Pentair (PNR) lifts 2026 EPS guidance after Q1 margin and earnings growth
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Pentair plc reported first quarter 2026 sales of $1,036.7 million, up 3 percent from a year ago, with core sales growing 1 percent. GAAP diluted EPS from continuing operations rose 5 percent to $0.98, while adjusted EPS increased 10 percent to $1.22.
Operating income reached $210 million, up 3 percent, with return on sales of 20.3 percent; adjusted operating income was $259.1 million, up 7 percent, and adjusted return on sales expanded to 25.0 percent. Segment results showed growth in Flow and Pool and higher margins across all segments.
Pentair used free cash flow of $85.7 million in the quarter and repurchased 2.0 million shares for $200 million, while paying a $0.27 dividend in its 50th consecutive year of dividend increases. The company raised its 2026 GAAP EPS outlook to $4.83–$4.93 and adjusted EPS to $5.30–$5.40, and guided to modest sales growth for 2026 and the second quarter.
Positive
- Raised 2026 EPS guidance with strong growth versus 2025: Updated GAAP EPS outlook to $4.83–$4.93, up 23–25%, and adjusted EPS to $5.30–$5.40, up 8–10%, alongside Q1 adjusted EPS growth of 10% and margin expansion.
- Continued capital returns to shareholders: Repurchased 2.0 million shares for $200 million in Q1 2026 and paid a $0.27 dividend, marking the 50th consecutive year of dividend increases.
Negative
- None.
Insights
Pentair delivered modest Q1 growth but raised EPS guidance on stronger margins.
Pentair generated Q1 2026 sales of $1,036.7 million, up 3 percent year over year, with core sales up 1 percent. GAAP EPS from continuing operations increased to $0.98 and adjusted EPS rose 10 percent to $1.22, reflecting improved profitability.
Operating income grew to $210 million and adjusted operating income to $259.1 million, lifting adjusted return on sales to 25.0%. Segment data showed particularly strong Flow growth and margin expansion in all three segments. However, free cash flow was negative $85.7 million, similar to the prior-year seasonal pattern.
The company raised its full-year 2026 GAAP EPS outlook to $4.83–$4.93, up 23–25% versus 2025, and adjusted EPS to $5.30–$5.40, up 8–10%. It also expects Q2 GAAP EPS of $1.39–$1.42 and adjusted EPS of $1.47–$1.50. Combined with $200 million of share repurchases and a long dividend growth record, this represents a broadly positive update for shareholders based on the disclosed figures.
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 Q1 2026: $1,036.7 million
GAAP diluted EPS Q1 2026: $0.98
Adjusted diluted EPS Q1 2026: $1.22
+5 more
8 metrics
Net sales Q1 2026
$1,036.7 million
Three months ended March 31, 2026; up 3% year over year
GAAP diluted EPS Q1 2026
$0.98
From continuing operations; 5% increase vs Q1 2025
Adjusted diluted EPS Q1 2026
$1.22
From continuing operations; 10% increase vs Q1 2025
Operating income Q1 2026
$210.0 million
Three months ended March 31, 2026; ROS 20.3%
Adjusted operating income Q1 2026
$259.1 million
Three months ended March 31, 2026; adjusted ROS 25.0%
Free cash flow Q1 2026
-$85.7 million
Three months ended March 31, 2026; free cash flow used
Share repurchases Q1 2026
$200 million
2.0 million ordinary shares repurchased in the quarter
2026 adjusted EPS guidance
$5.30–$5.40
Estimated full year 2026; up 8–10% vs prior year
Key Terms
core sales, adjusted operating income, return on sales, free cash flow, +2 more
6 terms
core sales financial
"Excluding currency translation, acquisitions and divestitures, core sales grew 1 percent in the first quarter."
Core sales are the revenue generated by a company's main, ongoing business activities after removing one-time or unusual items such as proceeds from asset sales, discontinued operations, or temporary boosts. Investors care because core sales show the steady, repeatable demand for a company’s products or services—like judging a store by its regular weekly receipts rather than a single big clearance sale—to better assess growth trends and future earnings potential.
adjusted operating income financial
"On an adjusted basis, the Company had adjusted operating income of $259 million for the first quarter of 2026."
Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.
return on sales financial
"First quarter 2026 operating income was $210 million... and return on sales (“ROS”) was 20.3 percent."
