Idex Corp 8-K, filed Oct 28, 2026
Idex Corp (IEX)
8-K
2026-10-28
For: 2026-10-28
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Added on
October 28, 2026
About this 8-K
Idex Corp filed this 8-K on October 28, 2026.
IDEX reported record third-quarter sales of $952 million, up 8%, and orders of $991 million, up 13%. It raised full-year organic sales guidance to 6.5% to 6.8% and adjusted diluted EPS guidance to $8.91 to $8.96. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of Report: October 28, 2026
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission File Number) | (IRS Employer | ||||||||||||
| of incorporation) | Identification No.) | |||||||||||||
(Address of principal executive offices, including zip code)
(847 ) 498-7070
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | ||||||||||||||||||||||||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | ||||||||||||||||||||||||||
Item 2.02 – Results of Operations and Financial Condition.
On October 28, 2026, IDEX Corporation (the “Company”) issued a press release announcing financial results for the period ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information contained in this Item 2.02 (including Exhibit 99.1 attached hereto) is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 – Financial Statements and Exhibits.
(d) Exhibits
99.1 Press release dated October 28, 2026 announcing IDEX Corporation’s quarterly operating results for the period ended September 30, 2026.
104.0 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| IDEX CORPORATION | ||||||||
| By: | /s/ SEAN M. GILLEN | |||||||
| Sean M. Gillen | ||||||||
| Senior Vice President and Chief Financial Officer | ||||||||
| October 28, 2026 | ||||||||
For further information: TRADED: NYSE (IEX) EX-99.1
Investor Contact:
Jim Giannakouros, CFA
Vice President, Investor Relations
(847) 313-9506
IDEX REPORTS RECORD THIRD QUARTER RESULTS
Third Quarter Highlights
(All comparisons are against the prior year period unless otherwise noted)
•Record sales of $952 million increased 8% on both a reported and organic basis
•Reported diluted EPS of $1.95 and record adjusted diluted EPS of $2.33 both increased 15%
•Orders of $991 million increased 13% on both a reported and organic basis
•Strategic acquisitions gaining momentum through higher-value applications in advantaged markets
•Returned $129 million to shareholders through dividends and share repurchases
NORTHBROOK, IL, October 28, 2026 - IDEX Corporation (NYSE: IEX) today announced its financial results for the three-month period ended September 30, 2026.
“We are pleased to report another strong quarter, with results ahead of our expectations. This quarter, we delivered both record sales and adjusted EPS while expanding margins and booked nearly $1 billion in orders. Advantaged markets and larger acquired businesses are driving this performance, and momentum is broadening across the rest of the portfolio,” said Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President.
“Our teams continued to execute well as we met our customers’ increasing demand and drove strong incremental margins on the increased volume. Our ability to drive margin expansion during a period of continued inflation demonstrates the strength of our team and the power of 8020. Additionally, 8020 drives each business toward its full potential and provides the right framework for allocating resources and technologies toward the most attractive opportunities for sustainable value creation across IDEX.”
“We are again increasing our full-year financial guidance due to our strong performance year-to-date, with improved visibility and momentum as we close out 2026.”
“We are again increasing our full-year financial guidance due to our strong performance year-to-date, with improved visibility and momentum as we close out 2026.”
Outlook(1)
•Full year organic sales projected to increase 6.5% to 6.8% over the prior year, up from previous guidance of 5% to 6%
•Full year adjusted diluted EPS of $8.91 to $8.96, up approximately 12% year-over-year at midpoint, up from previous guidance of $8.70 to $8.85
(1) The Company does not reconcile its forward-looking non-GAAP measures to the most directly comparable financial measures calculated in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) because the timing and magnitude of certain items, including future foreign exchange impacts, acquisitions, divestitures, restructuring costs, impairments, tax impacts, and other special items, cannot be reasonably estimated at this time without unreasonable effort. The unavailable information could have a significant impact on U.S. GAAP results.
