Vice President, Investor Relations
• Record sales of $952 million increased 8% on both a reported and organic basis
• Reported diluted EPS of $1.95 and record adjusted diluted EPS of $2.33 both increased 15%
• Strategic acquisitions gaining momentum through higher-value applications in advantaged markets
NORTHBROOK, IL, October 28, 2026 - IDEX Corporation (NYSE: IEX) today announced its financial results for the three-month period ended September 30, 2026.
“We are pleased to report another strong quarter, with results ahead of our expectations. This quarter, we delivered both record sales and adjusted EPS while expanding margins and booked nearly $1 billion in orders. Advantaged markets and larger acquired businesses are driving this performance, and momentum is broadening across the rest of the portfolio,” said Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President.
“Our teams continued to execute well as we met our customers’ increasing demand and drove strong incremental margins on the increased volume. Our ability to drive margin expansion during a period of continued inflation demonstrates the strength of our team and the power of 8020. Additionally, 8020 drives each business toward its full potential and provides the right framework for allocating resources and technologies toward the most attractive opportunities for sustainable value creation across IDEX.”
“We are again increasing our full-year financial guidance due to our strong performance year-to-date, with improved visibility and momentum as we close out 2026.”
Full year organic sales projected to increase 6.5% to 6.8% over the prior year, up from previous guidance of 5% to 6%
• Full year adjusted diluted EPS of $8.91 to $8.96, up approximately 12% year- over-year at midpoint, up from previous guidance of $8.70 to $8.85
(1) The Company does not reconcile its forward-looking non-GAAP measures to the most directly comparable financial measures calculated in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) because the timing and magnitude of certain items, including future foreign exchange impacts, acquisitions, divestitures, restructuring costs, impairments, tax impacts, and other special items, cannot be reasonably estimated at this time without unreasonable effort. The unavailable information could have a significant impact on U.S. GAAP results.
(Doll… in milli… except per Three share Months amoun… Ended U.S. Septem… GAAP 30, Increase Resul… 2026 2025 (Decrea… ────────────────────────────────────────────────────────────────────────────── Orders $ 991.2 $ 880.3 $ 110.9 Change in 13 % repor… orders Net 951.7 878.7 73.0 sales Change in repor… 8 % net sales Gross 429.5 390.6 38.9 profit Gross 45.1 % 44.5 % 60 bps margin Net income attri… 144.1 127.8 16.3 to IDEX Net income 15.1 % 14.5 % 60 bps margin Dilut… EPS attri… 1.95 1.70 0.25 to IDEX Cash flows from 239.5 203.5 36.0 opera… activ… Opera… cash flow as a 166% 159% NM perce… of net income Non-G… Resul… Change in 13 % organ… orders Change in 8 % organ… sales Adjus… gross 430.3 391.2 39.1 profit Adjus… gross 45.2 % 44.5 % 70 bps margin Adjus… net income 172.8 152.8 20.0 attri… to IDEX Adjus… 264.8 239.8 25.0 EBITDA Adjus… EBITDA 27.8 % 27.3 % 50 bps margin Adjus… dilut… EPS 2.33 2.03 0.30 attri… to IDEX Free cash 214.3 188.7 25.6 flow Free cash 124% 123% 100 bps flow conve… NM – Not Meani… *Each of the items below is a non-G… measu… See the defin… of these non-G… measu… in the secti… in this relea… titled “Non-… Measu… of Finan… Perfo… and recon… to their most direc… compa… GAAP finan… measu… in the recon… tables at the end of this relea…
• Net sales increased primarily as a result of increased organic sales. The increase in organic sales was driven by higher volumes, primarily in our Health & Science Technologies (“HST”) segment, and positive price across the segments.
• Gross margin and Adjusted gross margin both increased due to volume leverage, net productivity improvements and favorable mix. These increases were partially offset by price/cost headwinds. Adjusted gross margin excludes the impact of restructuring-related charges, consisting primarily of accelerated depreciation related to the anticipated closure of a facility in the HST segment.
• Both Diluted EPS and Adjusted diluted EPS increased, primarily due to improved operational results discussed above.
• Cash flows from operating activities and free cash flow both increased compared to the prior year period, primarily due to higher earnings and improved working capital, driven by timing of shipments and collection of receivables during the prior year period, partly offset by higher cash income tax payments in the current year period. These improvements in cash flows from operating activities also benefited free cash flow but were partly offset by higher capital expenditures during the current year period to support continued growth.
(Doll… in Three milli… Months Health Ended & Septem… Scien… 30,(1) Increase Techn… 2026 2025 (Decrea… ────────────────────────────────────────────────────────────────────────────── Net $ 433.5 $ 381.0 $ 52.5 sales Change in repor… 14 % net sales Change in 13 % organ… sales* Adjus… 124.8 105.4 19.4 EBITD… Adjus… EBITDA 28.8 % 27.7 % 110 bps margin Fluid & Meter… Techn… Net $ 327.9 $ 317.1 $ 10.8 sales Change in repor… 3 % net sales Change in 4 % organ… sales* Adjus… 111.0 106.8 4.2 EBITD… Adjus… EBITDA 33.9 % 33.7 % 20 bps margin Fire & Safet… Produ… Net $ 191.5 $ 181.9 $ 9.6 sales Change in repor… 5 % net sales Change in 6 % organ… sales* Adjus… 54.5 49.3 5.2 EBITD… Adjus… EBITDA 28.5 % 27.1 % 140 bps margin *These are non-G… measu… See the defin… of these non-G… measu… in the secti… in this relea… titled “Non-… Measu… of Finan… Perfo… and recon… to their most direc… compa… GAAP finan… measu… in the recon… tables at the end of this relea… (1)Th… month data inclu… the resul… of the acqui… of Micro… Inc. (July 2025) in the HST segme… (2)Se… Adjus… EBITDA exclu… unall… corpo… costs which are inclu… in Corpo… and other.
• Net sales for the third quarter 2026 increased 14%. Organic sales increased 13% driven by higher volumes primarily due to AI-driven demand for data center power and semiconductor markets, as well as strength in space and defense and positive price.
• Adjusted EBITDA margin for the third quarter 2026 increased primarily due to volume leverage and favorable mix. These increases were partially offset by higher employee-related costs, including variable compensation and the impact of acquisitions.
