Risk Sleuth

WWD · 10-K filed 25 Nov 2025 · year to 30 Sep 2025

Woodward

32 named things its latest annual report says its results depend on, each in the company's own words. 24 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. Government

earns from · approximately 20% of total sales in fiscal year 2025named as a risk

Sales made directly to U.S. Government agencies and entities, or indirectly through third-party manufacturers, such as tier-one prime contractors utilizing our parts and subassemblies, accounted for approximately 20% of total sales in fiscal year 2025 and 17% in fiscal year 2024.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

Five largest customers

concentrated in · approximately 36% of our consolidated net sales and approximately 34% of our accounts receivablenamed as a risk

For the fiscal year ended September 30, 2025, sales to our largest five customers represented approximately 36% of our consolidated net sales and approximately 34% of our accounts receivable.Risk factors (Item 1A)

Also named by AOS, BTU, HCC, HEI, MA

RTX Corporation

earns from

The customers who account for 10% or more of net sales of each of Woodward’s reportable segments are as follows:Business (Item 1)

Also named by BA, CARR, HWM, LMT, OTIS

The Boeing Company

earns from

The customers who account for 10% or more of net sales of each of Woodward’s reportable segments are as follows:Business (Item 1)

Also named by ATI, HWM, LMT, LUV, UAL

Caterpillar Inc.

earns from

The customers who account for 10% or more of net sales of each of Woodward’s reportable segments are as follows:Business (Item 1)

Also named by ALSN, CMI, DE, ET, USAC

GE Vernova

earns from

The customers who account for 10% or more of net sales of each of Woodward’s reportable segments are as follows:Business (Item 1)

Also named by BKR, GE

Rolls-Royce PLC

earns from

The customers who account for 10% or more of net sales of each of Woodward’s reportable segments are as follows:Business (Item 1)

Also named by ATI

Weichai Power

earns from

OEM customers with internal capabilities for similar products include Caterpillar, Cummins, GE Vernova, Rolls-Royce Power Systems, Wärtsilä, and Weichai Power.Business (Item 1)

Partners and platforms

GE Aerospace

depends onnamed as a risk

Additionally, if GE Aerospace fails to win new content in the market space covered by the JV, Woodward may be prevented from expanding content on future commercial aircraft engines in those markets.Risk factors (Item 1A)

Also named by ATI, BKR, BRK/B, HWM, KTOS

Boeing 737 MAX

earns from

We have significant content on a wide variety of commercial aircraft, rotorcraft, and business jet platforms, such as the Airbus A320neo, Boeing 737 MAX, Boeing 787, Bell 429, and Bombardier Global 7500.Business (Item 1)

Also named by LUV

CFM International LEAP engine

earns from

We developed the fuel system, air management system, and actuation hardware for CFM International’s Leading Edge Aviation Propulsion ("LEAP") engine program.Business (Item 1)

Pratt & Whitney Geared Turbofan (PurePower)

earns from

We also developed actuation system, combustion system, and oil system components for Pratt & Whitney’s Geared Turbo Fan (“GTF” or “PurePower”) engine program.Business (Item 1)

Airbus A320neo

earns from

We have significant content on a wide variety of commercial aircraft, rotorcraft, and business jet platforms, such as the Airbus A320neo, Boeing 737 MAX, Boeing 787, Bell 429, and Bombardier Global 7500.Business (Item 1)

F-35

earns from

We also have significant content on defense applications such as Blackhawk and Apache helicopters, F-35 and F-15 fighter jets, and smart defense weapons.Business (Item 1)

Other companies

Euro

exposed to its price · 16.0%named as a risk

The functional currencies and our purchasing and sales activities primarily include USD, EUR, RMB, JPY, and GBP.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Chinese renminbi

exposed to its price · 3.6%named as a risk

The functional currencies and our purchasing and sales activities primarily include USD, EUR, RMB, JPY, and GBP.Market risk (Item 7A)

