Ingersoll Rand (NYSE: IR) posts Q1 2026 growth and keeps 2026 guidance
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Ingersoll Rand Inc. reported solid first-quarter 2026 results with steady growth and maintained full-year guidance. Revenue reached $1,847.2 million, up 7.6% from the prior-year quarter, while net income attributable to Ingersoll Rand Inc. was $192.1 million, or $0.49 per diluted share.
Adjusted net income attributable to Ingersoll Rand Inc. was $302.9 million, with adjusted diluted EPS of $0.77, up 7%. Adjusted EBITDA was $469.1 million with a 25.4% margin. Free cash flow was $163.4 million. Liquidity totaled $3.9 billion, and net debt to Adjusted EBITDA leverage was 1.7x. The company reaffirmed 2026 guidance, including revenue growth of 2.5% to 4.5% and adjusted EPS of $3.45 to $3.57.
Positive
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Negative
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Insights
Ingersoll Rand delivered modest Q1 growth and kept 2026 guidance intact.
Ingersoll Rand posted Q1 2026 revenue of $1,847.2 million, a 7.6% increase versus Q1 2025, with net income attributable to the company at $192.1 million. Adjusted diluted EPS rose 7% to $0.77, supported by segment growth, particularly in Precision and Science Technologies.
Adjusted EBITDA was $469.1 million with a 25.4% margin, while free cash flow declined to $163.4 million. Liquidity remained strong at $3.9 billion, and net debt to Adjusted EBITDA leverage was 1.7x. The company also deployed $52 million to M&A and returned about $97 million via buybacks and dividends.
Management maintained full-year 2026 guidance, targeting revenue growth of 2.5%-4.5%, adjusted EBITDA of $2,130-$2,190 million, and adjusted EPS of $3.45-$3.57. Revenue, EBITDA, and EPS phasing remains weighted to the second half, consistent with prior years, while guidance assumes limited full-year impact from Section 232 tariff changes and Middle East conflict.
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
Q1 2026 Revenue: $1,847.2 million
Q1 2026 Net Income attributable to Ingersoll Rand Inc.: $192.1 million
Q1 2026 Adjusted diluted EPS: $0.77 per share
+5 more
8 metrics
Q1 2026 Revenue
$1,847.2 million
For the three-month period ended March 31, 2026
Q1 2026 Net Income attributable to Ingersoll Rand Inc.
$192.1 million
For the three-month period ended March 31, 2026
Q1 2026 Adjusted diluted EPS
$0.77 per share
Adjusted diluted earnings per share, up 7% vs Q1 2025
Q1 2026 Adjusted EBITDA
$469.1 million
Adjusted EBITDA with 25.4% margin in Q1 2026
Q1 2026 Free Cash Flow
$163.4 million
Free cash flow for the three-month period ended March 31, 2026
Liquidity
$3.9 billion
Total liquidity as of March 31, 2026, including cash and undrawn credit
Net debt to Adjusted EBITDA leverage
1.7x
Leverage ratio for the first quarter of 2026
2026 Adjusted EPS guidance
$3.45–$3.57
Full-year 2026 adjusted EPS guidance, about 5% growth at midpoint
Key Terms
Adjusted EBITDA, Free Cash Flow, Organic Revenue Growth/(Decline), net debt to Adjusted EBITDA leverage, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA1 of $469 million, up 2%, with a margin of 25.4%"
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 financial
"Reported operating cash flow of $200 million and free cash flow1 of $163 million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Organic Revenue Growth/(Decline) financial
"Organic Revenue Growth/(Decline) is defined as As Reported Revenue growth less the impacts of Foreign Currency and Acquisitions."
net debt to Adjusted EBITDA leverage financial
"Net debt to Adjusted EBITDA leverage2 was 1.7x for the first quarter"
Non-GAAP measures financial
"Ingersoll Rand reviews various non-GAAP financial measures, including “Organic Revenue Growth/(Decline),” “Adjusted EBITDA,”"
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.
Section 232 tariffs financial
"The Company does not expect any significant impact on its full-year guidance relating to the recent changes in Section 232 tariffs."
A U.S. law authority that lets the government impose import duties if certain goods are judged to threaten national security, commonly used for metals like steel or aluminum. For investors, these tariffs act like a sudden price hike or import tax on a company's raw materials or foreign competitors, which can raise costs, change profit margins, shift supply chains, and alter competitive advantage across affected industries.