• Net sales for the third quarter 2026 increased 3%. Organic sales increased 4% primarily driven by positive price. Higher volumes in our businesses serving municipal water, semiconductor and industrial markets were partially offset by lower volumes in our businesses serving chemical, agriculture and energy markets.
• Adjusted EBITDA margin for the third quarter 2026 increased slightly, reflecting net productivity improvements and volume leverage, mostly offset by unfavorable mix and higher variable compensation.
• Net sales for the third quarter 2026 increased 5%. Organic sales increased 6% primarily driven by higher volumes in our BAND-IT and Fire & Safety businesses as well as positive price.
• Adjusted EBITDA margin for the third quarter 2026 increased primarily due to volume leverage, favorable mix and net productivity improvements. These increases were partially offset by price/cost headwinds.
Corporate costs included in consolidated Adjusted EBITDA were $25.5 million during the third quarter 2026, up from $21.7 million during the same prior year period primarily driven by higher employee-related costs, including variable compensation.
• Amended and restated our $800 million revolving credit facility to extend the maturity date to September 2031.
IDEX will host its third quarter earnings conference call on Wednesday, October 28, 2026 at 8:00 a.m. CT. The call will be an audio webcast and accessible on the Company's Investor Relations site at https://investors.idexcorp.com . Associated earnings presentation materials will be available on the Company's website prior to the call.
Interested parties can access the conference by dialing 833.461.5787 and using confirmation code 274998795. Please connect five minutes prior to the start of the conference call.
A replay of the earnings call and associated earnings presentation materials will be available on the Company’s website after the call.
This news release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company’s full year 2026 outlook including expected organic sales and expected adjusted earnings per share and the assumptions underlying these expectations, capital return strategy, anticipated future acquisition behavior and the anticipated benefits and performance of the Company’s recent or future acquisitions, resource and capital deployment and focus and organic and inorganic growth, the Company’s ability to adapt to macroeconomic challenges, anticipated impacts of tariffs and global trade policies and changes in law, anticipated trends in end markets, including expectations regarding future order volumes and order patterns, anticipated growth initiatives and expansions and execution of those growth initiatives and are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” “guidance,” “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “likely to be,” “management believes,” “the Company believes,” “the Company intends” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release.
The risks and uncertainties include, but are not limited to, the following: levels of industrial activity and economic conditions in the U.S. and other countries around the world, including uncertainties in the financial markets; pricing pressures, including inflation and rising interest rates, and other competitive factors and levels of capital spending in certain industries; the impact of severe weather events, natural disasters and public health threats; economic and political consequences resulting from terrorist attacks, wars and global conflicts; the Company’s ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; cybersecurity incidents; the continued growth of artificial intelligence (“AI”) and any related changes to demand in AI-driven markets served by the Company’s customers; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in countries in which the Company operates; developments with respect to trade policy and existing, new or increased tariffs or other similar measures; changes to applicable laws and regulations, including tax laws; interest rates; capacity utilization and the effect this has on costs; labor markets; supply chain conditions; market conditions and material costs; risks related to environmental, social and corporate governance issues, including those related to climate change and sustainability; and developments with respect to contingencies, such as litigation and environmental matters.
Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included in the Company’s most recent annual report on Form 10-K and the Company’s subsequent quarterly reports filed with the United States Securities and Exchange Commission (“SEC”) and the other risks discussed in the Company’s filings with the SEC. The forward-looking statements included here are only made as of the date of this news release, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.
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)
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── Assets Current assets Cash and cash equivalents $ 602.1 $ 580.0 Receivables – net 548.6 521.7 Inventories – net 529.1 479.4 Other current assets 86.7 62.1 Total current assets 1,766.5 1,643.2 Property, plant and 466.9 468.0 equipment – net Goodwill 3,371.9 3,414.5 Intangible assets - net 1,129.0 1,247.4 Other noncurrent assets 144.5 153.9 Total assets $ 6,878.8 $ 6,927.0 Liabilities and equity Current liabilities Trade accounts payable $ 238.3 $ 224.7 Accrued expenses 343.4 297.0 Current portion of 0.4 0.7 long-term borrowings Dividends payable 53.8 53.0 Total current liabilities 635.9 575.4 Long-term borrowings – net 1,751.1 1,820.1 Deferred income taxes 296.1 303.0 Other noncurrent 180.7 202.3 liabilities Total liabilities 2,863.8 2,900.8 Shareholders' equity Preferred stock — — Common stock 0.9 0.9 Treasury stock -1,596.5 -1,423.2 Additional paid-in capital 881.7 892.1 Retained earnings 4,745.7 4,500.1 Accumulated other comprehensive (loss) -15.3 57.6 income Total shareholders' equity 4,016.5 4,027.5 Noncontrolling interest -1.5 -1.3 Total equity 4,015.0 4,026.2 Total liabilities and $ 6,878.8 $ 6,927.0 equity
The Company prepares its financial statements in accordance with U.S. GAAP. To supplement its U.S. GAAP financial results, the Company presents certain non- GAAP financial measures. Management uses these non-GAAP measures to evaluate operating performance, assess trends, allocate resources and support financial and operational decision-making. Management believes these measures provide investors with additional insight into the Company’s ongoing business performance and enhance comparability across reporting periods by excluding the impact of items that management does not consider reflective of ongoing operations.
Management uses Adjusted EBITDA as its measure of segment performance. Management believes it is a useful indicator of the strength and performance of the Company and its segments’ ongoing business operations as well as a way for investors to evaluate and compare operating performance and value companies within the Company’s industry. Management believes that Adjusted EBITDA margin is useful for the same reasons as Adjusted EBITDA. The definition of Adjusted EBITDA used here may differ from that used by other companies.
The Company defines its non-GAAP measures below and presents reconciliations of these non-GAAP measures to their most directly comparable U.S. GAAP measures in the tables that follow. There were no adjustments to U.S. GAAP financial performance metrics other than the items noted below.
• Organic orders and organic sales are calculated as orders and Net sales excluding amounts from acquired or divested businesses during the first twelve months of ownership or prior to divestiture and excluding the impact of foreign currency translation.
• Adjusted gross profit is calculated as Gross profit, adjusted to exclude the impact of fair value inventory step-up charges and restructuring-related charges.