Consolidated Financial Results
| Three Months Ended September 30, | |||||||||||||||||
| (Dollars in millions, except per share amounts) | 2026 | 2025 | Increase (Decrease) | ||||||||||||||
U.S. GAAP Results | |||||||||||||||||
| Orders | $ | 991.2 | $ | 880.3 | $ | 110.9 | |||||||||||
Change in reported orders | 13 | % | |||||||||||||||
| Net sales | 951.7 | 878.7 | 73.0 | ||||||||||||||
Change in reported net sales | 8 | % | |||||||||||||||
| Gross profit | 429.5 | 390.6 | 38.9 | ||||||||||||||
| Gross margin | 45.1 | % | 44.5 | % | 60 bps | ||||||||||||
| Net income attributable to IDEX | 144.1 | 127.8 | 16.3 | ||||||||||||||
| Net income margin | 15.1 | % | 14.5 | % | 60 bps | ||||||||||||
| Diluted EPS attributable to IDEX | 1.95 | 1.70 | 0.25 | ||||||||||||||
| Cash flows from operating activities | 239.5 | 203.5 | 36.0 | ||||||||||||||
| Operating cash flow as a percent of net income | 166% | 159% | NM | ||||||||||||||
Non-GAAP Results* | |||||||||||||||||
Change in organic orders | 13 | % | |||||||||||||||
Change in organic sales | 8 | % | |||||||||||||||
| Adjusted gross profit | 430.3 | 391.2 | 39.1 | ||||||||||||||
| Adjusted gross margin | 45.2 | % | 44.5 | % | 70 bps | ||||||||||||
Adjusted net income attributable to IDEX | 172.8 | 152.8 | 20.0 | ||||||||||||||
Adjusted EBITDA | 264.8 | 239.8 | 25.0 | ||||||||||||||
Adjusted EBITDA margin | 27.8 | % | 27.3 | % | 50 bps | ||||||||||||
Adjusted diluted EPS attributable to IDEX | 2.33 | 2.03 | 0.30 | ||||||||||||||
Free cash flow | 214.3 | 188.7 | 25.6 | ||||||||||||||
Free cash flow conversion | 124% | 123% | 100 bps | ||||||||||||||
NM – Not Meaningful | |||||||||||||||||
| *Each of the items below is a non-GAAP measure. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. | |||||||||||||||||
•Net sales increased primarily as a result of increased organic sales. The increase in organic sales was driven by higher volumes, primarily in our Health & Science Technologies (“HST”) segment, and positive price across the segments.
•Gross margin and Adjusted gross margin both increased due to volume leverage, net productivity improvements and favorable mix. These increases were partially offset by price/cost headwinds. Adjusted gross margin excludes the impact of restructuring-related charges, consisting primarily of accelerated depreciation related to the anticipated closure of a facility in the HST segment.
•Both Diluted EPS and Adjusted diluted EPS increased, primarily due to improved operational results discussed above.
•Cash flows from operating activities and free cash flow both increased compared to the prior year period, primarily due to higher earnings and improved working capital, driven by timing of shipments and collection of receivables during the prior year period, partly offset by higher cash income tax payments in the current year period. These improvements in cash flows from operating activities also benefited free cash flow but were partly offset by higher capital expenditures during the current year period to support continued growth.
Segment Financial Results
Three Months Ended September 30,(1) | |||||||||||||||||
(Dollars in millions) | 2026 | 2025 | Increase (Decrease) | ||||||||||||||
Health & Science Technologies | |||||||||||||||||
| Net sales | $ | 433.5 | $ | 381.0 | $ | 52.5 | |||||||||||
Change in reported net sales | 14 | % | |||||||||||||||
| Change in organic sales* | 13 | % | |||||||||||||||
Adjusted EBITDA(2) | 124.8 | 105.4 | 19.4 | ||||||||||||||
| Adjusted EBITDA margin | 28.8 | % | 27.7 | % | 110 bps | ||||||||||||
Fluid & Metering Technologies | |||||||||||||||||
| Net sales | $ | 327.9 | $ | 317.1 | $ | 10.8 | |||||||||||
Change in reported net sales | 3 | % | |||||||||||||||
| Change in organic sales* | 4 | % | |||||||||||||||
Adjusted EBITDA(2) | 111.0 | 106.8 | 4.2 | ||||||||||||||
| Adjusted EBITDA margin | 33.9 | % | 33.7 | % | 20 bps | ||||||||||||
Fire & Safety/Diversified Products | |||||||||||||||||
| Net sales | $ | 191.5 | $ | 181.9 | $ | 9.6 | |||||||||||
Change in reported net sales | 5 | % | |||||||||||||||
| Change in organic sales* | 6 | % | |||||||||||||||
Adjusted EBITDA(2) | 54.5 | 49.3 | 5.2 | ||||||||||||||
| Adjusted EBITDA margin | 28.5 | % | 27.1 | % | 140 bps | ||||||||||||
*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. | |||||||||||||||||
(1) Three month data includes the results of the acquisition of Micro-LAM, Inc. (July 2025) in the HST segment. | |||||||||||||||||
(2) Segment Adjusted EBITDA excludes unallocated corporate costs which are included in Corporate and other. | |||||||||||||||||
Health & Science Technologies Segment
•Net sales for the third quarter 2026 increased 14%. Organic sales increased 13% driven by higher volumes primarily due to AI-driven demand for data center power and semiconductor markets, as well as strength in space and defense and positive price.
•Adjusted EBITDA margin for the third quarter 2026 increased primarily due to volume leverage and favorable mix. These increases were partially offset by higher employee-related costs, including variable compensation and the impact of acquisitions.
