SPX Reports Third Quarter 2026 Results

Q: What were SPX Technologies' third-quarter 2026 earnings?

SPX reported $1.62 diluted EPS from continuing operations, compared with $1.29 a year earlier, and adjusted EPS of $2.21 versus $1.84. Revenue increased 20.5% to $714.5 million, while GAAP net income rose 30.6% to $81.9 million.

Q: What is SPXC's updated 2026 guidance?

SPX expects $2.745–$2.805 billion in revenue, adjusted EBITDA of $625–$645 million and adjusted EPS of $8.20–$8.50. The revenue range increased from $2.705–$2.765 billion, while the adjusted EBITDA and adjusted EPS ranges decreased from $630–$660 million and $8.20–$8.60, respectively.

Q: Why did SPX Technologies' HVAC margin decline in Q3 2026?

HVAC margin declined primarily because of growth-related costs and elevated input costs. Labor and supply chain inefficiencies were associated with increased volumes and capacity expansion initiatives. The segment's margin fell to 23.0% from 24.4%, despite revenue and segment income growth.

Q: What does SPX Technologies exclude from its full-year 2026 guidance?

SPX's guidance excludes future acquisitions, dispositions and related transaction costs, incremental tariff and trade-tension effects after the announcement, foreign exchange changes after September 26, 2026, and environmental and litigation charges. A reconciliation of non-GAAP guidance to GAAP measures is not practicable because certain excluded amounts cannot reasonably be predicted.

Higher revenue guidance accompanies lower adjusted earnings expectations, while quarterly cash generation declined.

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Rhea-AI Summary

SPX Technologies (SPXC) reported third-quarter 2026 revenue of $714.5 million, with earnings rising from the same period a year earlier. Revenue increased 20.5%, while GAAP income from continuing operations rose 30.4% to $82.3 million. Diluted EPS from continuing operations reached $1.62 versus $1.29; adjusted EPS was $2.21 versus $1.84.

HVAC revenue grew 35.5%, but its margin fell to 23.0%. Detection and Measurement revenue declined 7.7%, while its margin rose to 27.8%. Quarterly operating cash flow from continuing operations fell to $60.1 million from $106.8 million. SPX now expects 2026 revenue of $2.745–$2.805 billion, above its prior range, but lowered adjusted EBITDA guidance to $625–$645 million and adjusted EPS guidance to $8.20–$8.50. SPX said capacity expansion remains on track to support approximately $1.1 billion in annual data center revenue capacity at full production.

22 points · 1 major

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1 major · 13 points

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Positive

Major point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance increased to $2.745–$2.805 billion from $2.705–$2.765 billion.
Moderate pointQ3 revenue increased 20.5% to $714.5 million from $592.8 million a year earlier.
Moderate pointQ3 GAAP income from continuing operations rose 30.4% to $82.3 million.
Moderate pointQ3 operating income increased to $115.3 million from $97.1 million.
Moderate pointQ3 adjusted EPS increased 20.1% to $2.21 from $1.84.
Moderate pointQ3 adjusted operating income increased to $157.4 million from $130.5 million.
Moderate pointHVAC Q3 revenue grew 35.5% to $525.0 million, including 22.3% organic growth and 13.0% acquisition growth.
Moderate pointHVAC Q3 segment income increased to $120.8 million from $94.4 million.
Moderate pointDetection and Measurement Q3 segment income rose to $52.6 million; margin increased 260 basis points to 27.8%.
Moderate point. Forward-looking: it has not happened yet and may not happen.HVAC expansion remains on track, SPX says, targeting approximately $1.1 billion annual data center revenue capacity at full production.
Moderate point. Forward-looking: it has not happened yet and may not happen.2026 Detection and Measurement margin guidance increased to 27.00%–27.50% from 26.25%–26.75%.

11 minor points

Minor pointQ3 GAAP net income increased 30.6% to $81.9 million; net margin reached 11.5% versus 10.6%.
Minor pointQ3 diluted EPS from continuing operations rose to $1.62 from $1.29.
Minor pointQ3 adjusted EBITDA rose 21.7% to $165.7 million; margin reached 23.2% versus 23.0%.
Minor pointFIS Water acquisition completed, expanding SPX's cooling platform.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 HVAC revenue guidance increased to $1,995–$2,035 million from $1,955–$1,995 million.
Minor pointNine-month revenue increased to $1,960.3 million from $1,627.8 million a year earlier.
Minor pointNine-month operating income increased to $318.0 million from $250.3 million.
Minor pointNine-month continuing-operations income increased to $226.0 million from $167.3 million.
Minor pointNine-month net income increased to $220.2 million from $166.1 million; net margin rose to 11.2% from 10.2%.
Minor pointNine-month diluted EPS from continuing operations increased to $4.47 from $3.50.
Minor pointNine-month operating cash flow from continuing operations increased to $180.3 million from $139.8 million.

Negative

Major point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EBITDA guidance lowered to $625–$645 million from $630–$660 million, still approximately 25% annual midpoint growth.
Moderate point. Forward-looking: it has not happened yet and may not happen.2026 HVAC margin guidance lowered to 23.10%–23.50% from 24.50%–25.00%.
Moderate pointHVAC Q3 margin fell 140 basis points to 23.0%, reflecting growth-related inefficiencies and elevated input costs.
Moderate pointDetection and Measurement Q3 revenue fell 7.7% to $189.5 million, including a 7.9% organic decline.
Moderate pointQ3 operating cash flow from continuing operations fell to $60.1 million from $106.8 million.
Moderate pointQ3 adjusted free cash flow fell to $23.1 million from $90.8 million.
Moderate pointCapital expenditures increased to $40.0 million in Q3 from $10.4 million; nine-month spending reached $79.6 million versus $23.6 million.
Moderate pointTotal debt increased to $1,334.7 million at Q3 2026 from $501.6 million at Q4 2025.
Moderate pointTotal cash declined to $120.8 million at Q3 2026 from $366.0 million at Q4 2025.

