these contracts that accumulated over several years. Additionally, other unrelated misstatements, including an adjustment for the understatement of certain warranty costs, were also identified.

We evaluated the nature and magnitude of all identified misstatements to assess the materiality, including quantitative and qualitative considerations and determined that the misstatements were not material, individually or in aggregate, to any previously issued quarterly or annual consolidated financial statements. However, correcting these misstatements entirely in the current period would have been material to our 2025 financial statements. As a result, within this annual report, we have revised our prior period annual consolidated financial statements for 2023 and 2024 and our quarterly consolidated condensed financial statements for 2024 and 2025 to reflect the corrections in the periods in which the misstatements originated.

Correcting the misstatement related to long-term aftermarket service contracts, which originated prior to 2023, had a cumulative impact that decreased opening Retained earnings as of October 2, 2022 by $30,920. The correction of this misstatement also increased Net sales and decreased Cost of sales for the year ended 2023 by $436 and $2,024, respectively and decreased Net sales and Cost of sales for the year ended 2024 by $200 and $8,092, respectively.

Correcting the misstatement related to warranty costs, which originated prior to 2023, had a cumulative impact that decreased opening Retained earnings as of October 2, 2022 by $8,400. The correction of this misstatement also increased Cost of sales for the year ended 2023 by $300 and decreased Cost of sales for the year ended 2024 by $1,200.

A summary of the corrections and their related impacts on each financial statement line items from our previously issued consolidated financial statements are presented in Note 25 – Revision of Previously Issued Consolidated Financial Statements.

Note 2 - Revenue from Contracts with Customers

We recognize revenue from contracts with customers using the five-step model prescribed in ASC 606. The first step is identifying the contract. The identification of a contract with a customer requires an assessment of each party’s rights and obligations regarding the products or services to be transferred, including an evaluation of termination clauses and presently enforceable rights and obligations. Each party’s rights and obligations and the associated terms and conditions are typically determined in purchase orders. For sales that are governed by master supply agreements under which provisions define specific program requirements, purchase orders are issued under these agreements to reflect presently enforceable rights and obligations for the units of products and services being purchased.

Contracts are sometimes modified to account for changes in contract specifications and requirements. When this occurs, we assess the modification as prescribed in ASC 606 and determine whether the existing contract needs to be modified (and revenue cumulatively caught up), whether the existing contract needs to be terminated and a new contract needs to be created, or whether the existing contract remains and a new contract needs to be created. This is determined based on the rights and obligations within the modification as well as the associated transaction price.

The next step is identifying the performance obligations. A performance obligation is a promise to transfer goods or services to a customer that is distinct in the context of the contract, as defined by ASC 606. We identify a performance obligation for each promise in a contract to transfer a distinct good or service to the customer. As part of our assessment, we consider all goods and/or services promised in the contract, regardless of whether they are explicitly stated or implied by customary business practices. The products and services in our contracts are typically not distinct from one another due to their complexity and reliance on each other or, in many cases, we provide a significant integration service. Accordingly, many of our contracts are accounted for as one performance obligation. In limited cases, our contracts have more than one distinct performance obligation, which occurs when we perform activities that are not highly complex or interrelated or involve different product life cycles. Warranties are provided on certain contracts, but do not typically provide for services beyond standard assurances and are therefore not distinct performance obligations under ASC 606.

The third step is determining the transaction price, which represents the amount of consideration we expect to be entitled to receive from a customer in exchange for providing the goods or services. There are times when this consideration is variable, for example a volume discount, and must be estimated. Sales, use, value-added, and excise taxes are excluded from the transaction price, where applicable.

The fourth step is allocating the transaction price. The transaction price must be allocated to the performance obligations identified in the contract based on relative stand-alone selling prices when available, or an estimate for each distinct good or service in the contract when standalone prices are not available. Our contracts with customers generally require payment under normal commercial terms after delivery. Payment terms are typically within 30 to 60 days of delivery. The timing of satisfaction of our performance obligations does not significantly vary from the typical timing of payment.

The final step is the recognition of revenue. We recognize revenue as the performance obligations are satisfied. ASC 606 provides guidance to help determine if we are satisfying the performance obligation at a point in time or over time. In determining when performance obligations are satisfied, we consider factors such as contract terms, payment terms and whether there is an alternative use of the product or service. In essence, we recognize revenue when, or as control of, the promised goods or services transfer to the customer.

Revenue is recognized using either the over time or point in time method. The over-time method of revenue recognition is predominantly used in Space and Defense, Military Aircraft and Commercial Aircraft. We use this method for U.S. Government contracts and repair and overhaul arrangements as we are creating or enhancing assets that the customer controls as the assets are being created or enhanced. In addition, many of our large commercial contracts qualify for over-time accounting as our performance does not create an asset with an alternative use and we have an enforceable right to payment for performance completed to date. Our over-time contracts are primarily firm fixed price.

5150

Revenue recognized at the point in time control is transferred to the customer is used most frequently in Industrial. We use this method for commercial contracts in which the asset being created has an alternative use. We determine the point in time control transfers to the customer by weighing the five indicators provided by ASC 606 - the entity has a present right to payment; the customer has legal title; the customer has physical possession; the customer has significant risks and rewards of ownership; and the customer has accepted the asset. When control has transferred to the customer, profit is generated as cost of sales is recorded and as revenue is recognized. Inventory costs include all product manufacturing costs such as direct material, direct labor, other direct costs and indirect overhead cost allocations. Shipping and handling costs are considered costs to fulfill a contract and not considered performance obligations. They are included in cost of sales as incurred.

Revenue is recognized over time on contracts using the cost-to-cost method of accounting as work progresses toward completion as determined by the ratio of cumulative costs incurred to date to estimated total contract costs at completion, multiplied by the total estimated contract revenue, less cumulative revenue recognized in prior periods. We believe that cumulative costs incurred to date as a percentage of estimated total contract costs at completion is an appropriate measure of progress toward satisfaction of performance obligations as this measure most accurately depicts the progress of our work and transfer of control to our customers. Changes in estimates affecting sales, costs and profits are recognized in the period in which the change becomes known using the cumulative catch-up method of accounting, resulting in the cumulative effect of changes reflected in the period. Estimates are reviewed and updated quarterly for substantially all contracts. In ~~2024~~2025, we recognized ~~lower~~higher revenues of $911,~~409~~640 for adjustments made to performance obligations satisfied (or partially satisfied) in previous periods. In ~~2023~~2024, we recognized lower revenues of $39,~~095~~409 for adjustments made to performance obligations satisfied (or partially satisfied) in previous periods. In ~~2022~~2023, we recognized lower revenues of $3,~~518~~095 for adjustments made to performance obligations satisfied (or partially satisfied) in previous periods.

Contract costs include only allocable, allowable and reasonable costs which are included in cost of sales when incurred. For applicable U.S. Government contracts, contract costs are determined in accordance with the Federal Acquisition Regulations and the related Cost Accounting Standards. The nature of these costs includes development engineering costs and product manufacturing costs such as direct material, direct labor, other direct costs and indirect overhead costs. Contract profit is recorded as a result of the revenue recognized less costs incurred in any reporting period. Variable consideration and contract modifications, such as performance incentives, penalties, contract claims or change orders are considered in estimating revenues, costs and profits when they can be reliably estimated and realization is considered probable. As of September 2827, ~~2024~~2025, revenue recognized on contracts for unresolved claims or unapproved contract change orders was not material.

As of September 2827, ~~2024~~2025, we had contract reserves of $7184,~~554~~360. For contracts with anticipated losses at completion, a provision for the entire amount of the estimated remaining loss is charged against income in the period in which the loss becomes known. Contract losses are determined considering all direct and indirect contract costs, exclusive of any selling, general or administrative cost allocations that are treated as period expenses. Loss reserves are more common on firm fixed-price contracts that involve, to varying degrees, the design and development of new and unique controls or control systems to meet the customers’ specifications. We calculate contract losses at the contract level, versus the performance obligation level. Recall reserves are recorded when additional work is needed on completed products for them to meet contract specifications. Contract-related loss reserves are recorded for the additional work needed on completed and delivered products in order for them to meet contract specifications.

Contract Assets and Liabilities

Unbilled receivables (contract assets) primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. Unbilled receivables are classified as current assets and in accordance with industry practice, include amounts that may be billed and collected beyond one year due to the long term nature of our contracts.

Contract advances and progress billings (contract liabilities) relate to payments received from customers in advance of the satisfaction of performance obligations for a contract (contract advances) and when billings are in excess of revenue recognized (progress billings). These amounts are recorded as contract liabilities until such obligations are satisfied, either over-time as costs are incurred or at a point when deliveries are made. We do not consider contract advances and progress billings to be significant financing components as the intent of these payments in advance are for reasons other than providing a significant financing benefit and are customary in our industry.

5251

For contracts recognized using the cost-to-cost method, the amount of unbilled receivables or contract advances and progress billings is determined for each contract to determine the contract asset or contract liability position at the end of each reporting period.

Unbilled recoverable costs and accrued profits for over-time contracts to be billed to the U.S. Government were $2012,~~394~~111 at September 2827, ~~2024~~2025 and $7920,~~388~~394 at September 3028, ~~2023~~2024. Unbilled recoverable costs and accrued profits principally represent revenues recognized on contracts that were not billable on the balance sheet date. These amounts will be billed in accordance with contract terms, generally as certain milestones are reached or upon shipment. Unbilled amounts expected to be collected beyond one year are not material.

Total contract assets and contract liabilities are as follows:

September 28,2024

September 30,2023

September 27,2025

September 28,2024

Unbilled receivables

~~709~~744,~~014~~352

~~706~~690,~~601~~572

Contract advances and progress billings

~~299~~372,~~732~~988

~~377~~302,~~977~~126

Net contract assets

~~409~~371,~~282~~364

~~328~~388,~~624~~446

The ~~net~~decrease ~~increase~~ in net contract assets primarily reflects the impact of additional unbilled revenues and aan ~~decrease~~increase in contract advances and progress billings during the period. As of September 2827, ~~2024~~2025, we recognized $~~247~~235,~~662~~130 of revenue, that was included in the contract liability balance at the beginning of the year.

Remaining Performance Obligations

As of September 2827, ~~2024~~2025, the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) was $56,~~060~~010,000. We expect to recognize approximately 4950% of that amount as sales over the next twelve months and the balance thereafter.

Disaggregation of Revenue

See Note 22 - Segments, for disclosures related to disaggregation of revenue.

