Moog Inc. Net Sales Rise 17% to $2.15 Billion in First Half of Fiscal 2026
Moog Inc., a maker of precision motion control systems, reported net sales of $2.15 billion for the six months ended March 28, 2026, up 17% from $1.84 billion in the prior-year period. Net earnings climbed 43% to $160.69 million.
Moog Inc. (NYSE: MOG.A), a maker of precision motion control systems, reported net sales of $2.15 billion for the six months ended March 28, 2026, up 17% from $1.84 billion in the prior-year period. Net earnings climbed 43% to $160.69 million, compared with $112.14 million a year earlier. Read more earnings reports.
For the three months ended March 28, 2026, net sales reached $1.05 billion, a 13% increase from $934.02 million in the same quarter last year. Net earnings for the quarter totaled $81.84 million, up 50% from $54.61 million in the prior-year quarter.
Margin Expansion Drives Profit Growth
Gross profit for the six-month period rose to $581.80 million from $501.70 million, reflecting improved operating leverage as cost of sales grew at a slower pace than revenue. The company recorded a $2.15 million inventory write-down during the first half of fiscal 2026.
Operating expenses for the six months totaled $371.61 million, including $51.30 million in research and development, $285.28 million in selling, general and administrative costs, and $32.74 million in interest expense. The company reported earnings before income taxes of $210.03 million for the half, up 43% from $146.49 million a year earlier.
Diluted earnings per share for the six months ended March 28, 2026, came in at $5.01, compared with $3.49 in the prior-year period. For the most recent quarter, diluted earnings per share rose to $2.55 from $1.71.
| Metric (in thousands, except per share) | Q2 FY2026 | Q2 FY2025 | H1 FY2026 | H1 FY2025 |
|---|---|---|---|---|
| Net sales | $1,051,947 | $934,022 | $2,152,293 | $1,841,904 |
| Gross profit | $287,555 | $256,618 | $581,795 | $501,696 |
| Operating income | $108,819 | $72,058 | $210,033 | $146,493 |
| Net earnings | $81,839 | $54,610 | $160,690 | $112,136 |
| Diluted EPS | $2.55 | $1.71 | $5.01 | $3.49 |
Cash Position Strengthens
Cash and cash equivalents stood at $307.55 million at March 28, 2026, up sharply from $62.01 million at the end of fiscal 2025. The company generated $84.83 million in cash from operating activities during the first six months, a reversal from the $92.89 million use of cash in the prior-year period.
Total current assets rose to $2.79 billion from $2.37 billion at September 27, 2025. Unbilled receivables climbed to $842.16 million from $744.35 million, while inventories edged up to $931.80 million from $914.30 million.
Debt Restructuring in Progress
Current installments of long-term debt jumped to $500 million from $1.56 million at the end of fiscal 2025, reflecting near-term maturities. Long-term debt excluding current installments fell to $739.83 million from $944.12 million. Total debt at the end of the period was $1.24 billion.
During the six months, the company drew $869.40 million from revolving credit lines and repaid $1.06 billion, resulting in net debt paydowns of $195 million. Financing activities generated $224.74 million in net cash, driven by borrowing activity and equity transactions.
Shareholder Distributions Continue
Moog paid $18.71 million in dividends during the first half of fiscal 2026, compared with $18.11 million in the prior-year period. The company repurchased $50.43 million of treasury shares during the six months, up from $126.43 million a year earlier.
Total shareholders' equity stood at $2.10 billion at March 28, 2026, compared with $1.99 billion at September 27, 2025. The company reported an accumulated other comprehensive loss of $161.35 million, primarily driven by foreign currency translation adjustments and retirement liability adjustments.
Contract Activity Accelerates
Contract advances and progress billings increased to $469.21 million from $372.99 million at the end of fiscal 2025, indicating accelerating customer prepayments and project activity. The increase of $88.51 million during the six months was a significant source of operating cash flow.
Accounts receivable rose to $605.52 million from $506.77 million, while unbilled receivables climbed $97.81 million during the period. The combined increase reflects higher sales volumes and longer payment cycles on certain contracts.