4 minor points

Minor point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EPS guidance lowered to $8.20–$8.50 from $8.20–$8.60, still approximately 24% annual midpoint growth.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EBITDA margin guidance lowered to 22.75%–23.00% from 23.30%–23.80%.
Minor pointNine-month adjusted free cash flow declined to $111.0 million from $164.2 million.
Minor pointNine-month discontinued-operations loss widened to $5.8 million from $1.2 million a year earlier.

News Explained

At September 26, 2026, SPX reported $1,334.7 million in total debt.

Key Figures

Revenue: $714.5 million, up 20.5% GAAP EPS: $1.62, up 25.6% Adjusted EPS: $2.21, up 20.1% +4 more

Revenue: $714.5 million, up 20.5%; Q3 2026 vs. Q3 2025
GAAP EPS: $1.62, up 25.6%; Q3 2026 vs. Q3 2025
Adjusted EPS: $2.21, up 20.1%; Q3 2026 vs. Q3 2025
Adjusted EBITDA: $165.7 million, up 21.7%; Q3 2026 vs. Q3 2025
2026 revenue guidance: $2.745–$2.805 billion; Full-year 2026; prior range $2.705–$2.765 billion
2026 Adjusted EBITDA guidance: $625–$645 million; Full-year 2026; prior range $630–$660 million
2026 Adjusted EPS guidance: $8.20–$8.50; Full-year 2026; prior range $8.20–$8.60

Previous Earnings Reports

1 past event · Latest: Jul 30

Same Type 1 event

Jul 30
Earnings report

24h Move

+10.2%

Q2 results raised 2026 guidance; Q3 raised the revenue range but lowered EBITDA and EPS ceilings.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, ebitda, non-gaap, form 10-q

4 terms

gaap financial

"GAAP income from continuing operations of $82.3 million"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

ebitda financial

"Adjusted EBITDA* of $165.7 million"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

non-gaap financial

"Non-GAAP financial measure"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

form 10-q regulatory

"The Company expects to file its quarterly report on Form 10-Q"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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10/29/2026 - 04:05 PM EDT

Continued Strong Growth

CHARLOTTE, N.C., Oct. 29, 2026 (GLOBE NEWSWIRE) -- SPX Technologies, Inc. (NYSE:SPXC) (“SPX”, the “Company”, “we” or “our”) today reported results for the third quarter ended September 26, 2026.

Third Quarter Highlights (amounts presented for continuing operations; all comparisons against the third quarter of 2025, unless otherwise noted)

Revenue of $714.5 million, up 20.5%
GAAP income from continuing operations of $82.3 million, up 30.4%
GAAP net income of $81.9 million, up 30.6%
GAAP EPS of $1.62, up 25.6%
Adjusted EPS* of $2.21, up 20.1%
Adjusted EBITDA* of $165.7 million, up 21.7%

Updated 2026 Guidance (all comparisons against the full year 2025, unless otherwise noted)

Revenue range of $2.745 to $2.805 billion, up ~23% year-on-year at the midpoint (prior range: $2.705 to $2.765 billion).
Adjusted EBITDA* range of $625 to $645 million, up ~25% year-on-year at the midpoint (prior range: $630 to $660 million).
Adjusted EPS* range of $8.20 to $8.50, up ~24% year-on-year at the midpoint (prior range: $8.20 to $8.60).

Gene Lowe, President and CEO, remarked, “We delivered another strong quarter, highlighted by robust revenue and earnings growth. HVAC continued to benefit from strong demand across key end markets, while Detection & Measurement delivered excellent profitability. Our results reflect the strength of our business model and the consistent execution of our teams.”

Mr. Lowe continued, “We also made meaningful progress across our strategic growth initiatives. Our HVAC capacity expansion projects remain on track to support approximately $1.1 billion of annual data center revenue capacity at full production, and we recently expanded our cooling platform through the acquisition of FIS Water, further strengthening our position in attractive adjacent markets.”

Mr. Lowe concluded, “Our updated guidance implies approximately 25% Adjusted EBITDA* growth at the midpoint for 2026, reflecting the momentum in our business and our confidence in the opportunities ahead.”

Third Quarter and Year-to-Date Financial Comparisons:

($ millions, except per share data)	Q3 2026			Q3 2025			2026 YTD			2025 YTD
Revenue	$	714.5		$	592.8		$	1,960.3		$	1,627.8
HVAC segment income		120.8			94.4			319.2			264.1
Detection and Measurement segment income		52.6			51.7			156.6			128.3
Operating income		115.3			97.1			318.0			250.3
Income from continuing operations		82.3			63.1			226.0			167.3
GAAP net income		81.9			62.7			220.2			166.1
GAAP net income %		11.5	%		10.6	%		11.2	%		10.2	%
GAAP EPS from continuing operations	$	1.62		$	1.29		$	4.47		$	3.50

Adjusted operating income*	$	157.4		$	130.5
Adjusted EBITDA*		165.7			136.1
Adjusted EBITDA %*		23.2	%		23.0	%
Adjusted EPS*	$	2.21		$	1.84

Net operating cash flow from continuing operations	$	60.1		$	106.8		$	180.3		$	139.8
Capital expenditures		(40.0	)		(10.4	)		(79.6	)		(23.6	)
Adjusted free cash flow*		23.1			90.8			111.0			164.2

* Non-GAAP financial measure. See attached schedules for reconciliation of historical non-GAAP measures to most comparable GAAP financial measure. A reconciliation of non-GAAP guidance measures is not practicable and, accordingly, is not provided.