Fluid & Metering Technologies Segment
•Net sales for the third quarter 2026 increased 3%. Organic sales increased 4% primarily driven by positive price. Higher volumes in our businesses serving municipal water, semiconductor and industrial markets were partially offset by lower volumes in our businesses serving chemical, agriculture and energy markets.
•Adjusted EBITDA margin for the third quarter 2026 increased slightly, reflecting net productivity improvements and volume leverage, mostly offset by unfavorable mix and higher variable compensation.
Fire & Safety/Diversified Products Segment
•Net sales for the third quarter 2026 increased 5%. Organic sales increased 6% primarily driven by higher volumes in our BAND-IT and Fire & Safety businesses as well as positive price.
•Adjusted EBITDA margin for the third quarter 2026 increased primarily due to volume leverage, favorable mix and net productivity improvements. These increases were partially offset by price/cost headwinds.
Corporate Costs
Corporate costs included in consolidated Adjusted EBITDA were $25.5 million during the third quarter 2026, up from $21.7 million during the same prior year period primarily driven by higher employee-related costs, including variable compensation.
Other Items
•Amended and restated our $800 million revolving credit facility to extend the maturity date to September 2031.
Conference Call
IDEX will host its third quarter earnings conference call on Wednesday, October 28, 2026 at 8:00 a.m. CT. The call will be an audio webcast and accessible on the Company's Investor Relations site at https://investors.idexcorp.com. Associated earnings presentation materials will be available on the Company's website prior to the call.
Interested parties can access the conference by dialing 833.461.5787 and using confirmation code 274998795. Please connect five minutes prior to the start of the conference call.
A replay of the earnings call and associated earnings presentation materials will be available on the Company’s website after the call.
Forward-Looking Statements
This news release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company’s full year 2026 outlook including expected organic sales and expected adjusted earnings per share and the assumptions underlying these expectations, capital return strategy, anticipated future acquisition behavior and the anticipated benefits and performance of the Company’s recent or future acquisitions, resource and capital deployment and focus and organic and inorganic growth, the Company’s ability to adapt to macroeconomic challenges, anticipated impacts of tariffs and global trade policies and changes in law, anticipated trends in end markets, including expectations regarding future order volumes and order patterns, anticipated growth initiatives and expansions and execution of those growth initiatives and are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” “guidance,” “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “likely to be,” “management believes,” “the Company believes,” “the Company intends” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release.
The risks and uncertainties include, but are not limited to, the following: levels of industrial activity and economic conditions in the U.S. and other countries around the world, including uncertainties in the financial markets; pricing pressures, including inflation and rising interest rates, and other competitive factors and levels of capital spending in certain industries; the impact of severe weather events, natural disasters and public health threats; economic and political consequences resulting from terrorist attacks, wars and global conflicts; the Company’s ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; cybersecurity incidents; the continued growth of artificial intelligence (“AI”) and any related changes to demand in AI-driven markets served by the Company’s customers; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in countries in which the Company operates; developments with respect to trade policy and existing, new or increased tariffs or other similar measures; changes to applicable laws and regulations, including tax laws; interest rates; capacity utilization and the effect this has on costs; labor markets; supply chain conditions; market conditions and material costs; risks related to environmental, social and corporate governance issues, including those related to climate change and sustainability; and developments with respect to contingencies, such as litigation and environmental matters.
Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included in the Company’s most recent annual report on Form 10-K and the Company’s subsequent quarterly reports filed with the United States Securities and Exchange Commission (“SEC”) and the other risks discussed in the Company’s filings with the SEC. The forward-looking statements included here are only made as of the date of this news release, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.
About IDEX
IDEX Corporation (NYSE: IEX), a global engineered products company, is comprised of three primary business segments – Health & Science Technologies, Fluid & Metering Technologies, and Fire & Safety/Diversified Products. Thousands of IDEX employees around the world design and manufacture highly engineered components and applied solutions that are vital to the advances of modern life and help IDEX live its purpose – Trusted Solutions, Improving Lives™. From satellite communications to water systems, from medical diagnostic components to emergency rescue tools and more, we collaborate with customers in the most critical industries to develop solutions that make the world better today and into the future. Founded in 1988, IDEX now includes more than 50 dynamic businesses around the world and manufacturing operations in more than 20 countries.
For further information on IDEX Corporation and its business units, visit the Company’s website at www.idexcorp.com.