Note 3 - Acquisitions, Divestitures and Assets Held for Sale

Acquisitions

On ~~October~~July 201, ~~2023~~2025, we acquired ~~Data~~COTSWORKS, ~~Collection~~Inc. ~~Limited~~ ("~~DCL~~COTSWORKS"), based in ~~Auckland,~~Ohio ~~New Zealand~~ for a purchase price, net of ~~acquired~~ cash acquired, of $561,~~911.~~473, ~~DCL~~which ~~specializes~~was paid in ~~manufacturing~~cash and ~~operating~~the ~~pavement~~issuance ~~surveying~~of ~~equipment~~Moog Class A shares valued at $20,294. At September 27, 2025, we have ascribed $12,000 of the purchase price to intangible assets. COTSWORKS designs and ~~providing~~manufactures ~~innovative~~rugged ~~solutions~~optical components and subsystems for ~~measuring~~harsh environment applications, primarily serving the commercial, military, aerospace and ~~managing~~industrial ~~pavements~~markets. The purchase price allocation is substantially complete, with the exception of income tax assets and liabilities. This operation is included in our ~~Military~~Space ~~Aircraft~~and Defense segment. The sales and results of ~~operations~~COTSWORKS ~~of DCL~~ are immaterial in ~~the current year~~2025.

On October 20, 2023, we acquired Data Collection Limited ("DCL") based in Auckland, New Zealand for a purchase price, net of acquired cash, of $5,911. DCL specializes in manufacturing and operating pavement surveying equipment and providing innovative solutions for measuring and managing pavements. This operation is included in our Military Aircraft segment. The sales and results of operations of DCL are immaterial in 2025 and 2024.

Divestitures

In the fourth quarter of 2024, we recorded losses in Asset impairment and fair value adjustment of $14,897, related to selling a motors business in the Czech Republic and a hydraulic systems business in Luxembourg that were included in our Industrial segment. As a result, we have classified $9,360 in prepaid expenses and other current assets and $5,153 in accrued liabilities and other as held for sale at September 28, 2024. We completed the sale of these businesses on September 30, 2024, which required the release of the associated cumulative translation adjustment. There has been no significant change to the losses recognized as a result of completing the transactions.

Assets Held for Sale

InAs ~~2024,~~of wethe ~~recorded~~third ~~losses~~quarter ~~in Asset impairment and fair value adjustment~~ of ~~$14~~2025,~~897,~~ ~~related~~we tohave ~~selling~~classified a ~~motors~~non-core business inwithin ~~the~~our ~~Czech~~Space ~~Republic~~ and aDefense ~~hydraulic~~segment ~~systems~~as ~~business~~held infor ~~Luxembourg that were included in our Industrial segment~~sale. We ~~reclassified~~have classified $961,~~360~~067 toin prepaid expenses and other current assets and $515,~~153~~524 toin accrued liabilities and other as held for sale. WeSee ~~completed~~Note ~~the~~8 ~~sale~~- ofGoodwill ~~these~~and ~~businesses~~Intangible onAssets ~~September 30,~~for ~~2024. We do not expect any significant~~ additional ~~losses as a result of completing the transactions~~details.

Note 4 - Receivables

Receivables consist of:

September 28,2024

September 30,2023

September 27,2025

September 28,2024

Accounts receivable

~~388~~483,~~841~~872

~~426~~388,~~804~~841

Government assistance receivables

165,~~673~~643

316,~~388~~673

Other

1719,~~530~~856

817,~~541~~530

Less allowance for credit losses

(32,~~073~~603)

(43,~~010~~073)

Receivables, net

~~419~~506,~~971~~768

~~434~~419,~~723~~971

InMoog ~~2024~~Receivables LLC (the "Receivables Subsidiary"), wea ~~recorded~~wholly ~~impairment~~owned ~~charges~~bankruptcy remote special purpose subsidiary of $1Moog Inc. (the "Company"),~~152~~ ~~associated~~as ~~with~~seller, the ~~U.S.~~Company, ~~Army~~as ~~announcement~~master ~~cancelling~~servicer, ~~the~~Wells ~~next~~Fargo ~~generation~~Bank, ~~Future~~N.A., ~~Attack~~as ~~Reconnaissance~~administrative ~~Aircraft~~agent (the "~~FARA~~Agent") ~~program.~~and Incertain ~~2023~~purchasers (collectively, wethe ~~recorded~~"Purchasers") ~~impairment~~entered ~~charges~~into ofthe ~~$219~~Third ~~associated~~Amendment ~~with~~to anthe ~~unexpected~~Amended ~~cancellation~~and ofRestated aReceivables ~~contract~~Purchase Agreement (the "RPA"). InThe ~~2022~~RPA matures on December 11, we2026 ~~recorded~~and ~~impairment~~is ~~charges~~subject ofto ~~$642~~customary ~~associated~~termination ~~with~~events ~~Russian~~related ~~activities~~to intransactions ~~Ukraine.~~of this type.

On December 13, 2023, Moog Receivables LLC (the "Receivables Subsidiary"), a wholly owned bankruptcy remote special purpose subsidiary of Moog Inc. (the "Company"), as seller, the Company, as master servicer, Wells Fargo Bank, N.A., as administrative agent (the "Agent") and certain purchasers (collectively, the "Purchasers") entered into the Third Amendment to the Amended and Restated Receivables Purchase Agreement (the "RPA"). The RPA amendment increased the capacity from $100,000 to $125,000 and extended the maturity date from November 4, 2024 to December 11, 2026. The RPA is subject to customary termination events related to transactions of this type.

Under the RPA, the Receivables Subsidiary may sell receivables to the Purchasers in amounts up to a $125,000 limit. The receivables will be sold to the Purchasers in consideration for the Purchasers making payments of cash, which is referred to as "capital" for purposes of the RPA, to the Receivables Subsidiary in accordance with the terms of the RPA. The Receivables Subsidiary may sell receivables to the Purchasers so long as certain conditions are satisfied, including that, at any date of determination, the aggregate capital paid to the Receivables Subsidiary does not exceed a "capital coverage amount," equal to an adjusted net receivables pool balance minus a required reserve. Each Purchaser's share of capital accrues yield at a variable rate plus an applicable margin.

The parties intend that the conveyance of receivables to the Agent, for the ratable benefit of the Purchasers will constitute a purchase and sale of receivables and not a pledge for security. The Receivables Subsidiary has guaranteed to each Purchaser and Agent the prompt payment of sold receivables, and to secure the prompt payment and performance of such guaranteed obligations, the Receivables Subsidiary has granted a security interest to the Agent, for the benefit of the Purchasers, in all assets of the Receivables Subsidiary. The assets of the Receivables Subsidiary are not available to pay our creditors or any affiliate thereof. In our capacity as master servicer under the RPA, we are responsible for administering and collecting receivables and have made customary representations, warranties, covenants and indemnities.

The proceeds of the RPA are classified as operating activities in our Consolidated Statements of Cash Flows. Cash received from collections of sold receivables is used by the Receivables Subsidiary to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchaser. Subsequent collections on the pledged receivables, which have not been sold, will be classified as operating cash flows at the time of collection. Total receivables sold ~~under~~and ~~the RPA were $658,035 for the year ended September 28, 2024. Total~~ cash collections under the RPA were $~~633~~680,~~035~~709 for the year ended September 2827, ~~2024~~2025. The fair value of the sold receivables approximated book value due to their credit quality and short-term nature, and as a result, no gain or loss on sale of receivables was recorded.

The amount sold to the Purchasers was $125,000 at September 2827, ~~2024~~2025, which was derecognized from the Consolidated Balance Sheets. As collateral against sold receivables, the Receivables Subsidiary maintains a certain level of unsold receivables, which was $~~578~~668,~~124~~021 at September 2827, ~~2024~~2025.

Over-time contract receivables are primarily associated with prime contractors and subcontractors in connection with U.S. Government contracts, as well as commercial aircraft and satellite manufacturers. Amounts billed for over-time contracts to the U.S. Government were $31,~~952~~668 at September 2827, ~~2024~~2025 and $133,~~350~~952 at September 3028, ~~2023~~2024.

There are no material amounts of claims or unapproved change orders included in the Consolidated Balance Sheets. There are no material balances billed but not paid by customers under retainage provisions.

Concentrations of credit risk on receivables are limited to those from significant customers who are believed to be financially sound. Receivables, both billed and unbilled from Boeing were $263,140 at September 27, 2025 and $242,096 at September 28, 2024 and receivables, both billed and unbilled from Lockheed Martin were $138,246 at September 27, 2025 and $122,816 at September 28, 2024. We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral.

~~Concentrations~~In of2020 ~~credit~~the ~~risk~~U.S. ongovernment ~~receivables~~enacted ~~are~~the ~~limited~~Coronavirus toAid, ~~those~~Relief ~~from~~and ~~significant~~Economics ~~customers~~Security ~~who~~Act ~~are~~(the ~~believed~~"CARES Act") to beprovide ~~financially~~relief ~~sound.~~as ~~Receivables,~~a ~~both~~result ~~billed~~of ~~and~~the ~~unbilled~~COVID-19 ~~from~~pandemic. ~~Boeing~~The ~~were~~CARES ~~$242,096~~Act atprovides ~~September 28,~~tax ~~2024 and $227~~relief,~~107~~ atalong ~~September 30,~~with ~~2023~~other ~~and~~stimulus ~~receivables~~measures, ~~both~~including ~~billed~~a ~~and~~provision ~~unbilled~~for ~~from~~an ~~Lockheed~~Employee ~~Martin~~Retention ~~were~~Credit ~~$122~~("ERC"),~~816~~ atwhich ~~September 28,~~allows ~~2024~~employers ~~and~~to ~~$120,014~~claim ata ~~September 30,~~refundable ~~2023.~~tax Wecredit ~~perform~~against ~~periodic~~the ~~credit~~employer ~~evaluations~~share of ~~our~~Social ~~customers’~~Security ~~financial~~tax ~~condition~~equal ~~and~~to ~~generally~~70% doof ~~not~~the ~~require~~qualified ~~collateral~~wages paid to employees.

In ~~2020 the U.S. government enacted the Coronavirus Aid~~2025, Relief and Economics Security Act (the "CARES Act") to provide relief as a result of the COVID-19 pandemic. The CARES Act provides tax relief, along with other stimulus measures, including a provision for an ~~Employee~~additional ~~Retention Credit ("ERC")~~$3,320 ~~which~~was ~~allows~~received ~~employers to claim a refundable tax credit against the employer share of Social Security tax equal to 70% of the qualified wages paid to employees. We applied~~ for ~~the~~ ERC under the CARES Act and was recorded as contra expense to personnel related costs of $133,~~247~~084 to Costs of sales and $~~1,012~~236 to Selling, general and administrative costs in our Consolidated Statement of Earnings ~~in 2024 and is included in Receivables on our Consolidated Balance Sheets at September 28, 2024~~.