Segment Overview:

HVAC

	Three months ended
($ millions)	Q3 2026			Q3 2025
Revenue	$	525.0		$	387.4
• Organic		22.3	%
• Inorganic		13.0	%
• Currency		0.2	%
Total Growth		35.5	%
Segment income	$	120.8		$	94.4
as a percent of revenues		23.0	%		24.4	%
Change in bps	-140bps

Third Quarter 2026
The revenue increase was primarily driven by:

an organic increase due primarily to (i) higher volumes of cooling equipment, mainly associated with increased data center demand, resulting from increased capacity, and (ii) higher volumes of our heating products; and
an inorganic increase from the acquisitions of Thermolec, Crawford, Neptronic and FIS Water.

The segment income increase was due primarily to the revenue growth mentioned above. The decrease in segment margin was primarily due to (i) higher growth-related costs, largely labor and supply chain inefficiencies, associated with our volume increases and capacity expansion initiatives, and (ii) the impact of elevated input costs.

Detection and Measurement

	Three months ended
($ millions)	Q3 2026			Q3 2025
Revenue	$	189.5		$	205.4
• Organic	(7.9		)%
• Currency		0.2	%
Total Growth	(7.7		)%
Segment income	$	52.6		$	51.7
as a percent of revenues		27.8	%		25.2	%
Change in bps	260bps

Third Quarter 2026
The decrease in revenue was primarily driven by lower project volumes within our communications technologies business.

The segment income and segment margin increases were due primarily to (i) a more favorable product mix within our transportation and communication technologies businesses, and (ii) benefits related to our segment synergy initiatives, primarily within our location and inspection and rehabilitation businesses, partially offset by lower income resulting from the organic revenue decline noted above.

Liquidity and Financial Position:

($ millions)	Q3 2026		Q4 2025
Total debt	$	1,334.7	$	501.6
Total cash		120.8		366.0

2026 Guidance:
For the full year 2026, SPX now anticipates segment and company performance as follows:

	Revenue	Segment Income Margin %	Adjusted EPS*	Adjusted *EBITDA/%**
HVAC	$1,995-$2,035 million ($1,955-$1,995 million prior)	23.10%-23.50% (24.50%-25.00% prior)
Detection and Measurement	$750-$770 million ($750-$770 million prior)	27.00%-27.50% (26.25%-26.75% prior)
Total SPX Adjusted	$2.745-$2.805 billion ($2.705-$2.765 billion prior)		$8.20-$8.50 ($8.20-$8.60 prior)	$625-$645 million / 22.75%-23.00% ($630-$660 million / 23.30%-23.80% prior)

Form 10-Q: The Company expects to file its quarterly report on Form 10-Q for the period ended September 26, 2026 with the Securities and Exchange Commission by November 5, 2026. This press release should be read in conjunction with that filing, which will be available on the Company's website at www.spx.com, in the Investor Relations section.

Conference Call: SPX will host a conference call at 4:45 p.m. (ET) today to discuss third quarter results. The call will be simultaneously webcast via the Company's website at www.spx.com and the slide presentation will be available in the Investor Relations section of the site.

Call Access Process: To access the call by phone, please use the following link to receive dial-in details https://register-conf.media-server.com/register/BI2bfa037fcc774566a26a889ed2c2a975. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at www.spx.com.

About SPX Technologies, Inc: SPX Technologies, Inc. is a diversified, global supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX Technologies, Inc. has operations in over 16 countries. SPX Technologies, Inc. is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com.

Non-GAAP Presentation: This press release contains certain non-GAAP financial measures, including adjusted operating income, adjusted income from continuing operations before income taxes, adjusted earnings per share from continuing operations (or, adjusted EPS), EBITDA, adjusted EBITDA and margin, free cash flow from continuing operations and adjusted free cash flow from continuing operations (or, adjusted free cash flow). These non-GAAP financial measures do not provide investors with an accurate measure of, and should not be used as a substitute for, the comparable financial measures as determined in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company believes these non-GAAP financial measures, when read in conjunction with the comparable GAAP financial measures, give investors a useful tool to assess and understand the Company’s overall financial performance, because they exclude items of income or expense that the Company believes are not reflective of its ongoing operating performance, allowing for a better period-to-period comparison of operations of the Company. Additionally, the Company’s management uses these non-GAAP financial measures as measures of the Company’s performance. The Company acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.

Refer to the tables included in this press release for the components of each of the non-GAAP financial measures, and for the reconciliations of historical non-GAAP financial measures to their respective comparable GAAP measures. Our non-GAAP financial guidance excludes items, which would be included in our GAAP financial measures, that we do not consider indicative of our on-going performance; and are calculated in a manner consistent with the presentation of the similarly titled historical non-GAAP measures presented in this press release. These items include, but are not limited to, intangible asset amortization expense, acquisition and integration-related costs, costs associated with dispositions, and potential non-cash income or expense items associated with changes in market interest rates and actuarial or other data related to our pension and postretirement plans, as the ultimate aggregate amounts associated with these items are out of our control and/or cannot be reasonably predicted. Accordingly, a reconciliation of our non-GAAP financial guidance to the most comparable GAAP financial measures is not practicable. Full-year guidance excludes impacts from future acquisitions, dispositions and related transaction costs, incremental impacts of tariffs and trade tensions on market demand and costs subsequent to the date of this release, the impact of foreign exchange rate changes subsequent to September 26, 2026, and environmental and litigation charges.

