Flowserve (NYSE: FLS) backs 2026 guidance and 2030 targets, citing margin gains and cash returns

Flowserve (NYSE: FLS) backs 2026 guidance and 2030 targets, citing margin gains and cash returns

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What did Flowserve (FLS) announce regarding its 2026 financial guidance?

How much margin improvement has Flowserve (FLS) achieved since 2022?

What are Flowserve’s (FLS) 2030 long-term financial targets?

How much capital did Flowserve (FLS) return to shareholders in 2025?

How is Flowserve (FLS) responding to Starboard Value LP’s involvement?

What market trends does Flowserve (FLS) see supporting future growth?

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Flowserve Corporation reaffirmed its previously announced full-year 2026 guidance in response to public statements from Starboard Value LP and detailed its strategy to drive long-term shareholder value. The company highlighted 860 basis points of adjusted operating margin improvement since 2022 and continued year-over-year gains in key metrics.

Flowserve reiterated 2026 goals for adjusted operating margin expansion and double-digit adjusted EPS growth, and confirmed 2030 targets including mid-single digit organic sales CAGR from 2025-2030 and a 20% adjusted operating margin. It also cited strong cash generation supporting the acquisition of the Valves Division of Trillium Flow Technologies and the return of $365 million to shareholders in 2025, including $255 million of share repurchases.

Flowserve reiterates 2026 guidance and 2030 targets while stressing margin gains and capital returns.

Flowserve uses this update to restate confidence in its 2026 outlook and longer-term 2030 financial framework. Management points to 860 basis points of adjusted operating margin improvement since 2022 as evidence that portfolio and operational changes are tracking to plan.

The company underscores structural drivers such as aftermarket strength, resurgent power and nuclear demand, and investment tied to AI, data centers and electrification. It also notes geopolitical dynamics that could support energy security spending, while recognizing typical macro, supply chain, pricing and compliance risks in its cautionary language.

Capital allocation remains a key theme, with strong cash generation funding the Valves Division of Trillium Flow Technologies acquisition and $365 million of capital returned to shareholders in 2025, including $255 million via share repurchases. Subsequent disclosures may show whether margins, EPS growth and cash returns continue to track these stated targets.

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Adjusted operating margin improvement: 860 basis points Capital returned to shareholders: $365 million Share repurchases: $255 million +3 more

6 metrics

Adjusted operating margin improvement 860 basis points Improvement since 2022

Capital returned to shareholders $365 million Returned in 2025

Share repurchases $255 million Part of 2025 capital return

2030 adjusted operating margin target 20% Long-term margin goal for 2030

Organic sales growth target Mid-single digit CAGR From 2025-2030

EPS growth target Double-digit CAGR From 2025-2030 (adjusted EPS)

adjusted operating margin, double-digit adjusted EPS growth, CAGR, share repurchases, +2 more

6 terms

adjusted operating margin financial

"Flowserve has made meaningful portfolio and operational improvements that have resulted in 860 basis points of adjusted operating margin improvement since 2022."

Adjusted operating margin shows how much profit a company makes from its core business activities, after removing unusual or one-time costs and income. It helps investors see the company's true profitability by providing a clearer picture, similar to removing unexpected expenses to understand the regular performance. This metric is useful for comparing companies or tracking performance over time, as it highlights consistent earning power.

double-digit adjusted EPS growth financial

"The Company reaffirms its 2026 guidance, including adjusted operating margin expansion and double-digit adjusted EPS growth."

CAGR financial

"2030 financial targets of mid-single digit organic sales CAGR from 2025-2030, 20% adjusted operating margin by 2030, and double-digit adjusted EPS CAGR from 2025-2030."

Compound Annual Growth Rate (CAGR) measures the average yearly growth of an investment, revenue, or other metric over a multi-year period as if it had grown at a steady rate each year. Think of it like the constant speed that would take you from the starting value to the ending value over the same time—useful because it smooths out ups and downs and lets investors compare different assets or performance periods on an even footing.

non-GAAP financial measures financial

"management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

forward-looking statements regulatory

"This news release includes 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"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

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Accepted by SEC EDGAR 05/28/2026 - 04:01 PM

Flowserve reaffirmed its previously announced full-year 2026 guidance. The company emphasized continued adjusted operating margin expansion and double-digit adjusted EPS growth expectations, framing these goals within its broader operational improvements and long-term strategy described in the press release.

Flowserve reported 860 basis points of adjusted operating margin improvement since 2022. Management attributes this progress to portfolio and operational changes under its 3D strategy and Flowserve Business System, supporting its view that the company is better positioned to drive growth and value creation.

For 2030, Flowserve targets mid-single digit organic sales CAGR from 2025-2030, a 20% adjusted operating margin, and double-digit adjusted EPS CAGR over the same period. These goals reflect management’s long-term view of the company’s growth, profitability and earnings power.

Flowserve returned $365 million to shareholders in 2025. This included $255 million in share repurchases, funded by strong cash generation, alongside other value-creating capital deployment such as acquiring the Valves Division of Trillium Flow Technologies.

Flowserve stated that its board and management are committed to acting in all shareholders’ best interests and have held discussions with Starboard in recent months. It reaffirmed guidance and long-term targets while emphasizing ongoing investor engagement and focus on sustainable, long-term value creation.

Flowserve cites a strong aftermarket franchise, resurgent power and nuclear markets, AI-driven data center development, and broader electrification trends as supportive. It also notes that the current geopolitical environment may drive increased investment in global energy security and diversification.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 28, 2026

FLOWSERVE CORPORATION

(Exact Name of Registrant as Specified in its Charter)


New York	1-13179	31-0267900
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

5215 N. O’Connor Blvd., Suite 700, Irving, Texas		75039
(Address of Principal Executive Offices)		(Zip Code)

(972) 443-6500

(Registrant’s telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, $1.25 Par Value

FLS

New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01

Regulation FD Disclosure.

