IDEX Reports Fourth Quarter and Full Year 2025 Results

NORTHBROOK, Ill.--( BUSINESS WIRE)--IDEX Corporation (NYSE: IEX) today announced its financial results for the quarter and year ended December 31, 2025.

“Our teams around the world executed well to close out 2025, and I was encouraged to see our platform growth strategies deliver visible results,” said Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President.

“Order growth in our HST segment built momentum in the fourth quarter from increasing demand for AI-related projects, including data center power solutions and semiconductor applications. Businesses in our FMT and FSDP segments are aggressively managing all the factors in their control in a challenging demand environment.

“We remain committed to executing our strategy of building focused growth platforms that leverage differentiated capabilities to solve our customers’ most complex problems. We focus investment choices and resource allocation across every aspect of our business using an 8020 mindset to drive platform growth and margin expansion.

“I am extremely proud of how our teams are executing across our portfolio of market-leading businesses and am confident that we are set up to deliver strong performance across the cycle.”

2026 Outlook (1)

(1) The Company does not reconcile its forward-looking non-GAAP measures to the most directly comparable U.S. GAAP financial measure because the timing and magnitude of certain items, including future foreign exchange impacts, acquisitions, divestitures, restructuring costs, impairments, tax impacts, and other special items, cannot be reasonably estimated at this time without unreasonable effort. The unavailable information could have a significant impact on GAAP results.

Consolidated Results

For the Quarter Ended December 31,

For the Year Ended December 31,

(Dollars in millions, except per share amounts)

2025

2024

Increase

(Decrease)

2025

2024

Increase

(Decrease)

U.S. GAAP Results

Orders

979.2

816.8

162.4

3,561.2

3,190.9

370.3

Change in reported orders

Net sales

899.1

862.9

36.2

3,457.5

3,268.8

188.7

Change in reported net sales

Gross profit

387.1

367.1

20.0

1,538.8

1,445.2

93.6

Gross margin

43.1

42.5

60 bps

44.5

44.2

30 bps

Net income attributable to IDEX

128.3

123.2

5.1

483.2

505.0

(21.8

)

Net income margin

14.3

0 bps

14.0

15.4

(140) bps

Diluted EPS attributable to IDEX

1.71

1.62

0.09

6.41

6.64

(0.23

)

Cash flows from operating activities

209.5

172.6

36.9

680.4

668.1

12.3

Operating cash flow as a percent of net income

163

140

141

132

Non-GAAP Results

Change in organic orders*

Change in organic sales*

Adjusted gross profit*

387.1

372.1

15.0

1,539.4

1,454.8

84.6

Adjusted gross margin*

43.1

0 bps

44.5

0 bps

Adjusted net income attributable to IDEX*

157.2

155.1

2.1

599.5

598.5

1.0

Adjusted EBITDA*

240.9

227.5

13.4

925.9

874.3

51.6

Adjusted EBITDA margin*

26.8

26.4

40 bps

26.8

26.7

10 bps

Adjusted diluted EPS attributable to IDEX*

2.10

2.04

0.06

7.95

7.89

0.06

Free cash flow*

189.8

157.1

32.7

616.8

603.0

13.8

Free cash flow conversion*

121

101

103

101

NM – Not Meaningful

*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable U.S. GAAP financial measures in the reconciliation tables at the end of this release.

Fourth Quarter

Full Year

Segment Highlights

For the Quarter Ended December 31, (1)

(Dollars in millions)

2025

2024

Increase

(Decrease)

Health & Science Technologies

Net sales

407.7

373.2

34.5

Change in reported net sales

Change in organic sales*

Adjusted EBITDA (2)

110.0

98.6

11.4

Adjusted EBITDA margin

27.0

26.4

60 bps

Fluid & Metering Technologies

Net sales

305.5

299.3

6.2

Change in reported net sales

Change in organic sales*

Adjusted EBITDA (2)

96.0

94.7

1.3

Adjusted EBITDA margin

31.4

31.6

(20) bps

Fire & Safety/Diversified Products

Net sales

187.6

192.9

(5.3

)

Change in reported net sales

Change in organic sales*

Adjusted EBITDA (2)

53.6

54.3

(0.7

)

Adjusted EBITDA margin

28.6

28.1

50 bps

(1) Three month data includes the results of the acquisition of Micro-LAM, Inc. ("Micro-LAM") (July 2025) in the HST segment.

