Idex Corp 10-Q for FY2026 Q3
Idex Corp (IEX)
10-Q
2026-10-28
For: 2026-09-30
View Original
Added on
October 28, 2026
About this 10-Q
Idex Corp filed this 10-Q on October 28, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).
IDEX reported third-quarter net sales of $951.7 million, up 8%, diluted EPS of $1.95, up 15%, and nine-month free cash flow of $477.3 million. It returned $74.6 million through share repurchases and $54.0 million in dividends during the quarter. AI summary
Headline figures
Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Revenue
- $951.7M
- up 8.3% from $878.7M a year earlier
- Net income
- $144.1M
- up 12.8% from net income of $127.8M a year earlier
- Diluted EPS
- $1.95
- up 14.7% from $1.70 a year earlier
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
Form 10-Q
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
| For the quarterly period ended | ||||||||
OR
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the transition period | from _____to _____ | |||||||
Commission File Number: 1-10235
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||
Registrant’s telephone number, including area code: (847 ) 498-7070
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ☑ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company | |||||||||||||||||||||||
| Emerging growth company | ||||||||||||||||||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☑
Number of shares of common stock of IDEX Corporation outstanding as of October 23, 2026: 73,452,801 .
TABLE OF CONTENTS
| Item 1. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| Item 1. | ||||||||
| Item 1A. | ||||||||
| Item 2. | ||||||||
| Item 5. | ||||||||
| Item 6. | ||||||||
Cautionary Statement Under the Private Securities Litigation Reform Act
This quarterly report on Form 10-Q, including the “Overview,” “Results of Operations” and “Liquidity and Capital Resources” sections of this Management’s Discussion and Analysis of Financial Condition and Results of Operations, 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 business strategy, outlook and the assumptions underlying these expectations, capital return strategy, plant and equipment capacity for future growth, other high-growth opportunities, planned production, anticipated future acquisition behavior, resource and capital deployment and focus on organic and inorganic growth, the Company’s ability to adapt to macroeconomic challenges and anticipated adaptability of resource deployment, anticipated impacts of tariffs, tariff refunds and global trade policies and changes in law, the Company’s future market positioning, anticipated trends in end markets, including expectations regarding market sector contraction, recovery, stabilization or growth and underlying drivers of such expectations, expectations regarding future order volumes and order patterns, demand within end markets, availability and sufficiency of cash and financing alternatives, the impacts of any pending or threatened legal, regulatory and other proceedings involving the Company and its subsidiaries, anticipated benefits and restructuring charges, including severance charges, related to the Company’s organizational changes, the anticipated tax treatment of the Company’s recent acquisitions, the expected contingent consideration payable related to the Company’s recent acquisitions, the anticipated benefits and performance of the Company’s recent or future acquisitions, anticipated growth initiatives and expansions and execution of those growth initiatives and the anticipated benefits of the Company’s productivity and cost containment efforts, 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 report.
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 report, 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.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
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 | $ | $ | $ | $ | |||||||||||||||||||
| Cost of sales | |||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| Selling, general and administrative expenses | |||||||||||||||||||||||
| Restructuring expenses and asset impairments | |||||||||||||||||||||||
| Operating income | |||||||||||||||||||||||
| Other (income) expense – net | ( | ( | ( | ||||||||||||||||||||
| Interest expense – net | |||||||||||||||||||||||
| Income before income taxes | |||||||||||||||||||||||
| Provision for income taxes | |||||||||||||||||||||||
| Net income | |||||||||||||||||||||||
| Net loss attributable to noncontrolling interest | |||||||||||||||||||||||
| Net income attributable to IDEX | $ | $ | $ | $ | |||||||||||||||||||
| Earnings per common share: | |||||||||||||||||||||||
| Basic earnings per common share attributable to IDEX | $ | $ | $ | $ | |||||||||||||||||||
| Diluted earnings per common share attributable to IDEX | $ | $ | $ | $ | |||||||||||||||||||
| Share data: | |||||||||||||||||||||||
| Basic weighted average common shares outstanding | |||||||||||||||||||||||
| Diluted weighted average common shares outstanding | |||||||||||||||||||||||
See Notes to Condensed Consolidated Financial Statements
1
IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income | $ | $ | $ | $ | |||||||||||||||||||
| Other comprehensive (loss) income: | |||||||||||||||||||||||
| Pension and other postretirement adjustments, net of tax | ( | ( | ( | ( | |||||||||||||||||||
| Cumulative translation adjustment | ( | ( | ( | ||||||||||||||||||||
| Other comprehensive (loss) income, net of tax | ( | ( | ( | ||||||||||||||||||||
| Comprehensive income | |||||||||||||||||||||||
| Comprehensive loss attributable to noncontrolling interest | |||||||||||||||||||||||
| Comprehensive income attributable to IDEX | $ | $ | $ | $ | |||||||||||||||||||
See Notes to Condensed Consolidated Financial Statements
2
IDEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
(unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Receivables – net | |||||||||||
| Inventories – net | |||||||||||
| Other current assets | |||||||||||
| Total current assets | |||||||||||
Property, plant and equipment – net of accumulated depreciation of $ | |||||||||||
| Goodwill | |||||||||||
| Intangible assets – net | |||||||||||
| Other noncurrent assets | |||||||||||
| Total assets | $ | $ | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Trade accounts payable | $ | $ | |||||||||
| Accrued expenses | |||||||||||
| Current portion of long-term borrowings | |||||||||||
| Dividends payable | |||||||||||
| Total current liabilities | |||||||||||
| Long-term borrowings – net | |||||||||||
| Deferred income taxes | |||||||||||
| Other noncurrent liabilities | |||||||||||
| Total liabilities | |||||||||||
| Shareholders’ equity | |||||||||||
| Preferred stock: | |||||||||||
Authorized: | |||||||||||
| Common stock: | |||||||||||
Authorized: | |||||||||||
Issued: | |||||||||||
Treasury stock at cost: | ( | ( | |||||||||
| Additional paid-in capital | |||||||||||
| Retained earnings | |||||||||||
| Accumulated other comprehensive (loss) income | ( | ||||||||||
| Total shareholders’ equity | |||||||||||
| Noncontrolling interest | ( | ( | |||||||||
| Total equity | |||||||||||
| Total liabilities and equity | $ | $ | |||||||||
See Notes to Condensed Consolidated Financial Statements
3
IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions, except per share amounts)
(unaudited)
| Common Stock Shares | Common Stock and Additional Paid-In Capital | Treasury Stock Shares | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Shareholders’ Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, June 30, 2026 | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss (net of tax of $ | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net issuance of shares of treasury stock (net of tax withholdings of $ | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock (including excise tax of $ | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared - $ | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Balance, September 30, 2026 | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2025 | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss (net of tax of $ | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net issuance of shares of treasury stock (net of tax withholdings of $ | — | ( | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock (including excise tax of $ | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared - $ | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Balance, September 30, 2026 | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, June 30, 2025 | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss (net of tax $ | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net issuance of shares of treasury stock (net of tax withholdings of $ | — | — | ( | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock (including excise tax of $ | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared - $ | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Balance, September 30, 2025 | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2024 | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (net of tax of $ | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net issuance of shares of treasury stock (net of tax withholdings of $ | — | — | ( | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock (including excise tax of $ | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared - $ | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Balance, September 30, 2025 | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
See Notes to Condensed Consolidated Financial Statements
4
IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | $ | |||||||||
| Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Asset impairments | |||||||||||
| Depreciation | |||||||||||
| Amortization of intangible assets | |||||||||||
| Share-based compensation expense | |||||||||||
| Deferred income taxes | ( | ( | |||||||||
Changes in (net of the effect from acquisitions/divestitures and foreign currency translation): | |||||||||||
| Receivables – net | ( | ( | |||||||||
| Inventories – net | ( | ( | |||||||||
| Other current assets | ( | ( | |||||||||
| Trade accounts payable | ( | ||||||||||
| Deferred revenue | ( | ||||||||||
| Accrued expenses | |||||||||||
| Other – net | |||||||||||
| Net cash flows provided by operating activities | |||||||||||
| Cash flows from investing activities | |||||||||||
| Capital expenditures | ( | ( | |||||||||
| Acquisition of business, net of cash acquired | ( | ||||||||||
| Other – net | ( | ||||||||||
| Net cash flows used in investing activities | ( | ( | |||||||||
| Cash flows from financing activities | |||||||||||
| Borrowings under revolving credit facilities | |||||||||||
| Payments under revolving credit facilities | ( | ( | |||||||||
| Payment of long-term borrowings | ( | ||||||||||
| Debt issuance costs | ( | ||||||||||
| Cash dividends paid to shareholders | ( | ( | |||||||||
Proceeds (payments) from share issuances, net of shares withheld for taxes | ( | ||||||||||
| Repurchases of common stock | ( | ( | |||||||||
| Other – net | ( | ( | |||||||||
| Net cash flows used in financing activities | ( | ( | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | ( | ||||||||||
| Cash and cash equivalents and restricted cash at beginning of year | |||||||||||
| Cash and cash equivalents and restricted cash at end of period | $ | $ | |||||||||
| Supplemental cash flow information | |||||||||||
| Cash paid for: | |||||||||||
| Interest | $ | $ | |||||||||
| Income taxes – net | |||||||||||
See Notes to Condensed Consolidated Financial Statements
5
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
1. Basis of Presentation and Significant Accounting Policies
The Condensed Consolidated Financial Statements of IDEX Corporation (“IDEX” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The statements are unaudited but include all adjustments, consisting only of recurring items, except as noted, that the Company considers necessary for a fair presentation of the information set forth herein. The results of operations for the three and nine months ended September 30, 2026 are not necessarily indicative of the results to be expected for the entire year.
The Condensed Consolidated Financial Statements set forth in this report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Recently Issued Accounting Standards
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses, which requires public entities to disclose, within the footnotes to the financial statements, disaggregated information about certain income statement expense captions, including disclosure of amounts for purchases of inventory, employee compensation, depreciation and intangible asset amortization, included in each relevant expense caption. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU should be applied prospectively, but may be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s financial statement disclosures and expects the standard will increase disclosures in the Company’s annual and interim reporting when adopted.
In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance on the accounting for government grants to business entities. ASU 2025-10 is effective for annual and interim periods beginning after December 15, 2028. Adoption of this ASU may be applied using a modified prospective, modified retrospective or retrospective approach. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s financial statement disclosures, but does not expect the impact to be material.
