Global Economic Downturn Impact: A significant decline in global economic activity could reduce demand for Woodward's products and services in both its aerospace and industrial segments, affecting revenue and profitability.

Supply Chain Interruptions Risk: Disruptions in the supply chain, including availability of raw materials, component shortages, or geopolitical events, could lead to production delays, increased costs, and inability to meet customer commitments.

Aerospace Market Volatility Challenge: A substantial portion of Woodward's revenue comes from the aerospace industry, making it susceptible to market downturns, aircraft program delays, or changes in customer demand that could negatively impact financial performance.