SPX Technologies, Inc 8-K, filed Feb 24, 2026

SPX Technologies, Inc. (SPXC)

8-K 2026-02-24 For: 2026-02-24

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Added on April 10, 2026

About this 8-K

SPX Technologies, Inc filed this 8-K on February 24, 2026.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Title of each class	Trading Symbols(s)	Name of each exchange on which registered
Common Stock, par value $0.01	SPXC	New York Stock Exchange


Exhibit Number						Description

99.1						Press Release issued February 24, 2026, furnished solely pursuant to Item 2.02 of Form 8-K
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


	SPX TECHNOLOGIES, INC.
	(Registrant)

Date: February 24, 2026	By:	/s/ MARK A. CARANO
		Mark A. Carano
		Vice President, Chief Financial Officer and Treasurer


($ millions, except per share amounts)	Q4 2025			Q4 2024			FY 2025			FY 2024
Revenue	$	637.3		$	533.7		$	2,265.1		$	1,983.9
Operating income	100.1			90.2			350.4			308.3
Income from continuing operations	78.2			56.5			245.5			201.8
GAAP EPS	1.54			1.19			5.06			4.29

Consolidated segment income*	$	156.4		$	129.4		$	548.8		$	460.6
Adjusted operating income*	134.8			110.0			479.7			394.7
Adjusted EBITDA*	142.0			116.1			507.4			421.0
Adjusted EBITDA %*	22.3		%	21.8		%	22.4		%	21.2		%
Adjusted EPS*	$	1.88		$	1.51		$	6.76		$	5.58

Net operating cash flow from continuing operations	$	195.8		$	166.7		$	335.6		$	313.1
Capital expenditures	(68.5)			(9.8)			(92.1)			(38.0)
Adjusted free cash flow*	130.1			151.5			294.3			283.8


	Three months ended						Twelve months ended
($ millions)	Q4 2025			Q4 2024			Q4 2025			Q4 2024
Revenue	$	431.1		$	370.5		$	1,518.2		$	1,364.7
•Organic	10.3		%				6.1		%
•Inorganic	5.5		%				5.1		%
•Currency	0.6		%				—		%
Total Growth	16.4		%				11.2		%
Segment income	$	108.5		$	91.8		$	372.6		$	323.9
as a percent of revenues	25.2		%	24.8		%	24.5		%	23.7		%
Change in bps	40bps						80bps


SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)

	Three months ended				Twelve months ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024

Revenues	$	637.3	$	533.7	$	2,265.1	$	1,983.9
Costs and expenses:
Cost of products sold	383.9		315.6		1,347.4		1,184.5
Selling, general and administrative	133.2		108.9		477.6		414.6
Selling, general and administrative — intangible amortization	18.5		16.3		87.4		64.5
Special charges, net	0.9		2.7		1.1		3.6
Impairment of intangible assets	0.7		—		0.7		—
Other operating expense	—		—		0.5		8.4
Operating income	100.1		90.2		350.4		308.3

Other income (expense), net	11.1		(2.2)		8.5		(9.3)
Interest expense	(8.2)		(11.0)		(48.1)		(45.7)
Interest income	1.8		0.9		4.8		2.1
Loss on amendment/refinancing of senior credit agreement	—		—		(1.5)		—
Income from continuing operations before income taxes	104.8		77.9		314.1		255.4
Income tax provision	(26.6)		(21.4)		(68.6)		(53.6)
Income from continuing operations	78.2		56.5		245.5		201.8

Income (loss) from discontinued operations, net of tax	—		—		—		—
Income (loss) on disposition of discontinued operations, net of tax	(0.3)		0.6		(1.5)		(1.3)
Income (loss) from discontinued operations, net of tax	(0.3)		0.6		(1.5)		(1.3)

Net income	$	77.9	$	57.1	$	244.0	$	200.5

Basic income per share of common stock:
Income from continuing operations	$	1.57	$	1.22	$	5.13	$	4.37
Income (loss) from discontinued operations	(0.01)		0.01		(0.03)		(0.03)
Net income per share	$	1.56	$	1.23	$	5.10	$	4.34

Weighted-average number of common shares outstanding — basic	49.848		46.360		47.830		46.187

