UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended ~~June~~January 283, ~~2025~~2026


☐			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

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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of each class of common stock as of ~~July~~January 1823, ~~2025~~2026 was:

Class A common stock, 28,~~423~~429,~~926~~116 shares

Class B common stock, 3,~~253~~296,~~885~~444 shares

Table of Contents

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

PAGE

Item 1

Financial Statements (Unaudited):

Consolidated Condensed Statements of Earnings

Consolidated Statements of Earnings

Consolidated Condensed Statements of Comprehensive Income

Consolidated Statements of Comprehensive Income

Consolidated Condensed Balance Sheets

Consolidated Balance Sheets

Consolidated Condensed Statements of Shareholders' Equity

Consolidated Statements of Shareholders' Equity

Consolidated Condensed Statements of Cash Flows

Consolidated Statements of Cash Flows

Notes to Consolidated Condensed Financial Statements

Notes to Consolidated Financial Statements

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

3130

Item 3

Quantitative and Qualitative Disclosures about Market Risk

4039

Item 4

Controls and Procedures

4039

PART II

OTHER INFORMATION

Item 1A

Risk Factors

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

Item 6

Exhibits

SIGNATURES

Table of Contents

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated ~~Condensed~~ Statements of Earnings

(Unaudited)

	~~Three Months Ended~~		Three Months Ended		~~Nine Months Ended~~
(dollars in thousands, except share and per share data)	~~June 28,2025~~		~~June 29,2024~~		~~June~~January 283,~~2025~~2026		~~June~~December 2928,2024
Net sales	$	~~971,363~~	$	~~904,735~~	$	21,~~816~~100,~~518~~346	$	2907,~~691,888~~882
Cost of sales	~~699,685~~		~~651,672~~		2806,~~044,373~~106		1662,~~938,673~~804
Inventory write-down	5,839		1,600		7,988		1,775
Gross profit					294,240		245,078
Gross profit	265,839		251,463		764,157		751,440
Research and development					24,634		23,605
Research and development	21,906		27,791		69,992		86,752
Selling, general and administrative					148,959		128,137
Selling, general and administrative	138,801		126,361		399,684		370,047
Interest					17,195		16,248
Interest	17,790		18,153		54,340		52,850
Restructuring					1,451		3,784
Asset impairment	3,000		112		3,000		6,862
Other					787		(1,131)
Restructuring	2,850		3,984		9,059		12,623
Earnings before income taxes					101,214		74,435
Other	3,510		4,157		7,942		10,041
Income taxes					22,363		16,909
Earnings before income taxes	77,982		70,905		220,140		212,265
Net earnings					$	78,851	$	57,526
Income taxes	18,275		14,545		51,566		48,090
Net earnings	$	59,707	$	56,360	$	168,574	$	164,175
Net earnings per share
Basic	$	~~1.89~~	$	~~1.76~~	$	52.3249	$	51.1480
Diluted	$	~~1.87~~	$	~~1.74~~	$	52.2546	$	51.0878
Weighted average common shares outstanding
Basic	~~31,524,999~~		~~31,960,165~~		31,~~684~~679,~~945~~982		31,~~943~~971,~~365~~462
Diluted	~~31,896,949~~		~~32,409,370~~		32,~~082~~045,~~186~~389		32,~~342~~407,~~700~~293
See accompanying Notes to Consolidated Condensed Financial Statements.
See accompanying Notes to Consolidated Financial Statements.

Table of Contents

Consolidated ~~Condensed~~ Statements of Comprehensive Income

(Unaudited)

~~Three Months Ended~~

Three Months Ended

~~Nine Months Ended~~

(dollars in thousands)

~~June 28,2025~~

~~June 29,2024~~

~~June~~January 283,~~2025~~2026

~~June~~December 2928,2024

Net earnings

~~59,707~~

~~56,360~~

~~168~~78,~~574~~851

~~164~~57,~~175~~526

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

Foreign currency translation adjustment

~~53,380~~

~~(6,650)~~

344,~~672~~656

10(41,~~637~~596)

Retirement liability adjustment

~~1,112~~

~~2,059~~

51,~~928~~586

52,~~910~~151

Change in accumulated gain (loss) on derivatives

~~504~~

—

~~1,166~~(319)

~~518~~262

Other comprehensive income (loss), net of tax

~~54,996~~

~~(4,591)~~

415,~~766~~923

17(39,~~065~~183)

Comprehensive income

~~114,703~~

~~51,769~~

~~210~~84,~~340~~774

~~181~~18,~~240~~343

See accompanying Notes to Consolidated Condensed Financial Statements.

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

Consolidated ~~Condensed~~ Balance Sheets

(Unaudited)

(dollars in thousands)

~~June~~January 283,~~2025~~2026

September 2827,~~2024~~2025

ASSETS

Current assets

Cash and cash equivalents

5873,~~191~~359

6162,~~694~~013

Restricted cash

~~823~~435

~~123~~200

Receivables, net

~~529~~554,~~753~~295

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

Unbilled receivables

~~734~~817,~~976~~605

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

Inventories, net

~~924~~915,~~682~~691

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

Prepaid expenses and other current assets

~~153~~88,~~479~~910

86142,~~245~~345

Total current assets

2,~~401~~450,~~904~~295

2,~~140~~369,~~749~~980

Property, plant and equipment, net

~~988~~1,~~125~~043,003

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

Operating lease right-of-use assets

5257,~~877~~586

52,~~591~~799

Goodwill

~~802~~877,~~089~~058

~~833~~842,~~764~~313

Intangible assets, net

5763,~~182~~558

6366,~~479~~101

Deferred income taxes

376,~~701~~700

2022,~~991~~459

Other assets

5653,~~696~~693

52,~~695~~497

Total assets

4,~~396~~551,~~574~~893

4,~~093~~426,~~626~~055

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Accounts payable

289,160

292,988

Current installments of long-term debt

4,688

1,563

Accrued compensation

98,292

101,127

Accounts payable

295,203

318,402

Contract advances and progress billings

298,648

299,732

Accrued compensation

61,690

106,040

Accrued liabilities and other

302,514

305,180

Contract advances and progress billings

410,447

372,988

Total current liabilities

988,614

999,027

Accrued liabilities and other

280,606

320,075

Long-term debt, excluding current installments

1,081,674

874,139

Total current liabilities

1,052,634

1,119,068

Long-term pension and retirement obligations

177,688

167,161

Long-term debt, excluding current installments

1,052,312

944,123

Deferred income taxes

27,664

27,738

Long-term pension and retirement obligations

156,083

157,218

Other long-term liabilities

177,233

164,928

Deferred income taxes

33,025

32,600

Total liabilities

2,452,873

2,232,993

Other long-term liabilities

192,039

180,491

Total liabilities

2,486,093

2,433,500

Shareholders’ equity

Common stock - Class A

43,864

43,~~835~~864

Common stock - Class B

7,416

7,~~445~~416

Additional paid-in capital

~~769~~920,~~935~~181

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

Retained earnings

2,~~810~~904,~~050~~206

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

Treasury shares

(1,~~205~~241,~~305~~614)

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

Stock Employee Compensation Trust

(~~173,~~214,872)

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

Supplemental Retirement Plan Trust

(~~147~~201,~~042~~585)

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

Accumulated other comprehensive loss

(~~162~~151,~~003~~796)

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

Total shareholders’ equity

12,~~943~~065,~~701~~800

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

Total liabilities and shareholders’ equity

4,~~396~~551,~~574~~893

4,~~093~~426,~~626~~055

See accompanying Notes to Consolidated Condensed Financial Statements.

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

Consolidated ~~Condensed~~ Statements of Shareholders' Equity

(Unaudited)

~~Three Months Ended~~

Three Months Ended

~~Nine Months Ended~~

(dollars in thousands)

~~June 28,2025~~

~~June 29,2024~~

~~June~~January 283,~~2025~~2026

~~June~~December 2928,2024

COMMON STOCK

Beginning and end of period

~~51,280~~

51,280

ADDITIONAL PAID-IN CAPITAL

Beginning of period

~~750,119~~

~~702,272~~

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

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

Issuance of treasury shares

~~3,035~~

~~(127)~~

115,~~585~~779

62,~~159~~413

Equity-based compensation expense

~~3,659~~

~~3,316~~

93,~~673~~980

83,~~952~~346

Adjustment to market - SECT and SERP

~~13,122~~

~~21,195~~

~~(35~~71,~~832)~~094

~~103~~(13,~~275~~208)

End of period

~~769,935~~

~~726,656~~

~~769~~920,~~935~~181

~~726~~777,~~656~~060

RETAINED EARNINGS

Beginning of period

~~2,759,484~~

~~2,587,222~~

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

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

Net earnings

~~59,707~~

~~56,360~~

~~168~~78,~~574~~851

~~164~~57,~~175~~526

Dividends (1)

~~(9,141)~~

~~(8,949)~~

(279,~~247~~193)

(268,~~521~~961)

End of period

~~2,810,050~~

~~2,634,633~~

2,~~810~~904,~~050~~206

2,~~634~~684,~~633~~515

TREASURY SHARES AT COST

Beginning of period

~~(1,204,032)~~

~~(1,071,558)~~

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

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

Class A and B shares issued related to compensation

~~110~~

~~125~~

56,~~673~~172

~~6,743~~773

Class A and B shares purchased

~~(1,383)~~

~~(1,594)~~

(~~128~~38,~~738~~586)

(2159,~~832~~775)

End of period

~~(1,205,305)~~

~~(1,073,027)~~

(1,~~205~~241,~~305~~614)

(1,~~073~~141,~~027~~242)

STOCK EMPLOYEE COMPENSATION TRUST ("SECT")

Beginning of period

~~(162,945)~~

~~(153,295)~~

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

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

Issuance of shares

~~998~~

~~882~~

2027,~~287~~233

169,~~670~~665

Purchase of shares

~~(3,697)~~

~~(4,889)~~

(186,~~505~~914)

(138,~~706~~087)

Adjustment to market

~~(7,570)~~

~~(10,455)~~

19(39,~~053~~700)

~~(55~~6,~~952)~~252

End of period

~~(173,214)~~

~~(167,757)~~

(~~173,~~214,872)

(~~167~~186,~~757~~219)

SUPPLEMENTAL RETIREMENT PLAN ("SERP") TRUST

Beginning of period

~~(141,490)~~

~~(129,709)~~

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

(93163,~~126~~821)

Adjustment to market

~~(5,552)~~

~~(10,740)~~

16(31,~~779~~394)

~~(47~~6,~~323)~~956

End of period

~~(147,042)~~

~~(140,449)~~

(~~147~~201,~~042~~585)

(~~140~~156,~~449~~865)

ACCUMULATED OTHER COMPREHENSIVE LOSS

Beginning of period

~~(216,999)~~

~~(232,953)~~

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

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

Other comprehensive income (loss)

~~54,996~~

~~(4,591)~~

415,~~766~~923

17(39,~~065~~183)

End of period

~~(162,003)~~

~~(237,544)~~

(~~162~~151,~~003~~796)

(~~237~~241,~~544~~995)

TOTAL SHAREHOLDERS’ EQUITY

~~1,943,701~~

~~1,793,792~~

12,~~943~~065,~~701~~800

1,~~793~~786,~~792~~534

See accompanying Notes to Consolidated Condensed Financial Statements.

See accompanying Notes to Consolidated Financial Statements.

(1) Cash dividends were $0.29 and $0.8628 per share for the three ~~and nine~~ months ended ~~June~~January 283, ~~2025~~2026 and ~~$0.28 and $0.83 per share for the three and nine months ended June~~December 2928, 2024, respectively.