• Adjusted gross margin is calculated as Adjusted gross profit divided by Net sales.
• Adjusted net income attributable to IDEX is calculated as Net income attributable to IDEX, adjusted to exclude the impact of fair value inventory step-up charges, Restructuring expenses and asset impairments and other restructuring-related charges, acquisition-related intangible asset amortization and legal settlements and contingencies, all net of the statutory tax expense or benefit.
• Adjusted diluted EPS attributable to IDEX is calculated as Adjusted net income attributable to IDEX divided by the diluted weighted average shares outstanding.
• Consolidated Adjusted EBITDA is calculated as consolidated earnings before interest expense - net, income taxes, depreciation and amortization, or consolidated EBITDA, adjusted to exclude the impact of fair value inventory step-up charges, Restructuring expenses and asset impairments and other restructuring-related charges and legal settlements and contingencies.
• Consolidated Adjusted EBITDA margin is calculated as Consolidated Adjusted EBITDA divided by Net sales.
• Free cash flow is calculated as cash flows from operating activities less capital expenditures. Free cash flow conversion is calculated as free cash flow divided by Adjusted net income attributable to IDEX.
These non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures prepared in accordance with U.S. GAAP. The financial results prepared in accordance with U.S. GAAP and the reconciliations from those results should be carefully evaluated. Due to rounding, numbers presented throughout this and other documents may not add up or recalculate precisely.
(1) Represents the sales from acquired or divested businesses during the first 12 months of ownership or prior to divestiture. (2) The portion of sales attributable to foreign currency translation is calculated as the difference between (a) the period-to-period change in organic sales, and (b) the period-to-period change in organic sales after applying prior period foreign exchange rates to the current year period. Table 2: Reconciliations of Reported-to-Adjusted Gross Profit and Gross Margin (dollars in millions)
(1) Restructuring-related charges represent costs incurred related to the anticipated closure of a facility in the HST segment, including accelerated depreciation of $0.7 million and $1.2 million during the three and nine months ended September 30, 2026, respectively. Table 3: Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except per share amounts)
Three Nine Months Months Ended Ended September September 2026 30, 2025 2026 30, 2025 ────────────────────────────────────────────────────────────────────────────── Reported net income $ 144.1 $ 127.8 $ 407.5 $ 354.9 attribu… to IDEX Fair value invento… — 0.6 — 0.6 step-up charges Tax impact on fair value — -0.1 — -0.1 invento… step-up charges Restruc… expenses and asset impairm… 4.2 0.1 14.9 18.0 and other restruc… charges… Tax impact on restruc… expenses and -0.9 -0.1 -3.4 -4.4 asset impairm… and other restruc… charges Legal settlem… -0.2 — -3.0 — and conting… Tax impact on legal 0.7 — 1.8 — settlem… and conting… Acquisi… intangi… 32.6 33.0 99.6 96.5 asset amortiz… Tax impact on acquisi… -7.7 -8.5 -23.6 -23.2 intangi… asset amortiz… Adjusted net income $ 172.8 $ 152.8 $ 493.8 $ 442.3 attribu… to IDEX Reported diluted EPS $ 1.95 $ 1.70 $ 5.49 $ 4.70 attribu… to IDEX Fair value invento… — 0.01 — 0.01 step-up charges Tax impact on fair value — — — — invento… step-up charges Restruc… expenses and asset impairm… 0.06 — 0.20 0.24 and other restruc… charges… Tax impact on restruc… expenses and -0.01 — -0.04 -0.06 asset impairm… and other restruc… charges Legal settlem… — — -0.04 — and conting… Tax impact on legal 0.01 — 0.02 — settlem… and conting… Acquisi… intangi… 0.42 0.43 1.34 1.27 asset amortiz… Tax impact on acquisi… -0.10 -0.11 -0.32 -0.31 intangi… asset amortiz… Adjusted diluted EPS $ 2.33 $ 2.03 $ 6.65 $ 5.85 attribu… to IDEX Diluted weighted average 74.0 75.2 74.2 75.5 shares outstan…
(1) Restructuring expenses and asset impairments and other restructuring-related charges consist of the following:
(a) Restructuring expenses and asset impairments recorded during the nine months ended September 30, 2025 included charges of $0.6 million recognized by the Company’s joint venture, $0.3 million of which was attributable to noncontrolling interest.
(b) Other restructuring-related charges represent costs incurred related to the anticipated closure of a facility in the HST segment, including accelerated depreciation of $0.7 million and $1.2 million during the three and nine months ended September 30, 2026, respectively.
(2) Legal settlements and contingencies include legal settlement funds received, net of associated legal costs incurred. Table 4: Reconciliations of Net Income to Adjusted EBITDA (dollars in millions)
(1) Accelerated depreciation of $0.7 million and $1.2 million for the three and nine months ended September 30, 2026, respectively, related to the anticipated closure of a facility in the HST segment, was included in Depreciation in Table 4, in Restructuring-related charges in Table 2 and in Restructuring expenses and asset impairments and other restructuring-related charges in Table 3 above.
(2) Legal settlements and contingencies include legal settlement funds received, net of associated legal costs incurred. Table 5: Reconciliations of Cash Flows from Operating Activities to Free Cash Flow (dollars in millions)
Full text with the tables
For further information:
TRADED: NYSE (IEX) EX-99.1
Investor Contact:
Jim Giannakouros, CFA
Vice President, Investor Relations
(847) 313-9506
IDEX REPORTS RECORD THIRD QUARTER RESULTS
Third Quarter Highlights
(All comparisons are against the prior year period unless otherwise noted)
• Record sales of $952 million increased 8% on both a reported and organic basis
• Reported diluted EPS of $1.95 and record adjusted diluted EPS of $2.33 both
increased 15%
• Orders of $991 million increased 13% on both a reported and organic basis
• Strategic acquisitions gaining momentum through higher-value applications in
advantaged markets
• Returned $129 million to shareholders through dividends and share repurchases
NORTHBROOK, IL, October 28, 2026 - IDEX Corporation (NYSE: IEX) today announced
its financial results for the three-month period ended September 30, 2026.
