# IDEX CORP /DE/ (IEX)

Informational only - not investment advice.

CIK: 0000832101
SIC: 3561 Pumps & Pumping Equipment
SIC breadcrumb: [Manufacturing](/division/D/) > [Industrial And Commercial Machinery And Computer Equipment](/major-group/35/) > [SIC 3561 Pumps & Pumping Equipment](/industry/3561/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=832101
Filing source: https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0000832101-26-000003 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000832101.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 3,457,500,000 USD | 2025 | verified |
| Net income | 483,200,000 USD | 2025 | verified |
| Assets | 6,927,000,000 USD | 2025 | verified |
| Free cash flow | 616,800,000 USD | 2025 | computed |
| Net margin | 13.98% | 2025 | computed |
| Operating margin | 20.23% | 2025 | computed |
| Revenue YoY | +5.77% | 2025 | computed |
| ROE | 12.00% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | IEX | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 14.0% | 7.7% | 77 | 110 |
| Operating margin | 20.2% | 13.1% | 82 | 104 |
| Revenue growth | 5.8% | 5.8% | 49 | 111 |
| FCF margin | 17.8% | 9.6% | 80 | 103 |
| ROE | 12.0% | 11.7% | 52 | 108 |
| ROA | 7.0% | 5.6% | 64 | 111 |
| Liabilities / equity | 0.72 | 1.10 | 27 | 108 |
| Current ratio | 2.86 | 2.02 | 77 | 110 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 35 Industrial And Commercial Machinery And Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 3457500000 | USD | 2025 | 2026-02-19 |
| Net income | 483200000 | USD | 2025 | 2026-02-19 |
| Assets | 6927000000 | USD | 2025 | 2026-02-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000832101.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 2,113,043,000 | 2,287,312,000 | 2,483,666,000 | 2,494,600,000 | 2,351,600,000 | 2,764,800,000 | 3,181,900,000 | 3,273,900,000 | 3,268,800,000 | 3,457,500,000 |
| Net income | 271,109,000 | 337,257,000 | 410,573,000 | 425,500,000 | 377,800,000 | 449,400,000 | 586,900,000 | 596,100,000 | 505,000,000 | 483,200,000 |
| Operating income | 412,397,000 | 502,556,000 | 569,088,000 | 579,000,000 | 520,700,000 | 637,000,000 | 751,400,000 | 732,500,000 | 677,200,000 | 699,300,000 |
| Gross profit | 930,767,000 | 1,026,678,000 | 1,117,895,000 | 1,125,000,000 | 1,027,400,000 | 1,224,500,000 | 1,426,900,000 | 1,446,900,000 | 1,445,200,000 | 1,538,800,000 |
| Diluted EPS | 3.53 | 4.36 | 5.29 | 5.56 | 4.94 | 5.88 | 7.71 | 7.85 | 6.64 | 6.41 |
| Operating cash flow | 399,917,000 | 432,753,000 | 479,345,000 | 528,100,000 | 569,300,000 | 565,300,000 | 557,400,000 | 716,700,000 | 668,100,000 | 680,400,000 |
| Capital expenditures | 38,242,000 | 43,858,000 | 56,089,000 | 50,900,000 | 51,600,000 | 72,700,000 | 68,000,000 | 89,900,000 | 65,100,000 | 63,600,000 |
| Dividends paid | 102,650,000 | 111,172,000 | 127,478,000 | 147,200,000 | 151,800,000 | 161,100,000 | 177,400,000 | 190,700,000 | 205,300,000 | 212,600,000 |
| Share buybacks | 57,272,000 | 29,074,000 | 173,926,000 | 54,700,000 | 110,300,000 | 0.00 | 148,100,000 | 24,200,000 | 0.00 | 247,800,000 |