Forward-looking Statements: Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read these results in conjunction with the Company’s documents filed with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements, including the following: cyclical changes and specific industry events in our markets; changes in anticipated capital investment and maintenance expenditures by customers; changes in economic conditions in relevant global and North American markets, including as a result of geopolitical conflicts, including the armed conflicts in the Middle East and related impacts on shipping in that region, the imposition, or threat of imposition of tariffs, including any new or increased tariffs announced by the U.S. government and any retaliatory tariffs announced in response thereto, and other trade barriers or international trade tensions; availability, limitations or cost increases of raw materials and/or commodities, including as a result of geopolitical conflicts or new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, that cannot be recovered in product pricing; the impact of competition on profit margins and our ability to maintain or increase market share; risks with respect to our contracts with the U.S. government, including the government’s ability to terminate contracts prior to completion or failure to appropriate amounts necessary to fund such contracts; inadequate performance by third-party suppliers and subcontractors for outsourced products, components and services and other supply-chain risks; the uncertainty of claims resolution with respect to environmental and other contingent liabilities; the impact of climate change and any legal or regulatory actions taken in response thereto; cyber-security risks; risks with respect to the protection of intellectual property, including with respect to our digitalization initiatives; the impact of overruns, inflation and the incurrence of delays with respect to long-term fixed-price contracts; defects or errors in current or planned products; the impact of pandemics and governmental and other actions taken in response; domestic economic, political, legal, accounting and business developments adversely affecting our business, including regulatory changes; uncertainties with respect to our ability to complete expansions to or the reconfiguration of our manufacturing footprint within the time periods and at costs we anticipate and whether we will realize the anticipated benefits of these activities; uncertainties with respect to our ability to identify acceptable acquisition targets; uncertainties surrounding timing and successful completion of acquisition transactions, including with respect to integrating acquisitions and achieving cost savings, synergistic sales or other benefits from acquisitions; the impact of retained liabilities of disposed businesses; potential labor disputes; and extreme weather conditions and natural and other disasters.

Actual results may differ materially from these statements. The words “guidance,” “believe,” “expect,” “anticipate,” “project” and similar expressions identify forward-looking statements. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.

Statements in this press release speak only as of the date of this press release, and SPX Technologies, Inc. disclaims any responsibility to update or revise such statements, except as required by law.

Investor and Media Contact:
Johann Rawlinson, VP, Investor Relations
Phone: 980-228-6028
E-mail: spx.investor@spx.com

Source: SPX Technologies, Inc.

SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)

	Three months ended						Nine months ended
	September 26, 2026			September 27, 2025			September 26, 2026			September 27, 2025

Revenues	$	714.5		$	592.8		$	1,960.3		$	1,627.8
Costs and expenses:
Cost of products sold		435.0			353.3			1,177.4			963.5
Selling, general and administrative		132.7			117.7			382.0			344.4
Selling, general and administrative — intangible amortization		31.5			24.6			81.1			68.9
Special charges, net		—			0.1			1.8			0.2
Other operating expense, net		—			—			—			0.5
Operating income		115.3			97.1			318.0			250.3

Other income (expense), net		1.5			(3.2	)		(6.6	)		(2.6	)
Interest expense		(11.1	)		(12.0	)		(28.3	)		(39.9	)
Interest income		0.6			1.1			2.8			3.0
Loss on amendment/refinancing of senior credit agreement		—			(1.5	)		—			(1.5	)
Income from continuing operations before income taxes		106.3			81.5			285.9			209.3
Income tax provision		(24.0	)		(18.4	)		(59.9	)		(42.0	)
Income from continuing operations		82.3			63.1			226.0			167.3

Income from discontinued operations, net of tax		—			—			1.6			—
Loss on disposition of discontinued operations, net of tax		(0.4	)		(0.4	)		(7.4	)		(1.2	)
Loss from discontinued operations, net of tax		(0.4	)		(0.4	)		(5.8	)		(1.2	)

Net income	$	81.9		$	62.7		$	220.2		$	166.1

Basic income per share of common stock:
Income from continuing operations	$	1.64		$	1.31		$	4.52		$	3.55
Loss from discontinued operations		—			(0.01	)		(0.12	)		(0.02	)
Net income per share	$	1.64		$	1.30		$	4.40		$	3.53

Weighted-average number of common shares outstanding — basic		50.088			48.170			50.029			47.120

Diluted income per share of common stock:
Income from continuing operations	$	1.62		$	1.29		$	4.47		$	3.50
Loss from discontinued operations		—			(0.01	)		(0.12	)		(0.02	)
Net income per share	$	1.62		$	1.28		$	4.35		$	3.48

Weighted-average number of common shares outstanding — diluted		50.645			48.919			50.611			47.794

SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)