“We are pleased to report another strong quarter, with results ahead of our
expectations. This quarter, we delivered both record sales and adjusted EPS
while expanding margins and booked nearly $1 billion in orders. Advantaged
markets and larger acquired businesses are driving this performance, and
momentum is broadening across the rest of the portfolio,” said Eric D. Ashleman,
IDEX Corporation Chief Executive Officer and President.
“Our teams continued to execute well as we met our customers’ increasing demand
and drove strong incremental margins on the increased volume. Our ability to
drive margin expansion during a period of continued inflation demonstrates the
strength of our team and the power of 8020. Additionally, 8020 drives each
business toward its full potential and provides the right framework for
allocating resources and technologies toward the most attractive opportunities
for sustainable value creation across IDEX.”
“We are again increasing our full-year financial guidance due to our strong
performance year-to-date, with improved visibility and momentum as we close out
2026.”
Outlook
(1)
•
Full year organic sales projected to increase 6.5% to 6.8% over the prior year,
up from previous guidance of 5% to 6%
• Full year adjusted diluted EPS of $8.91 to $8.96, up approximately 12% year-
over-year at midpoint, up from previous guidance of $8.70 to $8.85
(1) The Company does not reconcile its forward-looking non-GAAP measures to the
most directly comparable financial measures calculated in accordance with
accounting principles generally accepted in the United States of America (“U.S.
GAAP”) because the timing and magnitude of certain items, including future
foreign exchange impacts, acquisitions, divestitures, restructuring costs,
impairments, tax impacts, and other special items, cannot be reasonably
estimated at this time without unreasonable effort. The unavailable information
could have a significant impact on U.S. GAAP results.
Consolidated Financial Results
(Doll…
in
milli…
except
per Three
share Months
amoun… Ended
U.S. Septem…
GAAP 30, Increase
Resul… 2026 2025 (Decrea…
──────────────────────────────────────────────────────────────────────────────
Orders $ 991.2 $ 880.3 $ 110.9
Change
in 13 %
repor…
orders
Net 951.7 878.7 73.0
sales
Change
in
repor… 8 %
net
sales
Gross 429.5 390.6 38.9
profit
Gross 45.1 % 44.5 % 60 bps
margin
Net
income
attri… 144.1 127.8 16.3
to
IDEX
Net
income 15.1 % 14.5 % 60 bps
margin
Dilut…
EPS
attri… 1.95 1.70 0.25
to
IDEX
Cash
flows
from 239.5 203.5 36.0
opera…
activ…
Opera…
cash
flow
as a 166% 159% NM
perce…
of net
income
Non-G…
Resul…
Change
in 13 %
organ…
orders
Change
in 8 %
organ…
sales
Adjus…
gross 430.3 391.2 39.1
profit
Adjus…
gross 45.2 % 44.5 % 70 bps
margin
Adjus…
net
income 172.8 152.8 20.0
attri…
to
IDEX
Adjus… 264.8 239.8 25.0
EBITDA
Adjus…
EBITDA 27.8 % 27.3 % 50 bps
margin
Adjus…
dilut…
EPS 2.33 2.03 0.30
attri…
to
IDEX
Free
cash 214.3 188.7 25.6
flow
Free
cash 124% 123% 100 bps
flow
conve…
NM –
Not
Meani…
*Each
of the
items
below
is a
non-G…
measu…
See
the
defin…
of
these
non-G…
measu…
in the
secti…
in
this
relea…
titled
“Non-…
Measu…
of
Finan…
Perfo…
and
recon…
to
their
most
direc…
compa…
GAAP
finan…
measu…
in
the
recon…
tables
at the
end of
this
relea…
• Net sales increased primarily as a result of increased organic sales. The
increase in organic sales was driven by higher volumes, primarily in our Health
& Science Technologies (“HST”) segment, and positive price across the segments.
• Gross margin and Adjusted gross margin both increased due to volume leverage,
net productivity improvements and favorable mix. These increases were partially
offset by price/cost headwinds. Adjusted gross margin excludes the impact of
restructuring-related charges, consisting primarily of accelerated depreciation
related to the anticipated closure of a facility in the HST segment.
• Both Diluted EPS and Adjusted diluted EPS increased, primarily due to improved
operational results discussed above.
• Cash flows from operating activities and free cash flow both increased
compared to the prior year period, primarily due to higher earnings and improved
working capital, driven by timing of shipments and collection of receivables
during the prior year period, partly offset by higher cash income tax payments
in the current year period. These improvements in cash flows from operating
activities also benefited free cash flow but were partly offset by higher
capital expenditures during the current year period to support continued growth.
Segment Financial Results
(Doll…
in Three
milli… Months
Health Ended
& Septem…
Scien… 30,(1) Increase
Techn… 2026 2025 (Decrea…
──────────────────────────────────────────────────────────────────────────────
Net $ 433.5 $ 381.0 $ 52.5
sales
Change
in
repor… 14 %
net
sales
Change
in 13 %
organ…
sales*
Adjus… 124.8 105.4 19.4
EBITD…
Adjus…
EBITDA 28.8 % 27.7 % 110 bps
margin
Fluid
&
Meter…
Techn…
Net $ 327.9 $ 317.1 $ 10.8
sales
Change
in
repor… 3 %
net
sales
Change
in 4 %
organ…
sales*
Adjus… 111.0 106.8 4.2
EBITD…
Adjus…
EBITDA 33.9 % 33.7 % 20 bps
margin
Fire &
Safet…
Produ…
Net $ 191.5 $ 181.9 $ 9.6
sales
Change
in
repor… 5 %
net
sales
Change
in 6 %
organ…
sales*
Adjus… 54.5 49.3 5.2
EBITD…
Adjus…
EBITDA 28.5 % 27.1 % 140 bps
margin
*These
are
non-G…
measu…
See
the
defin…
of
these
non-G…
measu…
in the
secti…
in
this
relea…
titled
“Non-…
Measu…
of
Finan…
Perfo…
and
recon…
to
their
most
direc…
compa…
GAAP
finan…
measu…
in the
recon…
tables
at the
end of
this
relea…
(1)Th…
month
data
inclu…
the
resul…
of the
acqui…
of
Micro…
Inc.
(July
2025)
in the
HST
segme…
(2)Se…
Adjus…
EBITDA
exclu…
unall…
corpo…
costs
which
are
inclu…
in
Corpo…
and
other.