(Financial reports follow)
IDEX CORPORATION
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net sales | $ | 951.7 | $ | 878.7 | $ | 2,759.2 | $ | 2,558.4 | |||||||||||||||
| Cost of sales | 522.2 | 488.1 | 1,504.8 | 1,406.7 | |||||||||||||||||||
| Gross profit | 429.5 | 390.6 | 1,254.4 | 1,151.7 | |||||||||||||||||||
| Selling, general and administrative expenses | 218.1 | 204.7 | 660.5 | 617.7 | |||||||||||||||||||
| Restructuring expenses and asset impairments | 3.4 | 0.1 | 13.6 | 18.3 | |||||||||||||||||||
| Operating income | 208.0 | 185.8 | 580.3 | 515.7 | |||||||||||||||||||
| Other (income) expense – net | (0.1) | (1.2) | (2.0) | 2.6 | |||||||||||||||||||
Interest expense – net | 15.4 | 16.5 | 46.5 | 48.2 | |||||||||||||||||||
| Income before income taxes | 192.7 | 170.5 | 535.8 | 464.9 | |||||||||||||||||||
| Provision for income taxes | 48.7 | 42.8 | 128.5 | 110.7 | |||||||||||||||||||
| Net income | 144.0 | 127.7 | 407.3 | 354.2 | |||||||||||||||||||
| Net loss attributable to noncontrolling interest | 0.1 | 0.1 | 0.2 | 0.7 | |||||||||||||||||||
| Net income attributable to IDEX | $ | 144.1 | $ | 127.8 | $ | 407.5 | $ | 354.9 | |||||||||||||||
| Earnings per Common Share: | |||||||||||||||||||||||
| Basic earnings per common share attributable to IDEX | $ | 1.95 | $ | 1.70 | $ | 5.50 | $ | 4.70 | |||||||||||||||
| Diluted earnings per common share attributable to IDEX | $ | 1.95 | $ | 1.70 | $ | 5.49 | $ | 4.70 | |||||||||||||||
| Share Data: | |||||||||||||||||||||||
| Basic weighted average common shares outstanding | 73.7 | 75.1 | 74.0 | 75.4 | |||||||||||||||||||
| Diluted weighted average common shares outstanding | 74.0 | 75.2 | 74.2 | 75.5 | |||||||||||||||||||
IDEX CORPORATION
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 602.1 | $ | 580.0 | |||||||
Receivables – net | 548.6 | 521.7 | |||||||||
Inventories – net | 529.1 | 479.4 | |||||||||
| Other current assets | 86.7 | 62.1 | |||||||||
| Total current assets | 1,766.5 | 1,643.2 | |||||||||
| Property, plant and equipment – net | 466.9 | 468.0 | |||||||||
| Goodwill | 3,371.9 | 3,414.5 | |||||||||
| Intangible assets - net | 1,129.0 | 1,247.4 | |||||||||
| Other noncurrent assets | 144.5 | 153.9 | |||||||||
| Total assets | $ | 6,878.8 | $ | 6,927.0 | |||||||
| Liabilities and equity | |||||||||||
| Current liabilities | |||||||||||
| Trade accounts payable | $ | 238.3 | $ | 224.7 | |||||||
| Accrued expenses | 343.4 | 297.0 | |||||||||
| Current portion of long-term borrowings | 0.4 | 0.7 | |||||||||
| Dividends payable | 53.8 | 53.0 | |||||||||
| Total current liabilities | 635.9 | 575.4 | |||||||||
Long-term borrowings – net | 1,751.1 | 1,820.1 | |||||||||
| Deferred income taxes | 296.1 | 303.0 | |||||||||
| Other noncurrent liabilities | 180.7 | 202.3 | |||||||||
| Total liabilities | 2,863.8 | 2,900.8 | |||||||||
| Shareholders' equity | |||||||||||
| Preferred stock | — | — | |||||||||
| Common stock | 0.9 | 0.9 | |||||||||
| Treasury stock | (1,596.5) | (1,423.2) | |||||||||
| Additional paid-in capital | 881.7 | 892.1 | |||||||||
| Retained earnings | 4,745.7 | 4,500.1 | |||||||||
| Accumulated other comprehensive (loss) income | (15.3) | 57.6 | |||||||||
| Total shareholders' equity | 4,016.5 | 4,027.5 | |||||||||
| Noncontrolling interest | (1.5) | (1.3) | |||||||||
| Total equity | 4,015.0 | 4,026.2 | |||||||||
| Total liabilities and equity | $ | 6,878.8 | $ | 6,927.0 | |||||||
IDEX CORPORATION
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Cash flows from operating activities | |||||||||||||||||||||||
| Net income | $ | 144.0 | $ | 127.7 | $ | 407.3 | $ | 354.2 | |||||||||||||||
| Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||||||||||||||
Asset impairments | — | 0.1 | 4.8 | 0.7 | |||||||||||||||||||
| Depreciation | 20.8 | 19.1 | 60.9 | 56.5 | |||||||||||||||||||
| Amortization of intangible assets | 32.6 | 33.0 | 99.6 | 96.5 | |||||||||||||||||||
| Share-based compensation expense | 5.7 | 4.9 | 27.6 | 23.7 | |||||||||||||||||||
| Deferred income taxes | (0.5) | (2.6) | (1.8) | (1.0) | |||||||||||||||||||
Changes in (net of the effect from acquisitions/divestitures and foreign currency translation): | |||||||||||||||||||||||
Receivables – net | (1.8) | (21.8) | (32.5) | (20.2) | |||||||||||||||||||
Inventories – net | (9.9) | (3.8) | (55.6) | (49.4) | |||||||||||||||||||
