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What changed in IDEX Corporation's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of IDEX Corporation's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+207 added−214 removedSource: 10-K (2026-02-19) vs 10-K (2025-02-20)

Top changes in IDEX Corporation's 2025 10-K

207 paragraphs added · 214 removed · 152 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

58 edited+18 added−29 removed44 unchanged
Biggest change(with respect to stainless steel bands, buckles and clamping systems). Customers In 2024, the Company did not have any customers that accounted for more than 3% of net sales. Since the Company serves a wide variety of markets, customer concentrations are not significant. International The Company’s products and services are available worldwide, with manufacturing operations in more than 20 countries.
Biggest changeSince the Company serves a wide variety of markets, customer concentrations are not significant. International The Company’s products and services are available worldwide, with manufacturing, sales, distribution, service and/or administrative facilities located in more than 20 countries. The businesses located outside the U.S. are primarily based in the United Kingdom, Germany, the Netherlands, Canada, Italy, China and India.
Banjo maintains operations in Crawfordsville, Indiana and has distribution facilities in Didam, the Netherlands and Valinhos, Brazil. • KZValve is a leading manufacturer of electric valves and controllers used primarily in agricultural applications. KZValve maintains operations in Greenwood, Nebraska.
Banjo maintains operations in Crawfordsville, Indiana and has distribution facilities in Didam, the Netherlands and Valinhos, Brazil. • KZValve is a leading manufacturer of electric valves and controllers used primarily in agricultural applications. KZValve maintains operations in Greenwood, Nebraska. Valves.
Valves is comprised of the following businesses: • Richter and Aegis produce superior solutions for demanding and complex pump and valve applications in the process industry as well as specialty chemical processing valves for use in the chemical, petro-chemical, pharmaceutical, energy and battery industries. Richter and Aegis maintain operations in Kempen, Germany; Suzhou, China; Vadodara, India and Geismar, Louisiana. Agriculture.
Valves is comprised of the following businesses: • Richter and Aegis produce superior solutions for demanding and complex pump and valve applications in the process industry as well as specialty chemical processing valves for use in the chemical, petro-chemical, pharmaceutical, energy and battery industries. Richter and Aegis maintain operations in Kempen, Germany; Suzhou, China; Vadodara, India and Geismar, Louisiana.
BAND-IT products primarily serve the automotive, aerospace, energy, 9 utility, municipal, cable management and general industrial markets. BAND-IT maintains operations in Denver, Colorado, with additional operations in Staveley, England and Suzhou, China. INFORMATION APPLICABLE TO THE COMPANY’S BUSINESS IN GENERAL AND ITS SEGMENTS Competitors The Company’s businesses participate in highly competitive markets.
BAND-IT products primarily serve the automotive, aerospace, energy, utility, municipal, cable management and general industrial markets. BAND-IT maintains operations in Denver, Colorado, with additional operations in Staveley, England and Suzhou, China. INFORMATION APPLICABLE TO THE COMPANY’S BUSINESS IN GENERAL AND ITS SEGMENTS Competitors The Company’s businesses participate in highly competitive markets.
Sealing Solutions is comprised of the following businesses: • Precision Polymer Engineering is a provider of proprietary high performance seals and advanced sealing solutions for a diverse range of global industries and applications, including hazardous duty, analytical instrumentation, semiconductor, process technologies, oil and gas, pharmaceutical, electronics and food applications.
Sealing Solutions is comprised of the following businesses: • Precision Polymer Engineering (“PPE”) is a provider of proprietary high performance seals and advanced sealing solutions for a diverse range of global industries and applications, including hazardous duty, analytical instrumentation, semiconductor, process technologies, oil and gas, pharmaceutical, electronics and food applications.
FTL Seals Technology maintains operations in Leeds, England. 7 • SFC Koenig is a producer of highly engineered expanders and check valves for critical applications across the transportation, hydraulic, aviation and medical markets.
FTL Seals Technology maintains operations in Leeds, England. • SFC Koenig is a producer of highly engineered expanders and check valves for critical applications across the transportation, hydraulic, aviation and medical markets.
While backlog was elevated in recent years due to global supply chain constraints, which extended lead times, shifted customer order patterns and resulted in increased inventory to support production, customer destocking efforts beginning in 2023 have resulted in orders stabilizing with backlog and lead times returning to more normalized levels in 2024.
While backlog was elevated in recent years due to global supply chain constraints, which extended lead times, shifted customer order patterns and resulted in increased inventory to support production, customer destocking efforts beginning in 2023 have resulted in orders stabilizing with backlog and lead times returning to more normalized levels in 2025.
Viking Pump maintains operations in Cedar Falls, Iowa, with locations in Windsor, Canada (Viking Pump Canada), Shannon, Ireland (IDEX Pump Technologies) and Eastbourne, England (Viking Pump Hygienic). • Warren Rupp manufactures air and electrically-operated double diaphragm pump products (which includes Sandpiper, Versamatic and Cognito products) used for abrasive and semisolid materials as well as for applications where product degradation is a concern.
Viking Pump maintains operations in Cedar Falls, Iowa, with locations in Windsor, Canada; Shannon, Ireland and Eastbourne, England. • Warren Rupp manufactures air and electrically-operated double diaphragm pump products (which includes Sandpiper, Versamatic and Cognito products) used for abrasive and semisolid materials as well as for applications where product degradation is a concern.
These businesses operate with a high degree of autonomy, yet are all united by employing The IDEX Difference, a philosophy of great teams who embrace the 80/20 principle while remaining hyper-focused on serving customers. IDEX was incorporated in Delaware on September 24, 1987.
These businesses operate with a high degree of autonomy, yet are all united by employing The IDEX Difference, a philosophy of great teams who embrace the 8020 principle while remaining hyper-focused on serving customers. IDEX was incorporated in Delaware on September 24, 1987.
The following table summarizes the percentage of total FSDP sales generated by each end market served: The following discussion describes the reporting units included in the FSDP segment: Fire & Safety.
The following table summarizes the percentage of total FSDP sales generated by each end market served: 7 Table of Contents The following discussion describes the reporting units included in the FSDP segment: Fire & Safety.
