STOCK TITAN

Enpro (NYSE: NPO) lifts 2025 adjusted EPS and sets 2026 guidance

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Enpro Inc. reported strong underlying growth for 2025 while absorbing a large, non-cash pension charge. Fourth-quarter sales rose to $295.4 million, up 14.3%, with organic sales up 9.9%. Adjusted EBITDA increased 19.2% to $69.4 million, but GAAP results showed a $32.0 million net loss driven by a $67.2 million non-cash settlement loss from terminating the U.S. defined benefit pension plan.

For the full year 2025, sales reached $1.14 billion, up 9.0%, and adjusted EBITDA grew 8.9% to $277.6 million. Adjusted diluted EPS rose to $7.91 from $6.96, while GAAP diluted EPS declined to $1.91 largely due to the pension settlement. Operating cash flow increased to $201.2 million and free cash flow to $153.1 million, supporting $26.2 million of dividends and an eleventh consecutive annual dividend increase.

Management introduced 2026 guidance calling for revenue growth of 8%–12%, adjusted EBITDA of $305–$320 million, and adjusted diluted EPS of $8.50–$9.20, reflecting confidence in demand across Sealing Technologies and Advanced Surface Technologies and the benefits of a strengthened balance sheet.

Positive

  • Strong underlying growth and guidance: 2025 adjusted diluted EPS rose 13.6% to $7.91, adjusted EBITDA grew 8.9% to $277.6 million, and 2026 guidance calls for 8%–12% revenue growth with higher adjusted earnings.
  • Robust cash generation and balance sheet: Operating cash flow increased to $201.2 million and free cash flow to $153.1 million, ending 2025 with net leverage of about 2.0x and supporting 11 consecutive years of dividend increases.

Negative

  • GAAP earnings pressured by pension settlement: 2025 GAAP net income declined to $40.5 million from $72.9 million, and Q4 showed a $32.0 million net loss, primarily due to a $67.2 million non-cash pension settlement loss.
  • Margin pressure in Advanced Surface Technologies: AST adjusted EBITDA grew modestly while its adjusted margin declined (20.1% vs. 22.1% in Q4), reflecting growth investments and a mix shift toward lower-margin capital equipment components.

Insights

Enpro delivered solid 2025 underlying growth, took a one-time pension hit, and issued upbeat 2026 guidance.

Enpro showed healthy operating momentum in 2025. Sales grew $1.14 billion vs. $1.05 billion, and adjusted EBITDA increased to $277.6 million. Adjusted diluted EPS rose 13.6% to $7.91, driven by strength in Sealing Technologies and improving trends in Advanced Surface Technologies.

GAAP net income fell to $40.5 million from $72.9 million, mainly because of a non-cash pension settlement loss of $67.2 million. That charge reflects the completion of U.S. defined benefit pension termination, which removes a legacy liability but skews year-over-year comparability.

Cash generation was strong, with operating cash flow of $201.2 million and free cash flow of $153.1 million, while net leverage ended around 2.0x. For 2026, guidance for 8%–12% revenue growth and adjusted EPS of $8.50–$9.20 signals expectations of continued high-margin growth across key end markets.

0001164863false00011648632026-02-182026-02-18

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): February 18, 2026
ENPRO INC.
(Exact name of Registrant, as specified in its charter)
North Carolina001-3122501-0573945
(State or other jurisdiction(Commission file number)(I.R.S. Employer
of incorporation)Identification No.)
5605 Carnegie Boulevard, Suite 500
Charlotte
North Carolina
28209
(Address of principal executive offices, including zip code)
(704) 731-1500
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or 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 (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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valueNPONew York Stock Exchange
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

    The information set forth in this Item 2.02 of this Current Report and in Exhibit 99.1 is intended to be “furnished” under Item 2.02 of Form 8-K. Such information shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

    On February 18, 2026, Enpro Inc. issued a press release announcing its earnings for the fourth quarter and year ended December 31, 2025. A copy of such press release is included as Exhibit 99.1 hereto.


Item 9.01    Financial Statements and Exhibits
(d)Exhibits
99.1
Press Release of Enpro Inc. dated February 18, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

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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.

    Date:    February 18, 2026

ENPRO INC.
By:/s/ Robert S. McLean
Robert S. McLean
Executive Vice President, Chief Administrative Officer and General Counsel





























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Exhibit 99.1
image1a.jpg
News Release

Enpro Reports Fourth Quarter and Full-Year 2025 Results, Introduces 2026 Guidance

Fourth Quarter 2025 Results
(All results reflect comparisons to the respective prior-year period unless otherwise noted)

Sales of $295.4 million increased 14.3% and organic sales increased 9.9%
GAAP net loss was $32.0 million, including the impact of Enpro's pension plan termination during the quarter, compared to GAAP net income of $13.9 million last year
Adjusted EBITDA* increased 19.2% to $69.4 million
Diluted loss per share was $1.52, compared to diluted earnings per share of $0.66
Adjusted diluted earnings per share* increased 26.8% to $1.99 versus $1.57 last year