Health & Science Technologies Segment
• Net sales for the third quarter 2026 increased 14%. Organic sales increased
13% driven by higher volumes primarily due to AI-driven demand for data center
power and semiconductor markets, as well as strength in space and defense and
positive price.
• Adjusted EBITDA margin for the third quarter 2026 increased primarily due to
volume leverage and favorable mix. These increases were partially offset by
higher employee-related costs, including variable compensation and the impact of
acquisitions.
Fluid & Metering Technologies Segment
• Net sales for the third quarter 2026 increased 3%. Organic sales increased 4%
primarily driven by positive price. Higher volumes in our businesses serving
municipal water, semiconductor and industrial markets were partially offset by
lower volumes in our businesses serving chemical, agriculture and energy
markets.
• Adjusted EBITDA margin for the third quarter 2026 increased slightly,
reflecting net productivity improvements and volume leverage, mostly offset by
unfavorable mix and higher variable compensation.
Fire & Safety/Diversified Products Segment
• Net sales for the third quarter 2026 increased 5%. Organic sales increased 6%
primarily driven by higher volumes in our BAND-IT and Fire & Safety businesses
as well as positive price.
• Adjusted EBITDA margin for the third quarter 2026 increased primarily due to
volume leverage, favorable mix and net productivity improvements. These
increases were partially offset by price/cost headwinds.
Corporate Costs
Corporate costs included in consolidated Adjusted EBITDA were $25.5 million
during the third quarter 2026, up from $21.7 million during the same prior year
period primarily driven by higher employee-related costs, including variable
compensation.
Other Items
• Amended and restated our $800 million revolving credit facility to extend the
maturity date to September 2031.
Conference Call
IDEX will host its third quarter earnings conference call on Wednesday, October
28, 2026 at 8:00 a.m. CT. The call will be an audio webcast and accessible on
the Company's Investor Relations site at https://investors.idexcorp.com .
Associated earnings presentation materials will be available on the Company's
website prior to the call.
Interested parties can access the conference by dialing 833.461.5787 and using
confirmation code 274998795. Please connect five minutes prior to the start of
the conference call.
A replay of the earnings call and associated earnings presentation materials
will be available on the Company’s website after the call.
Forward-Looking Statements
This news release contains “forward-looking” statements within the meaning of
the Private Securities Litigation Reform Act of 1995, as amended. These
statements may relate to, among other things, the Company’s full year 2026
outlook including expected organic sales and expected adjusted earnings per
share and the assumptions underlying these expectations, capital return
strategy, anticipated future acquisition behavior and the anticipated benefits
and performance of the Company’s recent or future acquisitions, resource and
capital deployment and focus and organic and inorganic growth, the Company’s
ability to adapt to macroeconomic challenges, anticipated impacts of tariffs and
global trade policies and changes in law, anticipated trends in end markets,
including expectations regarding future order volumes and order patterns,
anticipated growth initiatives and expansions and execution of those growth
initiatives and are indicated by words or phrases such as “anticipates,”
“estimates,” “plans,” “guidance,” “expects,” “projects,” “forecasts,” “should,”
“could,” “will,” “likely to be,” “management believes,” “the Company believes,”
“the Company intends” and similar words or phrases. These statements are subject
to inherent uncertainties and risks that could cause actual results to differ
materially from those anticipated at the date of this news release.
The risks and uncertainties include, but are not limited to, the following:
levels of industrial activity and economic conditions in the U.S. and other
countries around the world, including uncertainties in the financial markets;
pricing pressures, including inflation and rising interest rates, and other
competitive factors and levels of capital spending in certain industries; the
impact of severe weather events, natural disasters and public health threats;
economic and political consequences resulting from terrorist attacks, wars and
global conflicts; the Company’s ability to make acquisitions and to integrate
and operate acquired businesses on a profitable basis; cybersecurity incidents;
the continued growth of artificial intelligence (“AI”) and any related changes
to demand in AI-driven markets served by the Company’s customers; the
relationship of the U.S. dollar to other currencies and its impact on pricing
and cost competitiveness; political and economic conditions in countries in
which the Company operates; developments with respect to trade policy and
existing, new or increased tariffs or other similar measures; changes to
applicable laws and regulations, including tax laws; interest rates; capacity
utilization and the effect this has on costs; labor markets; supply chain
conditions; market conditions and material costs; risks related to
environmental, social and corporate governance issues, including those related
to climate change and sustainability; and developments with respect to
contingencies, such as litigation and environmental matters.
Additional factors that could cause actual results to differ materially from
those reflected in the forward-looking statements include, but are not limited
to, the risks discussed in the “Risk Factors” section included in the Company’s
most recent annual report on Form 10-K and the Company’s subsequent quarterly
reports filed with the United States Securities and Exchange Commission (“SEC”)
and the other risks discussed in the Company’s filings with the SEC. The
forward-looking statements included here are only made as of the date of this
news release, and management undertakes no obligation to publicly update them to
reflect subsequent events or circumstances, except as may be required by law.
Investors are cautioned not to rely unduly on forward-looking statements when
evaluating the information presented here.
About IDEX
IDEX Corporation (NYSE: IEX), a global engineered products company, is comprised
of three primary business segments – Health & Science Technologies, Fluid &
Metering Technologies, and Fire & Safety/Diversified Products. Thousands of IDEX
employees around the world design and manufacture highly engineered components
and applied solutions that are vital to the advances of modern life and help
IDEX live its purpose – Trusted Solutions, Improving Lives™. From satellite
communications to water systems, from medical diagnostic components to emergency
rescue tools and more, we collaborate with customers in the most critical
industries to develop solutions that make the world better today and into the
future. Founded in 1988, IDEX now includes more than 50 dynamic businesses
around the world and manufacturing operations in more than 20 countries.
For further information on IDEX Corporation and its business units, visit the
Company’s website at www.idexcorp.com .
