Flowserve (NYSE: FLS) lifts 2026 EPS outlook after strong Q2 bookings

Rhea-AI Filing Summary

Flowserve Corporation reported second quarter 2026 results showing strong demand but softer revenue. Total bookings rose to $1,348.1 million, up 25.5% from Q2 2025, while backlog reached $3,336.0 million, 16.9% higher year over year. Reported sales were $1,169.2 million, down 1.6% from the prior-year quarter as organic sales declined 3.3%.

Profitability improved. Q2 2026 operating margin increased to 13.0% from 12.3%, and adjusted operating margin rose to 15.3%. Diluted EPS grew to $0.77 from $0.62, with adjusted EPS up to $0.95 from $0.91. Year-to-date adjusted EPS reached $1.80 versus $1.63 a year earlier. Management highlighted this as the 14th consecutive quarter of year-over-year adjusted gross margin expansion.

For 2026, Flowserve now expects total sales growth of approximately +3%, narrowing the prior +3% to +6% range, and forecasts organic sales around (1)%. The company raised the low end of its adjusted EPS guidance to $4.05–$4.20 from $4.00–$4.20, assuming current Middle East business conditions persist. Capital expenditures are projected at approximately $100 million, and net interest expense at approximately $85 million.

Positive

• Total bookings increased 25.5% year over year in Q2 2026 to $1,348.1 million, lifting backlog to $3,336.0 million, 16.9% above the prior-year period.
• Earnings strengthened: Q2 2026 diluted EPS rose 24.2% to $0.77, adjusted EPS reached $0.95, and year-to-date adjusted EPS climbed to $1.80, leading to a higher 2026 adjusted EPS guidance floor of $4.05.
• Profitability improved with Q2 2026 operating margin at 13.0% and adjusted operating margin at 15.3%, each up 70 basis points from Q2 2025, extending a multi-year trend of adjusted gross margin expansion.

Negative

• Reported sales weakened, falling 1.6% in Q2 2026 to $1,169.2 million and 4.1% year-to-date, while organic sales declined 3.3% in the quarter and 6.9% year-to-date.
• Cash generation and leverage trends were less favorable: year-to-date cash from operations decreased to $86.2 million from $104.2 million, and long-term debt rose to $2,122.4 million from $1,525.2 million, partly reflecting acquisition activity.

Filing Explained

By June 30, Flowserve had made $517,735 thousand of acquisition payments while cash fell and long-term debt rose versus year-end.

As a Form 8-K, this completed filing reports specified material events; here it furnishes second-quarter results and guidance, while its balance sheet shows lower cash and higher long-term debt at June 30, 2026 than at December 31, 2025.

The six-month cash-flow statement reports $517,735 thousand in acquisition payments, $499,320 thousand in senior-note proceeds, and $150,000 thousand of revolving-credit proceeds against $100,000 thousand of repayments.

At June 30, 2026, cash and equivalents were $731,007 thousand versus $760,183 thousand at December 31, 2025, while long-term debt was $2,122,423 thousand versus $1,525,210 thousand.

The next dated disclosure milestone is the company’s presentation and conference call on July 30, 2026.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

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.

Key Figures

Total Bookings Q2 2026: $1,348.1 million Sales Q2 2026: $1,169.2 million Diluted EPS Q2 2026: $0.77 +5 more

8 metrics

Total Bookings Q2 2026 $1,348.1 million Quarter ended June 30, 2026; up 25.5% vs Q2 2025

Sales Q2 2026 $1,169.2 million Quarter ended June 30, 2026; down 1.6% vs Q2 2025

Diluted EPS Q2 2026 $0.77 Quarter ended June 30, 2026; 24.2% increase vs $0.62 in Q2 2025

Adjusted EPS Q2 2026 $0.95 Quarter ended June 30, 2026; up 4.4% vs $0.91 in Q2 2025

Backlog $3,336.0 million As of June 30, 2026; 16.9% higher than prior-year level of $2,853.2 million

2026 Adjusted EPS Guidance $4.05 to $4.20 Full-year 2026 outlook; low end raised from $4.00

Cash From Operations YTD 2026 $86.2 million Six months ended June 30, 2026; down from $104.2 million in 2025

Long-term Debt $2,122.4 million Due after one year as of June 30, 2026; up from $1,525.2 million at December 31, 2025

Key Terms

Adjusted Operating Margin, Organic Sales, Backlog, Realignment charges, +2 more

6 terms

Adjusted Operating Margin financial

"Adjusted Operating Margin | | | 15.3 | %"

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.

Organic Sales financial

"Organic Sales 4 | | | | | | | | | | | (3.3 | %)"

Organic sales are the change in a company’s revenue that comes from its existing business operations, excluding effects of acquisitions, divestitures, and currency swings. Think of it like measuring how much a garden grows from the plants you already tended, rather than adding new pots; investors use organic sales to judge whether demand and core business performance are genuinely improving or if growth is driven by one‑time deals or accounting shifts.

Backlog financial

"Backlog 5 | | $ | 3,336.0 | | | $ | 2,853.2"

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.

Realignment charges financial

"Realignment charges (a) | | | 32,979 | | | | (7,751 | )"

Below-the-line foreign exchange impacts financial

"Below-the-line foreign exchange impacts (g) | | | —"

Accounting items labeled as below-the-line foreign exchange impacts are gains or losses from changes in currency exchange rates that are recorded after operating profit on a company’s income statement—typically under non-operating or financing items. They matter to investors because they can move net income and earnings per share without changing the company’s core operating performance, like a one-time weather event that alters the final bill but not the regular service itself.