Diluted income per share of common stock:
Income from continuing operations	$	1.54	$	1.19	$	5.06	$	4.29
Income (loss) from discontinued operations	—		0.01		(0.03)		(0.03)
Net income per share	$	1.54	$	1.20	$	5.03	$	4.26

Weighted-average number of common shares outstanding — diluted	50.627		47.366		48.511		47.078


SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)

	December 31, 2025		December 31, 2024
ASSETS
Current assets:
Cash and equivalents	$	364.0	$	156.9
Accounts receivable, net	357.2		313.6
Contract assets	65.0		11.3
Inventories, net	302.2		271.0
Other current assets	55.3		31.5

Total current assets	1,143.7		784.3
Property, plant and equipment:
Land	26.9		23.5
Buildings and leasehold improvements	167.9		113.3
Machinery and equipment	338.1		308.1
	532.9		444.9
Accumulated depreciation	(242.1)		(226.9)
Property, plant and equipment, net	290.8		218.0
Goodwill	1,043.4		834.5
Intangibles, net	868.2		703.0
Other assets	250.2		164.1
Deferred income taxes	2.2		2.4

Assets of DBT and Heat Transfer	6.1		8.2
TOTAL ASSETS	$	3,604.6	$	2,714.5

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	145.2	$	128.1
Contract liabilities	115.8		62.3
Accrued expenses	185.2		170.8
Income taxes payable	10.0		19.4
Short-term debt	1.4		10.1
Current maturities of long-term debt	3.5		27.6

Total current liabilities	461.1		418.3

Long-term debt	496.7		577.0
Deferred and other income taxes	149.7		97.8
Other long-term liabilities	245.5		224.2

Liabilities of DBT and Heat Transfer	14.1		12.8
Total long-term liabilities	906.0		911.8

Stockholders' equity:
Common stock	0.6		0.5
Paid-in capital	1,938.2		1,373.5
Retained earnings	482.8		238.8
Accumulated other comprehensive income	260.5		223.6
Common stock in treasury	(444.6)		(452.0)
Total stockholders' equity	2,237.5		1,384.4
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	3,604.6	$	2,714.5


SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
RESULTS OF REPORTABLE SEGMENTS
(Unaudited; in millions)

	Three months ended									Twelve months ended
	December 31, 2025			December 31, 2024			Δ		%/bps	December 31, 2025			December 31, 2024			Δ		%/bps
HVAC reportable segment

Revenues	$	431.1		$	370.5		$	60.6	16.4%	$	1,518.2		$	1,364.7		$	153.5	11.2%
Cost of products sold	262.0			228.6			33.4			923.8			843.8			80.0
Selling, general and administrative expense	60.6			50.1			10.5			221.8			197.0			24.8

Income	$	108.5		$	91.8		$	16.7	18.2%	$	372.6		$	323.9		$	48.7	15.0%
as a percent of revenues	25.2		%	24.8		%			40bps	24.5		%	23.7		%			80bps

Detection & Measurement reportable segment

Revenues	$	206.2		$	163.2		$	43.0	26.3%	$	746.9		$	619.2		$	127.7	20.6%
Cost of products sold	117.9			87.0			30.9			418.2			338.9			79.3
Selling, general and administrative expense	40.4			38.6			1.8			152.5			143.6			8.9

Income	$	47.9		$	37.6		$	10.3	27.4%	$	176.2		$	136.7		$	39.5	28.9%
as a percent of revenues	23.2		%	23.0		%			20bps	23.6		%	22.1		%			150bps









Consolidated Revenues	$	637.3		$	533.7		$	103.6	19.4%	$	2,265.1		$	1,983.9		$	281.2	14.2%
Consolidated Operating Income	100.1			90.2			9.9		11.0%	350.4			308.3			42.1		13.7%
as a percent of revenues	15.7		%	16.9		%			-120bps	15.5		%	15.5		%			0bps
Consolidated Segment Income	156.4			129.4			27.0		20.9%	548.8			460.6			88.2		19.1%
as a percent of revenues	24.5		%	24.2		%			30bps	24.2		%	23.2		%			100bps