The Company is exposed to fluctuations in commodity pricing and inflation and attempts to control these impacts through increased prices to customers and various other programs with its suppliers. Suppliers The Company manufactures many of the parts and components used in its products.
The Company is exposed to fluctuations in commodity pricing and inflation, including the impact of tariffs, and attempts to control these impacts through increased prices to customers and various other programs with its suppliers. Suppliers The Company manufactures many of the parts and components used in its products.
Further, the Company has not historically experienced significant order cancellations and does not expect significant order cancellations in the future. 11 Government Regulations Our compliance with federal, state and local laws and regulations, including those related to environmental, international trade, labor and employment, human rights, tax, anti-bribery and competition matters, did not have a material effect upon our capital expenditures, earnings or competitive position during the fiscal year ended December 31, 2024.
Further, the Company has not historically experienced significant order cancellations and does not expect significant order cancellations in the future. 9 Table of Contents Government Regulations Our compliance with federal, state and local laws and regulations, including those related to environmental, international trade, labor and employment, human rights, tax, anti-bribery and competition matters, did not have a material effect upon our capital expenditures, earnings or competitive position during the fiscal year ended December 31, 2025.
Precision Polymer Engineering also entered into a joint venture with a third party to manufacture and sell high performance elastomer seals for the oil and gas industry to customers within the Kingdom of Saudi Arabia as well as export these high performance elastomer seals outside of the Kingdom of Saudi Arabia.
PPE also entered into a joint venture with a third party to manufacture and sell high performance elastomer seals for the oil and gas industry to customers within the Kingdom of Saudi Arabia as well as export these high performance elastomer seals outside of the Kingdom of Saudi Arabia.
AFS maintains operations in Oklahoma City, Oklahoma (Corken and Liquid Controls products) and Altopascio, Italy (SAMPI products). • Toptech supplies terminal automation hardware and software to control and manage inventories as well as transactional data and invoicing to customers in the oil, gas and refined-fuels markets.
AFS maintains operations in Oklahoma City, Oklahoma and Altopascio, Italy. • Toptech supplies terminal automation hardware and software to control and manage inventories as well as transactional data and invoicing to customers in the oil, gas and refined-fuels markets.
We offer “wellness credits” that can be earned by employees as well as spouses and partners who take advantage of these early detection services offered or engage in healthy challenges and other activities each year.
The Company offers “wellness credits” that can be earned by employees as well as spouses and partners who take advantage of these early detection services offered or engage in healthy challenges and other activities each year.
The Company’s workforce advancement strategy is centered around investments in three pillars: enhancing skills across the entire workforce, leadership development aligned with the Company’s methodology and fostering a premier culture.
The Company’s workforce advancement strategy is centered around investments in three pillars: enhancing skills across the workforce, leadership development aligned with the Company’s leadership methodology and fostering a strong and inclusive culture.
Material Processing Technologies is comprised of the following businesses: • IDEX MPT, Inc., which includes Quadro, Steridose, Fitzpatrick, Microfluidics, and Matcon, maintains operations in Waterloo, Canada; Westwood, Massachusetts; Delran, New Jersey; Evesham, England; Ahmedabad, India and Shanghai, China. ◦ Quadro is a leading provider of powder processing solutions for the pharmaceutical, food, personal care and chemical markets.
Material Processing Technologies is comprised of the following businesses: • IDEX MPT, Inc., which includes Quadro, Fitzpatrick, Microfluidics, and Matcon, maintains operations in Waterloo, Canada; Middleborough, Massachusetts; Evesham, England; Ahmedabad, India and Shanghai, China. 4 Table of Contents ◦ Quadro is a leading provider of powder processing solutions for the pharmaceutical, food, personal care and chemical markets.
Toptech maintains operations in Longwood, Florida and Zwijndrecht, Belgium. • Flow Management Devices (“Flow MD”) engineers and manufactures small volume provers that ensure custody transfer accuracy in the oil and gas market. Flow MD maintains operations in Phoenix, Arizona. 5 Valves.
Toptech maintains operations in Longwood, Florida and Zwijndrecht, Belgium. • Flow Management Devices (“Flow MD”) engineers and manufactures small volume provers that ensure custody transfer accuracy in the oil and gas market. Flow MD maintains operations in Phoenix, Arizona. 6 Table of Contents Agriculture.
The Company’s geographic diversity allows it to draw on the skills of a global workforce, provides greater stability to its operations, allows the Company to drive economies of scale, provides revenue streams that may help offset economic trends that are specific to individual economies and offers the Company an opportunity to access new markets for products. 10 The following table illustrates sales to customers within and outside the U.S. as a percentage of total sales for total IDEX as well as by segment and by reporting unit for the year ended December 31, 2024: Domestic International FMT 56% 44% Pumps 57% 43% Water 58% 42% Energy 62% 38% Valves 13% 87% Agriculture 77% 23% HST 44% 56% Scientific Fluidics & Optics 42% 58% Sealing Solutions 24% 76% Performance Pneumatic Technologies 76% 24% Material Processing Technologies 34% 66% FSDP 48% 52% Fire & Safety 54% 46% Dispensing 25% 75% BAND-IT 54% 46% IDEX 50% 50% Shared Services The Company has production facilities in Suzhou, China, Vadodara, India and Ahmedabad, India that support multiple business units.
The Company’s geographic diversity allows it to draw on the skills of a global workforce, provides greater stability to its operations, allows the Company to drive economies of scale, provides revenue streams that may help offset economic trends that are specific to individual economies and offers the Company an opportunity to access new markets for products. 8 Table of Contents The following table illustrates sales to customers within and outside the U.S. as a percentage of total sales for total IDEX as well as by segment and by reporting unit for the year ended December 31, 2025: Domestic International HST 47% 53% Scientific Fluidics & Optics 45% 55% Performance Pneumatic Technologies 77% 23% Sealing Solutions 25% 75% Material Processing Technologies 40% 60% FMT 57% 43% Pumps 58% 42% Water 57% 43% Energy 62% 38% Agriculture 73% 27% Valves 15% 85% FSDP 50% 50% Fire & Safety 56% 44% Dispensing 27% 73% BAND-IT 53% 47% IDEX 51% 49% Shared Services The Company has production facilities in Suzhou, China, Vadodara, India and Ahmedabad, India that support multiple business units.