Purchase accounting step-up financial

"Purchase accounting step-up and intangible asset amortization (c)"

When one company buys another, purchase accounting step-up means the buyer records the acquired assets and liabilities at their current market values instead of the seller’s old book values. Think of it like re-tagging a used car with its true market price after purchase: it can increase reported asset values and future depreciation or amortization, which affects reported profits and tax timing and helps investors understand the deal’s real impact on earnings and cash flow.

Earnings Snapshot

Sales: $1,169.2 million · Guidance included

quarter ended June 30, 2026

Sales $1,169.2 million -1.6% vs Q2 2025

Total Bookings $1,348.1 million +25.5% vs Q2 2025

Diluted EPS $0.77 +24.2% vs Q2 2025

Adjusted EPS $0.95 +4.4% vs Q2 2025

Guidance

For 2026, Flowserve expects organic sales growth of approximately (1)%, total sales growth of approximately +3%, and adjusted EPS of $4.05 to $4.20, with net interest expense around $85 million, an adjusted tax rate of 21% to 22%, and capital expenditures of approximately $100 million.

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FAQ

How did Flowserve (FLS) perform financially in Q2 2026?

Flowserve delivered higher profitability on slightly lower revenue in Q2 2026. Sales were $1,169.2 million, down 1.6% year over year, while diluted EPS rose to $0.77 from $0.62 and adjusted EPS increased to $0.95 from $0.91.

What were Flowserve (FLS) bookings and backlog in Q2 2026?

Demand remained strong. Q2 2026 total bookings were $1,348.1 million, up 25.5% versus Q2 2025. Backlog reached $3,336.0 million, a 16.9% increase year over year, providing visibility for future revenue across Flowserve’s infrastructure end markets.

How did Flowserve (FLS) update its 2026 guidance?

Flowserve narrowed 2026 total sales growth to approximately +3% and now expects organic sales around (1)%. It raised the low end of its adjusted EPS range to $4.05–$4.20, from $4.00–$4.20, reflecting margin confidence despite geopolitical headwinds.

What margins did Flowserve (FLS) report for Q2 2026?

Flowserve’s Q2 2026 operating margin was 13.0%, up from 12.3% a year earlier. Adjusted operating margin improved to 15.3% from 14.6%. Management noted this was the 14th consecutive quarter of year-over-year adjusted gross margin expansion.

How are Flowserve’s (FLS) segments performing year-to-date 2026?

Year-to-date, Flowserve Pumps Division generated sales of $1,558.6 million with segment operating margin of 19.7%. Flow Control Division had sales of $684.9 million and a 7.7% segment operating margin, with adjusted operating margin improving to 14.2% from 12.2%.

What is Flowserve’s (FLS) cash and debt position as of June 30, 2026?

As of June 30, 2026, Flowserve held $731.0 million in cash and cash equivalents and had long-term debt of $2,122.4 million. Year-to-date cash from operations was $86.2 million, while significant acquisition spending and new senior notes affected investing and financing cash flows.

FLOWSERVE CORP false 0000030625 0000030625 2026-07-29 2026-07-29

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): July 29, 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 2.02 Results of Operations and Financial Condition.

On July 29, 2026, Flowserve Corporation, a New York corporation (the “Company”), issued a press release announcing financial results for the second quarter ended June 30, 2026. A copy of this press release is attached as Exhibit 99.1 and incorporated herein by reference.

The information furnished in Item 2.02 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.

Item 7.01 Regulation FD Disclosure.

On July 30, 2026, the Company will make a presentation about its financial and operating results for the second quarter of 2026, as noted in the press release described in Item 2.02 above. The Company has posted the presentation on its website at http://www.flowserve.com under the “Investors” section.

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 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, or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release, dated July 29, 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.

				FLOWSERVE CORPORATION
Dated: July 29, 2026				By:		/s/ Amy B. Schwetz
						Amy B. Schwetz
						Senior Vice President, Chief Financial Officer and Interim Chief Accounting Officer

EXHIBIT 99.1

Flowserve Corporation Reports Second Quarter 2026 Results

Flowserve Business System Delivers Strong Q2 Performance; Updates 2026 Guidance

DALLAS, July 29, 2026 – Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, reported its financial results for the second quarter ended June 30, 2026.

Highlights:

• Quarterly bookings of $1.35 billion, up 26% versus the prior year period, including record aftermarket bookings of $696 million

• Operating margin of 13.0% expanded 70 basis points and adjusted¹ operating margin² of 15.3% expanded 70 basis points compared to the prior year period

• Reported EPS of $0.77 and adjusted EPS³ of $0.95

• Updated full-year 2026 organic sales guidance to down approximately 1% reflecting the continued impact of Middle East conflict

• Raised the low end of adjusted EPS guidance³ to $4.05 to $4.20

Management Commentary:

“Flowserve delivered strong second quarter results, with significant bookings growth, robust operating margin expansion, and adjusted earnings per share above our initial expectations,” said Scott Rowe, Flowserve’s President and Chief Executive Officer. “ Importantly, this marks our 14th consecutive quarter of year-over-year adjusted gross margin expansion, a reflection of the structural, durable progress we’re making. These results, delivered against a dynamic market backdrop, underscore the strength of the Flowserve Business System and the power of the 3D growth strategy coupled with the commitment of our teams around the world.”