Earnings Snapshot
Revenue: $1,847.2 million · Guidance included
Q1 2026
Revenue
$1,847.2 million
+7.6% vs Q1 2025
Net income attributable to Ingersoll Rand Inc.
$192.1 million
Adjusted diluted EPS
$0.77
+7% vs Q1 2025
Adjusted EBITDA
$469.1 million
Guidance
For full-year 2026, the company guides to revenue growth of 2.5%-4.5%, adjusted EBITDA of $2,130M-$2,190M, adjusted EPS of $3.45-$3.57, and free cash flow to adjusted net income conversion of about 95%.
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): April 28, 2026
(Exact Name of Registrant as Specified in Its Charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(704 ) 655-4000
(Address, including zip code, of principal executive offices and registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
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 28, 2026, Ingersoll Rand, Inc. (“Ingersoll Rand”) issued a press release announcing financial results for the quarter ended March 31, 2026. A copy of the release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.
The information in this Current Report on Form 8-K, including exhibits, is being furnished to the Securities and Exchange Commission (the “SEC”) pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for 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, nor shall it be deemed incorporated by reference into any of Ingersoll Rand’s filings with the SEC under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
| Exhibit No. | Description | ||||
99.1 | Ingersoll Rand Inc. Press Release dated April 28, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
INGERSOLL RAND INC. | ||||||||
By: | /s/ Andrew Schiesl | |||||||
Name: Andrew Schiesl | ||||||||
Title: Senior Vice President, General Counsel, Chief Compliance Officer, and Secretary | ||||||||
| Date: April 28, 2026 | ||||||||
 | ||
Ingersoll Rand Reports First Quarter 2026 Results
Solid First Quarter Performance; on track to achieve full-year commitments
First Quarter 2026 Highlights
(All comparisons against the first quarter of 2025 unless otherwise noted).
Performance driven by its competitive differentiator - Ingersoll Rand Execution Excellence (IRX):
•Reported orders of $1,978 million, up 5%
•Reported revenues of $1,847 million, up 8%
•Reported net income attributable to Ingersoll Rand Inc. of $192 million, $0.49 per share
◦Adjusted net income attributable to Ingersoll Rand Inc.1 of $305 million, $0.77 per share, up 7%
•Adjusted EBITDA1 of $469 million, up 2%, with a margin of 25.4%
•Reported operating cash flow of $200 million and free cash flow1 of $163 million
•Liquidity of $3.9 billion as of March 31, 2026, including $1.3 billion of cash on hand and undrawn capacity of $2.6 billion under available credit facilities
DAVIDSON, N.C. - April 28, 2026 - Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow creation and life science and industrial solutions, reported its results for the first quarter 2026.
“We began 2026 with solid momentum, delivering high single-digit Adjusted EPS1 growth and meeting our expectations for Revenue and Adjusted EBITDA1 ,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “With a robust M&A pipeline, we remain confident in reaching our annual revenue target. Our Economic Growth Engine, IRX, and ownership mindset will continue to support disciplined execution and durable value creation.”
First Quarter 2026 Segment Review
(All comparisons against the first quarter of 2025 unless otherwise noted.)
Industrial Technologies and Services Segment (IT&S): Broad range of compressor, vacuum, blower, and air treatment solutions as well as industrial technologies including power tools and lifting equipment
•Reported Orders of $1,558 million, up 5%, or down 3% organic
•Reported Revenues of $1,445 million, up 7%, or down 2% organic1
•Reported Segment Adjusted EBITDA of $386 million, down 1%
•Reported Segment Adjusted EBITDA Margin of 26.7%, down 210 basis points
•IT&S orders, excluding the impact from the Middle East, finished approximately flat on an organic basis. The Company expects these Middle East orders to be recovered throughout the balance of the year. Revenue finished in line with expectations resulting in a book to bill of 1.08x. Adjusted EBITDA margin was down year over year, driven largely by the flow-through on organic volume declines, tariff pricing which offset tariff costs one-for-one, and continued commercial investments for growth.