(Financial reports follow)
IDEX CORPORATION
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)
Three Nine
Months Months
Ended Ended
September Septemb…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 951.7 $ 878.7 $ 2,759.2 $ 2,558.4
sales
Cost of 522.2 488.1 1,504.8 1,406.7
sales
Gross 429.5 390.6 1,254.4 1,151.7
profit
Sellin…
general
and 218.1 204.7 660.5 617.7
admini…
expens…
Restru…
expens…
and 3.4 0.1 13.6 18.3
asset
impair…
Operat… 208.0 185.8 580.3 515.7
income
Other
(incom… -0.1 -1.2 -2.0 2.6
expense
– net
Intere…
expense 15.4 16.5 46.5 48.2
– net
Income
before 192.7 170.5 535.8 464.9
income
taxes
Provis…
for 48.7 42.8 128.5 110.7
income
taxes
Net 144.0 127.7 407.3 354.2
income
Net
loss
attrib… 0.1 0.1 0.2 0.7
to
noncon…
intere…
Net
income $ 144.1 $ 127.8 $ 407.5 $ 354.9
attrib…
to IDEX
Earnin…
per
Common
Share:
Basic
earnin…
per
common $ 1.95 $ 1.70 $ 5.50 $ 4.70
share
attrib…
to IDEX
Diluted
earnin…
per
common $ 1.95 $ 1.70 $ 5.49 $ 4.70
share
attrib…
to IDEX
Share
Data:
Basic
weight…
average 73.7 75.1 74.0 75.4
common
shares
outsta…
Diluted
weight…
average 74.0 75.2 74.2 75.5
common
shares
outsta…
IDEX CORPORATION
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Current assets
Cash and cash equivalents $ 602.1 $ 580.0
Receivables – net 548.6 521.7
Inventories – net 529.1 479.4
Other current assets 86.7 62.1
Total current assets 1,766.5 1,643.2
Property, plant and 466.9 468.0
equipment – net
Goodwill 3,371.9 3,414.5
Intangible assets - net 1,129.0 1,247.4
Other noncurrent assets 144.5 153.9
Total assets $ 6,878.8 $ 6,927.0
Liabilities and equity
Current liabilities
Trade accounts payable $ 238.3 $ 224.7
Accrued expenses 343.4 297.0
Current portion of 0.4 0.7
long-term borrowings
Dividends payable 53.8 53.0
Total current liabilities 635.9 575.4
Long-term borrowings – net 1,751.1 1,820.1
Deferred income taxes 296.1 303.0
Other noncurrent 180.7 202.3
liabilities
Total liabilities 2,863.8 2,900.8
Shareholders' equity
Preferred stock — —
Common stock 0.9 0.9
Treasury stock -1,596.5 -1,423.2
Additional paid-in capital 881.7 892.1
Retained earnings 4,745.7 4,500.1
Accumulated other
comprehensive (loss) -15.3 57.6
income
Total shareholders' equity 4,016.5 4,027.5
Noncontrolling interest -1.5 -1.3
Total equity 4,015.0 4,026.2
Total liabilities and $ 6,878.8 $ 6,927.0
equity
IDEX CORPORATION
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Three Nine
Cash Months Months
flows Ended Ended
from Septem… Septemb…
opera… 30, 30,
activ… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 144.0 $ 127.7 $ 407.3 $ 354.2
income
Adjus…
to
recon…
net
income
to
net
cash
flows
provi…
by
opera…
activ…
Asset — 0.1 4.8 0.7
impai…
Depre… 20.8 19.1 60.9 56.5
Amort…
of 32.6 33.0 99.6 96.5
intan…
assets
Share…
compe… 5.7 4.9 27.6 23.7
expen…
Defer…
income -0.5 -2.6 -1.8 -1.0
taxes
Chang…
in
(net
of the
effect
from
acqui…
and
forei…
curre…
trans…
Recei… -1.8 -21.8 -32.5 -20.2
– net
Inven… -9.9 -3.8 -55.6 -49.4
– net
Other
curre… -2.5 20.4 -23.9 -1.4
assets
Trade
accou… 5.8 -0.4 15.0 -1.1
payab…
Defer… 0.8 -7.5 3.5 -1.1
reven…
Accru… 45.3 32.8 37.3 10.4
expen…
Other -0.8 1.6 1.0 3.1
– net
Net
cash
flows
provi… 239.5 203.5 543.2 470.9
by
opera…
activ…
Cash
flows
from
inves…
activ…
Capit… -25.2 -14.8 -65.9 -43.9
expen…
Acqui…
of
busin… — -80.7 — -76.5
net of
cash
acqui…
Other 0.2 — -1.8 0.4
– net
Net
cash
flows
used -25.0 -95.5 -67.7 -120.0
in
inves…
activ…
Cash
flows
from
finan…
activ…
Borro…
under
revol… 55.0 147.0 260.0 197.0
credit
facil…
Payme…
under
revol… -162.6 -93.1 -325.9 -185.8
credit
facil…
Payme…
of — — — -100.0
long-…
borro…
Debt
issua… -2.0 — -2.0 —
costs
Cash
divid…
paid -54.0 -53.5 -160.7 -159.4
to
share…
Proce…
(paym…
from
share
issua… 5.1 -1.0 15.7 -1.2
net of
shares
withh…
for
taxes
Repur…
of -74.6 -75.0 -228.0 -175.0
common
stock
Other -0.2 -0.1 -0.5 -0.5
– net
Net
cash
flows
used -233.3 -75.7 -441.4 -424.9
in
finan…
activ…
Effect
of
excha…
rate
chang… -2.2 -2.6 -12.9 34.8
on
cash
and
cash
equiv…
Net
(decr…
incre…
in
cash
and -21.0 29.7 21.2 -39.2
cash
equiv…
and
restr…
cash
Cash
and
cash
equiv…
and
restr… 628.1 570.0 585.9 638.9
cash
at
begin…
of
period
Cash
and
cash
equiv…
and $ 607.1 $ 599.7 $ 607.1 $ 599.7
restr…
cash
at end
of
period
IDEX CORPORATION
Company and Segment Financial Information
(in millions)
(unaudited)
Three Nine
Mont… Months
Ended Ended
Sept… Septe…
Net 30, 30,
sal… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Hea…
& $ 433.5 $ 381.0 $ 1,24… $ 1,087…
Sci…
Tec…
Flu…
& 327.9 317.1 946.5 918.5
Met…
Tec…
Fire
& 191.5 181.9 569.7 557.7
Saf…
Pro…
Eli… -1.2 -1.3 -3.9 -5.6
Tot… $ 951.7 $ 878.7 $ 2,75… $ 2,558…
IDEX
Dep…
Hea…
& $ 13.4 $ 11.9 $ 38.8 $ 35.5
Sci…
Tec…
Flu…
& 5.0 4.7 14.7 13.5
Met…
Tec…
Fire
& 2.3 2.3 7.1 6.9
Saf…
Pro…
Cor… 0.1 0.2 0.3 0.6
Off…
Tot… $ 20.8 $ 19.1 $ 60.9 $ 56.5
IDEX
Amo…
of
int…
ass…
Hea…
& $ 26.2 $ 26.2 $ 80.1 $ 76.2
Sci…
Tec…
Flu…
& 5.2 5.5 15.8 16.2
Met…
Tec…
Fire
& 1.2 1.3 3.7 4.1
Saf…
Pro…
Tot… $ 32.6 $ 33.0 $ 99.6 $ 96.5
IDEX
Res…
exp…
and
ass…
imp…
Hea…
& $ 2.2 $ — $ 5.5 $ 12.1
Sci…
Tec…
Flu…
& 0.9 0.1 6.4 4.3
Met…
Tec…
Fire
& — — 0.5 1.6
Saf…
Pro…
Cor… 0.3 — 1.2 0.3
Off…
Tot… $ 3.4 $ 0.1 $ 13.6 $ 18.3
IDEX
Non-GAAP Measures of Financial Performance
The Company prepares its financial statements in accordance with U.S. GAAP. To