In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which establishes a model for the recognition, measurement, presentation and disclosure of environmental credits and compliance obligations that may be settled by using environmental credits. ASU 2026-02 is effective for annual and interim periods beginning after December 15, 2027. Adoption of this ASU should be applied retrospectively via a cumulative-effect adjustment to beginning retained earnings. Prior periods will not be adjusted. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Condensed Consolidated Financial Statements and disclosures.
2. Acquisitions and Divestitures
All of the Company’s acquisitions of businesses have been accounted for under Accounting Standards Codification (“ASC”) 805, Business Combinations. Accordingly, the assets and liabilities of the acquired companies, after adjustments to reflect the fair values assigned to the assets and liabilities, have been included in the Condensed Consolidated Balance Sheets from their respective dates of acquisition. The results of operations of businesses acquired have been included in the Condensed Consolidated Statements of Income since their respective dates of acquisition. Supplemental pro forma information has not been provided as the acquisitions did not have a material impact on the Condensed Consolidated Financial Statements individually or in the aggregate.
6
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
The Company makes a preliminary allocation of the purchase price for each acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy. As the Company continues to obtain additional information, primarily related to the valuations of these assets and liabilities, and continues to integrate the newly acquired business, the Company will refine the estimates of fair value and more accurately allocate the purchase price through the completion of the measurement period, which is not to exceed one year from the date of acquisition. Only items that existed as of the acquisition date are considered for subsequent adjustment to the purchase price allocation. Goodwill recognized reflects the strategic fit, revenue and earnings growth potential of the acquired business and its synergies with existing IDEX businesses.
2025 Acquisitions
Micro-LAM, Inc.
On July 29, 2025, the Company acquired Micro-LAM, Inc. (“Micro-LAM”) in a stock acquisition. Micro-LAM is an advanced optics manufacturer of laser-assisted machining, ultra-precision diamond tools and custom optics that is complementary to the Company’s Optics Technologies solutions. Headquartered in Portage, Michigan, Micro-LAM operates in the Company’s Scientific Fluidics & Optics reporting unit within the Health & Science Technologies segment. Micro-LAM was acquired for cash consideration of $80.4 million, net of cash acquired of $0.3 million, plus a potential earnout of up to $12.0 million of additional cash consideration based upon the achievement of certain financial performance targets over a two-year period. Total consideration of $81.6 million includes the fair value of the potential earnout as of the acquisition date of $1.2 million. For additional discussion of the earnout valuation, refer to Note 9, “Fair Value Measurements.” The acquisition was funded using additional borrowings under the Company’s Revolving Facility (as defined in Note 8, “Borrowings”). Goodwill and intangible assets recognized as part of this transaction were $37.5 million and $44.6 million, respectively. The goodwill is not deductible for tax purposes.
As of September 30, 2026, the final allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:
| Total | |||||
| Current assets, net of cash acquired | $ | ||||
| Property, plant and equipment | |||||
| Goodwill | |||||
| Intangible assets | |||||
| Other noncurrent assets | |||||
| Total assets acquired | |||||
| Current liabilities | ( | ||||
| Deferred income taxes | ( | ||||
| Other noncurrent liabilities | ( | ||||
Net assets acquired(1) | $ | ||||
(1) During the fourth quarter of 2025, the Company finalized the purchase price of Micro-LAM, resulting in a reduction to the purchase price of $0.3 million.
7
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
The acquired intangible assets and weighted average amortization periods are as follows:
| Total | Weighted Average Life (in years) | ||||||||||
| Trade names | $ | ||||||||||
| Customer relationships | |||||||||||
Technology | |||||||||||
| Acquired intangible assets | $ | ||||||||||
Acquisition-Related Costs
The Company incurred acquisition-related costs related to completed, pending and potential transactions, including those that ultimately were not completed during the three and nine months ended September 30, 2026 and 2025. These costs were recorded in Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Income. The Company also incurred fair value inventory step-up charges associated with completed acquisitions. These costs were recorded in Cost of sales in the Company’s Condensed Consolidated Statements of Income. A summary of the acquisition costs and the fair value inventory step-up charges recorded in the three and nine months ended September 30, 2026 and 2025 are presented in the following table:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Acquisition costs | $ | $ | $ | $ | |||||||||||||||||||
| Fair value inventory step-up charges | |||||||||||||||||||||||
3. Business Segments
IDEX has three
The Company uses adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) as its measure of segment performance. Intersegment sales are contracted with terms equivalent to those of an arm’s-length transaction. Information on the Company’s business segments is presented below.
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||
| HST | FMT | FSDP | Total Segments | Eliminations | IDEX | ||||||||||||||||||||||||||||||
| NET SALES | |||||||||||||||||||||||||||||||||||
| External customers | $ | $ | $ | $ | $ | — | $ | ||||||||||||||||||||||||||||
| Intersegment sales | ( | — | |||||||||||||||||||||||||||||||||
| Net sales | ( | ||||||||||||||||||||||||||||||||||
Adjusted segment cost of sales(1) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Other segment expenses(2) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Segment Adjusted EBITDA | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
8
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| HST | FMT | FSDP | Total Segments | Eliminations | IDEX | ||||||||||||||||||||||||||||||
| NET SALES | |||||||||||||||||||||||||||||||||||
| External customers | $ | $ | $ | $ | $ | — | $ | ||||||||||||||||||||||||||||
| Intersegment sales | ( | — | |||||||||||||||||||||||||||||||||
| Net sales | ( | ||||||||||||||||||||||||||||||||||
Adjusted segment cost of sales(1) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Other segment expenses(2) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Segment Adjusted EBITDA | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||
| HST | FMT | FSDP | Total Segments | Eliminations | IDEX | ||||||||||||||||||||||||||||||
| NET SALES | |||||||||||||||||||||||||||||||||||
| External customers | $ | $ | $ | $ | $ | — | $ | ||||||||||||||||||||||||||||
| Intersegment sales | ( | — | |||||||||||||||||||||||||||||||||
| Net sales | ( | ||||||||||||||||||||||||||||||||||
Adjusted segment cost of sales(1) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Other segment expenses(2) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Segment Adjusted EBITDA | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| HST | FMT | FSDP | Total Segments | Eliminations | IDEX | ||||||||||||||||||||||||||||||
| NET SALES | |||||||||||||||||||||||||||||||||||
| External customers | $ | $ | $ | $ | $ | — | $ | ||||||||||||||||||||||||||||
| Intersegment sales | ( | — | |||||||||||||||||||||||||||||||||
| Net sales | ( | ||||||||||||||||||||||||||||||||||
Adjusted segment cost of sales(1) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Other segment expenses(2) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Segment Adjusted EBITDA | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
(1) Adjusted segment cost of sales represents Cost of sales excluding fair value inventory step-up charges and restructuring-related charges. Restructuring-related charges of $0.8 million and $1.3 million 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. There were no no 0.6
(2) Other segment expenses consists primarily of selling, general and administrative expenses.
9
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| ADJUSTED EBITDA | |||||||||||||||||||||||
| Health & Science Technologies | $ | $ | $ | $ | |||||||||||||||||||
| Fluid & Metering Technologies | |||||||||||||||||||||||
| Fire & Safety/Diversified Products | |||||||||||||||||||||||
| Segment Adjusted EBITDA | |||||||||||||||||||||||
Corporate and other(1) | ( | ( | ( | ( | |||||||||||||||||||
| Interest expense – net | ( | ( | ( | ( | |||||||||||||||||||
Depreciation(2) | ( | ( | ( | ( | |||||||||||||||||||
| Amortization of intangible assets | ( | ( | ( | ( | |||||||||||||||||||
| Fair value inventory step-up charges | ( | ( | |||||||||||||||||||||
| Restructuring expenses and asset impairments and other restructuring-related charges | ( | ( | ( | ( | |||||||||||||||||||
Legal settlements and contingencies(3) | |||||||||||||||||||||||
| Income before income taxes | $ | $ | $ | $ | |||||||||||||||||||
(1) Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder are included in Corporate and other.
(2) Depreciation includes 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.
(3) Legal settlements and contingencies include legal settlement funds received, net of associated legal costs incurred.
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Health & Science Technologies | $ | $ | |||||||||
| Fluid & Metering Technologies | |||||||||||
| Fire & Safety/Diversified Products | |||||||||||
| Total Segments | |||||||||||
| Corporate and other | |||||||||||
| Total assets | $ | $ | |||||||||
4. Revenue
Disaggregation of Revenue
The Company has a comprehensive offering of products, including technologies, built to customers’ specifications that are sold in niche markets throughout the world. The Company disaggregates revenue from contracts with customers by reporting unit and geographical region for each segment as the Company believes it best depicts how the amount, nature, timing and uncertainty of its revenue and cash flows are affected by economic factors. Revenue, presented as Net sales on the Condensed Consolidated Statements of Income, was attributed to geographical region based on the location of the customer. The following tables present revenue disaggregated by reporting unit and geographical region.