Precision and Science Technologies Segment (P&ST): Mission-critical precision liquid, gas, air, and powder handling technologies for life sciences and industrial applications as well as aerospace and defense applications
•Reported Orders of $420 million, up 6%, or up 1% organic
•Reported Revenues of $403 million, up 10%, or up 4% organic1
•Reported Segment Adjusted EBITDA of $122 million, up 15%
•Reported Segment Adjusted EBITDA Margin of 30.3%, up 120 basis points
1 Non-GAAP measure (definitions and/or reconciliations in tables below)
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•In the first quarter, P&ST saw continued momentum in organic order and revenue growth resulting in a book to bill of 1.04x. Adjusted EBITDA margin finished at 30.3% which was up 120 basis points year over year driven by strong operational execution fueled by IRX.
Balance Sheet and Cash Flow
Ingersoll Rand remains in a strong financial position with ample liquidity of $3.9 billion. On a reported basis, the Company generated $200 million of cash flow from operating activities and invested $36 million in capital expenditures, resulting in free cash flow1 of $163 million, compared to cash flow from operating activities of $256 million and free cash flow1 of $223 million in the prior year period. Net debt to Adjusted EBITDA leverage2 was 1.7x for the first quarter, which was an increase of 0.1x as compared to the first quarter of the prior year.
In the first quarter of 2026, Ingersoll Rand deployed $52 million to M&A for the previously announced acquisition of Scinomix, Inc. The Company also returned approximately $97 million to shareholders through $89 million in share repurchases and $8 million through its quarterly dividend payment in the first quarter.
In April 2026, Ingersoll Rand announced the signing of the acquisition of Fox s.r.l., a leading manufacturer of hydropneumatic accumulators and pulsation dampeners, which will enhance the Company’s capabilities in dosing pumps. The transaction is expected to close on April 30, 2026.
2026 Guidance3,4,5,6
Ingersoll Rand is maintaining its full-year 2026 guidance.
| Guidance Metric | Full Year 2026 | Full Year Assumptions* | ||||||
Revenue Growth3 | 2.5% to 4.5% | •Currency5: ~+0.5% •M&A6: ~+2% •Organic growth4: flat to 2% •Revenue phasing: 1H 48% | 2H 52% | ||||||
Adjusted EBITDA4 | $2,130M - $2,190M | •Corporate costs: ~$170M •Adj. EBITDA phasing: 1H 46% | 2H 54% | ||||||
Adjusted EPS4 | $3.45 to $3.57 +5% growth at the midpoint | •Net interest expense: ~$230M •Adj. tax rate: ~23% •Share count: ~394M •Adj. EPS phasing: 1H 46% | 2H 54% | ||||||
Free Cash Flow4 to Adj. Net Income conversion | ~95% | •CAPEX: ~2% of sales | ||||||
•The phasing of Revenue, Adjusted EBITDA, and Adjusted EPS is consistent with prior years.
•The Company does not expect any significant impact on its full-year guidance relating to:
◦The recent changes in Section 232 tariffs.
◦The current conflict in the Middle East.
Reconciliations of non-GAAP measures related to full-year 2026 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income (loss) and adjustments that could be made for acquisitions-related expenses, restructuring and other business transformation costs, gains or
2 Calculated as Net Debt to LTM Adjusted EBITDA
3 All revenue outlook commentary expressed in percentages and based on growth as compared to 2025
4 Non-GAAP measure (definitions and/or reconciliations in tables below)
5 Based on March 2026 FX rates; does not include impact of FX on M&A
6 Reflects all completed, closed, and signed M&A as of April 28, 2026
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losses on foreign currency exchange and the timing and magnitude of other amounts in the reconciliation of historic numbers. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.
Conference Call
Ingersoll Rand will host a live earnings conference call to discuss the first quarter results on Wednesday, April 29, 2026 at 8:00 a.m. (Eastern Time). To participate in the call, please dial 1-888-330-3073, domestically, or 1-646-960-0683, internationally, and use access Code 8970061. A real-time audio webcast of the presentation can be accessed via the Events and Presentations section of the Ingersoll Rand Investor Relations website (https://investors.irco.com), where related materials will be posted prior to the conference call. A replay of the webcast will be available after conclusion of the conference and can be accessed on the Ingersoll Rand Investor Relations website.
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the expectations of Ingersoll Rand Inc. (the “Company” or “Ingersoll Rand”), regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.
These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to geopolitical tensions, natural disaster, catastrophe, global pandemics, cyber events, or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.
Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and life sciences and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit www.IRCO.com.
