Ingersoll Rand Reports Third Quarter 2026 Results
Performance driven by its competitive differentiator - Ingersoll Rand Execution Excellence (IRX):
• Reported net income attributable to Ingersoll Rand Inc. of $670 million, $1.73 per share
◦ Adjusted net income attributable to Ingersoll Rand Inc. 1 of $415 million, $1.07 per share, up 24%
◦ Adjusted net income attributable to Ingersoll Rand Inc. 1 , excluding IEEPA Tariff Refunds, of $390 million, $1.01 per share, up 17%
◦ Adjusted EBITDA 1 , excluding IEEPA Tariff Refunds, of $552 million, up 1%, with a margin of 26.7%
• Reported operating cash flow of $648 million and free cash flow 1 of $623 million
• Liquidity of $3.9 billion as of September 30, 2026, including $1.3 billion of cash on hand and undrawn capacity of $2.6 billion under available credit facilities
Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow creation and life science and industrial solutions, reported its results for the third quarter 2026.
"We delivered strong organic orders growth and revenue performance in the third quarter, reflecting an improved demand environment and continued execution by our teams," said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. "We saw healthy short-to-medium cycle and long cycle business activity across our geographies and end markets, and IRX continues to be a key differentiator with our teams remaining focused on controlling what we can control."
Industrial Technologies and Services Segment (IT&S): Broad range of compressor, vacuum, blower, and air treatment solutions as well as industrial technologies including power tools and lifting equipment
◦ Segment Adjusted EBITDA, excluding IEEPA Tariff Refunds, of $451 million, up 1%
◦ Segment Adjusted EBITDA Margin, excluding IEEPA Tariff Refunds, of 27.8%, down 120 basis points
• IT&S delivered positive organic revenue growth in all regions in the quarter, with a book to bill of 1.17x. Organic orders growth was driven by a pickup in bookings of long-cycle projects, including a ~$195 million order for an engineered-to-order solution for large-scale, mission-critical infrastructure, as well as by continued strong momentum in the short-to-medium cycle business. Adjusted EBITDA margin excluding IEEPA Tariff Refunds was down 120 basis points year over year, primarily due to continued inflationary pressures, and up 100 basis points sequentially from Q2 2026.
1 Non-GAAP measure (definitions and/or reconciliations in tables below) 1 Precision and Science Technologies Segment (P&ST): Mission-critical precision liquid, gas, air, and powder handling technologies for life sciences and industrial applications as well as aerospace and defense applications
◦ Segment Adjusted EBITDA, excluding IEEPA Tariff Refunds, of $145 million, up 14%
◦ Segment Adjusted EBITDA Margin, excluding IEEPA Tariff Refunds, of 32.6%, up 180 basis points
• P&ST delivered strong orders and revenue in the third quarter, with a book-to- bill of 1.01x. Life Sciences was particularly strong in the quarter, where orders and revenue were up low double digits. Adjusted EBITDA margin excluding IEEPA Tariff Refunds finished at 32.6%, which was up 180 basis points year over year, and up 110 basis points sequentially from Q2 2026.
Ingersoll Rand remains in a strong financial position with ample liquidity of $3.9 billion. On a reported basis, the Company generated $648 million of cash flow from operating activities and invested $25 million in capital expenditures, resulting in free cash flow 1 of $623 million, compared to cash flow from operating activities of $355 million and free cash flow 1 of $326 million in the prior year period. Net debt to Adjusted EBITDA leverage 2 was 1.6x for the third quarter, which was a decrease of 0.2x as compared to the third quarter of the prior year.
The Board also authorized a $2 billion increase to the Company’s share repurchase program. This increase is incremental to the $313 million remaining under the existing authorization. The increased authorization provides the Company with the flexibility for additional opportunistic share repurchases over the short and medium term.
These authorizations do not have any expiration date and allow Ingersoll Rand to repurchase shares from time to time, in the open market at prevailing market prices (including through Rule 10b5-1 plans), in privately negotiated transactions, a combination thereof, or through other transactions. The actual timing, number, manner, and value of any shares repurchased will depend on several factors, including the market price of the Company’s stock, general market and economic conditions, the Company’s liquidity requirements, applicable legal requirements, and other business considerations.
Consistent with our comprehensive capital allocation strategy led by M&A, in the third quarter of 2026, Ingersoll Rand deployed $90 million to M&A, including for the previously announced acquisition of Lone Star Blower, Inc. The Company also returned approximately $358 million to shareholders through $350 million in share repurchases and $8 million through its quarterly dividend payment in the third quarter.
The Company also expects to close on the acquisition of a U.S.-based pump manufacturer on October 30, 2026.
Ingersoll Rand reached a series of settlement agreements with insurance carriers and other third parties related to the ILC Dover transaction for gross recoveries of approximately $425.1 million, inclusive of the $187.5 million recovery announced in July 2026. $25.0 million was collected in Q2 2026, and $162.5 million was collected in Q3 2026. The Company expects to collect the remainder of the recoveries in the fourth quarter.
Guidance Metric Full Year 2026 Full Year Assumptions •Currency5: ~+1% Revenue Growth3 5.5% to 7.0% •M&A6: ~+2.5% •Organic growth4: +2% to +3.5% Adjusted EBITDA4excl. Q3 IEEPA Tariff $2,130M - $2,190M •Corporate costs: ~$170M Refunds Adjusted EPS4excl. Q3 •Net interest expense: IEEPA Tariff $3.58 to $3.70 ~$230M Refunds •Adjusted tax rate: ~20% •Share count: ~390.5M •Expect to deliver 100%+ FCF conversion including the impact of ILC Dover Free Cash Flow to Adj. transaction-related Net Income 100%+ recoveries; excluding conversion4 these recoveries, expected FCF conversion remains unchanged at ~95% •CAPEX: ~2% of sales
Reconciliations of non-GAAP measures related to full-year 2026 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income (loss) and adjustments that could be made for acquisitions-related expenses, restructuring and other business transformation costs, gains or losses on foreign currency exchange and the timing and magnitude of other amounts in the reconciliation of historic numbers. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.