	September 26, 2026			December 31, 2025
ASSETS
Current assets:
Cash and equivalents	$	119.2		$	364.0
Accounts receivable, net		476.6			357.2
Contract assets		90.3			65.0
Inventories, net		422.9			302.2
Other current assets		48.3			55.3
Total current assets		1,157.3			1,143.7
Property, plant and equipment:
Land		28.3			26.9
Buildings and leasehold improvements		200.7			167.9
Machinery and equipment		407.2			338.1
		636.2			532.9
Accumulated depreciation		(262.5	)		(242.1	)
Property, plant and equipment, net		373.7			290.8
Goodwill		1,612.7			1,043.4
Intangibles, net		1,503.0			868.2
Other assets		196.2			250.2
Deferred income taxes		2.9			2.2
Assets of DBT and Heat Transfer		5.8			6.1
TOTAL ASSETS	$	4,851.6		$	3,604.6

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	201.7		$	145.2
Contract liabilities		117.6			115.8
Accrued expenses		194.7			185.2
Income taxes payable		26.1			10.0
Short-term debt		74.2			1.4
Current maturities of long-term debt		13.0			3.5
Total current liabilities		627.3			461.1

Long-term debt		1,247.5			496.7
Deferred and other income taxes		277.7			149.7
Other long-term liabilities		239.6			245.5
Liabilities of DBT and Heat Transfer		14.3			14.1
Total long-term liabilities		1,779.1			906.0

Stockholders' equity:
Common stock		0.6			0.6
Paid-in capital		1,940.8			1,938.2
Retained earnings		703.0			482.8
Accumulated other comprehensive income		239.9			260.5
Common stock in treasury		(439.1	)		(444.6	)
Total stockholders' equity		2,445.2			2,237.5
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	4,851.6		$	3,604.6

SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
RESULTS OF REPORTABLE SEGMENTS
(Unaudited; in millions)

	Three months ended											Nine months ended
	September 26, 2026			September 27, 2025			Δ			*%/bps*		September 26, 2026			September 27, 2025			Δ			*%/bps*
HVAC reportable segment

Revenues	$	525.0		$	387.4		$	137.6		35.5	%	$	1,399.6		$	1,087.1		$	312.5		28.7	%
Cost of products sold		338.6			236.1			102.5					892.4			661.8			230.6
Selling, general and administrative expense		65.6			56.9			8.7					188.0			161.2			26.8
Income	$	120.8		$	94.4		$	26.4		28.0	%	$	319.2		$	264.1		$	55.1		20.9	%
as a percent of revenues		23.0	%		24.4	%				-140bps			22.8	%		24.3	%				-150bps

Detection and Measurement reportable segment

Revenues	$	189.5		$	205.4		$	(15.9	)	(7.7	)%	$	560.7		$	540.7		$	20.0		3.7	%
Cost of products sold		95.4			116.6			(21.2	)				281.7			300.3			(18.6	)
Selling, general and administrative expense		41.5			37.1			4.4					122.4			112.1			10.3
Income	$	52.6		$	51.7		$	0.9		1.7	%	$	156.6		$	128.3		$	28.3		22.1	%
as a percent of revenues		27.8	%		25.2	%				260bps			27.9	%		23.7	%				420bps

SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)

	Three months ended						Nine months ended
	September 26, 2026			September 27, 2025			September 26, 2026			September 27, 2025
Cash flows from (used in) operating activities:
Net income	$	81.9		$	62.7		$	220.2		$	166.1
Less: Loss from discontinued operations, net of tax		(0.4	)		(0.4	)		(5.8	)		(1.2	)
Income from continuing operations		82.3			63.1			226.0			167.3
Adjustments to reconcile income from continuing operations to net cash from (used in) operating activities:
Special charges, net		—			0.1			1.8			0.2
Gain on change in value of equity security		(3.6	)		—			(3.6	)		(4.5	)
Loss on amendment/refinancing of senior credit agreement		—			1.5			—			1.5
Amortization of compensation expense related to acquisition		2.4			6.5			8.7			17.4
Deferred and other income taxes		(22.6	)		17.1			(22.6	)		14.8
Depreciation and amortization		41.4			32.4			109.2			91.9
Pension and other employee benefits		4.3			3.4			14.5			12.1
Long-term incentive compensation		4.3			4.2			12.3			11.8
Other, net, including allowance for doubtful accounts		(2.3	)		(0.5	)		(2.5	)		(0.4	)
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures:
Accounts receivable and other assets		(15.6	)		(31.8	)		(86.0	)		(94.9	)
Contribution related to employee retention agreements for acquisition		—			—			—			(46.5	)
Inventories		(23.7	)		(9.9	)		(90.2	)		(26.1	)
Accounts payable, accrued expenses and other		(6.7	)		21.4			13.2			(3.2	)
Cash spending on restructuring actions		(0.1	)		(0.7	)		(0.5	)		(1.6	)
Net cash from continuing operations		60.1			106.8			180.3			139.8
Net cash used in discontinued operations		(0.8	)		(0.3	)		(0.8	)		(1.7	)
Net cash from operating activities		59.3			106.5			179.5			138.1

Cash flows from (used in) investing activities:
Proceeds (repayments) related to company-owned life insurance policies, net		0.1			(33.4	)		3.4			(30.3	)
Distribution from equity security		61.8			—			61.8			—
Business acquisitions, net of cash acquired		(847.0	)		2.4			(1,286.6	)		(445.3	)
Capital expenditures		(40.0	)		(10.4	)		(79.6	)		(23.6	)
Net cash used in continuing operations		(825.1	)		(41.4	)		(1,301.0	)		(499.2	)
Net cash from discontinued operations		—			—			59.2			—
Net cash used in investing activities		(825.1	)		(41.4	)		(1,241.8	)		(499.2	)