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Non-U.S. GAAP Measures of Financial Performance
In addition to consolidated GAAP financial measures, Ingersoll Rand reviews various non-GAAP financial measures, including “Organic Revenue Growth/(Decline),” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” “Adjusted Net Income,” “Adjusted Net Income Attributable to Ingersoll Rand, Inc.,” “Adjusted Diluted EPS,” “Free Cash Flow” and “Free Cash Flow Margin.”
Ingersoll Rand believes Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc., and Adjusted Diluted EPS are helpful supplemental measures to assist management and investors in evaluating the Company’s operating results as they exclude certain items that are unusual in nature or whose fluctuation from period to period do not necessarily correspond to changes in the operations of Ingersoll Rand’s business. Ingersoll Rand believes Organic Revenue Growth/(Decline) is a helpful supplemental measure to assist management and investors in evaluating the Company’s operating results as it excludes the impact of foreign currency and acquisitions on revenue growth. Adjusted EBITDA represents net income before interest, taxes, depreciation, amortization and certain non-cash, non-recurring and other adjustment items. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Revenue. Adjusted Net Income is defined as net income including interest, depreciation and amortization of non-acquisition related intangible assets and excluding other items used to calculate Adjusted EBITDA and further adjusted for the tax effect of these exclusions. Adjusted Net Income Attributable to Ingersoll Rand, Inc., is defined as Adjusted Net Income less net income attributable to noncontrolling interest. Adjusted Diluted EPS is defined as Adjusted Net Income divided by Adjusted Diluted Average Shares Outstanding. Organic Revenue Growth/(Decline) is defined as As Reported Revenue growth less the impacts of Foreign Currency and Acquisitions. Ingersoll Rand believes that the adjustments applied in presenting Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income Attributable to Ingersoll Rand, Inc. are appropriate to provide additional information to investors about certain material non-cash items and about non-recurring items that the Company does not expect to continue at the same level in the future. Incrementals/Decrementals are defined as the change in Adjusted EBITDA versus the prior year period divided by the change in revenue versus the prior year period.
Ingersoll Rand uses Free Cash Flow and Free Cash Flow Margin to review the liquidity of its operations. Ingersoll Rand measures Free Cash Flow as cash flows from operating activities less capital expenditures. Free Cash Flow Margin is defined as Free Cash Flow divided by Revenue. Ingersoll Rand believes Free Cash Flow and Free Cash Flow Margin are useful supplemental financial measures for management and investors in assessing the Company’s ability to pursue business opportunities and investments and to service its debt. Free Cash Flow is not a measure of our liquidity under GAAP and should not be considered as an alternative to cash flows from operating activities.
Management and Ingersoll Rand’s board of directors regularly use these measures as tools in evaluating the Company’s operating and financial performance and in establishing discretionary annual compensation. Such measures are provided in addition to and should not be considered to be a substitute for, or superior to, the comparable measures under GAAP. In addition, Ingersoll Rand believes that Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc., Adjusted Diluted EPS, Incrementals/Decrementals, Free Cash Flow and Free Cash Flow Margin are frequently used by investors and other interested parties in the evaluation of issuers, many of which also present Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc., Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Margin when reporting their results in an effort to facilitate an understanding of their operating and financial results and liquidity.
Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc., Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Margin should not be considered as alternatives to revenue growth, net income, diluted earnings per share or any other performance measure derived in accordance with GAAP, or as alternatives to cash flow from operating activities as a measure of our liquidity. Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc., Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Margin have limitations as analytical tools, and you should not consider such measures either in isolation or as substitutes for analyzing Ingersoll Rand’s results as reported under GAAP.
Reconciliations of Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc., Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Margin to their most comparable U.S. GAAP financial metrics for historical periods are presented in the tables below.
Reconciliations of non-GAAP measures related to full-year 2026 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income (loss) and
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adjustments that could be made for acquisitions-related expenses, restructuring and other business transformation costs, gains or losses on foreign currency exchange and the timing and magnitude of other amounts in the reconciliation of historic numbers. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.
