In fiscal year 2016, Woodward and GE consummated the formation of a strategic joint venture (the “JV”). For purposes of the JV, GE has been acting through GE Aerospace since April 2024. The JV was formed to develop, manufacture, and support fuel systems for specified existing and all future GE commercial aircraft engines that produce thrust in excess of 50,000 pounds. Woodward is accounting for its 50% ownership interest in the JV using the equity method of accounting. The JV is a related party to Woodward, and transactions between Woodward and the JV are included in our Aerospace segment.

Unamortized deferred revenue recorded in connection with the JV formation included:


	June 30, 2026		September 30, 2025
Accrued liabilities	$	7,884	$	7,298
Other liabilities		227,996		229,878

Amortization of the deferred gain recognized as an increase to net sales was $2,074 for the three months and $6,190 for the nine months ended June 30, 2026, and $1,717 for the three months and $4,347 for the nine months ended June 30, 2025.

Other income related to Woodward’s equity interest in the earnings of the JV was as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2026		2025		2026		2025
Other income	$	14,761	$	11,221	$	45,697	$	32,763

Cash distributions to Woodward from the JV, recognized in “Other, net” in “Net cash provided by operating activities” on the Condensed Consolidated Statements of Cash Flows, were as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2026		2025		2026		2025
Cash distributions	$	17,600	$	9,000	$	43,100	$	30,000

Net sales to the JV were as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2026		2025		2026		2025
Net sales	$	28,564	$	22,551	$	84,339	$	67,517

Woodward net sales included a reduction of $22,752 for the three months and $65,653 for the nine months ended June 30, 2026, compared to $18,723 for the three months and $53,892 for the nine months ended June 30, 2025, related to royalties associated with the contributed IP owed to the JV by Woodward on sales by Woodward directly to third-party services customers.

The Condensed Consolidated Balance Sheets included “Accounts receivable” related to amounts the JV owed Woodward, “Accounts payable” related to amounts Woodward owed the JV, and “Other assets” related to Woodward’s net investment in the JV, as follows:


	June 30, 2026		September 30, 2025
Accounts receivable	$	5,028	$	5,377
Accounts payable		8,827		8,370
Other assets		25,666		23,069