IDEX (NYSE: IEX) posts Q1 2026 growth, record orders and lifts guidance
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
IDEX Corporation reported strong first-quarter 2026 results, with net sales of $886.9 million, up 9% from a year earlier, driven by 5% organic growth and contributions from acquisitions and foreign currency. Net income attributable to IDEX rose to $120.0 million, lifting diluted EPS from $1.26 to $1.61, while adjusted diluted EPS increased 14% to $2.00.
Orders reached a record $988.3 million, up 13% reported and 10% organically, indicating solid demand, especially in the Health & Science Technologies segment, which grew sales 17%. Adjusted EBITDA improved to $230.4 million with a 26.0% margin. Operating cash flow was $103.7 million and free cash flow was $86.0 million, slightly below the prior year as higher earnings were offset by working capital and higher capital spending.
The company returned capital through $76.3 million of share repurchases and $52.8 million of dividends. Based on current momentum, IDEX raised its full-year 2026 outlook, now projecting organic sales growth of 3–4% and adjusted diluted EPS of $8.35–$8.55, and guided second-quarter organic sales growth of 3–4% with adjusted diluted EPS of $2.07–$2.12.
Positive
- Strong earnings growth and guidance raise: Adjusted diluted EPS increased 14% to $2.00 in Q1 2026, record orders reached $988.3 million, and management raised full-year 2026 organic sales and adjusted EPS guidance ranges, signaling confidence backed by solid demand and margin performance.
Negative
- None.
Insights
IDEX posts double-digit EPS growth, record orders, and raises 2026 guidance.
IDEX delivered a broad-based beat in Q1 2026. Net sales grew to $886.9 million with 5% organic growth, while adjusted diluted EPS rose 14% to $2.00. Record orders of $988.3 million and a 26.0% adjusted EBITDA margin show healthy demand and solid execution.
Performance was led by Health & Science Technologies, where net sales climbed 17% and organic growth reached 11%, supported by AI-driven data center power and semiconductor demand plus strength in space and defense. Other segments grew modestly, with some volume pressure offset by pricing and productivity.
Management raised full-year 2026 guidance to organic sales growth of 3–4% and adjusted EPS of $8.35–$8.55, up from $8.15–$8.35. Free cash flow of $86.0 million and continued capital returns via $76.3 million of buybacks and $52.8 million of dividends highlight ongoing balance sheet flexibility, even as working capital and capex weighed on cash conversion this quarter.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net sales: $886.9 million
Net income attributable to IDEX: $120.0 million
Diluted EPS: $1.61
+5 more
8 metrics
Net sales
$886.9 million
Three months ended March 31, 2026; up 9% year over year
Net income attributable to IDEX
$120.0 million
Q1 2026 vs. $95.5 million in Q1 2025
Diluted EPS
$1.61
Q1 2026; increased from $1.26 in Q1 2025
Adjusted diluted EPS
$2.00
Q1 2026; up from $1.75 in prior-year quarter
Record orders
$988.3 million
Three months ended March 31, 2026; 13% reported increase
Adjusted EBITDA
$230.4 million
Q1 2026 with 26.0% adjusted EBITDA margin
Free cash flow
$86.0 million
Q1 2026; down from $91.4 million in Q1 2025
Full-year adjusted EPS guidance
$8.35–$8.55
Updated 2026 outlook, raised from $8.15–$8.35
Key Terms
organic sales, adjusted diluted EPS, Adjusted EBITDA, free cash flow conversion, +2 more
6 terms
organic sales financial
"Full year organic sales projected to increase 3% to 4% over the prior year"
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.
adjusted diluted EPS financial
"adjusted diluted EPS of $2.00 increased 14%"
Adjusted diluted EPS is a company’s profit per share after adding back or removing one-time items (like restructuring costs or gains) and dividing by the number of shares including potential shares from options and convertible securities. Investors use it as a cleaner view of ongoing earnings—like looking at a car’s regular fuel efficiency rather than a trip boosted by downhill coasting—to judge underlying performance and compare companies without temporary distortions.
Adjusted EBITDA financial
"Adjusted EBITDA | 230.4 | | 208.0 | | 22.4"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow conversion financial
"Free cash flow conversion | 58% | | 69% | | NM"
Free cash flow conversion measures how effectively a company turns its reported profits into actual cash that can be used for growth, debt repayment, or dividends. It compares the cash generated after expenses to the company's net income, similar to how a person might compare their savings to their paycheck. High conversion indicates the company is efficient at translating profits into cash, which is important for investors assessing its financial health and flexibility.
non-GAAP measures financial
"These items below are non-GAAP measures. See the definitions of these non-GAAP measures"
Financial results that companies present using formulas or adjustments different from standard accounting rules (GAAP) to highlight what management considers the business’s ongoing performance. Investors care because these figures can make trends or profitability look clearer—like showing a car’s fuel efficiency after removing unusual trips—but they can also hide one‑time costs or aggressive assumptions, so comparing them with GAAP numbers helps judge reliability.
forward-looking statements regulatory
"This news release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995"
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.