10
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
Revenue by reporting unit for the three and nine months ended September 30, 2026 and 2025 was as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Scientific Fluidics & Optics | $ | $ | $ | $ | |||||||||||||||||||
| Performance Pneumatic Technologies | |||||||||||||||||||||||
| Sealing Solutions | |||||||||||||||||||||||
| Material Processing Technologies | |||||||||||||||||||||||
| Intersegment elimination | ( | ( | ( | ( | |||||||||||||||||||
| Health & Science Technologies | |||||||||||||||||||||||
| Pumps | |||||||||||||||||||||||
| Water | |||||||||||||||||||||||
| Energy | |||||||||||||||||||||||
| Agriculture | |||||||||||||||||||||||
| Valves | |||||||||||||||||||||||
| Intersegment elimination | ( | ( | ( | ( | |||||||||||||||||||
| Fluid & Metering Technologies | |||||||||||||||||||||||
| Fire & Safety | |||||||||||||||||||||||
| Dispensing | |||||||||||||||||||||||
| BAND-IT | |||||||||||||||||||||||
| Intersegment elimination | ( | ( | ( | ( | |||||||||||||||||||
| Fire & Safety/Diversified Products | |||||||||||||||||||||||
| Net sales | $ | $ | $ | $ | |||||||||||||||||||
11
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
Revenue by geographical region for the three and nine months ended September 30, 2026 and 2025 was as follows:
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||
| HST | FMT | FSDP | IDEX | ||||||||||||||||||||
| U.S. | $ | $ | $ | $ | |||||||||||||||||||
| North America, excluding U.S. | |||||||||||||||||||||||
| Europe | |||||||||||||||||||||||
| Asia | |||||||||||||||||||||||
Other(1) | |||||||||||||||||||||||
| Intersegment elimination | ( | ( | ( | ( | |||||||||||||||||||
| Net sales | $ | $ | $ | $ | |||||||||||||||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||
| HST | FMT | FSDP | IDEX | ||||||||||||||||||||
| U.S. | $ | $ | $ | $ | |||||||||||||||||||
| North America, excluding U.S. | |||||||||||||||||||||||
| Europe | |||||||||||||||||||||||
| Asia | |||||||||||||||||||||||
Other(1) | |||||||||||||||||||||||
| Intersegment elimination | ( | ( | ( | ( | |||||||||||||||||||
| Net sales | $ | $ | $ | $ | |||||||||||||||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||
| HST | FMT | FSDP | IDEX | ||||||||||||||||||||
| U.S. | $ | $ | $ | $ | |||||||||||||||||||
| North America, excluding U.S. | |||||||||||||||||||||||
| Europe | |||||||||||||||||||||||
| Asia | |||||||||||||||||||||||
Other(1) | |||||||||||||||||||||||
| Intersegment elimination | ( | ( | ( | ( | |||||||||||||||||||
| Net sales | $ | $ | $ | $ | |||||||||||||||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||
| HST | FMT | FSDP | IDEX | ||||||||||||||||||||
| U.S. | $ | $ | $ | $ | |||||||||||||||||||
| North America, excluding U.S. | |||||||||||||||||||||||
| Europe | |||||||||||||||||||||||
| Asia | |||||||||||||||||||||||
Other(1) | |||||||||||||||||||||||
| Intersegment elimination | ( | ( | ( | ( | |||||||||||||||||||
| Net sales | $ | $ | $ | $ | |||||||||||||||||||
12
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
Performance Obligations
The Company’s performance obligations are satisfied either at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time comprised approximately 95 5
Contract Assets and Liabilities
The timing of billings and cash collections can result in customer receivables, billings in excess of revenue recognized, advance payments or deposits. Customer receivables include both amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in Receivables – net on the Condensed Consolidated Balance Sheets.
The composition of customer receivables was as follows:
| September 30, 2026 | December 31, 2025 | ||||||||||
| Billed receivables | $ | $ | |||||||||
| Unbilled receivables | |||||||||||
| Total customer receivables | $ | $ | |||||||||
Billings in excess of revenue recognized, advance payments and deposits represent contract liabilities and are included in deferred revenue which is classified as current or noncurrent based on when the Company expects to recognize the revenue. The current portion is included in Accrued expenses and the noncurrent portion is included in Other noncurrent liabilities on the Condensed Consolidated Balance Sheets.
The composition of deferred revenue was as follows:
| September 30, 2026 | December 31, 2025 | ||||||||||
| Deferred revenue – current | $ | $ | |||||||||
| Deferred revenue – noncurrent | |||||||||||
| Total deferred revenue | $ | $ | |||||||||
5. Earnings Per Common Share
Diluted earnings per common share (“EPS”) attributable to IDEX is computed by dividing Net income attributable to IDEX by the weighted average number of common shares outstanding (basic) plus common stock equivalents outstanding (diluted) for the period. Common stock equivalents consist of restricted stock, performance share units and stock options, which have been included in the calculation of weighted average common shares outstanding using the treasury stock method.
Outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common shareholders. If awards are considered participating securities, the Company is required to apply the two-class method of computing basic and diluted earnings per common share. The Company has both participating and non-participating securities. Dividend rights for restricted stock awards issued under the IDEX Corporation 2024 Incentive Award Plan (the “2024 Incentive Award Plan”) are subject to the same vesting requirements as the underlying restricted stock awards, and therefore, these awards are considered non-participating securities. Dividend rights for restricted stock awards issued prior to the adoption of the 2024 Incentive Award Plan are non-forfeitable and are not subject to the same vesting requirements as the underlying restricted stock awards. As such, these awards have been determined to be participating securities. Accordingly, Diluted EPS attributable to IDEX was computed using the two-class method.
13
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
Basic weighted average common shares outstanding reconciles to diluted weighted average common shares outstanding as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Basic weighted average common shares outstanding | |||||||||||||||||||||||
| Dilutive effect of restricted stock, performance share units and stock options | |||||||||||||||||||||||
| Diluted weighted average common shares outstanding | |||||||||||||||||||||||
Share-based payment awards of approximately 0.3 million and 0.9 million shares of common stock for the three months ended September 30, 2026 and 2025, respectively, and 0.4 million and 0.8 million shares of common stock for the nine months ended September 30, 2026 and 2025, respectively, were not included in the computation of Diluted EPS attributable to IDEX because the effect of their inclusion would have been antidilutive.
6. Balance Sheet Components
Balance Sheet Components
The following table presents additional information regarding certain balance sheet components as of September 30, 2026 and December 31, 2025:
| September 30, 2026 | December 31, 2025 | ||||||||||
| RECEIVABLES – NET | |||||||||||
| Customers | $ | $ | |||||||||
| Other | |||||||||||
| Total | |||||||||||
Less: allowance for credit losses, estimated returns and other reserves(1) | |||||||||||
| Receivables – net | $ | $ | |||||||||
| INVENTORIES – NET | |||||||||||
| Raw materials and component parts | $ | $ | |||||||||
| Work in process | |||||||||||
| Finished goods | |||||||||||
| Inventories – net | $ | $ | |||||||||
| ACCRUED EXPENSES | |||||||||||
| Payroll and related items | $ | $ | |||||||||
| Management incentive compensation | |||||||||||
| Income taxes payable | |||||||||||
| Warranty | |||||||||||
| Deferred revenue | |||||||||||
| Lease liability | |||||||||||
| Restructuring | |||||||||||
| Accrued interest | |||||||||||
| Other | |||||||||||
| Accrued expenses | $ | $ | |||||||||
14
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
(1) The allowance for credit losses, estimated returns and other reserves as of September 30, 2026 includes expected customer rebates associated with the International Emergency Economic Powers Act tariff refunds recorded during the nine months ended September 30, 2026.
Cash, Cash Equivalents and Restricted Cash
The Company has restricted cash primarily related to certain letters of credit, funds held in escrow in connection with a business acquisition and funds restricted in connection with a legal matter. The following table presents a reconciliation of Cash and cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows:
| September 30, 2026 | December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||||||||
| Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Restricted cash(1) | |||||||||||||||||||||||
Long-term restricted cash(2) | |||||||||||||||||||||||
| Total cash, cash equivalents and restricted cash | $ | $ | $ | $ | |||||||||||||||||||
(1) Restricted cash has been included in Other current assets in the Condensed Consolidated Balance Sheets for all periods disclosed.
(2) Long-term restricted cash has been included in Other noncurrent assets in the Condensed Consolidated Balance Sheets for all periods disclosed.
7. Goodwill and Intangible Assets
The changes in the carrying amount of goodwill for the nine months ended September 30, 2026, by reportable business segment, were as follows:
| HST | FMT | FSDP | IDEX | ||||||||||||||||||||
| Goodwill | $ | $ | $ | $ | |||||||||||||||||||
| Accumulated goodwill impairment losses | ( | ( | ( | ( | |||||||||||||||||||
Balance at January 1, 2026 | |||||||||||||||||||||||
| Foreign currency translation | ( | ( | ( | ( | |||||||||||||||||||
| Measurement period adjustments | |||||||||||||||||||||||
| Balance at September 30, 2026 | $ | $ | $ | $ | |||||||||||||||||||
15
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets at September 30, 2026 and December 31, 2025:
| September 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||
| Amortized intangible assets: | |||||||||||||||||||||||||||||||||||
Trade names(1) | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Customer relationships(1) | ( | ( | |||||||||||||||||||||||||||||||||
| Technology | ( | ( | |||||||||||||||||||||||||||||||||
| Software | ( | ( | |||||||||||||||||||||||||||||||||
| Total amortized intangible assets | ( | ( | |||||||||||||||||||||||||||||||||
| Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||||||||
| Banjo trade name | — | — | |||||||||||||||||||||||||||||||||
| Akron Brass trade name | — | — | |||||||||||||||||||||||||||||||||
| Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
(1) During the first nine months of 2026, the Company recognized impairment charges of $1.1 million and $3.2 million related to trade names and customer relationships, respectively, in the Company’s FMT segment. The impairment charges are reflected in Restructuring expenses and asset impairments in the Condensed Consolidated Statements of Income for the nine months ended September 30, 2026.
There have been no events or circumstances since the last annual goodwill and indefinite-lived intangible asset impairment assessment date, October 31, 2025, that would have required an interim impairment test.
Amortization of intangible assets was $32.6 million and $99.6 million for the three and nine months ended September 30, 2026, respectively, and $33.0 million and $96.5 million for the three and nine months ended September 30, 2025, respectively. Based on the intangible asset balances as of September 30, 2026, expected amortization expense for the remaining three months of 2026 and for the years 2027 through 2030 is as follows:
| Estimated Amortization | ||||||||
| Remainder of 2026 | $ | |||||||
| 2027 | ||||||||
| 2028 | ||||||||
| 2029 | ||||||||
| 2030 | ||||||||
8. Borrowings
Borrowings at September 30, 2026 and December 31, 2025 consisted of the following:
16
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| $ | $ | ||||||||||
$ | |||||||||||
| Other borrowings | |||||||||||
| Total borrowings | |||||||||||
| Less: current portion | |||||||||||
| Less: unamortized debt issuance costs and discount on debt | |||||||||||
| Long-term borrowings | $ | $ | |||||||||
Revolving Facility
On September 3, 2026, the Company entered into a second amended and restated credit agreement (as amended and restated, the “Credit Agreement”) along with certain of its subsidiaries, as borrowers (the “Borrowers”), Bank of America, N.A., as administrative agent, swingline lender and an issuer of letters of credit, and other agents party thereto. The Credit Agreement consists of a revolving credit facility in an aggregate principal amount of $800 million with a final maturity date of September 3, 2031. The maturity date may be extended twice under certain conditions, each for an additional one-year term. Up to $100 million of the Revolving Facility is available for the issuance of letters of credit. Additionally, up to $50 million of the Revolving Facility is available to the Company for swingline loans, available on a same-day basis.