Due to rounding, numbers presented throughout this release may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures.
| Contacts: | |||||
| Investor Relations: | Media: | ||||
| Matthew Fort | Sara Hassell | ||||
| Matthew.Fort@irco.com | Sara.Hassell@irco.com | ||||
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INGERSOLL RAND INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
| For the Three Month Period Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues | $ | 1,847.2 | $ | 1,716.8 | |||||||
| Cost of sales | 1,054.8 | 951.3 | |||||||||
| Gross Profit | 792.4 | 765.5 | |||||||||
| Selling and administrative expenses | 370.7 | 350.0 | |||||||||
| Amortization of intangible assets | 107.5 | 91.3 | |||||||||
| Other operating expense, net | 24.5 | 21.7 | |||||||||
| Operating Income | 289.7 | 302.5 | |||||||||
| Interest expense | 63.8 | 61.2 | |||||||||
| Other income, net | (4.0) | (11.8) | |||||||||
| Income Before Income Taxes | 229.9 | 253.1 | |||||||||
| Provision for income taxes | 36.1 | 58.5 | |||||||||
| Loss on equity method investments | — | (6.2) | |||||||||
| Net Income | 193.8 | 188.4 | |||||||||
| Less: Net income attributable to noncontrolling interests | 1.7 | 1.9 | |||||||||
| Net Income Attributable to Ingersoll Rand Inc. | $ | 192.1 | $ | 186.5 | |||||||
| Basic earnings per share | 0.49 | 0.46 | |||||||||
| Diluted earnings per share | 0.49 | 0.46 | |||||||||
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INGERSOLL RAND INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except share amounts)
| March 31, 2026 | December 31, 2025 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,274.4 | $ | 1,248.8 | |||||||
Accounts receivable, net of allowance for credit losses of $65.4 and $66.8, respectively | 1,455.2 | 1,518.0 | |||||||||
Inventories | 1,236.2 | 1,172.9 | |||||||||
Other current assets | 324.0 | 308.3 | |||||||||
Total current assets | 4,289.8 | 4,248.0 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $711.6 and $689.6, respectively | 920.0 | 930.3 | |||||||||
Goodwill | 8,471.2 | 8,484.1 | |||||||||
Other intangible assets, net | 4,142.8 | 4,240.3 | |||||||||
Deferred tax assets | 43.2 | 38.7 | |||||||||
Other assets | 351.2 | 355.8 | |||||||||
Total assets | $ | 18,218.2 | $ | 18,297.2 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings and current maturities of long-term debt | $ | 1.4 | $ | 1.4 | |||||||
Accounts payable | 847.4 | 996.1 | |||||||||
Accrued liabilities | 1,077.4 | 1,068.8 | |||||||||
Total current liabilities | 1,926.2 | 2,066.3 | |||||||||
Long-term debt, less current maturities | 4,777.4 | 4,783.3 | |||||||||
Pensions and other postretirement benefits | 130.2 | 134.2 | |||||||||
Deferred income tax liabilities | 716.7 | 696.9 | |||||||||
Other liabilities | 427.9 | 462.5 | |||||||||
Total liabilities | $ | 7,978.4 | $ | 8,143.2 | |||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 432,842,659 and 431,753,302 shares issued as of March 31, 2026 and December 31, 2025, respectively | 4.3 | 4.3 | |||||||||
Capital in excess of par value | 9,729.4 | 9,699.9 | |||||||||
| Retained earnings | 3,237.4 | 3,053.1 | |||||||||
| Accumulated other comprehensive loss | (189.7) | (148.3) | |||||||||
Treasury stock at cost; 41,556,902 and 40,631,613 shares as of March 31, 2026 and December 31, 2025, respectively | (2,606.3) | (2,519.2) | |||||||||
Total Ingersoll Rand stockholders’ equity | $ | 10,175.1 | $ | 10,089.8 | |||||||
Noncontrolling interests | 64.7 | 64.2 | |||||||||
Total stockholders’ equity | $ | 10,239.8 | $ | 10,154.0 | |||||||
Total liabilities and stockholders’ equity | $ | 18,218.2 | $ | 18,297.2 | |||||||
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INGERSOLL RAND INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
| Three Month Period Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash Flows From Operating Activities: | |||||||||||
| Net income | $ | 193.8 | $ | 188.4 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Amortization of intangible assets | 107.5 | 91.3 | |||||||||
| Depreciation | 29.4 | 28.7 | |||||||||