Earnings Snapshot
Net sales: $886.9 million · Guidance included
Q1 2026
Net sales
$886.9 million
9% increase year over year
Net income attributable to IDEX
$120.0 million
up from $95.5 million
Diluted EPS
$1.61
up from $1.26
Adjusted diluted EPS
$2.00
up from $1.75
Orders
$988.3 million
13% increase reported; 10% organic
Guidance
For full-year 2026, IDEX projects organic sales growth of 3–4% and adjusted diluted EPS of $8.35–$8.55. For Q2 2026, it expects organic sales growth of 3–4% and adjusted diluted EPS of $2.07–$2.12.
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: April 29, 2026
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission File Number) | (IRS Employer | ||||||||||||
| of incorporation) | Identification No.) | |||||||||||||
(Address of principal executive offices, including zip code)
(847 ) 498-7070
(Registrant’s telephone number, including area code)
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:
| 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)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| 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 April 29, 2026, IDEX Corporation (the “Company”) issued a press release announcing financial results for the period ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information contained in this Item 2.02 (including Exhibit 99.1 attached hereto) is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 – Financial Statements and Exhibits.
(d) Exhibits
99.1 Press release dated April 29, 2026 announcing IDEX Corporation’s quarterly operating results for the period ended March 31, 2026.
104.0 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
SIGNATURE
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.
| IDEX CORPORATION | ||||||||
| By: | /s/ SEAN M. GILLEN | |||||||
| Sean M. Gillen | ||||||||
| Senior Vice President and Chief Financial Officer | ||||||||
| April 29, 2026 | ||||||||
For further information: TRADED: NYSE (IEX) EX-99.1
Investor Contact:
Jim Giannakouros, CFA
Vice President, Investor Relations
(847) 313-9506
IDEX REPORTS FIRST QUARTER RESULTS
Highlights
(All comparisons are against the prior year period unless otherwise noted)
•Sales of $887 million increased 9% on a reported basis and 5% organically
•Reported diluted EPS of $1.61 increased 28% and adjusted diluted EPS of $2.00 increased 14%
•Record orders of $988 million increased 13% on a reported basis and increased 10% organically
•Returned capital to shareholders via $76 million of share repurchases and $53 million of dividends
•Raising full year 2026 organic growth and adjusted EPS guidance ranges
NORTHBROOK, IL, April 29, 2026 - IDEX Corporation (NYSE: IEX) today announced its financial results for the three-month period ended March 31, 2026.
“We delivered a strong first quarter, with results ahead of our expectations led by continued momentum in our growth platforms within our Health & Science Technologies segment,” said Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President.
“Our first quarter results demonstrate that our strategy is working, with strong execution across the portfolio and increasing traction in the markets where we are choosing to compete. The application of 8020 continues to sharpen our priorities and reallocate resources toward opportunities with stronger growth and margin profiles.”
“Based on this momentum, we are raising our full-year guidance and are encouraged by how our strategies are translating into higher-quality growth. We remain focused on disciplined execution as we continue to build long-term value at IDEX.”
Outlook(1)
•Full year organic sales projected to increase 3% to 4% over the prior year, up from previous guidance of 1% to 2%
•Full year adjusted diluted EPS of $8.35 to $8.55, up from previous guidance of $8.15 to $8.35
•Second quarter 2026 organic sales projected to increase 3% to 4% from the prior year period
•Second quarter 2026 adjusted diluted EPS of $2.07 to $2.12
(1) The Company does not reconcile its forward-looking non-GAAP measures to the most directly comparable U.S. GAAP financial measure because the timing and magnitude of certain items, including future foreign exchange impacts, acquisitions, divestitures, restructuring costs, impairments, tax impacts, and other special items, cannot be reasonably estimated at this time without unreasonable effort. The unavailable information could have a significant impact on GAAP results.