Return on sales shows what share of a company’s revenue becomes profit after paying the regular day-to-day costs of running the business; it is expressed as a percentage of sales. Investors use it like a chef checking how much of the grocery bill ends up in the finished dish — a higher return on sales means the company is more efficient at turning revenue into profits, helping compare profitability across companies or time periods.
free cash flow financial
"Free cash flow used for the quarter was $86 million compared to $56 million in the first quarter of 2025."
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.
Transformation Program financial
"These factors include... the ability to achieve the benefits of our restructuring plans, cost reduction initiatives and Transformation Program."
forward-looking statements regulatory
"This release contains statements that we believe to be “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: $1,036.7 million · Guidance included
Q1 2026
Net sales
$1,036.7 million
+3% year over year
GAAP diluted EPS (continuing ops)
$0.98
+5% year over year
Adjusted diluted EPS (continuing ops)
$1.22
+10% year over year
Operating income
$210.0 million
+3% year over year
Adjusted operating income
$259.1 million
+7% year over year
Guidance
For 2026, Pentair guides GAAP EPS to $4.83–$4.93 (up 23–25%) and adjusted EPS to $5.30–$5.40 (up 8–10%), with sales up about 2–4% on a reported basis.
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 or organization) | (Commission File No.) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 44 -74 -9421-6154
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 (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2). ☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
ITEM 2.02 Results of Operations and Financial Condition
On April 28, 2026, Pentair plc (the “Company”) issued a press release announcing its earnings for the first quarter of 2026 and a conference call in connection therewith. A copy of the release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
This press release refers to certain non-generally accepted accounting principles (“GAAP”) financial measures (core sales, adjusted operating income, adjusted return on sales, adjusted net income from continuing operations, adjusted diluted earnings per share from continuing operations and free cash flow) and a reconciliation of those non-GAAP financial measures to the corresponding financial measures contained in the Company’s financial statements prepared in accordance with GAAP.
The 2026 adjusted operating income, adjusted return on sales, adjusted net income from continuing operations and adjusted diluted earnings per share from continuing operations (“EPS”) include equity income of unconsolidated subsidiaries and eliminate intangible amortization, costs of certain restructuring, transformation and other activities and certain tax items. The 2025 adjusted operating income, adjusted return on sales, adjusted net income from continuing operations and adjusted diluted EPS include equity income of unconsolidated subsidiaries and eliminate intangible amortization, costs of certain restructuring, transformation and other activities, certain legal accrual adjustments and settlements, asset impairment and write-offs, loss on sale of business, deal-related costs and expenses, pension and other post-retirement mark-to-market loss and certain tax items.
We use the term “core sales” to refer to GAAP net sales from continuing operations excluding (1) the impact of currency translation and (2) the impact of net sales from acquired businesses recorded prior to the first anniversary of the acquisition, excluding the excess over prior year net sales of the acquired business less the net sales attributable to discontinued or divested businesses/product lines not considered discontinued operations (“acquisition sales”). The portion of GAAP net sales attributable to currency translation is calculated as the difference between (a) the period-to-period change in net sales (excluding acquisition sales) and (b) the period-to-period change in net sales (excluding acquisition sales) after applying current period foreign exchange rates to the prior year period. We use the term “core sales growth” to refer to the measure of comparing current period core net sales with the corresponding period of the prior year.
Management utilizes these adjusted financial measures to assess the run-rate of its continuing operations against those of prior periods without the distortion of these factors. The Company believes that these non-GAAP financial measures will be useful to investors as well to assess the continuing strength of the Company’s underlying operations. In addition, adjusted EPS is used as a criterion to measure and pay long-term incentive compensation and adjusted operating income is used as a criterion to measure and pay annual incentive compensation. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
The Company uses free cash flow to assess its cash flow performance. The Company believes free cash flow is an important measure of liquidity because it provides the Company and its investors a measurement of cash generated from operations that is available to pay dividends, repurchase shares and repay debt. In addition, free cash flow is used as a criterion to measure and pay annual incentive compensation. The Company’s measure of free cash flow may not be comparable to similarly titled measures reported by other companies.
ITEM 9.01 Financial Statements and Exhibits
(a)Financial Statements of Businesses Acquired
Not applicable.
(b)Pro Forma Financial Information
Not applicable.
