Nordson Corporation Reports Record Fourth Quarter and Fiscal Year 2025 Results

Key Terms

ebitda financial

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free cash flow financial

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backlog financial

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

basis point financial

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restricted share units financial

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

Fourth Quarter:

• Sales were $752 million, growth of 1% over prior year
• Earnings per diluted share were $2.69
• Adjusted earnings per diluted share were $3.03, growth of 9% over prior year

Full Year:

• Record sales of $2.8 billion, growth of 4% over prior year’s record sales
• Earnings per diluted share were $8.51
• Adjusted earnings per diluted share were $10.24, growth of 5% over prior year

Fiscal 2026 Guidance:

• Fiscal 2026 forecasted sales range between $2,830 to $2,950 million and adjusted earnings in the range of $10.80 to $11.50

WESTLAKE, Ohio--(BUSINESS WIRE)-- Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal fourth quarter ended October 31, 2025. Sales were $752 million, a 1% increase compared to the prior year’s fourth quarter sales of $744 million. The increase in fourth quarter 2025 sales included favorable currency translation of 2% and a 1% acquisition impact, which was partially offset by the medical contract manufacturing divestiture and an organic sales decrease of 1%.

Net income was $152 million, or earnings per diluted share of $2.69, compared to prior year’s fourth quarter net income of $122 million, or earnings per diluted share of $2.12. Adjusted net income was $171 million, up from prior year adjusted net income of $160 million. Fourth quarter 2025 adjusted earnings per diluted share were $3.03, a 9% increase compared to prior year adjusted earnings per diluted share of $2.78.

EBITDA in the fourth quarter was $256 million, or 34% of sales, an increase of 6% compared to prior year EBITDA of $241 million, or 32% of sales.

Commenting on the Company’s fiscal 2025 fourth quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “We had a strong operational finish to fiscal 2025, and I want to thank our teams for delivering value to our customers and shareholders. Adjusted earnings per share increased 9% year-over-year, which was at the high end of our fourth quarter guidance. Sales increased 1%, inclusive of the divestiture of our medical contract manufacturing business that closed on September 2, 2025. Importantly, we achieved record EBITDA margin and free cash flow conversion of 128% resulting in continued balanced capital allocation of ongoing share repurchases, dividend payments and further debt reduction.”

Fourth Quarter Segment Results

Industrial Precision Solutions sales of $362 million decreased 2% compared to the prior year fourth quarter, driven by a 4% organic sales decrease and a favorable currency impact of 2%. The organic sales decrease was driven by double-digit weakness in polymer processing systems. EBITDA in the quarter was $137 million, or 38% of sales, a 1% increase from the prior year fourth quarter EBITDA of $136 million despite slightly lower sales volume.

Medical and Fluid Solutions sales of $220 million increased 10% compared to the prior year fourth quarter. Organic sales increased 7% driven by growth in all product lines. The final acquisition impact from Atrion, net of the divested sales from the medical contract manufacturing businesses, added 2% and favorable currency added another 1%. EBITDA in the quarter was $88 million, or 40% of sales, a 380 basis point margin increase versus the prior year fourth quarter EBITDA of $72 million, or 36% of sales.

Advanced Technology Solutions sales of $171 million decreased 4% compared to the prior year fourth quarter, driven by an organic sales decrease of 5% and a favorable currency impact of 1%. Ongoing sales strength in electronics dispense systems was more than offset by fewer deliveries of test and inspection systems, particularly x-ray systems. EBITDA in the quarter was $43 million, or 25% of sales, a decrease from the prior year fourth quarter EBITDA of $48 million, or 27% of sales.

Fiscal 2025 Full Year Results

Sales for the fiscal year ended October 31, 2025, were a record $2.8 billion, an increase of 4% compared to the prior year. This sales growth was driven by a favorable acquisition net impact of 6%, partially offset by a 3% decrease in organic volume.

Net income was $484 million, or earnings per diluted share of $8.51, compared to prior year’s net income of $467 million, or earnings per diluted share of $8.11. Adjusted net income was $583 million, an increase from prior year adjusted net income of $561 million. Adjusted earnings per diluted share were also a record at $10.24, a 5% increase compared to prior year adjusted earnings per diluted share of $9.73.

EBITDA was $900 million, or 32% of sales, compared to prior year EBITDA of $849 million, or 32% of sales. Full-year free cash flow was $661 million, a new Company record, which was a conversion rate of 136% of net income.

Reflecting on fiscal 2025, Mr. Nagarajan continued, “Nordson’s winning team delivered strong results in line with the expectations we set at the beginning of the year. This is a significant achievement, particularly in the context of the macroeconomic environment this year. Leveraging our NBS Next growth framework, as well as our close-to-the-customer business model and differentiated products, we achieved record sales of $2.8 billion, delivered our 2025 Ascend strategy goal of $900 million in EBITDA, maintained gross margins of 55% in an evolving tariff environment and achieved a 5% year-over-year increase in adjusted earnings per share. We also continued to strengthen our portfolio and balance sheet, ending the year well positioned for growth.”