On May 28, 2026, Flowserve Corporation, a New York corporation (the “Company”), issued a press release in response to public statements made by Starboard Value LP, reaffirming its previously announced full-year guidance for fiscal year 2026. A copy of this press release is attached as Exhibit 99.1 and incorporated herein by reference.

The information furnished in Item 7.01 of this Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.

Forward-Looking Statements and Cautionary Statements

This Current Report includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this Current Report are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: economic, political and other risks associated with our international operations, including military actions, trade embargoes, blockades or other closures of major trade lanes, epidemics or pandemics and changes to tariffs or trade agreements that could affect customer and supply markets, particularly North African, Latin American, Asian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; global supply chain disruptions and the current inflationary environment could adversely affect the efficiency of our manufacturing and increase the cost of providing our products to customers; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from any restructuring and realignment initiatives, our business could be adversely affected; the substantial dependence of our sales on the success of the energy, chemical, power generation and general industries; the adverse impact of volatile raw materials prices on our products and operating margins; the impact of public health emergencies, such as outbreaks of epidemics, pandemics, and contagious diseases, on our business and operations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; potential adverse effects resulting from the implementation of new tariffs and related retaliatory actions and changes to or uncertainties related to tariffs and trade agreements; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Argentina; potential adverse consequences resulting from litigation to which we are a party; expectations regarding acquisitions and the integration of acquired businesses; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our

dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; if we are not able to maintain our competitive position by successfully developing and introducing new products and integrate new technologies, including artificial intelligence and machine learning; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the United States, as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this Current Report are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.


Exhibit No.		Description

99.1		Press Release, dated May 28, 2026.

104		Cover Page Interactive Data File (embedded within the Inline XBRL Document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Exhibit 99.1

Flowserve Underscores Commitment to Driving Value Creation for Shareholders

DALLAS, May 28, 2026 – Flowserve Corporation (NYSE: FLS) (“Flowserve” or the “Company”), a leading provider of flow control products and services for the global infrastructure markets, today issued the following statement in response to a letter issued by Starboard Value LP (collectively with its affiliates, “Starboard”).

The Flowserve Board of Directors (the “Board”) and management team are committed to acting in the best interests of the Company and all shareholders. We regularly engage with investors to better understand their perspectives, and we welcome constructive input that furthers our goal of creating sustainable, long-term value for all shareholders. To this end, members of Flowserve’s management team have held discussions with Starboard in recent months.

Flowserve has made meaningful portfolio and operational improvements that have resulted in 860 basis points of adjusted operating margin improvement since 2022. We believe the Company is better positioned to drive growth and value creation than at any point in our history. Powered by our 3D strategy and the Flowserve Business System, the Company continues to deliver substantial year-over-year improvement across key operational and financial metrics.

The Company reaffirms its 2026 guidance, including adjusted operating margin expansion and double-digit adjusted EPS growth. Additionally, the management team remains committed to its 2030 financial targets of mid-single digit organic sales CAGR from 2025-2030, 20% adjusted operating margin by 2030, and double-digit adjusted EPS CAGR from 2025-2030.

The strength of our aftermarket franchise and a resurgent power and nuclear end market fueled by AI growth, data center development and broader electrification trends provide a strong backdrop for growth. The current geopolitical environment should drive increased investment in energy security and diversification globally, providing another long-term tailwind for the Company. In addition, strong cash generation continues to facilitate disciplined, value-creating capital deployment, such as the acquisition of the Valves Division of Trillium Flow Technologies, as well as the return of $365 million to shareholders in 2025, including $255 million in share repurchases.

The Board and management team will continue to take action to drive sustainable growth, expand margins and enhance cash flow, thereby increasing value for all shareholders.

About Flowserve

Flowserve Corporation is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the Company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the Company’s website at www.flowserve.com.

Safe Harbor Statement

This news release includes 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, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: economic, political and other risks associated with our international operations, including military actions, trade embargoes, blockades or other closures of major trade lanes, epidemics or pandemics and changes to tariffs or trade agreements that could affect customer markets, particularly North African, Latin American, Asian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; global supply chain disruptions and the current inflationary environment could adversely affect the efficiency of our manufacturing and increase the cost of providing our products to customers; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from any restructuring and realignment initiatives, our business could be adversely affected; the substantial dependence of our sales on the success of the energy, chemical, power generation and general industries; the adverse impact of volatile raw materials prices on our products and operating margins; the impact of public health emergencies, such as outbreaks of epidemics, pandemics, and contagious diseases, on our business and operations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; potential adverse effects resulting from the implementation of new tariffs and related retaliatory actions and changes to or uncertainties related to tariffs and trade agreements; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Argentina; potential adverse consequences resulting from litigation to which we are a party; expectations regarding acquisitions and the integration of acquired businesses; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; if we are not able to maintain our competitive position by successfully developing and introducing new products and integrate new technologies, including artificial intelligence and machine learning; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the United States, as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the U.S. Securities and Exchange Commission.

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company’s performance. Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

Investor Contacts

investorrelations@flowserve.com

Brian Ezzell, Vice President, Investor Relations, Treasurer & Corporate Finance

Olivia Webb, Director, Investor Relations

Media Contacts

media@flowserve.com

Mahmoud Siddig / Andrea Rose / Mike Reilly

Joele Frank, Wilkinson Brimmer Katcher

(212) 355-4449

Source: View Original Filing on SEC EDGAR

4 documents

EX-99.1 EX-99.1 13.0 KB

FLOWSERVE CORPORATION

Dated: May 28, 2026

/s/ Amy B. Schwetz

Amy B. Schwetz

Senior Vice President, Chief Financial Officer