Full Year 2025 Results

Sales of $1.14 billion up 9.0% and organic sales up 7.6%
GAAP net income was $40.5 million, including the impact of the pension plan termination, compared to net income of $72.9 million last year
Adjusted EBITDA* increased 8.9% to $277.6 million
Diluted earnings per share were $1.91, compared to diluted earnings per share of $3.45 last year
Adjusted diluted earnings per share* increased 13.6% to $7.91 versus $6.96 last year

2026 Guidance

Introducing guidance for 2026: Total revenue growth in the 8% to 12% range, adjusted EBITDA* in the range of $305 million to $320 million and adjusted diluted earnings per share* of $8.50 to $9.20
Strong balance sheet and free cash flow generation provide financial flexibility to further organic growth initiatives and select strategic acquisitions


CHARLOTTE, N.C., February 18, 2026 -- Enpro Inc. (NYSE: NPO) today announced its financial results for the fourth quarter and year ended December 31, 2025.

"Enpro delivered a strong finish to 2025 with double-digit revenue growth and robust profitability, supported by best-in-class performance in Sealing Technologies and continued sales improvement in AST," said Eric Vaillancourt, President and Chief Executive Officer. "Strong execution and an enhanced focus on driving long-term, high-margin revenue growth will continue again this year, and we are encouraged by the improved order activity in AST which will begin to be realized in the second half of this year. 2026 marks the second year of Enpro 3.0 - Accelerating Personal and Profitable Growth, and our team is energized to build on our momentum. Our focus remains on disciplined execution to drive sustainable, high-margin revenue growth and shareholder value creation."
Mr. Vaillancourt continued, "As we look ahead in 2026, we will continue to pursue organic growth opportunities that leverage our engineering and technical capabilities, complemented by acquisitions that meet our stringent strategic and financial criteria. With our leading-edge portfolio of businesses, reliable cash generation and strong balance sheet, we are well-positioned to unlock the compounding features of the business and advance our long-term strategy."





Financial Highlights
(Amounts in millions except per share data and percentages)

Quarters Ended December 31,Years Ended December 31,
20252024Change20252024Change
Net Sales$295.4 $258.4 14.3 %$1,143.3 $1,048.7 9.0 %
Net Income (Loss)$(32.0)$13.9 nm$40.5 $72.9 (44.4)%
Diluted Earnings (Loss) Per Share$(1.52)$0.66 nm$1.91 $3.45 (44.6)%
Adjusted Net Income*$42.3 $33.2 27.4 %$168.0 $146.9 14.4 %
Adjusted Diluted Earnings Per Share*$1.99 $1.57 26.8 %$7.91 $6.96 13.6 %
Adjusted EBITDA*$69.4 $58.2 19.2 %$277.6 $254.8 8.9 %
Adjusted EBITDA Margin*23.5 %22.5 %24.3 %24.3 %
*Non-GAAP measure. See the attached schedules for adjustments and reconciliations of historical non-GAAP measures to GAAP measures. No reconciliation is presented for the 2026 guidance range of adjusted EBITDA and adjusted diluted earnings per share. Because of the forward-looking nature of these estimates, it is impractical to present quantitative reconciliations of such measures to comparable GAAP measures.

Fourth Quarter 2025 Consolidated Results

Sales of $295.4 million increased 14.3%. Strength in aerospace, food and biopharma, and domestic general industrial markets, in addition to some recovery in semiconductor demand and strategic pricing actions, offset continued weakness in commercial vehicle OEM demand, a choppy nuclear power market in Europe, and slow general industrial sales internationally. Excluding the acquisition contributions and foreign currency exchange translation, organic sales grew 9.9%.

Net loss was $32.0 million, compared to net income of $13.9 million in the prior year. During the fourth quarter, Enpro substantially completed the termination of its U.S. defined benefit pension plan, incurring a pre-tax, non-cash settlement loss of $67.2 million, satisfying any remaining pension obligations under this plan. Adjusted net income* of $42.3 million increased 27.4% compared to last year. Diluted loss per share was $1.52, compared to diluted earnings per share of $0.66 in the prior year, driven by the pension plan termination. Adjusted diluted earnings per share* of $1.99 increased 26.8%.

Adjusted EBITDA* of $69.4 million increased 19.2% from $58.2 million last year primarily driven by continued strong year-over-year performance in the Sealing Technologies segment, offset in part by expenses supporting growth initiatives in the Advanced Surface Technologies (AST) segment.