Ingersoll Rand will host a live earnings conference call to discuss the third quarter results on Friday, October 30, 2026 at 8:00 a.m. (Eastern Time). To participate in the call, please dial +1-833-461-5787, domestically, or +1-585-542-9983, internationally, and use Meeting ID # 973 748 334. A real-time audio webcast of the presentation can be accessed via the Events and Presentations section of the Ingersoll Rand Investor Relations website (https://investors.irco.com), where related materials will be posted prior to the conference call. A replay of the webcast will be available after conclusion of the conference and can be accessed on the Ingersoll Rand Investor Relations website.
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the expectations of Ingersoll Rand Inc. (the “Company” or “Ingersoll Rand”), regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon
3 All revenue outlook commentary expressed in percentages and based on growth as compared to 2025
6 Reflects revenue from all completed and closed M&A transactions as of October 30, 2026 3 or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.
These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to geopolitical tensions, natural disaster, catastrophe, global pandemics, cyber events, or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.
Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Ingersoll Rand Inc. (NYSE: IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and life science and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit IRCO.com. # # #
In addition to consolidated GAAP financial measures, Ingersoll Rand reviews various non-GAAP financial measures, including “Organic Revenue Growth/(Decline),” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” “Adjusted Net Income,” “Adjusted Net Income Attributable to Ingersoll Rand, Inc.,” “Adjusted Diluted EPS,” “Free Cash Flow” and “Free Cash Flow Margin.”
Ingersoll Rand believes Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc., and Adjusted Diluted EPS are helpful supplemental measures to assist management and investors in evaluating the Company’s operating results as they exclude certain items that are unusual in nature or whose fluctuation from period to period do not necessarily correspond to changes in the operations of Ingersoll Rand’s business. Ingersoll Rand believes Organic Revenue Growth/(Decline) is a helpful supplemental measure to assist management and investors in evaluating the Company’s operating results as it excludes the impact of foreign currency and acquisitions on revenue growth. Adjusted EBITDA represents net income before interest, taxes, depreciation, amortization and certain non-cash, non-recurring and other adjustment items. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Revenue. Adjusted Net Income is defined as net income including interest, depreciation and amortization of non-acquisition related intangible assets and excluding other items used to calculate Adjusted EBITDA and further adjusted for the tax effect of these exclusions. Adjusted Net Income Attributable to Ingersoll Rand, Inc., is defined as Adjusted Net Income less net income attributable to noncontrolling interest. Adjusted Diluted EPS is defined as Adjusted Net Income divided by Adjusted Diluted Average Shares Outstanding. Organic Revenue Growth/(Decline) is defined as As Reported Revenue growth less the impacts of Foreign Currency and Acquisitions. Ingersoll Rand believes that the adjustments applied in presenting Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income Attributable to Ingersoll Rand, Inc. are appropriate to provide additional information to investors about certain material non-cash items and about non-recurring items that the Company does not expect to continue at the same level in the future. Incrementals/Decrementals are defined as the change in Adjusted EBITDA versus the prior year period divided by the change in revenue versus the prior year period. 4 Ingersoll Rand uses Free Cash Flow and Free Cash Flow Margin to review the liquidity of its operations. Ingersoll Rand measures Free Cash Flow as cash flows from operating activities less capital expenditures. Free Cash Flow Margin is defined as Free Cash Flow divided by Revenue. Ingersoll Rand believes Free Cash Flow and Free Cash Flow Margin are useful supplemental financial measures for management and investors in assessing the Company’s ability to pursue business opportunities and investments and to service its debt. Free Cash Flow is not a measure of our liquidity under GAAP and should not be considered as an alternative to cash flows from operating activities.
Management and Ingersoll Rand’s board of directors regularly use these measures as tools in evaluating the Company’s operating and financial performance and in establishing discretionary annual compensation. Such measures are provided in addition to and should not be considered to be a substitute for, or superior to, the comparable measures under GAAP. In addition, Ingersoll Rand believes that Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc., Adjusted Diluted EPS, Incrementals/Decrementals, Free Cash Flow and Free Cash Flow Margin are frequently used by investors and other interested parties in the evaluation of issuers, many of which also present Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc., Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Margin when reporting their results in an effort to facilitate an understanding of their operating and financial results and liquidity.
Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc., Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Margin should not be considered as alternatives to revenue growth, net income, diluted earnings per share or any other performance measure derived in accordance with GAAP, or as alternatives to cash flow from operating activities as a measure of our liquidity. Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc., Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Margin have limitations as analytical tools, and you should not consider such measures either in isolation or as substitutes for analyzing Ingersoll Rand’s results as reported under GAAP.
Reconciliations of Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc., Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Margin to their most comparable U.S. GAAP financial metrics for historical periods are presented in the tables below.
Reconciliations of non-GAAP measures related to full-year 2026 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income (loss) and adjustments that could be made for acquisitions-related expenses, restructuring and other business transformation costs, gains or losses on foreign currency exchange and the timing and magnitude of other amounts in the reconciliation of historic numbers. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.
Due to rounding, numbers presented throughout this release may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures.