| Stock-based compensation expense | 15.9 | 14.2 | |||||||||
| Loss on equity method investments | — | 6.2 | |||||||||
| Foreign currency transaction losses, net | 2.2 | 6.8 | |||||||||
| Non-cash adjustments to carrying value of LIFO inventories | 5.4 | 3.0 | |||||||||
| Other non-cash adjustments | 1.0 | 2.4 | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Receivables | 59.7 | 25.3 | |||||||||
| Inventories | (74.7) | (54.1) | |||||||||
| Accounts payable | (133.5) | (70.4) | |||||||||
| Accrued liabilities | 16.0 | 39.7 | |||||||||
| Other assets and liabilities, net | (23.0) | (25.1) | |||||||||
| Net cash provided by operating activities | 199.7 | 256.4 | |||||||||
| Cash Flows Used In Investing Activities: | |||||||||||
| Capital expenditures | (36.3) | (33.7) | |||||||||
| Net cash paid in acquisitions | (52.0) | (163.4) | |||||||||
| Proceeds from disposals of property, plant and equipment | 3.9 | — | |||||||||
| Net cash used in investing activities | (84.4) | (197.1) | |||||||||
| Cash Flows Used In Financing Activities: | |||||||||||
| Purchases of treasury stock | (89.5) | (10.0) | |||||||||
| Cash dividends on common shares | (7.8) | (8.1) | |||||||||
| Proceeds from stock option exercises | 15.9 | 5.2 | |||||||||
| Payments of deferred and contingent acquisition consideration | (1.4) | (1.4) | |||||||||
| Other financing | (1.0) | 4.3 | |||||||||
| Net cash used in financing activities | (83.8) | (10.0) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (5.9) | 22.3 | |||||||||
| Net increase in cash and cash equivalents | 25.6 | 71.6 | |||||||||
| Cash and cash equivalents, beginning of period | 1,248.8 | 1,541.2 | |||||||||
| Cash and cash equivalents, end of period | $ | 1,274.4 | $ | 1,612.8 | |||||||
8
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INGERSOLL RAND INC. AND SUBSIDIARIES
UNAUDITED ADJUSTED FINANCIAL INFORMATION
(Dollars in millions)
| For the Three Month Period Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues | $ | 1,847.2 | $ | 1,716.8 | |||||||
| Adjusted EBITDA | $ | 469.1 | $ | 459.7 | |||||||
| Adjusted EBITDA Margin | 25.4 | % | 26.8 | % | |||||||
| Free Cash Flow | $ | 163.4 | $ | 222.7 | |||||||
| Free Cash Flow Margin | 8.8 | % | 13.0 | % | |||||||
9
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INGERSOLL RAND INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME ATTRIBUTABLE TO INGERSOLL RAND INC. AND ADJUSTED DILUTED EARNINGS PER SHARE
(Unaudited; in millions)
| For the Three Month Period Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net Income | $ | 193.8 | $ | 188.4 | |||||||
| Plus: | |||||||||||
| Provision for income taxes | 36.1 | 58.5 | |||||||||
| Amortization of acquisition related intangible assets | 105.2 | 89.0 | |||||||||
| Restructuring and related business transformation costs | 8.7 | 5.4 | |||||||||
| Acquisition and other transaction related expenses and non-cash charges | 13.6 | 9.8 | |||||||||
| Stock-based compensation | 15.9 | 14.2 | |||||||||
| Foreign currency transaction losses, net | 2.2 | 6.8 | |||||||||
| Loss on equity method investments | — | 6.2 | |||||||||
| Adjustments to LIFO inventories | 5.4 | 3.0 | |||||||||
| Cybersecurity incident costs | — | (0.2) | |||||||||
| Other adjustments | (1.1) | (2.2) | |||||||||
| Minus: | |||||||||||
| Income tax provision, as adjusted | 75.2 | 85.7 | |||||||||
| Adjusted Net Income | 304.6 | 293.2 | |||||||||
| Less: Net income attributable to noncontrolling interest | 1.7 | 1.9 | |||||||||
| Adjusted Net Income Attributable to Ingersoll Rand Inc. | $ | 302.9 | $ | 291.3 | |||||||
Adjusted Basic Earnings Per Share1 | $ | 0.77 | $ | 0.72 | |||||||
Adjusted Diluted Earnings Per Share2 | $ | 0.77 | $ | 0.72 | |||||||
| Average shares outstanding: | |||||||||||
| Basic, as reported | 391.4 | 403.1 | |||||||||
| Diluted, as reported | 394.0 | 406.4 | |||||||||
Adjusted diluted2 | 394.0 | 406.4 | |||||||||
1 Basic and diluted earnings per share (as reported) are calculated by dividing net income attributable to Ingersoll Rand Inc. by the basic and diluted average shares outstanding for the respective periods.