Rowe continued, “Demand across our end markets remains resilient, led by power, nuclear, and energy security investments. While our healthy project pipeline positions us for continued bookings growth, we are adjusting our full-year sales guidance to reflect geopolitical uncertainty in the Middle East and its expected impact on our run-rate business in the region during the second half of the year. At the same time, our strong earnings performance year to date and continued confidence in our ability to expand margins enable us to raise the low end of our full-year adjusted EPS guidance range. We remain firmly on track to deliver on our 2030 financial targets and create value for shareholders.”

Key Figures (unaudited):

(dollars in millions, except per share)		Q2 2026				Q2 2025				Change				YTD 2026				YTD 2025				Change
Original Equipment Bookings		$	652.3			$	453.3				43.9	%		$	1,119.5			$	990.2				13.1	%
Aftermarket Bookings		$	695.8			$	620.6				12.1	%		$	1,376.2			$	1,309.2				5.1	%
Total Bookings		$	1,348.1			$	1,073.9				25.5	%		$	2,495.7			$	2,299.4				8.5	%
Organic Sales4											(3.3	%)											(6.9	%)
Acquisition/Divestiture Impact											90 bps												60 bps
Foreign Exchange Impact											80 bps												220 bps
Reported Sales		$	1,169.2			$	1,188.1				(1.6	%)		$	2,237.4			$	2,332.6				(4.1	%)
Operating Margin			13.0	%			12.3	%			70 bps				12.1	%			11.9	%			20 bps
Adjusted Operating Margin			15.3	%			14.6	%			70 bps				15.2	%			13.8	%			140 bps
Earnings Per Share (EPS)		$	0.77			$	0.62				24.2	%		$	1.41			$	1.18				19.5	%
Adjusted Earnings Per Share (EPS)		$	0.95			$	0.91				4.4	%		$	1.80			$	1.63				10.4	%
Cash From Operations		$	129.2			$	154.1			($	24.9	)		$	86.2			$	104.2			($	18.0	)
Backlog5		$	3,336.0			$	2,853.2				16.9	%		$	3,336.0			$	2,853.2				16.9	%

2026 Guidance³:

The Company updated 2026 guidance:

		Prior		Current
Organic Sales Growth		(1%) to +2%		Approx. (1%)
Impact From Acquisition/Divestiture		Approx. +300 bps		Approx. +300 bps
Impact From Foreign Exchange Translation		Approx. +100 bps		Approx. +100 bps
Total Sales Growth		+3% to +6%		Approx. +3%
Adjusted EPS		$4.00 to $4.20		$4.05 to $4.20
Net Interest Expense		Approx. $85 million		Approx. $85 million
Adjusted Tax Rate		21% to 22%		21% to 22%
Capital Expenditures		$90 million to $100 million		Approx. $100 million

The guidance assumes tariff rates in place as of July 1, 2026, and assumes current business conditions in the Middle East, which have been impacted by armed conflict and geopolitical instability, persist for the remainder of the year.

2

Webcast and Conference Call Instructions:

Flowserve will host its conference call to discuss second quarter results on Thursday, July 30, 2026, at 8:30 a.m. Eastern Time. The call can be accessed by shareholders and other interested parties on Flowserve’s Investors page.

Footnotes

¹ See Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (unaudited) and Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (unaudited) tables for a detailed reconciliation of reported results to adjusted measures.

² Adjusted operating margin is calculated by dividing adjusted operating income by sales. Adjusted operating income is derived by excluding the adjusted items.

³ Adjusted earnings per share (EPS) excludes realignment expenses, the impact from other specific discrete and below-the-line foreign currency effects and utilizes the then-applicable foreign exchange rates and fully diluted shares. Adjusted full-year 2026 EPS guidance excludes certain other discrete items which may arise during the year.

⁴ Organic is defined as the change in sales, as defined by U.S. GAAP, excluding the impacts of currency translation and acquisitions and divestitures. The impact of currency translation is calculated by translating current year results on a monthly basis at prior year exchange rates for the same period.

⁵ Q2 and YTD 2026 backlog includes Trillium backlog of $225 million.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

		Three Months Ended June 30,
(Amounts in thousands)		2026				2025
Sales		$	1,169,175			$	1,188,092
Cost of sales			(784,449	)			(781,510	)
Gross profit			384,726				406,582
Selling, general and administrative expense			(266,318	)			(265,908	)
Net earnings from affiliates			33,015				5,916
Operating income			151,423				146,590
Interest expense			(25,696	)			(20,253	)
Interest income			5,023				2,526
Other expense, net			(12,087	)			(25,003	)
Earnings before income taxes			118,663				103,860
Provision for income taxes			(17,078	)			(15,636	)
Net earnings, including noncontrolling interests			101,585				88,224
Less: net earnings attributable to noncontrolling interests			(2,587	)			(6,470	)
Net earnings attributable to Flowserve Corporation		$	98,998			$	81,754
Net earnings per share attributable to Flowserve Corporation common shareholders:
Basic		$	0.78			$	0.62
Diluted			0.77				0.62
Weighted average shares - basic			127,644				130,846
Weighted average shares - diluted			128,358				131,599