Proceeds of the Revolving Facility are available for use by the Borrowers for working capital and other general corporate purposes, including refinancing existing debt of the Company and its subsidiaries and financing of acquisitions. The Company may request increases in the lending commitments under the Credit Agreement, but the aggregate lending commitments pursuant to such increases may not exceed $400 million. The Company has the right, subject to certain conditions set forth in the Credit Agreement, to designate certain foreign subsidiaries of the Company as borrowers under the Revolving Facility. In connection with any such designation, the Company is required to guarantee the obligations of any such subsidiaries under the Credit Agreement.
Borrowings under the Credit Agreement bear interest, at either an alternate base rate or Term SOFR (or appropriate alternative currency reference rates) plus, in each case, an applicable margin. Such applicable margin is based on the better of the Company’s senior, unsecured, long-term debt rating or the Company’s applicable leverage ratio and can range from 0.00 % to 1.30 %. Interest is payable (a) in the case of base rate loans, quarterly, and (b) in the case of Term SOFR loans, on the last day of the applicable interest period selected, or every three months from the effective date of such interest period for interest periods exceeding three months.
The Credit Agreement requires payment to the lenders of a facility fee based upon the amount of the lenders’ commitments under the credit facility from time to time, equal to the applicable facility rate times the actual daily amount of the Revolving Facility. Voluntary prepayments of any loans and voluntary reductions of the unutilized portion of the commitments under the credit facility are permissible without penalty, subject to break funding payments and minimum notice and minimum reduction amount requirements.
17
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
9. Fair Value Measurements
The accounting guidance for fair value measurements and disclosures establishes a three-level fair value hierarchy:
•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2: Inputs, other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.
The following table summarizes the basis used to measure the Company’s financial assets and liabilities at fair value on a recurring basis in the balance sheets at September 30, 2026 and December 31, 2025:
| September 30, 2026 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||
Trading securities - mutual funds held in nonqualified SERP(1) | $ | $ | $ | $ | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
Contingent consideration(2) | |||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||
Trading securities - mutual funds held in nonqualified SERP(1) | $ | $ | $ | $ | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
Contingent consideration(2) | |||||||||||||||||||||||
(1) The Supplemental Executive Retirement Plan (“SERP”) investment assets are offset by a SERP liability which represents the Company’s obligation to distribute SERP funds to participants. The SERP investment assets and liability are included in Other noncurrent assets and Other noncurrent liabilities, respectively, on the Condensed Consolidated Balance Sheets.
(2) In connection with the acquisition of Micro-LAM, the Company entered into an earnout agreement that may require the Company to make future cash consideration payments of up to $12.0 million based upon the achievement of certain financial performance targets from January 1, 2026 to December 31, 2027. As of September 30, 2026, $0.4 million of contingent consideration related to the Micro-LAM acquisition has been included in Accrued expenses and $0.8 million has been included in Other noncurrent liabilities on the Condensed Consolidated Balance Sheets. As of December 31, 2025, $1.2 million of contingent consideration related to the Micro-LAM acquisition was included in Other noncurrent liabilities on the Condensed Consolidated Balance Sheets. The contingent consideration was derived using a Monte Carlo simulation model which utilizes inputs including discount rates, volatility rates, and estimated probability of achieving projected revenue and profitability targets. This fair value measurement of contingent consideration is categorized within Level 3 of the fair value hierarchy, as the measurement amount is based primarily on significant inputs that are not observable in the market. The fair value of the contingent consideration is re-measured at each reporting period, and the change in fair value is recognized within Selling, general and administrative expenses in the Condensed Consolidated Statements of Income. There was no
There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three and nine months ended September 30, 2026 or the year ended December 31, 2025.
18
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
The carrying values of the Company’s other financial instruments (i.e., cash and cash equivalents, accounts receivable, accounts payable and accrued expenses) approximate fair value because of the short-term nature of these instruments.
Certain non-financial assets, primarily property, plant and equipment, goodwill and intangible assets, are not required to be measured at fair value on a recurring basis and are reported at their carrying value. However, these assets are required to be assessed for impairment whenever events or circumstances indicate that their carrying value may not be fully recoverable, and at least annually for goodwill and indefinite-lived intangible assets. See Note 7, “Goodwill and Intangible Assets,” for additional information about these assets.
The following table provides the fair value of the outstanding indebtedness described in Note 8, “Borrowings,” which is based on quoted market prices and current market rates for debt with similar credit risk and maturity, as well as the carrying value. These fair value measurements are classified as Level 2 within the fair value hierarchy since they are determined based upon significant inputs observable in the market, including interest rates on recent financing transactions to entities with a credit rating similar to the Company’s rating.
| September 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||||||
| Fair Value | Carrying Amount | Fair Value | Carrying Amount | ||||||||||||||||||||||||||||||||
| Total Borrowings, less unaccreted debt discount | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
10. Accumulated Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2026 and 2025 are as follows:
| Cumulative Translation Adjustment | Pension and Other Postretirement Adjustments | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||
| Three Months Ended September 30, 2026 | ||||||||||||||||||||
Balance, June 30, 2026(1) | $ | ( | $ | $ | ||||||||||||||||
| Other comprehensive loss before reclassification adjustments | ( | ( | ||||||||||||||||||
Gain reclassified from Accumulated other comprehensive income(2)(3) | ( | ( | ||||||||||||||||||
| Tax impact | ||||||||||||||||||||
Net other comprehensive loss(1) | ( | ( | ( | |||||||||||||||||
Balance, September 30, 2026(1) | $ | ( | $ | $ | ( | |||||||||||||||
| Nine Months Ended September 30, 2026 | ||||||||||||||||||||
Balance, December 31, 2025(1) | $ | $ | $ | |||||||||||||||||
Other comprehensive loss before reclassification adjustments | ( | ( | ||||||||||||||||||
Gain reclassified from Accumulated other comprehensive income(2)(3) | ( | ( | ||||||||||||||||||
| Tax impact | ||||||||||||||||||||
Net other comprehensive loss(1) | ( | ( | ( | |||||||||||||||||
Balance, September 30, 2026(1) | $ | ( | $ | $ | ( | |||||||||||||||
19
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
| Cumulative Translation Adjustment | Pension and Other Postretirement Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
| Three Months Ended September 30, 2025 | ||||||||||||||||||||
Balance, June 30, 2025(1) | $ | $ | $ | |||||||||||||||||
| Other comprehensive loss before reclassification adjustments | ( | ( | ||||||||||||||||||
Gain reclassified from Accumulated other comprehensive income (loss)(2)(3) | ( | ( | ||||||||||||||||||
| Tax impact | ||||||||||||||||||||
Net other comprehensive loss(1) | ( | ( | ( | |||||||||||||||||
Balance, September 30, 2025(1) | $ | $ | $ | |||||||||||||||||
| Nine Months Ended September 30, 2025 | ||||||||||||||||||||
Balance, December 31, 2024(1) | $ | ( | $ | $ | ( | |||||||||||||||
| Other comprehensive income before reclassification adjustments | ||||||||||||||||||||
Gain reclassified from Accumulated other comprehensive income (loss)(2)(3) | ( | ( | ||||||||||||||||||
| Tax impact | ||||||||||||||||||||
Net other comprehensive income (loss)(1) | ( | |||||||||||||||||||
Balance, September 30, 2025(1) | $ | $ | $ | |||||||||||||||||
(1) Amounts are presented net of tax.
(3) Included in Other (income) expense – net in the Condensed Consolidated Statements of Income.
11. Share Repurchases
On September 17, 2025, the Company’s Board of Directors authorized the repurchase of an additional $635.0 million of the Company’s common shares. This approval is in addition to the prior repurchase authorization of the Company’s Board of Directors of $500.0 million on March 17, 2020. These authorizations have no expiration date. During the nine months ended September 30, 2026, the Company repurchased a total of 1.1 million shares at a cost of $227.0 million (including estimated excise taxes of $1.9 million, which will be paid in 2027), of which $1.6 million was settled in October 2026. The Company paid $2.3 million of excise taxes during the nine months ended September 30, 2026 for shares repurchased in 2025. During the nine months ended September 30, 2025, the Company repurchased a total of 1.0 million shares at a cost of $176.6 million (including estimated excise taxes of $1.6 million). As of September 30, 2026, the amount of share repurchase authorization remaining was $699.7 million, excluding fees, commissions, excise taxes and other expenses related to such common stock repurchases.
12. Share-Based Compensation
The Company typically grants equity awards annually at its regularly scheduled first quarter meeting of the Board of Directors based on the recommendation from the Compensation Committee.
Stock Options
Stock options granted under the Company’s plans are generally non-qualified and are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. The fair value of each option grant in the periods presented was estimated on the date of the grant using the Black Scholes valuation model. Stock options generally vest annually in equal amounts over four years , with vesting beginning one year from the date of grant, and generally expire 10 years from the date of grant. The service period for certain retiree eligible participants is accelerated. The assumptions used in determining the fair value of the stock options granted in the respective periods were as follows:
20
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
| Nine Months Ended September 30, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| Weighted average fair value of grants | $ | $ | |||||||||||||||||||||
| Dividend yield | |||||||||||||||||||||||
| Volatility | |||||||||||||||||||||||
| Risk-free interest rate | |||||||||||||||||||||||
| Expected life (in years) | |||||||||||||||||||||||
A summary of the Company’s stock option activity as of September 30, 2026 and changes during the nine months ended September 30, 2026 are presented in the following table:
| Stock Options | Shares | Weighted Average Exercise Price | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | |||||||||||||||||||
| Outstanding at January 1, 2026 | $ | $ | |||||||||||||||||||||
| Granted | |||||||||||||||||||||||
| Exercised | ( | ||||||||||||||||||||||
| Forfeited | ( | ||||||||||||||||||||||
| Outstanding at September 30, 2026 | $ | $ | |||||||||||||||||||||
| Vested and expected to vest as of September 30, 2026 | $ | $ | |||||||||||||||||||||
| Exercisable at September 30, 2026 | $ | $ | |||||||||||||||||||||
As of September 30, 2026, there was $3.3 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.2 years.