Cash flows from (used in) financing activities:
Borrowings under senior credit facilities		835.0			500.0			1,049.9			978.0
Repayments under senior credit facilities		(115.0	)		(977.8	)		(289.9	)		(1,082.6	)
Borrowings under trade receivables arrangement		171.0			101.0			453.0			280.0
Repayments under trade receivables arrangement		(171.0	)		(141.0	)		(380.0	)		(289.0	)
Net borrowings (repayments) under other financing arrangements		(0.3	)		(0.1	)		(0.4	)		0.1
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options		(0.3	)		0.8			(14.9	)		(8.3	)
Proceeds of issuance of common stock in underwritten public offering, net of offering costs of $23.9		—			551.1			—			551.1
Financing fees paid		—			(4.7	)		—			(4.7	)
Net cash from continuing operations		719.4			29.3			817.7			424.6
Net cash from (used in) discontinued operations		—			—			—			—
Net cash from financing activities		719.4			29.3			817.7			424.6
Change in cash and equivalents due to changes in foreign currency exchange rates		(1.0	)		0.1			(0.6	)		6.5
Net change in cash and equivalents		(47.4	)		94.5			(245.2	)		70.0
Consolidated cash and equivalents, beginning of period		168.2			136.9			366.0			161.4
Consolidated cash and equivalents, end of period	$	120.8		$	231.4		$	120.8		$	231.4

	Nine Months Ended
	September 26, 2026		September 27, 2025
Components of cash and equivalents:
Cash and equivalents	$	119.2	$	229.4
Cash and equivalents included in assets of DBT and Heat Transfer		1.6		2.0
Total cash and equivalents	$	120.8	$	231.4

SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
CASH AND DEBT RECONCILIATION
(Unaudited; in millions)


	Nine months ended
	September 26, 2026
Beginning cash and equivalents	$	366.0
Cash from continuing operations		180.3
Distribution from equity security		61.8
Capital expenditures		(79.6	)
Proceeds related to company-owned life insurance policies, net		3.4
Business acquisitions, net of cash acquired		(1,286.6	)
Borrowings under senior credit facilities		1,049.9
Repayments under senior credit facilities		(289.9	)
Borrowings under trade receivables agreement		453.0
Repayments under trade receivables agreement		(380.0	)
Net repayments under other financing arrangements		(0.4	)
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options		(14.9	)
Cash from discontinued operations		58.4
Change in cash due to changes in foreign currency exchange rates		(0.6	)
Ending cash and equivalents	$	120.8


	Debt at										Debt at
	December 31, 2025			Borrowings		Repayments			Other		September 26, 2026
Revolving loans	$	—		$	1,049.9	$	(289.9	)	$	—	$	760.0
Term loan		500.0			—		—			—		500.0
Trade receivables financing arrangement		—			453.0		(380.0	)		—		73.0
Other indebtedness		2.5			0.2		(0.6	)		0.3		2.4
Less: Deferred financing costs associated with the term loan		(0.9	)		—		—			0.2		(0.7	)
Totals	$	501.6		$	1,503.1	$	(670.5	)	$	0.5	$	1,334.7

SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
ORGANIC REVENUE
(Unaudited)

	Three months ended September 26, 2026
	HVAC		Detection and Measurement			Consolidated
Net Revenue Growth (Decline)	35.5	%	(7.7	)	%	20.5	%

Exclude: Foreign Currency	0.2	%	0.2		%	0.2	%

Exclude: Acquisitions	13.0	%	—		%	8.5	%

Organic Revenue Growth (Decline)	22.3	%	(7.9	)	%	11.8	%

SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - ADJUSTED OPERATING INCOME
Three Months Ended
(Unaudited; in millions)

	September 26, 2026								September 27, 2025
	GAAP			Adjustments		Adjusted			GAAP			Adjustments		Adjusted
HVAC segment income	$	120.8		$	—	$	120.8		$	94.4		$	—	$	94.4

Detection and Measurement segment income		52.6			—		52.6			51.7			—		51.7

Corporate expense ⁽¹⁾		(15.8	)		3.9		(11.9	)		(12.4	)		0.4		(12.0	)

Acquisition and integration-related costs ⁽²⁾		(5.5	)		5.5		—			(7.7	)		7.7		—

Long-term incentive compensation expense ⁽³⁾		(4.3	)		0.2		(4.1	)		(4.2	)		0.7		(3.5	)

Amortization of acquired intangible assets ⁽⁴⁾		(32.5	)		32.5		—			(24.6	)		24.6		—

Special charges, net		—			—		—			(0.1	)		—		(0.1	)

Operating income	$	115.3		$	42.1	$	157.4		$	97.1		$	33.4	$	130.5
as a percent of revenues		16.1	%				22.0	%		16.4	%				22.0	%

⁽¹⁾ For the three months ended September 26, 2026 and September 27, 2025, represents the removal of certain acquisition and integration-related costs of $3.9 and $0.4, respectively.

⁽²⁾ For the three months ended September 26, 2026, represents (i) certain acquisition and integration-related costs of $3.1 and (ii) amortization of a deferred compensation asset of $2.4 related to the Kranze Technology Solutions (“KTS”) acquisition. For the three months ended September 27, 2025, represents (i) certain acquisition and integration-related costs of $0.6, (ii) amortization of a deferred compensation asset of $6.5 related to the KTS acquisition, and (iii) additional inventory step-up charges of $0.5 related to the KTS acquisition, and $0.1 related to the Sigma Heating and Cooling and Omega Heat Pump (“Sigma & Omega”) acquisition.