3

Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited)

(Amounts in thousands, except per share data)

Three Months Ended June 30, 2026		Gross Profit				Selling, General & Administrative Expense				Net Earnings from Affiliates				Operating Income				Other Income (Expense), Net				Provision For (Benefit From) Income Taxes				Net Earnings (Loss)				Effective Tax Rate				Diluted EPS
Reported		$	384,726			$	266,318			$	33,015			$	151,423			$	(12,087	)		$	17,078			$	98,998				14.4	%			0.77
Reported as a percent of sales			32.9	%			22.8	%			2.8	%			13.0	%			-1.0	%			1.5	%			8.5	%
Realignment charges (a)			32,979				(7,751	)			—				40,730				—				8,590				32,140				21.1	%			0.25
Acquisition and divestiture related (b)(c)			—				(9,316	)			(27,700	)			(18,384	)			—				2,163				(20,547	)			-11.8	%			(0.16	)
Amortization of intangible assets (d)			1,543				(3,103	)			—				4,646				—				997				3,649				21.5	%			0.03
Discrete items (e)(f)			31				(215	)			—				246				3,076				782				2,540				23.5	%			0.02
Below-the-line foreign exchange impacts (g)			—				—				—				—				6,315				1,414				4,901				22.4	%			0.04
Adjusted		$	419,279			$	245,933			$	5,315			$	178,661			$	(2,696	)		$	31,024			$	121,681				20.0	%			0.95
Adjusted as a percent of sales			35.9	%			21.0	%			0.5	%			15.3	%			-0.2	%			2.7	%			10.4	%

Note: Amounts may not calculate due to rounding

(a) Charges represent realignment costs incurred as a result of realignment programs of which $5,003 is non-cash.

(b) Charges represent $9,316 of costs associated with strategic acquisition and divestiture activities including the acquisitions of Trillium Valves and Flowserve Al Mansoori Services Company (FAMCO).

(c) Adjustment represents a $27,700 gain recognized in Net earnings from affiliates on the remeasurement of our previously held equity interest in FAMCO.

(d) Charges represent non-cash amortization of intangible assets.

(e) Charges represent $246 of non-cash share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan.

(f) Charges include $3,076 for non-cash pension settlement accounting losses incurred in conjunction with pension plans in the United States and Canada.

(g) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site’s respective functional currency.

Three Months Ended June 30, 2025		Gross Profit				Selling, General & Administrative Expense				Operating Income				Other Income (Expense), Net				Provision For (Benefit From) Income Taxes				Net Earnings (Loss)				Effective Tax Rate				Diluted EPS
Reported		$	406,582			$	265,908			$	146,590			$	(25,003	)		$	15,636			$	81,754				15.1	%			0.62
Reported as a percent of sales			34.2	%			22.4	%			12.3	%			-2.1	%			1.3	%			6.9	%
Realignment charges (a)			5,106				1,787				3,319				—				1,318				2,001				39.7	%			0.02
Acquisition related (b)			752				(3,190	)			3,942				—				927				3,015				23.5	%			0.02
Purchase accounting step-up and intangible asset amortization (c)			2,642				(1,300	)			3,942				—				1,186				2,756				30.1	%			0.02
Discrete items (d)(e)			42				(382	)			424				1,500				453				1,471				23.5	%			0.01
Merger transaction costs (f)			—				(15,515	)			15,515				—				3,649				11,866				23.5	%			0.09
Below-the-line foreign exchange impacts (g)			—				—				—				20,023				2,910				17,113				14.5	%			0.13
Adjusted		$	415,124			$	247,308			$	173,732			$	(3,480	)		$	26,079			$	119,976				17.1	%			0.91
Adjusted as a percent of sales			34.9	%			20.8	%			14.6	%			-0.3	%			2.2	%			10.1	%

Note: Amounts may not calculate due to rounding

(a) Charges represent realignment costs incurred as a result of realignment programs of which $1,500 is non-cash.

(b) Charge represents acquisition and integration related costs associated with the MOGAS acquisition.

(c) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.

(d) Charge represents share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan.

(e) Charge of $1,500 represents a pension settlement accounting loss incurred in conjunction with the freeze of our US Qualified pension plan.

(f) Charge represents transaction costs incurred associated with the Chart Industries merger.

(g) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site’s respective functional currency.

4

SEGMENT INFORMATION

(Unaudited)

		Three Months Ended June 30,
FLOWSERVE PUMPS DIVISION		2026				2025
(Amounts in millions, except percentages)
Bookings		$	938.1			$	723.8
Sales			814.1				818.9
Gross profit			296.1				299.2
Gross profit margin			36.4	%			36.5	%
SG&A			148.0				142.4
Segment operating income			181.2				162.7
Segment operating income as a percentage of sales			22.3	%			19.9	%
		Three Months Ended June 30,
FLOW CONTROL DIVISION		2026				2025
(Amounts in millions, except percentages)
Bookings		$	417.1			$	354.7
Sales			357.3				371.5
Gross profit			88.5				107.7
Gross profit margin			24.8	%			29.0	%
SG&A			77.5				69.9
Segment operating income			11.0				37.8
Segment operating income as a percentage of sales			3.1	%			10.2	%

5

Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited)

(Amounts in thousands)