(c)Shell Company Transactions
Not applicable.
(d)Exhibits
EXHIBIT INDEX
| Exhibit | Description | |||||||
99.1 | Pentair plc press release dated April 28, 2026 announcing earnings for the first quarter of 2026 | |||||||
| 104 | Cover Page Interactive Data File (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, thereunto duly authorized, on April 28, 2026.
| PENTAIR PLC | ||||||||
| Registrant | ||||||||
| By | /s/ Nicholas J. Brazis | |||||||
Nicholas J. Brazis | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
| By | /s/ Jennifer M. Hensley | |||||||
Jennifer M. Hensley | ||||||||
Senior Vice President, Chief Accounting Officer and Controller | ||||||||
Exhibit 99.1
News Release
Pentair Reports Strong First Quarter 2026 Results
•Sales of $1,037 million, up 3 percent compared to sales for the same period last year
•Operating income was $210 million with ROS of 20.3 percent, an increase of 20 basis points compared to the prior year period; on an adjusted basis, ROS expanded 100 basis points to 25.0 percent
•GAAP EPS increased 5 percent to $0.98 when compared to the prior year period and adjusted EPS rose 10 percent to $1.22
•Repurchased $200 million of ordinary shares
•The company updated its full year 2026 GAAP EPS guidance to approximately $4.83 to $4.93, up 23 percent to 25 percent versus the prior year, and updated EPS guidance on an adjusted basis to approximately $5.30 to $5.40, up 8 percent to 10 percent versus the prior year
Reconciliations of GAAP to Non-GAAP measures are in the attached financial tables.
LONDON, United Kingdom — April 28, 2026 — Pentair plc (NYSE: PNR), a leader in helping the world sustainably move, improve and enjoy water, life’s most essential resource, today announced first quarter 2026 sales of $1,037 million. Sales were up 3 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 1 percent in the first quarter. First quarter 2026 earnings per diluted share from continuing operations (“EPS”) were $0.98 compared to $0.93 in the first quarter of 2025, a 5 percent increase. On an adjusted basis, the Company reported first quarter 2026 EPS of $1.22 compared to $1.11 in the first quarter of 2025, reflecting a 10 percent increase. Adjusted operating income, reportable segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.
John L. Stauch, Pentair’s President and Chief Executive Officer commented, “Continued execution across our Move, Improve and Enjoy Water portfolio led by our Pentair Business System initiatives drove another quarter of sales and earnings growth, and delivered strong productivity and margin expansion. At our recent Investor Day in March, we provided our target long-term growth algorithm detailing our organic growth strategy and continued margin expansion opportunity over the next three years. We believe we have structurally changed our business model into a resilient and balanced water portfolio to drive durable earnings growth long term and mitigate the impacts of economic cyclicality. Our strategy has guided us to deliver breakthrough innovation, invest in organic growth, drive strong financial performance and return capital to shareholders. With a solid balance sheet, strong cash flow, a balanced capital deployment strategy and a resilient water portfolio, we remain focused on delivering long-term shareholder value.”
First quarter 2026 operating income was $210 million, up 3 percent compared to operating income for the first quarter of 2025, and return on sales (“ROS”) was 20.3 percent, an increase of 20 basis points when compared to the first quarter of 2025. On an adjusted basis, the Company had adjusted operating income of $259 million for the first quarter of 2026, up 7 percent compared to adjusted operating income for the first quarter of 2025, and ROS was 25.0 percent, an increase of 100 basis points when compared to the first quarter of 2025.
Flow sales were up 11 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 2 percent in the first quarter. Reportable segment income of $61 million was up 22 percent compared to the first quarter of 2025, and ROS was 23.7 percent, an increase of 210 basis points when compared to the first quarter of 2025.
Water Solutions sales were down 1 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 1 percent in the first quarter. Reportable segment income of $100 million was up 6 percent compared to the first quarter of 2025, and ROS was 25.5 percent, an increase of 160 basis points when compared to the first quarter of 2025.
Pool sales were up 1 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 1 percent in the first quarter. Reportable segment income of $128 million was up 2 percent
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compared to the first quarter of 2025, and ROS was 33.1 percent, an increase of 30 basis points when compared to the first quarter of 2025.