| Assets | 3,154,944,000 | 3,399,628,000 | 3,473,857,000 | 3,813,900,000 | 4,414,400,000 | 4,917,200,000 | 5,511,900,000 | 5,865,200,000 | 6,745,300,000 | 6,927,000,000 |
| Liabilities | 1,611,050,000 | 1,513,086,000 | 1,479,217,000 | 1,550,683,000 | 1,874,100,000 | 2,114,100,000 | 2,472,300,000 | 2,324,000,000 | 2,951,200,000 | 2,900,800,000 |
| Stockholders' equity | 1,543,894,000 | 1,886,542,000 | 1,994,640,000 | 2,263,229,000 | 2,540,200,000 | 2,803,100,000 | 3,039,300,000 | 3,541,400,000 | 3,794,700,000 | 4,027,500,000 |
| Cash and cash equivalents | 235,964,000 | 375,950,000 | 466,407,000 | 632,581,000 | 1,025,900,000 | 855,400,000 | 430,200,000 | 534,300,000 | 620,800,000 | 580,000,000 |
| Free cash flow | 361,675,000 | 388,895,000 | 423,256,000 | 477,200,000 | 517,700,000 | 492,600,000 | 489,400,000 | 626,800,000 | 603,000,000 | 616,800,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 12.83% | 14.74% | 16.53% | 17.06% | 16.07% | 16.25% | 18.44% | 18.21% | 15.45% | 13.98% |
| Operating margin | 19.52% | 21.97% | 22.91% | 23.21% | 22.14% | 23.04% | 23.61% | 22.37% | 20.72% | 20.23% |
| Return on equity | 17.56% | 17.88% | 20.58% | 18.80% | 14.87% | 16.03% | 19.31% | 16.83% | 13.31% | 12.00% |
| Return on assets | 8.59% | 9.92% | 11.82% | 11.16% | 8.56% | 9.14% | 10.65% | 10.16% | 7.49% | 6.98% |
| Liabilities / equity | 1.04 | 0.80 | 0.74 | 0.69 | 0.74 | 0.75 | 0.81 | 0.66 | 0.78 | 0.72 |
| Current ratio | 2.66 | 2.78 | 3.00 | 3.52 | 4.15 | 3.50 | 2.57 | 2.89 | 2.53 | 2.86 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/IEX/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000832101.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 2.36 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.84 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.82 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 793,400,000 | 209,100,000 | 2.75 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 788,900,000 | 108,600,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 800,500,000 | 121,400,000 | 1.60 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 807,200,000 | 141,300,000 | 1.86 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 798,200,000 | 119,100,000 | 1.57 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 862,900,000 | 123,200,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 814,300,000 | 95,500,000 | 1.26 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 865,400,000 | 131,600,000 | 1.74 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 878,700,000 | 127,800,000 | 1.70 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 899,100,000 | 128,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 886,900,000 | 120,000,000 | 1.61 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 920,600,000 | 143,400,000 | 1.93 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from IEX's latest 10-K: [/company/IEX/business/](/company/IEX/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from IEX's latest 10-K: [/company/IEX/risk-factors/](/company/IEX/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/832101/000083210126000022/iex-20260630.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-07-29
Report date: 2026-06-30