Flowserve Pumps Division

Three Months Ended June 30, 2026		Gross Profit				Selling, General & Administrative Expense				Net Earnings from Affiliates				Operating Income
Reported		$	296,141			$	148,003			$	33,014			$	181,151
Reported as a percent of sales			36.4	%			18.2	%			4.1	%			22.3	%
Realignment charges (a)			10,521				(5,392	)			—				15,913
Discrete items (b)			24				(48	)			—				72
Acquisition and divestiture related (c)(e)			—				(774	)			(27,700	)			(26,926	)
Amortization of intangible assets (d)			1,443				(1,801	)			—				3,244
Adjusted		$	308,129			$	139,988			$	5,314			$	173,454
Adjusted as a percent of sales			37.8	%			17.2	%			0.7	%			21.3	%

Flow Control Division

Three Months Ended June 30, 2026		Gross Profit				Selling, General & Administrative Expense				Operating Income
Reported		$	88,546			$	77,528			$	11,018
Reported as a percent of sales			24.8	%			21.7	%			3.1	%
Realignment charges (a)			22,458				(1,735	)			24,193
Discrete items (b)			5				(20	)			25
Acquisition and divestiture related (c)			—				(8,427	)			8,427
Amortization of intangible assets (d)			100				(1,302	)			1,402
Adjusted		$	111,109			$	66,044			$	45,065
Adjusted as a percent of sales			31.1	%			18.5	%			12.6	%

Note: Amounts may not calculate due to rounding

(a) Charges represent realignment costs incurred as a result of realignment programs of which $5,003 is non-cash.

(b) Charges represent $97 of non-cash share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan.

(c) Charges represent $9,201 of costs associated with strategic acquisition and divestiture activities including the acquisitions of Flowserve Al Mansoori Services Company (FAMCO) and Trillium Valves within FPD and FCD, respectively.

(d) Charges represent non-cash amortization of intangible assets.

(e) Adjustment represents a $27,700 gain recognized in Net earnings from affiliates on the remeasurement of our previously held equity interest in FAMCO.

Flowserve Pumps Division

Three Months Ended June 30, 2025		Gross Profit				Selling, General & Administrative Expense				Operating Income
Reported		$	299,229			$	142,400			$	162,745
Reported as a percent of sales			36.5	%			17.4	%			19.9	%
Realignment charges (a)			1,888				(1,749	)			3,637
Discrete items (b)			35				(99	)			134
Adjusted		$	301,152			$	140,552			$	166,516
Adjusted as a percent of sales			36.8	%			17.2	%			20.3	%

Flow Control Division

Three Months Ended June 30, 2025		Gross Profit				Selling, General & Administrative Expense				Operating Income
Reported		$	107,694			$	69,922			$	37,772
Reported as a percent of sales			29.0	%			18.8	%			10.2	%
Realignment charges (a)			3,217				3,504				(287	)
Acquisition related (c)			752				(3,190	)			3,942
Purchase accounting step-up and intangible asset amortization (d)			2,642				(1,300	)			3,942
Discrete items (b)			5				(99	)			104
Adjusted		$	114,310			$	68,838			$	45,472
Adjusted as a percent of sales			30.8	%			18.5	%			12.2	%

Note: Amounts may not calculate due to rounding

(a) Charges represent realignment costs incurred as a result of realignment programs of which $1,500 is non-cash.

(b) Charge represents share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan.

(c) Charge represents acquisition and integration-related costs associated with the MOGAS acquisition.

(d) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.

6

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Amounts in thousands, except per share data)

		Six Months Ended June 30,
		2026				2025
Sales		$	2,237,444			$	2,332,635
Cost of sales			(1,472,877	)			(1,556,719	)
Gross profit			764,567				775,916
Selling, general and administrative expense			(529,718	)			(509,085	)
Net earnings from affiliates			36,006				11,648
Operating income			270,855				278,479
Interest expense			(46,127	)			(39,428	)
Interest income			6,523				4,271
Other expense, net			(5,088	)			(42,262	)
Earnings before income taxes			226,163				201,060
Provision for income taxes			(38,209	)			(33,379	)
Net earnings, including noncontrolling interests			187,954				167,681
Less: Net earnings attributable to noncontrolling interests			(7,275	)			(12,022	)
Net earnings attributable to Flowserve Corporation		$	180,679			$	155,659
Net earnings per share attributable to Flowserve Corporation common shareholders:
Basic		$	1.42			$	1.19
Diluted			1.41				1.18
Weighted average shares - basic			127,569				131,206
Weighted average shares - diluted			128,489				132,135

7

Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited)

(Amounts in thousands, except per share data)

Six Months Ended June 30, 2026		Gross Profit				Selling, General & Administrative Expense				Net Earnings from Affiliates				Operating Income				Other Income (Expense), Net				Provision For (Benefit From) Income Taxes				Net Earnings (Loss)				Effective Tax Rate				Diluted EPS
Reported		$	764,567			$529,718				$	36,006			$	270,855			$	(5,088	)		$	38,209			$	180,679				16.9	%			1.41
Reported as a percent of sales			34.2	%		23.7%					1.6	%			12.1	%			-0.2	%			1.7	%			8.1	%
Realignment charges (a)			49,481			(20,216)					—				69,697				—				13,033				56,664				18.7	%			0.44
Acquisition and divestiture related (b)(c)			—			(17,904)					(27,700	)			(9,796	)			—				4,313				(14,109	)			-44.0	%			(0.11	)
Amortization of intangible assets (d)			2,556			(5,347)					—				7,903				—				1,520				6,383				19.2	%			0.05
Discrete items (e)(f)			62			(889)					—				951				4,576				1,301				4,226				23.5	%			0.03
Below-the-line foreign exchange impacts (g)			—			—					—				—				(2,723	)			(187	)			(2,536	)			6.9	%			(0.02	)
Adjusted		$	816,666			$485,362				$	8,306			$	339,610			$	(3,235	)		$	58,189			$	231,307				19.6	%			1.80
Adjusted as a percent of sales			36.5	%		21.7%					0.4	%			15.2	%			-0.1	%			2.6	%			10.3	%