WeIn ~~qualify~~2024, ~~for~~we aapplied ~~New~~for ~~York~~the ~~State~~ERC ~~("NYS")~~under ~~Excelsior~~the ~~Jobs~~CARES ~~Program~~Act ~~tax~~and ~~credit,~~recorded ~~which~~contra ~~relates~~expense to ~~increasing~~personnel ~~and~~related ~~maintaining~~costs ~~employee~~of ~~headcount~~$13,247 ~~amounts of capital investments and research and development spending in NYS. The initial program allows us~~ to ~~receive~~Costs ~~up to $8,500~~ of ~~refundable~~sales ~~tax credits in cash over a nine year period. As long as the annual requirements are met~~ and ~~maintained~~$1,012 ~~we will receive the credits without any clawback provisions. We have recorded the tax credits as a contra expense~~ to ~~personnel~~Selling, ~~related~~general ~~costs~~ and ~~research~~administrative ~~and~~costs ~~development~~ in our Consolidated Statement of Earnings ~~for $1,118, $1,118 and $922~~ in 2024, ~~2023~~ and ~~2022,~~is ~~respectively.~~included Wein ~~have $2,236 and $3,096, recorded as~~ Receivables ~~for these credits~~ on our Consolidated Balance Sheets at September 28, 2024 ~~and September 30, 2023, respectively~~. ~~As of September 28, 2024 we have future tax credits of $3,353 that we can receive through 2027, if we maintain the annual requirements.~~

We qualify for New York State ("NYS") Excelsior Jobs Program tax credits, which relate to increasing and maintaining employee headcount, amounts of capital investments and research and development spending in NYS. The initial program allows us to receive up to $8,500 of refundable tax credits in cash over a nine year period. A second program allows us to receive up to $16,400 of refundable tax credits in cash over a ten year period. As long as the annual requirements are met and maintained, we will receive the credits without any clawback provisions. We have recorded the tax credits for the initial program as a contra expense to personnel related costs and research and development in our Consolidated Statement of Earnings for $1,956, $1,118 and $1,118 in 2025, 2024 and 2023, respectively. We have recorded the tax credits for the second program as a contra expense to personnel related costs in our Consolidated Statement of Earnings for $2,509 in 2025. We have $3,074 and $2,236, recorded as Receivables for the initial program credits on our Consolidated Balance Sheets at September 27, 2025 and September 28, 2024, respectively. We have $2,509, recorded as Receivables for the second program on our Consolidated Balance Sheets at September 27, 2025. As of September 27, 2025 we have future tax credits of $15,289 that we can receive through 2033, if we maintain the annual requirements.

The allowance for credit losses is based on our assessment of the collectability of customer accounts. The allowance is determined by considering factors such as historical experience, credit quality, age of the accounts receivable, current economic conditions and reasonable forecasted financial information that may affect a customer’s ability to pay.

Note 5 - Inventories

Inventories, net of reserves, consist of:

September 28,2024

September 30,2023

September 27,2025

September 28,2024

Raw materials and purchased parts

~~291~~301,~~969~~679

~~270~~291,~~305~~969

Work in progress

~~489~~520,~~503~~315

~~368~~488,~~277~~342

Finished goods

8292,~~230~~308

8582,~~420~~230

Inventories, net

~~863~~914,~~702~~302

~~724~~862,~~002~~541

There are no material inventoried costs relating to over-time contracts where revenue is accounted for using the cost-to-cost method of accounting as of September 2827, ~~2024~~2025 and September 3028, ~~2023~~2024.

InWe ~~2024,~~have we recorded ~~$7,027 of~~ inventory write-downs, primarily as a result of excess and obsolete inventories related to restructuring actions taken to close ~~Industrial and Space and Defense~~ facilities and transfer remaining production. Inand ~~2023,~~for wethe ~~recorded~~retirement ~~$4,345~~or ofexiting ~~inventory~~the ~~write-downs associated with a decline in~~ business ~~in our Industrial segment and the retirement~~ of aspecific ~~program in our Military Aircraft segment~~programs. InSee ~~2022,~~Note we14 ~~recorded~~- ~~impairment~~Restructuring ~~charges~~and ~~on inventory of $1,907 associated with Russian actions in the Ukraine. See~~ Note 1422 - ~~Restructuring~~Segments, for additional disclosures relating to inventory write-downs.

Note 6 - Property, Plant and Equipment

Property, plant and equipment consists of:

September 28,2024

September 30,2023

September 27,2025

September 28,2024

Land

3233,~~270~~872

3132,~~417~~270

Buildings and improvements

~~698~~737,~~333~~053

~~646~~698,~~079~~333

Machinery and equipment

~~900~~981,~~187~~157

~~827~~901,~~257~~643

Computer equipment and software

~~237~~253,~~604~~924

~~228~~237,~~284~~604

Property, plant and equipment, at cost

12,~~868~~006,~~394~~006

1,~~733~~869,~~037~~850

Less accumulated depreciation and amortization

(~~939~~986,~~037~~100)

(~~918~~941,~~341~~262)

Property, plant and equipment, net

~~929~~1,~~357~~019,906

~~814~~928,~~696~~588

In ~~2024~~2025, we recorded $~~806 of impairment charges on equipment no longer in use. In 2023~~2,374 ~~we recorded $5,301~~ of impairment charges on property and equipment on owned assets that experienced a decline in value, based on expected cash flows over the remaining life of the assets in relation to a decline in the related business in our Industrial segment. ~~and~~In ~~from~~2024, ~~the~~we ~~retirement~~recorded $806 of aimpairment ~~program~~charges inon ~~our~~equipment ~~Military~~no ~~Aircraft~~longer ~~segment~~in use. In ~~2022~~2023, we recorded $155,~~048~~301 of impairment charges ~~for~~on property and equipment on owned assets that experienced a decline in value, based on expected cash flows over the remaining life of the assets ~~associated~~in ~~with~~relation to a ~~slower~~decline ~~than~~in ~~expected~~the ~~recovery~~related business in our Industrial segment and from the retirement of a program in our ~~Commercial~~Military Aircraft ~~business~~segment.

In ~~2024~~2025, we received $62,~~243~~222 in cash from ~~NYS~~the ~~for~~US ~~capital~~Department ~~expenditures~~of inDefense ~~relation~~for production equipment to be used on existing contracts and for the ~~remediation~~construction of a ~~brownfield~~training atfacility. ~~our~~A ~~East~~total ~~Aurora~~of ~~facilities.~~$1,105 ~~The~~has ~~credit~~been ~~was~~ recorded as a reduction of property, plant and equipment in ~~2020~~2025 when the expenditures took place and the remaining $1,117 is recorded as an accrued liability on the Consolidated Balance Sheets and will be offset against the capital expenditures when they are incurred.

In 2024, we received $6,243 in cash from NYS for capital expenditures in relation to the remediation of a brownfield at our East Aurora facilities. The credit was recorded as a reduction of property, plant and equipment in 2020 when the expenditures were made and the requirements of the tax credit were fulfilled.

Note 7 - Leases

We lease certain manufacturing facilities, office space and machinery and equipment globally. At inception we evaluate whether a contractual arrangement contains a lease. Specifically, we consider whether we control the underlying asset and have the right to obtain substantially all the economic benefits or outputs from the asset. If the contractual arrangement contains a lease, we then determine the classification of the lease, operating or finance, using the classification criteria described in ASC 842. We then determine the term of the lease based on terms and conditions of the contractual arrangement, including whether the options to extend or terminate the lease are reasonably certain to be exercised. We have elected to not separate lease components from non-lease components, such as common area maintenance charges and instead, account for the lease and non-lease components as a single component.

Our lease right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and our lease liabilities represent our obligation to make lease payments. The ROU assets and lease liabilities for both operating and finance leases are recognized as of the commencement date at the net present value of the fixed minimum lease payments over the term of the lease including expected buyouts, using the discount rate described below. Variable lease payments are recorded in the period in which the obligation for the payment is incurred. Variable lease payments based on an index or rate are initially measured using the index or rate as of the commencement date of the lease and included in the fixed minimum lease payments. For short-term leases that have a term of 12 months or less as of the commencement date, we do not recognize a ROU asset or lease liability on our balance sheet; we recognize expense as the lease payments are made over the lease term.

Operating lease cost is included in Cost of sales and Selling, general and administrative on the Consolidated Statements of Earnings. Finance lease cost is included in Cost of sales, Selling, general and administrative and Interest on the Consolidated Statements of Earnings.

The discount rate used to calculate the present value of our leases is the rate implicit in the lease. If the information necessary to determine the rate implicit in the lease is not available, we use our incremental borrowing rate for collateralized debt, which is determined using our credit rating and other information available as of the lease commencement date.

The components of lease expense were as follows:

	2024		2023		2022
	2025		2024		2023
Operating lease cost	$	3132,~~065~~428	$	3031,~~031~~065	$	2829,~~670~~982
Finance lease cost:
Amortization of right-of-use assets	$	410,~~522~~909	$	57,~~310~~443	$	24,~~884~~380
Interest on lease liabilities	57,~~768~~623		25,~~964~~963		13,~~057~~247
Total finance lease cost	$	1018,~~290~~532	$	813,~~274~~406	$	37,~~941~~627

Supplemental cash flow information related to leases was as follows:

2024

2023

2022

2025

2024

2023

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

Operating cash flow for operating leases

3133,~~346~~495

3031,~~281~~346

2830,~~914~~281

Operating cash flow for finance leases

57,~~768~~623

25,~~964~~963

13,~~057~~247

Financing cash flow for finance leases

610,~~496~~159

46,~~620~~037

24,~~524~~313

Assets obtained in exchange for lease obligations:

Operating leases

1013,~~162~~462

610,~~014~~162

246,~~659~~014

Finance leases

3433,~~924~~552

5529,~~791~~221

1258,~~238~~020

Supplemental balance sheet information related to leases was as follows:

	September 28, 2024			September 30, 2023
	September 27, 2025			September 28, 2024
Operating Leases:
Operating lease right-of-use assets	$	52,~~591~~799		$	5652,~~067~~591
Accrued liabilities and other	$	11,~~124~~697		$	11,~~283~~124
Other long-term liabilities	5352,~~228~~549			5653,~~398~~228
Total operating lease liabilities	$	64,~~352~~246		$	6764,~~681~~352
Finance Leases:
Property, plant, and equipment, at cost	$	~~123~~157,~~314~~533		$	85124,~~324~~770
Accumulated depreciation	(1427,~~875~~186)			(1017,~~913~~101)
Property, plant, and equipment, net	$	~~108~~130,~~439~~347		$	74107,~~411~~669
Accrued liabilities and other	$	914,~~198~~920		$	58,~~621~~713
Other long-term liabilities	~~100~~119,~~146~~155			71101,~~225~~683
Total finance lease liabilities	$	~~109~~134,~~344~~075		$	76110,~~846~~396
Weighted average remaining lease term in years:
Operating leases	6.2			6.92
Finance leases	2017.16			2320.1
Weighted average discount rates:
Operating leases	5.23		%	5.02		%
Finance leases	6.4		%	6.54		%

Maturities of lease liabilities were as follows:

	September 28, 2024
	September 27, 2025
	Operating Leases		Finance Leases
2025	$	13,916	$	14,972
2026	$	14,566	$	22,296
2026	13,537		17,592
2027	13,698		19,885
2027	12,225		13,375
2028	11,571		20,801
2028	10,124		15,714
2029	10,098		21,824
2029	7,821		15,329
2030	7,467		18,678
Thereafter	1718,~~225~~132		143,~~306~~900
Total lease payments	7475,~~848~~532		~~220~~247,~~288~~384
Less: imputed interest	(1011,~~496~~286)		(~~110~~113,~~944~~309)
Total	$	64,~~352~~246	$	~~109~~134,~~344~~075

The operating lease ROU and finance lease disclosures above reflect a write ~~downs~~down of $2,849 ~~and~~in ~~$2,086 for the years~~ 2024 ~~and 2023~~, ~~respectively~~ as a result of restructuring actions taken to simplify our business operations through facility closures.