Consolidated Financial Results
| Three Months Ended March 31, | |||||||||||||||||
| (Dollars in millions, except per share amounts) | 2026 | 2025 | Increase (Decrease) | ||||||||||||||
U.S. GAAP Results | |||||||||||||||||
| Orders | $ | 988.3 | $ | 871.9 | $ | 116.4 | |||||||||||
Change in reported orders | 13 | % | |||||||||||||||
| Net sales | 886.9 | 814.3 | 72.6 | ||||||||||||||
Change in reported net sales | 9 | % | |||||||||||||||
| Gross profit | 398.1 | 368.9 | 29.2 | ||||||||||||||
| Gross margin | 44.9 | % | 45.3 | % | (40) bps | ||||||||||||
| Net income attributable to IDEX | 120.0 | 95.5 | 24.5 | ||||||||||||||
| Net income margin | 13.5 | % | 11.7 | % | 180 bps | ||||||||||||
| Diluted EPS attributable to IDEX | 1.61 | 1.26 | 0.35 | ||||||||||||||
| Cash flows from operating activities | 103.7 | 105.7 | (2.0) | ||||||||||||||
| Operating cash flow as a percent of net income | 86% | 111% | NM | ||||||||||||||
Non-GAAP Results* | |||||||||||||||||
Change in organic orders | 10 | % | |||||||||||||||
Change in organic sales | 5 | % | |||||||||||||||
Adjusted gross profit(1) | 398.1 | 368.9 | 29.2 | ||||||||||||||
Adjusted gross margin(1) | 44.9 | % | 45.3 | % | (40) bps | ||||||||||||
Adjusted net income attributable to IDEX | 148.6 | 133.0 | 15.6 | ||||||||||||||
Adjusted EBITDA | 230.4 | 208.0 | 22.4 | ||||||||||||||
Adjusted EBITDA margin | 26.0 | % | 25.5 | % | 50 bps | ||||||||||||
Adjusted diluted EPS attributable to IDEX | 2.00 | 1.75 | 0.25 | ||||||||||||||
Free cash flow | 86.0 | 91.4 | (5.4) | ||||||||||||||
Free cash flow conversion | 58% | 69% | NM | ||||||||||||||
NM – Not Meaningful | |||||||||||||||||
*Each of these items below are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. | |||||||||||||||||
(1) Adjusted gross profit is calculated as Gross profit plus fair value inventory step-up charges. Adjusted gross margin is calculated as Adjusted gross profit divided by Net sales. There were no fair value inventory step-up charges recorded during the three months ended March 31, 2026 or March 31, 2025. | |||||||||||||||||
•Net sales increased as a result of increased organic sales, as well as favorable impacts from foreign currency and contributions from acquisitions. The increase in organic sales was driven by higher volumes in our Health & Science Technologies (“HST”) segment, which were slightly offset by lower volumes in our Fire & Safety/Diversified Products (“FSDP”) and Fluid & Metering Technologies (“FMT”) segments. The increase also reflects positive price across our businesses.
•Gross margin decreased due to unfavorable mix and pressured price/cost, partially offset by net productivity improvements and volume leverage.
•Both Diluted EPS and Adjusted diluted EPS increased, primarily due to improved operational results discussed above. GAAP Diluted EPS also reflects lower restructuring and asset impairment expense, which was excluded from Adjusted diluted EPS.
•Cash flows from operating activities and free cash flow were both slightly down compared to the prior year period. Higher earnings were offset by the timing of customer payments. Free cash flow also reflects higher capital expenditures during the current year period.
Segment Financial Results
Three Months Ended March 31,(1) | |||||||||||||||||
(Dollars in millions) | 2026 | 2025 | Increase (Decrease) | ||||||||||||||
Health & Science Technologies | |||||||||||||||||
| Net sales | $ | 398.4 | $ | 341.5 | $ | 56.9 | |||||||||||
Change in reported net sales | 17 | % | |||||||||||||||
| Change in organic sales* | 11 | % | |||||||||||||||
Adjusted EBITDA(2) | 106.0 | 87.4 | 18.6 | ||||||||||||||
| Adjusted EBITDA margin | 26.6 | % | 25.6 | % | 100 bps | ||||||||||||
Fluid & Metering Technologies | |||||||||||||||||
| Net sales | $ | 301.5 | $ | 290.5 | $ | 11.0 | |||||||||||
Change in reported net sales | 4 | % | |||||||||||||||
| Change in organic sales* | 2 | % | |||||||||||||||
Adjusted EBITDA(2) | 98.7 | 95.3 | 3.4 | ||||||||||||||
| Adjusted EBITDA margin | 32.7 | % | 32.8 | % | (10) bps | ||||||||||||
Fire & Safety/Diversified Products | |||||||||||||||||
| Net sales | $ | 188.3 | $ | 184.3 | $ | 4.0 | |||||||||||
Change in reported net sales | 2 | % | |||||||||||||||
| Change in organic sales* | (1 | %) | |||||||||||||||
Adjusted EBITDA(2) | 55.8 | 54.2 | 1.6 | ||||||||||||||
| Adjusted EBITDA margin | 29.7 | % | 29.4 | % | 30 bps | ||||||||||||
*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. | |||||||||||||||||
(1) Three month data includes the results of the acquisition of Micro-LAM, Inc. (“Micro-LAM”) (July 2025) in the HST segment. | |||||||||||||||||
(2) Segment Adjusted EBITDA excludes unallocated corporate costs which are included in Corporate and other. | |||||||||||||||||
Health & Science Technologies Segment
•Net sales for the first quarter 2026 increased 17%. Organic sales increased 11% due to higher volumes primarily due to AI-driven demand for data center power and semiconductor markets, as well as strength in space and defense, partially offset by lower volumes in our life sciences businesses. Net sales also reflect positive price across the segment.