Outlook

Following four consecutive years of record-setting performance, we enter fiscal 2026 with approximately $600 million in backlog, up 5% from the prior year end, excluding backlog associated with the divested business.

Based on the combination of order entry, backlog, current exchange rates and anticipated end market expectations, we expect to deliver sales in the range of $2,830 to $2,950 million in fiscal 2026. Full year fiscal 2026 adjusted earnings are forecasted in the range of $10.80 to $11.50 per diluted share.

First quarter fiscal 2026 sales are forecasted in the range of $630 to $670 million with adjusted earnings in the range of $2.25 to $2.45 per diluted share.

Commenting on fiscal 2026 guidance, Mr. Nagarajan said, “As several of our end markets begin to inflect, we are entering the fiscal year optimistic to deliver solid growth in 2026. The implementation of the Ascend Strategy, a combination of our NBS Next growth framework, owner mindset and winning teams, positions us well to meet increasing customer demand. We also remain focused on creating value for our shareholders by deploying strategic capital for acquisitions, share repurchases, dividends and debt service.”

Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, December 11, 2025, at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com.

Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of these terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic and political conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions and the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements, including changes in tariffs by the U.S. or other nations; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflicts in Europe and the Middle East, acts of terror, natural disasters and pandemics and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release.

Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company’s direct sales model and applications expertise serve global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com, linkedin/Nordson, or www.facebook.com/nordson.

NORDSON CORPORATION SEGMENT INFORMATION (Unaudited) (Dollars in thousands)
	Three Months Ended														Twelve Months Ended
	October 31, 2025							October 31, 2024							October 31, 2025							October 31, 2024
SALES
Industrial precision solutions	$	361,713						$	367,195						$	1,331,792						$	1,398,912
Medical and fluid solutions		219,502							200,223							835,385							695,452
Advanced technology solutions		170,605							177,064							624,510							595,557
Total sales	$	751,820						$	744,482						$	2,791,687						$	2,689,921
EBITDA
Industrial precision solutions	$	137,420			38	%		$	136,244			37	%		$	493,873			37	%		$	520,769			37	%
Medical and fluid solutions		87,661			40	%			72,264			36	%			311,684			37	%			256,553			37	%
Advanced technology solutions		42,756			25	%			47,564			27	%			146,589			23	%			129,181			22	%
Corporate expenses		(12,086	)						(14,976	)						(52,628	)						(57,335	)
EBITDA (non-GAAP) (1)	$	255,751			34	%		$	241,096			32	%		$	899,518			32	%		$	849,168			32	%

(1)	Total company EBITDA is a non-GAAP measure. Refer to the reconciliation of non-GAAP measures – net income to EBITDA.

	Three Months Ended						Twelve Months Ended
	October 31, 2025			October 31, 2024			October 31, 2025				October 31, 2024
Depreciation and amortization
Industrial precision solutions	$	14,015		$	12,783		$	52,492			$	51,187
Medical and fluid solutions		17,396			17,240			71,588				58,062
Advanced technology solutions		4,683			4,593			18,741				19,102
Corporate expenses		1,975			1,913			7,702				7,824
Total	$	38,069		$	36,529		$	150,523			$	136,175

NORDSON CORPORATION CONSOLIDATED STATEMENT OF INCOME (Unaudited) (Dollars in thousands except for per-share amounts)
	Three Months Ended						Twelve Months Ended
	October 31, 2025			October 31, 2024			October 31, 2025			October 31, 2024
Sales	$	751,820		$	744,482		$	2,791,687		$	2,689,921
Cost of sales		328,353			341,658			1,251,903			1,203,792
Gross profit		423,467			402,824			1,539,784			1,486,129
Gross margin %		56.3	%		54.1	%		55.2	%		55.2	%
Selling & administrative expenses		208,872			223,932			815,514			812,128
Divestiture and related charges		334			—			12,545			—
Operating profit		214,261			178,892			711,725			674,001
Interest expense - net		(23,770	)		(27,282	)		(101,105	)		(84,011	)
Other expense - net		(7,592	)		(3,538	)		(12,972	)		(4,509	)
Income before income taxes		182,899			148,072			597,648			585,481
Income taxes		31,265			25,904			113,174			118,197
Net Income	$	151,634		$	122,168		$	484,474		$	467,284
Weighted-average common shares outstanding:
Basic		56,077			57,188			56,606			57,176
Diluted		56,417			57,603			56,916			57,616
Earnings per share:
Basic earnings	$	2.70		$	2.14		$	8.56		$	8.17
Diluted earnings	$	2.69		$	2.12		$	8.51		$	8.11

