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Changes in U.S. tariff policy or reciprocal tariffs by foreign governments, remain uncertain and could impact our financial results.
Read in the filing ↗ Also in 10-Q of Apr 29, 2026, 10-Q of Jul 31, 2026, 10-Q of Oct 30, 2026
primarily due to unfavorable cost leverage on lower organic revenues, unfavorable product mix, and tariff related pricing targeted to offset tariff cost increases one for one, partially offset by cost measures.
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The current U.S. presidential administration has implemented tariffs on imports from various countries, including tariffs on steel and aluminum products under Section 232 of the Trade Expansion Act of 1962, which also apply to certain derivative steel products used in our operations. Some affected countries have announced or imposed reciprocal tariffs on U.S. goods. These measures have contributed to higher costs for certain materials and components. The extent and duration of these tariffs, and their effect on economic conditions and our business, remain uncertain and depend on factors such as legal challenges, negotiations between the U.S. and other countries, potential relief measures, availability and cost of alternative supply sources, and demand for our products in affected markets. Tariffs may increase costs or reduce demand for our products, which could
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◦ Segment Adjusted EBITDA, excluding IEEPA Tariff Refunds, of $451 million, up 1%
Read in the filing ↗ Also in 8-K of Oct 29, 2026
◦ Segment Adjusted EBITDA Margin, excluding IEEPA Tariff Refunds, of 27.8%, down 120 basis points
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◦ Segment Adjusted EBITDA Margin, excluding IEEPA Tariff Refunds, of 32.6%, up 180 basis points
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productivity and product mix of $25.4 million, and higher selling and administrative costs of $6.4 million. The decrease in Adjusted EBITDA as a percentage of revenues is primarily attributable to unfavorable cost leverage on lower organic volumes, tariff related pricing targeted to offset tariff cost increases one for one, and the decretive impact of acquisitions.
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In February 2026, the United States Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) on goods imported into the United States were unauthorized. Following this ruling, and effective on April 20, 2026, the United States Customs and Border Protection launched a platform for importers of record to submit IEEPA tariff refund requests.
Read in the filing ↗ Also in 10-Q of Oct 30, 2026
… government announced tariffs on goods imported from various countries to the United States. Countries subject to such tariffs have imposed, or may in the future, impose reciprocal or retaliatory tariffs and other trade measures. In February 2026, the United States Supreme Court ruled that tariffs imposed under IEEPA on goods imported into the United States were unauthorized. Following this ruling …
Read in the filing ↗ Also in 10-Q of Oct 30, 2026, 10-Q of Apr 29, 2026, 10-Q of Jul 31, 2025, 10-Q of Oct 31, 2025
◦ Adjusted EBITDA 1 , excluding IEEPA Tariff Refunds, of $552 million, up 1%, with a margin of 26.7%
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◦ Adjusted net income attributable to Ingersoll Rand Inc. 1 , excluding IEEPA Tariff Refunds, of $390 million, $1.01 per share, up 17%
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• IT&S saw its second consecutive quarter of organic orders growth, with a book to bill of 1.05x, and a first half book to bill of 1.07x. Adjusted EBITDA margin was down year over year, driven largely by the flow-through on organic volume declines, the expected dilutive impact from recently acquired acquisitions, tariff pricing which offset tariff costs one-for-one, and continued commercial investments for growth.
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• IT&S orders, excluding the impact from the Middle East, finished approximately flat on an organic basis. The Company expects these Middle East orders to be recovered throughout the balance of the year. Revenue finished in line with expectations resulting in a book to bill of 1.08x. Adjusted EBITDA margin was down year over year, driven largely by the flow-through on organic volume declines, tariff pricing which offset tariff costs one-for-one, and continued commercial investments for growth.
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(1) The nine month period ended September 30, 2026 includes $187.5 million collected related to the representations and warranties settlement and $42.6 million from IEEPA tariff refunds.
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gross profit of $13.4 million or 1.1% (inclusive of IEEPA tariff refunds of $33.7 million) and higher selling and administrative costs of $1.3 million or 0.1%.
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Gross profit in 2025 was $3,336.3 million, an increase of $166.3 million, or 5.2%, compared to $3,170.0 million in 2024, and as a percentage of revenues was 43.6% in 2025 and 43.8% in 2024. The increase in gross profit is primarily due to acquisitions discussed above. The decrease in gross profit as a percentage of revenues is primarily due to unfavorable cost leverage on lower organic volumes and tariff related pricing targeted to offset tariff cost increases one for one.
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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
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(2) The three and nine month periods ended September 30, 2026 include $162.5 million and $187.5 million, respectively, collected related to the representations and warranties settlement and $32.3 million and $42.6 million, respectively, of IEEPA tariff refunds.
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(i) The three and nine month periods ended September 30, 2026 include $162.5 million and $187.5 million, respectively, collected related to the representations and warranties settlement and $32.3 million and $42.6 million, respectively, of IEEPA tariff refunds.
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• IT&S delivered its fourth consecutive quarter of organic order growth finishing up 1% for both the fourth quarter and the full year. Adjusted EBITDA margin was down year over year driven primarily by the dilutive impact of tariffs and continued commercial investments for growth.
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Gross profit for the three month period ended September 30, 2025 was $855.2 million, an increase of $40.2 million, or 4.9%, compared to $815.0 million for the same three month period in 2024, and as a percentage of revenues was 43.7% for the three month period ended September 30, 2025 and 43.8% for the same three month period in 2024. The increase in gross profit is primarily due to acquisitions. The decrease in gross profit as a percentage of revenues is primarily due to unfavorable cost leverage on lower organic volumes and tariff related pricing targeted to offset tariff cost increases one for one, partially offset by cost measures.