•Adjusted EBITDA margin for the first quarter 2026 increased primarily due to volume leverage and favorable price/cost, partially offset by unfavorable mix and acquisitions.
Fluid & Metering Technologies Segment
•Net sales for the first quarter 2026 increased 4%. Organic sales increased 2% primarily driven by positive price. Higher volumes in our businesses serving municipal water, semiconductor and mining markets were more than offset by lower volumes in our chemical and general industrial businesses.
•Adjusted EBITDA margin for the first quarter 2026 decreased primarily due to unfavorable mix and volume deleverage, mostly mitigated by net productivity improvements.
Fire & Safety/Diversified Products Segment
•Net sales for the first quarter 2026 increased 2%. Organic sales decreased 1%. Higher volumes in our Fire & Safety businesses and positive price were more than offset by lower volumes within our Dispensing businesses driven by timing of projects.
•Adjusted EBITDA margin for the first quarter 2026 increased primarily due to net productivity improvements, partially offset by unfavorable mix and volume deleverage.
Corporate Costs
Corporate costs included in consolidated Adjusted EBITDA were $30.1 million during the first quarter 2026, up slightly from $28.9 million during the same prior year period driven by higher employee-related costs.
Conference Call
IDEX will host its first quarter earnings conference call on Wednesday, April 29, 2026 at 8:00 a.m. CT. The call will be an audio webcast and accessible on the Company's Investor Relations site at https://investors.idexcorp.com. Associated earnings presentation materials will be available on the Company's website prior to the call.
Interested parties can access the conference by dialing 888.596.4144 and using confirmation code #2518354. Please connect five minutes prior to the start of the conference call.
A replay of the earnings call and associated earnings presentation materials will be available on the Company’s website after the call.
Forward-Looking Statements
This news release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company’s second quarter 2026 and full year 2026 outlook including expected organic sales and expected adjusted earnings per share and the assumptions underlying these expectations, capital return strategy, anticipated future acquisition behavior and the anticipated benefits and performance of the Company’s recent or future acquisitions, resource and capital deployment and focus and organic and inorganic growth, the Company’s ability to adapt to macroeconomic challenges, anticipated impacts of tariffs and global trade policies and changes in law, anticipated trends in end markets, including expectations regarding future order volumes and order patterns, anticipated growth initiatives and expansions and execution of those growth initiatives and are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” “guidance,” “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “likely to be,” “management believes,” “the Company believes,” “the Company intends” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release.
The risks and uncertainties include, but are not limited to, the following: levels of industrial activity and economic conditions in the U.S. and other countries around the world, including uncertainties in the financial markets; pricing pressures, including inflation and rising interest rates, and other competitive factors and levels of capital spending in certain industries; the impact of severe weather events, natural disasters and public health threats; economic and political consequences resulting from terrorist attacks, wars and global conflicts; the Company’s ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; cybersecurity incidents; the continued growth of artificial intelligence (“AI”) and any related changes to demand in AI-driven markets served by the Company’s customers; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in countries in which the Company operates; developments with respect to trade policy and existing, new or increased tariffs or other similar measures; changes to applicable laws and regulations, including tax laws; interest rates; capacity utilization and the effect this has on costs; labor markets; supply chain conditions; market conditions and material costs; risks related to environmental, social and corporate governance issues, including those related to climate change and sustainability; and developments with respect to contingencies, such as litigation and environmental matters.
Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included in the Company’s most recent annual report on Form 10-K and the Company’s subsequent quarterly reports filed with the United States Securities and Exchange Commission (“SEC”) and the other risks discussed in the Company’s filings with the SEC. The forward-looking statements included here are only made as of the date of this news release, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.