NORDSON CORPORATION CONSOLIDATED BALANCE SHEET (Unaudited) (Dollars in thousands)
	October 31, 2025			October 31, 2024
Cash and cash equivalents	$	108,442		$	115,952
Receivables - net		587,843			594,663
Inventories - net		444,814			476,935
Other current assets		101,752			87,482
Total current assets		1,242,851			1,275,032
Property, plant & equipment - net		516,914			544,607
Goodwill		3,304,685			3,280,819
Other assets		853,231			900,508
	$	5,917,681		$	6,000,966
Notes payable and debt due within one year	$	315,000		$	103,928
Accounts payable and accrued liabilities		443,260			424,549
Total current liabilities		758,260			528,477
Long-term debt		1,681,254			2,101,197
Other liabilities		434,596			439,100
Total shareholders' equity		3,043,571			2,932,192
	$	5,917,681		$	6,000,966

NORDSON CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (Dollars in thousands)
	Twelve Months Ended
	October 31, 2025				October 31, 2024
Cash flows from operating activities:
Net Income	$	484,474			$	467,284
Depreciation and amortization		150,523				136,175
Divestiture and related charges		12,545				—
Other non-cash items		14,806				5,883
Changes in operating assets and liabilities and other		56,827				(53,149	)
Net cash provided by operating activities		719,175				556,193
Cash flows from investing activities:
Additions to property, plant and equipment		(58,060	)			(64,410	)
Sale (acquisition) of businesses, net of cash acquired		28,107				(789,996	)
Other - net		3,263				10,008
Net cash used in investing activities		(26,690	)			(844,398	)
Cash flows from financing activities:
Issuance (repayment) of long-term debt		(224,141	)			464,353
Repayment of finance lease obligations		(5,868	)			(6,148	)
Dividends paid		(179,069	)			(161,438	)
Issuance of common shares		9,014				31,067
Purchase of treasury shares		(306,367	)			(33,339	)
Net cash provided (used) by financing activities		(706,431	)			294,495
Effect of exchange rate change on cash:		6,436				(6,017	)
Net change in cash and cash equivalents		(7,510	)			273
Cash and cash equivalents:
Beginning of period		115,952				115,679
End of period	$	108,442			$	115,952

NORDSON CORPORATION SALES BY GEOGRAPHIC SEGMENT (Unaudited) (Dollars in thousands)
	Three Months Ended						Sales Variance
	October 31, 2025			October 31, 2024			Organic			Acquisitions / Divestitures			Currency			Total
SALES BY SEGMENT
Industrial precision solutions	$	361,713		$	367,195		(3.5	)%		—	%		2.0	%		(1.5	)%
Medical and fluid solutions		219,502			200,223		7.4	%		1.6	%		0.6	%		9.6	%
Advanced technology solutions		170,605			177,064		(4.9	)%		—	%		1.3	%		(3.6	)%
Total sales	$	751,820		$	744,482		(1.1	)%		0.6	%		1.5	%		1.0	%
SALES BY GEOGRAPHIC REGION
Americas		330,962			323,170		2.0	%		—	%		0.4	%		2.4	%
Europe		195,343			185,350		(1.0	)%		1.4	%		5.0	%		5.4	%
Asia Pacific		225,515			235,962		(5.3	)%		0.6	%		0.3	%		(4.4	)%
Total sales	$	751,820		$	744,482		(1.1	)%		0.6	%		1.5	%		1.0	%
	Twelve Months Ended						Sales Variance
	October 31, 2025			October 31, 2024			Organic			Acquisitions / Divestitures			Currency			Total
SALES BY SEGMENT
Industrial precision solutions	$	1,331,792		$	1,398,912		(5.1	)%		—	%		0.3	%		(4.8	)%
Medical and fluid solutions		835,385			695,452		(3.1	)%		23.0	%		0.2	%		20.1	%
Advanced technology solutions		624,510			595,557		4.1	%		—	%		0.8	%		4.9	%
Total sales	$	2,791,687		$	2,689,921		(2.5	)%		6.0	%		0.3	%		3.8	%
SALES BY GEOGRAPHIC REGION
Americas		1,205,830			1,178,626		(6.7	)%		9.5	%		(0.5	)%		2.3	%
Europe		722,221			726,100		(6.7	)%		4.2	%		2.0	%		(0.5	)%
Asia Pacific		863,636			785,195		7.6	%		2.3	%		0.1	%		10.0	%
Total sales	$	2,791,687		$	2,689,921		(2.5	)%		6.0	%		0.3	%		3.8	%