On September 30, 2022, we sold a building located in Murray, Utah and concurrently entered into a lease agreement for the building with an initial term of two years, which also includes the option to extend the terms of the lease for up to two consecutive terms of six months each. The transaction resulted in a net gain of $9,075 which is included in the Consolidated Statements of Earnings.

Note 8 - Goodwill and Intangible Assets

The changes in the carrying amount of goodwill are as follows:

Effective October 1, 2023, we made a change to our reporting structure to separate our former Aircraft Controls operating segment into two operating segments, Military Aircraft and Commercial Aircraft, which also represent reporting units for purposes of assessing goodwill. We performed an impairment test consistent with the rules set forth under ASC 350, “Intangibles—Goodwill and Other,” by performing a quantitative analysis on the former reporting unit. Following this test, we reassigned the goodwill from the former Aircraft Controls reporting unit to its new reporting units using a relative fair value allocation approach. We then performed quantitative goodwill impairment tests on each of the new reporting units. Quantitative testing requires a comparison of the fair value of a reporting unit to its carrying value. We principally use the discounted cash flow method to estimate the fair value of a reporting unit. The discounted cash flow method incorporates various assumptions, the most significant being projected cash flows (inclusive of projected revenue growth rates and operating margins), the terminal growth rate and the discount rate. Management projects revenue growth rates, operating margins and cash flows based on each reporting unit's current business, expected developments and operational strategies typically over a five-year period. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss must be measured. The results of our quantitative assessments showed the fair value of the two new reporting units, Military Aircraft and Commercial Aircraft, exceeded their carrying value; and therefore, goodwill was not impaired.


	Space and Defense		Military Aircraft		Commercial Aircraft		Industrial		Total
Balance at October 1, 2022	$	259,407	$	106,907	$	92,612	$	346,394	$	805,320

Adjustments to prior year acquisitions	—		122		—		—		122




Foreign currency translation	68		4,247		—		11,544		15,859
Balance at September 30, 2023	259,475		111,276		92,612		357,938		821,301
Acquisition	—		2,760		—		—		2,760




Held for sale	—		—		—		(3,719)		(3,719)
Foreign currency translation	76		4,906		—		8,440		13,422
Balance at September 28, 2024	259,551		118,942		92,612		362,659		833,764
Acquisition	36,191		—		—		—		36,191




Held for sale	(33,000)		—		—		—		(33,000)
Foreign currency translation	(2)		(397)		—		5,757		5,358
Balance at September 27, 2025	$	262,740	$	118,545	$	92,612	$	368,416	$	842,313

	Space andDefense		Military Aircraft		Commercial Aircraft		Industrial		Total
Balance at October 2, 2021	$	261,767	$	118,167	$	92,612	$	379,059	$	851,605
Acquisition	—		5,344		—		—		5,344
Divestitures	(2,205)		(6,961)		—		(4,137)		(13,303)
Foreign currency translation	(155)		(9,643)		—		(28,528)		(38,326)
Balance at October 1, 2022	259,407		106,907		92,612		346,394		805,320
Adjustments to prior year acquisitions	—		122		—		—		122
Foreign currency translation	68		4,247		—		11,544		15,859
Balance at September 30, 2023	259,475		111,276		92,612		357,938		821,301
Acquisition	—		2,760		—		—		2,760
Held for sale	—		—		—		(3,719)		(3,719)
Foreign currency translation	76		4,906		—		8,440		13,422
Balance at September 28, 2024	$	259,551	$	118,942	$	92,612	$	362,659	$	833,764

Goodwill in our Space and Defense segment is net of a $4,800 accumulated impairment loss at September 27, 2025 and September 28, 2024. Goodwill in our Medical Devices reporting unit, included in our Industrial segment, is net of a $38,200 accumulated impairment loss at September 27, 2025 and September 28, 2024.

The components of intangible assets are as follows:

Goodwill in our Space and Defense segment is net of a $4,800 accumulated impairment loss at September 28, 2024 and September 30, 2023. Goodwill in our Medical Devices reporting unit, included in our Industrial segment, is net of a $38,200 accumulated impairment loss at September 28, 2024 and September 30, 2023.


		September 27, 2025				September 28, 2024
	Weighted- Average Life (years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer-related	11	$	131,967	$	(100,655)	$	130,092	$	(96,307)
Technology-related	9	77,172		(57,817)		68,275		(56,236)
Program-related	23	39,799		(26,476)		39,865		(24,887)
Marketing-related	8	21,387		(19,320)		22,141		(19,486)
Other	3	1,376		(1,332)		1,407		(1,385)
Intangible assets	12	$	271,701	$	(205,600)	$	261,780	$	(198,301)

		September 28, 2024				September 30, 2023
	Weighted-AverageLife (years)	Gross CarryingAmount		AccumulatedAmortization		Gross CarryingAmount		AccumulatedAmortization
Customer-related	11	$	130,092	$	(96,307)	$	133,269	$	(93,648)
Technology-related	9	68,275		(56,236)		69,242		(56,106)
Program-related	23	39,865		(24,887)		37,465		(21,672)
Marketing-related	8	22,141		(19,486)		21,890		(18,995)
Other	3	1,407		(1,385)		1,773		(1,581)
Intangible assets	12	$	261,780	$	(198,301)	$	263,639	$	(192,002)

All acquired intangible assets other than goodwill are being amortized. Customer-related intangible assets primarily consist of customer relationships. Technology-related intangible assets primarily consist of technology, patents and intellectual property. Program-related intangible assets consist of long-term programs represented by current contracts and probable follow on work. Marketing-related intangible assets primarily consist of trademarks and trade names.

In 2024, we recorded charges of $2,345 related to restructuring actions in conjunction with exiting product lines within our Industrial and Military Aircraft segments, respectively, both of which included the write off of intangible assets. We have recorded these charges based on the expected cash flows over the remaining life of the assets and are included in Restructuring in the Consolidated Statements of Earnings. In 2023, we recorded $4,409 in impairment charges on long-lived assets in our Industrial and Commercial Aircraft segments. These charges relate to a decline in value with the associated business and the retirement of a trade name intangible and are included as asset impairment in the Consolidated Statements of Earnings.

Amortization of acquired intangible assets is as follows:


	2025		2024		2023
Acquired intangible asset amortization	$	9,702	$	10,131	$	11,514

Based on acquired intangible assets recorded at September 27, 2025, amortization is estimated to be approximately:


	2026		2027		2028		2029		2030
Estimated future amortization of acquired intangible assets	$	10,900	$	9,900	$	9,000	$	7,400	$	5,300

			2024			2023			2022
Acquired intangible asset amortization			$	10,131		$	11,514		$	13,106

			2025			2026			2027			2028			2029
Estimated future amortization of acquired intangible assets			$	9,600		$	9,500		$	8,200		$	7,400		$	5,500

Note 9 - Equity Method and Other Investments

Investments and operating results in which we do not have a controlling interest, however we do have the ability to exercise significant influence over operations are accounted for using the equity method of accounting. Net investment balances for equity method investments and joint ventures are included as Other assets in the Consolidated Balance Sheets and consist of:

	September 28, 2024		September 30, 2023
	September 27, 2025		September 28, 2024
Moog Aircraft Service Asia	$	12,~~742~~165	$	1,~~302~~742
NOVI LLC	—		325
Suffolk Technologies Fund 1, L.P.	3,113		1,659
Suffolk Technologies Fund 1, L.P.	1,659		1,180
Net investment balance	$	5,278	$	3,401
Net investment balance	$	3,401	$	2,807

~~Losses~~Income and losses from equity method investments and joint ventures ~~were~~are ~~$226,~~included ~~$62~~in ~~and~~Other ~~$724~~ in ~~2024,~~the ~~2023~~Consolidated ~~and~~Statement ~~2022~~of Earnings. In 2025, ~~respectively~~we ~~and~~recognized ~~are~~income ~~included~~of in$409. ~~Other~~In in2024 ~~the~~and ~~Consolidated~~2023, ~~Statements~~we recognized losses of ~~Earnings~~$226 and $62, respectively.

WeSuffolk ~~continued~~Technologies toFund ~~divest~~1, ~~our~~L.P., ~~interest~~is a limited partnership included in ~~NOVI~~our ~~LLC,~~Industrial ~~which~~segment isthat ~~included~~invests in ~~our~~startups ~~Space~~to ~~and~~transform ~~Defense~~the ~~segment.~~construction, ~~Our~~real ~~ownership~~estate isand ~~now~~property ~~below~~maintenance ~~the~~industries ~~threshold~~in ~~for~~the ~~equity~~U.S. ~~accounting~~We ~~and~~have asa ~~such~~remaining ison-call ~~now~~capital ~~recorded~~commitment atof ~~fair~~up ~~value~~to $4,774.

~~Suffolk~~Hybrid ~~Technologies~~Motion ~~Fund~~Solutions 1,(“HMS”) ~~L.P.,~~ is a ~~limited~~joint ~~partnership~~venture ~~included~~ in our Industrial segment ~~that~~in ~~invests~~which we hold a 50% ownership interest. HMS specializes in ~~startups~~hydrostatic servo drives and leverages synergies to ~~transform~~enter ~~the~~new ~~construction,~~markets. ~~real~~The ~~estate~~joint venture focuses on research and ~~property~~development, ~~maintenance~~design ~~industries~~and inassembly ~~the~~as Uwell as service.S. WeOur ~~have~~share aof ~~remaining~~cumulative ~~on-call~~losses ~~capital~~to ~~commitment~~date has exceeded our initial investment, and as such, we had no net investment balance recorded as of upSeptember 27, 2025. In addition to the investment, we had a loan to HMS for $52,~~663.~~613, which we wrote off during 2023 and is included in Asset Impairment in the Consolidated Statements of Earnings.