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── Assets Current assets: Cash and cash equivalents $ 1,342.7 $ 1,248.8 Accounts receivable, net of allowance for credit losses of $67.0 1,532.5 1,518.0 and $66.8, respectively Inventories 1,258.1 1,172.9 Other current assets 575.6 308.3 Total current assets 4,708.9 4,248.0 Property, plant and equipment, net of accumulated depreciation of 908.4 930.3 $770.2 and $689.6, respectively Goodwill 8,571.1 8,484.1 Other intangible assets, 4,022.0 4,240.3 net Deferred tax assets 43.3 38.7 Other assets 359.5 355.8 Total assets $ 18,613.2 $ 18,297.2 Liabilities and Stockholders' Equity Current liabilities: Short-term borrowings and current $ 700.2 $ 1.4 maturities of long-term debt Accounts payable 897.3 996.1 Accrued liabilities 1,190.1 1,068.8 Total current liabilities 2,787.6 2,066.3 Long-term debt, less 4,036.3 4,783.3 current maturities Pensions and other postretirement 122.6 134.2 benefits Deferred income tax 668.9 696.9 liabilities Other liabilities 429.8 462.5 Total liabilities $ 8,045.2 $ 8,143.2 Stockholders’ equity: Common stock, $0.01 par value; 1,000,000,000 shares authorized; 432,993,020 and 431,753,302 4.3 4.3 shares issued as of September 30, 2026 and December 31, 2025, respectively Capital in excess of par 9,765.9 9,699.9 value Retained earnings 4,148.6 3,053.1 Accumulated other -214.2 -148.3 comprehensive loss Treasury stock at cost; 48,978,022 and 40,631,613 shares as of -3,201.6 -2,519.2 September 30, 2026 and December 31, 2025, respectively Total Ingersoll Rand stockholders’ $ 10,503.0 $ 10,089.8 equity Noncontrolling interests 65.0 64.2 Total stockholders’ equity $ 10,568.0 $ 10,154.0 Total liabilities and stockholders’ $ 18,613.2 $ 18,297.2 equity
Nine Month Period Ended September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash Flows From Operating Activities: Net income $ 1,123.4 $ 320.4 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of intangible 317.5 277.8 assets Depreciation 89.9 87.2 Impairment of goodwill and other — 265.8 intangible assets Stock-based compensation 49.8 45.8 expense Loss on equity method — 127.1 investments Foreign currency 8.2 15.6 transaction losses, net Non-cash adjustments to carrying value 16.5 15.5 of LIFO inventories Other non-cash adjustments 5.5 7.2 Changes in assets and liabilities: Receivables -7.7 23.3 Inventories -104.4 -109.6 Accounts payable -89.8 -69.2 Accrued liabilities 97.2 3.3 Other assets and -364.9 -153.5 liabilities, net Net cash provided by operating 1,143.4 856.7 activities Cash Flows Used In Investing Activities: Capital expenditures -87.8 -98.1 Net cash paid in -252.0 -459.8 acquisitions Proceeds from disposals of property, 5.0 — plant and equipment Net cash used in investing -334.8 -557.9 activities Cash Flows Used In Financing Activities: Purchases of treasury stock, including -689.1 -703.8 excise tax payments Cash dividends on common -23.3 -24.0 shares Proceeds from stock option 19.2 12.8 exercises Payments of deferred and contingent -9.8 -6.2 acquisition consideration Other financing -3.8 -5.4 Net cash used in financing -706.8 -726.6 activities Effect of exchange rate changes on cash -7.9 63.2 and cash equivalents Net increase (decrease) in cash and cash 93.9 -364.6 equivalents Cash and cash equivalents, beginning of 1,248.8 1,541.2 period Cash and cash equivalents, $ 1,342.7 $ 1,176.6 end of period
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME ATTRIBUTABLE TO INGERSOLL RAND INC. AND ADJUSTED DILUTED EARNINGS PER SHARE
1 Basic and diluted earnings per share (as reported) are calculated by dividing net income attributable to Ingersoll Rand Inc. by the basic and diluted average shares outstanding for the respective periods.
2 Adjusted diluted share count and adjusted diluted earnings per share include incremental dilutive shares, using the treasury stock method, which are added to average shares outstanding. 10
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET INCOME AND CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW
For the Three Month Period Ended September 30, 2026 ────────────────────────────────────────────────────────────────────────────── Orders Revenue Ingersoll Rand Organic growth 18.2 % 3.9 % Impact of foreign 0.8 % 0.3 % currency Impact of 1.7 % 1.4 % acquisitions Total orders and 20.7 % 5.6 % revenue growth Industrial Technologies & Services Organic growth 22.1 % 3.5 % Impact of foreign 1.2 % 0.5 % currency Impact of 1.4 % 1.2 % acquisitions Total orders and 24.7 % 5.2 % revenue growth Precision & Science Technologies Organic growth 4.2 % 5.5 % Impact of foreign (0.2 %) (0.4 %) currency Impact of 2.5 % 2.2 % acquisitions Total orders and 6.5 % 7.3 % revenue growth
1 Organic growth/(decline), impact of foreign currency, and impact of acquisitions are non-GAAP measures. References to “impact of acquisitions” refer to GAAP sales from acquired businesses recorded prior to the first anniversary of the acquisition. The portion of GAAP revenue attributable to currency translation is calculated as the difference between (a) the period-to-period change in revenue (excluding acquisition sales) and (b) the period-to-period change in revenue (excluding acquisition sales) after applying prior year foreign exchange rates to the current year period. 13
Full text with the tables
Ingersoll Rand Reports Third Quarter 2026 Results
IRX-driven execution delivers robust organic orders and revenue growth
Third Quarter 2026 Highlights
(All comparisons against the third quarter of 2025 unless otherwise noted).
Performance driven by its competitive differentiator - Ingersoll Rand Execution
Excellence (IRX):
• Reported orders of $2,345 million, up 21%, or up 18% organic
• Reported revenues of $2,065 million, up 6%, or up 4% organic 1
• Reported net income attributable to Ingersoll Rand Inc. of $670 million, $1.73
per share
◦ Adjusted net income attributable to Ingersoll Rand Inc. 1 of $415 million,
$1.07 per share, up 24%
◦ Adjusted net income attributable to Ingersoll Rand Inc. 1 , excluding IEEPA
Tariff Refunds, of $390 million, $1.01 per share, up 17%
• Adjusted EBITDA 1 of $584 million, up 7%, with a margin of 28.3%
◦ Adjusted EBITDA 1 , excluding IEEPA Tariff Refunds, of $552 million, up 1%,
with a margin of 26.7%
• Reported operating cash flow of $648 million and free cash flow 1 of $623
million
• Liquidity of $3.9 billion as of September 30, 2026, including $1.3 billion of
cash on hand and undrawn capacity of $2.6 billion under available credit
facilities
DAVIDSON, N.C. - October 29, 2026 -
Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow
creation and life science and industrial solutions, reported its results for the
third quarter 2026.
"We delivered strong organic orders growth and revenue performance in the third
quarter, reflecting an improved demand environment and continued execution by
our teams," said Vicente Reynal, chairman and chief executive officer of
Ingersoll Rand. "We saw healthy short-to-medium cycle and long cycle business
activity across our geographies and end markets, and IRX continues to be a key
differentiator with our teams remaining focused on controlling what we can
control."