Net cash used for operating activities was $67 million for the quarter compared to $39 million in the first quarter of 2025. Free cash flow used for the quarter was $86 million compared to $56 million in the first quarter of 2025.
SHAREHOLDER RETURNS
Pentair paid a regular cash dividend of $0.27 per share in the first quarter of 2026. In addition, Pentair previously announced on February 23, 2026 that it will pay a regular quarterly cash dividend of $0.27 per share on May 1, 2026 to shareholders of record at the close of business on April 17, 2026. This year marks the 50th consecutive year that Pentair has increased its dividend.
During the first quarter, the Company repurchased 2.0 million shares for $200 million. As of March 31, 2026, we had $800.0 million available for share repurchases under our share repurchase authorization.
OUTLOOK
Mr. Stauch concluded, “Our full year outlook reflects a strong first quarter and cautious optimism as we head into our most important quarter seasonally. Our sales growth forecast assumes limited to no U.S. residential recovery and continued expansion across our commercial, industrial and municipal verticals. We feel confident that we expect to control what we can and continue to mitigate risk. We also introduced second quarter guidance reflecting sales growth, margin expansion and EPS growth. As a leader in helping the world move, improve and enjoy water, life’s most essential resource, we are well positioned to capture opportunities from favorable secular trends in water and we continue to invest to drive long-term sales and earnings growth.”
The Company updated its estimated 2026 GAAP EPS from continuing operations to approximately $4.83 to $4.93, up 23 percent to 25 percent versus the prior year, and updated estimated EPS on an adjusted basis to approximately $5.30 to $5.40, up 8 percent to 10 percent versus the prior year. The Company updated its estimated full year 2026 sales to be up approximately 2 to 4 percent on a reported basis.
In addition, the Company introduces estimated second quarter 2026 GAAP EPS from continuing operations guidance of approximately $1.39 to $1.42, up approximately 54 percent to 58 percent compared to the prior year period, and adjusted EPS of approximately $1.47 to $1.50, up approximately 6 percent to 8 percent compared to the prior year period. The Company expects second quarter sales to be up approximately 1 percent on a reported basis compared to the second quarter of 2025.
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EARNINGS CONFERENCE CALL
Pentair President and Chief Executive Officer John L. Stauch and Chief Financial Officer Nicholas J. Brazis will discuss the Company’s first quarter 2026 results on a conference call with investors at 9:00 a.m. Eastern today. A live audio webcast of the call, along with the related presentation, can be accessed in the Investor Relations section of the Company’s website, www.pentair.com, shortly before the call begins.
Reconciliations of non-GAAP financial measures are set forth in the attachments to this release and in the presentations, each of which can be found on Pentair’s website. The webcast and presentations will be archived at the Company’s website following the conclusion of the event.
SEGMENT REORGANIZATION
Effective January 1, 2026, we reorganized the composition of our Flow and Water Solutions reportable segments to reflect how we are managing our business. As a result of this reorganization, our legacy residential and irrigation flow business moved from our Flow segment into our Water Solutions segment. The Pool segment remains unchanged. The applicable prior period amounts related to this change have been retrospectively reclassified to conform to the new composition. These changes have no impact on the Company’s historical consolidated financial performance or results of operations.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This release contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “should,” “would,” “could,” “positioned,” “strategy,” or “future” or words, phrases, or terms of similar substance or the negative thereof are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the overall global economic and business conditions impacting our business, including the strength of housing and related markets and conditions relating to international hostilities; supply, demand, logistics, competition and pricing pressures related to and in the markets we serve; the ability to achieve the benefits of our restructuring plans, cost reduction initiatives and Transformation Program; the impact of raw material, logistics and labor costs and other inflation; volatility in currency exchange rates and interest rates; failure of markets to accept new product introductions and enhancements; the ability to successfully identify, finance, complete and integrate acquisitions; risks associated with operating foreign businesses; the impact of seasonality of sales and weather conditions; our ability to comply with laws and regulations; the impact of changes in laws, regulations and administrative policy, including those that limit U.S. tax benefits or impact trade agreements and tariffs; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating and sustainability goals and targets. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025. All forward-looking statements, including all financial forecasts, speak only as of the date of this release. Pentair assumes no obligation, and disclaims any obligation, to update the information contained in this release.