NORDSON CORPORATION RECONCILIATION OF NON-GAAP MEASURES - NET INCOME to EBITDA (Unaudited) (Dollars in thousands)
	Three Months Ended						Twelve Months Ended
	October 31, 2025			October 31, 2024			October 31, 2025			October 31, 2024
Net income	$	151,634		$	122,168		$	484,474		$	467,284
Income taxes		31,265			25,904			113,174			118,197
Interest expense - net		23,770			27,282			101,105			84,011
Other (income) expense - net		7,592			3,538			12,972			4,509
Inventory step-up amortization (1)		—			4,759			3,135			7,703
Severance and other (1)		2,531			12,717			19,256			17,332
Acquisition-related costs (1)		556			8,200			2,334			13,957
Divestiture and related charges (2)		334			—			12,545			—
Adjusted operating profit		217,682			204,568			748,995			712,993
Depreciation and amortization		38,069			36,528			150,523			136,175
EBITDA (non-GAAP) (3)	$	255,751		$	241,096		$	899,518		$	849,168

(1)	Represents non-recurring cost reduction actions as well as fees and non-cash inventory charges associated with acquisitions.
(2)	Represents the loss on sale and other charges associated with the exit of the medical contract manufacturing business.
(3)	EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as non-recurring cost reduction actions, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization.

NORDSON CORPORATION RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED NET INCOME AND EARNINGS PER SHARE (Unaudited) (Dollars in thousands)
	Three Months Ended						Twelve Months Ended
	October 31, 2025			October 31, 2024			October 31, 2025			October 31, 2024
GAAP AS REPORTED
Net income	$	151,634		$	122,168		$	484,474		$	467,284
Diluted earnings per share	$	2.69		$	2.12		$	8.51		$	8.11
Shares outstanding - diluted		56,417			57,603			56,916			57,616
ADJUSTMENTS
Inventory step-up amortization (1)	$	—		$	4,759		$	3,135		$	7,703
Acquisition costs (1)		556			8,200			2,334			13,957
Severance and other (1)		2,531			12,717			19,256			17,332
Divestiture and related charges (2)		334			—			12,545			—
Acquisition amortization of intangibles		20,165			19,560			79,264			76,972
Entity liquidation		—			—			988			—
Interest		—			908			—			908
Total adjustments	$	23,586		$	46,144		$	117,522		$	116,872
Adjustments net of tax	$	19,554		$	38,071		$	98,259		$	93,278
EPS effect of adjustments	$	0.35		$	0.66		$	1.73		$	1.62
NON-GAAP
Adjusted net income (3)	$	171,188		$	160,239		$	582,733		$	560,562
Adjusted earnings per share (4)	$	3.03		$	2.78		$	10.24		$	9.73

(1)	Represents non-recurring cost reduction actions as well as fees and non-cash inventory charges associated with acquisitions.
(2)	Represents the loss on sale and other charges associated with the exit of the medical contract manufacturing business.
(3)	Adjusted net income is a non-GAAP measure defined as net income plus tax effected adjustments and other discrete tax items.
(4)	Adjusted earnings per share is a non-GAAP measure defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items.

NORDSON CORPORATION RECONCILIATION OF NON-GAAP MEASURES - OPERATING CASH FLOW TO FREE CASH FLOW (Unaudited) (Dollars in thousands)
	Year to Date
	October 31, 2025			July 31, 2025
Net cash provided by operating activities	$	719,175		$	516,264
Additions to property, plant and equipment		(58,060	)		(49,002	)
Free Cash Flow - Year to Date (1)	$	661,115		$	467,262
Free Cash Flow - Quarter to Date (1)	$	193,853
Net Income - Year to Date	$	484,474		$	332,840
Free Cash Flow Conversion - Year to Date (2)		136	%		140	%
Net Income - Quarter to Date	$	151,634
Free Cash Flow Conversion - Quarter to Date (2)		128	%
	Year to Date
	October 31, 2024			July 31, 2024
Net cash provided by operating activities	$	556,193		$	459,812
Additions to property, plant and equipment		(64,410	)		(43,786	)
Free Cash Flow - Year to Date (1)	$	491,783		$	416,026
Free Cash Flow - Quarter to Date (1)	$	75,757

(1)	Free Cash Flow is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Net cash provided by operating activities minus Additions to property, plant and equipment.
(2)	Free Cash Flow Conversion is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Free Cash Flow divided by Net Income.

Management uses certain non-GAAP measures, such as adjusted net income, adjusted EPS and EBITDA, internally to make strategic decisions, forecast future results, and evaluate the Company's current performance. Given management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in the Company's core business across different time periods. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures to other companies' non-GAAP financial measures, even if they have similar names. Amounts may not add due to rounding.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251210630295/en/

Lara Mahoney

Vice President

Investor Relations & Corporate Communications

440.204.9985

Lara.Mahoney@nordson.com

Source: Nordson Corporation