Fourth Quarter 2025 Segment Highlights

Sealing Technologies - Safeguarding environments with critical process solutions in diverse end markets
Garlock, STEMCO and Technetics Group
Quarters Ended December 31,Years Ended December 31,
(Amounts in millions except percentages)20252024Change20252024Change
Sales$187.1$163.014.8%$732.4$687.26.6%
Adjusted Segment EBITDA$61.3$50.621.1%$240.7$224.17.4%
Adjusted Segment EBITDA Margin32.8%31.0%32.9%32.6%

Sales increased 14.8% over the prior year. Excluding the impact of foreign exchange translation and the contribution from the acquisitions of AlpHa Measurement Solutions and Overlook Industries, sales increased 7.7%. Strong demand in aerospace, food and biopharma and domestic general industrial markets, as well as strategic pricing actions offset continued weakness in commercial vehicle OEM demand and choppy nuclear energy results in Europe.
Adjusted segment EBITDA increased 21.1% versus the prior-year period. Improved volume and strategic pricing initiatives drove increased segment profitability. Excluding the impact of foreign exchange translation and the acquisitions, adjusted segment EBITDA increased 15.0% compared to last year.
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Advanced Surface Technologies - Leading edge precision manufacturing, coatings, innovative optical solutions and cleaning and refurbishment solutions - NxEdge, Technetics Semi, LeanTeq and Alluxa

Quarters Ended December 31,Years Ended December 31,
(Amounts in millions except percentages)20252024Change20252024Change
Sales$108.4$95.613.4%$411.6$362.213.6%
Adjusted Segment EBITDA$21.8$21.13.3%$83.9$76.79.4%
Adjusted Segment EBITDA Margin20.1%22.1%20.4%21.2%

Sales increased 13.4% over last year, driven primarily by strength in leading-edge precision cleaning solutions, optical coatings, and some improvement in semiconductor capital equipment demand.
Adjusted segment EBITDA increased 3.3% versus last year. Contribution from higher sales was mostly offset by increased expenses supporting organic growth programs and mix headwinds associated with a higher volume of lower-margin components supporting capital equipment.

Full Year 2025 Consolidated Results

Sales of $1.14 billion increased 9.0% compared to last year. On an organic basis, sales improved 7.6% year-over-year, driven primarily by improved sales in semiconductor, food and biopharma, aerospace, and domestic general industrial markets, partially offset by slow commercial vehicle OEM and international general industrial demand.

Net income decreased to $40.5 million, compared to $72.9 million in the prior year, driven primarily by the $67.2 million pre-tax, non-cash pension settlement loss recognized in the fourth quarter upon the completion of the termination of Enpro's U.S. defined benefit pension plan. Adjusted net income* of $168.0 million increased 14.4% compared to 2024. Diluted earnings per share decreased to $1.91, primarily due to the fourth quarter pension settlement. Adjusted diluted earnings per share* increased 13.6% to $7.91.

Adjusted EBITDA* of $277.6 million increased 8.9% compared to last year. Adjusted EBITDA margin* of 24.3% was even with last year year-over-year as sales growth was offset by increased operating expenses supporting growth initiatives and, to a lesser extent, unfavorable mix in AST.

Balance Sheet, Cash Flow and Capital Allocation

The company generated $201.2 million of cash flow from operations during the year ended December 31, 2025, up 24% compared to $162.9 million of cash flow from operations last year.

Free cash flow increased 18% to $153.1 million, net of $48.1 million in capital expenditures and capitalized software, compared to $130.0 million, net of $32.9 million in capital expenditures and capitalized software, last year.

During the fourth quarter, the company paid a regular quarterly dividend of $0.31 per share, with dividends totaling $26.2 million for the year ended December 31, 2025.

Enpro ended the fourth quarter with cash of $114.7 million and approximately $580 million available under its $800 million revolving credit facility. The company exited 2025 with a net leverage ratio of approximately 2.0x.

Termination and Settlement of U.S. Pension Obligations

In the second quarter of 2024, Enpro initiated a plan to terminate and settle its remaining defined benefit pension plan in the United States. The termination and settlement process for this frozen plan, which preserves retirement benefits due to participants but changes the ultimate payor of such benefits, was substantially completed in the fourth quarter of 2025. Enpro's pension liability obligation under this plan has been fully satisfied based on these actions. As a result, Enpro incurred a non-cash settlement loss of $67.2 million recorded to other non-operating
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expense primarily associated with recognition of life-to-date actuarial losses attributed to the plan, previously deferred in accumulated other comprehensive income.

Quarterly Dividend

On February 13, 2026, Enpro Inc. declared a quarterly dividend of $0.32 per share, representing an increase of 3.2% from the $0.31 dividend paid in the prior quarter. The dividend is payable on March 18, 2026, to shareholders of record as of the close of business on March 4, 2026. The company has increased its quarterly dividend for eleven consecutive years since initiating a dividend in 2015.

2026 Guidance

Enpro introduces guidance for full-year 2026 and currently expects revenue growth to be in 8% to 12% range, adjusted EBITDA* to be in the range of $305 million to $320 million and adjusted diluted earnings per share* to be in the range of $8.50 to $9.20.

Conference Call, Webcast Information, and Presentations

Enpro will hold a conference call today, February 18, 2026, at 8:30 a.m. Eastern Time to discuss fourth quarter and full year 2025 results. Investors who wish to participate in the call should dial 1-877-407-0832 approximately 10 minutes before the call begins and provide conference ID number 13750601. A live audio webcast of the call and accompanying slide presentation will be accessible from the company’s website, https://www.enpro.com. To access the earnings presentation, log on to the webcast by clicking the link on the company’s home page.