Table of Contents

Consolidated ~~Condensed~~ Statements of Shareholders’ Equity, Shares

(Unaudited)

~~Three Months Ended~~

Three Months Ended

~~Nine Months Ended~~

(share data)

~~June 28,2025~~

~~June 29,2024~~

~~June~~January 283,~~2025~~2026

~~June~~December 2928,2024

COMMON STOCK - CLASS A

Beginning of period

~~43,850,739~~

~~43,826,350~~

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

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

Conversion of Class B to Class A

~~12,659~~

~~8,122~~

~~28,249~~—

127,~~128~~672

End of period

~~43,863,398~~

~~43,834,472~~

43,863,~~398~~458

43,~~834~~842,~~472~~821

COMMON STOCK - CLASS B

Beginning of period

~~7,428,974~~

~~7,453,363~~

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

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

Conversion of Class B to Class A

~~(12,659)~~

~~(8,122)~~

~~(28,249)~~—

(127,~~128~~672)

End of period

~~7,416,315~~

~~7,445,241~~

7,416,~~315~~255

7,~~445~~436,~~241~~892

TREASURY SHARES - CLASS A COMMON STOCK

Beginning of period

~~(15,136,065)~~

~~(14,645,847)~~

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

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

Class A shares issued related to compensation

—

~~2,285~~

128,~~758~~852

2212,~~670~~333

Class A shares purchased

—

~~(993)~~

(~~515~~5,~~311~~289)

(9224,~~328~~107)

End of period

~~(15,136,065)~~

~~(14,644,555)~~

(15,~~136~~009,~~065~~894)

(14,~~644~~845,~~555~~286)

TREASURY SHARES - CLASS B COMMON STOCK

Beginning of period

~~(2,843,246)~~

~~(2,865,801)~~

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

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

Class B shares issued related to compensation

~~25,156~~

~~8,688~~

~~169~~163,~~914~~611

~~177~~67,~~153~~873

Class B shares purchased

~~(7,899)~~

~~(8,688)~~

(~~134~~159,~~815~~655)

(~~146~~73,~~109~~388)

End of period

~~(2,825,989)~~

~~(2,865,801)~~

(2,~~825~~822,~~989~~033)

(2,~~865~~866,~~801~~603)

SECT - CLASS A COMMON STOCK

Beginning and end of period

~~(425,148)~~

(425,148)

SECT - CLASS B COMMON STOCK

Beginning of period

~~(525,084)~~

~~(544,075)~~

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

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

Issuance of shares

~~5,617~~

~~5,325~~

~~101~~112,~~649~~737

~~116~~45,~~770~~099

Purchase of shares

~~(21,464)~~

~~(29,662)~~

(9431,~~496~~339)

(9338,~~054~~485)

End of period

~~(540,931)~~

~~(568,412)~~

(~~540~~445,~~931~~246)

(~~568~~541,~~412~~470)

SERP - CLASS B COMMON STOCK

Beginning and end of period

~~(826,170)~~

(826,170)

See accompanying Notes to Consolidated Condensed Financial Statements.

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

Consolidated ~~Condensed~~ Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	Three Months Ended
(dollars in thousands)	~~June~~January 283,~~2025~~2026		~~June~~December 2928,2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$	~~168~~78,~~574~~851	$	~~164~~57,~~175~~526
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	6924,~~292~~885		6422,~~302~~429
Amortization	62,~~996~~713		72,~~677~~323
Deferred income taxes	~~(18~~15,~~645)~~602		(264,~~483~~261)
Equity-based compensation expense	124,~~669~~955		114,~~301~~325
Asset impairment and inventory write-down	10,988		8,637
Other	217		1,401
Other	4,399		5,374
Changes in assets and liabilities providing (using) cash:
Receivables	(~~105~~46,~~346~~404)		(1863,~~677~~037)
Unbilled receivables	(3560,~~174~~291)		(5736,~~723~~140)
Inventories	~~(64~~7,095)		(~~105~~48,~~629~~612)
Accounts payable	(326,~~301~~583)		~~918~~(22,973)
Contract advances and progress billings	828,~~798~~114		(264,~~882~~043)
Accrued expenses	(654,~~645~~463)		36(27,~~928~~301)
Accrued income taxes	(2212,~~669~~866)		9(6,~~832~~652)
Net pension and post retirement liabilities	~~15,563~~871		~~8,783~~636
Other assets and liabilities	(87,~~941~~464)		(358,~~978~~531)
Net cash provided (used) by operating activities	32(44,~~463~~768)		46(132,~~555~~910)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	—		(5,911)
Purchase of property, plant and equipment	(34,380)		(32,778)
Purchase of property, plant and equipment	(103,041)		(109,616)
Net proceeds from businesses sold	—		13,487
Net proceeds from businesses sold	13,487		1,627
Net proceeds from buildings sold	3,065		—
Other investing transactions	(~~2,844~~156)		~~(646)~~169
Net cash provided (used) by investing activities	(9231,~~398~~471)		(~~114~~19,~~546~~122)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit	~~957~~372,~~500~~900		~~784~~426,500
Payments on revolving lines of credit	(1261,~~001,500~~900)		(~~691~~197,000)
Proceeds from long-term debt	250,000		—
Payments on finance lease obligations	(4,308)		(2,119)
Payments on finance lease obligations	(7,194)		(4,468)
Payment of dividends	(9,193)		(8,961)
Payment of dividends	(27,247)		(26,521)
Proceeds from sale of treasury stock	8,090		—
Proceeds from sale of treasury stock	10,970		7,579
Purchase of outstanding shares for treasury	(37,847)		(55,692)
Purchase of outstanding shares for treasury	(127,808)		(21,832)
Proceeds from sale of stock held by SECT	27,233		9,665
Proceeds from sale of stock held by SECT	20,287		16,670
Purchase of stock held by SECT	(6,914)		(8,087)
Purchase of stock held by SECT	(18,505)		(14,296)
Other financing transactions	(339)		(439)
Other financing transactions	(1,600)		—
Net cash provided (used) by financing activities	87,722		163,867
Net cash provided (used) by financing activities	54,903		50,632
Effect of exchange rate changes on cash	98		(2,564)
Effect of exchange rate changes on cash	(491)		(267)
Increase (decrease) in cash, cash equivalents and restricted cash	11,581		9,271
Increase (decrease) in cash, cash equivalents and restricted cash	(5,523)		(17,626)
Cash, cash equivalents and restricted cash at beginning of period	62,213		64,537
Cash, cash equivalents and restricted cash at beginning of period (1)	64,537		69,144
Cash, cash equivalents and restricted cash at end of period	$	73,794	$	73,808
Cash, cash equivalents and restricted cash at end of period	$	59,014	$	51,518
SUPPLEMENTAL CASH FLOW INFORMATION
Treasury shares issued as compensation	$	63,~~288~~861	$	53,~~323~~186
Assets acquired through lease financing	3621,~~787~~007		2717,~~034~~172
See accompanying Notes to Consolidated Condensed Financial Statements.
See accompanying Notes to Consolidated Financial Statements.

(1) Beginning of period cash balance at September 29, 2024 includes cash related to assets held for sale of $2,720.

Table of Contents

Notes to Consolidated ~~Condensed~~ Financial Statements

Nine Months Ended June 28, 2025

(Unaudited)

(dollars in thousands, except per share data)

Note 1 - Basis of Presentation

The accompanying unaudited consolidated ~~condensed~~ financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary for the fair presentation of results for the interim period have been included. The results of operations for the three ~~and nine~~ months ended ~~June~~January 3, 2026 and December 28, ~~2025~~2024 are not necessarily indicative of the results expected for the full year. The accompanying unaudited consolidated ~~condensed~~ financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 10-K for the fiscal year ended September 2827, ~~2024~~2025. All references to years in these financial statements are to fiscal years.

Revision of Prior Period Consolidated Financial Statements

As previously disclosed in the 2025 Form 10-K, we revised our prior period financial statements to correct for a misstatement related to the accounting for distinct long-term aftermarket service contracts with customers in the Commercial Aircraft segment, as well as other unrelated immaterial errors. The appropriate revisions to our historical Consolidated Financial Statements and the notes thereto are reflected herein, which include Note 7 - Leases and Note 18 - Segments. See Note 1 and Note 25 to our "Consolidated Financial Statements" in the 2025 Form 10-K for additional information.

Recent Accounting Pronouncements Adopted

There have been no new accounting pronouncements adopted for the ~~nine~~three months ended ~~June~~January 283, ~~2025~~2026.

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

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 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 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 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.

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Out of Period Adjustment

In the first quarter of 2025, the Company recorded an out of period adjustment to correct an error identified by management related to its warranty expense in Commercial Aircraft. The adjustment resulted in an increase to cost of sales and a decrease to unbilled receivables of $7,540. The Company has evaluated the impacts of this error, both quantitatively and qualitatively, and has concluded the error was not material to any prior interim or annual period. The correction is not expected to be material to the year ending September 27, 2025.

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.

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 modification should be accounted for as part of the existing contract (and revenue cumulatively caught up), whether the modification should be accounted for as the termination of an existing contract and the creation of a new contract, or whether the modification should be accounted for as a new contract. This is determined based on the rights and obligations within the modification as well as the associated transaction price.

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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.

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. For the three ~~and nine~~ months ended ~~June~~January 283, ~~2025~~2026 we recognized additional revenue of $412,~~204~~547 and ~~$15,478,~~ for ~~adjustments made to performance obligations satisfied (or partially satisfied) in previous periods. For~~ the three ~~and nine~~ months ended ~~June~~December 2928, 2024 we recognized ~~lower~~additional revenue of $~~10,565 and $~~8,~~181~~669 ~~respectively,~~ 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. Revenue recognized on contracts for unresolved claims or unapproved contract change orders was not material for the three ~~and nine~~ months ended ~~June~~January 3, 2026 and December 28, ~~2025~~2024.

As of ~~June~~January 283, ~~2025~~2026, we had contract reserves of $6980,~~832~~863. 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~~progress ~~obligations~~towards ~~that~~satisfying ~~have~~performance ~~been~~obligations ~~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.

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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.

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.

Total contract assets and contract liabilities are as follows:

June 28,2025

September 28, 2024

January 3,2026

September 27, 2025

Unbilled receivables

~~734~~817,~~976~~605

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

Contract advances and progress billings

~~298~~410,~~648~~447

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

Net contract assets

~~436~~407,~~328~~158

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

The increase in net contract assets primarily reflects the impact of additional unbilled revenues during the period. For the three ~~and nine~~ months ended ~~June~~January 283, ~~2025~~2026, we recognized $51149,~~410~~813 ~~and $214,106~~ of revenue, that was included in the contract liability balance at the beginning of the year.

Remaining Performance Obligations

As of ~~June~~January 283, ~~2025~~2026, the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) was $57,~~510~~210,000. We expect to recognize approximately 4845% of that amount as sales over the next twelve months and the balance thereafter.

~~Disaggregation~~Note of3 ~~Revenue~~- Acquisitions and Assets Held for Sale

See Note 20 - 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")~~ based in ~~Auckland,~~Ohio. ~~New~~COTSWORKS ~~Zealand~~designs and manufactures rugged optical components and subsystems for aharsh ~~purchase~~environment ~~price~~applications, ~~net~~primarily ofserving ~~acquired~~the ~~cash~~commercial, ~~of $5~~military,~~911.~~ ~~DCL~~aerospace ~~specializes~~and inindustrial ~~manufacturing~~markets. ~~and~~The ~~operating~~purchase ~~pavement~~price ~~surveying~~allocation ~~equipment~~is ~~and~~substantially ~~providing~~complete, ~~innovative~~with ~~solutions~~the ~~for~~exception ~~measuring~~of ~~and~~income ~~managing~~tax ~~pavements~~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 ~~2025 and 2024~~2026.

OnAssets ~~July~~Held ~~1, 2025, we acquired COTSWORKS, Inc., based in Ohio~~ for a purchase price, net of cash acquired, of $63,000, which was paid in cash and the issuance of Moog Class A shares valued at $21,940. COTSWORKS designs and manufactures rugged optical components and subsystems for harsh environment applications, primarily serving the commercial, military, aerospace and industrial markets. It will be included in our Space and Defense segment.Sale

~~Divestitures~~At September 27, 2025, we had classified a business within our Space and Defense segment as held for sale. This resulted in $61,067 in prepaid expenses and other current assets and $15,524 in accrued liabilities and other as being held for sale. Management has subsequently decided to retain the business and as such the classifications as held for sale has been reversed in 2026. See Note 8 - Goodwill and Intangible Assets for additional details.

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.

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Assets Held for Sale

In the third quarter of 2025, we have classified a non-core business within our Space and Defense segment as held for sale. We have classified $53,787 in prepaid expenses and other current assets and $17,856 in accrued liabilities and other as held for sale. See Note 8 - Goodwill and Intangible Assets for additional details.

Note 4 - Receivables

Receivables consist of:

June 28,2025

September 28,2024

January 3,2026

September 27,2025

Accounts receivable

~~493~~529,~~848~~133

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

Government assistance receivables

106,~~659~~184

165,~~673~~643

Other

3222,~~149~~465

1719,~~530~~856

Less allowance for credit losses

(63,~~903~~487)

(32,~~073~~603)

Receivables, net

~~529~~554,~~753~~295

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

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 anthe Third Amendment to the Amended and Restated Receivables Purchase Agreement (the "RPA"). The RPA matures on December 11, 2026 and is subject to customary termination events related to transactions of this type. See Note 21 - Subsequent Events, for information related to an amendment to the Receivables Purchase Agreement.

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 ~~Condensed~~ 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 and cash collections under the RPA ~~were~~was $~~144~~154,~~670~~495 ~~and $498,111~~ for the three ~~and nine~~ months ended ~~June~~January 283, ~~2025, respectively~~2026. 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.

As of ~~June~~January 283, ~~2025~~2026, the amount sold to the Purchasers was $125,000, which was derecognized from the Consolidated ~~Condensed~~ Balance Sheets. As collateral against sold receivables, the Receivables Subsidiary maintains a certain level of unsold billed and unbilled receivables, which was $~~633~~736,~~881~~175 at ~~June~~January 283, ~~2025~~2026.