Quadro’s core capabilities include fine milling, emulsification and special handling of liquid and solid particulates for laboratories, through the pilot phase to full scale up with production scale processing. ◦ Steridose is a leading designer and manufacturer of magnetic coupled mixers and diaphragm valves for the global biopharmaceutical industry. ◦ Fitzpatrick is a global leader in the design and manufacture of process technologies for the pharmaceutical and chemical sectors.
Quadro’s core capabilities include fine milling, emulsification and special handling of liquid and solid particulates for laboratories, through the pilot phase to full scale up with production scale processing. ◦ Fitzpatrick is a global leader in the design and manufacture of process technologies for the pharmaceutical and chemical sectors.
Year Ended December 31, 2024 Year Ended December 31, 2023 FMT HST FSDP FMT HST FSDP Net sales 38% 39% 23% 38% 40% 22% Adjusted EBITDA (1) 42% 36% 22% 42% 37% 21% 3 (1) Segment Adjusted EBITDA excludes the impact of unallocated corporate costs of $93.0 million and $84.6 million for the years ended December 31, 2024 and 2023, respectively.
Year Ended December 31, 2025 Year Ended December 31, 2024 HST FMT FSDP HST FMT FSDP Net sales 43% 35% 22% 39% 38% 23% Adjusted EBITDA (1) 39% 40% 21% 36% 42% 22% (1) Segment Adjusted EBITDA excludes the impact of unallocated corporate costs of $92.2 million and $93.0 million for the years ended December 31, 2025 and 2024, respectively.
HEALTH & SCIENCE TECHNOLOGIES SEGMENT The HST segment designs, produces and distributes a wide range of precision fluidics, positive displacement pumps, powder and liquid processing technologies, drying systems, micro-precision components, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, laboratory and commercial equipment and precision photonic solutions, technical ceramics and hermetic sealing products and porous material structures and flow control solutions.
HST FMT FSDP Scientific Fluidics & Optics Pumps Fire & Safety Performance Pneumatic Technologies Water Dispensing Sealing Solutions Energy BAND-IT Material Processing Technologies Agriculture Valves 2 Table of Contents HEALTH & SCIENCE TECHNOLOGIES SEGMENT The HST segment designs, produces and distributes a wide range of precision fluidics, positive displacement pumps, powder and liquid processing technologies, drying systems, micro-precision components, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, ultra-precision diamond tools, laboratory and commercial equipment and precision photonic solutions, technical ceramics and hermetic sealing products and porous material structures and flow control solutions.
Precision Polymer Engineering maintains operations in Blackburn, England and has an additional manufacturing facility in Brenham, Texas.
PPE maintains operations in Blackburn, England and has an additional manufacturing facility in Brenham, Texas.
End Markets and Products The following table summarizes the percentage of total IDEX sales generated by each end market served: The Company has three reportable segments: Fluid & Metering Technologies (“FMT”), Health & Science Technologies (“HST”) and Fire & Safety/Diversified Products (“FSDP”).
End Markets and Products The following table summarizes the percentage of total IDEX sales generated by each end market served: * Beginning in 2025, Life Sciences also includes analytical instruments, pharmaceutical and medical/dental end market sales. The Company has three reportable segments: Health & Science Technologies (“HST”), Fluid & Metering Technologies (“FMT”) and Fire & Safety/Diversified Products (“FSDP”).
In 2024, we continued progress against the strategic roadmap tied to our human capital strategy: (1) completion of local Business Unit Inclusion Plans; (2) delivery of quarterly Inclusive Leadership Training and a two-day enterprise-wise Inclusion Summit to promote leadership skill building for all employees; (3) participation in the Company’s Employee Resource Groups (“ERGs”); and (4) participation in Talent Networks.
In 2025, the Company continued to execute on the strategic roadmap tied to its human capital strategy, including: (1) implementation of local business unit inclusion plans; (2) delivery of quarterly inclusive leadership training and a two-day enterprise-wide inclusion summit to promote leadership skill building for all employees; (3) expansion of the Company’s employee resource groups (“ERGs”); and (4) participation in talent networks.
Information on the Company’s website is not incorporated into this Form 10-K. 14
Information on the Company’s website is not incorporated into this Form 10-K. 12 Table of Contents
Employees At December 31, 2024, the Company had approximately 9,000 employees. Approximately 4% of its employees are covered by various collective bargaining agreements in the U.S. which will expire at various times between now and June 2028. There are no collective bargaining agreements in the U.S. that will expire in 2025.
Employees At December 31, 2025, the Company had approximately 8,700 employees. Approximately 4% of its employees are covered by various collective bargaining agreements in the U.S. which will expire at various times between now and January 2029.
The Company also encourages employees enrolled in the U.S. Healthcare Benefit Plan to participate in the third-party operated Wellness Program which provides access to annual biometric screenings and health evaluations.
In addition to the corporate policies, each business develops and implements its own health and safety policies tailored to the local business. The Company also encourages employees enrolled in the U.S. Healthcare Benefit Plan to participate in the third-party operated Wellness Program which provides access to annual biometric screenings and health evaluations.
Employee Pay and Benefits Attracting and retaining top talent is critical to the success of the Company’s business. The Company offers a highly competitive pay and benefits package for employees in all the markets where it operates. The performance-based pay packages provide many employees with short-term performance incentives. The Company also provides equity-based, long-term incentives to its senior leaders.
Employee Pay and Benefits Attracting and retaining talent is critical to the success of the Company’s business. The Company offers competitive pay and benefits for employees in the markets in which it operates. Many employees are eligible for performance-based compensation, including short-term performance incentive opportunities. The Company also provides equity-based, long-term incentives to its eligible senior leaders.
The Company’s corporate EH&S policies are a key part of the global EH&S program. They apply to all of the Company’s businesses and each business is expected to comply with policies and all EH&S laws and regulations. In addition to the corporate policies, each business develops and implements its own health and safety policies tailored to the local business.