| Other current assets | (2.5) | 20.4 | (23.9) | (1.4) | |||||||||||||||||||
| Trade accounts payable | 5.8 | (0.4) | 15.0 | (1.1) | |||||||||||||||||||
| Deferred revenue | 0.8 | (7.5) | 3.5 | (1.1) | |||||||||||||||||||
| Accrued expenses | 45.3 | 32.8 | 37.3 | 10.4 | |||||||||||||||||||
Other – net | (0.8) | 1.6 | 1.0 | 3.1 | |||||||||||||||||||
| Net cash flows provided by operating activities | 239.5 | 203.5 | 543.2 | 470.9 | |||||||||||||||||||
| Cash flows from investing activities | |||||||||||||||||||||||
| Capital expenditures | (25.2) | (14.8) | (65.9) | (43.9) | |||||||||||||||||||
| Acquisition of business, net of cash acquired | — | (80.7) | — | (76.5) | |||||||||||||||||||
Other – net | 0.2 | — | (1.8) | 0.4 | |||||||||||||||||||
| Net cash flows used in investing activities | (25.0) | (95.5) | (67.7) | (120.0) | |||||||||||||||||||
| Cash flows from financing activities | |||||||||||||||||||||||
Borrowings under revolving credit facilities | 55.0 | 147.0 | 260.0 | 197.0 | |||||||||||||||||||
| Payments under revolving credit facilities | (162.6) | (93.1) | (325.9) | (185.8) | |||||||||||||||||||
| Payment of long-term borrowings | — | — | — | (100.0) | |||||||||||||||||||
| Debt issuance costs | (2.0) | — | (2.0) | — | |||||||||||||||||||
| Cash dividends paid to shareholders | (54.0) | (53.5) | (160.7) | (159.4) | |||||||||||||||||||
Proceeds (payments) from share issuances, net of shares withheld for taxes | 5.1 | (1.0) | 15.7 | (1.2) | |||||||||||||||||||
| Repurchases of common stock | (74.6) | (75.0) | (228.0) | (175.0) | |||||||||||||||||||
Other – net | (0.2) | (0.1) | (0.5) | (0.5) | |||||||||||||||||||
| Net cash flows used in financing activities | (233.3) | (75.7) | (441.4) | (424.9) | |||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (2.2) | (2.6) | (12.9) | 34.8 | |||||||||||||||||||
| Net (decrease) increase in cash and cash equivalents and restricted cash | (21.0) | 29.7 | 21.2 | (39.2) | |||||||||||||||||||
| Cash and cash equivalents and restricted cash at beginning of period | 628.1 | 570.0 | 585.9 | 638.9 | |||||||||||||||||||
| Cash and cash equivalents and restricted cash at end of period | $ | 607.1 | $ | 599.7 | $ | 607.1 | $ | 599.7 | |||||||||||||||
IDEX CORPORATION
Company and Segment Financial Information
(in millions)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Net sales | |||||||||||||||||||||||
| Health & Science Technologies | $ | 433.5 | $ | 381.0 | $ | 1,246.9 | $ | 1,087.8 | |||||||||||||||
| Fluid & Metering Technologies | 327.9 | 317.1 | 946.5 | 918.5 | |||||||||||||||||||
| Fire & Safety/Diversified Products | 191.5 | 181.9 | 569.7 | 557.7 | |||||||||||||||||||
| Eliminations | (1.2) | (1.3) | (3.9) | (5.6) | |||||||||||||||||||
| Total IDEX | $ | 951.7 | $ | 878.7 | $ | 2,759.2 | $ | 2,558.4 | |||||||||||||||
| Depreciation | |||||||||||||||||||||||
| Health & Science Technologies | $ | 13.4 | $ | 11.9 | $ | 38.8 | $ | 35.5 | |||||||||||||||
| Fluid & Metering Technologies | 5.0 | 4.7 | 14.7 | 13.5 | |||||||||||||||||||
| Fire & Safety/Diversified Products | 2.3 | 2.3 | 7.1 | 6.9 | |||||||||||||||||||
| Corporate Office | 0.1 | 0.2 | 0.3 | 0.6 | |||||||||||||||||||
| Total IDEX | $ | 20.8 | $ | 19.1 | $ | 60.9 | $ | 56.5 | |||||||||||||||
| Amortization of intangible assets | |||||||||||||||||||||||
| Health & Science Technologies | $ | 26.2 | $ | 26.2 | $ | 80.1 | $ | 76.2 | |||||||||||||||
| Fluid & Metering Technologies | 5.2 | 5.5 | 15.8 | 16.2 | |||||||||||||||||||
| Fire & Safety/Diversified Products | 1.2 | 1.3 | 3.7 | 4.1 | |||||||||||||||||||
| Total IDEX | $ | 32.6 | $ | 33.0 | $ | 99.6 | $ | 96.5 | |||||||||||||||
| Restructuring expenses and asset impairments | |||||||||||||||||||||||
| Health & Science Technologies | $ | 2.2 | $ | — | $ | 5.5 | $ | 12.1 | |||||||||||||||
| Fluid & Metering Technologies | 0.9 | 0.1 | 6.4 | 4.3 | |||||||||||||||||||
| Fire & Safety/Diversified Products | — | — | 0.5 | 1.6 | |||||||||||||||||||
| Corporate Office | 0.3 | — | 1.2 | 0.3 | |||||||||||||||||||
| Total IDEX | $ | 3.4 | $ | 0.1 | $ | 13.6 | $ | 18.3 | |||||||||||||||
Non-GAAP Measures of Financial Performance