2 Adjusted diluted share count and adjusted diluted earnings per share include incremental dilutive shares, using the treasury stock method, which are added to average shares outstanding.
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INGERSOLL RAND INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET INCOME AND CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW
(Unaudited; in millions)
| For the Three Month Period Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net Income | $ | 193.8 | $ | 188.4 | |||||||
| Plus: | |||||||||||
| Interest expense | 63.8 | 61.2 | |||||||||
| Provision for income taxes | 36.1 | 58.5 | |||||||||
| Depreciation expense | 28.3 | 27.6 | |||||||||
| Amortization expense | 107.5 | 91.3 | |||||||||
| Restructuring and related business transformation costs | 8.7 | 5.4 | |||||||||
| Acquisition and other transaction related expenses and non-cash charges | 13.6 | 9.8 | |||||||||
| Stock-based compensation | 15.9 | 14.2 | |||||||||
| Foreign currency transaction losses, net | 2.2 | 6.8 | |||||||||
| Loss on equity method investments | — | 6.2 | |||||||||
| Adjustments to LIFO inventories | 5.4 | 3.0 | |||||||||
| Cybersecurity incident costs | — | (0.2) | |||||||||
| Interest income on cash and cash equivalents | (5.1) | (10.3) | |||||||||
| Other adjustments | (1.1) | (2.2) | |||||||||
| Adjusted EBITDA | $ | 469.1 | $ | 459.7 | |||||||
| Minus: | |||||||||||
| Interest expense | 63.8 | 61.2 | |||||||||
| Income tax provision, as adjusted | 75.2 | 85.7 | |||||||||
| Depreciation expense | 28.3 | 27.6 | |||||||||
| Amortization of non-acquisition related intangible assets | 2.3 | 2.3 | |||||||||
| Interest income on cash and cash equivalents | (5.1) | (10.3) | |||||||||
| Adjusted Net Income | $ | 304.6 | $ | 293.2 | |||||||
| Free Cash Flow: | |||||||||||
| Cash flows from operating activities | $ | 199.7 | $ | 256.4 | |||||||
| Minus: | |||||||||||
| Capital expenditures | 36.3 | 33.7 | |||||||||
| Free Cash Flow | $ | 163.4 | $ | 222.7 | |||||||
11
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INGERSOLL RAND INC. AND SUBSIDIARIES
RECONCILIATION OF SEGMENT ADJUSTED EBITDA TO NET INCOME
(Unaudited; in millions)
| For the Three Month Period Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Orders | |||||||||||
| Industrial Technologies and Services | $ | 1,557.9 | $ | 1,487.0 | |||||||
| Precision and Science Technologies | 420.1 | 395.3 | |||||||||
| Total Orders | $ | 1,978.0 | $ | 1,882.3 | |||||||
| Revenue | |||||||||||
| Industrial Technologies and Services | $ | 1,444.5 | $ | 1,352.1 | |||||||
| Precision and Science Technologies | 402.7 | 364.7 | |||||||||
| Total Revenue | $ | 1,847.2 | $ | 1,716.8 | |||||||
| Segment Adjusted EBITDA | |||||||||||
| Industrial Technologies and Services | $ | 385.5 | $ | 389.1 | |||||||
| Precision and Science Technologies | 121.9 | 106.2 | |||||||||
| Total Segment Adjusted EBITDA | $ | 507.4 | $ | 495.3 | |||||||
| Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes: | |||||||||||
| Corporate expenses not allocated to segments | $ | 38.3 | $ | 35.6 | |||||||
| Interest expense | 63.8 | 61.2 | |||||||||
| Depreciation and amortization expense | 135.8 | 118.9 | |||||||||
| Restructuring and related business transformation costs | 8.7 | 5.4 | |||||||||
| Acquisition and other transaction related expenses and non-cash charges | 13.6 | 9.8 | |||||||||
| Stock-based compensation | 15.9 | 14.2 | |||||||||
| Foreign currency transaction losses, net | 2.2 | 6.8 | |||||||||
| Adjustments to LIFO inventories | 5.4 | 3.0 | |||||||||
| Cybersecurity incident costs | — | (0.2) | |||||||||
| Interest income on cash and cash equivalents | (5.1) | (10.3) | |||||||||
| Other adjustments | (1.1) | (2.2) | |||||||||
| Income Before Income Taxes | 229.9 | 253.1 | |||||||||