These individuals and local safety committees, in conjunction with the corporate team, form the basis of the global EH&S program. The Company’s corporate EH&S policies are a key part of the global EH&S program. They apply to all of the Company’s businesses and each business is expected to comply with policies and all EH&S laws and regulations.
Where appropriate, the Company provided base pay adjustments for employees that were outliers from their predicted pay. Workplace Health & Safety The Company is committed to providing a workplace that is safe for all of our employees, contractors, business partners and visitors. The commitment to Environmental, Health, and Safety (“EH&S”) begins at the corporate and executive level.
Where appropriate, the Company has provided base pay adjustments for employees who were identified as outliers relative to their predicted pay. Workplace Health & Safety The Company is committed to providing a workplace that is safe for all of our employees, contractors, business partners and visitors.
IDEX believes that the principal points of competition are product quality, design and engineering capabilities, product development, conformity to customer specifications, quality of post-sale support, timeliness of delivery and effectiveness of the Company’s distribution channels.
IDEX believes that the principal points of competition are product quality, design and engineering capabilities, product development, conformity to customer specifications, quality of post-sale support, timeliness of delivery and effectiveness of the Company’s distribution channels. Customers In 2025, the Company did not have any customers that accounted for more than 3% of net sales.
The following table summarizes the percentage of total HST sales generated by each end market served: 6 The following discussion describes the reporting units included in the HST segment: Scientific Fluidics & Optics.
The following table summarizes the percentage of total HST sales generated by each end market served: *Beginning in 2025, Life Sciences also includes analytical instruments, pharmaceutical and medical/dental end market sales. The following discussion describes the reporting units included in the HST segment: Scientific Fluidics & Optics.
Ashleman was Senior Vice President and Chief Operating Officer from July 2015 to December 2020, Vice President-Group Executive of the Company’s HST and FSDP segments from January 2014 through July 2015 and President-Group Executive of the Company’s FSDP segment from 2011 through January 2014. Mr. Ashleman joined IDEX in 2008 as the President of Gast Manufacturing. Mr.
He served as Senior Vice President and Group Executive of the Company’s Global Dispensing, FSDP, and HST and Optics business segments from early 2014 through July 2015 and as Vice President and Group Executive of the Company’s FSDP segment from 2011 through early 2014. Mr. Ashleman joined IDEX in 2008 as the President of Gast Manufacturing. Mr.
Energy is comprised of the following businesses: • Advanced Flow Solutions (“AFS”) consists of the Company’s Corken, Liquid Controls and SAMPI businesses. Corken products consist of positive displacement rotary vane pumps, single and multistage regenerative turbine pumps and small horsepower reciprocating piston compressors in the oil, gas and industrial markets.
Corken products consist of positive displacement rotary vane pumps, single and multistage regenerative turbine pumps and small horsepower reciprocating piston compressors in the oil, gas and industrial markets.
Management believes that the Company has a positive relationship with its employees. The Company historically has been able to renegotiate its collective bargaining agreements satisfactorily, with its last work stoppage occurring in March 1993.
There are four collective bargaining agreements in the U.S. that will expire in 2026, with a new agreement already ratified for one of these agreements. Management believes that the Company has a positive relationship with its employees. The Company historically has been able to renegotiate its collective bargaining agreements satisfactorily, with its last work stoppage occurring in March 1993.
Trebor maintains operations in West Jordan, Utah. • Pulsafeeder products are used to introduce precise amounts of fluids into processes to manage water quality and chemical composition. Its markets include industrial and municipal water and wastewater treatment, oil and gas, power generation, chemical and hydrocarbon processing and swimming pools.
Trebor maintains operations in West Jordan, Utah. • Pulsafeeder products are used to introduce precise amounts of fluids into processes to manage water quality and chemical composition.
Albans, Vermont, with additional operations in Santa Ana, California. • Mott Corporation, acquired in September 2024, specializes in the design, customization and manufacturing of sintered porous metal components and engineered solutions used in fluidic applications within the medical, energy, industrial technology, semiconductor, water and aerospace/defense markets.
Albans, Vermont and Santa Ana, California), Canada (Ottawa), England (Dorset, Stevenage and Whetstone), the Netherlands (Didam, Eerbeek, Hapert and Wijchen) and India (Pune). • Mott Corporation specializes in the design, customization and manufacturing of sintered porous metal components and engineered solutions used in fluidic applications within the medical, energy, industrial technology, semiconductor, water and space and defense markets.
Anderson served as Vice President, Associate General Counsel and Assistant Secretary from December 2017 through February 2022 after joining IDEX as Assistant General Counsel in October 2016. Prior to joining IDEX, Ms. Anderson served in various roles of increasing responsibility at SunCoke Energy, Inc., most recently as Senior Counsel and Deputy Chief Compliance Officer. Ms.
Anderson has served as Senior Vice President, General Counsel and Corporate Secretary since February 2022, and as Chief Administrative Officer since December 2025. Prior to that, Ms. Anderson served as Vice President, Associate General Counsel and Assistant Secretary from December 2017 through February 2022 after joining IDEX as Assistant General Counsel in October 2016. Prior to joining IDEX, Ms.
These products are critical to its customers’ need to maintain clean, reliable and repeatable formulations of prepackaged foods and pharmaceuticals while helping them achieve lean and agile manufacturing. 8 FIRE & SAFETY/DIVERSIFIED PRODUCTS SEGMENT The FSDP segment designs, produces and distributes firefighting pumps, valves and controls, rescue tools, lifting bags and other components and systems; engineered stainless steel banding and clamping devices; and precision equipment for dispensing, metering and mixing colorants and paints.
FIRE & SAFETY/DIVERSIFIED PRODUCTS SEGMENT The FSDP segment designs, produces and distributes firefighting pumps, valves and controls, rescue tools, lifting bags and other components and systems, engineered stainless steel banding and clamping devices, and precision equipment for dispensing, metering and mixing colorants and paints.