Third Quarter 2026 Segment Review
(All comparisons against the third quarter of 2025 unless otherwise noted.)
Industrial Technologies and Services Segment (IT&S): Broad range of compressor,
vacuum, blower, and air treatment solutions as well as industrial technologies
including power tools and lifting equipment
•
Reported Orders
of $1,898 million, up 25%, or up 22% organic
•
Reported Revenues
of $1,620 million, up 5%, or up 4% organic 1
•
Reported Segment Adjusted EBITDA
of $476 million, up 6%
◦ Segment Adjusted EBITDA, excluding IEEPA Tariff Refunds, of $451 million, up
1%
•
Reported Segment Adjusted EBITDA Margin
of 29.4%, up 40 basis points
◦ Segment Adjusted EBITDA Margin, excluding IEEPA Tariff Refunds, of 27.8%, down
120 basis points
• IT&S delivered positive organic revenue growth in all regions in the quarter,
with a book to bill of 1.17x. Organic orders growth was driven by a pickup in
bookings of long-cycle projects, including a ~$195 million order for an
engineered-to-order solution for large-scale, mission-critical infrastructure,
as well as by continued strong momentum in the short-to-medium cycle business.
Adjusted EBITDA margin excluding IEEPA Tariff Refunds was down 120 basis points
year over year, primarily due to continued inflationary pressures, and up 100
basis points sequentially from Q2 2026.
1 Non-GAAP measure (definitions and/or reconciliations in tables below)
1
Precision and Science Technologies Segment (P&ST): Mission-critical precision
liquid, gas, air, and powder handling technologies for life sciences and
industrial applications as well as aerospace and defense applications
•
Reported Orders
of $448 million, up 7%, or up 4% organic
•
Reported Revenues
of $445 million, up 7%, or up 6% organic 1
•
Reported Segment Adjusted EBITDA
of $153 million, up 20%
◦ Segment Adjusted EBITDA, excluding IEEPA Tariff Refunds, of $145 million, up
14%
•
Reported Segment Adjusted EBITDA Margin
of 34.3%, up 350 basis points
◦ Segment Adjusted EBITDA Margin, excluding IEEPA Tariff Refunds, of 32.6%, up
180 basis points
• P&ST delivered strong orders and revenue in the third quarter, with a book-to-
bill of 1.01x. Life Sciences was particularly strong in the quarter, where
orders and revenue were up low double digits. Adjusted EBITDA margin excluding
IEEPA Tariff Refunds finished at 32.6%, which was up 180 basis points year over
year, and up 110 basis points sequentially from Q2 2026.
Balance Sheet and Cash Flow
Ingersoll Rand remains in a strong financial position with ample liquidity of
$3.9 billion. On a reported basis, the Company generated $648 million of cash
flow from operating activities and invested $25 million in capital expenditures,
resulting in free cash flow 1 of $623 million, compared to cash flow from
operating activities of $355 million and free cash flow 1 of $326 million in the
prior year period. Net debt to Adjusted EBITDA leverage 2 was 1.6x for the third
quarter, which was a decrease of 0.2x as compared to the third quarter of the
prior year.
The Board also authorized a $2 billion increase to the Company’s share
repurchase program. This increase is incremental to the $313 million remaining
under the existing authorization. The increased authorization provides the
Company with the flexibility for additional opportunistic share repurchases over
the short and medium term.
These authorizations do not have any expiration date and allow Ingersoll Rand to
repurchase shares from time to time, in the open market at prevailing market
prices (including through Rule 10b5-1 plans), in privately negotiated
transactions, a combination thereof, or through other transactions. The actual
timing, number, manner, and value of any shares repurchased will depend on
several factors, including the market price of the Company’s stock, general
market and economic conditions, the Company’s liquidity requirements, applicable
legal requirements, and other business considerations.
Consistent with our comprehensive capital allocation strategy led by M&A, in the
third quarter of 2026, Ingersoll Rand deployed $90 million to M&A, including for
the previously announced acquisition of Lone Star Blower, Inc. The Company also
returned approximately $358 million to shareholders through $350 million in
share repurchases and $8 million through its quarterly dividend payment in the
third quarter.
The Company also expects to close on the acquisition of a U.S.-based pump
manufacturer on October 30, 2026.
ILC Dover Transaction Update
Ingersoll Rand reached a series of settlement agreements with insurance carriers
and other third parties related to the ILC Dover transaction for gross
recoveries of approximately $425.1 million, inclusive of the $187.5 million
recovery announced in July 2026. $25.0 million was collected in Q2 2026, and
$162.5 million was collected in Q3 2026. The Company expects to collect the
remainder of the recoveries in the fourth quarter.
2 Calculated as Net Debt to LTM Adjusted EBITDA
2
2026 Guidance
3,4,5,6
Ingersoll Rand is updating its full-year 2026 guidance.
Guidance Metric Full Year 2026 Full Year Assumptions
•Currency5: ~+1%
Revenue Growth3 5.5% to 7.0% •M&A6: ~+2.5%
•Organic growth4: +2% to
+3.5%
Adjusted EBITDA4excl. Q3
IEEPA Tariff $2,130M - $2,190M •Corporate costs: ~$170M
Refunds
Adjusted EPS4excl. Q3 •Net interest expense:
IEEPA Tariff $3.58 to $3.70 ~$230M
Refunds •Adjusted tax rate: ~20%
•Share count: ~390.5M
•Expect to deliver 100%+
FCF conversion including
the impact of ILC Dover
Free Cash Flow to Adj. transaction-related
Net Income 100%+ recoveries; excluding
conversion4 these recoveries, expected
FCF conversion remains
unchanged at ~95%
•CAPEX: ~2% of sales
Reconciliations of non-GAAP measures related to full-year 2026 guidance have not
been provided due to the unreasonable efforts it would take to provide such
reconciliations due to the high variability, complexity and uncertainty with
respect to forecasting and quantifying certain amounts that are necessary for
such reconciliations, including net income (loss) and adjustments that could be
made for acquisitions-related expenses, restructuring and other business
transformation costs, gains or losses on foreign currency exchange and the
timing and magnitude of other amounts in the reconciliation of historic numbers.