The Company prepares its financial statements in accordance with U.S. GAAP. To supplement its U.S. GAAP financial results, the Company presents certain non-GAAP financial measures. Management uses these non-GAAP measures to evaluate operating performance, assess trends, allocate resources and support financial and operational decision-making. Management believes these measures provide investors with additional insight into the Company’s ongoing business performance and enhance comparability across reporting periods by excluding the impact of items that management does not consider reflective of ongoing operations.
Management uses Adjusted EBITDA as its measure of segment performance. Management believes it is a useful indicator of the strength and performance of the Company and its segments’ ongoing business operations as well as a way for investors to evaluate and compare operating performance and value companies within the Company’s industry. Management believes that Adjusted EBITDA margin is useful for the same reasons as Adjusted EBITDA. The definition of Adjusted EBITDA used here may differ from that used by other companies.
The Company defines its non-GAAP measures below and presents reconciliations of these non-GAAP measures to their most directly comparable U.S. GAAP measures in the tables that follow. There were no adjustments to U.S. GAAP financial performance metrics other than the items noted below.
•Organic orders and organic sales are calculated as orders and Net sales excluding amounts from acquired or divested businesses during the first twelve months of ownership or prior to divestiture and excluding the impact of foreign currency translation.
•Adjusted gross profit is calculated as Gross profit, adjusted to exclude the impact of fair value inventory step-up charges and restructuring-related charges.
•Adjusted gross margin is calculated as Adjusted gross profit divided by Net sales.
•Adjusted net income attributable to IDEX is calculated as Net income attributable to IDEX, adjusted to exclude the impact of fair value inventory step-up charges, Restructuring expenses and asset impairments and other restructuring-related charges, acquisition-related intangible asset amortization and legal settlements and contingencies, all net of the statutory tax expense or benefit.
•Adjusted diluted EPS attributable to IDEX is calculated as Adjusted net income attributable to IDEX divided by the diluted weighted average shares outstanding.
•Consolidated Adjusted EBITDA is calculated as consolidated earnings before interest expense - net, income taxes, depreciation and amortization, or consolidated EBITDA, adjusted to exclude the impact of fair value inventory step-up charges, Restructuring expenses and asset impairments and other restructuring-related charges and legal settlements and contingencies.
•Consolidated Adjusted EBITDA margin is calculated as Consolidated Adjusted EBITDA divided by Net sales.
•Free cash flow is calculated as cash flows from operating activities less capital expenditures. Free cash flow conversion is calculated as free cash flow divided by Adjusted net income attributable to IDEX.
These non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures prepared in accordance with U.S. GAAP. The financial results prepared in accordance with U.S. GAAP and the reconciliations from those results should be carefully evaluated. Due to rounding, numbers presented throughout this and other documents may not add up or recalculate precisely.
Table 1: Reconciliations of the Change in Net Sales to Change in Organic Sales
| HST | FMT | FSDP | IDEX | ||||||||||||||||||||
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||
| Change in net sales | 14 | % | 3 | % | 5 | % | 8 | % | |||||||||||||||
| Less: | |||||||||||||||||||||||
Net impact from acquisitions/divestitures(1) | 1 | % | — | % | — | % | — | % | |||||||||||||||
Impact from foreign currency(2) | — | % | (1 | %) | (1 | %) | — | % | |||||||||||||||
| Change in organic sales | 13 | % | 4 | % | 6 | % | 8 | % | |||||||||||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||
| Change in net sales | 15 | % | 3 | % | 2 | % | 8 | % | |||||||||||||||
| Less: | |||||||||||||||||||||||
Net impact from acquisitions/divestitures(1) | 2 | % | — | % | — | % | 1 | % | |||||||||||||||
Impact from foreign currency(2) | 1 | % | 1 | % | 1 | % | 1 | % | |||||||||||||||
| Change in organic sales | 12 | % | 2 | % | 1 | % | 6 | % | |||||||||||||||
(1) Represents the sales from acquired or divested businesses during the first 12 months of ownership or prior to divestiture.