FMT HST FSDP Pumps Scientific Fluidics & Optics Fire & Safety Water Sealing Solutions Dispensing Energy Performance Pneumatic Technologies BAND-IT Valves Material Processing Technologies Agriculture FLUID & METERING TECHNOLOGIES SEGMENT The FMT segment designs, produces and distributes positive displacement pumps, valves, small volume provers, flow meters, injectors and other fluid-handling pump modules and systems and provides flow monitoring and other services.
FLUID & METERING TECHNOLOGIES SEGMENT The FMT segment designs, produces and distributes positive displacement pumps, valves, small volume provers, flow meters, injectors and other fluid-handling pump modules and systems and provides flow monitoring and other services.
Annually, the CHRO presents a talent review to the Company’s Board of Directors focused on senior leader team development, the human capital strategy action plan and succession planning for senior management. This ensures that the Board of Directors stays informed and aligned on human capital management strategies for business continuity and success.
The Company’s corporate Human Capital strategy is overseen by its Vice President, Talent and Culture. Annually, the Vice President, Talent and Culture presents a talent review to the Company’s Board of Directors focused on senior leader team development, the human capital strategy action plan and succession planning for senior management.
The program is overseen by the EH&S Senior Director and the Chief Sustainability Officer, both of whom are part of the Legal Department. Each of the Company’s businesses employ local EH&S specialists. These individuals and local safety committees, in conjunction with the corporate team, form the basis of the global EH&S program.
The commitment to Environmental, Health, and Safety (“EH&S”) begins at the corporate and executive level. The program is overseen by the Senior Director, Health & Safety and the Chief Sustainability Officer, both of whom are part of the Legal Department. Each of the Company’s businesses employ local EH&S specialists.
IH&S maintains operations in Bristol, Connecticut; Carlsbad, California; Middleboro, Massachusetts; Oak Harbor, Washington; Rochester, New York; Rohnert Park, California; Zweibrücken, Germany and Saitama, Japan. • IDEX Materials Science Solutions is comprised of the following: ◦ IDEX Optical Technologies consists of Advanced Thin Films, CVI Laser Optics, CVI Infrared Optics and Iridian Spectral Technologies.
IH&S maintains operations in Bristol, Connecticut; Carlsbad, California; Middleboro, Massachusetts; Oak Harbor, Washington; Rochester, New York; Rohnert Park, California; Zweibrücken, Germany and Saitama, Japan. • IDEX Materials Science Solutions platform is formed from the precision processing businesses of IDEX Optical Technologies, Muon Group (Millux, LouwersHanique, Veco and Tecan) and STC Material Solutions.
Airtech maintains operations in Rutherford, New Jersey and has other manufacturing operations in Linthicum Heights, Maryland; Wilmington, North Carolina; Werneck, Germany and Shenzhen, China. Material Processing Technologies. Material Processing Technologies provides process equipment and global support service solutions that meet customer specific requirements with a focus in the pharmaceutical, food, battery and chemical markets.
Roplan maintains operations in Sweden and also has operations in Ningbo, China; Berkshire, England and Madison, Wisconsin. Material Processing Technologies. Material Processing Technologies provides process equipment and global support service solutions that meet customer specific requirements with a focus in the pharmaceutical, food, battery and chemical markets.
Pumps is comprised of the following businesses: • Viking Pump is a global leader in pumping solutions, with products including internal gear, external gear, vane, lobe and circumferential piston pumps, as well as parts, kits and accessories designed to support customers worldwide. 4 With a focus on industrial applications like chemicals, polyurethane foam and asphalt; energy applications like oil transfer and glycol dehydration; and hygienic applications like biopharma, food and beverage, Viking Pump delivers proven liquid transfer pumping solutions for a wide variety of thin to viscous applications.
With a focus on industrial applications like chemicals, polyurethane foam and asphalt; energy applications like oil transfer and glycol dehydration; and hygienic applications like biopharma, food and beverage, Viking Pump delivers proven liquid transfer pumping solutions for a wide variety of thin to viscous applications.
Matcon’s innovative products consist of the original cone valve powder discharge system and filling, mixing and packaging systems, all of which support its customers’ automation and process requirements.
Matcon’s innovative products consist of the original cone valve powder discharge system and filling, mixing and packaging systems, all of which support its customers’ automation and process requirements. These products are critical to its customers’ need to maintain clean, reliable and repeatable formulations of prepackaged foods and pharmaceuticals while helping them achieve lean and agile manufacturing.
This structure enables management efficiency, aligns IDEX’s operations with its focus on organic growth, strategic acquisitions and capital allocation priorities and provides transparency about the Company’s performance to external stakeholders.
This structure enables management efficiency, aligns IDEX’s operations with its focus on organic growth, strategic acquisitions and capital allocation priorities and provides transparency about the Company’s performance to external stakeholders. 1 Table of Contents 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 years ended December 31, 2025 and 2024.
The Company has policies, procedures and regular training in place to protect its workforce and prevent workplace harassment and discrimination. This includes a global Code of Business Conduct & Ethics 13 policy where employees agree to follow and receive annual training.
The Company has policies, procedures and regular training in place, including, but not limited to a global Code of Business Conduct & Ethics, to protect its workforce and prevent workplace harassment and discrimination. The Company also maintains a global hotline where employees are encouraged (and can choose to remain anonymous) to report any concerns or issues.
Roplan maintains operations in Sweden and also has operations in Ningbo, China; Berkshire, England and Madison, Wisconsin. Performance Pneumatic Technologies. Performance Pneumatic Technologies provides specialized, high-performing air moving technologies across a wide array of industries.
The business maintains operations in Farmington, Connecticut, with additional operations in Plymouth, Michigan and Binasco, Italy. Performance Pneumatic Technologies. Performance Pneumatic Technologies provides specialized, high-performing air-moving technologies across a wide array of industries.
Human Capital Management The Company attributes its success to the valuable contributions of its talented workforce and is committed to fostering a work environment where employees can thrive and grow. Our workplaces promote entrepreneurialism and autonomy while providing a strong safety net of benefits, training and personal development.