(2) Segment Adjusted EBITDA excludes unallocated corporate costs which are included in Corporate and other.

Health & Science Technologies Segment

Fluid & Metering Technologies Segment

Fire & Safety/Diversified Products Segment

Corporate Costs

Corporate costs included in consolidated Adjusted EBITDA were $18.7 million during the fourth quarter 2025, and were relatively flat compared to corporate costs of $20.1 million during the prior year period.

Other Fourth Quarter Items

Conference Call

IDEX will host its fourth quarter earnings conference call on Wednesday, February 4, 2026 at 8:00 a.m. CT. The call will be an audio webcast and accessible on the Company's Investor Relations site at https://investors.idexcorp.com. Associated earnings presentation materials will be available on the Company's website prior to the call.

Interested parties can access the conference by dialing 888.596.4144 and using confirmation code #2518354. Please connect five minutes prior to the start of the conference call.

A replay of the earnings call and associated earnings presentation materials will be available on the Company’s website after the call.

Forward-Looking Statements

This news release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company’s first quarter 2026 and full year 2026 outlook including expected organic sales and expected adjusted earnings per share and the assumptions underlying these expectations, capital return strategy, anticipated future acquisition behavior and the anticipated benefits and performance of the Company’s recent or future acquisitions, resource and capital deployment and focus and organic and inorganic growth, the Company’s ability to adapt to macroeconomic challenges, anticipated impacts of tariffs and global trade policies and changes in law, anticipated trends in end markets, including expectations regarding future order volumes and order patterns, anticipated growth initiatives and expansions and are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” “guidance,” “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “likely to be,” “management believes,” “the Company believes,” “the Company intends” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release.

The risks and uncertainties include, but are not limited to, the following: levels of industrial activity and economic conditions in the U.S. and other countries around the world, including uncertainties in the financial markets; pricing pressures, including inflation and rising interest rates, and other competitive factors and levels of capital spending in certain industries; the impact of severe weather events, natural disasters and public health threats; economic and political consequences resulting from terrorist attacks, wars and global conflicts; the Company’s ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; cybersecurity incidents; the continued growth of artificial intelligence (“AI”) and any related changes to demand in AI-driven markets served by the Company’s customers; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in countries in which the Company operates; developments with respect to trade policy and existing, new or increased tariffs or other similar measures; changes to applicable laws and regulations, including tax laws; interest rates; capacity utilization and the effect this has on costs; labor markets; supply chain conditions; market conditions and material costs; risks related to environmental, social and corporate governance issues, including those related to climate change and sustainability; and developments with respect to contingencies, such as litigation and environmental matters.

Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included in the Company’s most recent annual report on Form 10-K and the Company’s subsequent quarterly reports filed with the United States Securities and Exchange Commission (“SEC”) and the other risks discussed in the Company’s filings with the SEC. The forward-looking statements included here are only made as of the date of this news release, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.

About IDEX

IDEX Corporation (NYSE: IEX), a global engineered products company, is comprised of three primary business segments – Health & Science Technologies, Fluid & Metering Technologies, and Fire & Safety/Diversified Products. Thousands of IDEX employees around the world design and manufacture highly engineered components and applied solutions that are vital to the advances of modern life and help IDEX live its purpose – Trusted Solutions, Improving Lives™. From satellite communications to water systems, from medical diagnostic components to emergency rescue tools and more, we collaborate with customers in the most critical industries to develop solutions that make the world better today and into the future. Founded in 1988, IDEX now includes more than 50 dynamic businesses around the world and manufacturing operations in more than 20 countries.

For further information on IDEX Corporation and its business units, visit the Company’s website at www.idexcorp.com.

(Financial reports follow)

IDEX CORPORATION

Condensed Consolidated Statements of Income

(in millions, except per share amounts)

(unaudited)

For the Quarter Ended

December 31,

For the Year Ended

December 31,

2025

2024

2025

2024

Net sales

899.1

862.9

3,457.5

3,268.8

Cost of sales

512.0

495.8

1,918.7

1,823.6

Gross profit

387.1

367.1

1,538.8

1,445.2

Selling, general and administrative expenses

201.1

197.9

818.8

758.7

Restructuring expenses and asset impairments

2.4

3.9

20.7

9.3

Operating income

183.6

165.3

699.3

677.2

Gain on sale of business

—

(4.0

)