Read in the filing ↗ Also in 10-Q of Oct 30, 2026
Gross profit for the nine month period ended September 30, 2025 was $2,445.6 million, an increase of $91.0 million, or 3.9%, compared to $2,354.6 million for the same nine month period in 2024, and as a percentage of revenues was 44.0% for the nine month period ended September 30, 2025 and 44.1% for the same nine month period in 2024. The increase in gross profit is primarily due to acquisitions. The decrease in gross profit as a percentage of revenues is primarily due to unfavorable cost leverage on lower organic volumes and tariff related pricing targeted to offset tariff cost increases one for one, partially offset by cost measures.
Read in the filing ↗ Also in 10-Q of Oct 30, 2026
To date, 2025 has been marked by continued uncertainty in global markets, driven by investor concerns over inflation, elevated interest rates, ongoing political and regulatory uncertainty, including potential shifts in U.S. trade policy and the imposition of new tariffs, as well as geopolitical instability stemming from the conflicts in Ukraine and the Middle East.
Read in the filing ↗ Also in 10-Q of Oct 31, 2025, 10-Q of Apr 29, 2026, 10-Q of Jul 31, 2026, 10-Q of Oct 30, 2026
• IT&S saw its third consecutive quarter of organic orders growth, with a book to bill of 0.99x, and a year to date book to bill of 1.04x. Adjusted EBITDA margin was down year over year, driven largely by the flow-through on organic volume declines, the dilutive impact of tariffs, and continued commercial investments for growth.
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Adjusted EBITDA increased $39.8 million to $584.4 million for the three month period ended September 30, 2026 compared to $544.6 million in the same three month period in 2025. Adjusted EBITDA as a percentage of revenues increased 40 basis points to 28.3% for the three month period ended September 30, 2026 from 27.9% for the same three month period in 2025. The increase in Adjusted EBITDA was primarily due to higher organic gross profit of $50.6 million (inclusive of IEEPA tariff refunds of $32.3 million), acquisitions of $7.3 million, and the favorable impact of foreign currencies of $1.1 million, partially offset by higher selling and administrative costs of $19.7 million. The increase in Adjusted EBITDA as a percentage of revenues is primarily attributable to IEEPA tariff refunds, partially offset by product mix.
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Adjusted EBITDA increased $59.7 million to $1,573.4 million for the nine month period ended September 30, 2026 compared to $1,513.7 million in the same nine month period in 2025. Adjusted EBITDA as a percentage of revenues decreased 80 basis points to 26.4% for the nine month period ended September 30, 2026 from 27.2% for the same nine month period in 2025. The increase in Adjusted EBITDA was primarily due to acquisitions of $35.1 million, higher organic gross profit of $26.1 million (inclusive of IEEPA tariff refunds of $42.6 million) and the favorable impact of foreign currencies of $25.2 million, partially offset by higher selling and administrative costs of $25.8 million. The decrease in Adjusted EBITDA as a percentage of revenues is primarily attributable to input cost inflation and product mix, partially offset by IEEPA tariff refunds.
Read in the filing ↗ Also in 10-Q of Oct 31, 2025
• 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.
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The Company applied a gain contingency model in accordance with ASC 450-30. Under this model, a gain contingency is not recognized until the gain is realized or realizable. During the second quarter of 2026, we received $ 10.3 million of IEEPA tariff refunds, which is included in “Cost of sales” on our Condensed Consolidated Statement of Operations. We expect additional recoveries in future periods, however, uncertainties remain regarding the amount and timing of future collections. Therefore, we will recognize additional refunds when received.
Read in the filing ↗ Also in 10-Q of Oct 30, 2026
Cash provided by operating activities increased $286.7 million to $1,143.4 million for the nine month period ended September 30, 2026 from $856.7 million in the same nine month period in 2025. This increase is primarily attributable to collections related to the representations and warranties settlement, IEEPA tariff refunds, lower incentive compensation payments in 2026, compared to 2025 and a decrease in cash used in operating working capital in 2026, compared to 2025. Partially offsetting these favorable impacts were higher tax payments in 2026, compared to 2025.
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• 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.
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… dollar, Euro, British Pound and the Chinese Renminbi; exchange controls; changes in and uncertainties with respect to tariffs and import/export trade restrictions (including changes in United States trade policy toward other countries, such as the imposition of tariffs and the resulting consequences), as well as other changes in political policy in the United States, China, the U.K. and …
Read in the filing ↗ Also in 10-K of Feb 17, 2026
Segment Adjusted EBITDA for the nine month period ended September 30, 2026 was $408.9 million, an increase of $58.3 million, or 16.6%, from $350.6 million in the same nine month period in 2025. Segment Adjusted EBITDA Margin increased 230 basis points to 32.1% from 29.8% in 2025. The increase in Segment Adjusted EBITDA was primarily due to higher organic gross profit of $38.9 million or 11.1% (inclusive of IEEPA tariff refunds of $8.9 million), acquisitions of $8.7 million or 2.5%, the favorable impact of foreign currencies of $5.9 million or 1.7%, and lower selling and administrative costs of $4.5 million or 1.3%.
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Segment Adjusted EBITDA for the three month period ended September 30, 2026 was $475.7 million, an increase of $28.2 million, or 6.3%, from $447.5 million in the same three month period in 2025. Segment Adjusted EBITDA Margin increased 40 basis points to 29.4% from 29.0% in 2025. The increase in Segment Adjusted EBITDA was primarily due to higher organic gross profit of $28.4 million or 6.3% (inclusive of IEEPA tariff refunds of $24.9 million), acquisitions of $4.6 million or 1.0%, and the favorable impact of foreign currencies of $1.5 million or 0.3%, partially offset by higher selling and administrative costs of $6.5 million or 1.5%.
Read in the filing ↗ Also in 10-Q of Oct 30, 2026