Also named by AAOI, ALB, AOS, APD, BBW, BWA, CGNX, COHR and 15 more

MPC Employees Representative Union

approximately 825 membersnamed as a risk

The MPC Employees Representative Union contract, which covered approximately 825 members as of October 31, 2025, expired on October 17, 2025, and there has been no work stoppage.Business (Item 1)

IG Metall

approximately 1,200 members

IG Metall covered approximately 1,200 members as of October 31, 2025.Business (Item 1)

Competitors

Honeywell

competes with

Several competitors are also customers for our products, such as Honeywell, Parker Hannifin, and RTX Corporation.Business (Item 1)

Also named by ZBRA

Parker Hannifin

competes with

Similarly, GE Aerospace has a joint venture with Parker Hannifin for the supply of fuel nozzles.Business (Item 1)

Also named by HLIO

Places

Outside the United States

earns from · approximately 46% of our total salesnamed as a risk

In fiscal year 2025, approximately 46% of our total sales were made to customers in jurisdictions outside of the United States (including products manufactured in the United States and sold outside the United States as well as products manufactured in international locations).Risk factors (Item 1A)

Also named by APD, ARW, BALL, CCK, COO, GGG, GIS, HPE and 10 more

Commodities and inputs

Natural gas

exposed to its pricenamed as a risk

This increase in natural gas prices and any future increases, whether in absolute dollars or relative to other fuel costs such as oil, could impact the sales mix of our components and systems, which could have a material adverse effect on our business, financial condition, results of operations, and cash flows.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Oil

exposed to its pricenamed as a risk

Long-term lower prices for commodities such as oil, natural gas, gold, tin, and various other minerals could reduce exploration activities and place downward pressure on demand for our goods and services that support exploration and extraction activities.Risk factors (Item 1A)

Also named by AYI, BAX, BSM, GM, GRC, J, JBL, JEF and 6 more

Aluminum

depends on

Aluminum, iron, and steel are primary raw materials used to produce our mechanical components.Business (Item 1)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Steel

depends on

Aluminum, iron, and steel are primary raw materials used to produce our mechanical components.Business (Item 1)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Regulators

Defense Contract Audit Agency

subject tonamed as a risk

U.S. Government agencies, including the Defense Contract Audit Agency and the Defense Contract Management Agency, routinely audit government contractors and subcontractors.Risk factors (Item 1A)

Also named by ACN, BA, CACI, CDRE, FLR, HII, KTOS, LDOS and 6 more

Laws and programs

U.S. tariffs

subject tonamed as a risk

Some of our products are included in these tariffs, and certain commodities, raw materials, and other manufacturing inputs that we require are also included.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

OECD Pillar Two

subject tonamed as a risk

We are closely monitoring developments and evaluating the potential impacts of Pillar Two, which could adversely impact our effective tax rate, tax payments, results of operations, and cash flows.Risk factors (Item 1A)

Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more

U.S. Foreign Corrupt Practices Act

subject tonamed as a risk

If we are found to be liable for FCPA or other similar anti-bribery law or regulatory violations, we could be subject to civil and criminal penalties or other sanctions that could have a material adverse impact on our business, financial condition, results of operations, and cash flows.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

Cybersecurity Maturity Model Certification

subject tonamed as a risk

The Cybersecurity Maturity Model Certification program was also recently finalized, which will result in various compliance and contractual obligations in relation to our Department of Defense and related customers.Risk factors (Item 1A)

Also named by ADI, AVAV, BWXT, GE, HEI, HLIO, HON, HWM and 15 more

NIST SP 800-171

subject tonamed as a risk

For example, as a contractor to the Department of Defense, we are contractually required to protect controlled unclassified information and comply with certain cybersecurity regulations, including controls specified in the National Institute of Standards and Technology Special Publication 800-171 (“NIST SP 800-171”).Risk factors (Item 1A)

Also named by LUMN, TDG

Emission standards

subject tonamed as a risk

If these emission standards are eased, developed products may become unnecessary and/or our future sales could be lower as potential customers select alternative products or delay adoption of our products, which would have a material adverse effect on our business, financial condition, results of operations, and cash flows.Risk factors (Item 1A)