Other (income) expense - net

(0.3

)

(2.6

)

2.3

(2.6

)

Interest expense - net

16.2

16.7

64.4

44.5

Income before income taxes

167.7

151.2

632.6

639.3

Provision for income taxes

39.4

28.0

150.1

134.7

Net income

128.3

123.2

482.5

504.6

Net loss attributable to noncontrolling interest

—

0.7

0.4

Net income attributable to IDEX

128.3

123.2

483.2

505.0

Earnings per Common Share:

Basic earnings per common share attributable to IDEX

1.72

1.62

6.41

6.66

Diluted earnings per common share attributable to IDEX

1.71

1.62

6.41

6.64

Share Data:

Basic weighted average common shares outstanding

74.8

75.8

75.3

75.7

Diluted weighted average common shares outstanding

74.8

75.9

75.3

75.9

IDEX CORPORATION

Condensed Consolidated Balance Sheets

(in millions)

(unaudited)

December 31,

2025

December 31,

2024

Assets

Current assets

Cash and cash equivalents

580.0

620.8

Receivables – net

521.7

465.9

Inventories – net

479.4

429.7

Other current assets

62.1

76.3

Total current assets

1,643.2

1,592.7

Property, plant and equipment – net

468.0

460.4

Goodwill

3,414.5

3,251.7

Intangible assets – net

1,247.4

1,284.8

Other noncurrent assets

153.9

155.7

Total assets

6,927.0

6,745.3

Liabilities and equity

Current liabilities

Trade accounts payable

224.7

197.8

Accrued expenses

297.0

278.7

Current portion of long-term borrowings

0.7

100.7

Dividends payable

53.0

52.5

Total current liabilities

575.4

629.7

Long-term borrowings – net

1,820.1

1,859.5

Deferred income taxes

303.0

267.2

Other noncurrent liabilities

202.3

194.8

Total liabilities

2,900.8

2,951.2

Shareholders' equity

Preferred stock

—

Common stock

0.9

Treasury stock

(1,423.2

)

(1,170.3

)

Additional paid-in capital

892.1

864.8

Retained earnings

4,500.1

4,230.2

Accumulated other comprehensive income (loss)

57.6

(130.9

)

Total shareholders' equity

4,027.5

3,794.7

Noncontrolling interest

(1.3

)

(0.6

)

Total equity

4,026.2

3,794.1

Total liabilities and equity

6,927.0

6,745.3

IDEX CORPORATION

Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

For the Year Ended

December 31,

2025

2024

Cash flows from operating activities

Net income

482.5

504.6

Adjustments to reconcile net income to net cash flows provided by operating activities:

Gain on sale of business

—

(4.0

)

Asset impairments

0.7

0.1

Depreciation

75.8

68.5

Amortization of intangible assets

130.7

107.1

Share-based compensation expense

27.3

25.8

Deferred income taxes

12.8

(19.4

)

Changes in (net of the effect from acquisitions/divestitures and foreign currency translation):

Receivables – net

(41.2

)

(16.9

)

Inventories – net

(34.2

)

17.6

Other current assets

1.6

(0.1

)

Trade accounts payable

15.2

8.9

Deferred revenue

2.7

(17.9

)

Accrued expenses

1.8

(8.6

)

Other – net

4.7

2.4

Net cash flows provided by operating activities

680.4

668.1

Cash flows from investing activities

Capital expenditures

(63.6

)

(65.1

)

Acquisition of businesses, net of cash acquired

(76.2

)

(984.5

)

Proceeds from sale of business, net of cash remitted

—

45.1

Proceeds from sale of marketable securities

—

4.5

Other – net

2.2

(6.5

)

Net cash flows used in investing activities

(137.6

)

(1,006.5

)

Cash flows from financing activities

Borrowings under revolving credit facilities

252.0

279.3

Proceeds from issuance of long-term borrowings

—

496.7

Payments under revolving credit facilities

(322.9

)

(69.1

)

Payment of long-term borrowings

(100.0

)

(50.0

)

Cash dividends paid to shareholders

(212.6

)

(205.3

)

(Payments) proceeds from share issuances, net of shares withheld for taxes

(0.5

)

16.7

Repurchases of common stock

(247.8

)

—

Other – net

(0.8

)

(2.4

)

Net cash flows (used in) provided by financing activities

(632.6

)

465.9

Effect of exchange rate changes on cash and cash equivalents

36.8

(22.9

)

