Nordson Corporation Reports Record Fourth Quarter and Fiscal Year 2025 Results
WESTLAKE, Ohio--( BUSINESS WIRE)--Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal fourth quarter ended October 31, 2025. Sales were $752 million, a 1% increase compared to the prior year’s fourth quarter sales of $744 million. The increase in fourth quarter 2025 sales included favorable currency translation of 2% and a 1% acquisition impact, which was partially offset by the medical contract manufacturing divestiture and an organic sales decrease of 1%.
Nordson Corporation Reports Record Fourth Quarter and Fiscal Year 2025 Results
Net income was $152 million, or earnings per diluted share of $2.69, compared to prior year’s fourth quarter net income of $122 million, or earnings per diluted share of $2.12. Adjusted net income was $171 million, up from prior year adjusted net income of $160 million. Fourth quarter 2025 adjusted earnings per diluted share were $3.03, a 9% increase compared to prior year adjusted earnings per diluted share of $2.78.
EBITDA in the fourth quarter was $256 million, or 34% of sales, an increase of 6% compared to prior year EBITDA of $241 million, or 32% of sales.
Commenting on the Company’s fiscal 2025 fourth quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “We had a strong operational finish to fiscal 2025, and I want to thank our teams for delivering value to our customers and shareholders. Adjusted earnings per share increased 9% year-over-year, which was at the high end of our fourth quarter guidance. Sales increased 1%, inclusive of the divestiture of our medical contract manufacturing business that closed on September 2, 2025. Importantly, we achieved record EBITDA margin and free cash flow conversion of 128% resulting in continued balanced capital allocation of ongoing share repurchases, dividend payments and further debt reduction.”
Fourth Quarter Segment Results
Industrial Precision Solutions sales of $362 million decreased 2% compared to the prior year fourth quarter, driven by a 4% organic sales decrease and a favorable currency impact of 2%. The organic sales decrease was driven by double-digit weakness in polymer processing systems. EBITDA in the quarter was $137 million, or 38% of sales, a 1% increase from the prior year fourth quarter EBITDA of $136 million despite slightly lower sales volume.
Medical and Fluid Solutions sales of $220 million increased 10% compared to the prior year fourth quarter. Organic sales increased 7% driven by growth in all product lines. The final acquisition impact from Atrion, net of the divested sales from the medical contract manufacturing businesses, added 2% and favorable currency added another 1%. EBITDA in the quarter was $88 million, or 40% of sales, a 380 basis point margin increase versus the prior year fourth quarter EBITDA of $72 million, or 36% of sales.
Advanced Technology Solutions sales of $171 million decreased 4% compared to the prior year fourth quarter, driven by an organic sales decrease of 5% and a favorable currency impact of 1%. Ongoing sales strength in electronics dispense systems was more than offset by fewer deliveries of test and inspection systems, particularly x-ray systems. EBITDA in the quarter was $43 million, or 25% of sales, a decrease from the prior year fourth quarter EBITDA of $48 million, or 27% of sales.
Fiscal 2025 Full Year Results
Sales for the fiscal year ended October 31, 2025, were a record $2.8 billion, an increase of 4% compared to the prior year. This sales growth was driven by a favorable acquisition net impact of 6%, partially offset by a 3% decrease in organic volume.
Net income was $484 million, or earnings per diluted share of $8.51, compared to prior year’s net income of $467 million, or earnings per diluted share of $8.11. Adjusted net income was $583 million, an increase from prior year adjusted net income of $561 million. Adjusted earnings per diluted share were also a record at $10.24, a 5% increase compared to prior year adjusted earnings per diluted share of $9.73.
EBITDA was $900 million, or 32% of sales, compared to prior year EBITDA of $849 million, or 32% of sales. Full-year free cash flow was $661 million, a new Company record, which was a conversion rate of 136% of net income.
Reflecting on fiscal 2025, Mr. Nagarajan continued, “Nordson’s winning team delivered strong results in line with the expectations we set at the beginning of the year. This is a significant achievement, particularly in the context of the macroeconomic environment this year. Leveraging our NBS Next growth framework, as well as our close-to-the-customer business model and differentiated products, we achieved record sales of $2.8 billion, delivered our 2025 Ascend strategy goal of $900 million in EBITDA, maintained gross margins of 55% in an evolving tariff environment and achieved a 5% year-over-year increase in adjusted earnings per share. We also continued to strengthen our portfolio and balance sheet, ending the year well positioned for growth.”