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:

June 28,2025

September 28,2024

January 3,2026

September 27,2025

Raw materials and purchased parts

311,~~860~~872

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

Work in progress

~~517~~510,~~865~~284

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

Finished goods

9493,~~957~~535

8292,~~230~~308

Inventories, net

~~924~~915,~~682~~691

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

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 ~~June~~January 283, ~~2025~~2026 and September 2827, ~~2024~~2025.

Note 6 - Property, Plant and Equipment

Property, plant and equipment consists of:

June 28,2025

September 28,2024

January 3,2026

September 27,2025

Land

3433,~~044~~792

3233,~~270~~872

Buildings and improvements

~~732~~746,~~508~~957

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

Machinery and equipment

~~949~~1,~~939~~016,406

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

Computer equipment and software

~~248~~257,~~485~~518

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

Property, plant and equipment, at cost

12,~~964~~054,~~976~~673

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

Less accumulated depreciation and amortization

(~~976~~1,~~851~~011,670)

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

Property, plant and equipment, net

~~988~~1,~~125~~043,003

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

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

~~Three Months Ended~~

Three Months Ended

~~Nine Months Ended~~

June 28,2025

June 29,2024

June 28,2025

June 29,2024

January 3,2026

December 28,2024

Operating lease cost

~~8,261~~

~~7,897~~

248,~~518~~984

238,~~112~~190

Finance lease cost:

Amortization of right-of-use assets

~~2,792~~

~~2,365~~

83,~~871~~300

62,~~263~~445

Interest on lease liabilities

~~1,980~~

~~1,421~~

62,~~266~~239

31,~~988~~704

Total finance lease cost

~~4,772~~

~~3,786~~

155,~~137~~539

104,~~251~~149

Supplemental cash flow information related to leases was as follows:

	Nine Months Ended
	Three Months Ended
	June 28,2025		June 29,2024
	January 3,2026		December 28,2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	249,~~958~~225	$	238,~~631~~244
Operating cash flow for finance leases	62,~~266~~239		31,~~988~~704
Financing cash flow for finance leases	74,~~194~~308		42,~~468~~119
Assets obtained in exchange for lease obligations:
Operating leases	$	127,~~292~~512	$	108,~~125~~121
Finance leases	2413,495		169,~~909~~051

Supplemental balance sheet information related to leases was as follows:

	June 28,2025			September 28,2024
	January 3,2026			September 27,2025
Operating Leases:
Operating lease right-of-use assets	$	5257,~~877~~586		$	52,~~591~~799
Accrued liabilities and other	$	1113,~~362~~509		$	11,~~124~~697
Other long-term liabilities	5355,~~454~~135			5352,~~228~~549
Total operating lease liabilities	$	6468,~~816~~644		$	64,~~352~~246
Finance Leases:
Property, plant, and equipment, at cost	$	~~149~~167,~~534~~768		$	~~123~~157,~~314~~533
Accumulated depreciation	(2427,~~662~~872)			(1427,~~875~~186)
Property, plant, and equipment, net	$	~~124~~139,~~872~~896		$	~~108~~130,~~439~~347
Accrued liabilities and other	$	1316,~~498~~010		$	914,~~198~~920
Other long-term liabilities	~~114~~127,~~799~~824			~~100~~119,~~146~~155
Total finance lease liabilities	$	~~128~~143,~~297~~834		$	~~109~~134,~~344~~075
Weighted average remaining lease term in years:
Operating leases	6.40			6.2
Finance leases	1817.31			2017.16
Weighted average discount rates:
Operating leases	5.24		%	5.23		%
Finance leases	6.4		%	6.4		%

Maturities of lease liabilities were as follows:

	June 28, 2025
	January 3, 2026
	Operating Leases		Finance Leases
2025	$	3,601	$	4,811
2026	$	12,561	$	17,720
2026	14,110		20,807
2027	15,807		22,009
2027	12,933		18,394
2028	13,158		22,925
2028	11,175		19,311
2029	10,739		23,948
2029	9,719		20,332
2030	8,037		20,794
Thereafter	2519,~~166~~934		~~158~~151,~~630~~221
Total lease payments	7680,~~704~~236		~~242~~258,~~285~~617
Less: imputed interest	(11,~~888~~592)		(~~113~~114,~~988~~783)
Total	$	6468,~~816~~644	$	~~128~~143,~~297~~834

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Note 8 - Goodwill and Intangible Assets

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

	Space andDefense		Military Aircraft		Commercial Aircraft		Industrial		Total
Balance at September 28, 2024	$	259,551	$	118,942	$	92,612	$	362,659	$	833,764
Balance at September 27, 2025	$	262,740	$	118,545	$	92,612	$	368,416	$	842,313
Held for sale	(40,000)		—		—		—		(40,000)
Adjustments to prior year acquisitions	(151)		—		—		—		(151)
Foreign currency translation	23		1,285		—		7,017		8,325
Reclassification of held for sale	33,000		—		—		—		33,000
Balance at June 28, 2025	$	219,574	$	120,227	$	92,612	$	369,676	$	802,089
Foreign currency translation	8		525		—		1,363		1,896
Balance at January 3, 2026	$	295,597	$	119,070	$	92,612	$	369,779	$	877,058

Goodwill in our Space and Defense segment is net of a $4,800 accumulated impairment loss at ~~June~~January 283, ~~2025~~2026. Goodwill in our Medical Devices reporting unit, included in our Industrial segment, is net of a $38,200 accumulated impairment loss at ~~June~~January 283, ~~2025~~2026.

The components of intangible assets are as follows:

June 28, 2025

September 28, 2024

January 3, 2026

September 27, 2025

Weighted-AverageLife (years)

Gross CarryingAmount

AccumulatedAmortization

Gross CarryingAmount

AccumulatedAmortization

Customer-related

~~130~~133,~~489~~324

(99103,~~688~~134)

~~130~~131,~~092~~967

(96100,~~307~~655)

Technology-related

6778,~~314~~821

(5760,~~048~~350)

6877,~~275~~172

(5657,~~236~~817)

Program-related

40,~~586~~068

(2627,~~587~~065)

39,~~865~~799

(2426,~~887~~476)

Marketing-related

2122,~~255~~425

(1920,~~155~~570)

2221,~~141~~387

(19,~~486~~320)

Other

1,~~476~~385

(1,~~460~~346)

1,~~407~~376

(1,~~385~~332)

Intangible assets

~~261~~276,~~120~~023

(~~203~~212,~~938~~465)

~~261~~271,~~780~~701

(~~198~~205,~~301~~600)

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.

Amortization of acquired intangible assets is as follows:

	Three Months Ended				Nine Months Ended
	June 28,2025		June 29,2024		June 28,2025		June 29,2024
Acquired intangible asset amortization	$	2,364	$	2,384	$	6,988	$	7,672

Based on acquired intangible assets recorded at June 28, 2025, amortization is estimated to be approximately:

			2025			2026			2027			2028			2029
Estimated future amortization of acquired intangible assets			$	9,800		$	9,700		$	8,700		$	7,900		$	6,300

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Note 9 - ~~Equity Method and Other Investments~~Indebtedness

Investments and operating results in which we do not have a controlling interest but 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 Condensed Balance Sheets and consist of:

	June 28,2025		September 28,2024
Moog Aircraft Service Asia	$	2,246	$	1,742
Suffolk Technologies Fund 1, L.P.	2,663		1,659
Net investment balance	$	4,909	$	3,401

We recorded the following gains and losses from equity method investments and joint ventures which are included in Other in the Consolidated Condensed Statements of Earnings:

	Three Months Ended				Nine Months Ended
	June 28,2025		June 29,2024		June 28,2025		June 29,2024
Net gain (loss)
Equity method investments and joint ventures	$	195	$	(52)	$	446	$	219

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.

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 $4,774.

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. During the three months ended June 28, 2025, we recorded a $3,000 impairment for the devaluation of an investment, which is included in Asset impairment in the Consolidated Condensed Statements of Earnings. As of June 28, 2025, we had investments of $1,580, which are included as Other assets in the Consolidated Condensed Balance Sheets.

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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:

	June 28,2025		September 28,2024
	January 3,2026		September 27,2025
U.S. revolving credit facility	$	~~331~~303,~~500~~000	$	~~375~~195,~~500~~000
Term loan	250,000		—250,000
SECT revolving credit facility	14,000		1,000
Senior notes 4.25%	500,000		500,000
Senior debt	1,~~082~~057,~~500~~000		~~876~~946,~~500~~000
Less deferred debt issuance cost	~~(826)~~—		(~~2,361~~314)
Long-term debt	$	1,081,674	$	874,139
Less current installments	(4,688)		(1,563)
Long-term debt	$	1,052,312	$	944,123

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. OnOur ~~May 30, 2025, we amended and restated our~~ loan agreement toincludes ~~include~~ a $250,000 term loan, with installment payments of $3,125 in 2026, $9,375 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 outstanding revolver borrowings of the U.S. revolving credit facility. Interest on our outstanding U.S. revolving credit facility and term loan borrowings are based on SOFR plus the applicable margin. 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.

OnThe ~~November 6, 2024, the~~ SECT ~~amended~~has ~~the~~a revolving credit facility, ~~which~~with ~~reduced~~a ~~the~~ borrowing capacity ~~from~~of $3525,000. toOn ~~$25~~December 1,~~000~~ 2025, the SECT amended the revolving credit facility and extended the maturity date from October 26, ~~2025~~2026 to ~~October~~April 2624, ~~2026~~2027. Interest is based on SOFR plus an applicable margin. A commitment fee is also charged based on a percentage of the unused amounts available and is not material.

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.

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Note 1110 - Other Accrued Liabilities

Other accrued liabilities consists of:

June 28,2025

September 28, 2024

January 3,2026

September 27, 2025

Employee benefits

6458,~~506~~825

5557,~~032~~019

Contract reserves

6980,~~832~~863

7184,~~554~~360

Warranty accrual

2324,~~745~~016

23,~~548~~892

Accrued income taxes

3021,~~318~~864

5230,~~007~~392

Other

~~114~~95,~~113~~038

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

Other accrued liabilities

~~302~~280,~~514~~606

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

In the ordinary course of business, we warrant our products against defects 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. Activity in the warranty accrual is summarized as follows:

~~Three Months Ended~~

Three Months Ended

~~Nine Months Ended~~

June 28,2025

June 29,2024

June 28,2025

June 29,2024

January 3,2026

December 28,2024

Warranty accrual at beginning of period

~~21,782~~

~~23,616~~

23,~~548~~892

2223,~~939~~548

Warranties issued during current period

~~2,763~~

~~402~~

61,~~317~~411

51,~~692~~726

Adjustments to pre-existing warranties

~~1,226~~

~~(837)~~

~~549~~(389)

~~(1,518)~~215

Reductions for settling warranties

~~(2,404)~~

~~(429)~~

(~~6,809~~960)

(42,~~453~~582)

Foreign currency translation

~~378~~

~~(47)~~

~~140~~62

45(405)

Warranty accrual at end of period

~~23,745~~

~~22,705~~

2324,~~745~~016

22,~~705~~502

~~Note 12 - Derivative Financial Instruments~~ 20

WeTable 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.~~ Contents

Note 11 - Derivative Financial Instruments

We principally use derivative financial instruments to manage foreign exchange risk related to foreign operations and foreign currency transactions. 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. To mitigate exposure in movements between various currencies, including the Philippine peso, we had

outstanding foreign currency contracts with notional amounts of $4525,~~035~~415 at ~~June~~January 283, ~~2025~~2026. 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 ~~June 28~~Earnings, ~~2025~~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 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 the first three months of 2026 or 2025.

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 June 28, 2025, we had no outstanding interest rate swaps.

Foreign currency contracts, net investment hedges and interest rate swaps are recorded in the Consolidated Condensed 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 Condensed 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 the first nine months of 2025 or 2024.