Human Capital Management The Company attributes its success to the valuable contributions of its talented workforce and is committed to fostering a work environment where employees can thrive and grow. Investments in attracting, retaining and developing talent enable the Company to accomplish its strategic goals and deliver innovative customer solutions.
The Company’s U.S. employees can participate in a 401(k) retirement plan and an Employee Stock Purchase Plan, which allows an employee to purchase IDEX stock through payroll deductions. Further, the Company has conducted pay equity analyses for U.S. employees since 2018 to ensure that employees’ actual pay was substantially similar to their predicted pay.
The Company’s U.S. employees can also purchase the Company’s common stock through payroll deductions. 10 Table of Contents Further, since 2018, the Company has conducted pay equity analyses for U.S. employees to assess whether employees’ actual pay is substantially similar to predicted pay based on relevant factors such as role and level.
The Company’s approach to performance management, talent development, talent management and employee engagement helps drive long-term value by providing employees with opportunities to do and be their best both individually and as teams. As part of our Organizational Talent Cycle process, the Company regularly conducts in-depth talent reviews with business leaders, focusing on workforce teams and culture.
The Company’s approach to performance management, talent development, talent management and employee engagement is designed to support long-term value creation by providing employees with opportunities to grow and contribute both individually and as part of high-performing teams.
Khandelwal has served as Senior Vice President and Chief Financial Officer since November 2023. Prior to rejoining IDEX, Mr.
Gillen joined IDEX as Senior Vice President and Chief Financial Officer in January 2026. Mr. Ashleman has served as President and Chief Executive Officer since December 2020. Prior to that, Mr. Ashleman served as Chief Operating Officer from July 2015 to December 2020.
Pulsafeeder serves these markets by producing hydraulic and mechanical diaphragm pumps, rotary pumps, peristaltic pumps and controllers. Pulsafeeder maintains operations in Rochester, New York and Punta Gorda, Florida. Energy. Energy is a leading supplier of flow meters, small volume provers, electronic registration and control products, rotary vane and turbine pumps, reciprocating piston compressors and terminal automation control systems.
Energy is a leading supplier of flow meters, small volume provers, electronic registration and control products, rotary vane and turbine pumps, reciprocating piston compressors and terminal automation control systems. Energy is comprised of the following businesses: • Advanced Flow Solutions (“AFS”) consists of the Company’s Corken, Liquid Controls and SAMPI businesses.
The Company also maintains a global hotline where employees are encouraged (and can choose to remain anonymous) to report any concerns or issues. Information about Our Executive Officers Set forth below are the names of the executive officers of the Company, their ages, years of service, the positions held by them and their business experience.
Information about Our Executive Officers Set forth below are the names of the executive officers of the Company, their ages, years of service, the positions held by them and their business experience. Name Age Years of Service Position Eric D. Ashleman 58 17 Chief Executive Officer and President Sean M.
The business maintains operations in Farmington, Connecticut, with additional operations in Plymouth, Michigan and Binasco, Italy. Sealing Solutions. Sealing Solutions focuses on providing special seals and related products and solutions in diversified markets.
Airtech maintains operations in Rutherford, New Jersey and has other manufacturing operations in Linthicum Heights, Maryland and Schweinfurt, Germany. Sealing Solutions. Sealing Solutions focuses on providing special seals and related products and solutions in diversified markets.
Through the program, employees can have certain expenses from secondary educational institutions reimbursed up to $5,250 per year. The Company prioritizes hiring team members who embrace its team-oriented culture and emphasizes leveraging internal talent, filling many leadership positions from within the Company’s talent pipeline. A key element of the IDEX Difference is building and engaging great teams.
The Company prioritizes hiring employees who embrace its team-oriented culture and places emphasis on developing and promoting internal talent, including filling many leadership positions from within its workforce. Employee engagement is a critical element of fostering a strong and inclusive culture where employees can thrive and have the opportunity to do their best work.
Removed
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 years ended December 31, 2024 and 2023.
Added
The IDEX 3 Table of Contents Optical Technologies businesses of Advanced Thin Films, CVI Laser Optics, CVI Infrared Optics, Iridian Spectral Technologies and Micro-LAM (acquired in July 2025) specialize in precision substrate forming, complex optical coatings and optical assemblies.
Removed
The technology and product portfolio consists of polarization optics, windows, optical filters, beamsplitters, lenses, waveplates, monolithic, optics, lens assemblies, imaging assemblies, shutters optical subsystems and detector integration.
Added
Solutions include optical filters, polarization optics, beamsplitters, waveplates, objectives and mirrors for application in semiconductor metrology, satellite laser communications, data communications, high-power industrial and defense optical systems, earth observation and remote sensing.
Removed
IDEX Optical Technologies specializes in complex coatings on a range of advanced substrates to serve the semiconductor metrology, satellite optical communications, defense, aerospace and remote sensing, additive manufacturing, laser material processing, laser communications, telecommunications and life science markets.
Added
The precision components and ceramics businesses of Millux, LouwersHanique, Veco, Tecan and STC Material Solutions have expertise in ultra-precision forming of advanced materials, from ceramics and glass to metals and plastics. Applications primarily include thermal management, fluid and energy flow control, filtration, and precision motion applications within the semiconductor, aerospace, medical, food processing and industrial markets.
Removed
The businesses maintain operations in Albuquerque, New Mexico; Longmont, Colorado; Didam, the Netherlands; Whetstone, England; and Ottawa, Canada. ◦ Muon Group manufactures highly precise flow paths in a variety of materials that enable the movement of various liquids and gases in critical applications within the medical, semiconductor, food processing, digital printing and filtration markets.
Added
The businesses maintain global operations in the United States (Albuquerque, New Mexico; Longmont, Colorado; Portage, Michigan; Keene, New Hampshire; St.
Removed
The group includes LouwersHanique, Veco, Millux, Tecan and Atul, which have critical technical expertise in precision and tolerances for different materials, from metals and glass to plastics and ceramics.
Added
Pumps is comprised of the following businesses: 5 Table of Contents • Viking Pump is a global leader in pumping solutions, with products including internal gear, external gear, vane, lobe and circumferential piston pumps, as well as parts, kits and accessories designed to support customers worldwide.