Segment Operating Performance Measure

The segment profitability metric used by management to allocate resources and assess segment performance is adjusted segment EBITDA, which is segment revenue reduced by operating expenses and other costs identifiable with the segment, excluding acquisition and divestiture expenses, restructuring costs, impairment charges, non-controlling interest compensation, amortization of the fair value adjustment to acquisition date inventory, and depreciation and amortization. Segment non-operating expenses and income, corporate expenses, net interest expense, and income taxes are not included in the computation of adjusted segment EBITDA. Under U.S. generally accepted accounting principles (“GAAP”), the segment profitability metric used by management to allocate resources and assess segment performance is required to be disclosed in financial statement footnotes, and accordingly such metric as presented for each segment is not deemed to be a non-GAAP measure under applicable regulations of the Securities and Exchange Commission.

Non-GAAP Financial Information

This press release contains financial measures that have not been prepared in conformity with GAAP. They include adjusted net income, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin, total adjusted segment EBITDA, and free cash flow. Tables showing the reconciliation of these historical non-GAAP financial measures to the comparable GAAP measures are attached to the release. Adjusted EBITDA and adjusted diluted earnings per share anticipated for full-year 2025 are calculated in a manner consistent with the historical presentation of these measures in the attached tables. Because of the forward-looking nature of these estimates, it is impractical to present quantitative reconciliations of such measures to comparable GAAP measures, and accordingly no such GAAP measures are being presented.

Management believes these non-GAAP metrics are commonly used financial measures for investors to evaluate the company’s operating performance and, when read in conjunction with the company’s consolidated financial statements, present a useful tool to evaluate the company’s ongoing operations and performance from period to period. In addition, these are some of the factors the company uses in internal evaluations of the overall performance of its businesses. Management acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items
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that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.

Forward-Looking Statements and Guidance

Statements in this press release that express a belief, expectation, or intention, including 2026 guidance and other statements that are not historical fact, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: economic conditions in the markets served by the company’s businesses and the businesses of its customers, some of which are cyclical and experience periodic downturns and may be affected by the imposition or threat of imposition of tariffs; the impact of geopolitical activity on those markets, including instabilities associated with the armed conflicts in Ukraine and in the Middle East region and any conflict or threat of conflict that may affect Taiwan; uncertainties with respect to the imposition, or threat of imposition, of government tariffs, embargoes and other trade protection measures, such as “anti-dumping” duties applicable to classes of products, and import or export licensing requirements, as well as the imposition of trade sanctions against a class of products imported from or sold and exported to, or the loss of “normal trade relations” status with, countries in which the company conducts business, could significantly increase the company’s cost of products or otherwise reduce its sales and harm its business; uncertainties with respect to prices and availability of raw materials, including as a result of instabilities from geopolitical conflicts and the imposition of tariffs; uncertainties with respect to the company’s ability to achieve anticipated growth within the semiconductor, life sciences, and other technology-enabled markets, including uncertainties with respect to receipt of CHIPS Act support and the timing of completion of the new Arizona facility; the impact of fluctuations in relevant foreign currency exchange rates or unanticipated increases in applicable interest rates; unanticipated delays or problems in introducing new products; the impact from any pending or potential labor disputes; announcements by competitors of new products, services or technological innovations; changes in the company’s pricing policies or the pricing policies of its competitors; risks related to the reliance of the Advanced Surface Technologies segment on a small number of significant customers and the geographic concentration of those customers; uncertainties with respect to the company’s ability to identify and complete business acquisitions consistent with its strategy and to successfully integrate any businesses that it acquires; and uncertainties with respect to the amount of any payments required to satisfy contingent liabilities, including those related to discontinued operations, other divested businesses and discontinued operations of the company’s predecessors, including liabilities for certain products, environmental matters, employee benefit and statutory severance obligations and other matters. Enpro’s filings with the Securities and Exchange Commission, including its most recent Form 10-K and Form 10-Q reports, describe these and other risks and uncertainties in more detail. Enpro does not undertake to update any forward-looking statements made in this press release to reflect any change in management's expectations or any change in the assumptions or circumstances on which such statements are based.

Full-year guidance is subject to the risks and uncertainties discussed above and specifically excludes changes in the number of shares outstanding, impacts from future acquisitions, dispositions and related transaction costs, restructuring costs and the impact of changes in foreign exchange rates, in each case subsequent to December 31, 2025, and any incremental impact on demands and costs arising from tariffs announced, or trade tensions arising, subsequent to February 17, 2026.