Consolidated operating income	$	100.1		$	90.2		$	9.9		$	350.4		$	308.3		$	42.1
Exclude:
Corporate expense	19.5			15.3			4.2			59.2			53.6			5.6
Acquisition and integration-related costs (1)	7.9			0.9			7.0			28.9			7.2			21.7
Long-term incentive compensation expense	4.9			4.0			0.9			16.7			15.0			1.7
Amortization of acquired intangible assets (2)	22.4			16.3			6.1			91.3			64.5			26.8
Impairment of intangible assets	0.7			—			0.7			0.7			—			0.7
Special charges, net	0.9			2.7			(1.8)			1.1			3.6			(2.5)
Other operating expense (3)	—			—			—			0.5			8.4			(7.9)
Consolidated segment income	$	156.4		$	129.4		$	27.0	20.9%	$	548.8		$	460.6		$	88.2	19.1%
as a percent of revenues	24.5		%	24.2		%			30bps	24.2		%	23.2		%			100bps

(1) Represents certain acquisition and integration-related costs incurred of $7.9 and $28.9 during the three and twelve months ended December 31, 2025, respectively, and $0.9 and $7.2 during the three and twelve months ended December 31, 2024, respectively. The three and twelve months ended December 31, 2025 includes amortization of a deferred compensation asset acquired in connection with the Kranze Technology Solutions (“KTS”) acquisition of $6.8 and $24.2, respectively. Additionally, the three and twelve months ended December 31, 2025 includes additional “Cost of products sold” related to the step-up of inventory (to fair value) acquired in connection with the KTS acquisition of $0.1 and $1.4, respectively, and the Sigma Heating and Cooling and Omega Heat Pump (“Sigma & Omega”) acquisition of $0.0 and $0.1, respectively. The twelve months ended December 31, 2024 includes $1.8 of additional “Cost of products sold” related to the step-up of inventory (to fair value) associated with the acquisition of Ingénia Technologies, Inc. (“Ingénia”).

(2) Represents amortization expense associated with acquired intangible assets recorded within “Selling, general and administrative — intangible amortization” and “Cost of products sold.”

(3) For the twelve months ended December 31, 2024, represents a charge of $8.4 associated with a settlement with the seller of ULC Technologies (“ULC”) regarding additional contingent consideration.


SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)

	Three months ended				Twelve months ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Cash flows from (used in) operating activities:
Net income	$	77.9	$	57.1	$	244.0	$	200.5
Less: Gain (loss) from discontinued operations, net of tax	(0.3)		0.6		(1.5)		(1.3)
Income from continuing operations	78.2		56.5		245.5		201.8
Adjustments to reconcile income from continuing operations to net cash from (used in) operating activities:
Special charges, net	0.9		2.7		1.1		3.6
(Gain) loss on change in value of equity security	(18.5)		—		(23.0)		4.2
Loss on amendment/refinancing of senior credit agreement	—		—		1.5		—
Amortization of compensation expense related to acquisition	6.8		—		24.2		—
Impairment of intangible assets	0.7		—		0.7		—
Deferred and other income taxes	11.3		(9.6)		26.1		(15.1)
Depreciation and amortization	30.7		23.7		122.6		91.6
Pension and other employee benefits	7.8		5.6		19.9		15.4
Long-term incentive compensation	4.9		4.0		16.7		15.0
Other, net	3.3		(4.5)		2.9		(8.7)
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures:
Accounts receivable and other assets	13.1		46.3		(81.8)		2.1
Contribution related to employee retention agreements for acquisition	—		—		(46.5)		—
Inventories	28.9		23.2		2.8		9.1
Accounts payable, accrued expenses and other	27.9		19.5		24.7		(4.3)
Cash spending on restructuring actions	(0.2)		(0.7)		(1.8)		(1.6)
Net cash from continuing operations	195.8		166.7		335.6		313.1
Net cash used in discontinued operations	(0.6)		(0.2)		(2.3)		(27.2)
Net cash from operating activities	195.2		166.5		333.3		285.9

Cash flows from (used in) investing activities:
Proceeds/borrowings (repayments) related to company-owned life insurance policies, net	6.4		(1.0)		(23.9)		41.9
Proceeds from asset sales and other	—		3.6		—		3.6
Business acquisitions, net of cash acquired	0.3		—		(445.0)		(292.0)
Capital expenditures	(68.5)		(9.8)		(92.1)		(38.0)
Net cash used in continuing operations	(61.8)		(7.2)		(561.0)		(284.5)
Net cash from (used in) discontinued operations	—		—		—		—
Net cash used in investing activities	(61.8)		(7.2)		(561.0)		(284.5)