Restricted Stock
Restricted stock awards granted beginning in 2026 generally vest annually in equal amounts over three years , with vesting beginning one year from the date of the grant. Restricted stock awards granted prior to 2026 generally cliff vest after three years for employees. Restricted stock awards granted to non-employee directors generally cliff vest after one year . The service period for certain retiree eligible participants is accelerated. Unvested restricted stock granted after the adoption of the 2024 Incentive Award Plan earn dividend equivalents for the award period, which will be paid to participants upon vesting of the underlying awards. Unvested restricted stock granted prior to the adoption of the 2024 Incentive Award Plan earn and are paid dividends. The fair value of restricted stock is equal to the market price of the Company’s stock at the date of the grant. A summary of the Company’s restricted stock activity as of September 30, 2026 and changes during the nine months ended September 30, 2026 are presented in the following table:
| Restricted Stock | Shares | Weighted-Average Grant Date Fair Value | |||||||||
| Unvested at January 1, 2026 | $ | ||||||||||
| Granted | |||||||||||
| Vested | ( | ||||||||||
| Forfeited | ( | ||||||||||
| Unvested at September 30, 2026 | $ | ||||||||||
As of September 30, 2026, there was $15.5 million of total unrecognized compensation cost related to restricted stock that is expected to be recognized over a weighted-average period of 1.1 years.
21
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
Cash-Settled Restricted Stock
The Company also maintains a cash-settled share-based compensation plan for certain employees. Cash-settled restricted stock awards granted under the 2024 Incentive Award Plan beginning in 2026 generally vest annually in equal amounts over three years , with vesting beginning one year from the date of grant. Cash-settled restricted stock awards granted prior to 2026 generally cliff vest after three years . The service period for certain retiree eligible participants is accelerated. Cash-settled restricted stock awards are recorded at fair value on a quarterly basis using the market price of the Company’s stock on the last day of the quarter. At September 30, 2026 and December 31, 2025, the Company had accrued $4.8 million and $3.6 million, respectively, for cash-settled restricted stock in Accrued expenses in the Condensed Consolidated Balance Sheets and had accrued $3.3 million and $2.4 million, respectively, for cash-settled restricted stock in Other noncurrent liabilities in the Condensed Consolidated Balance Sheets. These recurring fair value measurements are classified as Level 1 in the fair value hierarchy. Dividend equivalents are earned throughout the award period and paid upon vesting for certain cash-settled restricted stock awards granted after the adoption of the 2024 Incentive Award Plan. Dividend equivalents are paid on a current basis on certain cash-settled restricted stock awards granted prior to the adoption of the 2024 Incentive Award Plan. A summary of the Company’s unvested cash-settled restricted stock activity as of September 30, 2026 and changes during the nine months ended September 30, 2026 are presented in the following table:
| Cash-Settled Restricted Stock | Shares | Weighted-Average Fair Value | |||||||||
| Unvested at January 1, 2026 | $ | ||||||||||
| Granted | |||||||||||
| Vested | ( | ||||||||||
| Forfeited | ( | ||||||||||
| Unvested at September 30, 2026 | $ | ||||||||||
As of September 30, 2026, there was $6.6 million of total unrecognized compensation cost related to cash-settled restricted stock that is expected to be recognized over a weighted-average period of 1.1 years.
Performance Share Units
Performance share unit awards represent rights to receive shares of the Company’s common stock and will vest between 0 % and 250 % of the target share unit amount. Performance share units granted after December 31, 2024 are earned over a three-year performance period based on an internal income growth metric (a performance condition), weighted 25 %. The remaining 75 % of the award is earned based on a market condition, which is the total shareholder return of IDEX common stock in relation to the total shareholder return of a group of peer companies (for awards granted in 2025, the peer group consists of companies in the S&P 500 index, and for awards granted beginning in 2026, the peer group consists of companies in the S&P 900 Capital Goods and Life Sciences Tools & Services indexes). Performance share unit awards granted prior to 2025 are earned solely based on the Company’s total shareholder return ranking in relation to the total shareholder return of companies in the S&P 500 Index over a three-year period following the date of grant.
The fair value of the performance condition portion of the awards granted after December 31, 2024 is equal to the market price of the Company’s stock at the date of the grant, and the amount of expense recognized over the vesting period is subject to adjustment based on the expected attainment of the performance condition. The fair value of the market condition portion of all performance share unit awards is determined using a Monte Carlo simulation model, and the amount of expense recognized over the vesting period is not subject to change based on future market conditions. The assumptions used in the Monte Carlo simulation model to determine the fair value of the market condition portion of the performance share units granted in the respective periods were as follows:
22
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
| Nine Months Ended September 30, | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| Weighted average fair value of grants | $ | $ | ||||||||||||||||||
| Dividend yield | ||||||||||||||||||||
| Volatility | ||||||||||||||||||||
| Risk-free interest rate | ||||||||||||||||||||
| Expected life (in years) | ||||||||||||||||||||
A summary of the Company’s performance share unit activity as of September 30, 2026 and changes during the nine months ended September 30, 2026 are presented in the following table:
| Performance Share Units | Shares | Weighted-Average Grant Date Fair Value | |||||||||
| Unvested at January 1, 2026 | $ | ||||||||||
| Granted | |||||||||||
| Vested | |||||||||||
| Forfeited | ( | ||||||||||
| Unvested at September 30, 2026 | $ | ||||||||||
The performance period for the 2023 grants ended as of January 31, 2026. The 2023 grants achieved a 0 % payout factor, and as such, the Company did not issue any shares of the Company's stock for awards that vested in 2026.
As of September 30, 2026, there was $4.5 million of total unrecognized compensation cost related to performance share units that is expected to be recognized over a weighted-average period of 1.1 years.
Summary of Share-Based Compensation Expense
The Company’s policy is to recognize compensation cost on a straight-line basis, assuming forfeitures, over the requisite service period for the entire award. Total compensation cost related to all share-based awards was as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Stock options expense | $ | $ | $ | $ | |||||||||||||||||||
| Restricted stock expense | |||||||||||||||||||||||
| Cash-settled restricted stock expense | |||||||||||||||||||||||
| Performance share units expense | |||||||||||||||||||||||
Total pre-tax share-based compensation expense(1) | |||||||||||||||||||||||
| Income tax benefit | ( | ( | ( | ( | |||||||||||||||||||
| Total share-based compensation expense, net of income taxes | $ | $ | $ | $ | |||||||||||||||||||
23
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
(1) Pre-tax compensation cost is recognized in the Condensed Consolidated Statements of Income depending on the functional area of the underlying employees, as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Cost of sales | $ | $ | $ | $ | |||||||||||||||||||
| Selling, general and administrative expenses | |||||||||||||||||||||||
Restructuring expenses and asset impairments(2) | ( | ||||||||||||||||||||||
| Total pre-tax share-based compensation expense | $ | $ | $ | $ | |||||||||||||||||||
(2) During the nine months ended September 30, 2025, a benefit of $0.6 million was recognized in Restructuring expenses and asset impairments in the Condensed Consolidated Statements of Income related to forfeitures of share-based compensation awards resulting from restructuring actions initiated during the first quarter of 2025.
13. Retirement Benefits
The Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans as well as other postretirement plans for its employees. The following tables provide the components of net periodic cost for the Company’s major defined benefit plans and its other postretirement plans.
| Pension Benefits | |||||||||||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||
| Service cost | $ | $ | $ | $ | |||||||||||||||||||
| Interest cost | |||||||||||||||||||||||
| Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
| Net amortization | ( | ( | |||||||||||||||||||||
| Net periodic cost | $ | $ | $ | $ | |||||||||||||||||||
| Pension Benefits | |||||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||
| Service cost | $ | $ | $ | $ | |||||||||||||||||||
| Interest cost | |||||||||||||||||||||||
| Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
| Net amortization | ( | ( | |||||||||||||||||||||
| Net periodic cost | $ | $ | $ | $ | |||||||||||||||||||
24
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
| Other Postretirement Benefits | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Service cost | $ | $ | $ | $ | |||||||||||||||||||
| Interest cost | |||||||||||||||||||||||
| Net amortization | ( | ( | ( | ( | |||||||||||||||||||
| Net periodic cost | $ | $ | $ | $ | |||||||||||||||||||
The Company recognizes the service cost component in both Cost of sales and Selling, general and administrative expenses in the Condensed Consolidated Statements of Income depending on the functional area of the underlying employees and the interest cost, expected return on plan assets and net amortization components in Other (income) expense – net in the Condensed Consolidated Statements of Income.
The Company expects to contribute approximately $4.6 million to its defined benefit plans and $1.0 million to its other postretirement benefit plans in 2026. The Company contributed a total of $4.2 million and $3.6 million to fund these plans during the nine months ended September 30, 2026 and 2025, respectively.
14. Commitments and Contingencies
The Company and certain of its subsidiaries are involved in pending and threatened legal, regulatory and other proceedings incidental to the operations of their businesses. These proceedings may pertain to matters such as product liability or contract disputes, and may also involve governmental inquiries, inspections, audits or investigations relating to issues such as tax matters, intellectual property, environmental, health and safety issues, governmental regulations, employment and other matters. Although the results of such legal proceedings cannot be predicted with certainty, the Company believes that the ultimate disposition of these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s business, financial condition, results of operations or cash flows.
15. Income Taxes
The Company’s provision for income taxes is based upon estimated annual tax rates for the year applied to federal income as well as state and foreign income in various jurisdictions, permanent differences between book and tax items, tax credits and the Company’s change in relative income in each jurisdiction. The provision for income taxes and the effective tax rates for the periods presented were as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Income before income taxes | $ | $ | $ | $ | |||||||||||||||||||
| Provision for income taxes | |||||||||||||||||||||||
| Effective tax rate | % | % | % | % | |||||||||||||||||||
The effective tax rate for the three and nine months ended September 30, 2026 reflects a discrete tax expense related to reserves on an ongoing state audit during the third quarter of 2026.
The effective tax rate for the three and nine months ended September 30, 2025 reflects the impact of the enactment of the One Big Beautiful Bill Act. The enacted tax legislation had an unfavorable impact on the foreign derived intangible income deduction primarily due to the recovery of previously capitalized unamortized research expenditures. The nine months ended September 30, 2025 also reflects a discrete tax benefit related to the finalization of a prior year preferential rate with taxing authorities in a foreign jurisdiction. This discrete tax benefit was partially offset by the impact of state tax law changes enacted in June 2025, foreign tax differentials related to increased tax rates and the mix of earnings in higher tax rate jurisdictions.
25
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the Company’s Condensed Consolidated Financial Statements and related notes in this quarterly report. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. The Company’s actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under Item 1A, “Risk Factors” in the Company’s most recent annual report on Form 10-K and under the heading “Cautionary Statement Under the Private Securities Litigation Reform Act” discussed elsewhere in this quarterly report.