About Enpro

Enpro is a leading industrial technology company focused on critical applications across many end-markets, including semiconductor, industrial process, commercial vehicle, sustainable power generation, aerospace, food and biopharma, photonics, and life sciences. Headquartered in Charlotte, North Carolina, Enpro is listed on the New York Stock Exchange under the symbol "NPO". For more information about Enpro Inc., visit the company’s website at http://www.enpro.com.
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Investor Contacts:Joseph F. Bruderek
Executive Vice President and
Chief Financial Officer
James M. Gentile
Vice President, Investor Relations
Enpro Inc.
Phone:704-731-15275605 Carnegie Boulevard
Charlotte, North Carolina, 28209
Email:investor.relations@enpro.comwww.enpro.com


# # # #















APPENDICES



Consolidated Financial Information and Reconciliations
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Enpro Inc.
Consolidated Statements of Operations (Unaudited)
For the Quarters and Years Ended December 31, 2025 and 2024
(In Millions, Except Per Share Data)
Quarters EndedYears Ended
December 31,December 31,December 31,December 31,
2025202420252024
Net sales$295.4 $258.4 $1,143.3 $1,048.7 
Cost of sales171.1 149.1 655.8 603.9 
Gross profit124.3 109.3 487.5 444.8 
Operating expenses:
Selling, general and administrative89.6 76.9 323.4 296.3 
Other1.5 0.2 2.5 6.2 
Total operating expenses91.1 77.1 325.9 302.5 
Operating income33.2 32.2 161.6 142.3 
Interest expense(8.9)(9.5)(34.0)(40.9)
Interest income2.6 1.7 5.8 6.4 
Loss on pension settlement(67.2)— (67.2)— 
Other expense, net(2.0)(4.7)(8.6)(13.4)
Income (loss) before income taxes(42.3)19.7 57.6 94.4 
Income tax benefit (expense)10.3 (5.8)(17.1)(21.5)
Net income (loss)$(32.0)$13.9 $40.5 $72.9 
Basic earnings (loss) per share$(1.52)$0.66 $1.92 $3.48 
Average common shares outstanding21.1 21.0 21.0 21.0 
Diluted earnings (loss) per share$(1.52)$0.66 $1.91 $3.45 
Average common shares outstanding21.3 21.2 21.2 21.1 


























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Enpro Inc.
Consolidated Statements of Cash Flows (Unaudited)
For the Years Ended December 31, 2025 and 2024
(In Millions)
20252024
Operating activities
Net income$40.5 $72.9 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation24.7 23.9 
Amortization78.1 76.4 
Loss on pension settlement67.2 — 
Deferred income taxes(15.0)(18.4)
Stock-based compensation13.5 12.0 
Other non-cash adjustments3.8 13.7 
Change in assets and liabilities, net of effects of acquisitions of businesses:
Accounts receivable, net(5.4)1.6 
Inventories6.1 6.3 
Accounts payable(4.3)(5.4)
Income taxes, net(9.9)2.0 
Other current assets and liabilities(6.3)(7.6)
Other non-current assets and liabilities8.2 (14.5)
Net cash provided by operating activities201.2 162.9 
Investing activities of continuing operations
Purchases of property, plant and equipment(42.0)(29.1)
Payments for capitalized internal-use software(6.1)(3.8)
Proceeds from sale of businesses, net of cash sold7.5 — 
Acquisitions, net of cash acquired(273.9)(209.4)
Purchase of short-term investments(3.4)— 
Other1.0 0.8 
Net cash used in investing activities(316.9)(241.5)
Financing activities
Proceeds from debt930.0 52.5 
Repayments of debt(911.6)(60.6)
Acquisition of non-controlling interests of Enpro subsidiaries— (18.3)
Debt issuance costs(8.0)— 
Dividends paid(26.2)(25.3)
Other(1.6)1.2 
Net cash used in financing activities(17.4)(50.5)
Effect of exchange rate changes on cash and cash equivalents11.5 (4.4)
Net increase (decrease) in cash and cash equivalents(121.6)(133.5)
Cash and cash equivalents at beginning of period236.3 369.8 
Cash and cash equivalents at end of period$114.7 $236.3 
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest, net$33.5 $38.9 
Income taxes, net$41.4 $36.1 
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Enpro Inc.
Consolidated Balance Sheets (Unaudited)
As of December 31, 2025 and 2024
(In Millions)
20252024
Current assets
Cash and cash equivalents$114.7 $236.3 
Accounts receivable, net134.1 115.9 
Inventories153.8 138.8 
Other current assets35.1 21.3 
Total current assets437.7 512.3 
Property, plant and equipment, net221.5 193.2 
Goodwill1,064.8 896.2 
Other intangible assets823.5 790.3 
Other assets115.5 99.5 
Total assets$2,663.0 $2,491.5 
Current liabilities
Current maturities of long-term debt$0.2 $16.0 
Accounts payable71.6 66.0 
Accrued expenses116.9 116.0 
Total current liabilities188.7 198.0 
Long-term debt655.1 624.1 
Deferred taxes and non-current income taxes payable143.4 126.9 
Other liabilities131.9 113.9 
Total liabilities1,119.1 1,062.9 
Shareholders’ equity
Common stock0.2 0.2 
Additional paid-in capital333.3 319.4 
Retained earnings1,189.7 1,175.6 
Accumulated other comprehensive income (loss)21.9 (65.4)
Common stock held in treasury, at cost(1.2)(1.2)
Total shareholders’ equity1,543.9 1,428.6 
Total liabilities and equity$2,663.0 $2,491.5 














