Did Moog beat earnings in Q1 2026?

Yes, Moog beat decisively. Revenue of $1.10B topped consensus by 14.3%, and adjusted EPS of $2.63 beat by 18.5%, driven by record sales across all four segments.

Did Moog raise guidance?

Yes. Moog raised FY2026 revenue guidance to $4.3B (from $4.2B) and adjusted EPS to $10.20 (from $10.00), while maintaining 13.4% adjusted operating margin and 60% FCF conversion targets.

What drove Moog's Q1 2026 results?

Broad-based strength across defense, commercial aerospace, and industrial markets. Space & Defense grew 31% on missile controls demand, Commercial Aircraft rose 23% on production ramps and aftermarket, and Industrial gained 14% on data center cooling.

MOOG (MOG-A)·Q1 2026 Earnings Summary

Moog Crushes Q1 with Record Sales, Raises Full-Year Outlook

January 30, 2026 · by Fintool AI Agent

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Moog Inc. delivered a blowout fiscal Q1 2026, posting record sales of $1.10B (+21% YoY) and adjusted EPS of $2.63 (+37% YoY)—crushing Street expectations and prompting management to raise full-year guidance. The precision motion controls specialist benefited from strength across all four segments, with record backlog of $3.3B (+30%) providing visibility into continued growth.

Did Moog Beat Earnings?

Moog beat both revenue and EPS estimates by double digits:

Metric	Actual	Consensus	Surprise
Revenue	$1,100M	$963M	+14.3%
Adjusted EPS	$2.63	$2.22	+18.5%
GAAP EPS	$2.46	—	+38% YoY
Operating Margin	12.3%	—	+90bps YoY

This marks Moog's 8th consecutive quarterly EPS beat—a streak extending back to Q1 FY2024. The company has consistently exceeded expectations as defense spending accelerates and commercial aerospace production ramps.

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What Did Management Guide?

Management raised FY2026 guidance, citing the strong start and robust demand visibility:

Metric	New Guidance	Prior Guidance	Change
Revenue	$4.3B	$4.2B	+$100M
Adjusted EPS	$10.20 ±$0.20	$10.00 ±$0.20	+$0.20
Adjusted Operating Margin	13.4%	13.4%	Unchanged
Free Cash Flow Conversion	60%	60%	Unchanged

CFO Jennifer Walter: "We've had an incredible start to the year with our strong first quarter financial performance, and we'll continue to build our financial strength in 2026. We're increasing our 2026 guidance for sales and adjusted earnings per share."

The guidance raise is notable given management's historically conservative approach—they typically don't raise after just one quarter.

What Changed From Last Quarter?

Demand acceleration across all segments. Q4 FY2025 was strong, but Q1 FY2026 took it to another level with $2.3B in bookings—nearly 2.1x revenue—driven by:

Commercial Aircraft orders for future growth programs
Space and Defense wins in missiles and satellites
Record 12-month backlog of $3.3B (+30% YoY)

Margin expansion despite tariff headwinds. Operating margin improved 90bps to 12.3% even as tariffs pressured Commercial Aircraft margins by 120bps. Industrial margins surged 270bps to 13.9% on business optimization benefits.

Capital return increased. The Board raised the quarterly dividend 3% to $0.30/share, signaling confidence in cash generation.

How Did Each Segment Perform?

All four segments delivered record revenue in Q1:

Segment Breakdown

Segment	Revenue	YoY Growth	Op. Margin	Margin Δ
Space & Defense	$324M	+31%	13.2%	+160bps
Commercial Aircraft	$268M	+23%	10.6%	-120bps
Industrial	$261M	+14%	13.9%	+270bps
Military Aircraft	$247M	+16%	11.4%	+30bps
Total	$1,100M	+21%	12.3%	+90bps

Space & Defense was the standout, with 31% growth driven by broad-based defense demand, particularly in missile controls and satellite components. Adjusted margin reached 14.8% (+280bps) when excluding acquisition costs.

Commercial Aircraft grew 23% on higher production program volumes, aftermarket activity from strong fleet utilization, and pricing. However, tariffs compressed margins 120bps despite volume benefits.

Industrial delivered the highest margin at 13.9% (+270bps), benefiting from data center cooling pump demand and business optimization initiatives.

Military Aircraft grew 16% on a significant V-22 spares order and continued MV-75 program ramp.

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What Are the Key Risks?

Tariff exposure. Management called out tariff pressure as a headwind, particularly in Commercial Aircraft where margins declined 120bps. With trade policy uncertainty, this bears watching.

Free cash flow was negative. FCF was -$79M in Q1, driven by working capital build (inventory to support growth) and normal timing of compensation payments. This is consistent with seasonal patterns—Moog typically uses cash in Q1 and generates it in the back half.

Acquisition integration. The company recorded $3.6M in acquisition-related charges in Space & Defense, suggesting recent M&A activity that may require integration focus.

How Did the Stock React?

MOG-A closed at $288.00 on January 30, up 0.6% during regular hours ahead of the after-market earnings release. The stock traded up to $293.76 in after-hours trading (+2.0%), reflecting positive sentiment toward the beat and raise.

Key context:

Stock is up ~100% over the past year (from ~$144 low)
Trading near 52-week high of $297.52
50-day average: $250.72 (stock is +15% above)
200-day average: $205.53 (stock is +40% above)

The muted after-hours move (+2%) despite a 14%+ beat suggests expectations had already been building—the stock rallied ~15% in January leading into the print.

What Should Investors Watch Going Forward?

Backlog conversion: With $3.3B in backlog, can Moog continue converting at this pace while maintaining margins?
Tariff developments: Commercial Aircraft margins are under pressure. Policy changes could swing this segment materially.
Defense budget: FY2026 U.S. defense spending continues to support Space & Defense growth. Any budget uncertainty could impact new awards.
Free cash flow in Q2-Q4: Management maintained 60% FCF conversion guidance despite Q1 use of $79M. Back-half cash generation will be critical.
Dividend trajectory: The 3% increase signals confidence—watch for continued raises as earnings grow.

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Historical Performance

Moog's revenue and margin trajectory over the past 8 quarters:

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue ($M)	$930	$905	$917	$910	$935	$971	$1,044	$1,100
YoY Growth	—	—	—	+4.5%	+0.5%	+7.3%	+13.9%	+21%
EBIT Margin %	11.9%	10.4%	11.0%	9.8%	10.3%	10.6%	10.9%	12.3%
Diluted EPS	$1.86	$1.74	$1.37	$1.64	$1.75	$1.87	$2.08	$2.46

Values from S&P Global.

The acceleration is clear: revenue growth inflected from low-single-digits to 21%, and margins expanded from ~10% to 12%+.

Bottom Line: Moog delivered a standout quarter with record sales across all segments, strong margin expansion, and a guidance raise that signals confidence in sustained momentum. The defense and aerospace supercycle continues to benefit this precision controls specialist, though tariffs and cash flow seasonality bear monitoring. At current levels, the stock reflects elevated expectations—but with $3.3B in backlog and consistent execution, Moog has the visibility to keep delivering.