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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 $175,893 at January 3, 2026. 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:

currency and are adjusted to current values using period-end exchange rates. The resulting gains or losses are recorded in the Consolidated Condensed Statements of Earnings. To minimize foreign currency exposure, we have foreign currency contracts with notional amounts of $174,421 at June 28, 2025. The foreign currency contracts are recorded in the Consolidated Condensed Balance Sheets at fair value and resulting gains or losses are recorded in the Consolidated Condensed 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:

Three Months Ended

Statements of Earnings location

January 3,
2026

December 28,
2024

Net gain (loss)

Foreign currency contracts

Other

(12,271)

		Three Months Ended				Nine Months Ended
	Statements of Earnings location	June 28,2025		June 29,2024		June 28,2025		June 29,2024
Net gain (loss)
Foreign currency contracts	Other	$	13,048	$	(2,542)	$	4,310	$	(1,009)

Summary of derivatives

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

	Balance Sheets location	~~June~~January 283,~~2025~~2026		September 2827,~~2024~~2025
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	~~1,184~~55	$	—250
Foreign currency contracts	Other assets	~~318~~—		—39
	Total asset derivatives	$	~~1,502~~55	$	—289
Foreign currency contracts	~~Other~~Accrued ~~long-term~~ liabilities and other	7$	150	—$	—
	Total liability derivatives	$	7	$	—
Foreign currency contracts	Other long-term liabilities	—		8
	Total liability derivatives	$	150	$	8
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	$	~~3,162~~511	$	~~648~~—
Foreign currency contracts	Accrued liabilities and other	$	8135	$	281,502

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Note 1312 - 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

~~June~~January 283,~~2025~~2026

September 2827,~~2024~~2025

Foreign currency contracts

Other current assets

~~4,346~~566

~~648~~250

Foreign currency contracts

Other assets

~~318~~—

—39

Total assets

~~4,664~~566

~~648~~289

Foreign currency contracts

Accrued liabilities and other

8285

281,502

Foreign currency contracts

Other long-term liabilities

7—

—8

Acquisition contingent consideration

Accrued liabilities and other

~~673~~—

~~2,839~~473

Total liabilities

~~688~~285

21,~~867~~983

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

	~~Three Months Ended~~		Three Months Ended		~~Nine Months Ended~~
	June 28,2025		June 29,2024		June 28,2025		June 29,2024
					January 3,2026		December 28,2024
Balance at beginning of period	$	~~873~~	$	~~3,256~~	$	~~2,839~~473	$	32,~~089~~839
Increase in discounted future cash flows recorded as interest expense	—		83		—		250
Settlements paid in cash					(473)		(600)
Increase in earn out provisions recorded as other expense	—		—		76		—
Balance at end of period					$	—	$	2,239
Settlements paid in cash	(200)		—		(2,242)		—
Balance at end of period	$	673	$	3,339	$	673	$	3,339

Our only financial instrument for which the carrying value differs from its fair value is long-term debt. At ~~June~~January 283, ~~2025~~2026, the fair value of long-term debt was $1,~~068~~050,~~433~~769 compared to its carrying value of $1,~~082~~057,~~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.

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Note 1413 - ~~Restructuring~~Employee Benefit Plans

The 2023 plan has elements, primarily retention agreements, that will continue through 2027 and could result in additional costs of up to approximately $3,500.

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 September 28, 2024	$	1,400	$	624	$	760	$	9,394	$	12,178
Charged to expense - 2024 plan	1,266		—		—		6,549		7,815
Charged to expense - 2023 plan	—		—		—		1,244		1,244
Adjustments to provision	—		—		—		(574)		(574)
Non-cash charges - 2024 plan	(530)		—		—		(733)		(1,263)
Cash payments - 2024 plan	(426)		(624)		(760)		(7,628)		(9,438)
Cash payments - 2023 plan	—		—		—		(1,069)		(1,069)
Cash payments - 2022 plan	—		—		—		(32)		(32)
Cash payments - 2020 plan	—		—		—		(170)		(170)
Cash payments - 2018 plan	—		—		—		(384)		(384)
Foreign currency translation	318		—		—		386		704
Balance at June 28, 2025	$	2,028	$	—	$	—	$	6,983	$	9,011

As of June 28, 2025, the restructuring accrual consists of $3,841 for the 2024 plan, $4,322 for the 2023 plan, $193 for the 2022 plan, $85 for the 2020 plan and $570 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

Pension expense for our defined contribution plans consists of:

~~Three Months Ended~~

Three Months Ended

~~Nine Months Ended~~

June 28,2025

June 29,2024

June 28,2025

June 29,2024

January 3,2026

December 28,2024

U.S. defined contribution plans

~~13,689~~

~~13,094~~

3713,~~996~~805

3811,~~456~~880

Non-U.S. defined contribution plans

~~2,762~~

~~2,350~~

73,~~906~~048

72,~~301~~553

Total expense for defined contribution plans

~~16,451~~

~~15,444~~

4516,~~902~~853

4514,~~757~~433

Net periodic benefit costs for our defined benefit pension plans are as follows:

~~Three Months Ended~~

Three Months Ended

~~Nine Months Ended~~

June 28,2025

June 29,2024

June 28,2025

June 29,2024

January 3,2026

December 28,2024

U.S. Plans

Service cost

~~2,470~~

~~2,694~~

72,~~411~~017

82,~~081~~470

Interest cost

~~6,725~~

~~6,973~~

206,~~173~~925

206,~~919~~724

Expected return on plan assets

~~(7,901)~~

~~(6,817)~~

(238,~~701~~414)

(207,~~450~~900)

Amortization of actuarial loss

~~2,977~~

~~3,072~~

82,~~931~~326

92,~~216~~977

Expense for U.S. defined benefit plans

~~4,271~~

~~5,922~~

122,~~814~~854

174,~~766~~271

Non-U.S. Plans

Service cost

~~787~~

~~645~~

~~2,318~~698

~~1,948~~767

Interest cost

~~1,349~~

~~1,422~~

31,~~943~~431

41,~~272~~304

Expected return on plan assets

~~(1,067)~~

~~(1,098)~~

(31,~~129~~054)

(31,~~301~~035)

Amortization of prior service cost

4315

4214

Amortization of actuarial loss

~~197~~

~~573~~125

~~156~~189

Expense for non-U.S. defined benefit plans

~~1,280~~

~~1,035~~

31,~~748~~215

31,~~117~~239

24Note 14 - Income Taxes

~~Note~~The 16effective -tax ~~Income~~rate ~~Taxes~~for the three months ended January 3, 2026 and December 28, 2024 was 22.1% and 22.7%, respectively. The effective tax rates for the three months ended January 3, 2026 and December 28, 2024 are different than the U.S. federal statutory tax rate of 21% due to tax on earnings generated outside the U.S. with higher statutory rates and U.S. state income taxes, partially offset by research and development tax credits.

~~The effective tax rate for the three and nine months ended June 28, 2025 was~~ 23.4% and 23.4%, respectively. The effective tax rate for the three and nine months ended June 29, 2024 was 20.5% and 22.7%, respectively. The effective tax rates for the three and nine months ended June 28, 2025 and June 29, 2024 are different than the U.S. federal statutory tax rate of 21% due to tax on earnings generated outside the U.S. with higher statutory rates and U.S. state income taxes, partially offset by research and development tax credits and provision to tax return adjustments.

On July 4, 2025, the U.S. enacted a budget reconciliation package known as the One Big Beautiful Bill Act of 2025 ("OBBBA"). Changes in tax laws may affect recorded deferred tax assets and deferred tax liabilities and our effective tax rate in the future and we continue to evaluate the impacts that OBBBA will have on our Condensed Consolidated Financial Statements. We do not expect any material change to our ongoing tax rate as a result of this legislation.

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Note 1715 - Accumulated Other Comprehensive Income (Loss)

The changes in AOCIL, net of tax, by component for the ~~nine~~three months ended ~~June~~January 283, ~~2025~~2026 are as follows:

	Accumulated foreign currency translation		Accumulated retirement liability		Accumulated gain (loss) on derivatives		Total
AOCIL at September 28, 2024	$	(95,538)	$	(108,231)	$	—	$	(203,769)
AOCIL at September 27, 2025	$	(74,614)	$	(83,312)	$	207	$	(157,719)
OCI before reclassifications	234,~~709~~656		(~~613~~120)		~~1,456~~(333)		244,~~552~~203
Amounts reclassified from AOCIL	~~10,963~~—		61,~~541~~706		~~(290)~~14		171,~~214~~720
OCI, net of tax	344,~~672~~656		51,~~928~~586		~~1,166~~(319)		415,~~766~~923
AOCIL at June 28, 2025	$	(60,866)	$	(102,303)	$	1,166	$	(162,003)
AOCIL at January 3, 2026	$	(69,958)	$	(81,726)	$	(112)	$	(151,796)

Net gains and losses on net investment hedges are recorded in Accumulated foreign currency translation to the extent that the instruments are effective in hedging the designated risk.

The amounts reclassified from AOCIL into earnings are as follows:

		~~Three Months Ended~~		Three Months Ended		~~Nine Months Ended~~
	Statements of Earnings location	~~June 28,2025~~		~~June 29,2024~~		~~June~~January 283,~~2025~~2026		~~June~~December 2928,2024
Retirement liability:
Prior service cost		$	14	$	14	$	4315	$	4214
Actuarial losses		~~2,827~~		~~2,659~~		82,~~461~~210		72,~~977~~818
Reclassification from AOCIL into earnings		~~2,841~~		~~2,673~~		82,~~504~~225		82,~~019~~832
Tax effect		~~(655)~~		~~(628)~~		(~~1,963~~519)		(~~1,885~~653)
Net reclassification from AOCIL into earnings		$	~~2,186~~	$	~~2,045~~	$	61,~~541~~706	$	62,~~134~~179
Derivatives:
Foreign currency contracts	Cost of sales	$	~~(349)~~	$	—	$	~~(379)~~18	$	~~588~~21
Reclassification from AOCIL into earnings		~~(349)~~		—		~~(379)~~18		~~588~~21
Tax effect		82		—		89(4)		(~~139~~5)
Net reclassification from AOCIL into earnings		$	~~(267)~~	$	—	$	~~(290)~~14	$	~~449~~16
Foreign currency translation:
Business dispositions	Other	$	~~(39)~~	$	1	$	~~10,963~~—	$	~~(10)~~11,012
Reclassification from AOCIL into earnings		~~(39)~~		1		~~10,963~~—		~~(10)~~11,012
Tax effect		—		—		—		—
Net reclassification from AOCIL into earnings		$	~~(39)~~	$	1	$	~~10,963~~—	$	~~(10)~~11,012

Reclassification from AOCIL into earnings for the Retirement liability are included in the computation of non-service pension expense, which is included in Other on the Consolidated ~~Condensed~~ Statement of Earnings.

The effective portion of amounts deferred in AOCIL are as follows:

	~~Three Months Ended~~		Three Months Ended		~~Nine Months Ended~~
	June 28,2025		June 29,2024		June 28,2025		June 29,2024
					January 3,2026		December 28,2024
Foreign currency contracts	$	~~1,009~~	$	—	$	~~1,906~~(436)	$	90321
Net gain (loss)	~~1,009~~		—		~~1,906~~(436)		90321
Tax effect	~~(238)~~		—		~~(450)~~103		(2175)
Net deferral in AOCIL of derivatives	$	~~771~~	$	—	$	~~1,456~~(333)	$	69246

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Note 1816 - Stock Employee Compensation Trust and Supplemental Retirement Plan Trust

The SECT assists in administering and provides funding for equity-based compensation plans and benefit programs, including the Moog Inc. Retirement Savings Plan ("RSP"), RSP(+) and the Employee Stock Purchase Plan ("ESPP"). The SERP Trust provides funding for benefits under the SERP provisions of the Moog Inc. Plan to Equalize Retirement Income and Supplemental Retirement Income. Both the SECT and the SERP Trust hold Moog shares as investments. The shares in the SECT and SERP Trust are not considered outstanding for purposes of calculating earnings per share. However, in accordance with the trust agreements governing the SECT and SERP Trust, the trustees vote all shares held by the SECT and SERP Trust on all matters submitted to shareholders.