supplement its U.S. GAAP financial results, the Company presents certain non-
GAAP financial measures. Management uses these non-GAAP measures to evaluate
operating performance, assess trends, allocate resources and support financial
and operational decision-making. Management believes these measures provide
investors with additional insight into the Company’s ongoing business
performance and enhance comparability across reporting periods by excluding the
impact of items that management does not consider reflective of ongoing
operations.
Management uses Adjusted EBITDA as its measure of segment performance.
Management believes it is a useful indicator of the strength and performance of
the Company and its segments’ ongoing business operations as well as a way for
investors to evaluate and compare operating performance and value companies
within the Company’s industry. Management believes that Adjusted EBITDA margin
is useful for the same reasons as Adjusted EBITDA. The definition of Adjusted
EBITDA used here may differ from that used by other companies.
The Company defines its non-GAAP measures below and presents reconciliations of
these non-GAAP measures to their most directly comparable U.S. GAAP measures in
the tables that follow. There were no adjustments to U.S. GAAP financial
performance metrics other than the items noted below.
• Organic orders and organic sales are calculated as orders and Net sales
excluding amounts from acquired or divested businesses during the first twelve
months of ownership or prior to divestiture and excluding the impact of foreign
currency translation.
• Adjusted gross profit is calculated as Gross profit, adjusted to exclude the
impact of fair value inventory step-up charges and restructuring-related
charges.
• Adjusted gross margin is calculated as Adjusted gross profit divided by Net
sales.
• Adjusted net income attributable to IDEX is calculated as Net income
attributable to IDEX, adjusted to exclude the impact of fair value inventory
step-up charges, Restructuring expenses and asset impairments and other
restructuring-related charges, acquisition-related intangible asset amortization
and legal settlements and contingencies, all net of the statutory tax expense or
benefit.
• Adjusted diluted EPS attributable to IDEX is calculated as Adjusted net income
attributable to IDEX divided by the diluted weighted average shares outstanding.
• Consolidated Adjusted EBITDA is calculated as consolidated earnings before
interest expense - net, income taxes, depreciation and amortization, or
consolidated EBITDA, adjusted to exclude the impact of fair value inventory
step-up charges, Restructuring expenses and asset impairments and other
restructuring-related charges and legal settlements and contingencies.
• Consolidated Adjusted EBITDA margin is calculated as Consolidated Adjusted
EBITDA divided by Net sales.
• Free cash flow is calculated as cash flows from operating activities less
capital expenditures. Free cash flow conversion is calculated as free cash flow
divided by Adjusted net income attributable to IDEX.
These non-GAAP financial measures should be considered in addition to, and not
as a substitute for or superior to, financial measures prepared in accordance
with U.S. GAAP. The financial results prepared in accordance with U.S. GAAP and
the reconciliations from those results should be carefully evaluated. Due to
rounding, numbers presented throughout this and other documents may not add up
or recalculate precisely.
Table 1: Reconciliations of the Change in Net Sales to Change in Organic Sales
HST
Three
Months
Ended
September
30, 2026 FMT FSDP IDEX
──────────────────────────────────────────────────────────────────────────────
Change in 14 % 3 % 5 % 8 %
net sales
Less:
Net
impact 1 % — % — % — %
from
acquisit…
Impact
from — % (1 %) (1 %) — %
foreign
currency…
Change in
organic 13 % 4 % 6 % 8 %
sales
Nine Months
Ended
September
30, 2026
Change in 15 % 3 % 2 % 8 %
net sales
Less:
Net
impact 2 % — % — % 1 %
from
acquisit…
Impact
from 1 % 1 % 1 % 1 %
foreign
currency…
Change in
organic 12 % 2 % 1 % 6 %
sales
(1) Represents the sales from acquired or divested businesses during the first
12 months of ownership or prior to divestiture.
(2) The portion of sales attributable to foreign currency translation is
calculated as the difference between (a) the period-to-period change in organic
sales, and (b) the period-to-period change in organic sales after applying prior
period foreign exchange rates to the current year period.
Table 2: Reconciliations of Reported-to-Adjusted Gross Profit and Gross Margin
(dollars in millions)
Three Nine
Mont… Mont…
Ended Ended
Sept… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Gro… $ 429.5 $ 390.6 $ 1,25… $ 1,15…
pro…
Fair
val…
inv… — 0.6 — 0.6
ste…
cha…
Res… 0.8 — 1.3 —
cha…
Adj…
gro… $ 430.3 $ 391.2 $ 1,25… $ 1,15…
pro…
Net $ 951.7 $ 878.7 $ 2,75… $ 2,55…
sal…
Gro… 45.1 % 44.5 % 45.5 % 45.0 %
mar…
Adj…
gro… 45.2 % 44.5 % 45.5 % 45.0 %
mar…
(1) Restructuring-related charges represent costs incurred related to the
anticipated closure of a facility in the HST segment, including accelerated
depreciation of $0.7 million and $1.2 million during the three and nine months
ended September 30, 2026, respectively.