⁽³⁾ For the three months ended September 26, 2026, represents the removal of $0.2 for long-term incentive compensation expense associated with acquisition-related equity grants. For the three months ended September 27, 2025, represents the removal of $0.7 for acceleration of long-term incentive compensation expense incurred as a result of immediate award vesting.

⁽⁴⁾ Represents amortization expense associated with acquired intangible assets recorded within “Selling, general and administrative — intangible amortization” and “Cost of products sold.”

SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - ADJUSTED EARNINGS PER SHARE
Three Months Ended September 26, 2026
(Unaudited; in millions, except per share values)


	GAAP			Adjustments			Adjusted
Operating income ⁽¹⁾	$	115.3		$	42.1		$	157.4

Other income (expense), net ⁽²⁾		1.5			(2.1	)		(0.6	)
Interest expense, net		(10.5	)		—			(10.5	)
Income from continuing operations before income taxes		106.3			40.0			146.3
Income tax provision ⁽³⁾		(24.0	)		(10.2	)		(34.2	)
Income from continuing operations		82.3			29.8			112.1

Diluted shares outstanding		50.645						50.645

Earnings per share from continuing operations	$	1.62					$	2.21

⁽¹⁾Adjustment represents the (i) removal of amortization expense associated with acquired intangible assets of $25.5 and $7.0 within the HVAC and Detection and Measurement reportable segments, respectively, (ii) the removal of certain acquisition and integration-related costs of $3.9 within corporate expense, (iii) the removal of acquisition and integration-related costs of $2.6 and $0.5 within the HVAC and Detection and Measurement reportable segments, respectively, (iv) amortization of a deferred compensation asset related to the KTS acquisition within the Detection and Measurement reportable segment of $2.4, and (v) the removal of $0.2 for long-term incentive compensation expense associated with acquisition-related equity grants.

⁽²⁾Adjustment represents a gain on an equity security associated with a valuation adjustment of $3.6, partially offset by the removal of non-service pension and postretirement charges of $1.5.

⁽³⁾Adjustment represents the tax impact of items (1) and (2).

SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - ADJUSTED EARNINGS PER SHARE
Three Months Ended September 27, 2025
(Unaudited; in millions, except per share values)


	GAAP			Adjustments			Adjusted
Operating income ⁽¹⁾	$	97.1		$	33.4		$	130.5

Other expense, net ⁽²⁾		(3.2	)		1.0			(2.2	)
Interest expense, net		(10.9	)		—			(10.9	)
Loss on amendment/refinancing of senior credit agreement ⁽³⁾		(1.5	)		1.5			—
Income from continuing operations before income taxes		81.5			35.9			117.4
Income tax provision ⁽⁴⁾		(18.4	)		(9.2	)		(27.6	)
Income from continuing operations		63.1			26.7			89.8

Diluted shares outstanding		48.919						48.919

Earnings per share from continuing operations	$	1.29					$	1.84

⁽¹⁾Adjustment represents (i) the removal of amortization expense associated with acquired intangible assets of $14.7 and $9.9 within the HVAC and Detection and Measurement reportable segments, respectively, (ii) acquisition and integration-related costs of $0.5 and $0.1 within the HVAC and Detection and Measurement reportable segments, respectively, (iii) amortization of a deferred compensation asset of $6.5 related to the KTS acquisition within the Detection and Measurement reportable segment, (iv) inventory step-up charges of $0.5 related to the KTS acquisition within the Detection and Measurement reportable segment and $0.1 related to the Sigma & Omega acquisition within the HVAC reportable segment, (v) the removal of a charge of $0.7 from acceleration of long-term incentive compensation expense incurred as a result of immediate award vesting, and (vi) the removal of certain acquisition and integration-related costs within corporate expense of $0.4.

⁽²⁾Adjustment represents the removal of (i) non-service pension and postretirement charges of $1.4 and (ii) a gain on settlement of our interest rate swap agreements of $0.4.

⁽³⁾Adjustment represents the removal of a non-cash charge to write-off previously deferred financing costs of $1.0 and certain expenses incurred in connection with an amendment to our senior credit agreement of $0.5.

⁽⁴⁾ Adjustment represents the tax impact of items (1) through (3).

SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - ADJUSTED EBITDA
(Unaudited; in millions)


	Three months ended
	September 26, 2026			September 27, 2025
Net income	$	81.9		$	62.7

Exclude:
Income tax provision		(24.0	)		(18.4	)
Interest expense, net		(10.5	)		(10.9	)
Amortization expense ⁽¹⁾		(32.7	)		(24.8	)
Depreciation expense		(8.7	)		(7.6	)
Loss from discontinued operations, net of tax		(0.4	)		(0.4	)
EBITDA		158.2			124.8

Exclude:
Acquisition and integration-related costs ⁽²⁾		(9.4	)		(8.1	)
Acquisition-related long-term incentive compensation expense ⁽³⁾		(0.2	)		—
Long-term incentive compensation expense acceleration ⁽⁴⁾		—			(0.7	)
Non-service pension and postretirement charges		(1.5	)		(1.4	)
Valuation adjustment on an equity security		3.6			—
Gain on settlement of interest rate swap		—			0.4
Loss on amendment/refinancing of senior credit agreement ⁽⁵⁾		—			(1.5	)
Adjusted EBITDA	$	165.7		$	136.1
as a percent of revenues		23.2	%		23.0	%

⁽¹⁾ Represents amortization expense associated with acquired intangible assets recorded within “Selling, general and administrative — intangible amortization” and amortization expense associated with acquired intangible assets and capitalized software costs recorded within “Cost of products sold.”