Note 1917 - Earnings per Share

Basic and diluted weighted-average shares outstanding, ~~as well as shares considered to be anti-dilutive,~~ are as follows:

~~Three Months Ended~~

Three Months Ended

~~Nine Months Ended~~

June 28,2025

June 29,2024

June 28,2025

June 29,2024

January 3,2026

December 28,2024

Basic weighted-average shares outstanding

~~31,524,999~~

~~31,960,165~~

31,~~684~~679,~~945~~982

31,~~943~~971,~~365~~462

Dilutive effect of equity-based awards

~~371,950~~

~~449,205~~

~~397~~365,~~241~~407

~~399~~435,~~335~~831

Diluted weighted-average shares outstanding

~~31,896,949~~

~~32,409,370~~

32,~~082~~045,~~186~~389

32,~~342~~407,~~700~~293

~~Anti-dilutive~~Note ~~shares~~18 ~~from equity~~-~~based~~ ~~awards 231 — 227 1,547~~Segments

~~Note~~Disaggregation 20of -net ~~Segments~~sales by segment for the three months ended January 3, 2026 and December 28, 2024 are as follows:

Disaggregation of net sales by segment for the three and nine months ended June 28, 2025 and June 29, 2024 are as follows:


	Three Months Ended
Market Type		January 3, 2026		December 28, 2024
Net sales:
Space		$	122,863	$	108,187
Defense		201,415		139,597
Space and Defense		324,278		247,784
Original Equipment Manufacturers		177,656		166,207
Aftermarket		69,755		47,213
Military Aircraft		247,411		213,420
Original Equipment Manufacturers		170,296		141,077
Aftermarket		97,547		77,413
Commercial Aircraft		267,843		218,490
Energy		34,119		28,285
Industrial Automation		116,812		96,114
Simulation and Test		36,328		35,493
Medical		73,555		68,296
Industrial		260,814		228,188
Net sales		$	1,100,346	$	907,882

	Three Months Ended				Nine Months Ended
Market Type	June 28,2025		June 29,2024		June 28,2025		June 29,2024
Net sales:
Space	$	118,664	$	108,965	$	348,869	$	322,272
Defense	169,041		149,444		456,804		433,052
Space and Defense	287,705		258,409		805,673		755,324
Original Equipment Manufacturers	177,110		160,691		508,483		455,673
Aftermarket	47,552		46,486		143,448		140,248
Military Aircraft	224,662		207,177		651,931		595,921
Original Equipment Manufacturers	133,604		132,374		410,329		402,357
Aftermarket	85,832		56,991		246,411		188,824
Commercial Aircraft	219,436		189,365		656,740		591,181
Energy	34,481		37,168		101,699		104,442
Industrial Automation	106,168		109,100		297,345		341,474
Simulation and Test	36,289		40,019		106,598		115,577
Medical	62,622		63,497		196,532		187,969
Industrial	239,560		249,784		702,174		749,462
Net sales	$	971,363	$	904,735	$	2,816,518	$	2,691,888

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	Three Months Ended
Customer Type		January 3, 2026		December 28, 2024
Net sales:
Commercial		$	62,347	$	59,102
U.S. Government (including OEM)		211,001		162,285
Other		50,930		26,397
Space and Defense		324,278		247,784

U.S. Government (including OEM)		196,223		160,775
Other		51,188		52,645
Military Aircraft		247,411		213,420
Commercial		258,239		209,326

Other		9,604		9,164
Commercial Aircraft		267,843		218,490
Commercial		257,513		226,146
U.S. Government (including OEM)		820		591
Other		2,481		1,451
Industrial		260,814		228,188
Commercial		578,099		494,574
U.S. Government (including OEM)		408,044		323,651
Other		114,203		89,657
Net sales		$	1,100,346	$	907,882


	Three Months Ended
Revenue Recognition Method		January 3, 2026		December 28, 2024
Net sales:
Over-time		$	284,079	$	223,382
Point in time		40,199		24,402
Space and Defense		324,278		247,784
Over-time		213,802		176,554
Point in time		33,609		36,866
Military Aircraft		247,411		213,420
Over-time		205,632		161,212
Point in time		62,211		57,278
Commercial Aircraft		267,843		218,490
Over-time		22,862		26,967
Point in time		237,952		201,221
Industrial		260,814		228,188
Over-time		726,375		588,115
Point in time		373,971		319,767
Net sales		$	1,100,346	$	907,882

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The Company’s Chief Operating Decision Maker (“CODM”) is the President and Chief Executive Officer. The CODM is responsible for allocating resources and assessing performance based on the segment’s operating profit or loss, among other considerations. Segment operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation, non-service pension expense and other corporate expenses. Cost of sales and other operating expenses are directly attributable to the respective segment or allocated on the basis of sales, headcount or profit. Long-lived tangible assets and total asset information by segment in not provided to, or reviewed by our CODM as it is not used to make strategic decisions, allocate resources, or assess performance.

We report results to our CODM under our four segments identified as Space and Defense, Military Aircraft, Commercial Aircraft and Industrial. Disaggregation of operating results by segment and reconciliations to consolidated amounts are as follows:


	Three Months Ended
(dollars in thousands)		January 3, 2026		December 28, 2024
Net sales:
Space and Defense		$	324,278	$	247,784
Military Aircraft		247,411		213,420
Commercial Aircraft		267,843		218,490
Industrial		260,814		228,188
Total net sales		1,100,346		907,882
Cost of sales:
Space and Defense		$	229,501	$	182,499
Military Aircraft		187,417		159,749
Commercial Aircraft		220,008		175,736
Industrial		169,180		144,820
Total cost of sales		$	806,106	$	662,804






Research and development:
Space and Defense		$	8,181	$	5,331
Military Aircraft		5,115		5,999
Commercial Aircraft		2,369		2,533
Industrial		8,969		9,742
Total research and development		$	24,634	$	23,605
Selling, general and administrative:
Space and Defense		$	43,094	$	31,410
Military Aircraft		26,991		24,419
Commercial Aircraft		17,461		14,827
Industrial		46,515		44,324

Corporate expenses		9,943		8,832
Equity based compensation expense		4,955		4,325
Total selling, general and administrative		$	148,959	$	128,137
Other operating (income) expenses:
Space and Defense		$	732	$	(236)
Military Aircraft		(240)		(356)
Commercial Aircraft		(409)		(373)
Industrial		16		3,854
Total other operating expenses		$	99	$	2,889

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	Three Months Ended				Nine Months Ended
Customer Type	June 28,2025		June 29,2024		June 28,2025		June 29,2024
Net sales:
Commercial	$	92,046	$	49,916	$	183,155	$	129,253
U.S. Government (including OEM)	164,443		178,636		538,987		553,261
Other	31,216		29,857		83,531		72,810
Space and Defense	287,705		258,409		805,673		755,324
U.S. Government (including OEM)	165,083		148,928		484,924		424,539
Other	59,579		58,249		167,007		171,382
Military Aircraft	224,662		207,177		651,931		595,921
Commercial	208,561		179,384		627,020		564,612
Other	10,875		9,981		29,720		26,569
Commercial Aircraft	219,436		189,365		656,740		591,181
Commercial	229,089		244,834		685,016		737,028
U.S. Government (including OEM)	2,308		3,226		5,005		8,150
Other	8,163		1,724		12,153		4,284
Industrial	239,560		249,784		702,174		749,462
Commercial	529,696		474,134		1,495,191		1,430,893
U.S. Government (including OEM)	331,834		330,790		1,028,916		985,950
Other	109,833		99,811		292,411		275,045
Net sales	$	971,363	$	904,735	$	2,816,518	$	2,691,888

Operating profit 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, manpower or profit. Operating profit by segment and reconciliations for the three months ended January 3, 2026 and December 28, 2024 are as follows:

	~~Three Months Ended~~		Three Months Ended		~~Nine Months Ended~~
Revenue Recognition Method	June 28,2025		June 29,2024		June 28,2025		June 29,2024
					January 3,2026		December 28,2024
Net sales:
Operating profit:
Over-time	$	254,222	$	226,405	$	720,254	$	679,231
Space and Defense					$	42,770	$	28,780
Point in time	33,483		32,004		85,419		76,093
Military Aircraft					28,128		23,609
Space and Defense	287,705		258,409		805,673		755,324
Commercial Aircraft					28,414		25,767
Over-time	184,720		168,248		542,353		482,163
Industrial					36,134		25,448
Point in time	39,942		38,929		109,578		113,758
Total operating profit					135,446		103,604
Military Aircraft	224,662		207,177		651,931		595,921
Deductions from operating profit:
Over-time	142,789		149,220		458,863		449,230
Interest expense					17,195		16,248
Point in time	76,647		40,145		197,877		141,951
Equity-based compensation expense					4,955		4,325
Commercial Aircraft	219,436		189,365		656,740		591,181
Non-service pension expense					1,130		1,946
Over-time	27,440		40,894		82,680		107,405
Corporate and other expenses, net					10,952		6,650
Point in time	212,120		208,890		619,494		642,057
Earnings before income taxes					$	101,214	$	74,435
Industrial	239,560		249,784		702,174		749,462
Depreciation and amortization:
Over-time	609,171		584,767		1,804,150		1,718,029
Space and Defense					$	7,102	$	5,565
Point in time	362,192		319,968		1,012,368		973,859
Military Aircraft					9,680		8,136
Net sales	$	971,363	$	904,735	$	2,816,518	$	2,691,888
Commercial Aircraft					4,591		4,740
Industrial					6,189		6,264
Corporate					36		47
Total depreciation and amortization					$	27,598	$	24,752
Capital expenditures:
Space and Defense					$	13,372	$	14,405
Military Aircraft					10,217		8,403
Commercial Aircraft					6,921		3,014
Industrial					3,864		6,949
Corporate					6		7
Total capital expenditures					$	34,380	$	32,778

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~~Operating~~Note ~~profit~~19 ~~is net sales less cost of sales and other operating expenses, excluding interest expense, equity~~-~~based~~ ~~compensation~~Related ~~expense,~~Party 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, manpower or profit. Operating profit by segment and reconciliations for the three and nine months ended June 28, 2025 and June 29, 2024 are as follows: Transactions

	Three Months Ended				Nine Months Ended
	June 28,2025		June 29,2024		June 28,2025		June 29,2024
Operating profit:
Space and Defense	$	38,261	$	32,635	$	99,581	$	100,175
Military Aircraft	17,994		23,965		64,632		60,323
Commercial Aircraft	32,623		24,367		82,418		69,838
Industrial	22,989		24,413		75,700		81,592
Total operating profit	111,867		105,380		322,331		311,928
Deductions from operating profit:
Interest expense	17,790		18,153		54,340		52,850
Equity-based compensation expense	4,649		4,089		12,669		11,301
Non-service pension expense	1,970		3,188		5,855		9,566
Corporate and other expenses, net	9,476		9,045		29,327		25,946
Earnings before income taxes	$	77,982	$	70,905	$	220,140	$	212,265

Our transactions with related parties were not material for the three months ended January 3, 2026.

29Note 20 - Commitments and Contingencies

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Note 21 - Related Party Transactions

Our transactions with related parties were not material for the three and nine months ended June 28, 2025.

Note 22 - Commitments and Contingencies

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

We are engaged in administrative proceedings with governmental agencies and legal proceedings with governmental agencies and other third parties in the normal course of our business, including litigation under Superfund laws, regarding environmental matters. We believe that adequate reserves have been established for our share of the estimated cost for all currently pending environmental administrative or legal proceedings and do not expect that these environmental matters will have a material adverse effect on our financial condition, results of operations or cash flows.

In the ordinary course of business we could be subject to ongoing claims or disputes from our customers, the ultimate settlement of which could have a material adverse impact on our consolidated results of operations. While the receivables and any loss provisions recorded to date reflect management's best estimate of the projected costs to complete a given project, there is still significant effort required to complete the ultimate deliverable. Future variability in internal cost and future profitability is dependent upon a number of factors including deliveries, performance and government budgetary pressures. The inability to achieve a satisfactory contractual solution, further unplanned delays, additional developmental cost growth or variations in any of the estimates used in the existing contract analysis could lead to further loss provisions. Additional losses could have a material adverse impact on our financial condition, results of operations or cash flows in the period in which the loss may be recognized.

We are contingently liable for $1314,~~421~~669 related to standby letters of credit issued by banks to third parties on our behalf at ~~June~~January 283, ~~2025~~2026.

Note 2321 - Subsequent Event

On ~~July 24~~January 27, ~~2025~~2026, weMoog ~~declared~~Receivables aLLC, $0as Seller, Moog Inc.29 ~~per~~as ~~share~~Master ~~quarterly~~Servicer, ~~dividend~~Truist ~~payable~~Bank, onas ~~issued~~Administrative Agent and ~~outstanding~~certain ~~shares~~purchasers of(collectively, ~~our~~the ~~Class~~"Purchasers"), Aentered into the Fifth Amendment to the Amended and ~~Class~~Restated BReceivables ~~common~~Purchase ~~stock~~Agreement. onThe ~~August 26,~~RPA ~~2025~~was amended to ~~shareholders~~change ofthe ~~record~~administrative atagent and to extend the ~~close~~maturity to February 20, 2028. The RPA allows for the sale of ~~business~~receivables onto ~~August 8~~the Purchasers in amounts up to a $125,000 ~~2025~~limit, which is unchanged from the prior amendment.

On ~~July~~January 129, ~~2025~~2026, we ~~acquired~~declared ~~COTSWORKS,~~a ~~Inc~~$0.,30 ~~based~~per inshare ~~Ohio~~quarterly ~~for~~dividend ~~cash~~payable on issued and ~~Moog~~outstanding shares of our Class A ~~shares.~~and ~~See~~Class ~~Note~~B 3common -stock ~~Acquisitions~~on February 26, ~~Divestitures~~2026 ~~and~~to ~~Assets~~shareholders ~~Held~~of ~~for~~record ~~Sale~~at ~~for~~the ~~additional~~close ~~disclosures~~of business on February 17, 2026.

3029

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in the Company’s Annual Report filed on Form 10-K for the fiscal year ended September 2827, ~~2024~~2025. In addition, the following should be read in conjunction with our Consolidated Financial Statements and Notes to Consolidated ~~Condensed~~ Financial Statements contained herein. All references to years in this Management’s Discussion and Analysis of Financial Condition and Results of Operations are to fiscal years. Amounts may differ due to rounding as dollar and percentage variances are computed based on reported values.