~~Hybrid~~Investments ~~Motion~~in, ~~Solutions~~and ~~(“HMS”)~~the isoperating aresults ~~joint~~of, ~~venture~~entities in ~~our Industrial segment in~~ which we ~~hold~~do not have a ~~50%~~controlling ~~ownership~~financial interest. ~~HMS~~or ~~specializes~~the inability ~~hydrostatic~~to ~~servo~~exercise ~~drives~~significant ~~and~~influence ~~leverages~~over ~~synergies~~the tooperations ~~enter~~are ~~new~~accounted ~~markets.~~for ~~The~~at ~~joint~~historical ~~venture~~cost ~~focuses~~or onfair ~~research~~value ~~and~~using ~~development,~~readily ~~design~~determinable ~~and~~financial ~~assembly~~information. asIn ~~well~~2025, aswe ~~service.~~recorded ~~Our~~a ~~share~~$3,000 impairment for the devaluation of ~~cumulative~~an ~~losses~~investment, towhich ~~date~~is ~~has~~included ~~exceeded~~in ~~our~~Asset ~~initial~~impairment ~~investment,~~in ~~and~~the asConsolidated ~~such~~Statements of Earnings. In 2024, we ~~had~~recorded noan ~~net~~impairment ~~investment~~for ~~balance~~the ~~recorded~~devaluation asof an investment of ~~September 28~~$5,294, ~~2024.~~which Inis ~~addition~~included toas asset impairment in the ~~investment,~~Consolidated weStatements ~~had~~of aEarnings. ~~loan~~We tohad ~~HMS~~investments ~~for~~of $21,~~613,~~580 ~~which~~and we$4,580 ~~wrote~~as ~~off~~of ~~during~~September 27, ~~2023~~2025 and isSeptember 28, 2024, respectively, which are included inas ~~Asset~~Other ~~Impairment~~assets in the Consolidated ~~Statements~~Balance ~~of Earnings~~Sheets.

Investments in, and the operating results of, entities in which we do not have a controlling financial interest or the ability to exercise significant influence over the operations are accounted for at historical cost or fair value using readily determinable financial information. In 2024, we recorded an impairment for the devaluation of an investment of $5,294, which is included as asset impairment in the Consolidated Statements of Earnings. We had investments of $4,580 and $9,875 as of September 28, 2024 and September 30, 2023, respectively. which are included as Other assets in the Consolidated Balance Sheets.

Note 10 - Indebtedness

We maintain short-term line of credit facilities with banks throughout the world that are principally demand lines subject to revision by the banks.

Long-term debt consists of:

	September 28,2024		September 30,2023
	September 27,2025		September 28,2024
U.S. revolving credit facility	$	~~375~~195,~~500~~000	$	~~334~~375,500
SECT revolving credit facility	1,000		33,000
Term loan	250,000		—
SECT revolving credit facility	1,000		1,000
Senior notes 4.25%	500,000		500,000
Senior debt	~~876~~946,~~500~~000		~~867~~876,500
Less deferred debt issuance cost	(~~2,361~~314)		(42,~~408~~361)
Long-term debt	$	874,139	$	863,092
Less current installments	(1,563)		—
Long-term debt	$	944,123	$	874,139

Our U.S. revolving credit facility, which matures on October 27, 2027, has a capacity of $1,100,000 and provides an expansion option, which permits us to request an increase of up to $400,000 to the credit facility upon satisfaction of certain conditions. ~~Interest~~The weighted-average interest rate on ~~our~~the outstanding U.S revolving credit facility borrowings is 5.80% and is based on SOFR plus the applicable margin, which was 1.60% ~~The~~at ~~credit~~September 27, ~~facility~~2025. isOn ~~secured~~May 30, by2025, ~~substantially~~we ~~all~~amended ofand restated our ~~U.S.~~loan ~~assets.~~agreement ~~The~~to include a $250,000 term loan, ~~agreement~~with ~~contains~~installment ~~various~~payments ~~covenants~~of ~~which~~$3,125 ~~among~~in ~~others~~2026, ~~specify~~$9,375 ~~interest~~in ~~coverage~~2027 and ~~maximum~~the ~~leverage~~remaining balance on the maturity date of October 27, 2027. WeAdditional ~~are~~principal inpayments ~~compliance~~may ~~with~~be ~~all~~required ~~covenants~~under certain conditions. The ~~weighted-average~~proceeds ~~interest~~of ~~rate~~the onterm ~~the~~loan were used to pay down outstanding revolver borrowings of the U.S. revolving credit facility. The interest rate on the term loan borrowings iswas 65.7390% and is based on SOFR plus the applicable margin, which was 1.60% at September 2827, ~~2024~~2025. The U.S. revolving credit facility and term loan are secured by substantially all of our U.S. assets and contain various covenants which, among others, specify interest coverage and maximum leverage. We are in compliance with all covenants.

~~The~~On November 6, 2024, the SECT ~~has~~amended athe revolving credit facility, ~~with~~which areduced the borrowing capacity offrom $35,000 to $25,000 ~~maturing~~and onextended the maturity date from October 26, 2025 to October 26, 2026. Interest is based on SOFR plus an applicable margin of 2.23%. A commitment fee is also charged based on a percentage of the unused amounts available and is not material. ~~See Note 25 - Subsequent Events, for information related to an amendment to the credit facility.~~

We have $500,000 aggregate principal amount of 4.25% senior notes due December 15, 2027 with interest paid semiannually on June 15 and December 15 of each year. The senior notes are unsecured obligations, guaranteed on a senior unsecured basis by certain subsidiaries and contain normal incurrence-based covenants and limitations such as the ability to incur additional indebtedness, pay dividends, make other restricted payments and investments, create liens and certain corporate acts such as mergers and consolidations. We are in compliance with all covenants. The effective interest rate for these notes after considering the amortization of deferred debt issuance costs is 4.60%.

Maturities of long-term debt are:

	2025		2026		2027		2028		2029		Thereafter
	2026		2027		2028		2029		2030		Thereafter
Long-term debt maturities	$	—3,125	$	110,~~000~~375	$	—932,500	$	~~875,500~~—	$	—	$	—

At September 2827, ~~2024~~2025, we had pledged assets with a net book value of $2,~~028~~163,~~027~~282 as security for long-term debt.

At September 2827, ~~2024~~2025, we had $~~754~~925,~~581~~388 of unused short and long-term borrowing capacity, including $~~720~~900,~~581~~721 from the U.S. revolving credit facility.

Commitment fees are charged on some of these arrangements and on the U.S. revolving credit facility based on a percentage of the unused amounts available and are not material.

Note 11 - Other Accrued Liabilities

Other accrued liabilities consists of:

September 28, 2024

September 30, 2023

September 27, 2025

September 28, 2024

Employee benefits

5557,~~032~~019

4755,~~653~~032

Contract reserves

7184,~~554~~360

4581,~~257~~180

Warranty accrual

23,~~548~~892

2223,~~939~~548

Accrued income taxes

5230,~~007~~392

2951,~~631~~058

Other

~~103~~124,~~039~~412

66102,~~289~~555

Other accrued liabilities

~~305~~320,~~180~~075

~~211~~313,~~769~~373

Activity in the warranty accrual is summarized as follows:

	2024		2023		2022
	2025		2024		2023
Warranty accrual at beginning of year	$	22,939	$	23,072	$	26,602
Warranty accrual at beginning of period	$	23,548	$	22,939	$	23,072
Warranties issued during current year	9,953		11,227		9,227
Warranties issued during current period	8,060		9,953		11,227
Adjustments to pre-existing warranties	(12,~~830~~824)		(~~350~~1,830)		(~~764~~350)
Reductions for settling warranties	(74,~~817~~997)		(117,~~264~~817)		(1011,~~366~~264)
Divestiture and held for sale adjustment	~~(33)~~—		—(33)		~~(618)~~—
Foreign currency translation	~~336~~105		~~254~~336		~~(1,009)~~254
Warranty accrual at end of year	$	23,548	$	22,939	$	23,072
Warranty accrual at end of period	$	23,892	$	23,548	$	22,939

Note 12 - Derivative Financial Instruments

We principally use derivative financial instruments to manage foreign exchange risk related to foreign operations and foreign currency transactions ~~and interest rate risk associated with long-term debt~~. We enter into derivative financial instruments with a number of major financial institutions to minimize counterparty credit risk.

Derivatives designated as hedging instruments

We use foreign currency contracts as cash flow hedges to effectively fix the exchange rates on future payments and revenue. AsTo ofmitigate ~~September 28~~exposure in movements between various currencies, ~~2024~~including the Philippine peso, we had no outstanding foreign currency contracts ~~designated~~with asnotional ~~hedging~~amounts ~~instruments~~of $35,620 at September 27, 2025. These contracts mature at various times through December 23, 2026.

WeForeign ~~use forward~~ currency contracts toare ~~hedge~~recorded ~~our~~in ~~net~~the ~~investment~~Consolidated Balance Sheets at fair value and the related gains or losses are deferred in ~~certain~~Shareholders’ ~~foreign~~Equity ~~subsidiaries~~as a component of Accumulated Other Comprehensive Income (Loss) ("AOCIL"). AsThese deferred gains and losses are reclassified into the Consolidated Statements of ~~September 28~~Earnings, ~~2024~~as necessary, weduring ~~had~~the noperiods ~~outstanding~~in ~~net~~which ~~investment~~the ~~hedges~~related payments or receipts affect earnings. However, to the extent the foreign currency contracts are not perfectly effective in offsetting the change in the value of the payments and revenue being hedged, the ineffective portion of these contracts is recognized in earnings immediately. Ineffectiveness was not material in 2025, 2024 or 2023.

Interest rate swaps are used to adjust the proportion of total debt that is subject to variable and fixed interest rates. The interest rate swaps are designated as hedges of the amount of future cash flows related to interest payments on variable-rate debt that, in combination with the interest payments on the debt, convert a portion of the variable-rate debt to fixed-rate debt. At September 28, 2024, we had no outstanding interest rate swaps.

Foreign currency contracts, net investment hedges and interest rate swaps are recorded in the Consolidated Balance Sheets at fair value and the related gains or losses are deferred in Shareholders’ Equity as a component of Accumulated Other Comprehensive Income (Loss) ("AOCIL"). These deferred gains and losses are reclassified into the Consolidated Statements of Earnings, as necessary, during the periods in which the related payments or receipts affect earnings. However, to the extent the foreign currency contracts and interest rate swaps are not perfectly effective in offsetting the change in the value of the payments and revenue being hedged, the ineffective portion of these contracts is recognized in earnings immediately. Ineffectiveness was not material in 2024, 2023 or 2022.