For the same reasons, we are unable to address the probable significance of the
unavailable information, which could have a potentially unpredictable, and
potentially significant, impact on our future GAAP financial results.
Conference Call
Ingersoll Rand will host a live earnings conference call to discuss the third
quarter results on Friday, October 30, 2026 at 8:00 a.m. (Eastern Time). To
participate in the call, please dial +1-833-461-5787, domestically, or
+1-585-542-9983, internationally, and use Meeting ID # 973 748 334. A real-time
audio webcast of the presentation can be accessed via the Events and
Presentations section of the Ingersoll Rand Investor Relations website
(https://investors.irco.com), where related materials will be posted prior to
the conference call. A replay of the webcast will be available after conclusion
of the conference and can be accessed on the Ingersoll Rand Investor Relations
website.
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995, including statements
related to the expectations of Ingersoll Rand Inc. (the “Company” or “Ingersoll
Rand”), regarding the performance of its business, its financial results, its
liquidity and capital resources and other non-historical statements. These
forward-looking statements generally are identified by the words “believe,”
“project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,”
“endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,”
“should,” “will,” “would,” “will be,” “on track to” “will continue,” “will
likely result,” “guidance” or the negative thereof or variations thereon
3 All revenue outlook commentary expressed in percentages and based on growth as
compared to 2025
4 Non-GAAP measure (definitions in tables below)
5 Based on September 2026 FX rates; does not include impact of FX on M&A
6 Reflects revenue from all completed and closed M&A transactions as of October
30, 2026
3
or similar terminology generally intended to identify forward-looking
statements. All statements other than historical facts are forward-looking
statements.
These forward-looking statements are based on Ingersoll Rand’s current
expectations and are subject to risks and uncertainties, which may cause actual
results to differ materially from these current expectations. Should one or more
of these risks or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those indicated or
anticipated by such forward-looking statements. The inclusion of such statements
should not be regarded as a representation that such plans, estimates or
expectations will be achieved. Important factors that could cause actual results
to differ materially from such plans, estimates or expectations include, among
others, (1) adverse impact on our operations and financial performance due to
geopolitical tensions, natural disaster, catastrophe, global pandemics, cyber
events, or other events outside of our control; (2) unexpected costs, charges or
expenses resulting from completed and proposed business combinations; (3)
uncertainty of the expected financial performance of the Company; (4) failure to
realize the anticipated benefits of completed and proposed business
combinations; (5) the ability of the Company to implement its business strategy;
(6) difficulties and delays in achieving revenue and cost synergies; (7)
inability of the Company to retain and hire key personnel; (8) evolving legal,
regulatory and tax regimes; (9) changes in general economic and/or industry
specific conditions; (10) actions by third parties, including government
agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent
Annual Report on Form 10-K filed with the Securities and Exchange Commission
(the “SEC”), as such factors may be updated from time to time in its periodic
filings with the SEC, which are available on the SEC’s website at
http://www.sec.gov. The foregoing list of important factors is not exclusive.
Any forward-looking statements speak only as of the date of this release.
Ingersoll Rand undertakes no obligation to update any forward-looking
statements, whether as a result of new information or developments, future
events or otherwise, except as required by law. Readers are cautioned not to
place undue reliance on any of these forward-looking statements.
About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE: IR), driven by an entrepreneurial spirit and
ownership mindset, is dedicated to Making Life Better for our employees,
customers, shareholders, and planet. Customers lean on us for exceptional
performance and durability in mission-critical flow creation and life science
and industrial solutions. Supported by over 80+ respected brands, our products
and services excel in the most complex and harsh conditions. Our employees
develop customers for life through their daily commitment to expertise,
productivity, and efficiency. For more information, visit IRCO.com.
# # #
Non-U.S. GAAP Measures of Financial Performance
In addition to consolidated GAAP financial measures, Ingersoll Rand reviews
various non-GAAP financial measures, including “Organic Revenue
Growth/(Decline),” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” “Adjusted Net
Income,” “Adjusted Net Income Attributable to Ingersoll Rand, Inc.,” “Adjusted
Diluted EPS,” “Free Cash Flow” and “Free Cash Flow Margin.”
Ingersoll Rand believes Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net
Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc., and Adjusted
Diluted EPS are helpful supplemental measures to assist management and investors
in evaluating the Company’s operating results as they exclude certain items that
are unusual in nature or whose fluctuation from period to period do not
necessarily correspond to changes in the operations of Ingersoll Rand’s
business. Ingersoll Rand believes Organic Revenue Growth/(Decline) is a helpful
supplemental measure to assist management and investors in evaluating the
Company’s operating results as it excludes the impact of foreign currency and
acquisitions on revenue growth. Adjusted EBITDA represents net income before
interest, taxes, depreciation, amortization and certain non-cash, non-recurring
and other adjustment items. Adjusted EBITDA Margin is defined as Adjusted EBITDA
divided by Revenue. Adjusted Net Income is defined as net income including
interest, depreciation and amortization of non-acquisition related intangible
assets and excluding other items used to calculate Adjusted EBITDA and further
adjusted for the tax effect of these exclusions. Adjusted Net Income
Attributable to Ingersoll Rand, Inc., is defined as Adjusted Net Income less net
income attributable to noncontrolling interest. Adjusted Diluted EPS is defined
as Adjusted Net Income divided by Adjusted Diluted Average Shares Outstanding.
Organic Revenue Growth/(Decline) is defined as As Reported Revenue growth less
the impacts of Foreign Currency and Acquisitions. Ingersoll Rand believes that
the adjustments applied in presenting Adjusted EBITDA, Adjusted Net Income, and
Adjusted Net Income Attributable to Ingersoll Rand, Inc. are appropriate to
provide additional information to investors about certain material non-cash
items and about non-recurring items that the Company does not expect to continue
at the same level in the future. Incrementals/Decrementals are defined as the
change in Adjusted EBITDA versus the prior year period divided by the change in
revenue versus the prior year period.