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, ~~high efficiency pumps used in data center cooling applications,~~ 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, 6366% of revenue was recognized over time for the three months ended ~~June~~January 283, ~~2025~~2026, 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 three months ended ~~June~~January 283, ~~2025~~2026, 3734% 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 safe air transportation, reducing factory emissions and enhancing patient'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 on these core foundational strengths, we believe we have achieved a leadership position in the high performance precision controls market and are "Shaping the way our world moves™."ensure

31safe air transportation, reduce industrial factory emissions and enhance patients' lives, while driving innovation. Moog engineers collaboratively design and manufacture the most advanced motion control products, to the highest quality standards, for use in demanding applications. By building on these core foundational capabilities, we believe we have achieved a leadership position in the high-performance, precision controls market, and are "Shaping the way our world moves™".

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ByWe ~~leveraging~~leverage our engineering ~~heritage~~expertise and byclose ~~focusing on~~ customer ~~intimacy~~relationships to solve ~~our~~complex ~~customers' most demanding~~ technical problems, we have been able to expand our control product franchise to multiple markets; organically growing from a high-performance components manufacturer to a high-performance systems designer, manufacturer and integrator. In addition, we continue to expand our content positions on our current platforms, seeking to be the leading supplier in the niche markets we serve. We also look for innovation in all aspects of our business, employing new technologies to improve productivity, while focusing on talent development to strengthen our employee operational performance.This

~~Our~~approach ~~fundamental~~has ~~long-term~~allowed ~~strategies that will help~~ us ~~achieve~~to ~~our~~expand, ~~financial~~organically ~~objectives center around pricing~~ and ~~simplification~~through ~~initiatives.~~acquisitions, ~~Our pricing initiatives focus on receiving recognition for the value we deliver to~~ our ~~customers~~high-performance ~~across all of our markets. Our simplification initiatives center around 80/20 methodologies and include:~~ components

~~•shaping~~business ~~our~~to ~~product~~also offer the design, manufacture and ~~business~~integration ~~portfolio~~of tohigh-performance ~~invest~~systems inacross ~~growth~~multiple ~~areas~~markets. ~~and~~We continue to ~~divest~~expand ~~those~~our ~~that~~content noon ~~longer~~existing ~~fit~~platforms as well, seeking to be the leading precision motion-controls supplier across the niche markets we serve. We are also modernizing operations through productivity-enhancing technologies and targeted talent development to strengthen operational performance.

~~•rationalizing~~Our ~~our~~long-term ~~footprint~~strategies to ~~align~~achieve ~~with~~our ~~current~~financial objectives focus on pricing and ~~future~~simplification ~~business~~initiatives. ~~levels~~Our pricing strategy seeks recognition for the value we deliver to our customers across our markets. Our simplification initiatives, guided by 80/20 principles, include:

•~~focusing~~shaping our ~~factories~~product soand ~~that~~business ~~individual~~portfolio ~~manufacturing~~to ~~sites~~invest ~~meet~~in ~~the~~growth ~~unique~~areas ~~needs~~and ofto adivest ~~specific~~non-core ~~market~~assets, ~~and~~

•~~investing~~rationalizing inour ~~automation~~global ~~and~~footprint ~~technologies~~ to ~~improve~~meet current and future business ~~operations.~~volumes,

We•focusing ~~focus~~our onfactories improving shareholder value through strategic revenue growth, both organic and acquired, improving operating efficiencies and utilizing low cost manufacturing facilities without compromising quality. Over time, we strive to ~~have~~meet athe ~~balanced~~specific ~~approach~~needs ~~to capital allocation in order to maximize shareholder returns. Investing for organic growth through increased capital expenditures is a key element~~ of ~~our~~each ~~capital allocation strategy. Also~~market, ~~we have repurchased shares opportunistically, acquired businesses~~ and ~~remain committed to our dividend policy.~~

~~Acquisitions,~~•investing ~~Divestitures~~in anautomation ~~Assets~~and ~~Held~~technologies ~~for~~to ~~Sale~~improve operational efficiency.

~~See~~We ~~Note~~aim 3to -improve ~~Assets,~~shareholder ~~Divestitures~~value ~~and~~through ~~Assets~~strategic ~~Held~~revenue ~~for~~growth, ~~Sale~~both inorganic ~~the~~and ~~Consolidated Financial Statements included in Item 1~~acquired, ~~Financial Statements of this report for details.~~manufacturing

and operating efficiencies and utilizing low-cost manufacturing facilities without compromising quality. Historically and over the long-term, our capital deployment strategy has balanced strategic acquisitions, share buybacks and dividend payments to maximize shareholder returns. In the near term, our capital deployment prioritizes organic growth while opportunistically pursuing acquisitions that complement our business.

Acquisitions and Assets Held for Sale

See Note 3 - Acquisitions and Assets Held for Sale in the Consolidated Financial Statements included in Item 1, Financial Statements of this report for details.

CRITICAL ACCOUNTING POLICIES

On a regular basis, we evaluate the critical accounting policies used to prepare our consolidated financial statements, including revenue recognition on long-term contracts, contract reserves, reserves for inventory valuation, ~~reviews for impairment of goodwill, reviews for impairment of long-lived assets, pension assumptions~~ and income taxes.

RECENT ACCOUNTING PRONOUNCEMENTS

See Note 1 - Basis of Presentation in the Consolidated ~~Condensed~~ Financial Statements included in Item 1, Financial Statements of this report for further information regarding Financial Accounting Standards Board issued ASUs.

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CONSOLIDATED RESULTS OF OPERATIONS

	Three Months Ended
(In millions, except per share data)		January 3, 2026			December 28, 2024			$ Variance		% Variance
Net sales		$	1,100		$	908		$	192	21	%
Gross margin		26.7		%	27.0		%
Research and development expenses		25			24			1		4	%
Selling, general and administrative expenses as a percentage of sales		13.5		%	14.1		%
Interest expense		17			16			1		6	%

Restructuring expense		1			4			(2)


Other		1			(1)			2
Effective tax rate		22.1		%	22.7		%


Net earnings		$	79		$	58		$	21	37	%

Diluted earnings per share		$	2.46		$	1.78		$	0.68	38	%

Twelve-month backlog		$	3,260		$	2,500		$	760	30	%

Net sales increased across all our segments in the first quarter of 2026 compared to the first quarter of 2025.

Gross margin decreased in the first quarter of 2026 compared to the first quarter of 2025, driven by higher tariffs, primarily in Commercial Aircraft and Industrial.

Research and development expenses increased in the first quarter of 2026 compared to the first quarter of 2025, driven by activities supporting our new growth programs in Space and Defense.

Selling, general and administrative expenses as a percentage of sales decreased in the first quarter of 2026 compared to the first quarter of 2025, reflecting the incremental benefit from higher sales volume.

Interest expense increased in the first quarter of 2026 compared to the first quarter of 2025, driven by higher outstanding debt balances, partially offset by lower interest rates.

In the first quarter of 2026 and the first quarter of 2025, restructuring charges included charges for various simplification activities, primarily within Industrial and Space and Defense.

The effective tax rate was lower in the first quarter of 2026 compared to the first quarter of 2025, driven by discrete items primarily related to equity-based compensation.

The twelve-month backlog at January 3, 2026 increased as compared with the twelve-month backlog at December 28, 2024. The twelve-month backlog in Military Aircraft increased due to higher orders for new and current aircraft. 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 markets. Within Commercial Aircraft, we had higher orders for narrowbody and widebody OEM programs. The twelve-month backlog in Industrial increased primarily due to higher demand for liquid cooling pumps used in data centers.

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CONSOLIDATED RESULTS OF OPERATIONS
	Three Months Ended										Nine Months Ended
(In millions, except per share data)	June 28, 2025			June 29, 2024			$ Variance		% Variance		June 28, 2025			June 29, 2024			$ Variance		% Variance
Net sales	$	971		$	905		$	67	7	%	$	2,817		$	2,692		$	125	5	%
Gross margin	27.4		%	27.8		%					27.1		%	27.9		%
Research and development expenses	22			28			(6)		(21	%)	70			87			(17)		(19	%)
Selling, general and administrative expenses as a percentage of sales	14.3		%	14.0		%					14.2		%	13.7		%
Interest expense	18			18			—		(2	%)	54			53			1		3	%
Asset impairment	3			—			3		N/M		3			7			(4)		N/M
Restructuring expense	3			4			(1)		N/M		9			13			(4)		N/M
Other	4			4			(1)		(16	%)	8			10			(2)		(21	%)
Effective tax rate	23.4		%	20.5		%					23.4		%	22.7		%
Net earnings	$	60		$	56		$	3	6	%	$	169		$	164		$	4	3	%
Diluted earnings per share	$	1.87		$	1.74		$	0.13	7	%	$	5.25		$	5.08		$	0.17	3	%
Twelve-month backlog											$	2,650		$	2,450		$	200	8	%

Net sales increased in the third quarter and in the first three quarters of 2025 compared to the third quarter and the first three quarters of 2024, driven by demand in Commercial Aircraft and by defense market growth in Space and Defense and Military Aircraft. These increases were partially offset by a decrease in Industrial, driven by the lost sales associated with our divestitures and simplification actions.

Gross margin decreased in the third quarter of 2025 compared to the third quarter of 2024, driven by inventory write-downs of $6 million, primarily within Industrial and Military Aircraft. Gross margin decreased in the first three quarters of 2025 compared to the first three quarters of 2024. This was driven by a one-time benefit of $14 million from the Employee Retention Credit associated with the CARES Act in the first three quarters of 2024, inventory write-downs of $8 million within Industrial and Military Aircraft in the first three quarters of 2025 and an $8 million out-of-period adjustment related to warranty expense in Commercial Aircraft in the first quarter of 2025.

Research and development expenses decreased in the third quarter and in the first three quarters of 2025 compared to the third quarter and the first three quarters of 2024 due to lower level of activity, primarily in Industrial.

Asset impairment and restructuring changes in the third quarter and the first three quarters of 2025 included an impairment in Industrial, charges for various simplification activities, primarily within Industrial, and charges associated with the termination of a product development effort in Military Aircraft. Asset impairment and restructuring changes in the third quarter and the first three quarters of 2024 included charges related to simplification initiatives, primarily in Industrial and Military Aircraft, and an impairment in Military Aircraft.

The effective tax rates in the third quarter of 2025 and in the first three quarters of 2025 were higher compared to the third quarter of 2024 and the first three quarters of 2024. The third quarter of 2024 and first three quarters of 2024 included higher benefits of favorable provision to return adjustments for tax credits associated with the respective prior year's tax returns.

The twelve-month backlog increased in the third quarter of 2025 compared with the third quarter of 2024. 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 Military Aircraft increased due to the timing of orders across legacy and new OEM programs. The twelve-month backlog in Industrial increased due to changes in foreign currency exchange rates, partially offset by divestitures. Commercial Aircraft twelve-month backlog decreased in the third quarter of 2025. The timing of commercial OEM orders decreased backlog, partially offset by orders associated with increased amounts of long-term contracts in commercial aftermarket.

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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 2018 - Segments in the Notes to Consolidated ~~Condensed~~ Financial Statements included in this report.

Space and Defense

	~~Three Months Ended~~						Three Months Ended				~~Nine Months Ended~~
(dollars in millions)	~~June 28, 2025~~			~~June 29, 2024~~			~~$ Variance~~		~~% Variance~~		~~June~~January 283, ~~2025~~2026			~~June~~December 2928, 2024			$ Variance		% Variance
Net sales	$	~~288~~		$	~~258~~		$	29	11	%	$	~~806~~324		$	~~755~~248		$	5076	731	%
Operating profit	$	38		$	33		$	6	17	%	$	~~100~~43		$	~~100~~29		$	~~(1)~~14	(149	%)
Operating margin	~~13.3~~		%	~~12.6~~		%					1213.42		%	1311.36		%

Space and Defense net sales increased in the ~~third~~first quarter ~~and in the first three quarters~~ of ~~2025~~2026 compared to the ~~third~~first quarter ~~and first three quarters~~ of ~~2024~~2025, reflecting broad-based defense demand. ~~Higher~~Demand ~~demand~~was ~~for~~particularly ~~components~~strong for ~~satellites~~missile ~~and~~controls ~~missiles was partially offset by timing of activity on spacecraft vehicles~~ and ~~turrets~~satellite components.

Operating margin increased in the ~~third~~first quarter of ~~2025~~2026 compared to the ~~third~~first quarter of ~~2024~~2025, driven by ~~strong~~profitable sales growth ~~and a favorable sales mix~~. This was partially offset by ~~investments~~increased wecosts ~~made~~ for ~~product development and~~ business capture, asproduct wedevelopment, ~~continue~~operational toreadiness ~~see~~investments ~~large opportunities across both land~~ and ~~space~~acquisition-related ~~applications~~expenses.