Overview

IDEX is an applied solutions provider specializing in the manufacturing of health and science technologies, fluid and metering technologies, and fire, safety and other diversified products built to customers’ specifications. IDEX’s products are sold in niche markets across a wide range of industries throughout the world. Accordingly, IDEX’s businesses are affected by levels of industrial activity and economic conditions in the U.S. and in other countries where it does business, as well as by the relationship of the U.S. Dollar to other currencies. Levels of capacity utilization and capital spending in certain markets and overall industrial activity are important factors that influence the demand for IDEX’s products.

Highlights

(All comparisons are against the same period in 2025 unless otherwise noted)

Three Months Ended June 30, 2026

•Reported Net sales of $920.6 million increased 6% overall and increased 5% organically*

•Reported diluted earnings per common share (“EPS”) attributable to IDEX of $1.93 increased 11%

•Adjusted diluted EPS attributable to IDEX* of $2.32 increased 12%

•Returned capital to shareholders in the form of $77.1 million of share repurchases and $53.9 million of dividends

*These are non-GAAP measures. See the definitions of these non-GAAP measures and reconciliations to their most directly comparable U.S. GAAP financial measures under the heading “Non-GAAP Disclosures.”

During the second quarter of 2026, the Company delivered strong results. Higher than anticipated volumes continued in targeted advantaged markets, including data centers, semiconductor and space and defense, primarily within the Health & Science Technologies (“HST”) segment. The net impact of IEEPA tariff refunds (defined and described below) more than offset a challenging prior year price/cost comparison and contributed an $0.08 benefit to EPS.

Recent Developments

On February 20, 2026, the U. S. Supreme Court issued a decision invalidating the broad-based tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). The Company collected substantially all of the anticipated refunds of previously paid IEEPA tariffs during the second quarter of 2026, resulting in a $22.0 million reduction of Cost of sales as well as a $14.7 million reduction of Net sales from expected customer rebates associated with the refunds.

In response to the U.S. Supreme Court ruling, the administration implemented new tariffs under alternative statutory authority and may continue implementing other additional tariffs. The tariffs enacted in 2025 and in the first quarter of 2026 did not have a material impact on the Company’s business or financial statements in the periods presented.

26

Table of Contents

Results of Operations

The following is a discussion and analysis of the Company’s results of operations for the three and six months ended June 30, 2026 compared with the three and six months ended June 30, 2025.

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Change","","Six Months Ended June 30,","","Change"],["(In millions, except per share amounts)","2026","","2025","","$","","% / bps","","2026","","2025","","$","","% / bps"],["Domestic sales","$","467.1","","$","435.8","","$","31.3","","","7","%","","$","924.2","","$","855.2","","$","69.0","","","8","%"],["International sales","453.5","","429.6","","23.9","","","6","%","","883.3","","824.5","","58.8","","","7","%"],["Net sales","920.6","","865.4","","55.2","","","6","%","","1,807.5","","1,679.7","","127.8","","","8","%"],["Cost of sales","493.8","","473.2","","20.6","","","4","%","","982.6","","918.6","","64.0","","","7","%"],["Gross profit","426.8","","392.2","","34.6","","","9","%","","824.9","","761.1","","63.8","","","8","%"],["Gross margin","46.3","%","","45.3","%","","n/a","","100 bps","","45.6","%","","45.3","%","","n/a","","30 bps"],["Selling, general and administrative expenses","224.1","","203.6","","20.5","","","10","%","","442.4","","413.0","","29.4","","","7","%"],["Restructuring expenses and asset impairments","2.8","","0.7","","2.1","","","300","%","","10.2","","18.2","","(8.0)","","","(44","%)"],["Operating income","199.9","","187.9","","12.0","","","6","%","","372.3","","329.9","","42.4","","","13","%"],["Other (income) expense \u2013 net","(1.3)","","2.4","","(3.7)","","","(154","%)","","(1.9)","","3.8","","(5.7)","","","(150","%)"],["Interest expense \u2013 net","15.1","","15.6","","(0.5)","","","(3","%)","","31.1","","31.7","","(0.6)","","","(2","%)"],["Income before income taxes","186.1","","169.9","","16.2","","","10","%","","343.1","","294.4","","48.7","","","17","%"],["Provision for income taxes","42.7","","38.8","","3.9","","","10","%","","79.8","","67.9","","11.9","","","18","%"],["Effective tax rate","23.0","%","","22.9","%","","n/a","","10 bps","","23.3","%","","23.1","%","","n/a","","20 bps"],["Net income attributable to IDEX","$","143.4","","$","131.6","","$","11.8","","","9","%","","$","263.4","","$","227.1","","$","36.3","","","16","%"],["Diluted earnings per common share attributable to IDEX","$","1.93","","$","1.74","","$","0.19","","","11","%","","$","3.54","","$","3.00","","$","0.54","","","18","%"]]
[[/GREPCENT_TABLE]]

Net Sales

Net sales for the three and six months ended June 30, 2026 increased as compared to the same prior year periods primarily as a result of increased organic sales, as well as favorable impacts from foreign currency and contributions from acquisitions. Organic sales for the same periods both increased 5%, primarily driven by higher volumes in the HST segment, which were partially offset by lower volumes in the Company’s Fire & Safety/Diversified Products (“FSDP”) segment, while volumes in the Company’s Fluid & Metering Technologies (“FMT”) segment were reasonably flat in both periods. The increase in both periods also reflects positive price. Net sales for the three and six months ended June 30, 2026 included a $14.7 million reduction resulting from expected customer rebates associated with IEEPA tariff refunds.