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Enpro Inc.
Segment Information (Unaudited)
For the Quarters and Years Ended December 31, 2025 and 2024
(Dollars in Millions)
Sales
Quarters EndedYears Ended
December 31,December 31,
2025202420252024
Sealing Technologies$187.1 $163.0 $732.4 $687.2 
Advanced Surface Technologies108.4 95.6 411.6 362.2 
295.5 258.6 1,144.0 1,049.4 
Elimination of intersegment sales(0.1)(0.2)(0.7)(0.7)
$295.4 $258.4 $1,143.3 $1,048.7 
Net income (loss)$(32.0)$13.9 $40.5 $72.9 
Earnings before interest, income taxes, depreciation,
amortization and other selected items (Adjusted Segment EBITDA)
Quarters EndedYears Ended
December 31,December 31,
2025202420252024
Sealing Technologies$61.3 $50.6 $240.7 $224.1 
Advanced Surface Technologies21.8 21.1 83.9 76.7 
$83.1 $71.7 $324.6 $300.8 
Adjusted Segment EBITDA Margin
Quarters EndedYears Ended
December 31,December 31,
2025202420252024
Sealing Technologies32.8 %31.0 %32.9 %32.6 %
Advanced Surface Technologies20.1 %22.1 %20.4 %21.2 %
28.1 %27.7 %28.4 %28.7 %
Reconciliation of Income (Loss), Net of Tax to Adjusted Segment EBITDA
Quarters EndedYears Ended
December 31,December 31,
2025202420252024
Net income (loss)$(32.0)$13.9 $40.5 $72.9 
Income tax benefit (expense)10.3 (5.8)(17.1)(21.5)
Income (loss) before income taxes(42.3)19.7 57.6 94.4 
Acquisition expense5.3 0.5 8.5 4.3 
Amortization of the fair value adjustment to acquisition date inventory2.2 — 2.2 1.7 
Restructuring and impairment expense, net1.0 0.3 1.7 5.8 
Depreciation and amortization expense27.2 25.3 102.8 100.3 
Corporate expenses14.2 13.4 47.8 46.4 
Interest expense, net6.3 7.8 28.2 34.5 
Loss on pension settlement1
67.2 — 67.2 — 
Other expense, net2.0 4.7 8.6 13.4 
Adjusted Segment EBITDA$83.1 $71.7 $324.6 $300.8 

10



Adjusted segment EBITDA is total segment revenue reduced by operating expenses and other costs identifiable with the segment, excluding acquisition expenses, restructuring expense, net, amortization of the fair value adjustment to acquisition date inventory, and depreciation and amortization. Restructuring and impairment expense, net in the table above for the year ended December 31, 2025, includes income related to gains on the sale of fixed assets as a result of restructuring actions.

Corporate expenses include general corporate administrative costs. Non-operating expenses not directly attributable to the segments, corporate expenses, net interest expense, and income taxes are not included in the computation of adjusted segment EBITDA. The accounting policies of the reportable segments are the same as those for the Company.

1The termination and settlement process for our defined benefit pension plan in the United States was substantially completed in the fourth quarter of 2025, resulting in the recognition of a non-cash settlement loss to recognize actuarial losses previously deferred in accumulated other comprehensive income on our consolidated balance sheet.


11





Enpro Inc.
Adjusted Segment EBITDA Reconciling Items by Segment (Unaudited)
For the Quarters and Years Ended December 31, 2025 and 2024
(In Millions)
Quarter Ended December 31, 2025
Sealing TechnologiesAdvanced Surface TechnologiesTotal Segments
Acquisition expense$5.3 $— $5.3 
Amortization of the fair value adjustment to acquisition date inventory$2.2 $— $2.2 
Restructuring and impairment expense$0.2 $0.8 $1.0 
Depreciation and amortization expense$10.6 $16.6 $27.2 
Quarter Ended December 31, 2024
Sealing TechnologiesAdvanced Surface TechnologiesTotal Segments
Acquisition expense$0.5 $— $0.5 
Restructuring and impairment expense$0.3 $— $0.3 
Depreciation and amortization expense$8.4 $16.9 $25.3 
Year Ended December 31, 2025
Sealing TechnologiesAdvanced Surface TechnologiesTotal Segments
Acquisition expense$8.5 $— $8.5 
Amortization of the fair value adjustment to acquisition date inventory$2.2 $— $2.2 
Restructuring and impairment expense, net$— $1.7 $1.7 
Depreciation and amortization expense$35.6 $67.2 $102.8 