Derivatives not designated as hedging instruments

We also have foreign currency exposure on balances, primarily intercompany, that are denominated in a foreign currency and are adjusted to current values using period-end exchange rates. The resulting gains or losses are recorded in the Consolidated Statements of Earnings. To minimize foreign currency exposure, we have foreign currency contracts with notional amounts of $~~174~~160,~~159~~659 at September 2827, ~~2024~~2025. The foreign currency contracts are recorded in the Consolidated Balance Sheets at fair value and resulting gains or losses are recorded in the Consolidated Statements of Earnings. We recorded the following gains and losses on foreign currency contracts which are included in other income or expense and generally offset the gains or losses from the foreign currency adjustments on the intercompany balances that are also included in other income or expense:

Statements of Earnings location

~~2024~~2025

~~2023~~2024

~~2022~~2023

Net gain (loss)

Net gain

Foreign currency contracts

Other

52,~~121~~211

25,~~781~~121

~~(10~~2,~~396)~~781

Summary of derivatives

The fair value and classification of derivatives is summarized as follows:

	Balance Sheets location	September 2827, ~~2024~~2025		September 3028, ~~2023~~2024
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	—250	$	~~295~~—
Foreign currency contracts	~~Accrued~~Other ~~liabilities and other~~assets	$39	—	$—	~~581~~
	Total asset derivatives	$	289	$	—
Foreign currency contracts	Other long-term liabilities	8		—
	Total liability derivatives	$	8	$	—
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	$	~~648~~—	$	93648
Foreign currency contracts	Accrued liabilities and other	$	281,502	$	~~324~~28

Note 13 - Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate fair value. The definition of the fair value hierarchy is as follows:

Level 1 – Quoted prices in active markets for identical assets and liabilities.

Level 2 – Observable inputs other than quoted prices in active markets for similar assets and liabilities.

Level 3 – Inputs for which significant valuation assumptions are unobservable in a market and therefore value is based on the best available data, some of which is internally developed and considers risk premiums that a market participant would require.

Our derivatives are valued using various pricing models or discounted cash flow analyses that incorporate observable market data, such as interest rate yield curves and currency rates, and are classified as Level 2 within the valuation hierarchy.

The following table presents the fair values and classification of our financial assets and liabilities measured on a recurring basis, all of which are classified as Level 2, except for the acquisition contingent consideration, which is classified as Level 3:

	Balance Sheets location	September 2827, ~~2024~~2025		September 3028, ~~2023~~2024
Foreign currency contracts	Other current assets	$	~~648~~250	$	~~388~~648
	Total assets	$	648	$	388
Foreign currency contracts	Other assets	39		—
Foreign currency contracts	Accrued liabilities and other	$	28	$	905
	Total assets	$	289	$	648
Acquisition contingent consideration	Accrued liabilities and other	2,839		—
Foreign currency contracts	Accrued liabilities and other	$	1,502	$	28
Acquisition contingent consideration	Other long-term liabilities	—		3,089
Foreign currency contracts	Other long-term liabilities	8		—
	Total liabilities	$	2,867	$	3,994
Acquisition contingent consideration	Accrued liabilities and other	473		2,839
	Total liabilities	$	1,983	$	2,867

The changes in financial liabilities classified as Level 3 within the fair value hierarchy are as follows:

		September 28, 2024				September 30, 2023
	Statements of Earnings location			September 27, 2025				September 28, 2024
Balance at beginning of year		$	3,089			$	3,272
Balance at beginning of period				$	2,839			$	3,089
Acquisition adjustment		—				(491)
Increase in discounted future cash flows	Interest expense			—				237
Increase in discounted future cash flows recorded as interest expense		237				308
Increase (decrease) in earn out provisions	Other			76				(487)
Decrease in earn out provisions recorded as other income		(487)				—
Settlements paid in cash				(2,442)				—
Balance at end of year		$	2,839			$	3,089
Balance at end of period				$	473			$	2,839

Our only financial instrument for which the carrying value differs from its fair value is long-term debt. At September 2827, ~~2024~~2025, the fair value of long-term debt was $~~855~~932,~~252~~570 compared to its carrying value of $~~876~~946,~~500~~000. The fair value of long-term debt is classified as Level 2 within the fair value hierarchy and was estimated based on quoted market prices.

Certain property, plant and equipment, ROU assets and intangible assets have been measured at fair values on a nonrecurring basis using future discounted cash flows and other observable inputs (Level 3) and are not included in the fair value tables above. See Note 4 - Receivables, Note 5 - Inventories, Note 6 - Property, Plant and Equipment, Note 7 - Leases and Note 8 - Goodwill and Intangible Assets for additional disclosures relating to impairment charges recorded.

Note 14 - Restructuring

In 2024, we initiated restructuring actions in relation to portfolio shaping activities. These actions have and will result in workforce reductions, principally in the U.S.and Europe. Total restructuring charges in 2024 include $11,096 for severance, $8,275 of non-cash charges related to intangibles, receivables, ROU assets and property and equipment written off and $4,417 for other costs. ~~These actions contain certain elements that will continue through 2025 and are expected to result in additional costs of approximately $1,000.~~

In 2023, we initiated restructuring actions in relation to portfolio shaping activities. These actions have and will result in workforce reductions, principally in the U.S. and Europe. The 2023 restructuring charge consists of $6,905 for severance and $1,092 for facility closure and other costs. The 2023 plan has elements, primarily retention agreements, that will continue through 2027 and could result in additional costs of up to approximately $43,~~900~~400.

Restructuring activity for severance and other costs by segment and reconciliation to consolidated amounts is as follows:

	Space and Defense		Military Aircraft		Commercial Aircraft		Industrial		Total
Balance at October 2, 2021	$	—	$	179	$	—	$	5,486	$	5,665
Balance at October 1, 2022	$	228	$	229	$	—	$	6,678	$	7,135
Charged to expense - 2022 plan	3,755		3,996		—		3,450		11,201
Cash payments - 2022 plan	(1,297)		(3,767)		—		(613)		(5,677)
Cash payments - 2020 plan	—		(179)		—		(443)		(622)
Cash payments - 2018 plan	—		—		—		(432)		(432)
Non-cash charges - 2022 plan	(2,230)		—		—		—		(2,230)
Foreign currency translation	—		—		—		(770)		(770)
Balance at October 1, 2022	228		229		—		6,678		7,135
Charged to expense - 2023 plan	2,308		458		—		5,808		8,574
Adjustments to provision	(37)		(15)		—		(525)		(577)
Cash payments - 2023 plan	(678)		(95)		—		(1,450)		(2,223)
Cash payments - 2022 plan	(190)		(229)		—		(~~1,885~~1885)		(2,304)
Cash payments - 2020 plan	—		—		—		(372)		(372)
Cash payments - 2018 plan	—		—		—		(359)		(359)
Foreign currency translation	(9)		(1)		—		313		303
Balance at October 1, 2023	1,622		347		—		8,208		10,177
Charged to expense - 2024 plan	6,307		3,973		1,237		10,282		21,799
Charged to expense - 2023 plan	—		—		—		3,766		3,766
Non-cash charges - 2024 plan	(4,907)		(733)		—		(2,635)		(8,275)
Adjustments to provision	(178)		(139)		—		(1,638)		(1,955)
Cash payments - 2024 plan	—		(2,616)		(477)		(3,740)		(6,833)
Cash payments - 2023 plan	(~~1,444~~1444)		(208)		—		(4,014)		(5,666)
Cash payments - 2022 plan	—		—		—		(464)		(464)
Cash payments - 2020 plan	—		—		—		(485)		(485)
Cash payments - 2018 plan	—		—		—		(399)		(399)
Foreign currency translation	—		—		—		513		513
Balance at September 28, 2024	$1,400	~~1,400~~	$624	~~624~~	$760	~~760~~	$9,394	~~9,394~~	$12,178	~~12,178~~
Charged to expense - 2024 plan	2,046		—		—		5,997		8,043
Charged to expense - 2023 plan	—		—		—		1,972		1,972
Non-cash charges - 2024 plan	(448)		—		—		(732)		(1,180)
Adjustments to provision	—		—		—		(697)		(697)
Cash payments - 2024 plan	(871)		(624)		(760)		(7,953)		(10,208)
Cash payments - 2023 plan	—		—		—		(1,277)		(1,277)
Cash payments - 2022 plan	—		—		—		(32)		(32)
Cash payments - 2020 plan	—		—		—		(170)		(170)
Cash payments - 2018 plan	—		—		—		(400)		(400)
Foreign currency translation	171		—		—		429		600
Balance at September 27, 2025	$	2,298	$	—	$	—	$	6,531	$	8,829

As of September 2827, ~~2024~~2025, the restructuring accrual consists $63,~~747~~240 for the 2024 plan, $4,~~128~~903 for the 2023 plan, $~~215~~192 for the 2022 plan, $~~252~~20 for the 2020 plan and $~~836~~474 for the 2018 plan. Restructuring is expected to be paid within a year, except portions classified as long-term liabilities based on the nature of the reserve and the timing of the expected payments.

Note 15 - Employee Benefit Plans

We maintain multiple employee benefit plans, covering employees at certain locations.

Our qualified U.S. defined benefit pension plan is not open to new entrants. New employees are not eligible to participate in the pension plan. Instead, we make contributions for those employees to an employee-directed investment fund in the Moog Inc. Retirement Savings Plan ("RSP"), which consists of two defined contribution options, the RSP and the RSP(+). Effective January 1, 2020, all employees hired prior to January 1, 2019 are eligible to either participate in the new RSP(+) or remain in the existing RSP. All employees hired after January 1, 2019 are automatically enrolled in the new RSP(+). The Company’s contributions to both the RSP and RSP(+) are based on a percentage of the employee’s eligible compensation and age and are in addition to the employer match on voluntary employee contributions.

The RSP and RSP(+) includes an employee stock ownership feature. As one of the investment alternatives, participants in the RSP and RSP(+) can acquire our stock at market value. Shares are allocated and compensation expense is recognized as the employer share match is earned. At September 2827, ~~2024~~2025, the participants in the RSP and RSP(+) owned 1,~~807~~778,~~605~~645 Class B shares.