ABOUT PENTAIR PLC
At Pentair, we help the world sustainably move, improve and enjoy water, life’s most essential resource. From our residential and commercial water solutions, to industrial water management and everything in between, Pentair is a core large cap value S&P 500 equity stock focused on smart, sustainable water solutions that help our planet and people thrive.
Pentair had revenue in 2025 of approximately $4.2 billion, and trades under the ticker symbol PNR. With approximately 9,000 global employees serving customers in more than 150 countries, we work to help improve lives and the environment around the world. To learn more, visit www.pentair.com.
PENTAIR CONTACTS
| Shelly Hubbard | Rebecca Osborn | ||||
| Vice President, Investor Relations | Vice President, Communications | ||||
Direct: 763-656-5575 | Direct: 763-656-5589 | ||||
Email: shelly.hubbard@pentair.com | Email: rebecca.osborn@pentair.com | ||||
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| Pentair plc and Subsidiaries | ||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||
| Three months ended | ||||||||
| In millions, except per-share data | March 31, 2026 | March 31, 2025 | ||||||
| Net sales | $ | 1,036.7 | $ | 1,010.4 | ||||
| Cost of goods sold | 603.3 | 607.1 | ||||||
| Gross profit | 433.4 | 403.3 | ||||||
| % of net sales | 41.8 | % | 39.9 | % | ||||
Selling, general and administrative | 198.9 | 176.6 | ||||||
| % of net sales | 19.2 | % | 17.5 | % | ||||
Research and development | 24.5 | 23.6 | ||||||
| % of net sales | 2.4 | % | 2.3 | % | ||||
| Operating income | 210.0 | 203.1 | ||||||
| % of net sales | 20.3 | % | 20.1 | % | ||||
Other expense | ||||||||
Other expense | 0.5 | 0.5 | ||||||
| Net interest expense | 20.1 | 19.7 | ||||||
| % of net sales | 1.9 | % | 1.9 | % | ||||
| Income from continuing operations before income taxes | 189.4 | 182.9 | ||||||
| Provision for income taxes | 28.6 | 28.0 | ||||||
| Effective tax rate | 15.1 | % | 15.3 | % | ||||
| Net income from continuing operations | 160.8 | 154.9 | ||||||
Income from discontinued operations, net of tax | 11.6 | — | ||||||
| Net income | $ | 172.4 | $ | 154.9 | ||||
Earnings per ordinary share | ||||||||
| Basic | ||||||||
| Continuing operations | $ | 0.99 | $ | 0.94 | ||||
| Discontinued operations | 0.07 | — | ||||||
| Basic earnings per ordinary share | $ | 1.06 | $ | 0.94 | ||||
| Diluted | ||||||||
| Continuing operations | $ | 0.98 | $ | 0.93 | ||||
| Discontinued operations | 0.07 | — | ||||||
| Diluted earnings per ordinary share | $ | 1.05 | $ | 0.93 | ||||
| Weighted average ordinary shares outstanding | ||||||||
| Basic | 162.5 | 164.9 | ||||||
| Diluted | 163.7 | 166.3 | ||||||
| Cash dividends paid per ordinary share | $ | 0.27 | $ | 0.25 | ||||
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| Pentair plc and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| In millions | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 67.7 | $ | 101.6 | ||||
| Accounts receivable, net | 913.7 | 673.2 | ||||||
| Inventories | 642.0 | 632.6 | ||||||
| Other current assets | 139.6 | 134.4 | ||||||
| Total current assets | 1,763.0 | 1,541.8 | ||||||
| Property, plant and equipment, net | 377.1 | 376.8 | ||||||
| Other assets | ||||||||
| Goodwill | 3,524.7 | 3,538.1 | ||||||
| Intangibles, net | 1,056.1 | 1,073.3 | ||||||
| Other non-current assets | 351.1 | 338.8 | ||||||
| Total other assets | 4,931.9 | 4,950.2 | ||||||
| Total assets | $ | 7,072.0 | $ | 6,868.8 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 332.5 | $ | 301.5 | ||||
| Employee compensation and benefits | 94.5 | 120.1 | ||||||
| Other current liabilities | 512.5 | 537.7 | ||||||