Outlook
Following four consecutive years of record-setting performance, we enter fiscal 2026 with approximately $600 million in backlog, up 5% from the prior year end, excluding backlog associated with the divested business.
Based on the combination of order entry, backlog, current exchange rates and anticipated end market expectations, we expect to deliver sales in the range of $2,830 to $2,950 million in fiscal 2026. Full year fiscal 2026 adjusted earnings are forecasted in the range of $10.80 to $11.50 per diluted share.
First quarter fiscal 2026 sales are forecasted in the range of $630 to $670 million with adjusted earnings in the range of $2.25 to $2.45 per diluted share.
Commenting on fiscal 2026 guidance, Mr. Nagarajan said, “As several of our end markets begin to inflect, we are entering the fiscal year optimistic to deliver solid growth in 2026. The implementation of the Ascend Strategy, a combination of our NBS Next growth framework, owner mindset and winning teams, positions us well to meet increasing customer demand. We also remain focused on creating value for our shareholders by deploying strategic capital for acquisitions, share repurchases, dividends and debt service.”
Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, December 11, 2025, at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com.
Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of these terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic and political conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions and the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements, including changes in tariffs by the U.S. or other nations; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflicts in Europe and the Middle East, acts of terror, natural disasters and pandemics and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release.
Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company’s direct sales model and applications expertise serve global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com, linkedin/Nordson, or www.facebook.com/nordson.
NORDSON CORPORATION
SEGMENT INFORMATION (Unaudited)
(Dollars in thousands)
Three Months Ended
Twelve Months Ended
October 31, 2025
October 31, 2024
October 31, 2025
October 31, 2024
SALES
Industrial precision solutions
$
361,713
$
367,195
$
1,331,792
$
1,398,912
Medical and fluid solutions
219,502
200,223
835,385
695,452
Advanced technology solutions
170,605
177,064
624,510
595,557
Total sales
$
751,820
$
744,482
$
2,791,687
$
2,689,921
EBITDA
Industrial precision solutions
$
137,420
38
%
$
136,244
37
%
$
493,873
37
%
$
520,769
37
%
Medical and fluid solutions
87,661
40
%
72,264
36
%
311,684
37
%
256,553
37
%
Advanced technology solutions
42,756
25
%
47,564
27
%
146,589
23
%
129,181
22
%
Corporate expenses
(12,086
)
(14,976
)
(52,628
)
(57,335
)
EBITDA (non-GAAP) (1)
$
255,751
34
%
$
241,096
32
%
$
899,518
32
%
$
849,168
32
%
(1)
Total company EBITDA is a non-GAAP measure. Refer to the reconciliation of non-GAAP measures – net income to EBITDA.
Three Months Ended
Twelve Months Ended
October 31, 2025
October 31, 2024
October 31, 2025
October 31, 2024
Depreciation and amortization
Industrial precision solutions
$
14,015
$
12,783
$
52,492
$
51,187
Medical and fluid solutions
17,396
17,240
71,588
58,062
Advanced technology solutions
4,683
4,593
18,741
19,102
Corporate expenses
1,975
1,913
7,702
7,824
Total
$
38,069
$
36,529
$
150,523
$
136,175
NORDSON CORPORATION
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(Dollars in thousands except for per-share amounts)
Three Months Ended
Twelve Months Ended
October 31, 2025
October 31, 2024
October 31, 2025
October 31, 2024
Sales
$
751,820
$
744,482
$
2,791,687
$
2,689,921
Cost of sales
328,353
341,658
1,251,903
1,203,792
Gross profit
423,467
402,824
1,539,784
1,486,129
Gross margin %
56.3
%
54.1
%
55.2
%
55.2
%
Selling & administrative expenses
208,872
223,932
815,514
812,128
Divestiture and related charges
334
—
12,545
—
Operating profit
214,261
178,892
711,725
674,001
Interest expense - net
(23,770
)
(27,282
)
(101,105
)
(84,011
)
Other expense - net
(7,592
)
(3,538
)
(12,972
)
(4,509
)
Income before income taxes
182,899
148,072
597,648
585,481
Income taxes
31,265
25,904
113,174
118,197
Net Income
$
151,634
$
122,168
$
484,474
$
467,284
Weighted-average common shares outstanding:
Basic
56,077
57,188
56,606
57,176
Diluted
56,417
57,603
56,916
57,616
Earnings per share:
Basic earnings
$
2.70
$
2.14
$
8.56
$
8.17
Diluted earnings
$
2.69
$
2.12
$
8.51
$
8.11
NORDSON CORPORATION
CONSOLIDATED BALANCE SHEET (Unaudited)
(Dollars in thousands)
October 31, 2025
October 31, 2024
Cash and cash equivalents
$
108,442
$
115,952
Receivables - net
587,843
594,663
Inventories - net
444,814
476,935
Other current assets
101,752
87,482
Total current assets
1,242,851
1,275,032
Property, plant & equipment - net
516,914
544,607
Goodwill
3,304,685
3,280,819
Other assets
853,231
900,508
$
5,917,681
$
6,000,966
Notes payable and debt due within one year
$
315,000
$
103,928
Accounts payable and accrued liabilities
443,260
424,549
Total current liabilities
758,260
528,477
Long-term debt
1,681,254
2,101,197
Other liabilities
434,596
439,100
Total shareholders' equity
3,043,571
2,932,192
$
5,917,681
$
6,000,966
NORDSON CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(Dollars in thousands)
Twelve Months Ended
October 31, 2025
October 31, 2024
Cash flows from operating activities:
Net Income
$
484,474
$
467,284
Depreciation and amortization
150,523
136,175
Divestiture and related charges
12,545
—
Other non-cash items
14,806
5,883
Changes in operating assets and liabilities and other
56,827
(53,149
)
Net cash provided by operating activities
719,175
556,193
Cash flows from investing activities:
Additions to property, plant and equipment
(58,060
)
(64,410
)
Sale (acquisition) of businesses, net of cash acquired
28,107
(789,996
)
Other - net
3,263
10,008
Net cash used in investing activities
(26,690
)
(844,398
)
Cash flows from financing activities:
Issuance (repayment) of long-term debt
(224,141
)
464,353
Repayment of finance lease obligations
(5,868
)
(6,148
)
Dividends paid
(179,069
)
(161,438
)
Issuance of common shares
9,014
31,067
Purchase of treasury shares
(306,367
)
(33,339
)
Net cash provided (used) by financing activities
(706,431
)
294,495
Effect of exchange rate change on cash:
6,436
(6,017
)
Net change in cash and cash equivalents
(7,510
)
273
Cash and cash equivalents:
Beginning of period
115,952
115,679
End of period
$
108,442
$
115,952
NORDSON CORPORATION
SALES BY GEOGRAPHIC SEGMENT (Unaudited)
(Dollars in thousands)
Three Months Ended
Sales Variance
October 31,
2025
October 31,
2024
Organic
Acquisitions /
Divestitures
Currency
Total
SALES BY SEGMENT
Industrial precision solutions
$
361,713
$
367,195
(3.5
)%
—
%
2.0
%
(1.5
)%
Medical and fluid solutions
219,502
200,223
7.4
%
1.6
%
0.6
%
9.6
%
Advanced technology solutions
170,605
177,064
(4.9
)%
—
%
1.3
%
(3.6
)%
Total sales
$
751,820
$
744,482
(1.1
)%
0.6
%
1.5
%
1.0
%
SALES BY GEOGRAPHIC REGION
Americas
330,962
323,170
2.0
%
—
%
0.4
%
2.4
%
Europe
195,343
185,350
(1.0
)%
1.4
%
5.0
%
5.4
%
Asia Pacific
225,515
235,962
(5.3
)%
0.6
%
0.3
%
(4.4
)%
Total sales
$
751,820
$
744,482
(1.1
)%
0.6
%
1.5
%
1.0
%
Twelve Months Ended
Sales Variance
October 31,
2025
October 31,
2024
Organic
Acquisitions /
Divestitures
Currency
Total
SALES BY SEGMENT
Industrial precision solutions
$
1,331,792
$
1,398,912
(5.1
)%
—
%
0.3
%
(4.8
)%
Medical and fluid solutions
835,385
695,452
(3.1
)%
23.0
%
0.2
%
20.1
%
Advanced technology solutions
624,510
595,557
4.1
%
—
%
0.8
%
4.9
%
Total sales
$
2,791,687
$
2,689,921
(2.5
)%
6.0
%
0.3
%
3.8
%
SALES BY GEOGRAPHIC REGION
Americas
1,205,830
1,178,626
(6.7
)%
9.5
%
(0.5
)%
2.3
%
Europe
722,221
726,100
(6.7
)%
4.2
%
2.0
%
(0.5
)%
Asia Pacific
863,636
785,195
7.6
%
2.3
%
0.1
%
10.0
%
Total sales
$
2,791,687
$
2,689,921
(2.5
)%
6.0
%
0.3
%
3.8
%
NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - NET INCOME to EBITDA (Unaudited)
(Dollars in thousands)
Three Months Ended
Twelve Months Ended
October 31, 2025
October 31, 2024
October 31, 2025
October 31, 2024
Net income
$
151,634
$
122,168
$
484,474
$
467,284
Income taxes
31,265
25,904
113,174
118,197
Interest expense - net
23,770
27,282
101,105
84,011
Other (income) expense - net
7,592
3,538
12,972
4,509
Inventory step-up amortization (1)
—
4,759
3,135
7,703
Severance and other (1)
2,531
12,717
19,256
17,332
Acquisition-related costs (1)
556
8,200
2,334
13,957
Divestiture and related charges (2)
334
—
12,545
—
Adjusted operating profit
217,682
204,568
748,995
712,993
Depreciation and amortization
38,069
36,528
150,523
136,175
EBITDA (non-GAAP) (3)
$
255,751
$
241,096
$
899,518
$
849,168
(1)
Represents non-recurring cost reduction actions as well as fees and non-cash inventory charges associated with acquisitions.