(2) The portion of sales attributable to foreign currency translation is calculated as the difference between (a) the period-to-period change in organic sales, and (b) the period-to-period change in organic sales after applying prior period foreign exchange rates to the current year period.
Table 2: Reconciliations of Reported-to-Adjusted Gross Profit and Gross Margin (dollars in millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Gross profit | $ | 429.5 | $ | 390.6 | $ | 1,254.4 | $ | 1,151.7 | |||||||||||||||
Fair value inventory step-up charges | — | 0.6 | — | 0.6 | |||||||||||||||||||
Restructuring-related charges(1) | 0.8 | — | 1.3 | — | |||||||||||||||||||
| Adjusted gross profit | $ | 430.3 | $ | 391.2 | $ | 1,255.7 | $ | 1,152.3 | |||||||||||||||
| Net sales | $ | 951.7 | $ | 878.7 | $ | 2,759.2 | $ | 2,558.4 | |||||||||||||||
| Gross margin | 45.1 | % | 44.5 | % | 45.5 | % | 45.0 | % | |||||||||||||||
| Adjusted gross margin | 45.2 | % | 44.5 | % | 45.5 | % | 45.0 | % | |||||||||||||||
(1) Restructuring-related charges represent costs incurred related to the anticipated closure of a facility in the HST segment, including accelerated depreciation of $0.7 million and $1.2 million during the three and nine months ended September 30, 2026, respectively.
Table 3: Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Reported net income attributable to IDEX | $ | 144.1 | $ | 127.8 | $ | 407.5 | $ | 354.9 | ||||||||||||||||||
Fair value inventory step-up charges | — | 0.6 | — | 0.6 | ||||||||||||||||||||||
Tax impact on fair value inventory step-up charges | — | (0.1) | — | (0.1) | ||||||||||||||||||||||
Restructuring expenses and asset impairments and other restructuring-related charges(1) | 4.2 | 0.1 | 14.9 | 18.0 | ||||||||||||||||||||||
| Tax impact on restructuring expenses and asset impairments and other restructuring-related charges | (0.9) | (0.1) | (3.4) | (4.4) | ||||||||||||||||||||||
Legal settlements and contingencies(2) | (0.2) | — | (3.0) | — | ||||||||||||||||||||||
| Tax impact on legal settlements and contingencies | 0.7 | — | 1.8 | — | ||||||||||||||||||||||
| Acquisition-related intangible asset amortization | 32.6 | 33.0 | 99.6 | 96.5 | ||||||||||||||||||||||
| Tax impact on acquisition-related intangible asset amortization | (7.7) | (8.5) | (23.6) | (23.2) | ||||||||||||||||||||||
| Adjusted net income attributable to IDEX | $ | 172.8 | $ | 152.8 | $ | 493.8 | $ | 442.3 | ||||||||||||||||||
| Reported diluted EPS attributable to IDEX | $ | 1.95 | $ | 1.70 | $ | 5.49 | $ | 4.70 | ||||||||||||||||||
Fair value inventory step-up charges | — | 0.01 | — | 0.01 | ||||||||||||||||||||||
Tax impact on fair value inventory step-up charges | — | — | — | — | ||||||||||||||||||||||
Restructuring expenses and asset impairments and other restructuring-related charges(1) | 0.06 | — | 0.20 | 0.24 | ||||||||||||||||||||||
| Tax impact on restructuring expenses and asset impairments and other restructuring-related charges | (0.01) | — | (0.04) | (0.06) | ||||||||||||||||||||||
Legal settlements and contingencies(2) | — | — | (0.04) | — | ||||||||||||||||||||||
| Tax impact on legal settlements and contingencies | 0.01 | — | 0.02 | — | ||||||||||||||||||||||
| Acquisition-related intangible asset amortization | 0.42 | 0.43 | 1.34 | 1.27 | ||||||||||||||||||||||
| Tax impact on acquisition-related intangible asset amortization | (0.10) | (0.11) | (0.32) | (0.31) | ||||||||||||||||||||||
| Adjusted diluted EPS attributable to IDEX | $ | 2.33 | $ | 2.03 | $ | 6.65 | $ | 5.85 | ||||||||||||||||||
| Diluted weighted average shares outstanding | 74.0 | 75.2 | 74.2 | 75.5 | ||||||||||||||||||||||
(1) Restructuring expenses and asset impairments and other restructuring-related charges consist of the following:
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Restructuring expenses and asset impairments | $ | 3.4 | $ | 0.1 | $ | 13.6 | $ | 18.3 | |||||||||||||||
Less: Restructuring expenses and asset impairments attributable to noncontrolling interest(a) | — | — | — | (0.3) | |||||||||||||||||||
Other restructuring-related charges(b) | 0.8 | — | 1.3 | — | |||||||||||||||||||
| Restructuring expenses and asset impairments and other restructuring-related charges | $ | 4.2 | $ | 0.1 | $ | 14.9 | $ | 18.0 | |||||||||||||||
(a) Restructuring expenses and asset impairments recorded during the nine months ended September 30, 2025 included charges of $0.6 million recognized by the Company’s joint venture, $0.3 million of which was attributable to noncontrolling interest.