Net (decrease) increase in cash and cash equivalents and restricted cash

(53.0

)

104.6

Cash and cash equivalents and restricted cash at beginning of year (1)

638.9

534.3

Cash and cash equivalents and restricted cash at end of period (1)

585.9

638.9

(1)

Includes $5.9 million of restricted cash at December 31, 2025 and $18.1 million at December 31, 2024. At December 31, 2025, $3.0 million of the restricted cash has been included in Other current assets and $2.9 million has been included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. At December 31, 2024, $18.1 million was included in Other current assets in the Condensed Consolidated Balance Sheets. There was no restricted cash as of December 31, 2023.

IDEX CORPORATION

Company and Segment Financial Information

(in millions)

(unaudited)

For the Quarter Ended

December 31,

For the Year Ended

December 31,

2025

2024

2025

2024

Net sales

Health & Science Technologies

407.7

373.2

1,495.5

1,298.1

Fluid & Metering Technologies

305.5

299.3

1,224.0

1,233.2

Fire & Safety/Diversified Products

187.6

192.9

745.3

744.3

Eliminations

(1.7

)

(2.5

)

(7.3

)

(6.8

)

Total IDEX

899.1

862.9

3,457.5

3,268.8

Depreciation

Health & Science Technologies

12.4

11.7

47.9

41.2

Fluid & Metering Technologies

4.4

17.9

17.3

Fire & Safety/Diversified Products

2.3

9.2

9.0

Corporate Office

0.2

0.8

1.0

Total IDEX

19.3

18.6

75.8

68.5

Amortization of intangible assets

Health & Science Technologies

27.5

25.1

103.7

79.7

Fluid & Metering Technologies

5.4

21.6

21.1

Fire & Safety/Diversified Products

1.3

1.6

5.4

6.3

Total IDEX

34.2

32.1

130.7

107.1

Restructuring expenses and asset impairments

Health & Science Technologies

0.4

2.6

12.5

5.9

Fluid & Metering Technologies

0.7

0.8

5.0

2.4

Fire & Safety/Diversified Products

0.8

0.3

2.4

0.5

Corporate Office

0.5

0.2

0.8

0.5

Total IDEX

2.4

3.9

20.7

9.3

Non-GAAP Measures of Financial Performance

The Company prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Company supplements certain U.S. GAAP financial performance metrics with non-GAAP financial performance metrics. Management believes these non-GAAP financial performance metrics provide investors with greater insight, transparency and a more comprehensive understanding of the financial information used by management in its financial and operational decision making because certain of these adjusted metrics exclude items not reflective of ongoing operations, as identified in the reconciliations below. Reconciliations of non-GAAP financial performance metrics to their most directly comparable U.S. GAAP financial performance metrics are defined and presented below and should not be considered a substitute for, nor superior to, the financial data prepared in accordance with U.S. GAAP. Due to rounding, numbers presented throughout this and other documents may not add up or recalculate precisely.

All table footnotes can be found at the end of this Non-GAAP Measures section. There were no adjustments to U.S. GAAP financial performance metrics other than the items noted below.

Table 1: Reconciliations of the Change in Net Sales to Organic Sales

HST

FMT

FSDP

IDEX

For the Quarter Ended December 31, 2025

Change in net sales

Less:

Net impact from acquisitions/divestitures (1)

—

Impact from foreign currency (2)

Change in organic sales

For the Year Ended December 31, 2025

Change in net sales

—

Less:

Net impact from acquisitions/divestitures (1)

—

Impact from foreign currency (2)

Change in organic sales

—

Table 2: Reconciliations of Reported-to-Adjusted Gross Profit and Gross Margin (dollars in millions)

For the Quarter Ended

December 31,

For the Year Ended

December 31,

2025

2024

2025

2024

Gross profit

387.1

367.1

1,538.8

1,445.2

Fair value inventory step-up charges

—

5.0

0.6

9.6

Adjusted gross profit

387.1

372.1

1,539.4

1,454.8

Net sales

899.1

862.9

3,457.5

3,268.8

Gross margin

43.1

42.5

44.5

44.2

Adjusted gross margin

43.1

44.5

Table 3: Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except per share amounts)

For the Quarter Ended

December 31,

For the Year Ended

December 31,

2025

2024

2025

2024

Reported net income attributable to IDEX

128.3

123.2

483.2

505.0

Fair value inventory step-up charges

—

5.0

0.6

9.6

Tax impact on fair value inventory step-up charges

—

(1.0

)