Table 3: Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX
and Diluted EPS Attributable to IDEX (in millions, except per share amounts)
Three Nine
Months Months
Ended Ended
September September
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Reported
net
income $ 144.1 $ 127.8 $ 407.5 $ 354.9
attribu…
to IDEX
Fair
value
invento… — 0.6 — 0.6
step-up
charges
Tax
impact
on fair
value — -0.1 — -0.1
invento…
step-up
charges
Restruc…
expenses
and
asset
impairm… 4.2 0.1 14.9 18.0
and
other
restruc…
charges…
Tax
impact
on
restruc…
expenses
and -0.9 -0.1 -3.4 -4.4
asset
impairm…
and
other
restruc…
charges
Legal
settlem… -0.2 — -3.0 —
and
conting…
Tax
impact
on legal 0.7 — 1.8 —
settlem…
and
conting…
Acquisi…
intangi… 32.6 33.0 99.6 96.5
asset
amortiz…
Tax
impact
on
acquisi… -7.7 -8.5 -23.6 -23.2
intangi…
asset
amortiz…
Adjusted
net
income $ 172.8 $ 152.8 $ 493.8 $ 442.3
attribu…
to IDEX
Reported
diluted
EPS $ 1.95 $ 1.70 $ 5.49 $ 4.70
attribu…
to
IDEX
Fair
value
invento… — 0.01 — 0.01
step-up
charges
Tax
impact
on fair
value — — — —
invento…
step-up
charges
Restruc…
expenses
and
asset
impairm… 0.06 — 0.20 0.24
and
other
restruc…
charges…
Tax
impact
on
restruc…
expenses
and -0.01 — -0.04 -0.06
asset
impairm…
and
other
restruc…
charges
Legal
settlem… — — -0.04 —
and
conting…
Tax
impact
on legal 0.01 — 0.02 —
settlem…
and
conting…
Acquisi…
intangi… 0.42 0.43 1.34 1.27
asset
amortiz…
Tax
impact
on
acquisi… -0.10 -0.11 -0.32 -0.31
intangi…
asset
amortiz…
Adjusted
diluted
EPS $ 2.33 $ 2.03 $ 6.65 $ 5.85
attribu…
to
IDEX
Diluted
weighted
average 74.0 75.2 74.2 75.5
shares
outstan…
(1) Restructuring expenses and asset impairments and other restructuring-related
charges consist of the following:
Three Nine
Months Months
Ended Ended
September Septemb…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Restru…
expens…
and $ 3.4 $ 0.1 $ 13.6 $ 18.3
asset
impair…
Less:
Restru…
expens…
and
asset — — — -0.3
impair…
attrib…
to
noncon…
intere…
Other
restru… 0.8 — 1.3 —
charge…
Restru…
expens…
and
asset
impair… $ 4.2 $ 0.1 $ 14.9 $ 18.0
and
other
restru…
charges
(a) Restructuring expenses and asset impairments recorded during the nine months
ended September 30, 2025 included charges of $0.6 million recognized by the
Company’s joint venture, $0.3 million of which was attributable to
noncontrolling interest.
(b) Other restructuring-related charges represent costs incurred related to the
anticipated closure of a facility in the HST segment, including accelerated
depreciation of $0.7 million and $1.2 million during the three and nine months
ended September 30, 2026, respectively.
(2) Legal settlements and contingencies include legal settlement funds received,
net of associated legal costs incurred.
Table 4: Reconciliations of Net Income to Adjusted EBITDA (dollars in millions)
Thr… Nine
Mon… Mon…
End… End…
Sep… Sep…
30, 30,
2026 20… 2026 20…
──────────────────────────────────────────────────────────────────────────────
R…
n… $ 144… $ 12… $ 407… $ 35…
i…
P…
f… 48.7 42… 128… 11…
i…
t…
I…
e… 15.4 16… 46.5 48…
-
n…
D… 20.8 19… 60.9 56…
A… 32.6 33… 99.6 96…
F…
v…
i… — 0.6 — 0.6
s…
c…
R…
e…
a…
a…
i… 3.5 0.1 13.7 18…
a…
o…
r…
c…
L…
s… -0.2 — -3.0 —
a…
c…
A… $ 264… $ 23… $ 753… $ 68…
E…
A…
E…
C…
H… $ 124… $ 10… $ 350… $ 28…
F… 111… 10… 320… 31…
F… 54.5 49… 165… 15…
C…
a… -25… -2… -81… -7…
o…
T…
A… $ 264… $ 23… $ 753… $ 68…
E…
N… $ 951… $ 87… $ 2,7… $ 2,…
s…
N…
i… 15… % 14.5 % 14… % 13.8 %
m…
A…
E… 27… % 27.3 % 27… % 26.8 %
m…
(1) Accelerated depreciation of $0.7 million and $1.2 million for the three and
nine months ended September 30, 2026, respectively, related to the anticipated
closure of a facility in the HST segment, was included in Depreciation in Table
4, in Restructuring-related charges in Table 2 and in Restructuring expenses and
asset impairments and other restructuring-related charges in Table 3 above.
(2) Legal settlements and contingencies include legal settlement funds received,
net of associated legal costs incurred.
Table 5: Reconciliations of Cash Flows from Operating Activities to Free Cash
Flow (dollars in millions)
Three Nine
Mont… Mont…
Ended Ended
Sept… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Cash
flo…
from $ 239.5 $ 203.5 $ 543.2 $ 470.9
ope…
act…
Les…
Cap… 25.2 14.8 65.9 43.9
exp…
Free
cash $ 214.3 $ 188.7 $ 477.3 $ 427.0
flow
Rep…
net
inc… $ 144.1 $ 127.8 $ 407.5 $ 354.9
att…
to
IDEX
Adj…
net
inc… 172.8 152.8 493.8 442.3
att…
to
IDEX
Ope…
cash
flow
as a 166 % 159 % 133 % 133 %
per…
of
net
inc…
Free
cash 124 % 123 % 97 % 97 %
flow
con…