Expense for all defined contribution plans consists of:

	2024		2023		2022
	2025		2024		2023
U.S. defined contribution plans	$	5150,~~456~~900	$	4551,~~868~~456	$	4345,~~550~~868
Non-U.S. defined contribution plans	910,~~993~~699		89,~~650~~993		8,~~157~~650
Total expense for defined contribution plans	$	61,~~449~~599	$	5461,~~518~~449	$	5154,~~707~~518

The changes in projected benefit obligations and plan assets and the funded status of the U.S. and non-U.S. defined benefit plans are as follows:

U.S. Plans

Non-U.S. Plans

2024

2023

2024

2023

2025

2024

2025

2024

Change in projected benefit obligation:

Projected benefit obligation at prior year measurement date

~~494~~575,~~876~~426

~~530~~494,~~946~~876

~~130~~151,~~174~~637

~~127~~130,~~739~~174

Service cost

109,~~775~~881

1210,~~913~~775

23,~~580~~087

2,~~674~~580

Interest cost

2726,~~891~~897

2827,~~112~~891

5,~~720~~307

5,~~448~~720

Contributions by plan participants

—

~~170~~165

170

Actuarial (gains) losses

62(25,~~473~~562)

~~(17~~62,~~701)~~473

12(8,~~198~~581)

(512,~~874)~~198

Foreign currency exchange impact

—

73,~~737~~134

87,~~838~~737

Benefits paid

(1922,~~313~~803)

(1719,~~391~~313)

(67,~~125~~016)

(6,~~514~~125)

Curtailments

—

~~(32)~~—

—(32)

Settlements

—

~~(40,518)~~—

(~~565~~892)

(~~2,146~~565)

Other

(~~1,276~~842)

(1,~~485~~276)

(~~220~~130)

(~~161~~220)

Projected benefit obligation at measurement date

~~575~~562,~~426~~997

~~494~~575,~~876~~426

~~151~~146,~~637~~711

~~130~~151,~~174~~637

Change in plan assets:

Fair value of assets at prior year measurement date

~~392~~472,~~444~~633

~~445~~392,~~723~~444

97113,~~184~~776

9097,~~994~~184

Actual return on plan assets

9422,~~443~~105

2094,443

~~9,883~~760

19,~~828~~883

Employer contributions

6,~~335~~389

6,~~095~~335

7(4,~~511~~443)

7,~~455~~511

Contributions by plan participants

—

~~170~~165

170

Benefits paid

(1922,~~313~~803)

(1719,~~391~~313)

(67,~~125~~016)

(6,~~514~~125)

Settlements

—

~~(40,518)~~—

(~~565~~892)

(~~2,146~~565)

Foreign currency exchange impact

—

~~5,938~~116

5,~~558~~938

Other

(~~1,276~~842)

(1,~~485~~276)

(~~220~~130)

(~~161~~220)

Fair value of assets at measurement date

~~472~~477,~~633~~482

~~392~~472,~~444~~633

~~113~~102,~~776~~336

97113,~~184~~776

Funded status and amount recognized in assets and liabilities

(~~102~~85,~~793~~515)

(102,~~432~~793)

(3744,~~861~~375)

(3237,~~990~~861)

Amount recognized in assets and liabilities:

Long-term assets

—

15,~~640~~254

1315,~~647~~640

Current and long-term pension liabilities

(~~102~~85,~~793~~515)

(102,~~432~~793)

(5359,~~501~~629)

(4653,~~637~~501)

Amount recognized in assets and liabilities

(~~102~~85,~~793~~515)

(102,~~432~~793)

(3744,~~861~~375)

(3237,~~990~~861)

Amount recognized in AOCIL, before taxes:

Prior service cost (credit)

—

~~746~~683

~~737~~746

Actuarial losses

~~128~~100,~~544~~570

~~145~~128,~~536~~544

1812,~~216~~643

1018,~~726~~216

Amount recognized in AOCIL, before taxes

~~128~~100,~~544~~570

~~145~~128,~~536~~544

1813,~~962~~326

1118,~~463~~962

On September 26, 2023, we made a lump sum payment to certain retirees and beneficiaries in our qualified U.S. defined benefit pension plan. The settlement reduced the projected benefit obligation and fair value of assets by $40,518 and resulted in a one-time settlement charge of $12,542.

Our funding policy is to contribute at least the amount required by law in the respective countries.

The total accumulated benefit obligation as of the measurement date for all defined benefit pension plans was $~~687~~676,~~292~~061 in ~~2024~~2025 and $~~587~~687,~~754~~292 in ~~2023~~2024. At the measurement date in ~~2024~~2025, our plans had fair values of plan assets totaling $~~586~~579,~~409~~818. The following table provides aggregate information for the pension plans, which have accumulated benefit obligations in excess of plan assets:

September 28, 2024

September 30, 2023

September 27, 2025

September 28, 2024

Accumulated benefit obligation

~~187~~144,~~366~~215

~~138~~187,~~054~~366

Fair value of plan assets

504,~~619~~462

1350,~~107~~619

The following table provides aggregate information for the pension plans, which have projected benefit obligations in excess of plan assets:

September 28, 2024

September 30, 2023

September 27, 2025

September 28, 2024

Projected benefit obligation

~~679~~664,~~547~~656

~~583~~679,~~029~~547

Fair value of plan assets

~~523~~519,~~253~~513

~~433~~523,~~960~~253

Weighted-average assumptions used to determine net periodic benefit cost and weighted-average assumptions used to determine benefit obligations as of the measurement dates are as follows:

	U.S. Plans						Non-U.S. Plans
	2024		2023		2022		2024		2023		2022
	2025		2024		2023		2025		2024		2023
Assumptions for net periodic benefit cost:
Service cost discount rate	65.01	%	56.50	%	35.35	%	42.79	%	4.57	%	24.05	%
Interest cost discount rate	54.8	%	5.48	%	25.74	%	4.60	%	4.56	%	14.75	%
Return on assets	7.3	%	67.53	%	56.05	%	4.42	%	4.34	%	24.93	%
Rate of compensation increase	3.82	%	3.8	%	3.58	%	3.2.5	%	3.2	%	3.02	%
Assumptions for benefit obligations:
Discount rate	5.05	%	5.90	%	5.59	%	4.18	%	4.71	%	4.47	%
Rate of compensation increase	3.2	%	3.82	%	3.8	%	2.45	%	3.2.4	%	3.12	%

Pension plan investment policies and strategies are developed on a plan specific basis, which varies by country. The overall objective for the long-term expected return on both domestic and international plan assets is to earn a rate of return over time to meet anticipated benefit payments in accordance with plan provisions. The long-term investment objective of both the domestic and international retirement plans is to maintain the economic value of plan assets and future contributions by producing positive rates of investment return after subtracting inflation, benefit payments and expenses. Each of the plan’s strategic asset allocations is based on this long-term perspective and short-term fluctuations are viewed with appropriate perspective.

The U.S. qualified defined benefit plan’s assets are invested for long-term investment results. To accommodate the long-term investment horizon while providing appropriate liquidity, the plan maintains a liquid cash reserve sufficient to allow the plan to meet its benefit payment, fee and expense obligations. Its assets are broadly diversified to help alleviate the risk of adverse returns in any one security or investment class. The international plans’ assets are invested in both low-risk and high-risk investments in order to achieve the long-term investment strategy objective. Investment risks for both domestic and international plans are considered within the context of the entire asset allocation, rather than on a security-by-security basis.

The U.S. qualified defined benefit plan and certain international plans have investment committees that are responsible for formulating investment policies, developing manager guidelines and objectives and approving and managing qualified advisors and investment managers. The guidelines established for each of the plans define permitted investments within each asset class and apply certain restrictions such as limits on concentrated holdings in order to meet overall investment objectives.

Pension obligations and the related costs are determined using actuarial valuations that involve several assumptions. The return on assets assumption reflects the average rate of return expected on funds invested or to be invested to provide for the benefits included in the projected benefit obligation. In determining the return on assets assumption, we consider the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and to provide adequate liquidity to meet immediate and future benefit payment requirements.

In determining our U.S. pension expense for ~~2024~~2025, we assumed an average rate of return on U.S. pension assets of approximately 7.3% measured over a planning horizon with reasonable and acceptable levels of risk. The rate of return was based on the actual asset allocation of 4041% in equity securities and 6059% in fixed income securities at September 3028, ~~2023~~2024. In determining our non-U.S. pension expense for ~~2024~~2025, we assumed an average rate of return on non-U.S. pension assets of approximately 4.42% measured over a planning horizon with reasonable and acceptable levels of risk.

The weighted average asset allocations by asset category for the pension plans as of September 2827, ~~2024~~2025 and September 3028, ~~2023~~2024 are as follows:

	U.S. Plans			Non-U.S. Plans
	Target	~~2024Actual~~2025Actual	~~2023Actual~~2024Actual	Target	~~2024Actual~~2025Actual	~~2023Actual~~2024Actual
Asset category:
Equity	3547%-4553%	4149%	4041%	15%-35%	2624%	2526%
Fixed Income	5547%-6553%	5951%	6059%	30%-50%	4345%	6843%
Other	—%	—%	—%	30%-40%	31%	731%

The valuation methodologies used for pension plan assets measured at fair value have been applied consistently.

Shares of registered investment companies: Consists of both equity and fixed income mutual funds. Valued at quoted market prices that represent the net asset value ("NAV") of shares held by the plan at year end.

Equity securities: Traded on national exchanges are valued at the last reported sales price. Investments denominated in foreign currencies are translated into U.S. dollars using the last reported exchange rate.

Fixed income securities: Valued using methods, such as dealer quotes, available trade information, spreads, bids and offers provided by a pricing vendor.

Money market funds: Institutional short-term investment vehicles valued daily.

Cash and cash equivalents: Direct cash holdings valued at cost (Level 1) or cash collateral for the initial margin requirements on futures contracts (Level 2) which approximates fair value.

Collective investment trust: NAV of the fund is calculated daily or weekly by the investment manager.

Unit linked ~~life insurance~~ funds: NAV value of the fund is calculated daily by the investment manager.

Investment in insurance contracts: Valued at contract value, which is the fair value of the underlying investment of the insurance company.

Limited partnerships: Valued at NAV of units held. The NAV is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liability. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different from the reported NAV.

Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established under the supervision and responsibility of the Trustee of that investment. Such procedures may include the use of independent pricing services or affiliated advisor pricing, which use prices based upon yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, operating data and general market conditions.

The following tables present the consolidated plan assets using the fair value hierarchy, which is described in Note 13 - Fair Value, as of September 2827, ~~2024~~2025 and September 3028, ~~2023~~2024.


