On this page of StockholderLetter.com we present the latest annual shareholder letter from MOOG INC. — ticker symbol MOG.A. Reading current and past MOG.A letters to shareholders can bring important insights into the investment thesis.

 •  12/19/2025 Letter Continued (Full PDF)
 •  12/19/2023 MOG.A Stockholder Letter
 •  12/17/2024 MOG.A Stockholder Letter
 •  More "Industrial Machinery & Equipment" Category Stockholder Letters
 •  MOG.A Benford's Law Stock Score = 89

MOG.A Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT
Shaping the way our world moves   

OFFICERS AND DIRECTORS
Left to Right: Paul Wilkinson, Elwira Kelly, Jennifer Walter, Pat Roche, Michael Schaff, Joseph Alfieri, Stuart McLachlan, Mark Graczyk
OFFICERS
Pat Roche
Mark Graczyk
Nicholas Hart
President; Chief Executive Officer; Director
Vice President; President Military Aircraft
Principal Accounting Officer; Controller
Jennifer Walter
Stuart K. McLachlan
Elwira Kelly
Executive Vice President; Chief Financial Officer
Vice President; President Industrial
Joseph Alfieri
Michael Schaff
Senior Vice President; General Counsel and Corporate
Secretary
Vice President; President Space and Defense
Vice President; President Commercial Aircraft
Paul Wilkinson
Janet M. Coletti
Peter J. Gundermann
Mahesh Narang
Retired Executive Vice President and Chief Human
Resources Officer of M&T Bank Corporation
Chairman; President; Chief Executive Officer of
Astronics Corporation
Executive Vice President; President Access segment of
Oshkosh Corporation
Donald R. Fishback
Kraig H. Kayser
Brenda L. Reichelderfer
Retired Vice President and Chief Financial Officer of
Moog Inc.
Non-executive Chairman and retired President and Chief
Executive Officer of Seneca Foods Corporation
Retired Senior Vice President and Managing Director
of TriVista
Executive Vice President; Chief Human Resources Officer
DIRECTORS
William G. Gisel, Jr.
John R. Scannell
Current Executive Vice Chair and retired Chief Executive
Officer of Rich Products Corporation
Non-executive Chairman of the Board and Director;
Retired Chief Executive Officer of Moog Inc.

OUR YEAR IN FOCUS
ROW 1     Newly retrofitted, space-focused actuation and avionics 120,000 sq. ft. facility in East Aurora, NY: supporting launch vehicles, including NASA   s Artemis missions
Courtesy of NASA
ROW 2     New Advanced Integrated Manufacturing 150,000 sq. ft. facility in East Aurora, NY: supporting flight-critical actuation systems for current military aircraft, including the F-35
Courtesy of iStock
ROW 3     Aircraft component manufacturing facility in Tewkesbury, UK: providing motion control solutions for commercial aircraft platforms, including the Airbus A350
Courtesy of Airbus
ROW 4     Defense-focused manufacturing facility in Salt Lake City, UT: supporting precision steering and propulsion systems used in missile applications, including the PAC-3 MSE program
Courtesy of Lockheed Martin

CEO MESSAGE
and sustainable industrial capability, and improving
patient quality of life. Our employees    energy for
innovation and a strong customer value proposition
are the foundation of our growth, as demonstrated
by the largest backlog in our company   s history.
Across all end-markets, our customers trust us to
solve their most difficult technical challenges
in applications When Performance Really Matters  .
This year, the end markets we serve expanded
rapidly. Defense is in an investment super-cycle
as U.S., European and Indo-Pacific nations prioritize
readiness, modernization and strategic advantage.
These investments align with our product offering,
creating once-in-a-generation sized opportunities
for Moog and will deliver value for decades to come.
Commercial air travel continues to expand, driving
OEM backlog and aftermarket activity. We are pacing
our production ramp in anticipation of a doubling in
widebody aircraft volume over the coming years.
To expand on this end-market growth, we continued to
innovate our product portfolio, including new applications
for space launch and avionics, electromechanical
actuation for the flight control of collaborative combat
aircraft, next generation flight simulation platforms,
and the Curlin 8000 enteral feeding pump. Also in
2025, we strengthened our product offering through
the acquisition of Cotsworks    high-performance
fiber-optic components.
CUSTOMER FOCUS
Our operational excellence
earned recognition from
various customers through
awards for delivery
performance and sustainability.
This recognizes the trust in
Moog that sustains our longterm partnerships.
DEAR FELLOW SHAREHOLDERS,
execution in driving operational performance.
Fiscal 2025 was a year of
outstanding achievements for
our company.
We achieved record levels of orders, sales, adjusted
Our strong results reflect both our relentless commitment
the lives of millions of people by enhancing national
This year, we won important defense programs
to delivering for our customers and our disciplined
security, enabling safe aviation, advancing efficient
across a range of applications, including satellite
operating margin, and earnings per share, while also
generating improved free cash flow.
Moog   s purpose is clear     making a difference in