Gross Profit and Gross Margin

Gross profit and Gross margin for the three and six months ended June 30, 2026 were positively impacted by volume leverage, net operational productivity improvements and positive price/cost. Positive price/cost was driven by the net benefit of IEEPA tariff refunds of $7.3 million, which benefited Gross margin for the three and six months ended June 30, 2026 by 150 basis points and 70 basis points, respectively, and more than offset a challenging prior year price/cost comparison. These improvements were partially offset by unfavorable mix. Gross profit for the three and six months ended June 30, 2026 also reflected favorable impacts from foreign currency.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased for the three and six months ended June 30, 2026, reflecting a $2.8 million and $5.5 million increase from acquisitions, including amortization, respectively, as well as higher employee-related costs, including variable compensation, and increased professional services spending, partially offset by proceeds received related to legal settlements, as compared to the same prior year periods.

27

Table of Contents

Restructuring Expenses and Asset Impairments

Restructuring expenses and asset impairments for the three months ended June 30, 2026 primarily relate to severance costs that were incurred as a result of employee reductions. The six months ended June 30, 2026 also include asset impairments of $4.8 million related to intangible assets and property, plant and equipment within the Company’s FMT segment. Restructuring expenses and asset impairments for the three and six months ended June 30, 2025 primarily relate to severance costs that were incurred in conjunction with organizational changes.

Other (Income) Expense – Net

Other (income) expense – net during the three and six months ended June 30, 2026 reflects the impact of foreign currency transaction gains, while the three and six months ended June 30, 2025 reflects the impact of foreign currency transaction losses.

Interest Expense – Net

Interest expense – net for the three and six months ended June 30, 2026 decreased due to interest income of $0.6 million associated with IEEPA tariff refunds received.

Income Taxes

The effective tax rate was 23.0% and 23.3% for the three and six months ended June 30, 2026, respectively, reasonably consistent with 22.9% and 23.1% during the respective same periods in 2025. For additional information, refer to Note 15, “Income Taxes”, in the Notes to Condensed Consolidated Financial Statements.

28

Table of Contents

Results of Reportable Business Segments

The Company has three reportable segments: Health & Science Technologies (“HST”), Fluid & Metering Technologies (“FMT”) and Fire & Safety/Diversified Products (“FSDP”). For a detailed description of the operations within each segment, refer to Note 13, “Business Segments and Geographic Information,” in the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Management’s measurements of segment performance are Net sales, Adjusted EBITDA and Adjusted EBITDA margin. See the section below titled “Non-GAAP Disclosures” for definitions of Adjusted EBITDA and Adjusted EBITDA margin.

The table below illustrates the share of Net sales and Adjusted EBITDA contributed by each segment on the basis of total segments (not total Company) for the three and six months ended June 30, 2026.

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30, 2026","","Six Months Ended June 30, 2026"],["","HST","","FMT","","FSDP","","Total","","HST","","FMT","","FSDP","","Total"],["Net sales as a percent of total","45","%","","34","%","","21","%","","100","%","","45","%","","34","%","","21","%","","100","%"],["Adjusted EBITDA(1)","42","%","","39","%","","19","%","","100","%","","41","%","","39","%","","20","%","","100","%"]]
[[/GREPCENT_TABLE]]

(1) Segment Adjusted EBITDA excludes the impact of unallocated corporate costs of $26.2 million and $56.3 million for the three and six months ended June 30, 2026, respectively.