About IDEX
IDEX Corporation (NYSE: IEX), a global engineered products company, is comprised of three primary business segments – Health & Science Technologies, Fluid & Metering Technologies, and Fire & Safety/Diversified Products. Thousands of IDEX employees around the world design and manufacture highly engineered components and applied solutions that are vital to the advances of modern life and help IDEX live its purpose – Trusted Solutions, Improving Lives™. From satellite communications to water systems, from medical diagnostic components to emergency rescue tools and more, we collaborate with customers in the most critical industries to develop solutions that make the world better today and into the future. Founded in 1988, IDEX now includes more than 50 dynamic businesses around the world and manufacturing operations in more than 20 countries.
For further information on IDEX Corporation and its business units, visit the Company’s website at www.idexcorp.com.
(Financial reports follow)
IDEX CORPORATION
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net sales | $ | 886.9 | $ | 814.3 | |||||||
| Cost of sales | 488.8 | 445.4 | |||||||||
| Gross profit | 398.1 | 368.9 | |||||||||
| Selling, general and administrative expenses | 218.3 | 209.4 | |||||||||
| Restructuring expenses and asset impairments | 7.4 | 17.5 | |||||||||
| Operating income | 172.4 | 142.0 | |||||||||
| Other (income) expense – net | (0.6) | 1.4 | |||||||||
Interest expense – net | 16.0 | 16.1 | |||||||||
| Income before income taxes | 157.0 | 124.5 | |||||||||
| Provision for income taxes | 37.1 | 29.1 | |||||||||
| Net income | 119.9 | 95.4 | |||||||||
| Net loss attributable to noncontrolling interest | 0.1 | 0.1 | |||||||||
| Net income attributable to IDEX | $ | 120.0 | $ | 95.5 | |||||||
| Earnings per Common Share: | |||||||||||
| Basic earnings per common share attributable to IDEX | $ | 1.61 | $ | 1.26 | |||||||
| Diluted earnings per common share attributable to IDEX | $ | 1.61 | $ | 1.26 | |||||||
| Share Data: | |||||||||||
| Basic weighted average common shares outstanding | 74.3 | 75.7 | |||||||||
| Diluted weighted average common shares outstanding | 74.4 | 75.8 | |||||||||
IDEX CORPORATION
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)
| March 31, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 586.2 | $ | 580.0 | |||||||
Receivables – net | 553.0 | 521.7 | |||||||||
Inventories – net | 501.0 | 479.4 | |||||||||
| Other current assets | 76.5 | 62.1 | |||||||||
| Total current assets | 1,716.7 | 1,643.2 | |||||||||
| Property, plant and equipment – net | 462.3 | 468.0 | |||||||||
| Goodwill | 3,390.2 | 3,414.5 | |||||||||
| Intangible assets - net | 1,200.2 | 1,247.4 | |||||||||
| Other noncurrent assets | 149.2 | 153.9 | |||||||||
| Total assets | $ | 6,918.6 | $ | 6,927.0 | |||||||
| Liabilities and equity | |||||||||||
| Current liabilities | |||||||||||
| Trade accounts payable | $ | 224.8 | $ | 224.7 | |||||||
| Accrued expenses | 280.6 | 297.0 | |||||||||
| Current portion of long-term borrowings | 0.5 | 0.7 | |||||||||
| Dividends payable | 0.1 | 53.0 | |||||||||
| Total current liabilities | 506.0 | 575.4 | |||||||||
Long-term borrowings – net | 1,871.8 | 1,820.1 | |||||||||
| Deferred income taxes | 299.5 | 303.0 | |||||||||
| Other noncurrent liabilities | 192.9 | 202.3 | |||||||||
| Total liabilities | 2,870.2 | 2,900.8 | |||||||||
| Shareholders' equity | |||||||||||
| Preferred stock | — | — | |||||||||
| Common stock | 0.9 | 0.9 | |||||||||
| Treasury stock | (1,453.6) | (1,423.2) | |||||||||
| Additional paid-in capital | 868.5 | 892.1 | |||||||||
| Retained earnings | 4,620.1 | 4,500.1 | |||||||||
| Accumulated other comprehensive income | 13.9 | 57.6 | |||||||||
| Total shareholders' equity | 4,049.8 | 4,027.5 | |||||||||
| Noncontrolling interest | (1.4) | (1.3) | |||||||||
| Total equity | 4,048.4 | 4,026.2 | |||||||||
| Total liabilities and equity | $ | 6,918.6 | $ | 6,927.0 | |||||||
IDEX CORPORATION
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | 119.9 | $ | 95.4 | |||||||
| Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Asset impairments | 4.8 | — | |||||||||
| Depreciation | 19.9 | 18.4 | |||||||||
| Amortization of intangible assets | 33.8 | 31.5 | |||||||||
| Share-based compensation expense | 15.8 | 13.6 | |||||||||
| Deferred income taxes | (0.6) | 0.9 | |||||||||
Changes in (net of the effect from acquisitions/divestitures and foreign currency translation): | |||||||||||
Receivables – net | (35.4) | (12.3) | |||||||||
Inventories – net | (25.5) | (34.9) | |||||||||
| Other current assets | (15.1) | (7.0) | |||||||||