| Total current liabilities | 939.5 | 959.3 | ||||||
| Other liabilities | ||||||||
| Long-term debt | 1,944.3 | 1,638.6 | ||||||
| Pension and other post-retirement compensation and benefits | 58.2 | 58.8 | ||||||
| Deferred tax liabilities | 45.7 | 47.5 | ||||||
| Other non-current liabilities | 274.2 | 295.4 | ||||||
| Total liabilities | 3,261.9 | 2,999.6 | ||||||
| Equity | 3,810.1 | 3,869.2 | ||||||
| Total liabilities and equity | $ | 7,072.0 | $ | 6,868.8 | ||||
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| Pentair plc and Subsidiaries | ||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
| Three months ended | ||||||||
| In millions | March 31, 2026 | March 31, 2025 | ||||||
| Operating activities | ||||||||
| Net income | $ | 172.4 | $ | 154.9 | ||||
Income from discontinued operations, net of tax | (11.6) | — | ||||||
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities of continuing operations | ||||||||
| Equity income of unconsolidated subsidiaries | (0.5) | (0.4) | ||||||
| Depreciation | 14.6 | 14.8 | ||||||
| Amortization | 15.7 | 14.2 | ||||||
| Deferred income taxes | 1.8 | 11.5 | ||||||
| Share-based compensation | 15.7 | 12.6 | ||||||
| Asset impairment and write-offs | — | 5.2 | ||||||
| Changes in assets and liabilities, net of effects of business acquisitions | ||||||||
| Accounts receivable | (243.0) | (261.6) | ||||||
| Inventories | (11.5) | (3.5) | ||||||
| Other current assets | (6.6) | (12.5) | ||||||
| Accounts payable | 33.5 | 23.8 | ||||||
| Employee compensation and benefits | (24.5) | (24.3) | ||||||
| Other current liabilities | (23.7) | 22.6 | ||||||
| Other non-current assets and liabilities | 0.3 | 3.8 | ||||||
| Net cash used for operating activities | (67.4) | (38.9) | ||||||
| Investing activities | ||||||||
| Capital expenditures | (18.5) | (16.8) | ||||||
| Proceeds from sale of property and equipment | 0.2 | — | ||||||
| Net cash used for investing activities | (18.3) | (16.8) | ||||||
| Financing activities | ||||||||
Net repayments of short-term borrowings | — | (9.3) | ||||||
Net borrowings of revolving long-term debt | 304.9 | 196.2 | ||||||
| Shares issued to employees, net of shares withheld | (10.2) | (8.6) | ||||||
| Repurchases of ordinary shares | (200.0) | (50.0) | ||||||
| Dividends paid | (44.1) | (41.2) | ||||||
Net cash provided by financing activities | 50.6 | 87.1 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 1.2 | (9.5) | ||||||
| Change in cash and cash equivalents | (33.9) | 21.9 | ||||||
| Cash and cash equivalents, beginning of period | 101.6 | 118.7 | ||||||
| Cash and cash equivalents, end of period | $ | 67.7 | $ | 140.6 | ||||
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| Pentair plc and Subsidiaries | ||||||||
Reconciliation of the GAAP Operating Activities Cash Flow to the Non-GAAP Free Cash Flow (Unaudited) | ||||||||
Three months ended | Three months ended | |||||||
| In millions | March 31, 2026 | March 31, 2025 | ||||||
Net cash used for operating activities | $ | (67.4) | $ | (38.9) | ||||
| Capital expenditures | (18.5) | (16.8) | ||||||
| Proceeds from sale of property and equipment | 0.2 | — | ||||||
| Free cash flow | $ | (85.7) | $ | (55.7) | ||||
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| Pentair plc and Subsidiaries | ||||||||
| Supplemental Financial Information by Reportable Segment (Unaudited) | ||||||||
| 2026 | 2025 | |||||||
| In millions | First Quarter | First Quarter | ||||||
| Net sales | ||||||||
| Flow | $ | 258.1 | $ | 232.6 | ||||
| Water Solutions | 391.0 | 393.5 | ||||||
| Pool | 387.1 | 383.9 | ||||||
Reportable segment net sales | 1,036.2 | 1,010.0 | ||||||