Health & Science Technologies Segment

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Components of Change"],["(In millions)","2026","","2025","","Change","","Organic","","Acq/Div(1)","","Foreign Currency","","Total"],["Domestic sales","$","186.0","","$","166.3","","12%"],["International sales","229.0","","199.0","","15%"],["Net sales","$","415.0","","$","365.3","","14%","","12%","","2%","","\u2014%","","14%"],["Adjusted EBITDA","119.3","","95.0","","26%","","25%","","\u2014%","","1%","","26%"],["Adjusted EBITDA margin","28.7","%","","26.0","%","","270 bps","","310 bps","","(40) bps","","\u2014 bps","","270 bps"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","Six Months Ended June 30,","","Components of Change"],["(In millions)","2026","","2025","","Change","","Organic","","Acq/Div(1)","","Foreign Currency","","Total"],["Domestic sales","$","371.7","","$","321.4","","16%"],["International sales","441.7","","385.4","","15%"],["Net sales","$","813.4","","$","706.8","","15%","","11%","","2%","","2%","","15%"],["Adjusted EBITDA","225.3","","182.4","","24%","","22%","","\u2014%","","2%","","24%"],["Adjusted EBITDA margin","27.7","%","","25.8","%","","190 bps","","240 bps","","(50) bps","","\u2014 bps","","190 bps"]]
[[/GREPCENT_TABLE]]

(1) Acquisitions include Micro-LAM, Inc. acquired in July 2025.

•Organic sales for the three and six months ended June 30, 2026 reflect higher volumes primarily due to AI-driven demand for data center power and semiconductor markets, as well as strength in space and defense and positive price. Net sales for both the three and six months ended June 30, 2026 included a $9.3 million reduction resulting from expected customer rebates associated with IEEPA tariff refunds, which unfavorably impacted organic sales gr

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231.htm
Complete FY 2025 MD&A: /company/IEX/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis should be read in conjunction with the Company’s Consolidated Financial Statements and related notes in this annual report. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. The Company’s actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under Item 1A, “Risk Factors” and under the heading “Cautionary Statement Under the Private Securities Litigation Reform Act” discussed elsewhere in this annual report.

This discussion includes certain non-GAAP financial measures that have been defined and reconciled to the most directly comparable financial measure prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) under the headings “Non-GAAP Disclosures” and “Free Cash Flow.” This discussion also includes Operating working capital which has been defined under the heading “Liquidity and Capital Resources.” The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP. The financial results prepared in accordance with U.S. GAAP and the reconciliations from these results should be carefully evaluated.

Overview

IDEX is an applied solutions provider specializing in the manufacturing of health and science technologies, fluid and metering technologies, and fire, safety and other diversified products built to customers’ specifications. IDEX’s products are sold in niche markets across a wide range of industries throughout the world. Accordingly, IDEX’s businesses are affected by levels of industrial activity and economic conditions in the U.S. and in other countries where it does business, as well as by the relationship of the U.S. Dollar to other currencies. Levels of capacity utilization and capital spending in certain markets and overall industrial activity are important factors that influence the demand for IDEX’s products.

2025 Highlights

(All comparisons are against 2024 unless otherwise noted)

•Record reported Net sales of $3,457.5 million increased 6% overall and increased 1% organically*

•Reported diluted earnings per common share (“EPS”) attributable to IDEX of $6.41 decreased 3%

•Adjusted diluted EPS attributable to IDEX* of $7.95 increased 1%

•Operating cash flow of $680.4 million increased 2% and was 141% of net income, up from 132%

•Free cash flow* of $616.8 million increased 2% and was 103% of adjusted net income*, up from 101%

•Returned capital to shareholders in the form of $248 million of share repurchases and $213 million of dividends

*These are non-GAAP measures. See the definitions of these non-GAAP measures and reconciliations to their most directly comparable U.S. GAAP financial measures under the headings “Non-GAAP Disclosures” and “Free Cash Flow.”

During 2025, the Company delivered organic sales growth and margin expansion as positive price across all segments more than offset lower volumes in the FMT and FSDP segments. Improved operational results included productivity improvements together with platform optimization savings resulting from restructuring and other cost containment actions taken during 2025. Results were tempered by higher interest expense, the absence of certain tax benefits recognized in 2024 as well as higher amortization on acquisition related intangibles assets. The Company generated strong cash flow and continued to deploy capital, including nearly $250 million of share repurchases during the year.