Cash flows from (used in) financing activities:
Borrowings under senior credit facilities	—		4.6		978.0		384.8
Repayments under senior credit facilities	—		(89.8)		(1,082.6)		(321.8)
Borrowings under trade receivables arrangement	—		55.0		280.0		272.0
Repayments under trade receivables arrangement	—		(93.0)		(289.0)		(279.0)
Net borrowings (repayments) under other financing arrangements	—		(0.4)		0.1		(1.2)

Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options	0.9		(0.2)		(7.4)		0.9
Proceeds of issuance of common stock in underwritten public offering, net of offering costs of $23.9	—		—		551.1		—
Financing fees paid	—		—		(4.7)		(2.6)
Net cash from (used in) continuing operations	0.9		(123.8)		425.5		53.1
Net cash from (used in) discontinued operations	—		—		—		—
Net cash from (used in) financing activities	0.9		(123.8)		425.5		53.1
Change in cash and equivalents due to changes in foreign currency exchange rates	0.3		(3.5)		6.8		2.0
Net change in cash and equivalents	134.6		32.0		204.6		56.5
Consolidated cash and equivalents, beginning of period	231.4		129.4		161.4		104.9
Consolidated cash and equivalents, end of period	$	366.0	$	161.4	$	366.0	$	161.4


SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
CASH AND DEBT RECONCILIATION
(Unaudited; in millions)


	Twelve months ended
	December 31, 2025
Beginning cash and equivalents	$	161.4
Cash from continuing operations	335.6
Capital expenditures	(92.1)
Repayments related to company-owned life insurance policies, net	(23.9)
Business acquisitions, net of cash acquired	(445.0)

Borrowings under senior credit facilities	978.0
Repayments under senior credit facilities	(1,082.6)
Borrowings under trade receivables agreement	280.0
Repayments under trade receivables agreement	(289.0)
Net borrowings under other financing arrangements	0.1
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options	(7.4)
Proceeds of issuance of common stock in underwritten public offering, net of offering costs of $23.9	551.1
Financing fees paid	(4.7)
Cash used in discontinued operations	(2.3)
Change in cash due to changes in foreign currency exchange rates	6.8
Ending cash and equivalents	$	366.0


	Debt at								Debt at
	December 31, 2024		Borrowings		Repayments		Other		December 31, 2025
Revolving loans	$	80.0	$	478.0	$	(558.0)	$	—	$	—
Term loans	524.6		500.0		(524.6)		—		500.0
Trade receivables financing arrangement	9.0		280.0		(289.0)		—		—
Other indebtedness	2.3		0.6		(0.5)		0.1		2.5
Less: Deferred financing costs associated with the term loans	(1.2)		—		—		0.3		(0.9)
Totals	$	614.7	$	1,258.6	$	(1,372.1)	$	0.4	$	501.6


SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
ORGANIC REVENUE
(Unaudited)

	Three months ended December 31, 2025
	HVAC		Detection & Measurement		Consolidated
Net Revenue Growth	16.4	%	26.3	%	19.4	%

Exclude: Foreign Currency	0.6	%	1.4	%	0.9	%

Exclude: Acquisitions	5.5	%	23.2	%	10.9	%

Organic Revenue Growth	10.3	%	1.7	%	7.6	%


SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - ADJUSTED OPERATING INCOME
(Unaudited; in millions)


	Three months ended						Twelve months ended
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operating income	$	100.1		$	90.2		$	350.4		$	308.3



Exclude:


Acquisition and integration-related costs (1)	(10.7)			(3.5)			(35.7)			(13.5)

Other operating expense (2)	—			—			—			(8.4)

Amortization of acquired intangible assets (3)	(22.4)			(16.3)			(91.3)			(64.5)

Long-term incentive compensation expense (4)	(0.9)			—			(1.6)			—

Impairment of intangible assets (5)	(0.7)			—			(0.7)			—

Adjusted operating income	$	134.8		$	110.0		$	479.7		$	394.7
as a percent of revenues	21.2		%	20.6		%	21.2		%	19.9		%





(1) For the three and twelve months ended December 31, 2025, represents (i) certain acquisition and integration-related costs of $3.8 and $10.0, respectively, (ii) amortization of a deferred compensation asset of $6.8 and $24.2, respectively, related to the KTS acquisition, and (iii) additional inventory step-up charges of $0.1 and $1.4, respectively, related to the KTS acquisition, and $0.0 and $0.1, respectively, related to the Sigma & Omega acquisition. For the three and twelve months ended December 31, 2024, represents certain acquisition and integration-related costs of $3.5 and $11.7, respectively, inclusive of special charges of $1.3 and $1.3, respectively, and for the twelve months ended December 31, 2024, an inventory step-up charge related to the Ingénia acquisition of $1.8.