Corporate and other | 0.5 | 0.4 | ||||||
Net sales | $ | 1,036.7 | $ | 1,010.4 | ||||
Reportable segment income (loss) | ||||||||
| Flow | $ | 61.2 | $ | 50.2 | ||||
| Water Solutions | 99.9 | 94.1 | ||||||
| Pool | 128.1 | 126.0 | ||||||
Reportable segment income | 289.2 | 270.3 | ||||||
Corporate and other | (30.1) | (27.8) | ||||||
Adjusted operating income | $ | 259.1 | $ | 242.5 | ||||
| Return on sales | ||||||||
| Flow | 23.7 | % | 21.6 | % | ||||
| Water Solutions | 25.5 | % | 23.9 | % | ||||
| Pool | 33.1 | % | 32.8 | % | ||||
Adjusted return on sales | 25.0 | % | 24.0 | % | ||||
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| Pentair plc and Subsidiaries | |||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures for the Year Ending December 31, 2026 | |||||||||||||||||
| Excluding the Effect of Adjustments (Unaudited) | |||||||||||||||||
| Actual | Forecast | ||||||||||||||||
| In millions, except per-share data | First Quarter | Second Quarter | Full Year | ||||||||||||||
| Net sales | $ | 1,036.7 | approx | Up 1% | approx | Up 2% - 4% | |||||||||||
| Operating income | 210.0 | approx | Up 36% - 37% | approx | Up 19% - 21% | ||||||||||||
| Return on sales | 20.3 | % | |||||||||||||||
| Adjustments: | |||||||||||||||||
| Restructuring and other | 21.4 | approx | $ | — | approx | $ | 21 | ||||||||||
| Transformation costs | 11.5 | approx | — | approx | 12 | ||||||||||||
| Intangible amortization | 15.7 | approx | 15 | approx | 62 | ||||||||||||
| Equity income of unconsolidated subsidiaries | 0.5 | approx | 1 | approx | 3 | ||||||||||||
Adjusted operating income | 259.1 | approx | Up 5% - 6% | approx | Up 6% - 8% | ||||||||||||
| Adjusted return on sales | 25.0 | % | |||||||||||||||
| Net income from continuing operations—as reported | 160.8 | approx | $227 - $232 | approx | $787 - $803 | ||||||||||||
| Adjustments to operating income | 48.6 | approx | 15 | approx | 95 | ||||||||||||
| Income tax adjustments | (10.4) | approx | (2) | approx | (18) | ||||||||||||
| Net income from continuing operations—as adjusted | $ | 199.0 | approx | $240 - $245 | approx | $864 - $880 | |||||||||||
| Continuing earnings per ordinary share—diluted | |||||||||||||||||
| Diluted earnings per ordinary share—as reported | $ | 0.98 | approx | $1.39 - $1.42 | approx | $4.83 - $4.93 | |||||||||||
| Adjustments | 0.24 | approx | 0.08 | approx | 0.47 | ||||||||||||
| Diluted earnings per ordinary share—as adjusted | $ | 1.22 | approx | $1.47 - $1.50 | approx | $5.30 - $5.40 | |||||||||||
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| Pentair plc and Subsidiaries | |||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures for the Year Ending December 31, 2025 | |||||||||||||||||
| Excluding the Effect of Adjustments (Unaudited) | |||||||||||||||||
| In millions, except per-share data | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||
| Net sales | $ | 1,010.4 | $ | 1,123.1 | $ | 1,022.0 | $ | 1,020.5 | $ | 4,176.0 | |||||||
| Operating income | 203.1 | 217.7 | 231.7 | 205.0 | 857.5 | ||||||||||||
| Return on sales | 20.1 | % | 19.4 | % | 22.7 | % | 20.1 | % | 20.5 | % | |||||||
| Adjustments: | |||||||||||||||||
| Restructuring and other | 10.5 | 10.4 | 0.2 | 10.2 | 31.3 | ||||||||||||
| Transformation costs | 9.1 | 12.5 | 10.8 | 8.4 | 40.8 | ||||||||||||
| Intangible amortization | 14.2 | 14.3 | 13.9 | 15.7 | 58.1 | ||||||||||||
| Legal accrual adjustments and settlements | — | — | — | 11.6 | 11.6 | ||||||||||||
| Asset impairment and write-offs | 5.2 | 41.8 | 1.5 | 0.6 | 49.1 | ||||||||||||
| Deal-related costs and expenses | — | — | 4.1 | — | 4.1 | ||||||||||||