4
Ingersoll Rand uses Free Cash Flow and Free Cash Flow Margin to review the
liquidity of its operations. Ingersoll Rand measures Free Cash Flow as cash
flows from operating activities less capital expenditures. Free Cash Flow Margin
is defined as Free Cash Flow divided by Revenue. Ingersoll Rand believes Free
Cash Flow and Free Cash Flow Margin are useful supplemental financial measures
for management and investors in assessing the Company’s ability to pursue
business opportunities and investments and to service its debt. Free Cash Flow
is not a measure of our liquidity under GAAP and should not be considered as an
alternative to cash flows from operating activities.
Management and Ingersoll Rand’s board of directors regularly use these measures
as tools in evaluating the Company’s operating and financial performance and in
establishing discretionary annual compensation. Such measures are provided in
addition to and should not be considered to be a substitute for, or superior to,
the comparable measures under GAAP. In addition, Ingersoll Rand believes that
Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA Margin,
Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc.,
Adjusted Diluted EPS, Incrementals/Decrementals, Free Cash Flow and Free Cash
Flow Margin are frequently used by investors and other interested parties in the
evaluation of issuers, many of which also present Adjusted EBITDA, Adjusted
EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to
Ingersoll Rand, Inc., Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow
Margin when reporting their results in an effort to facilitate an understanding
of their operating and financial results and liquidity.
Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA Margin,
Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc.,
Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Margin should not be
considered as alternatives to revenue growth, net income, diluted earnings per
share or any other performance measure derived in accordance with GAAP, or as
alternatives to cash flow from operating activities as a measure of our
liquidity. Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA
Margin, Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand,
Inc., Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Margin have
limitations as analytical tools, and you should not consider such measures
either in isolation or as substitutes for analyzing Ingersoll Rand’s results as
reported under GAAP.
Reconciliations of Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted
EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to
Ingersoll Rand, Inc., Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow
Margin to their most comparable U.S. GAAP financial metrics for historical
periods are presented in the tables below.
Reconciliations of non-GAAP measures related to full-year 2026 guidance have not
been provided due to the unreasonable efforts it would take to provide such
reconciliations due to the high variability, complexity and uncertainty with
respect to forecasting and quantifying certain amounts that are necessary for
such reconciliations, including net income (loss) and adjustments that could be
made for acquisitions-related expenses, restructuring and other business
transformation costs, gains or losses on foreign currency exchange and the
timing and magnitude of other amounts in the reconciliation of historic numbers.
For the same reasons, we are unable to address the probable significance of the
unavailable information, which could have a potentially unpredictable, and
potentially significant, impact on our future GAAP financial results.
Due to rounding, numbers presented throughout this release may not sum precisely
to the totals provided and percentages may not precisely reflect the absolute
figures.
Contacts:
Investor Relations: Media:
Max Vorcheimer Sara Hassell
Max.Vorcheimer@irco.com Sara.Hassell@irco.com
5
INGERSOLL RAND INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
For the For the
Three Nine
Month Month
Period Period
Ended Ended
Septem… Septemb…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Revenu… $ 2,064.9 $ 1,955.0 $ 5,960.9 $ 5,559.7
Cost of 1,140.6 1,099.8 3,381.6 3,114.1
sales
Gross 924.3 855.2 2,579.3 2,445.6
Profit
Selling
and 389.7 361.0 1,161.2 1,082.2
admini…
expens…
Amorti…
of 107.4 94.9 317.5 277.8
intang…
assets
Impair…
of — — — 229.7
goodwi…
Impair…
of
other — — — 36.1
intang…
assets
Other
operat…
expense -355.3 23.8 -351.9 65.4
(incom…
net
Operat… 782.5 375.5 1,452.5 754.4
Income
Intere… 62.7 65.1 189.8 189.0
expense
Other
income, -5.4 -9.0 -19.5 -35.2
net
Income
Before 725.2 319.4 1,282.2 600.6
Income
Taxes
Provis…
for 53.6 73.6 158.8 153.1
income
taxes
Loss on
equity — — — -127.1
method
invest…
Net 671.6 245.8 1,123.4 320.4
Income
Less:
Net
income
attrib… 1.7 1.7 4.6 5.1
to
noncon…
intere…
Net
Income
Attrib…
to $ 669.9 $ 244.1 $ 1,118.8 $ 315.3
Ingers…
Rand
Inc.
Basic
earnin… 1.74 0.62 2.88 0.79
per
share
Diluted
earnin… 1.73 0.61 2.86 0.78
per
share
6
INGERSOLL RAND INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except share amounts)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Current assets:
Cash and cash equivalents $ 1,342.7 $ 1,248.8
Accounts receivable, net of
allowance
for credit losses of $67.0 1,532.5 1,518.0
and $66.8,
respectively
Inventories 1,258.1 1,172.9
Other current assets 575.6 308.3
Total current assets 4,708.9 4,248.0
Property, plant and
equipment, net of