| Trade accounts payable | 0.6 | 9.6 | |||||||||
| Deferred revenue | 4.2 | 8.8 | |||||||||
| Accrued expenses | (18.8) | (17.9) | |||||||||
Other – net | 0.1 | (0.4) | |||||||||
| Net cash flows provided by operating activities | 103.7 | 105.7 | |||||||||
| Cash flows from investing activities | |||||||||||
| Capital expenditures | (17.7) | (14.3) | |||||||||
| Acquisition of business, net of cash acquired | — | 4.2 | |||||||||
Other – net | (2.7) | 0.1 | |||||||||
| Net cash flows used in investing activities | (20.4) | (10.0) | |||||||||
| Cash flows from financing activities | |||||||||||
Borrowings under revolving credit facilities | 100.0 | — | |||||||||
| Payments under revolving credit facilities | (45.3) | (30.2) | |||||||||
| Cash dividends paid to shareholders | (52.8) | (52.4) | |||||||||
Proceeds (payments) from share issuances, net of shares withheld for taxes | 5.8 | (0.5) | |||||||||
| Repurchases of common stock | (76.3) | (50.0) | |||||||||
Other – net | (0.2) | (0.2) | |||||||||
| Net cash flows used in financing activities | (68.8) | (133.3) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (8.6) | 10.9 | |||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | 5.9 | (26.7) | |||||||||
Cash and cash equivalents and restricted cash at beginning of year(1) | 585.9 | 638.9 | |||||||||
Cash and cash equivalents and restricted cash at end of period(1) | $ | 591.8 | $ | 612.2 | |||||||
(1) The Company has restricted cash related to certain letters of credit and is required to keep these balances in separate accounts for the duration of the letter of credit agreements. The underlying letters of credit expire between June 2026 and July 2027. The Company also has restricted cash related to funds held in escrow for the payment of certain merger consideration in connection with the acquisition of Micro-LAM. These payments are expected to be paid between July 2026 and January 2028. Restricted cash is included in the Condensed Consolidated Balance Sheets as follows:
Restricted Cash | |||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | December 31, 2024 | ||||||||||||||||||||
Other current assets | $ | 2.7 | $ | 3.0 | $ | 16.5 | $ | 18.1 | |||||||||||||||
Other noncurrent assets | 2.9 | 2.9 | 1.6 | — | |||||||||||||||||||
Total | $ | 5.6 | $ | 5.9 | $ | 18.1 | $ | 18.1 | |||||||||||||||
IDEX CORPORATION
Company and Segment Financial Information
(in millions)
(unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
Net sales | |||||||||||
| Health & Science Technologies | $ | 398.4 | $ | 341.5 | |||||||
| Fluid & Metering Technologies | 301.5 | 290.5 | |||||||||
| Fire & Safety/Diversified Products | 188.3 | 184.3 | |||||||||
| Eliminations | (1.3) | (2.0) | |||||||||
| Total IDEX | $ | 886.9 | $ | 814.3 | |||||||
| Depreciation | |||||||||||
| Health & Science Technologies | $ | 12.5 | $ | 11.7 | |||||||
| Fluid & Metering Technologies | 4.9 | 4.4 | |||||||||
| Fire & Safety/Diversified Products | 2.4 | 2.2 | |||||||||
| Corporate Office | 0.1 | 0.1 | |||||||||
| Total IDEX | $ | 19.9 | $ | 18.4 | |||||||
| Amortization of intangible assets | |||||||||||
| Health & Science Technologies | $ | 27.1 | $ | 24.6 | |||||||
| Fluid & Metering Technologies | 5.4 | 5.3 | |||||||||
| Fire & Safety/Diversified Products | 1.3 | 1.6 | |||||||||
| Total IDEX | $ | 33.8 | $ | 31.5 | |||||||
| Restructuring expenses and asset impairments | |||||||||||
| Health & Science Technologies | $ | 1.1 | $ | 11.4 | |||||||
| Fluid & Metering Technologies | 5.1 | 4.2 | |||||||||
| Fire & Safety/Diversified Products | 0.3 | 1.6 | |||||||||
| Corporate Office | 0.9 | 0.3 | |||||||||
| Total IDEX | $ | 7.4 | $ | 17.5 | |||||||
Non-GAAP Measures of Financial Performance
The Company prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Company supplements certain U.S. GAAP financial performance metrics with non-GAAP financial performance metrics. Management believes these non-GAAP financial performance metrics provide investors with greater insight, transparency and a more comprehensive understanding of the financial information used by management in its financial and operational decision making because certain of these adjusted metrics exclude items not reflective of ongoing operations, as identified in the reconciliations below. Reconciliations of non-GAAP financial performance metrics to their most directly comparable U.S. GAAP financial performance metrics are defined and presented below and should not be considered a substitute for, nor superior to, the financial data prepared in accordance with U.S. GAAP. Due to rounding, numbers presented throughout this and other documents may not add up or recalculate precisely.