(2) For the twelve months ended December 31, 2024, represents a charge of $8.4 associated with a settlement with the seller of ULC regarding additional contingent consideration.

(3) Represents amortization expense associated with acquired intangible assets recorded within “Selling, general and administrative — intangible amortization” and “Cost of products sold.”

(4) During the three and twelve months ended December 31, 2025, represents the removal of charges of $0.9 and $1.6, respectively, for acceleration of non-cash long-term incentive compensation expense incurred as a result of immediate award vesting.

(5) Represents non-cash charges related to the impairment of the indefinite-lived trademark associated with ULC.


SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - ADJUSTED EARNINGS PER SHARE
Three Months Ended December 31, 2025
(Unaudited; in millions, except per share values)


	GAAP		Adjustments		Adjusted
Segment income	$	156.4	$	—	$	156.4
Corporate expense (1)	(19.5)		2.8		(16.7)
Acquisition and integration-related costs (2)	(7.9)		7.9		—
Long-term incentive compensation expense (3)	(4.9)		0.9		(4.0)
Amortization of intangible assets (4)	(22.4)		22.4		—
Impairment of intangible assets (5)	(0.7)		0.7		—
Special charges, net	(0.9)		—		(0.9)

Operating income	100.1		34.7		134.8

Other income (expense), net (6)	11.1		(12.2)		(1.1)
Interest expense, net	(6.4)		—		(6.4)

Income from continuing operations before income taxes	104.8		22.5		127.3
Income tax provision (7)	(26.6)		(5.4)		(32.0)
Income from continuing operations	78.2		17.1		95.3

Diluted shares outstanding	50.627				50.627

Earnings per share from continuing operations	$	1.54			$	1.88

(1) Adjustment represents the removal of certain acquisition and integration-related costs of $2.8.

(2) Adjustment represents the removal of (i) acquisition and integration-related costs of $0.3 and $0.7 within the HVAC and the Detection and Measurement reportable segments, respectively, (ii) amortization of a deferred compensation asset of $6.8 related to the KTS acquisition within the Detection and Measurement reportable segment, and (iii) inventory step-up charges of $0.1 related to the KTS acquisition within the Detection and Measurement reportable segment.

(3) Adjustment represents the removal of a charge of $0.9 for acceleration of non-cash long-term incentive compensation expense incurred as a result of immediate award vesting.

(4) Adjustment represents the removal of amortization expense associated with acquired intangible assets of $14.4 and $8.0 within the HVAC and Detection & Measurement reportable segments, respectively.

(5) Represents non-cash charges related to the impairment of the indefinite-lived trademark associated with ULC.

(6) Adjustment represents the removal of (i) a gain on an equity security associated with a valuation adjustment of $18.5 and (ii) non-service pension and postretirement charges of $6.3.

(7) Adjustment represents the tax impact of items (1) through (6).


SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - ADJUSTED EARNINGS PER SHARE
Twelve Months Ended December 31, 2025
(Unaudited; in millions, except per share values)


	GAAP		Adjustments		Adjusted
Segment income	$	548.8	$	—	$	548.8
Corporate expense (1)	(59.2)		6.8		(52.4)
Acquisition and integration-related costs (2)	(28.9)		28.9		—
Long-term incentive compensation expense (3)	(16.7)		1.6		(15.1)
Amortization of intangible assets (4)	(91.3)		91.3		—
Impairment of intangible assets (5)	(0.7)		0.7		—
Special charges, net	(1.1)		—		(1.1)
Other operating expense	(0.5)		—		(0.5)
Operating income	350.4		129.3		479.7

Other income (expense), net (6)	8.5		(12.1)		(3.6)
Interest expense, net	(43.3)		—		(43.3)
Loss on amendment/refinancing of senior credit agreement (7)	(1.5)		1.5		—
Income from continuing operations before income taxes	314.1		118.7		432.8
Income tax provision (8)	(68.6)		(36.3)		(104.9)
Income from continuing operations	245.5		82.4		327.9

Diluted shares outstanding	48.511				48.511

Earnings per share from continuing operations	$	5.06			$	6.76

(1) Adjustment represents the removal of certain acquisition and integration-related costs of $6.8.