Year Ended December 31, 2024
Sealing TechnologiesAdvanced Surface TechnologiesTotal Segments
Acquisition expense$4.3 $— $4.3 
Amortization of the fair value adjustment to acquisition date inventory$1.7 $— $1.7 
Restructuring and impairment expense$2.3 $3.5 $5.8 
Depreciation and amortization expense$32.8 $67.5 $100.3 






12



Enpro Inc.
Reconciliation of Net Income (Loss) to Adjusted Income and Adjusted Diluted Earnings Per Share (Unaudited)
For the Quarters and Years Ended December 31, 2025 and 2024
(In Millions, Except Per Share Data)
Quarters Ended December 31,
2025
2024
$Average common shares outstanding, dilutedPer Share$Average common shares outstanding, dilutedPer Share
Net income (loss)$(32.0)21.3$(1.52)$13.9 21.2$0.66 
Income tax expense (benefit)(10.3)5.8 
Income (loss) before income taxes(42.3)19.7 
Adjustments from selling, general, and administrative:
Acquisition expense5.3 0.5 
Amortization of acquisition-related intangible assets20.4 19.1 
Adjustments from other operating expense and cost of sales:
Restructuring and impairment expense1.6 0.3 
Amortization of the fair value adjustment to acquisition date inventory2.2 — 
Adjustments from other non-operating expense:
Environmental reserve adjustment6.2 3.4 
Costs associated with previously disposed businesses— 0.6 
Pension expense (income) (non-service cost)0.2 (0.1)
Foreign exchange losses related to the divestiture of a discontinued operation
— 0.2 
Long-term promissory note adjustment1
(4.5)— 
Loss on pension settlement2
67.2 — 
Other adjustments:
Other— 0.5 
Adjusted income before income taxes56.3 44.2 
Adjusted income tax expense(14.0)(11.0)
Adjusted net income$42.3 21.3$1.99 3$33.2 21.2$1.57 3
13



Years Ended December 31,
2025
2024
$Average common shares outstanding, dilutedPer Share$Average common shares outstanding, dilutedPer Share
Net income$40.5 21.2$1.91 $72.9 21.1$3.45 
Income tax expense17.1 21.5 
Income before income taxes57.6 94.4 
Adjustments from selling, general, and administrative:
Acquisition expense8.5 4.3 
Amortization of acquisition-related intangible assets77.4 75.9 
Adjustments from other operating expense and cost of sales:
Restructuring and impairment expense, net2.5 6.2 
Amortization of the fair value adjustment to acquisition date inventory2.2 1.7 
Adjustments from other non-operating expense:
Environmental reserve adjustment5.6 5.7 
Costs associated with previously disposed businesses2.3 1.4 
Pension expense (non-service cost) 2.6 0.1 
Loss on extinguishment of debt1.7 — 
Foreign exchange losses related to the divestiture of a discontinued operation
0.4 1.8 
Long-term promissory note adjustment1
(4.5)4.5 
Loss on pension settlement2
67.2 — 
Other adjustments:
Other0.5 (0.1)
Adjusted income before income taxes224.0 195.9 
Adjusted income tax expense(56.0)(49.0)
Adjusted net income$168.0 21.2$7.91 3$146.9 21.1$6.96 3

Management of the Company believes that it would be helpful to the readers of the financial statements to understand the impact of certain selected items on the Company's reported income and diluted earnings per share, including items that may recur from time to time. The items adjusted for in this schedule are those that are excluded by management in budgeting or projecting for performance in future periods, as they typically relate to events specific to the period in which they occur. This presentation enables readers to better compare Enpro Inc. to other diversified industrial technology companies that do not incur the sporadic impact of restructuring activities, costs associated with previously disposed of businesses, acquisitions, or other selected items. Restructuring and impairment expense, net in the table above for the year ended December 31, 2025, includes income related to gains on the sale of fixed assets as a result of restructuring actions.
Management acknowledges that there are many items that impact a company's reported results and this list is not intended to present all items that may have impacted these results.
The adjusted income tax expense presented above is calculated using a normalized company-wide effective tax rate excluding discrete items of 25.0%. Per share amounts were calculated by dividing by the weighted-average shares of diluted common stock outstanding during the periods.
1We received a long-term promissory note in connection to the sale of a divested business. As part of our regular review of the note, in the first quarter of 2024, we concluded a reserve was needed for expected future credit losses. In the fourth quarter of 2025, the obligor of the note refinanced all of its long-term debt, which led to the repayment of the note in full, and a recovery of the corresponding loss.
2The termination and settlement process for our defined benefit pension plan in the United States was substantially completed in the fourth quarter of 2025, resulting in the recognition of a non-cash settlement loss to recognize actuarial losses previously deferred in accumulated other comprehensive income on our consolidated balance sheet.
3Adjusted diluted earnings per share, which amounts were calculated by dividing by the weighted-average shares of diluted common stock outstanding during the periods.
14