Note: Amounts may not calculate due to rounding

(a) Charges represent realignment costs incurred as a result of realignment programs, net of a $5,300 gain associated with a sale-leaseback transaction related to a FCD facility, and of which $5,234 is non-cash.

(b) Charges represent $17,904 of costs associated with strategic acquisition and divestiture activities including the acquisitions of Greenray, Trillium Valves and Flowserve Al Mansoori Services Company (FAMCO).

(c) Adjustment represents a $27,700 gain recognized in Net earnings from affiliates on the remeasurement of our previously held equity interest in FAMCO.

(d) Charges represent non-cash amortization of intangible assets.

(e) Charges represent discrete items including $523 of non-cash share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan and $428 of transaction costs related to the divestiture of our asbestos-related assets and liabilities.

(f) Charges include $4,576 for non-cash pension settlement accounting losses incurred in conjunction with pension plans in the United States and Canada.

(g) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site’s respective functional currency.

Six Months Ended June 30, 2025		Gross Profit				Selling, General & Administrative Expense				Operating Income				Other Income (Expense), Net				Provision For (Benefit From) Income Taxes				Net Earnings (Loss)				Effective Tax Rate				Diluted EPS
Reported		$	775,916			$	509,085			$	278,479			$	(42,262	)		$	33,379			$	155,659				16.6	%			1.18
Reported as a percent of sales			33.3	%			21.8	%			11.9	%			-1.8	%			1.4	%			6.7	%
Realignment charges (a)			15,121				3,091				12,030				—				3,189				8,841				26.5	%			0.07
Acquisition related (b)			752				(4,471	)			5,223				—				1,228				3,995				23.5	%			0.03
Purchase accounting step-up and intangible asset amortization (c)			6,117				(2,600	)			8,717				—				2,547				6,170				29.2	%			0.05
Discrete items (d)(e)			75				(765	)			840				3,000				903				2,937				23.5	%			0.02
Merger transaction costs (f)			—				(15,515	)			15,515				—				3,649				11,866				23.5	%			0.09
Below-the-line foreign exchange impacts (g)			—				—				—				31,396				5,355				26,041				17.1	%			0.20
Adjusted		$	797,981			$	488,825			$	320,804			$	(7,866	)		$	50,250			$	215,509				18.1	%			1.63
Adjusted as a percent of sales			34.2	%			21.0	%			13.8	%			-0.3	%			2.2	%			9.2	%

Note: Amounts may not calculate due to rounding

(a) Charges represent realignment costs incurred as a result of realignment programs of which $3,000 is non-cash.

(b) Charge represents acquisition and integration related costs associated with the MOGAS acquisition.

(c) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.

(d) Charge represents share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan.

(e) Charge of $3,000 represents a pension settlement accounting loss incurred in conjunction with the freeze of our US Qualified pension plan.

(f) Charge represents transaction costs incurred associated with the Chart Industries merger.

(g) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site’s respective functional currency.

8

SEGMENT INFORMATION

(Unaudited)

FLOWSERVE PUMPS DIVISION		Six Months Ended June 30,
(Amounts in millions, except percentages)		2026				2025
Bookings		$	1,711.4			$	1,576.1
Sales			1,558.6				1,602.1
Gross profit			566.1				567.7
Gross profit margin			36.3	%			35.4	%
SG&A			295.2				280.1
Segment operating income			306.9				299.3
Segment operating income as a percentage of sales			19.7	%			18.7	%
FLOW CONTROL DIVISION		Six Months Ended June 30,
(Amounts in millions, except percentages)		2026				2025
Bookings		$	791.3			$	730.4
Sales			684.9				735.6
Gross profit			197.5				207.9
Gross profit margin			28.9	%			28.3	%
SG&A			144.8				138.6
Segment operating income			52.7				69.3
Segment operating income as a percentage of sales			7.7	%			9.4	%

9

Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited)

(Amounts in thousands)

Flowserve Pumps Division

Six Months Ended June 30, 2026		Gross Profit				Selling, General & Administrative Expense				Net Earnings from Affiliates				Operating Income
Reported		$	566,068			$	295,171			$	36,006			$	306,902
Reported as a percent of sales			36.3	%			18.9	%			2.3	%			19.7	%
Realignment charges (a)			20,609				(9,533	)			—				30,142
Discrete items (b)			48				(96	)			—				144
Acquisition and divestiture related (c)(e)			—				(813	)			(27,700	)			(26,887	)
Amortization of intangible assets (d)			2,456				(2,746	)			—				5,202
Adjusted		$	589,181			$	281,983			$	8,306			$	315,503
Adjusted as a percent of sales			37.8	%			18.1	%			0.5	%			20.2	%