(2) Adjustment represents the removal of (i) acquisition and integration-related costs of $1.7 and $1.5 within the HVAC and Detection and Measurement reportable segments, respectively, (ii) amortization of a deferred compensation asset of $24.2 related to the KTS acquisition within the Detection and Measurement reportable segment, and (iii) inventory step-up charges of $1.4 related to the KTS acquisition within the Detection and Measurement reportable segment and $0.1 related to the Sigma & Omega acquisition within the HVAC reportable segment.

(3) Adjustment represents the removal of a charge of $1.6 for acceleration of non-cash long-term incentive compensation expense incurred as a result of immediate award vesting.

(4) Adjustment represents the removal of amortization expense associated with acquired intangible assets of $55.6 and $35.7 within the HVAC and Detection & Measurement reportable segments, respectively.

(5) Represents non-cash charges related to the impairment of the indefinite-lived trademark associated with ULC.

(6) Adjustment represents the removal of (i) a gain on an equity security associated with a valuation adjustment of $23.0, (ii) non-service pension and postretirement charges of $11.3, and (iii) a gain on settlement of our interest rate swap agreements of $0.4.

(7) Adjustment represents the removal of a non-cash charge to write-off previously deferred financing costs of $1.0 and certain expenses incurred in connection with an amendment to our senior credit agreement of $0.5.

(8) Adjustment represents the tax impact of items (1) through (7) and the removal of certain discrete income tax items of $6.3 that are considered non-recurring.


SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - ADJUSTED EARNINGS PER SHARE
Three Months Ended December 31, 2024
(Unaudited; in millions, except per share values)


	GAAP		Adjustments		Adjusted
Segment income	$	129.4	$	—	$	129.4
Corporate expense (1)	(15.3)		1.3		(14.0)
Acquisition and integration-related costs (2)	(0.9)		0.9		—
Long-term incentive compensation expense	(4.0)		—		(4.0)
Amortization of intangible assets (3)	(16.3)		16.3		—

Special charges, net (4)	(2.7)		1.3		(1.4)

Operating income	90.2		19.8		110.0

Other expense, net (5)	(2.2)		0.9		(1.3)
Interest expense, net	(10.1)		—		(10.1)
Income from continuing operations before income taxes	77.9		20.7		98.6
Income tax provision (6)	(21.4)		(5.8)		(27.2)
Income from continuing operations	56.5		14.9		71.4

Diluted shares outstanding	47.366				47.366

Earnings per share from continuing operations	$	1.19			$	1.51

(1) Adjustment represents the removal of certain acquisition and integration-related costs of $1.3.

(2) Adjustment represents the removal of acquisition and integration-related costs of $0.9 within the HVAC reportable segment.

(3) Adjustment represents the removal of amortization expense associated with acquired intangible assets of $12.0 and $4.3 within the HVAC and Detection & Measurement reportable segments, respectively.

(4) Adjustment represents the removal of restructuring charges associated with acquisition integration activities.

(5) Adjustment represents the removal of non-service pension and postretirement charges of $4.2 and a gain on a sale of a building of $3.3.

(6) Adjustment primarily represents the tax impact of items (1) through (5) above.


SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - ADJUSTED EARNINGS PER SHARE
Twelve Months Ended December 31, 2024
(Unaudited; in millions, except per share values)


	GAAP		Adjustments		Adjusted
Segment income	$	460.6	$	—	$	460.6
Corporate expense (1)	(53.6)		5.0		(48.6)
Acquisition and integration-related costs (2)	(7.2)		7.2		—
Long-term incentive compensation expense	(15.0)		—		(15.0)
Amortization of intangible assets (3)	(64.5)		64.5		—

Special charges, net (4)	(3.6)		1.3		(2.3)
Other operating expense (5)	(8.4)		8.4		—
Operating income	308.3		86.4		394.7

Other expense, net (6)	(9.3)		8.5		(0.8)
Interest expense, net	(43.6)		—		(43.6)
Income from continuing operations before income taxes	255.4		94.9		350.3
Income tax provision (7)	(53.6)		(34.1)		(87.7)
Income from continuing operations	201.8		60.8		262.6

Diluted shares outstanding	47.078				47.078

Earnings per share from continuing operations	$	4.29			$	5.58

(1) Adjustment represents the removal of certain acquisition and integration-related costs of $5.0.