Removed
The business maintains operations in Hapert, the Netherlands; Eerbeek, the Netherlands; Wijchen, the Netherlands; Dorset, England; and Pune, India. ◦ STC Material Solutions specializes in the design and manufacturing of technical ceramics and hermetic sealing products in mission critical applications within the semiconductor, aerospace and defense, industrial technology, medical technology and energy markets. The business maintains operations in St.
Added
Pulsafeeder produces hydraulic and mechanical diaphragm pumps, rotary pumps, peristaltic pumps and controllers, which serve the industrial and municipal water and wastewater treatment, oil and gas, power generation, chemical and hydrocarbon processing and swimming pools markets. Pulsafeeder maintains operations in Rochester, New York and Punta Gorda, Florida. Energy.
Removed
Principal competitors of the FMT segment are the Pumps Group (Blackmer, Wilden and Ebsray products) of Dover Corporation (with respect to pumps and small horsepower compressors used in liquefied petroleum gas distribution facilities, rotary gear pumps and air-operated double-diaphragm pumps); and Ingersoll Rand’s Precision and Science Technologies (PST) division (with respect to metering, control, rotary gear pumps and air operated double-diaphragm pumps).
Added
The Company encounters a wide variety of competitors that vary by product, market and geographic area. Each of the Company’s segments has multiple competitors, as no single competitor offers all of the same products or serves all of the same markets as IDEX. The Company’s competitors are both U.S. and foreign companies and range in size.
Removed
Principal competitors of the HST segment are the Thomas division of Ingersoll Rand (with respect to vacuum pumps and compressors); Parker Hannifin (with respect to sealing devices); Valco Instruments Co., Inc.
Added
This process is intended to help ensure that the Company’s Board of Directors remains informed and aligned on the Company’s human capital management strategies for business continuity and long-term performance.
Removed
(with respect to connections, degassers and valves); Alluxa, Bekaert, Porvair PLC and the Pall division of Danaher Corporation (with respect to filters); Jenoptik (with respect to optical assemblies in life sciences); and Tecan Trading AG (with respect to the life science fluidics market).
Added
Each year, the Company conducts an employee engagement survey and partners with employees to implement improvements based on the results. Additionally, key initiatives like the annual Global Leadership Conference for senior leaders are designed to strengthen leadership capabilities, reinforce learning and development, and support skill and career growth.
Removed
Principal competitors of the FSDP segment are Waterous Company, a unit of American Cast Iron Pipe Company (with respect to truck-mounted firefighting pumps); Holmatro, Inc. (with respect to rescue tools); Corob S.p.A., a unit of Graco Inc. (with respect to dispensing and mixing equipment for the paint industry); and Panduit Corporation and Oetiker Inc.
Added
All offerings, including participation in ERGs, are open to all employees, regardless of their specific background, identity or experiences. Additional information regarding the Company’s human capital practices is available on the Company’s website, under the Sustainability link at https://www.idexcorp.com/about-idex/idex-sustainability/. Information on the Company’s website is not incorporated into this Form 10-K.
Removed
The businesses located outside the U.S. are primarily based in Germany, India, the Netherlands, the United Kingdom, Italy, Switzerland, Canada and China.
Added
The Company’s U.S. employees are eligible to participate in a 401(k) retirement plan.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeWhile we strive to maintain high standards, the Company cannot guarantee that our internal controls and compliance systems will always protect us from reckless or criminal acts committed by employees, agents or business partners of ours (or businesses that we acquire or partner with) that would violate laws in the U.S. or foreign countries in which the Company operates, including laws governing payment to government officials, bribery, fraud, conflicts of interest, competition, employment practices and workplace behavior, export and import compliance, economic and trade sanctions, money laundering and data privacy. 20 In particular, recent years have seen a substantial increase in anti-bribery law enforcement activity with more frequent investigations and enforcement proceedings by both the Department of Justice and the SEC, increased enforcement activity by non-U.S. regulators and increases in criminal and civil proceedings brought against companies and individuals.
Biggest changeWhile we strive to maintain high standards, the Company cannot guarantee that our internal controls and compliance systems will always protect us from reckless or criminal acts committed by employees, agents or business partners of ours (or businesses that we acquire or partner with) that would violate laws in the U.S. or foreign countries in which the Company operates, including laws governing payment to government officials, bribery, fraud, conflicts of interest, competition, employment practices and workplace behavior, export and import compliance, economic and trade sanctions, money laundering and data privacy.
In addition to changes in regulations or industry standards, a failure by the Company to innovate and adapt products to new markets, changing customer preferences for higher-efficiency products, or increasing scrutiny related to sustainability activities and greenhouse gas emissions could limit sales growth and negatively impact the Company and its financial condition, results 17 of operations and cash flow.
In addition to changes in regulations or industry standards, a failure by the Company to innovate and adapt products to new markets, changing customer preferences for higher-efficiency products, or increasing scrutiny related to sustainability activities and greenhouse gas emissions could limit sales growth and negatively impact the Company and its financial condition, results of operations and cash flow.
Additionally, the Company’s competitors may adopt new technologies and technological advancements, such as using artificial intelligence and machine learning to pursue new products and approaches more quickly, successfully and effectively than the Company. The Company may not be able to compete successfully with existing competitors or with new competitors.
Additionally, the Company’s competitors may adopt new technologies and technological advancements, such as using artificial intelligence (“AI”) and machine learning to pursue new products and approaches more quickly, successfully and effectively than the Company. The Company may not be able to compete successfully with existing competitors or with new competitors.
If the Company’s systems, technologies, products or services (including those we acquire through business acquisitions), or the systems, technologies, products or services of the Company’s customers or third-party hosting services (including third-party data centers and cloud platforms upon which we rely), are damaged or cease to function properly, or if the Company or third-party hosting service systems are subject to deliberate cyber-security attacks, such as those involving unauthorized access or malicious software, or unintentional cybersecurity incidents, such as those involving systems misconfigurations, misuse or human error and/or other intrusions, the Company, its operating results and financial condition could be materially adversely impacted.