Flow Control Division

Six Months Ended June 30, 2026		Gross Profit				Selling, General & Administrative Expense				Operating Income
Reported		$	197,493			$	144,759			$	52,734
Reported as a percent of sales			28.8	%			21.1	%			7.7	%
Realignment charges (a)			28,872				3,286				25,586
Discrete items (b)			10				(75	)			85
Acquisition and divestiture related (c)			—				(16,165	)			16,165
Amortization of intangible assets (d)			100				(2,601	)			2,701
Adjusted		$	226,475			$	129,204			$	97,271
Adjusted as a percent of sales			33.1	%			18.9	%			14.2	%

Note: Amounts may not calculate due to rounding

(a) Charges represent realignment costs incurred as a result of realignment programs, net of a $5,300 gain associated with a sale-leaseback transaction related to a FCD facility, and of which $5,234 is non-cash.

(b) Charges represent $229 of non-cash share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan. (c) Charges represent $16,978 of costs associated with strategic acquisition and divestiture activities including the acquisitions of Greenray and Flowserve Al Mansoori Services Company (FAMCO) within FPD and Trillium Valves within FCD.

(d) Charges represent non-cash amortization of intangible assets.

(e) Adjustment represents a $27,700 gain recognized in Net earnings from affiliates on the remeasurement of our previously held equity interest in FAMCO.

Flowserve Pumps Division

Six Months Ended June 30, 2025		Gross Profit				Selling, General & Administrative Expense				Operating Income
Reported		$	567,691			$	280,080			$	299,259
Reported as a percent of sales			35.4	%			17.5	%			18.7	%
Realignment charges (a)			4,867				(751	)			5,618
Discrete items (b)			63				(224	)			287
Adjusted		$	572,621			$	279,105			$	305,164
Adjusted as a percent of sales			35.7	%			17.4	%			19.0	%

Flow Control Division

Six Months Ended June 30, 2025		Gross Profit				Selling, General & Administrative Expense				Operating Income
Reported		$	207,881			$	138,627			$	69,254
Reported as a percent of sales			28.3	%			18.8	%			9.4	%
Realignment charges (a)			10,319				3,625				6,694
Acquisition related (c)			752				(4,471	)			5,223
Purchase accounting step-up and intangible asset amortization (d)			6,117				(2,600	)			8,717
Discrete items (b)			9				(163	)			172
Adjusted		$	225,078			$	135,018			$	90,060
Adjusted as a percent of sales			30.6	%			18.4	%			12.2	%

Note: Amounts may not calculate due to rounding

(a) Charges represent realignment costs incurred as a result of realignment programs of which $3,000 is non-cash.

(b) Charge represents share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan.

(c) Charge represents acquisition and integration-related costs associated with the MOGAS acquisition.

(d) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.

10

Segment Results

(Unaudited)

Flowserve Pumps Division

(dollars in millions)		Q2 2026				Q2 2025				Change				YTD 2026				YTD 2025				Change
Organic Bookings											26.8	%											5.0	%
Acquisition / Divestiture Impact											1.1	%											0.7	%
FX Impact (a)											1.7	%											2.9	%
Total Bookings (b)		$	938			$	724				29.6	%		$	1,711			$	1,576				8.6	%
Organic Sales											(3.2	%)											(6.3	%)
Acquisition / Divestiture Impact											1.4	%											0.9	%
FX Impact (a)											1.2	%											2.7	%
Reported Sales (b)		$	814			$	819				(0.6	%)		$	1,559			$	1,602				(2.7	%)
Gross Margin			36.4	%			36.5	%			(10 bps	)			36.3	%			35.4	%			90 bps
Adjusted Gross Margin (c)			37.8	%			36.8	%			100 bps				37.8	%			35.7	%			210 bps
Operating Margin			22.3	%			19.9	%			240 bps				19.7	%			18.7	%			100 bps
Adjusted Operating Margin (d)			21.3	%			20.3	%			100 bps				20.2	%			19.0	%			120 bps
Backlog (b)		$	2,204			$	1,981				11.3	%		$	2,204			$	1,981				11.3	%
Flowserve Control Division
(dollars in millions)		Q2 2026				Q2 2025				Change				YTD 2026				YTD 2025				Change
Organic Bookings											17.3	%											6.9	%
Acquisition / Divestiture Impact											0.0	%											0.0	%
FX Impact (a)											0.3	%											1.4	%
Total Bookings (b)		$	417			$	355				17.6	%		$	791			$	730				8.3	%
Organic Sales											(3.8	%)											(7.9	%)
Acquisition / Divestiture Impact											0.0	%											0.0	%
FX Impact (a)											0.0	%											1.0	%
Reported Sales (b)		$	357			$	371				(3.8	%)		$	685			$	736				(6.9	%)
Gross Margin			24.8	%			29.0	%			(420 bps	)			28.8	%			28.3	%			50 bps
Adjusted Gross Margin (c)			31.1	%			30.8	%			30 bps				33.1	%			30.6	%			250 bps
Operating Margin			3.1	%			10.2	%			(710 bps	)			7.7	%			9.4	%			(170 bps	)
Adjusted Operating Margin (d)			12.6	%			12.2	%			40 bps				14.2	%			12.2	%			200 bps
Backlog (b)		$	1,154			$	881				30.9	%		$	1,154			$	881				30.9	%