Operating margin decreased in the first three quarters of 2025 compared to the first three quarters of 2024. In the first three quarters of 2025, we incurred $4 million of restructuring and other charges. Excluding these charges, operating margin was 12.9%. The resulting decrease in operating margin was due to the one-time benefit from the Employee Retention Credit associated with the CARES Act in the second quarter of 2024, partially offset by strong sales growth and a favorable sales mix through the first three quarters of 2025.

Military Aircraft

	~~Three Months Ended~~						Three Months Ended				~~Nine Months Ended~~
(dollars in millions)	~~June 28, 2025~~			~~June 29, 2024~~			~~$ Variance~~		~~% Variance~~		~~June~~January 283, ~~2025~~2026			~~June~~December 2928, 2024			$ Variance		% Variance
Net sales	$	~~225~~		$	~~207~~		$	17	8	%	$	~~652~~247		$	~~596~~213		$	5634	916	%
Operating profit	$	18		$	24		$	~~(6)~~	~~(25~~	%)	$	6528		$	6024		$	45	719	%
Operating margin	~~8.0~~		%	~~11.6~~		%					911.94		%	1011.1		%

Military Aircraft net sales increased in the ~~third~~first quarter ~~and~~of in2026 compared to the first ~~three~~quarter ~~quarters~~ of 2025. ~~compared~~Military toaftermarket sales increased $23 million, driven by the ~~third~~receipt ~~quarter~~of ~~and~~a ~~first~~significant ~~three~~V-22 ~~quarters~~spares order. Sales increased in military OEM programs $11 million, driven by the ramp-up of ~~2024~~activity on the MV-75 program.

InOperating margin increased in the ~~third~~first quarter of ~~2025~~2026 ~~and~~compared into the first ~~three~~quarter ~~quarters~~ of 2025,. ~~sales~~We ~~increased~~benefitted infrom ~~military~~strong ~~OEM~~aftermarket ~~programs $16 million and $53 million~~sales, ~~respectively,~~which ~~driven~~was offset by ~~the~~a ~~ramp-up~~less offavorable ~~activity~~OEM onsales ~~the FLRAA program and our new production work~~mix.

Operating margin decreased in the third quarter of 2025 compared to the third quarter of 2024. In the third quarter of 2025, we incurred an $8 million charge associated with the termination of a product development effort. Excluding this charge, operating margin was 11.6%. The resulting decrease in operating margin was due to investing more in research and development, as well as an unfavorable sales mix.33

Operating margin decreased in the first three quarters of 2025 compared to the first three quarters of 2024. In the first three quarters of 2025, we incurred an $8 million charge associated with the termination of a product development effort in the third quarter and $3 million of other charges in previous quarters. In the first three quarters of 2024, we incurred $6 million of impairment charges and $5 million of restructuring and other charges. Excluding these charges, in the first three quarters of 2025 and first three quarters of 2024, operating margins were 11.5% and 12.0%, respectively. The resulting decrease in operating margin was due to the one-time benefit from the Employee Retention Credit in the second quarter of 2024 and the absence of the prior year’s gain from the sale of a mature product line.

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Commercial Aircraft

	~~Three Months Ended~~						Three Months Ended				~~Nine Months Ended~~
(dollars in millions)	~~June 28, 2025~~			~~June 29, 2024~~			~~$ Variance~~		~~% Variance~~		~~June~~January 283, ~~2025~~2026			~~June~~December 2928, 2024			$ Variance		% Variance
Net sales	$	~~219~~		$	~~189~~		$	30	16	%	$	~~657~~268		$	~~591~~218		$	6649	1123	%
Operating profit	$	33		$	24		$	8	34	%	$	8228		$	7026		$	133	1810	%
Operating margin	~~14.9~~		%	~~12.9~~		%					1210.56		%	11.8		%

Commercial Aircraft net sales increased in the ~~third~~first quarter ~~and~~of in2026 compared to the first ~~three~~quarter ~~quarters~~ of 2025. ~~compared~~Commercial toOEM ~~the~~sales ~~third~~increased ~~quarter~~$29 million, as we experienced growth from production ramps on widebody and ~~first~~narrowbody ~~three~~programs. ~~quarters~~Commercial ofaftermarket ~~2024~~sales increased $20 million, driven by higher repair volumes, associated with strong fleet utilization.

InOperating margin decreased in the ~~third~~first quarter of ~~2025,~~2026 ~~commercial~~compared ~~aftermarket~~to ~~sales increased $29 million, driven largely by strong fleet utilization on~~ the ~~787~~first ~~and~~quarter ~~A350~~of ~~programs~~2025. ~~Commercial~~The ~~OEM~~decrease ~~sales~~was ~~increased~~driven $1by ~~million~~tariff pressure, aswhich ~~the sale of intellectual property and inventory associated with a non-core product line~~ was partially ~~offset~~mitigated by ~~decreased~~increased ~~sales~~volume ~~related~~and topricing ~~production delays certain customers are experiencing~~benefits.

In the first three quarters of 2025, commercial aftermarket sales increased $58 million, and commercial OEM sales increased $8 million, both due largely to the same factors as the third quarter.

Operating margin increased in the third quarter of 2025 compared to the third quarter of 2024, driven by the sale of a non-core product line and record-level aftermarket sales. These factors were partially offset by pressure associated with tariffs and an unfavorable sales mix within our OEM business related to production delays certain customers are experiencing. Operating margin increased in the first three quarters of 2025 compared to the first three quarters of 2024, driven by the same factors as the third quarter, partially offset by an $8 million out-of-period adjustment related to warranty expense in the first quarter.

Industrial

	~~Three Months Ended~~						Three Months Ended				~~Nine Months Ended~~
(dollars in millions)	~~June 28, 2025~~			~~June 29, 2024~~			~~$ Variance~~		~~% Variance~~		~~June~~January 283, ~~2025~~2026			~~June~~December 2928, 2024			$ Variance		% Variance
Net sales	$	~~240~~		$	~~250~~		$	~~(10)~~	(4	%)	$	~~702~~261		$	~~749~~228		$	~~(47)~~33	(614	%)
Operating profit	$	23		$	24		$	~~(1)~~	(6	%)	$	7636		$	8225		$	~~(6)~~11	(742	%)
Operating margin	~~9.6~~		%	~~9.8~~		%					1013.89		%	1011.92		%

Industrial net sales ~~decreased~~increased in the ~~third~~first quarter of ~~2025~~2026 compared to the ~~third~~first quarter of ~~2024~~2025, driven by ~~the~~strong ~~lost~~demand ~~sales~~for ~~associated~~data ~~with~~center ~~our~~cooling ~~divestitures~~pumps, weother ~~completed~~industrial atautomation ~~the~~products ~~beginning~~and ofenteral ~~this~~feeding ~~fiscal~~and ~~year~~IV sets.

InOperating margin increased in the first ~~three~~quarter ~~quarters~~ of ~~2025~~2026 compared to the first ~~three~~quarter ~~quarters~~ of ~~2024~~2025, ~~divestitures~~driven asby ~~well~~the asbenefits ~~purposeful~~from ~~product~~business optimization and ~~customer exits reduced~~ sales, ~~primarily within industrial automation~~growth, ~~which~~partially ~~decreased~~pressured ~~$44 million. In addition, lower sales for simulation and test products, following a prior year record, was mostly offset~~ by ~~market share gains for medical devices~~tariffs.

Operating margin decreased in the third quarter of 2025 compared to the third quarter of 2024. The third quarter of 2025 included inventory write-downs of $4 million, an asset impairment of $3 million and restructuring charges of $2 million. The third quarter of 2024 included restructuring charges of $3 million and inventory write-downs of $2 million. Excluding the impacts of these charges, operating margins in the third quarters of 2025 and 2024 were 13.5% and 11.7%, respectively. The resulting increase in operating margin was primarily due to simplification initiatives, partially offset by pressure associated with tariffs.34

Operating margin decreased in the first three quarters of 2025 compared to the first three quarters of 2024. The first three quarters of 2025 included restructuring and other charges of $9 million, inventory write-downs of $6 million and an asset impairment of $3 million. The first three quarters of 2024 included restructuring charges of $9 million and inventory write-downs of $2 million. Excluding the impacts of these charges, operating margins in the first three quarters of 2025 and 2024 were 13.4% and 12.3%, respectively. The resulting increase in operating margin was primarily due to simplification initiatives, which was partially offset by the one-time benefit from the Employee Retention Credit in the second quarter of 2024.

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LIQUIDITY AND CAPITAL RESOURCES

Consolidated Statements of Cash Flows

	Nine Months Ended
	Three Months Ended
(dollars in millions)	~~June~~January 283,~~2025~~2026		~~June~~December 2928,2024		$ Variance
Net cash provided (used) by:
Operating activities	$	32(45)	$	47(133)	$	~~(14)~~88
Investing activities	(9231)		(~~115~~19)		22(12)
Financing activities	5588		51164		4(76)

Operating activities

Net cash ~~from~~used by operating activities inwas ~~the~~$45 ~~first~~million ~~three~~and ~~quarters~~$133 ofmillion ~~2025 provided less cash than net cash provided by operating activities~~ in the first ~~three~~quarter ~~quarters~~ of ~~2024.~~2026 ~~Accounts~~and ~~receivable~~first ~~used~~quarter ~~$87~~of ~~million more cash~~2025, ~~driven by the timing of collections~~respectively. ~~The~~Changes ~~timing~~in ofinventories ~~income~~provided ~~tax payments used~~ $3356 million more cash. ~~These~~Inventories ~~uses~~decreased ~~were~~in ~~partially~~Commercial ~~offset~~Aircraft byand ~~physical~~Military ~~inventories~~Aircraft, ~~which used $64 million less cash,~~ as ~~the~~we ~~growth~~delayed ofmaterial ~~physical~~receipts. ~~inventories~~Changes ~~slowed~~ in ~~Space and Defense, Military Aircraft and Commercial Aircraft. Also,~~ customer advances provided $3632 million more cash, as we secured customer advances on multiple space and defense programs.

Investing activities

Net cash used by investing activities in the first ~~three~~quarter ~~quarters~~ of ~~2025~~2026 included ~~$103 million of~~ capital expenditures ~~for~~of ~~investments in organic growth, which was partially offset by~~ $1334 million ~~of proceeds from the sales of businesses~~.

Net cash used by investing activities in the first ~~three~~quarter ~~quarters~~ of ~~2024~~2025 included $~~110~~33 million of capital expenditures, ~~and~~which were partially offset by $613 million ~~associated~~of ~~with~~proceeds from the ~~acquisition~~sales of ~~DCL~~businesses.

Financing activities

Net cash provided by financing activities in the first ~~three~~quarter ~~quarters~~ of ~~2025~~2026 included $~~206~~111 million of net borrowings on our credit facilities~~. Financing activities included a use of cash of $100 million for shares under the repurchase program authorized by the Board of Directors~~, which iswere apartially ~~component~~offset ofby ~~the~~dividend ~~purchase~~payments of ~~outstanding shares for treasury, and~~ $279 million ~~of cash dividends~~.

Net cash provided by financing activities in the first ~~three~~quarter ~~quarters~~ of ~~2024~~2025 included $94230 million of net borrowings on our credit facilities. Financing activities also included a$39 ~~use~~million offor ~~cash~~shares ofunder the authorized repurchase program and $279 million of cash dividends.

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 ~~June~~January 283, ~~2025~~2026, our cash balances were $5974 million, the majority 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.

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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 U.S. revolving credit facility borrowings was 5.9208% and is based on SOFR plus the applicable margin, which was 1.6035% at ~~June~~January 283, ~~2025~~2026. OnOur ~~May 30, 2025, we amended and restated our~~ loan agreement toincludes ~~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 5.11% and is based on SOFR plus the applicable margin, which was 1.35% at January 3, 2026.

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 5.93% and is based on SOFR plus the applicable margin, which was 1.60% at June 28, 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 $25 million, maturing on ~~October~~April 2624, ~~2026~~2027. Interest was 65.5496% as of ~~June~~January 283, ~~2025~~2026 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 ~~June~~January 283, ~~2025~~2026, we had $~~790~~815 million of unused capacity, including $~~766~~793 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 54.3873% as of ~~June~~January 283, ~~2025~~2026. See Note 21 - Subsequent Events, of Part I, Item 1, Financial Information of this report for additional details on the extension of this agreement.

We are in compliance with all covenants under each of our financing arrangements. See Note 4 - Receivables and Note 109 – Indebtedness~~, of Part I, Item 1, Financial Information of this report for additional details~~.

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 ~~Condensed~~ Statement of Shareholders Equity and Cash Flows, of Part I, Item 1, Financial Information, of this report for additional details.

37The 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 1.7 million common shares remaining under this authorization. See the Consolidated Statement of Shareholders Equity and Cash Flows, of Part I, Item 1, Financial Information and Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, of this report for additional details.

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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 1.7 million common shares remaining under this authorization. See the Consolidated Condensed Statement of Shareholders Equity and Cash Flows, of Part I, Item 1, Financial Information and Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, of this report for additional details.