⁽²⁾For the three months ended September 26, 2026, represents (i) certain acquisition and integration-related costs of $7.0, inclusive of acquisition and integration-related costs of $2.6 and $0.5 within the HVAC reportable segment and the Detection and Measurement reportable segment, respectively, and (ii) amortization of a deferred compensation asset of $2.4 related to the KTS acquisition within the Detection and Measurement reportable segment. For the three months ended September 27, 2025, represents (i) certain acquisition and integration-related costs of $1.0, inclusive of acquisition and integration-related costs of $0.1 and $0.5 within the Detection and Measurement and HVAC reportable segments, respectively, (ii) amortization of a deferred compensation asset of $6.5 related to KTS within the Detection and Measurement reportable segment, and (iii) inventory step-up charges of $0.5 related to the KTS acquisition within the Detection and Measurement reportable segment and $0.1 related to the Sigma & Omega acquisition within the HVAC reportable segment.

⁽³⁾ For the three months ended September 26, 2026, represents the removal of $0.2 for long-term incentive compensation expense associated with acquisition-related equity grants.

⁽⁴⁾ For the three months ended September 27, 2025, represents the removal of $0.7 for acceleration of long-term incentive compensation expense incurred as a result of immediate award vesting.

⁽⁵⁾ Adjustment represents the removal of a non-cash charge to write-off previously deferred financing costs of $1.0 and certain expenses incurred in connection with an amendment to our senior credit agreement of $0.5.

SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - ADJUSTED FREE CASH FLOW
(Unaudited; in millions)


	Three months ended
	September 26, 2026			September 27, 2025
Operating cash flow from continuing operations	$	60.1		$	106.8

Include:
Capital expenditures		(40.0	)		(10.4	)
Free cash flow from continuing operations		20.1			96.4

Exclude:
Acquisition and integration-related payments and other ⁽¹⁾		(3.0	)		5.6
Adjusted free cash flow from continuing operations	$	23.1		$	90.8

⁽¹⁾ For the three months ended September 26, 2026, represents the removal of the cash impact of (i) acquisition and integration-related costs of $6.2 and (ii) certain discrete income tax benefits that are considered non-recurring of $3.2. For the three months ended September 27, 2025, represents the removal of the cash impact of (i) certain discrete income tax benefits that are considered non-recurring of $6.3, (ii) acquisition and integration-related costs of $1.1 and (iii) cash received on the settlement of an interest rate swap of $0.4.

SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - ADJUSTED FREE CASH FLOW
(Unaudited; in millions)


	Nine months ended
	September 26, 2026			September 27, 2025
Operating cash flow from continuing operations	$	180.3		$	139.8

Include:
Capital expenditures		(79.6	)		(23.6	)
Free cash flow from continuing operations		100.7			116.2

Exclude:
Acquisition and integration-related payments and other ⁽¹⁾		(10.3	)		(48.0	)
Adjusted free cash flow from continuing operations	$	111.0		$	164.2

⁽¹⁾ For the nine months ended September 26, 2026, represents the removal of the cash impact of (i) acquisition and integration-related costs of $13.5 and (ii) certain discrete income tax benefits that are considered non-recurring of $3.2. For the nine months ended September 27, 2025, represents the removal of the cash impact of (i) funded amounts associated with employee retention agreements assumed in the KTS acquisition of $46.5, (ii) acquisition and integration-related costs of $8.2, (iii) certain discrete income tax benefits that are considered non-recurring of $6.3 and (iv) cash received on the settlement of an interest rate swap of $0.4.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were SPX Technologies' third-quarter 2026 earnings?

SPX reported $1.62 diluted EPS from continuing operations, compared with $1.29 a year earlier, and adjusted EPS of $2.21 versus $1.84. Revenue increased 20.5% to $714.5 million, while GAAP net income rose 30.6% to $81.9 million.

What is SPXC's updated 2026 guidance?

SPX expects $2.745–$2.805 billion in revenue, adjusted EBITDA of $625–$645 million and adjusted EPS of $8.20–$8.50. The revenue range increased from $2.705–$2.765 billion, while the adjusted EBITDA and adjusted EPS ranges decreased from $630–$660 million and $8.20–$8.60, respectively.

Why did SPX Technologies' HVAC margin decline in Q3 2026?

HVAC margin declined primarily because of growth-related costs and elevated input costs. Labor and supply chain inefficiencies were associated with increased volumes and capacity expansion initiatives. The segment's margin fell to 23.0% from 24.4%, despite revenue and segment income growth.

Why did SPX Technologies' Detection and Measurement revenue fall in Q3 2026?

Detection and Measurement revenue declined primarily because of lower communications technologies project volumes. More favorable product mix in transportation and communication technologies, together with benefits from segment synergy initiatives, helped increase segment income and margin despite the organic revenue decline.

What does SPX Technologies exclude from its full-year 2026 guidance?

SPX's guidance excludes future acquisitions, dispositions and related transaction costs, incremental tariff and trade-tension effects after the announcement, foreign exchange changes after September 26, 2026, and environmental and litigation charges. A reconciliation of non-GAAP guidance to GAAP measures is not practicable because certain excluded amounts cannot reasonably be predicted.

SPX Reports Third Quarter 2026 Results