This discussion includes certain non-GAAP financial measures that have been defined and reconciled to the most directly comparable financial measure prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) under the headings “Non-GAAP Disclosures” and “Free Cash Flow.” This discussion also includes Operating working capital, which has been defined under the heading “Liquidity and Capital Resources.” The non-GAAP financial measures disclosed by the Company should not be considered 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 these results should be carefully evaluated.
Overview
IDEX is an applied solutions provider specializing in the manufacturing of health and science technologies, fluid and metering technologies, and fire, safety and other diversified products built to customers’ specifications. IDEX’s products are sold in niche markets across a wide range of industries throughout the world. Accordingly, IDEX’s businesses are affected by levels of industrial activity and economic conditions in the U.S. and in other countries where it does business, as well as by the relationship of the U.S. Dollar to other currencies. Levels of capacity utilization and capital spending in certain markets and overall industrial activity are important factors that influence the demand for IDEX’s products.
Highlights
(All comparisons are against the same period in 2025 unless otherwise noted)
Three Months Ended September 30, 2026
•Net sales of $951.7 million increased 8% on both a reported basis and organically*
•Reported diluted earnings per common share (“EPS”) attributable to IDEX of $1.95 increased 15%
•Adjusted diluted EPS attributable to IDEX* of $2.33 increased 15%
•Returned capital to shareholders in the form of $74.6 million of share repurchases and $54.0 million of dividends
*These are non-GAAP measures. See the definitions of these non-GAAP measures and reconciliations to their most directly comparable U.S. GAAP financial measures under the heading “Non-GAAP Disclosures.”
During the third quarter of 2026, the Company delivered strong results as continuous improvement efforts, the power of 8020, and measured pricing actions continued to expand margins while absorbing higher costs. Continued growth in targeted advantaged markets, including data centers, semiconductor and space and defense, primarily within the Health & Science Technologies (“HST”) segment, was complemented by broadening industrial strength across Fluid & Metering Technologies’ (“FMT”) and Fire & Safety/Diversified Products (“FSDP”).
Recent Developments
On February 20, 2026, the U.S. Supreme Court issued a decision invalidating the broad-based tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). The Company collected substantially all of the anticipated refunds of previously paid IEEPA tariffs during the second quarter of 2026 with minimal impact continuing into the third quarter of 2026.
The three months ended September 30, 2026 included a $0.7 million reduction of Cost of sales as well as a $1.6 million benefit to Net sales for revisions to estimated customer rebates, which together increased Gross margin by 10 basis points and contributed $0.02 to diluted EPS attributable to IDEX. The nine months ended September 30, 2026 included a $22.7 million reduction of Cost of sales as well as a $13.1 million reduction of Net sales from expected customer rebates associated with the refunds, which decreased organic sales growth by 1%, increased Gross margin 60 basis points and contributed $0.10 to diluted EPS attributable to IDEX during the nine months ended September 30, 2026.
26
In response to the U.S. Supreme Court ruling, the administration implemented new tariffs under alternative statutory authority and may continue implementing other additional tariffs. The tariffs enacted in 2025 and in the first quarter of 2026 did not have a material impact on the Company’s business or financial statements in the periods presented.
Results of Operations
The following is a discussion and analysis of the Company’s results of operations for the three and nine months ended September 30, 2026 compared with the three and nine months ended September 30, 2025.
| Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||
| (In millions, except per share amounts) | 2026 | 2025 | $ | % / bps | 2026 | 2025 | $ | % / bps | |||||||||||||||||||||||||||||||||||||||
| Domestic sales | $ | 473.5 | $ | 459.2 | $ | 14.3 | 3 | % | $ | 1,397.7 | $ | 1,314.4 | $ | 83.3 | 6 | % | |||||||||||||||||||||||||||||||
| International sales | 478.2 | 419.5 | 58.7 | 14 | % | 1,361.5 | 1,244.0 | 117.5 | 9 | % | |||||||||||||||||||||||||||||||||||||
| Net sales | 951.7 | 878.7 | 73.0 | 8 | % | 2,759.2 | 2,558.4 | 200.8 | 8 | % | |||||||||||||||||||||||||||||||||||||
| Cost of sales | 522.2 | 488.1 | 34.1 | 7 | % | 1,504.8 | 1,406.7 | 98.1 | 7 | % | |||||||||||||||||||||||||||||||||||||
| Gross profit | 429.5 | 390.6 | 38.9 | 10 | % | 1,254.4 | 1,151.7 | 102.7 | 9 | % | |||||||||||||||||||||||||||||||||||||
| Gross margin | 45.1 | % | 44.5 | % | n/a | 60 bps | 45.5 | % | 45.0 | % | n/a | 50 bps | |||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 218.1 | 204.7 | 13.4 | 7 | % | 660.5 | 617.7 | 42.8 | 7 | % | |||||||||||||||||||||||||||||||||||||
| Restructuring expenses and asset impairments | 3.4 | 0.1 | 3.3 | NM | 13.6 | 18.3 | (4.7) | (26 | %) | ||||||||||||||||||||||||||||||||||||||
| Operating income | 208.0 | 185.8 | 22.2 | 12 | % | 580.3 | 515.7 | 64.6 | 13 | % | |||||||||||||||||||||||||||||||||||||
| Other (income) expense – net | (0.1) | (1.2) | 1.1 | (92 | %) | (2.0) | 2.6 | (4.6) | (177 | %) | |||||||||||||||||||||||||||||||||||||
| Interest expense – net | 15.4 | 16.5 | (1.1) | (7 | %) | 46.5 | 48.2 | (1.7) | (4 | %) | |||||||||||||||||||||||||||||||||||||
| Income before income taxes | 192.7 | 170.5 | 22.2 | 13 | % | 535.8 | 464.9 | 70.9 | 15 | % | |||||||||||||||||||||||||||||||||||||
| Provision for income taxes | 48.7 | 42.8 | 5.9 | 14 | % | 128.5 | 110.7 | 17.8 | 16 | % | |||||||||||||||||||||||||||||||||||||
| Effective tax rate | 25.2 | % | 25.1 | % | n/a | 10 bps | 24.0 | % | 23.8 | % | n/a | 20 bps | |||||||||||||||||||||||||||||||||||
| Net income attributable to IDEX | $ | 144.1 | $ | 127.8 | $ | 16.3 | 13 | % | $ | 407.5 | $ | 354.9 | $ | 52.6 | 15 | % | |||||||||||||||||||||||||||||||
| Diluted earnings per common share attributable to IDEX | $ | 1.95 | $ | 1.70 | $ | 0.25 | 15 | % | $ | 5.49 | $ | 4.70 | $ | 0.79 | 17 | % | |||||||||||||||||||||||||||||||
Net Sales
Net sales for the three and nine months ended September 30, 2026 increased as compared to the same prior year periods primarily as a result of increased organic sales. Net sales for the nine months ended September 30, 2026 also reflect favorable impacts from foreign currency translation and contributions from acquisitions. Organic sales for the same periods increased 8% and 6%, respectively, driven by higher volumes, primarily in the HST segment. The increase in both periods also reflects positive price across all segments.
Gross Profit and Gross Margin
Gross profit and Gross margin for the three and nine months ended September 30, 2026 benefited from net operational productivity improvements and volume leverage. Mix benefited Gross profit and Gross margin for the three months ended September 30, 2026, but was unfavorable to Gross profit and Gross margin for the nine months ended September 30, 2026. Foreign currency translation favorably impacted Gross profit for the nine months ended September 30, 2026 with no impact to Gross margin. While Gross profit also benefited from favorable price/cost, cost increases were not fully recovered at historical margin rates, resulting in Gross margin pressure in both periods presented. Included in price/cost were the net benefits of IEEPA tariff refunds previously discussed.
Selling, General and Administrative Expenses
Selling, general and administrative expenses increased for the three and nine months ended September 30, 2026, reflecting a $1.9 million and $7.4 million increase from acquisitions, including amortization, respectively, as well as higher employee-related costs, including variable compensation, and increased professional services spending, partially offset by proceeds received related to legal settlements, as compared to the same prior year periods.
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Restructuring Expenses and Asset Impairments
Restructuring expenses and asset impairments for the three months ended September 30, 2026 primarily relate to severance costs that were incurred as a result of employee reductions, including reductions in connection with the anticipated closure of a facility in the HST segment. The nine months ended September 30, 2026 also include asset impairments of $4.8 million related to intangible assets and property, plant and equipment within the Company’s FMT segment. Restructuring expenses and asset impairments for the three and nine months ended September 30, 2025 primarily relate to severance costs that were incurred in conjunction with organizational changes.
Other (Income) Expense – Net
Other (income) expense – net during the three and nine months ended September 30, 2026 and 2025 reflects the impact of foreign currency transactions.
Interest Expense – Net
Interest expense – net for the three months ended September 30, 2026 decreased primarily due to lower average borrowings under the Revolving Facility and higher interest income earned as compared to the prior year period. Interest expense – net for the nine months ended September 30, 2026 decreased primarily due to the payoff of the Company’s 3.37% Senior Notes in 2025.
Income Taxes
The effective tax rate was 25.2% and 24.0% for the three and nine months ended September 30, 2026, respectively, reasonably consistent with 25.1% and 23.8% during the respective same periods in 2025. For additional information, refer to Note 15, “Income Taxes,” in the Notes to Condensed Consolidated Financial Statements.
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Results of Reportable Business Segments
The Company has three reportable segments: Health & Science Technologies (“HST”), Fluid & Metering Technologies (“FMT”) and Fire & Safety/Diversified Products (“FSDP”). For a detailed description of the operations within each segment, refer to Note 13, “Business Segments and Geographic Information,” in the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Management’s measurements of segment performance are Net sales, adjusted Earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) and Adjusted EBITDA margin.
The table below illustrates the share of Net sales and Adjusted EBITDA contributed by each segment on the basis of total segments (not total Company) for the three and nine months ended September 30, 2026.
| Three Months Ended September 30, 2026 | Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||
| HST | FMT | FSDP | Total | HST | FMT | FSDP | Total | ||||||||||||||||||||||||||||||||||||||||
| Net sales as a percent of total | 46 | % | 34 | % | 20 | % | 100 | % | 45 | % | 34 | % | 21 | % | 100 | % | |||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | 43 | % | 38 | % | 19 | % | 100 | % | 42 | % | 38 | % | 20 | % | 100 | % | |||||||||||||||||||||||||||||||
(1) Segment Adjusted EBITDA excludes the impact of unallocated corporate costs of $25.5 million and $81.8 million for the three and nine months ended September 30, 2026, respectively.