| Provision for income taxes | 36.1 | 58.5 | |||||||||
| Loss on equity method investments | — | (6.2) | |||||||||
| Net Income | $ | 193.8 | $ | 188.4 | |||||||
12
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INGERSOLL RAND INC. AND SUBSIDIARIES
ORDERS AND REVENUE GROWTH (DECLINE) BY SEGMENT1
| For the Three Month Period Ended March 31, 2026 | |||||||||||
| Orders | Revenue | ||||||||||
| Ingersoll Rand | |||||||||||
| Organic decline | (1.9 | %) | (0.3 | %) | |||||||
| Impact of foreign currency | 4.0 | % | 4.2 | % | |||||||
| Impact of acquisitions | 3.0 | % | 3.7 | % | |||||||
| Total orders and revenue growth | 5.1 | % | 7.6 | % | |||||||
| Industrial Technologies & Services | |||||||||||
| Organic decline | (2.6 | %) | (1.6 | %) | |||||||
| Impact of foreign currency | 4.1 | % | 4.2 | % | |||||||
| Impact of acquisitions | 3.3 | % | 4.2 | % | |||||||
| Total orders and revenue growth | 4.8 | % | 6.8 | % | |||||||
| Precision & Science Technologies | |||||||||||
| Organic growth | 0.6 | % | 4.4 | % | |||||||
| Impact of foreign currency | 3.9 | % | 3.9 | % | |||||||
| Impact of acquisitions | 1.8 | % | 2.1 | % | |||||||
| Total orders and revenue growth | 6.3 | % | 10.4 | % | |||||||
1 Organic growth/(decline), impact of foreign currency, and impact of acquisitions are non-GAAP measures. References to “impact of acquisitions” refer to GAAP sales from acquired businesses recorded prior to the first anniversary of the acquisition. The portion of GAAP revenue attributable to currency translation is calculated as the difference between (a) the period-to-period change in revenue (excluding acquisition sales) and (b) the period-to-period change in revenue (excluding acquisition sales) after applying prior year foreign exchange rates to the current year period.
13
FAQ
How did Ingersoll Rand (IR) perform financially in Q1 2026?
Ingersoll Rand reported Q1 2026 revenue of $1,847.2 million, up 7.6% year over year. Net income attributable to the company was $192.1 million, or $0.49 per diluted share, reflecting steady profitability alongside continued top-line growth.
What was Ingersoll Rand (IR) adjusted EPS and EBITDA in Q1 2026?
Adjusted diluted EPS for Ingersoll Rand in Q1 2026 was $0.77, up 7% from Q1 2025. Adjusted EBITDA reached $469.1 million, with an adjusted EBITDA margin of 25.4%, demonstrating solid underlying operating performance despite some margin compression versus the prior year.
What is Ingersoll Rand (IR) liquidity and leverage position as of March 31, 2026?
As of March 31, 2026, Ingersoll Rand had total liquidity of $3.9 billion, including $1.3 billion of cash and $2.6 billion in undrawn credit facilities. Net debt to Adjusted EBITDA leverage stood at 1.7x, indicating a relatively conservative balance sheet profile.
What guidance did Ingersoll Rand (IR) provide for full-year 2026?
For full-year 2026, Ingersoll Rand maintained guidance for revenue growth of 2.5% to 4.5%, adjusted EBITDA of $2,130–$2,190 million, and adjusted EPS of $3.45 to $3.57. Guidance implies about 5% adjusted EPS growth at the midpoint versus 2025 levels.
How did Ingersoll Rand (IR) segments perform in Q1 2026?
Industrial Technologies & Services posted Q1 2026 revenue of $1,444.5 million, up 6.8%, with segment adjusted EBITDA of $385.5 million. Precision & Science Technologies delivered revenue of $402.7 million, up 10.4%, and segment adjusted EBITDA of $121.9 million, with margin improving to 30.3%.
What was Ingersoll Rand (IR) free cash flow in Q1 2026 and how was capital allocated?
In Q1 2026, Ingersoll Rand generated free cash flow of $163.4 million from operating cash flow of $199.7 million and capital expenditures of $36.3 million. The company spent $52 million on M&A and returned about $97 million via share repurchases and dividends.