2026 Outlook

Looking ahead, the Company plans to continue strengthening its position in targeted advantaged markets by further integrating its capabilities and advancing its 8020 operating framework. These initiatives are designed to support sustained organic growth while enabling disciplined bolt‑on acquisitions. At the same time, the Company remains committed to a balanced capital deployment strategy that includes returning capital to shareholders.

Within the HST segment, the Company anticipates continued growth supported by robust demand across data center, semiconductor, space and defense, and food and beverage and pharmaceutical end markets. By contrast, the industrial and automotive businesses have yet to experience a meaningful recovery in demand. In the FMT segment, the Company expects continued momentum in the Water businesses. However, core industrial markets continue to track flat, and the Company is monitoring softer demand trends across chemical, energy and agricultural applications. For the FSDP segment, near‑term headwinds are expected to persist due to ongoing weakness in Fire & Safety markets outside the United States and subdued

24

Table of Contents

capital spending in Dispensing. BAND‑IT is generally performing in line with the Company’s other industrial businesses, trending flat to start the year.

Results of Operations

The following is a discussion and analysis of the Company’s results of operations for the year ended December 31, 2025 compared with the year ended December 31, 2024. For the discussion related to the consolidated results of operations for the year ended December 31, 2024 compared with the year ended December 31, 2023, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 20, 2025.

[[GREPCENT_TABLE]]
[["","Year Ended December 31,","","","Change"],["(In millions, except per share amounts)","2025","","2024","","","$","","% / bps"],["Domestic sales","$","1,760.8","","$","1,618.1","","","$","142.7","","","9","%"],["International sales","1,696.7","","1,650.7","","","46.0","","","3","%"],["Net sales","3,457.5","","3,268.8","","","188.7","","","6","%"],["Cost of sales","1,918.7","","1,823.6","","","95.1","","","5","%"],["Gross profit","1,538.8","","1,445.2","","","93.6","","","6","%"],["Gross margin","44.5","%","","44.2","%","","","n/a","","30 bps"],["Selling, general and administrative expenses","818.8","","758.7","","","60.1","","","8","%"],["Restructuring expenses and asset impairments","20.7","","9.3","","","11.4","","","123","%"],["Operating income","699.3","","677.2","","","22.1","","","3","%"],["Gain on sale of businesses - net","\u2014","","(4.0)","","","4.0","","","(100","%)"],["Other expense (income) \u2013 net","2.3","","(2.6)","","","4.9","","","(188","%)"],["Interest expense - net","64.4","","44.5","","","19.9","","","45","%"],["Income before income taxes","632.6","","639.3","","","(6.7)","","","(1","%)"],["Provision for income taxes","150.1","","134.7","","","15.4","","","11","%"],["Effective tax rate","23.7","%","","21.1","%","","","n/a","","260 bps"],["Net income attributable to IDEX","$","483.2","","$","505.0","","","$","(21.8)","","","(4","%)"],["Diluted earnings per common share attributable to IDEX","$","6.41","","$","6.64","","","$","(0.23)","","","(3","%)"]]
[[/GREPCENT_TABLE]]

Net Sales

Net sales increased compared to the prior year as a result of contributions from the acquisition of Mott Corporation and its subsidiaries (“Mott”) as well as from organic sales and favorable impacts from foreign currency. Organic sales increased 1% primarily driven by positive price across all segments. Lower volumes in our FMT and FSDP segments were only partly mitigated by higher volumes in our HST segment.

Gross Profit and Gross Margin

Gross profit and Gross margin were positively impacted by price/cost and operational productivity improvements, and were negatively impacted by volume deleverage and unfavorable mix. Operational productivity improvements include platform optimization savings resulting from restructuring actions and other cost containment actions taken in 2025, which largely offset increases in other employee-related costs. Gross profit was also positively impacted by acquisitions, net of divestitures.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased primarily due to the $51.0 million impact from acquisitions, net of divestitures, including amortization.