Health & Science Technologies Segment
| Three Months Ended September 30, | Components of Change | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | Change | Organic | Acq/Div(1) | Foreign Currency | Total | ||||||||||||||||||||||||||||||||||
| Domestic sales | $ | 184.2 | $ | 184.1 | —% | ||||||||||||||||||||||||||||||||||||
| International sales | 249.3 | 196.9 | 27% | ||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 433.5 | $ | 381.0 | 14% | 13% | 1% | —% | 14% | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 124.8 | 105.4 | 18% | 20% | (1%) | (1%) | 18% | ||||||||||||||||||||||||||||||||||
| Adjusted EBITDA margin | 28.8 | % | 27.7 | % | 110 bps | 160 bps | (50) bps | — bps | 110 bps | ||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, | Components of Change | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | Change | Organic | Acq/Div(1) | Foreign Currency | Total | ||||||||||||||||||||||||||||||||||
| Domestic sales | $ | 555.9 | $ | 505.5 | 10% | ||||||||||||||||||||||||||||||||||||
| International sales | 691.0 | 582.3 | 19% | ||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 1,246.9 | $ | 1,087.8 | 15% | 12% | 2% | 1% | 15% | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 350.1 | 287.8 | 22% | 21% | —% | 1% | 22% | ||||||||||||||||||||||||||||||||||
| Adjusted EBITDA margin | 28.1 | % | 26.5 | % | 160 bps | 210 bps | (50) bps | — bps | 160 bps | ||||||||||||||||||||||||||||||||
(1) Acquisitions include Micro-LAM, Inc. (“Micro-LAM”) acquired in July 2025.
•Organic sales for the three and nine months ended September 30, 2026 reflect 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 three and nine months ended September 30, 2026 increased primarily due to volume leverage, partially offset by higher variable compensation and the impact of acquisitions. Additionally, favorable mix was offset by higher employee-related costs for the three months ended September 30, 2026.
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Fluid & Metering Technologies Segment
| Three Months Ended September 30, | Components of Change | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | Change | Organic | Acq/Div | Foreign Currency | Total | ||||||||||||||||||||||||||||||||||
| Domestic sales | $ | 186.4 | $ | 180.5 | 3% | ||||||||||||||||||||||||||||||||||||
| International sales | 141.5 | 136.6 | 4% | ||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 327.9 | $ | 317.1 | 3% | 4% | —% | (1%) | 3% | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 111.0 | 106.8 | 4% | 4% | —% | —% | 4% | ||||||||||||||||||||||||||||||||||
| Adjusted EBITDA margin | 33.9 | % | 33.7 | % | 20 bps | 20 bps | — bps | — bps | 20 bps | ||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, | Components of Change | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | Change | Organic | Acq/Div | Foreign Currency | Total | ||||||||||||||||||||||||||||||||||
| Domestic sales | $ | 545.8 | $ | 525.0 | 4% | ||||||||||||||||||||||||||||||||||||
| International sales | 400.7 | 393.5 | 2% | ||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 946.5 | $ | 918.5 | 3% | 2% | —% | 1% | 3% | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 320.0 | 310.8 | 3% | 2% | —% | 1% | 3% | ||||||||||||||||||||||||||||||||||
| Adjusted EBITDA margin | 33.8 | % | 33.8 | % | — bps | — bps | — bps | — bps | — bps | ||||||||||||||||||||||||||||||||
•Organic sales for the three and nine months ended September 30, 2026 reflect positive price. Higher volumes in the Company’s businesses serving municipal water and semiconductor markets were partially offset by lower volumes in the Company’s businesses serving the chemical, energy and agriculture markets.
•Adjusted EBITDA margin for the three months ended September 30, 2026 increased slightly due to net productivity improvements and volume leverage, mostly offset by unfavorable mix and higher variable compensation. Adjusted EBITDA margin for the nine months ended September 30, 2026 was flat. Net productivity improvements were offset by unfavorable mix.
Fire & Safety/Diversified Products Segment
| Three Months Ended September 30, | Components of Change | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | Change | Organic | Acq/Div | Foreign Currency | Total | ||||||||||||||||||||||||||||||||||
| Domestic sales | $ | 102.9 | $ | 94.6 | 9% | ||||||||||||||||||||||||||||||||||||
| International sales | 88.6 | 87.3 | 1% | ||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 191.5 | $ | 181.9 | 5% | 6% | —% | (1%) | 5% | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 54.5 | 49.3 | 11% | 12% | —% | (1%) | 11% | ||||||||||||||||||||||||||||||||||
| Adjusted EBITDA margin | 28.5 | % | 27.1 | % | 140 bps | 150 bps | — bps | (10) bps | 140 bps | ||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, | Components of Change | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | Change | Organic | Acq/Div | Foreign Currency | Total | ||||||||||||||||||||||||||||||||||
| Domestic sales | $ | 296.0 | $ | 283.9 | 4% | ||||||||||||||||||||||||||||||||||||
| International sales | 273.7 | 273.8 | —% | ||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 569.7 | $ | 557.7 | 2% | 1% | —% | 1% | 2% | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 165.2 | 159.9 | 3% | 3% | —% | —% | 3% | ||||||||||||||||||||||||||||||||||
| Adjusted EBITDA margin | 29.0 | % | 28.7 | % | 30 bps | 30 bps | — bps | — bps | 30 bps | ||||||||||||||||||||||||||||||||
•Organic sales for the three and nine months ended September 30, 2026 reflect positive price as well as higher volumes in the Company’s BAND-IT and Fire & Safety businesses driven by strong aerospace and North America fire original
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equipment manufacturers (“OEMs”) demand, respectively, which were offset by lower volumes in the Company’s Dispensing businesses in the nine months ended September 30, 2026.
•Adjusted EBITDA margin increased for the three and nine months ended September 30, 2026 primarily due to net productivity improvements partially offset by price/cost headwinds. Adjusted EBITDA margin for the three months ended September 30, 2026 also benefited from volume leverage and favorable mix, while Adjusted EBITDA margin for the nine months ended September 30, 2026 was negatively impacted by unfavorable mix.
Liquidity and Capital Resources
Liquidity
Based on management’s current expectations and currently available information, the Company believes current cash, cash from operations and cash available under the Revolving Facility will be sufficient to meet its cash requirements, including funding of working capital, planned capital expenditures, interest and principal payments on all borrowings, pension and postretirement funding requirements, share repurchases and quarterly dividend payments to holders of the Company’s common stock for the foreseeable future. Additionally, in the event that suitable businesses are available for acquisition upon acceptable terms, the Company may obtain all or a portion of the financing for these acquisitions through the incurrence of additional borrowings. The Company believes that additional borrowings through various financing alternatives remain available, if required.
Select key liquidity metrics at September 30, 2026 are as follows:
| (In millions) | September 30, 2026 | |||||||
| Working capital | $ | 1,130.6 | ||||||
| Current ratio | 2.8 to 1 | |||||||
| Cash and cash equivalents | $ | 602.1 | ||||||
| Cash held outside of the United States | 541.9 | |||||||
| Revolving Facility capacity | $ | 800.0 | ||||||
| Borrowings | 158.5 | |||||||
| Letters of credit | 3.8 | |||||||
| Revolving Facility availability | $ | 637.7 | ||||||
Operating Working Capital
Operating working capital, calculated as Receivables – net plus Inventories – net minus Trade accounts payable, is used by management as a measurement of operational results as well as the short-term liquidity of the Company. The following table details Operating working capital as of September 30, 2026 and December 31, 2025:
| (In millions) | September 30, 2026 | December 31, 2025 | Change | Organic Change | ||||||||||||||||||||||
| Receivables – net | $ | 548.6 | $ | 521.7 | $ | 26.9 | $ | 32.6 | ||||||||||||||||||
| Inventories – net | 529.1 | 479.4 | 49.7 | 55.7 | ||||||||||||||||||||||
| Less: Trade accounts payable | 238.3 | 224.7 | 13.6 | 16.1 | ||||||||||||||||||||||
| Operating working capital | $ | 839.4 | $ | 776.4 | $ | 63.0 | $ | 72.2 | ||||||||||||||||||
Acquisitions and foreign currency translation decreased Operating working capital by $9.2 million during the nine months ended September 30, 2026. Apart from these items, the primary drivers of the change in Operating working capital were higher sales volumes and positive price leading to higher receivables and higher inventories, which increased to support planned production.
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Cash Flow Summary
The following table is derived from the Condensed Consolidated Statements of Cash Flows:
| Nine Months Ended September 30, | ||||||||||||||||||||
| (In millions) | 2026 | 2025 | Change | |||||||||||||||||
| Net cash flows provided by (used in): | ||||||||||||||||||||
| Operating activities | $ | 543.2 | $ | 470.9 | $ | 72.3 | ||||||||||||||
| Investing activities | (67.7) | (120.0) | 52.3 | |||||||||||||||||
| Financing activities | (441.4) | (424.9) | (16.5) | |||||||||||||||||
Operating Activities
Cash provided by operating activities increased $72.3 million in the nine months ended September 30, 2026 as compared to the prior year period. Improved operational results and the net benefit of cash received for IEEPA tariff refunds were partially offset by higher cash tax payments.
Investing Activities
Cash used in investing activities decreased $52.3 million in the nine months ended September 30, 2026 as compared to the prior year period primarily due to the purchase of Micro-LAM during the nine months ended September 30, 2025 for $80.7 million, partially offset by a $22.0 million increase in capital expenditures and the absence of $4.2 million of funds received in connection with the finalization of the Mott purchase price in the prior year period.
Financing Activities
Cash used in financing activities increased $16.5 million in the nine months ended September 30, 2026 as compared to the prior year period. The nine months ended September 30, 2026 included $77.1 million of higher net payments under the Revolving Facility and $53.0 million of higher share repurchases, partially offset by $16.9 million of higher proceeds from stock option exercises, net of shares withheld for taxes. The nine months ended September 30, 2025 also included a $100.0 million payment on long-term borrowings that did not reoccur in the current year period.
Free Cash Flow
The Company believes free cash flow, a non-GAAP measure, is an important measure of performance because it provides a measurement of cash generated from operations that is available for payment obligations such as operating cash requirements, planned capital expenditures, interest and principal payments on all borrowings, pension and postretirement funding requirements and quarterly dividend payments to holders of the Company’s common stock as well as for funding acquisitions and share repurchases. Free cash flow is calculated as cash flows provided by operating activities less capital expenditures.