| Equity income of unconsolidated subsidiaries | 0.4 | — | 0.4 | 0.2 | 1.0 | ||||||||||||
Adjusted operating income | 242.5 | 296.7 | 262.6 | 251.7 | 1,053.5 | ||||||||||||
| Adjusted return on sales | 24.0 | % | 26.4 | % | 25.7 | % | 24.7 | % | 25.2 | % | |||||||
| Net income from continuing operations—as reported | 154.9 | 148.5 | 184.3 | 161.8 | 649.5 | ||||||||||||
Loss on sale of business | — | 26.3 | — | — | 26.3 | ||||||||||||
Pension and other post retirement mark-to-market loss | — | — | — | 2.4 | 2.4 | ||||||||||||
| Adjustments to operating income | 39.0 | 79.0 | 30.5 | 46.5 | 195.0 | ||||||||||||
| Income tax adjustments | (9.7) | (23.3) | (9.5) | (16.0) | (58.5) | ||||||||||||
| Net income from continuing operations—as adjusted | $ | 184.2 | $ | 230.5 | $ | 205.3 | $ | 194.7 | $ | 814.7 | |||||||
| Continuing earnings per ordinary share—diluted | |||||||||||||||||
| Diluted earnings per ordinary share—as reported | $ | 0.93 | $ | 0.90 | $ | 1.12 | $ | 0.98 | $ | 3.93 | |||||||
| Adjustments | 0.18 | 0.49 | 0.12 | 0.20 | 0.99 | ||||||||||||
| Diluted earnings per ordinary share—as adjusted | $ | 1.11 | $ | 1.39 | $ | 1.24 | $ | 1.18 | $ | 4.92 | |||||||
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| Pentair plc and Subsidiaries | ||||||||||||||
Reconciliation of Net Sales Growth to Core Net Sales Growth by Reportable Segment | ||||||||||||||
For the Quarter Ended March 31, 2026 (Unaudited) | ||||||||||||||
| Q1 Net Sales Growth | ||||||||||||||
| Core | Currency | Acq. / Div. | Total | |||||||||||
| Total Pentair | 1.1 | % | 2.1 | % | (0.6) | % | 2.6 | % | ||||||
| Flow | 2.5 | % | 4.2 | % | 4.3 | % | 11.0 | % | ||||||
| Water Solutions | 0.9 | % | 2.5 | % | (4.0) | % | (0.6) | % | ||||||
| Pool | 0.5 | % | 0.3 | % | — | % | 0.8 | % | ||||||
FAQ
How did Pentair (PNR) perform financially in the first quarter of 2026?
Pentair reported Q1 2026 sales of $1,036.7 million, up 3 percent year over year. GAAP diluted EPS from continuing operations rose to $0.98, while adjusted EPS increased 10 percent to $1.22, supported by higher operating income and margin expansion.
What were Pentair’s operating income and margins in Q1 2026?
Pentair’s Q1 2026 operating income was $210 million, up 3 percent, with return on sales of 20.3%. Adjusted operating income reached $259.1 million, up 7 percent, and adjusted return on sales improved to 25.0%, reflecting stronger profitability versus the prior-year quarter.
What guidance did Pentair (PNR) provide for full year 2026 earnings?
Pentair updated its 2026 GAAP EPS guidance to approximately $4.83–$4.93, up 23–25 percent versus 2025. Adjusted EPS guidance was raised to approximately $5.30–$5.40, up 8–10 percent, with full-year sales expected to rise about 2–4 percent on a reported basis.
What is Pentair’s outlook for second quarter 2026 results?
For Q2 2026, Pentair estimates GAAP EPS from continuing operations of approximately $1.39–$1.42, up about 54–58 percent year over year. Adjusted EPS is guided to $1.47–$1.50, up roughly 6–8 percent, with reported sales expected to grow about 1 percent.
How did Pentair’s business segments perform in Q1 2026?
In Q1 2026, Flow sales increased 11 percent with core sales up 2 percent and ROS of 23.7 percent. Water Solutions sales declined 1 percent but core sales grew 1 percent and ROS reached 25.5 percent. Pool sales rose 1 percent with ROS of 33.1 percent.
How long has Pentair increased its dividend and what was the latest amount?
Pentair stated that 2026 marks its 50th consecutive year of dividend increases. In the first quarter of 2026, it paid a regular cash dividend of $0.27 per share and announced another $0.27 quarterly dividend payable on May 1, 2026.