accumulated depreciation of 908.4 930.3
$770.2 and
$689.6, respectively
Goodwill 8,571.1 8,484.1
Other intangible assets, 4,022.0 4,240.3
net
Deferred tax assets 43.3 38.7
Other assets 359.5 355.8
Total assets $ 18,613.2 $ 18,297.2
Liabilities and
Stockholders' Equity
Current liabilities:
Short-term borrowings and
current $ 700.2 $ 1.4
maturities of long-term
debt
Accounts payable 897.3 996.1
Accrued liabilities 1,190.1 1,068.8
Total current liabilities 2,787.6 2,066.3
Long-term debt, less 4,036.3 4,783.3
current maturities
Pensions and other
postretirement 122.6 134.2
benefits
Deferred income tax 668.9 696.9
liabilities
Other liabilities 429.8 462.5
Total liabilities $ 8,045.2 $ 8,143.2
Stockholders’ equity:
Common stock, $0.01 par
value;
1,000,000,000 shares
authorized;
432,993,020 and 431,753,302 4.3 4.3
shares
issued as of September 30,
2026 and
December 31, 2025,
respectively
Capital in excess of par 9,765.9 9,699.9
value
Retained earnings 4,148.6 3,053.1
Accumulated other -214.2 -148.3
comprehensive loss
Treasury stock at cost;
48,978,022 and
40,631,613 shares as of -3,201.6 -2,519.2
September 30,
2026 and December 31, 2025,
respectively
Total Ingersoll Rand
stockholders’ $ 10,503.0 $ 10,089.8
equity
Noncontrolling interests 65.0 64.2
Total stockholders’ equity $ 10,568.0 $ 10,154.0
Total liabilities and
stockholders’ $ 18,613.2 $ 18,297.2
equity
7
INGERSOLL RAND INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Nine Month Period Ended
September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash Flows From Operating
Activities:
Net income $ 1,123.4 $ 320.4
Adjustments to reconcile
net income to
net cash provided by
operating
activities:
Amortization of intangible 317.5 277.8
assets
Depreciation 89.9 87.2
Impairment of goodwill and
other — 265.8
intangible assets
Stock-based compensation 49.8 45.8
expense
Loss on equity method — 127.1
investments
Foreign currency 8.2 15.6
transaction losses, net
Non-cash adjustments to
carrying value 16.5 15.5
of LIFO inventories
Other non-cash adjustments 5.5 7.2
Changes in assets and
liabilities:
Receivables -7.7 23.3
Inventories -104.4 -109.6
Accounts payable -89.8 -69.2
Accrued liabilities 97.2 3.3
Other assets and -364.9 -153.5
liabilities, net
Net cash provided by
operating 1,143.4 856.7
activities
Cash Flows Used In
Investing Activities:
Capital expenditures -87.8 -98.1
Net cash paid in -252.0 -459.8
acquisitions
Proceeds from disposals of
property, 5.0 —
plant and equipment
Net cash used in investing -334.8 -557.9
activities
Cash Flows Used In
Financing Activities:
Purchases of treasury
stock, including -689.1 -703.8
excise tax payments
Cash dividends on common -23.3 -24.0
shares
Proceeds from stock option 19.2 12.8
exercises
Payments of deferred and
contingent -9.8 -6.2
acquisition consideration
Other financing -3.8 -5.4
Net cash used in financing -706.8 -726.6
activities
Effect of exchange rate
changes on cash -7.9 63.2
and cash equivalents
Net increase (decrease) in
cash and cash 93.9 -364.6
equivalents
Cash and cash equivalents,
beginning of 1,248.8 1,541.2
period
Cash and cash equivalents, $ 1,342.7 $ 1,176.6
end of period
8
INGERSOLL RAND INC. AND SUBSIDIARIES
UNAUDITED ADJUSTED FINANCIAL INFORMATION
(Dollars in millions)
For For
the the
Three Nine
Month Month
Peri… Peri…
Ended Ended
Sept… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Rev… $ 2,06… $ 1,95… $ 5,96… $ 5,55…
Adj… $ 584.4 $ 544.6 $ 1,57… $ 1,51…
EBI…
Adj…
EBI… 28.3 % 27.9 % 26.4 % 27.2 %
Mar…
Free
Cash $ 623.3 $ 325.5 $ 1,05… $ 758.6
Flow
Free
Cash 30.2 % 16.6 % 17.7 % 13.6 %
Flow
Mar…
9
INGERSOLL RAND INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME
ATTRIBUTABLE TO INGERSOLL RAND INC. AND ADJUSTED DILUTED EARNINGS PER SHARE
(Unaudited; in millions)
For the For the
Three Nine
Month Month
Period Period
Ended Ended
September September
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 671.6 $ 245.8 $ 1,123.4 $ 320.4
Income
Plus:
Provisi…
for 53.6 73.6 158.8 153.1
income
taxes
Amortiz…
of
acquisi… 105.2 92.3 310.8 270.4
related
intangi…
assets
Impairm…
of
goodwill
and — — — 265.8
other
intangi…
assets
Restruc…
and
related 6.7 19.9 18.6 28.7
business
transfo…
costs
Acquisi…
and
other
transac…
related 13.2 0.4 24.1 22.0
expenses
and
non-cash
charges,
net
Stock-b… 16.1 14.9 49.8 45.8
compens…
Foreign
currency
transac… 3.3 2.8 8.2 15.6
losses,
net
Loss on
equity — — — 127.1
method
investm…
Adjustm…
to LIFO 4.9 5.2 16.5 15.5
invento…
Cyberse…
incident — — — -1.3
costs
Recovery
of
acquisi… -380.1 — -405.1 —
related
losses,
net
Other 2.1 -0.9 1.9 -4.7
adjustm…
Minus:
Income
tax
provisi… 80.0 108.4 246.5 294.4
as
adjusted
Adjusted
Net 416.6 345.6 1,060.5 964.0
Income
Less:
Net
income
attribu… 1.7 1.7 4.6 5.1
to
noncont…
interest
Adjusted
Net
Income
Attribu… $ 414.9 $ 343.9 $ 1,055.9 $ 958.9
to
Ingerso…
Rand
Inc.
Adjusted
Basic
Earnings $ 1.08 $ 0.87 $ 2.71 $ 2.40
Per
Share1
Adjusted
Diluted
Earnings $ 1.07 $ 0.86 $ 2.70 $ 2.38
Per
Share1,2
Average
shares
outstan…
Basic,
as 385.9 396.0 389.0 399.9
reported
Diluted,
as 388.1 399.0 391.3 402.9
reported
Adjusted 388.1 399.0 391.3 402.9
diluted2
1 Basic and diluted earnings per share (as reported) are calculated by dividing
net income attributable to Ingersoll Rand Inc. by the basic and diluted average
shares outstanding for the respective periods.
2 Adjusted diluted share count and adjusted diluted earnings per share include
incremental dilutive shares, using the treasury stock method, which are added to
average shares outstanding.