All table footnotes can be found at the end of this Non-GAAP Measures section. There were no adjustments to U.S. GAAP financial performance metrics other than the items noted below.
•Organic orders and organic sales are calculated as orders and Net sales excluding amounts from acquired or divested businesses during the first twelve months of ownership or prior to divestiture and excluding the impact of foreign currency translation.
•Adjusted gross profit is calculated as Gross profit plus fair value inventory step-up charges. There were no fair value inventory step-up charges recorded during the three months ended March 31, 2026 or March 31, 2025.
•Adjusted gross margin is calculated as Adjusted gross profit divided by Net sales. There were no fair value inventory step-up charges recorded during the three months ended March 31, 2026 or March 31, 2025.
•Adjusted net income attributable to IDEX is calculated as Net income attributable to IDEX plus Restructuring expenses and asset impairments, plus acquisition-related intangible asset amortization, less gain on legal settlement, all net of the statutory tax expense or benefit.
•Adjusted diluted EPS attributable to IDEX is calculated as adjusted net income attributable to IDEX divided by the diluted weighted average shares outstanding.
•Consolidated Adjusted EBITDA is calculated as consolidated earnings before interest expense - net, income taxes, depreciation and amortization, or consolidated EBITDA, plus Restructuring expenses and asset impairments, less gain on legal settlement.
•Consolidated Adjusted EBITDA margin is calculated as Consolidated Adjusted EBITDA divided by Net sales.
•Free cash flow is calculated as cash flows from operating activities less capital expenditures. Free cash flow conversion is calculated as free cash flow divided by adjusted net income attributable to IDEX.
Table 1: Reconciliations of the Change in Net Sales to Organic Sales
| HST | FMT | FSDP | IDEX | ||||||||||||||||||||
| Three Months Ended March 31, 2026 | |||||||||||||||||||||||
| Change in net sales | 17 | % | 4 | % | 2 | % | 9 | % | |||||||||||||||
| Less: | |||||||||||||||||||||||
Net impact from acquisitions/divestitures(1) | 3 | % | — | % | — | % | 1 | % | |||||||||||||||
Impact from foreign currency(2) | 3 | % | 2 | % | 3 | % | 3 | % | |||||||||||||||
| Change in organic sales | 11 | % | 2 | % | (1 | %) | 5 | % | |||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Reported net income attributable to IDEX | $ | 120.0 | $ | 95.5 | ||||||||||
| Restructuring expenses and asset impairments | 7.4 | 17.5 | ||||||||||||
| Tax impact on restructuring expenses and asset impairments | (1.7) | (4.1) | ||||||||||||
Gain on legal settlement(3) | (3.7) | — | ||||||||||||
| Tax impact on gain of legal settlement | 0.8 | — | ||||||||||||
| Acquisition-related intangible asset amortization | 33.8 | 31.5 | ||||||||||||
| Tax impact on acquisition-related intangible asset amortization | (8.0) | (7.4) | ||||||||||||
| Adjusted net income attributable to IDEX | $ | 148.6 | $ | 133.0 | ||||||||||
| Reported diluted EPS attributable to IDEX | $ | 1.61 | $ | 1.26 | ||||||||||
| Restructuring expenses and asset impairments | 0.10 | 0.23 | ||||||||||||
| Tax impact on restructuring expenses and asset impairments | (0.02) | (0.05) | ||||||||||||
Gain on legal settlement(3) | (0.05) | — | ||||||||||||
| Tax impact on gain of legal settlement | 0.01 | — | ||||||||||||
| Acquisition-related intangible asset amortization | 0.46 | 0.41 | ||||||||||||
| Tax impact on acquisition-related intangible asset amortization | (0.11) | (0.10) | ||||||||||||
| Adjusted diluted EPS attributable to IDEX | $ | 2.00 | $ | 1.75 | ||||||||||
| Diluted weighted average shares outstanding | 74.4 | 75.8 | ||||||||||||
Table 3: Reconciliations of Net Income to Adjusted EBITDA (dollars in millions)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Reported net income | $ | 119.9 | $ | 95.4 | |||||||