The following table reconciles cash flows provided by operating activities to free cash flow:
| Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2026 | 2025 | ||||||||||||
| Cash flows provided by operating activities | $ | 543.2 | $ | 470.9 | ||||||||||
| Less: capital expenditures | 65.9 | 43.9 | ||||||||||||
| Free cash flow | $ | 477.3 | $ | 427.0 | ||||||||||
Cash Requirements
Subsequent Share Repurchases
Subsequent to September 30, 2026, the Company repurchased 0.1 million shares at a cost of $20.5 million.
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Capital Expenditures
Capital expenditures generally include machinery and equipment that support growth and improved productivity, tooling, business system technology, replacement of equipment and investments in new facilities. The Company believes it has sufficient operating cash flows to continue to meet current obligations and invest in planned capital expenditures. Cash flows from operations were more than adequate to fund capital expenditures of $65.9 million and $43.9 million in the first nine months of 2026 and 2025, respectively.
Share Repurchases
During the nine months ended September 30, 2026, the Company paid $228.0 million for share repurchases, comprised of $223.5 million for shares repurchased and settled during the period, $2.2 million for shares repurchased in December 2025 that settled in January 2026 and $2.3 million of excise taxes for shares repurchased in 2025. During the nine months ended September 30, 2025, the Company paid $175.0 million for shares repurchased and settled during the period. As of September 30, 2026, the amount of share repurchase authorization remaining was $699.7 million, excluding fees, commissions, excise taxes and other expenses related to such common stock repurchases. For additional information regarding the Company’s share repurchase program, refer to Note 11, “Share Repurchases,” in the Notes to Condensed Consolidated Financial Statements.
Dividends
Total dividend payments to common shareholders were $160.7 million during the nine months ended September 30, 2026 compared with $159.4 million during the nine months ended September 30, 2025.
Covenants
At September 30, 2026, the Company was in compliance with the covenants contained in the credit agreement associated with the Revolving Facility as well as other long-term debt agreements. The key financial covenants that the Company is required to maintain in connection with the 5.13% Senior Notes are a minimum interest coverage ratio of 3.0 to 1 and a maximum leverage ratio of 3.50 to 1, which is the ratio of the Company’s consolidated total debt to its consolidated EBITDA, as defined within the Credit Agreement. The key financial covenant the Company is required to maintain in connection with the Revolving Facility is a net leverage ratio of 3.50 to 1, which is the ratio of the Company’s consolidated total debt less eligible cash deductions to its consolidated EBITDA, as defined within the Credit Agreement. At September 30, 2026, the Company’s interest coverage ratio was 14.69 to 1 for covenant calculation purposes, the leverage ratio was 1.72 to 1 and the net leverage ratio was 1.39 to 1. There are no financial covenants relating to the 2.625% Senior Notes, the 3.00% Senior Notes or the 4.950% Senior Notes; however, all are subject to cross-acceleration provisions.
Credit Ratings
The Company’s credit ratings, which were independently developed by the following credit agencies, are detailed below:
•S&P Global Ratings reaffirmed the Company’s corporate credit rating of BBB (stable outlook) in September 2024.
•Moody’s Investors Service affirmed the Company’s corporate credit rating of Baa2 (stable outlook) in August 2024.
•Fitch Ratings affirmed the Company’s corporate credit rating of BBB+ (stable outlook) in September 2026.
Off-Balance Sheet Arrangements
The Company had $24.6 million of letters of credit as of September 30, 2026, primarily issued as security for insurance and other performance obligations. Of the $24.6 million of letters of credit, only $3.8 million reduced the Company’s borrowing capacity under the Revolving Facility as of September 30, 2026.
Except as disclosed above, the Company has no off-balance sheet arrangements that currently have or are reasonably likely to have a material effect on the Company’s consolidated financial condition, changes in financial condition, results of operations, liquidity, capital expenditures or capital resources.
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Critical Accounting Estimates
There have been no changes to the Company’s critical accounting estimates described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
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Non-GAAP Disclosures
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 sales are calculated as 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. This non-GAAP measure is discussed and reconciled to its most directly comparable U.S. GAAP measure in the section above titled “Free Cash Flow.”
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.
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| 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 (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.
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Table 3. Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except for 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.
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| Table 4. Reconciliations of Net Income to Adjusted EBITDA (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.
38
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes with respect to market risks disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Item 4. Controls and Procedures
The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
As required by SEC Rule 13a-15(b), the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2026.
There has been no change in the Company’s internal control over financial reporting during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
39
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company and its subsidiaries are party to legal proceedings incidental to the operation of their businesses as described in Note 14 in Part I, Item 1, “Commitments and Contingencies,” in the Notes to Condensed Consolidated Financial Statements and such disclosure is incorporated by reference into this Item 1. “Legal Proceedings.”
The Company’s threshold for disclosing material environmental legal proceedings involving a government authority where potential monetary sanctions are involved is $1.0 million.
In addition, the Company and eight of its subsidiaries are presently named as defendants in a number of lawsuits claiming various asbestos-related personal injuries, allegedly as a result of exposure to products manufactured with components that contained asbestos. These components were acquired from third-party suppliers and were not manufactured by the Company or any of the defendant subsidiaries. To date, the majority of the Company’s settlements and legal costs, except for costs of coordination, administration, insurance investigation and a portion of defense costs, have been covered in full by insurance, subject to applicable deductibles. However, the Company cannot predict whether and to what extent insurance will be available to continue to cover these settlements and legal costs, or how insurers may respond to claims that are tendered to them. Asbestos-related claims have been filed in jurisdictions throughout the United States and the United Kingdom. Most of the claims resolved to date have been dismissed without payment. The balance of the claims has been settled for various immaterial amounts. Only one case has been tried, resulting in a verdict for the Company’s business unit. No provision has been made in the financial statements of the Company, other than for insurance deductibles in the ordinary course, and the Company does not currently believe the asbestos-related claims will have a material adverse effect on the Company’s business, financial position, results of operations or cash flows.
Item 1A. Risk Factors
There have been no material changes with respect to risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information about the Company’s purchases of its common stock during the quarter ended September 30, 2026:
| Period | Total Number of Shares Purchased | Average Price Paid per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value that May Yet be Purchased Under the Plans or Programs(2) | |||||||||||||||||||
| July 1, 2026 to July 31, 2026 | 113,528 | $ | 224.18 | 113,528 | $ | 749,239,070 | |||||||||||||||||
| August 1, 2026 to August 31, 2026 | 105,463 | 234.79 | 105,463 | 724,477,001 | |||||||||||||||||||
| September 1, 2026 to September 30, 2026 | 110,044 | 225.25 | 110,044 | 699,689,773 | |||||||||||||||||||
| Total | 329,035 | $ | 227.94 | 329,035 | $ | 699,689,773 | |||||||||||||||||
(1)Excludes commissions and the 1% excise tax imposed by the Inflation Reduction Act of 2022.
(2)On September 17, 2025, the Company’s Board of Directors authorized the repurchase of an additional $635.0 million of the Company’s common shares. This approval is in addition to the prior repurchase authorization of the Company’s Board of Directors of $500.0 million on March 17, 2020. These authorizations have no expiration date and exclude fees, commissions, excise taxes and other expenses related to such common stock repurchases.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the quarter ended September 30, 2026, none of the Company’s directors or executive officers adopted terminated
40
Item 6. Exhibits
| Exhibit Number | Description | |||||||
| 10.1 | Second Amended and Restated Credit Agreement, dated September 3, 2026, by and among IDEX Corporation and certain of its subsidiaries, as borrowers; Bank of America, N.A., as administrative agent, swingline lender and an issuer of letters of credit; JPMorgan Chase Bank, N.A., PNC Bank, National Association and Wells Fargo Bank, National Association, as co-syndication agents and issuers of letters of credit; HSBC Bank USA, National Association, Mizuho Bank, Ltd. and Bank of China, Chicago Branch, as co-documentation agents; and the other lenders and financial institutions party thereto (incorporated by reference to Exhibit No. 10.1 to the Current Report on Form 8-K filed with the SEC on September 3, 2026). | |||||||
| 31.1* | ||||||||
| 31.2* | ||||||||
| 32.1* | ||||||||
| 32.2* | ||||||||
| 101* | The following financial information from IDEX Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 formatted in Inline eXtensible Business Reporting Language (iXBRL) includes: (i) the Cover Page, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Balance Sheets, (v) the Condensed Consolidated Statements of Equity, (vi) the Condensed Consolidated Statements of Cash Flows, and (vii) Notes to Condensed Consolidated Financial Statements | |||||||
| 104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
| * Filed herewith. | ||||||||
41
SIGNATURES
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 thereunto duly authorized.
| IDEX Corporation | ||||||||
| By: | /s/ SEAN M. GILLEN | |||||||
| Sean M. Gillen | ||||||||
| Senior Vice President and Chief Financial Officer | ||||||||
Date: October 28, 2026
42
Exhibit 31.1
Certification of Chief Executive Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
I, Eric D. Ashleman, certify that:
1. I have reviewed this quarterly report on Form 10-Q of IDEX Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| /s/ ERIC D. ASHLEMAN | ||||||||
| Eric D. Ashleman | ||||||||
| Chief Executive Officer and President | ||||||||
Date: October 28, 2026
Exhibit 31.2
Certification of Chief Financial Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
I, Sean M. Gillen, certify that:
1. I have reviewed this quarterly report on Form 10-Q of IDEX Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| /s/ SEAN M. GILLEN | ||||||||
| Sean M. Gillen | ||||||||
| Senior Vice President and Chief Financial Officer | ||||||||
Date: October 28, 2026
Exhibit 32.1
Certification of Chief Executive Officer
Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of IDEX Corporation (the “Company”) hereby certifies, to such officer's knowledge, that:
(i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarterly period ended September 30, 2026 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| /s/ ERIC D. ASHLEMAN | ||||||||
| Eric D. Ashleman | ||||||||
| Chief Executive Officer and President | ||||||||
Date: October 28, 2026
Exhibit 32.2
Certification of Chief Financial Officer
Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of IDEX Corporation (the “Company”) hereby certifies, to such officer's knowledge, that:
(i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarterly period ended September 30, 2026 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| /s/ SEAN M. GILLEN | ||||||||
| Sean M. Gillen | ||||||||
| Senior Vice President and Chief Financial Officer | ||||||||
Date: October 28, 2026