(2) Adjustment represents the removal of acquisition and integration-related costs of $5.4 within the HVAC reportable segment and an inventory step-up charge of $1.8 related to the Ingénia acquisition within the HVAC reportable segment.

(3) Adjustment represents the removal of amortization expense associated with acquired intangible assets of $47.3 and $17.2 within the HVAC and Detection & Measurement reportable segments, respectively.

(4) Adjustment represents the removal of restructuring charges associated with acquisition integration activities.

(5) Adjustment represents the removal of a charge of $8.4 associated with a settlement with the seller of ULC regarding additional contingent consideration.

(6) Adjustment represents the removal of non-service pension and postretirement losses of $7.6 and a loss on an equity security associated with a valuation adjustment of $4.2, partially offset by a gain on a sale of a building of $3.3.

(7) Adjustment primarily represents the tax impact of items (1) through (6) above and the removal of certain discrete income tax items that are considered non-recurring.


SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - ADJUSTED EBITDA
(Unaudited; in millions)


	Three months ended
	December 31, 2025			December 31, 2024
Net income	$	77.9		$	57.1

Exclude:
Income tax provision	(26.6)			(21.4)
Interest expense, net	(6.4)			(10.1)
Amortization expense (1)	(22.5)			(16.5)
Depreciation expense	(8.2)			(7.2)
Income (loss) from discontinued operations, net of tax	(0.3)			0.6
EBITDA	141.9			111.7

Exclude:
Acquisition and integration-related costs (2)	(10.7)			(2.2)
Valuation adjustment on an equity security	18.5			—
Long-term incentive compensation expense acceleration (3)	(0.9)			—
Impairment of intangible assets (4)	(0.7)			—


Special charges, net (5)	—			(1.3)

Non-service pension and postretirement charges	(6.3)			(4.2)

Gain on sale of a building	—			3.3
Adjusted EBITDA	$	142.0		$	116.1
as a percent of revenues	22.3		%	21.8		%

(1) Represents amortization expense associated with acquired intangible assets recorded within “Selling, general and administrative — intangible amortization” and amortization expense associated with acquired intangible assets and capitalized software costs recorded within “Cost of products sold.”

(2) For the three months ended December 31, 2025, represents (i) certain acquisition and integration-related costs of $3.8, inclusive of acquisition and integration-related costs of $0.3 and $0.7 within the HVAC and Detection and Measurement reportable segments, respectively, (ii) amortization of a deferred compensation asset of $6.8 related to KTS within the Detection and Measurement reportable segment, and (iii) inventory step-up charges of $0.1 related to the KTS acquisition within the Detection and Measurement reportable segment. For the three months ended December 31, 2024, represents certain acquisition and integration-related costs of $2.2, inclusive of acquisition and integration-related costs of $0.9 within the HVAC reportable segment.

(3) Adjustment represents the removal of a charge of $0.9 for acceleration of non-cash long-term incentive compensation expense incurred as a result of immediate award vesting.

(4) Represents non-cash charges related to the impairment of the indefinite-lived trademark associated with ULC.

(5) Adjustment represents the removal of restructuring charges associated with acquisition integration activities.


SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - ADJUSTED FREE CASH FLOW
(Unaudited; in millions)


	Three months ended
	December 31, 2025		December 31, 2024
Operating cash flow from continuing operations	$	195.8	$	166.7

Include:
Capital expenditures	(68.5)		(9.8)
Free cash flow from continuing operations	127.3		156.9

Exclude:
Acquisition and integration-related payments and other (1)	(2.8)		5.4
Adjusted free cash flow from continuing operations	$	130.1	$	151.5

(1) For the three months ended December 31, 2025, represents the removal of the cash impact of acquisition and integration-related costs of $2.8. For the three months ended December 31, 2024, represents the removal of the cash impact of certain discrete income tax benefits that are considered non-recurring of $6.8 and acquisition and integration-related costs of $1.4.