10
INGERSOLL RAND INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET INCOME
AND CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW
(Unaudited; in millions)
For the For the
Three Nine
Month Month
Period Period
Ended Ended
September Septemb…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 671.6 $ 245.8 $ 1,123.4 $ 320.4
Income
Plus:
Intere… 62.7 65.1 189.8 189.0
expense
Provis…
for 53.6 73.6 158.8 153.1
income
taxes
Deprec… 28.9 28.2 86.5 83.4
expense
Amorti… 107.4 94.9 317.5 277.8
expense
Impair…
of
goodwi…
and — — — 265.8
other
intang…
assets
Restru…
and
related 6.7 19.9 18.6 28.7
busine…
transf…
costs
Acquis…
and
other
transa…
related 13.2 0.4 24.1 22.0
expens…
and
non-ca…
charge…
net
Stock-… 16.1 14.9 49.8 45.8
compen…
Foreign
curren…
transa… 3.3 2.8 8.2 15.6
losses,
net
Loss on
equity — — — 127.1
method
invest…
Adjust…
to LIFO 4.9 5.2 16.5 15.5
invent…
Cybers…
incide… — — — -1.3
costs
Recove…
of
acquis… -380.1 — -405.1 —
related
losses,
net
Intere…
income
on cash -6.0 -5.3 -16.6 -24.5
and
cash
equiva…
Other 2.1 -0.9 1.9 -4.7
adjust…
Adjust… $ 584.4 $ 544.6 $ 1,573.4 $ 1,513.7
EBITDA
Minus:
Intere… 62.7 65.1 189.8 189.0
expense
Income
tax
provis… 80.0 108.4 246.5 294.4
as
adjust…
Deprec… 28.9 28.2 86.5 83.4
expense
Amorti…
of
non-ac… 2.2 2.6 6.7 7.4
related
intang…
assets
Intere…
income
on cash -6.0 -5.3 -16.6 -24.5
and
cash
equiva…
Adjust…
Net $ 416.6 $ 345.6 $ 1,060.5 $ 964.0
Income
Free
Cash
Flow:
Cash
flows
from $ 647.8 $ 354.6 $ 1,143.4 $ 856.7
operat…
activi…
Minus:
Capital 24.5 29.1 87.8 98.1
expend…
Free
Cash $ 623.3 $ 325.5 $ 1,055.6 $ 758.6
Flow
11
INGERSOLL RAND INC. AND SUBSIDIARIES
RECONCILIATION OF SEGMENT ADJUSTED EBITDA TO NET INCOME
(Unaudited; in millions)
For the For the
Three Nine
Month Month
Period Period
Ended Ended
Septem… Septemb…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Orders
Indust…
Techno… $ 1,897.5 $ 1,522.2 $ 5,076.1 $ 4,570.1
and
Servic…
Precis…
and 447.6 420.1 1,289.9 1,194.1
Science
Techno…
Total $ 2,345.1 $ 1,942.3 $ 6,366.0 $ 5,764.2
Orders
Revenue
Indust…
Techno… $ 1,620.0 $ 1,540.5 $ 4,686.6 $ 4,384.2
and
Servic…
Precis…
and 444.9 414.5 1,274.3 1,175.5
Science
Techno…
Total $ 2,064.9 $ 1,955.0 $ 5,960.9 $ 5,559.7
Revenue
Segment
Adjust…
EBITDA
Indust…
Techno… $ 475.7 $ 447.5 $ 1,295.7 $ 1,263.8
and
Servic…
Precis…
and 152.5 127.6 408.9 350.6
Science
Techno…
Total
Segment $ 628.2 $ 575.1 $ 1,704.6 $ 1,614.4
Adjust…
EBITDA
Less
items
to
reconc…
Segment
Adjust…
EBITDA
to
Income
Before
Income
Taxes:
Corpor…
expens…
not $ 43.8 $ 30.5 $ 131.2 $ 100.7
alloca…
to
segmen…
Intere… 62.7 65.1 189.8 189.0
expense
Deprec…
and 136.3 123.1 404.0 361.2
amorti…
expense
Impair…
of
goodwi…
and — — — 265.8
other
intang…
assets
Restru…
and
related 6.7 19.9 18.6 28.7
busine…
transf…
costs
Acquis…
and
other
transa…
related 13.2 0.4 24.1 22.0
expens…
and
non-ca…
charge…
net
Stock-… 16.1 14.9 49.8 45.8
compen…
Foreign
curren…
transa… 3.3 2.8 8.2 15.6
losses,
net
Adjust…
to LIFO 4.9 5.2 16.5 15.5
invent…
Cybers…
incide… — — — -1.3
costs
Recove…
of
acquis… -380.1 — -405.1 —
related
losses,
net
Intere…
income
on cash -6.0 -5.3 -16.6 -24.5
and
cash
equiva…
Other 2.1 -0.9 1.9 -4.7
adjust…
Income
Before 725.2 319.4 1,282.2 600.6
Income
Taxes
Provis…
for 53.6 73.6 158.8 153.1
income
taxes
Loss on
equity — — — -127.1
method
invest…
Net $ 671.6 $ 245.8 $ 1,123.4 $ 320.4
Income
12
INGERSOLL RAND INC. AND SUBSIDIARIES
ORDERS AND REVENUE GROWTH BY SEGMENT
1
For the Three Month
Period Ended
September 30, 2026
──────────────────────────────────────────────────────────────────────────────
Orders Revenue
Ingersoll Rand
Organic growth 18.2 % 3.9 %
Impact of foreign 0.8 % 0.3 %
currency
Impact of 1.7 % 1.4 %
acquisitions
Total orders and 20.7 % 5.6 %
revenue growth
Industrial
Technologies &
Services
Organic growth 22.1 % 3.5 %
Impact of foreign 1.2 % 0.5 %
currency
Impact of 1.4 % 1.2 %
acquisitions
Total orders and 24.7 % 5.2 %
revenue growth
Precision & Science
Technologies
Organic growth 4.2 % 5.5 %
Impact of foreign (0.2 %) (0.4 %)
currency
Impact of 2.5 % 2.2 %
acquisitions
Total orders and 6.5 % 7.3 %
revenue growth
1 Organic growth/(decline), impact of foreign currency, and impact of
acquisitions are non-GAAP measures. References to “impact of acquisitions” refer
to GAAP sales from acquired businesses recorded prior to the first anniversary
of the acquisition. The portion of GAAP revenue attributable to currency
translation is calculated as the difference between (a) the period-to-period
change in revenue (excluding acquisition sales) and (b) the period-to-period
change in revenue (excluding acquisition sales) after applying prior year
foreign exchange rates to the current year period.
13