(0.1

)

(2.0

)

Restructuring expenses and asset impairments (3)

2.4

3.9

20.4

9.3

Tax impact on restructuring expenses and asset impairments

(0.7

)

(0.9

)

(5.1

)

(2.2

)

Gain on sale of business

—

(4.0

)

Tax impact on gain on sale of business

—

Loss on sale of assets

1.1

—

1.1

—

Tax impact on loss on sale of assets (4)

0.5

—

0.5

—

Acquisition-related intangible asset amortization

34.2

32.1

130.7

107.1

Tax impact on acquisition-related intangible asset amortization

(8.6

)

(7.2

)

(31.8

)

(24.3

)

Adjusted net income attributable to IDEX

157.2

155.1

599.5

598.5

Reported diluted EPS attributable to IDEX

1.71

1.62

6.41

6.64

Fair value inventory step-up charges

—

0.07

0.01

0.13

Tax impact on fair value inventory step-up charges

—

(0.01

)

—

(0.02

)

Restructuring expenses and asset impairments (3)

0.03

0.05

0.27

0.12

Tax impact on restructuring expenses and asset impairments

(0.01

)

(0.01

)

(0.07

)

(0.03

)

Gain on sale of business

—

(0.05

)

Tax impact on gain on sale of business

—

Loss on sale of assets

0.02

—

0.02

—

Tax impact on loss on sale of assets (4)

0.01

—

0.01

—

Acquisition-related intangible asset amortization

0.46

0.42

1.72

1.41

Tax impact on acquisition-related intangible asset amortization

(0.12

)

(0.10

)

(0.42

)

(0.31

)

Adjusted diluted EPS attributable to IDEX

2.10

2.04

7.95

7.89

Diluted weighted average shares outstanding

74.8

75.9

75.3

75.9

Table 4: Reconciliations of Net Income to Adjusted EBITDA (dollars in millions)

For the Quarter Ended

December 31,

For the Year Ended

December 31,

2025

2024

2025

2024

Reported net income

128.3

123.2

482.5

504.6

Provision for income taxes

39.4

28.0

150.1

134.7

Interest expense - net

16.2

16.7

64.4

44.5

Gain on sale of business

—

(4.0

)

Depreciation

19.3

18.6

75.8

68.5

Amortization

34.2

32.1

130.7

107.1

Fair value inventory step-up charges

—

5.0

0.6

9.6

Restructuring expenses and asset impairments

2.4

3.9

20.7

9.3

Loss on sale of assets

1.1

—

1.1

—

Adjusted EBITDA

240.9

227.5

925.9

874.3

Adjusted EBITDA Components:

HST

110.0

98.6

397.8

346.8

FMT

96.0

94.7

406.8

406.3

FSDP

53.6

54.3

213.5

214.2

Corporate and other

(18.7

)

(20.1

)

(92.2

)

(93.0

)

Total Adjusted EBITDA

240.9

227.5

925.9

874.3

Net sales

899.1

862.9

3,457.5

3,268.8

Net income margin

14.3

14.0

15.4

Adjusted EBITDA margin

26.8

26.4

26.8

26.7

Table 5: Reconciliations of Cash Flows from Operating Activities to Free Cash Flow (dollars in millions)

For the Quarter Ended

December 31,

For the Year Ended

December 31,

2025

2024

2025

2024

Cash flows from operating activities

209.5

172.6

680.4

668.1

Less: Capital expenditures

19.7

15.5

63.6

65.1

Free cash flow

189.8

157.1

616.8

603.0

Reported net income attributable to IDEX

128.3

123.2

483.2

505.0

Adjusted net income attributable to IDEX

157.2

155.1

599.5

598.5

Operating cash flow as a percent of net income

163

140

141

132

Free cash flow conversion

121

101

103

101

(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.

(3) This adjustment represents the amount of Restructuring expenses and asset impairments attributable to IDEX. Restructuring expenses and asset impairments of $20.7 million on the Condensed Consolidated Statements of Income during the year ended December 31, 2025 included charges of $0.6 million recognized by the Company’s joint venture, $0.3 million of which was attributable to noncontrolling interest.

(4) The loss on sale of assets generated tax expense due to the characterization of the underlying assets sold for tax purposes.