U.S. Plans, September 27, 2025	Level 1		Level 2		Level 3		Total
Investments at fair value:




Money market funds	$	—	$	14,089	$	—	$	14,089
Cash and cash equivalents	—		8,000		—		8,000

Total investments in fair value hierarchy	—		22,089		—		22,089
Investments measured at NAV practical expedient (1)							455,393
Total investments at fair value	$	—	$	22,089	$	—	$	477,482


Non-U.S. Plans, September 27, 2025	Level 1		Level 2		Level 3		Total
Investments at fair value:
Mutual funds:
Equity funds	$	—	$	2,474	$	—	$	2,474
Fixed income funds	—		5,227		—		5,227
Equity securities	6,116		—		—		6,116
Fixed income securities	—		22,228		—		22,228
Collective investment trusts	—		23,012		—		23,012
Unit linked funds	—		14,417		—		14,417
Money market funds	—		496		—		496
Cash and cash equivalents	1,320		—		—		1,320
Insurance contracts and other	—		—		27,046		27,046


Total investments at fair value	$	7,436	$	67,854	$	27,046	$	102,336


U.S. Plans, September 28, 2024	Level 1		Level 2		Level 3		Total
Investments at fair value:
Shares of registered investment companies:
Equity funds	$	181,871	$	—	$	—	$	181,871
Fixed income funds	153,575		—		—		153,575

Money market funds	—		7,834		—		7,834
Cash and cash equivalents	—		6,420		—		6,420

Total investments in fair value hierarchy	335,446		14,254		—		349,700
Investments measured at NAV practical expedient (1)							122,933
Total investments at fair value	$	335,446	$	14,254	$	—	$	472,633

Non-U.S. Plans, September 28, 2024	Level 1		Level 2		Level 3		Total
Investments at fair value:
Mutual funds:
Equity funds	$	—	$	8,041	$	—	$	8,041
Fixed income funds	—		7,626		—		7,626
Equity securities	6,970		—		—		6,970
Fixed income securities	—		23,263		—		23,263
Collective investment trusts	—		22,788		—		22,788
Unit linked life insurance funds	—		12,164		—		12,164
Unit linked funds	—		12,164		—		12,164
Money market funds	—		1,224		—		1,224
Cash and cash equivalents	1,102		—		—		1,102
Insurance contracts and other	—		—		30,598		30,598
Total investments at fair value	$	8,072	$	75,106	$	30,598	$	113,776

U.S. Plans, September 30, 2023	Level 1		Level 2		Level 3		Total
Investments at fair value:
Shares of registered investment companies:
Equity funds	$	143,528	$	—	$	—	$	143,528
Fixed income funds	125,724		—		—		125,724
Money market funds	—		9,386		—		9,386
Cash and cash equivalents	—		8,410		—		8,410
Total investments in fair value hierarchy	269,252		17,796		—		287,048
Investments measured at NAV practical expedient (1)							105,396
Total investments at fair value	$	269,252	$	17,796	$	—	$	392,444

Non-U.S. Plans, September 30, 2023	Level 1		Level 2		Level 3		Total
Investments at fair value:
Mutual funds:
Equity funds	$	—	$	6,346	$	—	$	6,346
Fixed income funds	—		6,567		—		6,567
Equity securities	6,694		—		—		6,694
Fixed income securities	—		19,045		—		19,045
Collective investment trusts	—		19,044		—		19,044
Unit linked life insurance funds	—		35,988		—		35,988
Money market funds	—		904		—		904
Cash and cash equivalents	978		—		—		978
Insurance contracts and other	—		—		1,618		1,618
Total investments at fair value	$	7,672	$	87,894	$	1,618	$	97,184

(1)Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total retirement plan assets.

The following is a roll forward of the consolidated plan assets classified as Level 3 within the fair value hierarchy:

	Non-U.S. Plans
Balance at October 1, 2022	$	2,006
Balance at September 30, 2023	$	1,618
Return on assets	23
Purchases from contributions to Plans	2,310
Settlements paid in cash	(2,684)
Foreign currency translation	(37)
Balance at September 30, 2023	1,618
Return on assets	31
Purchases from contributions to Plans	28,524
Settlements paid in cash	(1,143)
Foreign currency translation	1,568
Balance at September 28, 2024	$30,598	~~30,598~~
Return on assets	(1,418)
Purchases from contributions to Plans	1,164
Settlements paid in cash	(3,075)
Foreign currency translation	(223)
Balance at September 27, 2025	$	27,046

The following table summarizes investments measured at fair value based on NAV per share as of September 2827, ~~2024~~2025:

Fair Value

September 28, 2024

September 30, 2023

Unfunded Commitments

Redemption Frequency

Redemption Notice Period

September 27, 2025

September 28, 2024

Unfunded Commitments

Redemption Frequency

Redemption Notice Period

Collective investment trusts

~~111~~446,~~831~~595

92111,~~140~~831

—

Daily

1-5 days

Limited partnerships (1)

118,~~102~~798

1311,~~256~~102

3,~~779~~273

Varies

10-45 days

Total

~~122~~455,~~933~~393

~~105~~122,~~396~~933

3,~~779~~273

(1)Investments in limited partnerships held by us invest primarily in emerging markets, equity and equity related securities. The strategy for the partnerships is to have exposure to certain markets or to securities that are judged to achieve superior earnings growth and/or judged undervalued relative to intrinsic value.

The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although we believe the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Expense for defined benefit plans is as follows:

	U.S. Plans						Non-U.S. Plans
	2024		2023		2022		2024		2023		2022
	2025		2024		2023		2025		2024		2023
Service cost	$	109,~~775~~881	$	1210,~~913~~775	$	1912,~~827~~913	$	23,~~580~~087	$	2,~~674~~580	$	42,~~248~~674
Interest cost	2726,~~891~~897		2827,~~112~~891		1828,~~246~~112		5,~~720~~307		5,~~448~~720		25,~~413~~448
Expected return on plan assets	(2731,~~267~~601)		(2827,~~589~~267)		(2928,~~803~~589)		(4,~~420~~193)		(4,~~244~~420)		(34,~~401~~244)
Amortization of prior service cost	—		—		—		5758		5557		5855
Amortization of actuarial loss	1211,~~289~~908		1312,~~449~~289		1513,~~586~~449		~~209~~778		~~399~~209		~~3,877~~399
Settlement (gain) loss	—		~~12,542~~—		—12,542		(77129)		(~~151~~77)		~~280~~(151)
Total expense for defined benefit plans	$	2317,~~688~~085	$	3823,~~427~~688	$	2338,~~856~~427	$	4,~~069~~908	$	4,~~181~~069	$	74,~~475~~181

Benefits expected to be paid to the participants of the plans are:

	U.S. Plans		Non-U.S. Plans
2025	$	22,145	$	7,054
2026	$	24,959	$	7,766
2026	24,835		7,933
2027	27,607		7,643
2027	27,591		7,439
2028	30,247		8,965
2028	30,278		9,187
2029	33,786		9,044
2029	33,721		8,837
2030	36,178		9,010
Five years thereafter	~~193~~201,~~734~~660		4445,~~018~~850

We presently anticipate contributing approximately $65,~~200~~700 to the SERP Trust for the non-qualified plan and $84,~~300~~500 to the non-U.S. plans in ~~2025~~2026.

We provide postretirement health care benefits to certain domestic retirees, who were hired prior to October 1, 1989. There are no plan assets. The changes in the accumulated benefit obligation of this unfunded plan for ~~2024~~2025 and ~~2023~~2024 are shown in the following table:

September 28, 2024

September 30, 2023

September 27, 2025

September 28, 2024

Change in Accumulated Postretirement Benefit Obligation (APBO):

APBO at prior year measurement date

2,~~840~~253

32,~~674~~840

Service cost

116

1611

Interest cost

~~144~~88

~~166~~144

Contributions by plan participants

~~382~~328

~~453~~382

Benefits paid

(~~798~~828)

(~~903~~798)

Actuarial (gains) losses

(~~326~~36)

(~~566~~326)

APBO at measurement date

21,~~253~~811

2,~~840~~253

Funded status

(21,~~253~~811)

(2,~~840~~253)

Accrued postretirement benefit liability

21,~~253~~811

2,~~840~~253

Amount recognized in AOCIL, before taxes:

Actuarial gains

32,~~717~~362

53,~~252~~717

Amount recognized in AOCIL, before taxes

32,~~717~~362

53,~~252~~717

The cost of the postretirement benefit plan is as follows:

	2024		2023		2022
	2025		2024		2023
Service cost	$	116	$	1611	$	3316
Interest cost	~~144~~88		~~166~~144		90166
Amortization of actuarial gain	(1,~~861~~391)		(21,~~321~~861)		(12,~~274~~321)
Net periodic postretirement benefit income	$	(1,~~706~~297)	$	(21,~~139~~706)	$	(12,~~151~~139)

As of the measurement date, the assumed discount rate used in the accounting for the postretirement benefit obligation was 4.57% in ~~2024~~2025, 54.65% in ~~2023~~2024 and 5.26% in ~~2022~~2023. The assumed service cost discount rate and interest cost discount rate used in the accounting for the net periodic postretirement benefit cost were 5.4.3% and 54.74%, respectively in ~~2024~~2025, 5.14% and 5.17%, respectively in ~~2023~~2024 and 25.71% and 1.5.1%, respectively in ~~2022~~2023.

For measurement purposes, a 8.50% annual per capita rate of increase of medical and drug costs were assumed for ~~2025~~2026, gradually decreasing to 4.5% for 2035 and years thereafter.

Employee and management profit sharing reflects a discretionary payment based on our financial performance. Profit share expense was $4652,~~424~~100, $3846,~~702~~424 and $3238,~~993~~702 in ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

Note 16 - Income Taxes

The reconciliation of the provision for income taxes to the amount computed by applying the U.S. federal statutory tax rate to earnings before income taxes is as follows:

	2024			2023			2022
	2025			2024			2023
Earnings before income taxes:
Domestic	$	~~179~~167,~~746~~179		$	~~136~~186,~~080~~376		$	~~151~~140,~~870~~708
Foreign	88145,~~067~~469			7983,~~972~~370			5180,~~109~~812
Total	$	~~267~~312,~~813~~648		$	~~216~~269,~~052~~746		$	~~202~~221,~~979~~520
Federal statutory income tax rate	21.0		%	21.0		%	21.0		%
Increase (decrease) in income taxes resulting from:
Impacts of Tax Act	(10.2)		%	(01.82)		%	(0.47)		%
Withholding taxes	1.1		%	0.4		%	0.6		%
Tax on foreign earnings	1.3		%	0.8		%	0.9		%
Reversal of indefinite reinvestment assertion	(0.2)		%	0.5		%	—		%
R&D and foreign tax credits	(3.8)		%	(4.3)		%	(6.2)		%
R&D and foreign tax credits	(4.4)		%	(6.4)		%	(5.4)		%
Divestiture impacts	0.4		%	0.5		%	—		%
Divestiture impacts	0.5		%	—		%	2.3		%
Foreign tax rates	3.8		%	2.7		%	6.6		%
Foreign tax rates	2.8		%	6.8		%	4.5		%
Equity-based compensation and benefits	—		%	0.2		%	0.5		%
Equity-based compensation	(0.8)		%	(0.3)		%	(0.2)		%
Unrecognized tax benefits	—		%	—		%	(0.5)		%
Unrecognized tax benefits	—		%	(0.5)		%	0.4		%
Change in valuation allowance for deferred taxes	0.5		%	1.7		%	(0.8)		%
Limit on compensation deduction	0.7		%	0.5		%	0.2		%
State taxes, net of federal benefit	0.5		%	0.8		%	0.2		%
Change in valuation allowance for deferred taxes	1.7		%	(0.8)		%

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