components, launch actuation, missile control
actuation systems, military flight controls for advanced
and collaborative combat aircraft, and defense
ground vehicle platforms. We also secured contract
awards in Europe and Australia, expanding our
commitment to those regions. Commercial aircraft
Driving financial success and
acting responsibly toward our
people and the planet are
both central to our mission.
achieved record aftermarket demand through
FINANCIAL STRENGTH
higher fleet utilization and demand for our
Our financial strength is underpinned by excellent
product offering. In our industrial markets, medical
performance in winning new contracts and a relentless
devices reached record revenue, and our data
focus on operational efficiency. Our customer value
center cooling business grew to meet the surging
proposition is strong with orders up 36%, twelve-
hyperscaler demand.
month backlog up 20% and revenue up 7% relative
to the prior year. Our pricing and simplification
Adjusted earnings per share growth of 16% CAGR
met our goal. Finally, free cash flow has continuously
improved, ending 2025 at a conversion of 46% and
will further expand. Combined with our consistent
dividends and our share repurchases, we achieved
a 200% Total Shareholder Return over three years.
These results confirm that we
are a stronger, more resilient
company, well positioned for
sustained growth and
enhanced financial results.
PEOPLE, COMMUNITY AND PLANET
initiatives, unveiled at our 2023 investor day, continue
Our culture remains a strong competitive
to drive margin expansion. This momentum reflects
LOOKING AHEAD
differentiator. Our highly engaged employees
our strategy in action across the business.
I am proud of the collective effort of all Moog
demonstrated resilience and commitment to deliver
The widespread adoption of 80/20 methodologies,
employees worldwide, whose commitment, skill,
for our customers during disruptions at our
including our sharpened focus on key customers,
Tewkesbury and Wolverhampton facilities in the
drove continuous operational and financial
United Kingdom. Also in 2025, we continued to invest
improvements. Relative to 2022, we achieved a 27%
in our people with the opening of a new, hands-on,
increase in sales while controlling headcount growth
training center to accelerate onboarding, upskilling
to just 4% and reducing our factory space by 8%.
and re-certification for our production employees.
These key performance indicators demonstrate our
positioning us for continued value creation.
This year, we deepened our community engagement.
efficiency, allowing us to deliver more revenue with
Thank you, our shareholders, for your continued
Our employees volunteered their time to community
fewer resources.
confidence and support.
projects around the world, and we expanded our
Our financial results through 2025 are impressive
Respectfully submitted,
clean water projects in India and the Philippines.
relative to our ambitious investor day goals:
Ecovadis recognized our sustainability commitment
sales growth is ahead of expectation at 8%
with a bronze award, placing us in the top 35% of
Compound Annual Growth Rate (CAGR) and
companies worldwide. We are on track to meet our
adjusted margin enhancement exclusive of tariffs
previously announced greenhouse gas and water
averaged 110 basis points (bps) of annual
reduction targets.
expansion, which is ahead of our 100 bps goal.
and integrity enables our success. Together, we have
driven financial and operational transformations    
all with the strong collaborative and innovative
culture that makes Moog a great place to work.
We enter fiscal year 2026 with strong momentum
PAT ROCHE
President, Chief Executive Officer, Director



 12/19/2025 Letter Continued (Full PDF)