$354.57+19.41 (+5.79%)
At close: Oct 26, 2026, 4:00 PM ET· NYSE · USD
Moog (MOG-B) Income Statement
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Sources Company filings FilingsHow we compute thisNot investment advice
Business engineSteady: revenue compounds ~7.9%/yr (FY21→FY25), net margin 6.1%; free cash flow runs at 55% of net income. Check the accrual gap. Worth your attention in FY25: Returns vs FCF (140%). Visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▲7.0%
3,860.6
FY21→FY25CAGR +7.9%/yr
Net income ($M)▲12.6%
235.0
FY21→FY25CAGR +10.6%/yr
Free cash flow ($M)▲179.8%
128.4
FY21→FY25CAGR −6.0%/yr
Diluted EPS▲14.5%
7.33
FY21→FY25CAGR +10.8%/yr
What the receipts whisper · what a headline number hides
Share count
−0.7%
32.3mn → 32.1mn diluted shares since FY21. Broadly flat, so EPS moves with net income rather than with the share count.
Capex
$144.7M
steady at 3.7% of revenue (−4.8% YoY).
Returns vs FCF
140%
$179.1M returned vs $128.4M of FCF in FY25. The gap comes off the balance sheet (see net cash).
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
6¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 27.2% → 27.4%. Net margin 6.1% is below the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
USD millions except per-share & ratios
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 4,318.0 | 3,860.6 | 3,609.0 | 3,316.2 | 3,035.8 | 2,852.0 | ▲7.0% | +7.9% |
Cost of revenue | 3,100.1 | 2,803.3 | 2,596.6 | 2,418.4 | 2,215.0 | 2,076.3 | ▲8.0% | +7.8% |
Gross profit | 1,217.9 | 1,057.3 | 1,012.4 | 897.8 | 820.8 | 775.7 | ▲4.4% | +8.1% |
Research & development | 108.0 | 93.7 | 112.8 | 106.6 | 109.5 | 125.5 | ▼16.9% | −7.1% |
Selling, general & admin | 588.4 | 554.0 | 501.3 | 474.9 | 448.5 | 412.0 | ▲10.5% | +7.7% |
Total operating expenses | 711.7 | 663.0 | 659.0 | 594.1 | 576.5 | 539.1 | ▲0.6% | +5.3% |
Operating incomefeeds ROC rank | 506.2 | 394.3 | 353.4 | 303.7 | 244.3 | 236.7 | ▲11.6% | +13.6% |
Other income, net | −68.9 | −81.7 | −83.7 | −82.2 | −41.3 | −32.9 | — | — |
Pretax income | 437.3 | 312.6 | 269.7 | 221.5 | 203.0 | 203.8 | ▲15.9% | +11.3% |
Income tax | 60.1 | 77.6 | 61.0 | 46.4 | 47.8 | 46.6 | ▲27.3% | +13.6% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 377.1 | 235.0 | 208.8 | 175.2 | 155.2 | 157.2 | ▲12.6% | +10.6% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 11.76 | 7.33 | 6.40 | 5.34 | 4.83 | 4.87 | ▲14.5% | +10.8% |
Diluted shares (mn) | 32.08 | 32.08 | 32.36 | 32.04 | 32.12 | 32.30 | ▼0.9% | −0.2% |
| Margins | ||||||||
Gross margin34th pct in Industrials | 28.2% | 27.4% | 28.1% | 27.1% | 27.0% | 27.2% | ▼0.7pp | +0.2pp |
Operating margin | 11.7% | 10.2% | 9.8% | 9.2% | 8.0% | 8.3% | ▲0.4pp | +1.9pp |
Net margin46th pct in Industrials | 8.7% | 6.1% | 5.8% | 5.3% | 5.1% | 5.5% | ▲0.3pp | +0.6pp |
† TTM = trailing four quarters through 2026-06-27.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2025-11-26 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Common questions
What was Moog's revenue last fiscal year?
Moog reported revenue of $3,860.6M in fiscal 2025, up 7.0% from fiscal 2024.
What was Moog's net income?
Moog reported net income of $235.0M in fiscal 2025, a net margin of 6.1%.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.