Enpro Inc.
Reconciliation Net Income (Loss) to Adjusted EBITDA (Unaudited)
For the Quarters and Years Ended December 31, 2025 and 2024
(In Millions)
Quarters EndedYears Ended
December 31,December 31,
2025202420252024
Net income (loss)$(32.0)$13.9 $40.5 $72.9 
Adjustments to arrive at earnings before interest, income taxes, depreciation, amortization, and other selected items (Adjusted EBITDA):
Interest expense, net6.3 7.8 28.2 34.5 
Income tax expense (benefit)(10.3)5.8 17.1 21.5 
Depreciation and amortization expense27.2 25.3 102.8 100.3 
Restructuring and impairment expense, net1.6 0.3 2.5 6.2 
Environmental reserve adjustments6.2 3.4 5.6 5.7 
Costs associated with previously disposed businesses— 0.6 2.3 1.4 
Acquisition expense5.3 0.5 8.5 4.3 
Pension expense (income) (non-service cost)0.2 (0.1)2.6 0.1 
Amortization of the fair value adjustment to acquisition date inventory2.2 — 2.2 1.7 
Loss on extinguishment of debt— — 1.7 — 
Foreign exchange losses related to the divestiture of a discontinued operation
— 0.2 0.4 1.8 
Long-term promissory note adjustment1
(4.5)— (4.5)4.5 
Loss on pension settlement2
67.2 — 67.2 — 
Other— 0.5 0.5 (0.1)
Adjusted EBITDA$69.4 $58.2 $277.6 $254.8 

1We received a long-term promissory note in connection to the sale of a divested business. As part of our regular review of the note, in the first quarter of 2024, we concluded a reserve was needed for expected future credit losses. In the fourth quarter of 2025, the obligor of the note refinanced all of its long-term debt, which led to the repayment of the note in full, and a recovery of the corresponding loss.

2The termination and settlement process for our defined benefit pension plan in the United States was substantially completed in the fourth quarter of 2025, resulting in the recognition of a non-cash settlement loss to recognize actuarial losses previously deferred in accumulated other comprehensive income on our consolidated balance sheet.


15




Enpro Inc.
Reconciliation of Free Cash Flow (Unaudited)
(In Millions)
Free Cash Flow - Year Ended December 31, 2025
Net cash provided by operating activities$201.2 
Purchases of property, plant, and equipment(42.0)
Payments for capitalized internal-use software(6.1)
Free cash flow$153.1 
Free Cash Flow - Year Ended December 31, 2024
Net cash provided by operating activities$162.9 
Purchases of property, plant, and equipment(29.1)
Payments for capitalized internal-use software(3.8)
Free cash flow$130.0 
16

FAQ

How did Enpro Inc. (NPO) perform financially in full-year 2025?

Enpro delivered higher sales and stronger adjusted profits in 2025. Revenue rose 9.0% to $1.14 billion and adjusted EBITDA increased 8.9% to $277.6 million. Adjusted diluted EPS grew 13.6% to $7.91, reflecting solid performance across Sealing Technologies and Advanced Surface Technologies.

Why did Enpro report a GAAP net loss in Q4 2025?

Enpro’s Q4 2025 GAAP net loss of $32.0 million was driven by a non-cash pension settlement loss of $67.2 million. This charge arose from substantially completing termination of its U.S. defined benefit pension plan, which satisfied remaining obligations but significantly reduced quarterly GAAP earnings.

What 2026 guidance did Enpro Inc. (NPO) provide?

For 2026, Enpro expects revenue growth between 8% and 12%, adjusted EBITDA of $305 million to $320 million, and adjusted diluted EPS of $8.50 to $9.20. This outlook reflects anticipated continued strength in key end markets and benefits from prior growth initiatives.

How strong was Enpro’s cash flow and free cash flow in 2025?

Enpro generated solid cash flow in 2025, with operating cash flow of $201.2 million, up from $162.9 million. Free cash flow reached $153.1 million after $48.1 million of capital expenditures and capitalized software, supporting dividends and a net leverage ratio of roughly 2.0x.

What segment drove most of Enpro’s profitability in 2025?

The Sealing Technologies segment was the main earnings contributor in 2025. It generated $732.4 million in sales and $240.7 million of adjusted segment EBITDA, with a 32.9% adjusted segment EBITDA margin, supported by strong aerospace, food and biopharma, and domestic industrial demand.

Did Enpro Inc. (NPO) increase its dividend for shareholders?

Yes. Enpro declared a quarterly dividend of $0.32 per share on February 13, 2026, up 3.2% from the prior $0.31. Total dividends paid in 2025 were $26.2 million, marking the company’s eleventh consecutive year of dividend increases since initiating payouts in 2015.

How did the Advanced Surface Technologies segment perform in 2025?

Advanced Surface Technologies delivered 13.6% sales growth in 2025 to $411.6 million, helped by precision cleaning and optical coatings. Adjusted segment EBITDA rose to $83.9 million, though its margin eased to 20.4% as growth investments and a higher mix of lower-margin capital equipment components weighed on profitability.

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5.85B
20.90M
Specialty Industrial Machinery
Gaskets, Packg & Sealg Devices & Rubber & Plastics Hose
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United States
CHARLOTTE