(a) Constant foreign exchange (FX) represents the year-over-year variance assuming 2026 results at 2025 FX rates

(b) Bookings, sales, and backlog do not include interdivision eliminations

(c) Adjusted gross margin is a non-GAAP financial measure. Adjusted gross margin is calculated by dividing adjusted gross profit by sales. Adjusted gross profit is derived by excluding realignment charges and other specific discrete items. See the Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (unaudited)

(d) Adjusted operating margin excludes realignment charges and other specific discrete items

11

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Amounts in thousands, except par value)		June 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	731,007			$	760,183
Accounts receivable, net of allowance for expected credit losses of $89,364 and $83,094, respectively			1,056,706				1,029,095
Contract assets, net of allowance for expected credit losses of $5,871 and $6,028, respectively			340,234				322,472
Inventories			832,537				789,898
Prepaid expenses and other			158,642				141,237
Total current assets			3,119,126				3,042,885
Property, plant, and equipment, net of accumulated depreciation of $1,233,503 and $1,224,912, respectively			595,446				566,751
Operating lease right-of-use asset, net			170,716				166,031
Goodwill			1,744,877				1,391,988
Deferred taxes			160,395				156,250
Other intangible assets, net			345,231				198,475
Other assets, net of allowance for expected credit losses of $66,209 and $66,047, respectively			184,497				185,820
Total assets		$	6,320,288			$	5,708,200
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	543,323			$	554,243
Accrued liabilities			561,747				587,475
Contract liabilities			293,864				274,669
Debt due within one year			12,741				49,868
Operating lease liabilities			37,330				35,630
Total current liabilities			1,449,005				1,501,885
Long-term debt due after one year			2,122,423				1,525,210
Operating lease liabilities			145,851				149,565
Retirement obligations and other liabilities Contingencies (See Note 12)			275,552				277,216
Shareholders’ equity:
Preferred shares, $1.00 par value			—				—
Shares authorized — 1,000, no shares issued
Common shares, $1.25 par value			220,991				220,991
Shares authorized — 305,000
Shares issued — 176,793 and 176,793, respectively
Capital in excess of par value			494,925				508,890
Retained earnings			4,385,914				4,261,977
Treasury shares, at cost — 49,532 and 49,763 shares, respectively			(2,241,970	)			(2,231,685	)
Deferred compensation obligation			7,015				6,629
Accumulated other comprehensive loss			(607,263	)			(575,405	)
Total Flowserve Corporation shareholders’ equity			2,259,612				2,191,397
Noncontrolling interests			67,845				62,927
Total equity			2,327,457				2,254,324
Total liabilities and equity		$	6,320,288			$	5,708,200

12

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

		Six Months Ended June 30,
(Amounts in thousands)		2026				2025
Cash flows — Operating activities:
Net earnings, including noncontrolling interests		$	187,954			$	167,681
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation			40,414				38,695
Amortization of intangible and other assets			7,903				9,589
(Gain) on remeasurement of previously held equity interest			(27,700	)			—
Stock-based compensation			20,595				18,822
Foreign currency, asset write downs and other non-cash adjustments			(17,314	)			(6,211	)
Change in assets and liabilities:
Accounts receivable, net			6,859				(22,631	)
Inventories			(4,294	)			14,208
Contract assets, net			(11,161	)			(28,930	)
Prepaid expenses and other assets, net			17,984				13,589
Accounts payable			(52,347	)			(10,414	)
Contract liabilities			(10,439	)			(15,254	)
Accrued liabilities			(80,798	)			(84,466	)
Retirement obligations and other liabilities			9,801				2,196
Net deferred taxes			(1,291	)			7,338
Net cash flows provided by operating activities			86,166				104,212
Cash flows — Investing activities:
Capital expenditures			(33,807	)			(28,340	)
Payments for acquisitions, net of cash acquired			(517,735	)			—
Proceeds from disposal of assets			9,865				867
Affiliate investment activity			(2,000	)			—
Net cash flows (used) by investing activities			(543,677	)			(27,473	)
Cash flows — Financing activities:
Proceeds from issuance of senior notes			499,320				—
Payments on term loan			(77,875	)			(18,750	)
Proceeds from long-term debt			74,750				—
Payment of deferred loan costs			(4,893	)			—
Proceeds under revolving credit facility			150,000				50,000
Payments under revolving credit facility			(100,000	)			(50,000	)
Proceeds under other financing arrangements			998				3,072
Payments under other financing arrangements			(5,266	)			(1,231	)
Repurchases of common shares			(25,000	)			(52,797	)
Payments related to tax withholding for stock-based compensation			(23,011	)			(11,337	)
Payments of dividends			(54,838	)			(55,209	)
Contingent consideration payment related to acquired business			—				(15,000	)
Other			529				(3,192	)
Net cash flows (used) provided by financing activities			434,714				(154,444	)
Effect of exchange rate changes on cash and cash equivalents			(6,379	)			31,467
Net change in cash and cash equivalents			(29,176	)			(46,238	)
Cash and cash equivalents at beginning of period			760,183				675,441
Cash and cash equivalents at end of period		$	731,007			$	629,203

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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.

Flowserve Contacts

Investor Contacts: investorrelations@flowserve.com

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

Olivia Webb, Director, Investor Relations  

Media Contact: media@flowserve.com

Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, 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

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

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.

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