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

Our contractual obligations and commercial commitments have not changed materially from the disclosures in our Annual Report on Form 10-K for the year ended September 2827, ~~2024~~2025. See Note 7 - Leases, Note 109 - Indebtedness, Note 1513 - Employee Benefit Plans and Note 2220 - Commitments and Contingencies, of Part I, Item 1, Financial Information, of this report for additional details.

ECONOMIC CONDITIONS AND MARKET TRENDS

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

Our aerospace and defense businesses ~~represented~~currently 73represent 76% of our ~~2024~~2026 sales. Our defense market, which ~~represented~~currently 51represents 52% of our ~~2024~~2026 sales, is directly affected by defense funding levels and product demand, which have recently increased. Our commercial aircraft market, which ~~represented~~currently 22represents 24% of our ~~2024~~2026 sales, aligns ~~is aligning~~ with our customers' ~~current~~ plans. Within our various industrial markets, which collectively represented 2724% of our ~~2024~~2026 sales, our customers are affected by a broad range of factors.

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 MV-75 ~~FLRAA~~. 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 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 their projected demand while working through their current supply-chain constraints. Any adjustments to their production rates affect the timing of the demand for our flight control systems.

~~The~~for ~~commercial~~air ~~aftermarket~~travel isand ~~driven~~increasing byfuel ~~usage~~prices. ~~and~~Both ~~the~~factors ~~age~~contributed ofto the ~~existing~~demand for new, more fuel-efficient aircraft ~~fleet~~with ~~for~~lower ~~passenger~~operating ~~and~~costs ~~cargo~~that ~~aircraft,~~led ~~which~~to ~~drives~~large ~~the~~production ~~need~~backlogs for ~~maintenance~~Boeing and ~~repairs~~Airbus. WeBoeing ~~have~~and ~~seen~~Airbus ~~higher~~are producing widebody aircraft at rates to support their projected demand ~~levels~~while ~~for~~working ~~our~~through ~~maintenance~~their ~~services~~current ~~and~~supply-chain ~~spare~~constraints. ~~parts~~Any ~~due~~adjustments to ~~the~~their ~~increased~~production ~~number~~rates affect the timing of ~~flight~~the ~~hours~~demand ~~across~~for ~~existing~~our ~~fleets.~~flight control systems.

38The 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: civil, U.S. defense and commercial space. The civil

market, namely NASA, is driven by investment for exploration activities. The U.S. defense market is driven by

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

increases the demand for increased launch vehicle capacity. Our launch vehicle and satellite components and

systems will continue to benefit from increased investments in each of these markets.

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The space market is comprised of three customer markets: civil, U.S. Department of Defense and commercial space. The civil market, namely NASA, is driven by investment for exploration activities. The U.S. Department of Defense market is driven by 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 increases the demand for increased launch vehicle 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 component products.~~

~~The industrial market we serve with our industrial~~ automation products ~~is influenced by several factors including capital investment levels~~, ~~the~~simulation ~~pace~~and oftest ~~product~~products and ~~technology~~energy ~~innovation,~~generation ~~economic conditions~~ and ~~cost-reduction~~exploration ~~efforts~~products. AThe ~~portion of our industrial automation customers serve the automotive market.~~medical

~~Our simulation and test products operate in markets that were largely affected by the same factors and investment challenges as our commercial aircraft~~ market. Weconsists ~~will~~of ~~see~~medical ~~stronger~~devices ~~order demand for flight simulation systems as the airline training market grows in line with domestic~~ and ~~foreign~~medical ~~flight~~component ~~hours~~products.

~~Our~~The ~~energy~~industrial ~~generation~~market ~~and~~we ~~exploration~~serve ~~products~~with ~~operate~~our inindustrial aautomation ~~market~~products ~~that~~ is influenced by ~~changing~~several ~~oil~~factors and natural gas prices, global urbanization and the resulting change in supply and demand for global energy. Historically, drivers for global growth include investments in power generation infrastructure and exploration of new oil and gas resources. including

~~The~~capital ~~medical~~investment ~~market we serve~~levels, ~~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~~pace ~~for~~of ~~precision~~product ~~control components~~ and ~~systems. Advances in medical~~ technology ~~and treatments have resulted in the greater need for medical services~~innovation, ~~which~~economic ~~drive~~conditions ~~the demand for our medical devices~~ and ~~components programs.~~cost-reduction

efforts. A portion of our industrial automation customers serve the automotive market as well as the data center

cooling market.

Our simulation and test market mainly includes flight simulation products which are largely affected by the same factors as our commercial aircraft market. Demand for our flight simulation systems will match the airline training market and the change 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. 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 medical component offerings.

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 the first ~~nine~~three months of ~~2025~~2026, average foreign currency rates generally ~~were~~strengthened ~~the same~~ against the U.S. dollar compared to ~~2024~~2025. The translation of the results of our foreign subsidiaries into U.S. dollars ~~had~~increased nosales ~~material~~by ~~impact~~$8 onmillion ~~sales~~ compared to the same period one year ago.

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Cautionary Statement

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

Although it is not possible to create a comprehensive list of all factors that may cause our actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the Securities and Exchange Commission (“SEC”) and include, but are not limited to, risks relating to: (i) our operation in highly competitive markets with competitors who may have greater resources than we possess; (ii) our operation in cyclical markets that are sensitive to domestic and foreign economic conditions and events; (iii) our heavy dependence on government contracts that may not be fully funded or may be terminated; (iv) supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; (v) failure of our subcontractors or suppliers to perform their contractual obligations; and (vi) our accounting estimations for over-time contracts and any changes we need to make thereto. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

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

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Refer to the Company’s Annual Report on Form 10-K for the year ended September 2827, ~~2024~~2025 for a complete discussion of our market risk. There have been no material changes in the current year regarding this market risk information.

Item 4. Controls and Procedures.

(a)Disclosure Controls and Procedures. WeThe ~~carried~~Company’s ~~out an evaluation~~management, ~~under the supervision and~~ with the participation of our ~~management, including the~~ Chief Executive Officer (our principal executive officer) and Chief Financial Officer, of(our ~~the~~principal ~~effectiveness~~financial ofofficer), ~~the~~has ~~design~~evaluated ~~and~~the ~~operation~~effectiveness of ~~our~~the Company’s disclosure controls and procedures (as defined in ~~Exchange Act~~ Rules 13a-15(e) ~~and~~or 15d-15(e) under the Securities Exchange Act of 1934 (“Exchange Act”) and as required by paragraph (b) of Rules 13a-15 or 15d-15 under the Exchange Act), as of the end of the period covered by this report. Based on ~~that~~this evaluation, ~~the~~our ~~Chief~~principal ~~Executive~~executive ~~Officer~~officer and ~~Chief~~principal ~~Financial~~financial ~~Officer~~officer have concluded that, ~~these~~due to the material weakness described below, the Company’s disclosure controls and procedures are not effective as of ~~June 28~~January 3, ~~2025~~2026 to ~~ensure~~provide reasonable assurance that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

As reported in Part II, Item 9A. "Controls and Procedures" in our Annual Report on Form 10-K for the fiscal year ended September 27, 2025, the Company previously identified a material weakness in the design and operation of its controls over distinct long-term aftermarket service revenue contracts in the Company’s Commercial Aircraft segment. Specifically, management did not have adequate controls to address the completeness and accuracy of key inputs utilized in recognizing revenue and contract reserves for these contracts. This material weakness continues to exist as of January 3, 2026.

In response to the material weakness, the Company’s management, with oversight of the Audit Committee of the Board of Directors, has begun the process of, and is focused on, designing and implementing effective internal control measures to improve its internal control over financial reporting and remediate the material weakness identified above. The Company's internal control remediation efforts include the following:

(i)Design and implement targeted controls that address the completeness and accuracy of the inputs used in recognizing revenue and contract reserves for the group of contracts described in the material weakness identified above.

(ii)Enhance the design of certain policies and controls relating to access rights, data control, and change management in our information technology applications associated with the key reports used for these long-term aftermarket service contracts.

(iii)Develop and implement additional training programs for relevant personnel addressing controls around the completeness and accuracy of key inputs and management review controls around accuracy and reasonableness of financial information used in the long-term aftermarket service revenue process.

(iv)Reevaluate the talent and skill set of individuals involved in key management review control procedures for these contracts.

While we continue making progress with these remediation efforts, the controls must be operating effectively for a sufficient period of time and be tested by management in order to consider them remediated and conclude that the design is effective to address the risks of material misstatement.

(b)Changes in Internal Control over Financial Reporting. There have been no changes during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II OTHER INFORMATION

Item 1A. Risk Factors.

Refer to the Company’s Annual Report on Form 10-K for the year ended September 2827, ~~2024~~2025 for a complete discussion of our risk factors. There have been no material changes in the current year regarding our risk factors.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(c)The following table summarizes our purchases of our common stock for the quarter ended ~~June~~January 283, ~~2025~~2026.

Period	(a) TotalNumber ofSharesPurchased (1) (2)(3)	(b) AveragePrice PaidPer Share (4)		(c) Total numberof SharesPurchased asPart of PubliclyAnnounced Plansor Programs (3)	(d) Maximum Number(or Approx.Dollar Value) ofShares that MayYet Be PurchasedUnder Plans orPrograms (3)
March 30, 2025 - April 26, 2025	14,019	$	167.06	—	1,660,107
September 28, 2025 - November 1, 2025	40,784	$	208.11	—	1,660,107
April 27, 2025 - May 31, 2025	9,140	175.31		—	1,660,107
November 2, 2025 - November 29, 2025	57,162	217.22		—	1,660,107
June 1, 2025 - June 28, 2025	6,204	183.08		—	1,660,107
November 30, 2025 - January 3, 2026	98,337	250.11		—	1,660,107
Total	29196,~~363~~283	$	~~173~~231.0181	—	1,660,107

During the quarter ended ~~June~~January 283, ~~2025~~2026, no director or officer of the Company adopted or terminated a "Rule 10b 5-1 trading arrangement" or "Non-Rule 10b 5-1 trading arrangement," as each term is defined in item 408 of Regulation S-K.

(1)Reflects purchases by the SECT of shares of Class B common stock from the ESPP, the RSP and from equity-based compensation award recipients under right of first refusal terms at average prices as follows: 1213,~~309~~702 shares at $~~166~~207.7365 in ~~April~~October, 27,~~951~~234 shares at $~~172~~214.4762 in ~~May~~November and 610,~~204~~403 shares at $~~183~~241.0888 in ~~June~~December.

(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 at average prices as follows: In ~~May~~October, we accepted delivery of 5,122 Class A shares at $209.59 and 9,123 Class B shares at $207.05. In November, we accepted delivery of 167 Class A shares at $203.62 and 34,820 Class B shares at $218.78. In December, we accepted delivery of 2,~~282~~975 Class B shares at $~~168~~248.8420. In connection with the issuance of equity-based awards and shares to the ESPP, we purchased 112,~~710~~837 Class B shares at $~~169~~208.4577 per share from the SECT in ~~April~~October, 14,941 Class B shares at 214.98 in November and 384,~~907~~959 Class B shares at $~~181~~251.2319 in ~~May~~December.

(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. No shares were purchased under the program for the quarter ended ~~June~~January 283, ~~2025~~2026.

(4)Excludes 1% excise tax accrued pursuant to the Inflation Reduction Act of 2022.

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Item 6. Exhibits.

(a)

Exhibits

10.1

Fifth Amendment to the Credit Agreement by and between Moog Inc. Stock Employee Compensation Trust and Citizens Bank, N.A. dated December 1, 2025.

10.2

Fifth Amendment to the Amended and Restated Receivables Purchase Agreement, dated January 27, 2026, by and among Moog Receivables LLC, as Seller, Moog Inc as Master Servicer and Truist Bank as Administrative Agent.

10.3

Form of Stock Bonus Award Agreement under the 2025 Long Term Incentive Plan (for awards granted on or after January 15, 2026).

31.1

Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101

Interactive Date files (submitted electronically herewith)

(101.INS)

XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

(101.SCH)

XBRL Taxonomy Extension Schema Document

(101.CAL)

XBRL Taxonomy Extension Calculation Linkbase Document

(101.DEF)

XBRL Taxonomy Extension Definition Linkbase Document

(101.LAB)

XBRL Taxonomy Extension Label Linkbase Document

(101.PRE)

XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document and are contained within Exhibit 101.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Moog Inc.

(Registrant)

Date:

~~July~~January 2530, ~~2025~~2026

/s/ Pat Roche

Pat Roche

Chief Executive Officer(Principal Executive Officer)

Date:

~~July~~January 2530, ~~2025~~2026

/s/ Jennifer Walter

Jennifer Walter

Chief Financial Officer(Principal Financial Officer)

Date:

~~July~~January 2530, ~~2025~~2026

/s/ Nicholas Hart

Nicholas Hart

Controller(Principal Accounting Officer)

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