| Provision for income taxes | 37.1 | 29.1 | |||||||||
| Interest expense - net | 16.0 | 16.1 | |||||||||
| Depreciation | 19.9 | 18.4 | |||||||||
| Amortization | 33.8 | 31.5 | |||||||||
| Restructuring expenses and asset impairments | 7.4 | 17.5 | |||||||||
Gain on legal settlement(3) | (3.7) | — | |||||||||
| Adjusted EBITDA | $ | 230.4 | $ | 208.0 | |||||||
| Adjusted EBITDA Components | |||||||||||
| HST | $ | 106.0 | $ | 87.4 | |||||||
| FMT | 98.7 | 95.3 | |||||||||
| FSDP | 55.8 | 54.2 | |||||||||
| Corporate and other | (30.1) | (28.9) | |||||||||
| Total Adjusted EBITDA | $ | 230.4 | $ | 208.0 | |||||||
| Net sales | $ | 886.9 | $ | 814.3 | |||||||
| Net income margin | 13.5 | % | 11.7 | % | |||||||
| Adjusted EBITDA margin | 26.0 | % | 25.5 | % | |||||||
Table 4: Reconciliations of Cash Flows from Operating Activities to Free Cash Flow (dollars in millions)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | $ | 103.7 | $ | 105.7 | |||||||
| Less: Capital expenditures | 17.7 | 14.3 | |||||||||
| Free cash flow | $ | 86.0 | $ | 91.4 | |||||||
| Reported net income attributable to IDEX | $ | 120.0 | $ | 95.5 | |||||||
| Adjusted net income attributable to IDEX | 148.6 | 133.0 | |||||||||
| Operating cash flow as a percent of net income | 86 | % | 111 | % | |||||||
| Free cash flow conversion | 58 | % | 69 | % | |||||||
(1) Represents the sales from acquired or divested businesses during the first 12 months of ownership or prior to divestiture.
(2) The portion of sales attributable to foreign currency translation is calculated as the difference between (a) the period-to-period change in organic sales, and (b) the period-to-period change in organic sales after applying prior period foreign exchange rates to the current year period.
(3) Gain on legal settlement represents settlement funds received in excess of legal costs incurred related to a patent infringement lawsuit within the FMT segment.
FAQ
How did IDEX (IEX) perform financially in the first quarter of 2026?
IDEX reported net sales of $886.9 million, up 9% year over year, with 5% organic growth. Net income attributable to IDEX rose to $120.0 million, and diluted EPS increased from $1.26 to $1.61, while adjusted diluted EPS reached $2.00.
What guidance did IDEX (IEX) provide for full-year 2026?
IDEX now projects full-year 2026 organic sales growth of 3–4% over the prior year, up from 1–2% previously. The company also raised its full-year adjusted diluted EPS outlook to a range of $8.35 to $8.55, reflecting stronger operating momentum.
How strong were IDEX’s (IEX) orders and backlog indicators in Q1 2026?
IDEX recorded record orders of $988.3 million in Q1 2026, a 13% reported increase and 10% organic growth. This strong order intake, outpacing sales, suggests healthy demand trends across key end markets and supports the company’s improved full-year outlook.
Which IDEX (IEX) segment drove the most growth in the quarter?
The Health & Science Technologies segment led growth, with net sales of $398.4 million, up 17% year over year and 11% organically. Growth was driven by AI-related data center power and semiconductor demand, plus strength in space and defense, partly offset by softer life sciences.
What was IDEX’s (IEX) profitability and margin performance in Q1 2026?
Net income margin improved to 13.5%, up from 11.7%, while adjusted EBITDA reached $230.4 million with a 26.0% margin. Gross margin was 44.9%, slightly below the prior year, as unfavorable mix and price/cost pressure were partly offset by productivity and volume leverage.
What were IDEX’s (IEX) cash flow and free cash flow results for Q1 2026?
IDEX generated $103.7 million of cash flows from operating activities in Q1 2026, slightly below the prior year as higher earnings were offset by working capital timing. After $17.7 million of capital expenditures, free cash flow totaled $86.0 million, with 58% free cash flow conversion.