(2)
Represents the loss on sale and other charges associated with the exit of the medical contract manufacturing business.
(3)
EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as non-recurring cost reduction actions, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization.
NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED NET INCOME AND EARNINGS PER SHARE (Unaudited)
(Dollars in thousands)
Three Months Ended
Twelve Months Ended
October 31, 2025
October 31, 2024
October 31, 2025
October 31, 2024
GAAP AS REPORTED
Net income
$
151,634
$
122,168
$
484,474
$
467,284
Diluted earnings per share
$
2.69
$
2.12
$
8.51
$
8.11
Shares outstanding - diluted
56,417
57,603
56,916
57,616
ADJUSTMENTS
Inventory step-up amortization (1)
$
—
$
4,759
$
3,135
$
7,703
Acquisition costs (1)
556
8,200
2,334
13,957
Severance and other (1)
2,531
12,717
19,256
17,332
Divestiture and related charges (2)
334
—
12,545
—
Acquisition amortization of intangibles
20,165
19,560
79,264
76,972
Entity liquidation
—
—
988
—
Interest
—
908
—
908
Total adjustments
$
23,586
$
46,144
$
117,522
$
116,872
Adjustments net of tax
$
19,554
$
38,071
$
98,259
$
93,278
EPS effect of adjustments
$
0.35
$
0.66
$
1.73
$
1.62
NON-GAAP
Adjusted net income (3)
$
171,188
$
160,239
$
582,733
$
560,562
Adjusted earnings per share (4)
$
3.03
$
2.78
$
10.24
$
9.73
(1)
Represents non-recurring cost reduction actions as well as fees and non-cash inventory charges associated with acquisitions.
(2)
Represents the loss on sale and other charges associated with the exit of the medical contract manufacturing business.
(3)
Adjusted net income is a non-GAAP measure defined as net income plus tax effected adjustments and other discrete tax items.
(4)
Adjusted earnings per share is a non-GAAP measure defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items.
NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - OPERATING CASH FLOW TO FREE CASH FLOW (Unaudited)
(Dollars in thousands)
Year to Date
October 31, 2025
July 31, 2025
Net cash provided by operating activities
$
719,175
$
516,264
Additions to property, plant and equipment
(58,060
)
(49,002
)
Free Cash Flow - Year to Date (1)
$
661,115
$
467,262
Free Cash Flow - Quarter to Date (1)
$
193,853
Net Income - Year to Date
$
484,474
$
332,840
Free Cash Flow Conversion - Year to Date (2)
136
%
140
%
Net Income - Quarter to Date
$
151,634
Free Cash Flow Conversion - Quarter to Date (2)
128
%
Year to Date
October 31, 2024
July 31, 2024
Net cash provided by operating activities
$
556,193
$
459,812
Additions to property, plant and equipment
(64,410
)
(43,786
)
Free Cash Flow - Year to Date (1)
$
491,783
$
416,026
Free Cash Flow - Quarter to Date (1)
$
75,757
(1)
Free Cash Flow is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Net cash provided by operating activities minus Additions to property, plant and equipment.
(2)
Free Cash Flow Conversion is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Free Cash Flow divided by Net Income.
Management uses certain non-GAAP measures, such as adjusted net income, adjusted EPS and EBITDA, internally to make strategic decisions, forecast future results, and evaluate the Company's current performance. Given management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in the Company's core business across different time periods. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures to other companies' non-GAAP financial measures, even if they have similar names. Amounts may not add due to rounding.