(b) Other restructuring-related charges represent costs incurred related to the anticipated closure of a facility in the HST segment, including accelerated depreciation of $0.7 million and $1.2 million during the three and nine months ended September 30, 2026, respectively.
(2) Legal settlements and contingencies include legal settlement funds received, net of associated legal costs incurred.
Table 4: Reconciliations of Net Income to Adjusted EBITDA (dollars in millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Reported net income | $ | 144.0 | $ | 127.7 | $ | 407.3 | $ | 354.2 | |||||||||||||||
| Provision for income taxes | 48.7 | 42.8 | 128.5 | 110.7 | |||||||||||||||||||
| Interest expense - net | 15.4 | 16.5 | 46.5 | 48.2 | |||||||||||||||||||
Depreciation(1) | 20.8 | 19.1 | 60.9 | 56.5 | |||||||||||||||||||
| Amortization | 32.6 | 33.0 | 99.6 | 96.5 | |||||||||||||||||||
Fair value inventory step-up charges | — | 0.6 | — | 0.6 | |||||||||||||||||||
Restructuring expenses and asset impairments and other restructuring-related charges(1) | 3.5 | 0.1 | 13.7 | 18.3 | |||||||||||||||||||
Legal settlements and contingencies(2) | (0.2) | — | (3.0) | — | |||||||||||||||||||
| Adjusted EBITDA | $ | 264.8 | $ | 239.8 | $ | 753.5 | $ | 685.0 | |||||||||||||||
| Adjusted EBITDA Components | |||||||||||||||||||||||
| HST | $ | 124.8 | $ | 105.4 | $ | 350.1 | $ | 287.8 | |||||||||||||||
| FMT | 111.0 | 106.8 | 320.0 | 310.8 | |||||||||||||||||||
| FSDP | 54.5 | 49.3 | 165.2 | 159.9 | |||||||||||||||||||
| Corporate and other | (25.5) | (21.7) | (81.8) | (73.5) | |||||||||||||||||||
| Total Adjusted EBITDA | $ | 264.8 | $ | 239.8 | $ | 753.5 | $ | 685.0 | |||||||||||||||
| Net sales | $ | 951.7 | $ | 878.7 | $ | 2,759.2 | $ | 2,558.4 | |||||||||||||||
| Net income margin | 15.1 | % | 14.5 | % | 14.8 | % | 13.8 | % | |||||||||||||||
| Adjusted EBITDA margin | 27.8 | % | 27.3 | % | 27.3 | % | 26.8 | % | |||||||||||||||
(1) Accelerated depreciation of $0.7 million and $1.2 million for the three and nine months ended September 30, 2026, respectively, related to the anticipated closure of a facility in the HST segment, was included in Depreciation in Table 4, in Restructuring-related charges in Table 2 and in Restructuring expenses and asset impairments and other restructuring-related charges in Table 3 above.
(2) Legal settlements and contingencies include legal settlement funds received, net of associated legal costs incurred.
Table 5: Reconciliations of Cash Flows from Operating Activities to Free Cash Flow (dollars in millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Cash flows from operating activities | $ | 239.5 | $ | 203.5 | $ | 543.2 | $ | 470.9 | |||||||||||||||
| Less: Capital expenditures | 25.2 | 14.8 | 65.9 | 43.9 | |||||||||||||||||||
| Free cash flow | $ | 214.3 | $ | 188.7 | $ | 477.3 | $ | 427.0 | |||||||||||||||
| Reported net income attributable to IDEX | $ | 144.1 | $ | 127.8 | $ | 407.5 | $ | 354.9 | |||||||||||||||
| Adjusted net income attributable to IDEX | 172.8 | 152.8 | 493.8 | 442.3 | |||||||||||||||||||
| Operating cash flow as a percent of net income | 166 | % | 159 | % | 133 | % | 133 | % | |||||||||||||||
| Free cash flow conversion | 124 | % | 123 | % | 97 | % | 97 | % | |||||||||||||||