Restructuring Expenses and Asset Impairments

Restructuring expenses and asset impairments primarily relate to severance expense for restructuring actions taken during both periods. Severance costs in 2025 were incurred in conjunction with organizational changes, primarily designed to connect scalable groups of businesses, which resulted in a reduction of headcount. Additionally, the Company eliminated certain

25

Table of Contents

management layers in select areas. For additional information regarding restructuring expenses and asset impairments, refer to Note 14, “Restructuring Expenses and Asset Impairments,” in the Notes to Consolidated Financial Statements.

Gain on Sale of Businesses - Net

In 2024, the Company completed the sale of Alfa Valvole, Srl (“Alfa Valvole”) for proceeds of $45.1 million, net of cash remitted, resulting in a gain on the sale of $4.0 million, net of a release of cumulative foreign currency translation losses of $5.5 million. For additional information, refer to Note 2, “Acquisitions and Divestitures,” in the Notes to Consolidated Financial Statements.

Other Expense (Income) – Net

Other expense (income) – net in both periods primarily reflects the impact of foreign currency transactions.

Interest Expense - Net

Interest expense - net increased primarily due to the impact of higher debt outstanding in connection with financing the acquisition of Mott. For additional information, refer to Note 7, “Borrowings,” in the Notes to Consolidated Financial Statements.

Income Taxes

The 2025 effective tax rate was 23.7% as compared to the 2024 effective tax rate of 21.1%. The increase in the rate was primarily due to legislation enacted in 2025, which lowered tax benefits from certain foreign sourced income and increased state income taxes. Additionally, the mix of earnings in higher tax rate jurisdictions increased taxes and discrete tax items were less favorable than in the prior year period. For additional information, refer to Note 12, “Income Taxes,” in the Notes to Consolidated Financial Statements.

The One Big Beautiful Bill Act (“OBBBA”) was signed into law on July 4, 2025. Key income tax related provisions of the OBBBA impacting the Company include the repeal of mandatory capitalization of research and development expenditures under Internal Revenue Code Section 174, extension of bonus depreciation, and revisions to international tax regimes. The Company has reflected the tax impacts of the OBBBA legislation and estimates an immaterial impact on the Company’s Consolidated Financial Statements. The Company will continue to evaluate the impacts of the OBBBA as more guidance becomes available.

In October 2021, members of the Organization for Economic Co-operation and Development (“OECD”) and G20 Inclusive Framework on Base Erosion and Profit Shifting agreed to a two-pillar solution to address the tax challenges associated with the digitalization of the economy. In December 2021, the OECD released the Pillar Two Model Rules (“Pillar Two”), which define the global minimum tax and call for the taxation of large corporations at a minimum rate of 15%. While it is uncertain whether the United States will enact legislation to adopt Pillar Two, certain countries in which we operate have enacted legislation, and other countries are in the process of introducing draft legislation to implement the minimum tax directive. Many aspects of Pillar Two became effective January 1, 2025; however, nearly all of the jurisdictions in which IDEX operates have an effective tax rate above the 15% threshold. Therefore, the Company does not expect a material impact from the Pillar Two inc

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/IEX/mda/fy2025/
All MD&A years: /company/IEX/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/IEX/mda/fy2024/): filed 2025-02-20; accession 0000832101-25-000010 (https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231.htm)
- [FY 2023 MD&A](/company/IEX/mda/fy2023/): filed 2024-02-22; accession 0000832101-24-000009 (https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-20231231.htm)
- [FY 2022 MD&A](/company/IEX/mda/fy2022/): filed 2023-02-23; accession 0000832101-23-000013 (https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/iex-20221231.htm)
- [FY 2021 MD&A](/company/IEX/mda/fy2021/): filed 2022-02-24; accession 0000832101-22-000008 (https://www.sec.gov/Archives/edgar/data/832101/000083210122000008/iex-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3561 Pumps & Pumping Equipment) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/IEX.md · JSON record: /company/IEX.json · verified financials: /company/IEX/financials.json / /company/IEX/financials.csv · machine TOC for the whole site: /llms.txt