If the Company’s systems, technologies, products or services (including those we acquire through business acquisitions), or the systems, technologies, products or services of the Company’s customers or third-party hosting services (including third-party data centers and cloud platforms upon which we rely), are damaged or cease to function properly, or if the Company or third-party hosting service systems are subject to deliberate cybersecurity attacks, such as those involving unauthorized access or malicious software, or unintentional cybersecurity incidents, such as those involving systems misconfigurations, misuse or human error and/or other intrusions, the Company, its operating results and financial condition could be materially adversely impacted.
Item 1A. Risk Factors. For an enterprise as diverse and complex as the Company, a wide range of factors present risks to the Company and could materially affect future developments and performance.
Item 1A. Risk Factors. For an enterprise as diverse and complex as the Company, a wide range of factors present risks to the Company and could materially and adversely affect future developments and performance.
Similarly, the State of California has recently enacted its own legislation requiring extensive climate-related disclosures for companies deemed to be doing business in California, and other states are considering similar laws. We are also subject to the European Union’s Corporate Sustainability Reporting Directive.
For example, the State of California has recently enacted its own legislation requiring extensive climate-related disclosures for companies deemed to be doing business in California, and other states are considering similar laws. We are also subject to the European Union’s Corporate Sustainability Reporting Directive.
For additional detail related to this risk, see Part II, Item 7A , “Quantitative and Qualitative Disclosures About Market Risk.” A Significant or Sustained Decline in Commodity Prices, Including Oil, Could Negatively Impact the Levels of Expenditures by Certain of the Company’s Customers.
For additional detail related to this risk, see Part II, Item 7A , “Quantitative and Qualitative Disclosures About Market Risk.” 17 Table of Contents A Significant or Sustained Decline in Commodity Prices, Including Oil, Could Negatively Impact the Levels of Expenditures by Certain of the Company’s Customers.
Risks Related to Legal, Accounting and Regulatory Matters An Unfavorable Outcome of Any Pending Contingencies or Litigation Could Adversely Affect the Company. 19 The Company and its subsidiaries are currently involved in pending and threatened legal, regulatory and other proceedings incidental to the operation of their businesses.
Risks Related to Legal, Accounting and Regulatory Matters An Unfavorable Outcome of Any Pending Contingencies or Litigation Could Adversely Affect the Company. The Company and its subsidiaries are currently involved in pending and threatened legal, regulatory and other proceedings incidental to the operations of their businesses.
These physical risks, including wildfires, rising sea levels, floods and other extreme weather events, may impact the availability and cost of materials, sources and supply of energy, product demand and manufacturing and could increase insurance and other operating costs.
These physical risks, including wildfires, rising sea levels, floods and other extreme weather events or natural disasters, may impact the availability and cost of materials, sources and supply of energy, product demand and manufacturing and could increase insurance and other operating costs.
The availability of and prices for raw materials, parts and components may be subject to curtailment or change due to, among other things, suppliers’ allocations to other purchasers, interruptions in production by suppliers, including due to geopolitical or civil unrest, unfavorable economic or industry conditions, increased or new tariffs and other trade barriers, labor disruptions, supply chain disruptions, catastrophic weather events, natural disasters, public health concerns, changes in exchange rates and prevailing price levels.
The availability of and prices for raw materials, parts and components may be subject to curtailment or change due to, among other things, suppliers’ allocations to other purchasers, interruptions in production by suppliers, including due to geopolitical or civil unrest, unfavorable economic or industry conditions, increased or new tariffs and other trade barriers, labor disruptions, supply chain disruptions, catastrophic weather events and natural disasters, including any that may be caused or exacerbated by global climate change, public health concerns, changes in exchange rates and prevailing price levels.
At the same time, certain governmental representatives and other stakeholders have increasingly expressed or pursued opposing views, legislation and investment expectations around sustainability initiatives, including the enactment or proposal of “anti-ESG” legislation or policies.
At the same time, certain governmental representatives and other stakeholders have increasingly expressed or pursued opposing views, legislation and investment expectations around sustainability initiatives, including the 15 Table of Contents enactment or proposal of “anti-ESG” legislation or policies.
Failure to continue competing successfully could reduce sales, profit margins and overall financial performance. 15 The Company is Dependent on the Availability of Raw Materials, Parts and Components Used in Its Products and Changes in Supply of, or Price for, Raw Materials, Parts and Components May Materially Adversely Affect the Company.
Failure to continue competing successfully could reduce sales, profit margins and overall financial performance. 13 Table of Contents The Company is Dependent on the Availability of Raw Materials, Parts and Components Used in Its Products and Changes in Supply of, or Price for, Raw Materials, Parts and Components May Materially Adversely Affect the Company.
These risks include the following: • possibility of unfavorable circumstances arising from host country laws or regulations and the risks related to required compliance with local laws; • risks of economic instability, including due to inflation; 18 • currency exchange rate fluctuations and restrictions on currency repatriation; • potential negative consequences from changes to taxation policies; • disruption of operations from labor and political disturbances; • withdrawal from or renegotiation of international trade agreements and other restrictions on the trade between the United States and other countries; • the imposition of and changes in the United States’ and other governments’ trade regulations, trade wars, increased or new tariffs and other trade barriers, including as a result of geopolitical developments (such as escalating tensions in the Middle East) and relations between the United States and China and the United States and Russia and any changes arising as a result of global leadership changes, including the recent United States’ presidential election; and • geopolitical events, including natural disasters, catastrophic weather events, climate change, public health conditions, including epidemics, pandemics and other outbreaks (such as the global outbreak of the COVID-19 pandemic), political instability or other geopolitical events, including civil or political unrest, terrorism, insurrection or war (including the ongoing war in Russia and Ukraine and the Israel-Hamas war).
These risks include the following: • possibility of unfavorable circumstances arising from host country laws or regulations and the risks related to required compliance with local laws; • risks of economic instability, including due to inflation; • currency exchange rate fluctuations and restrictions on currency repatriation; • potential negative consequences from changes to taxation policies; • disruption of operations from labor and political disturbances; • withdrawal from or renegotiation of international trade agreements and other restrictions on the trade between the United States and other countries; • the imposition of and changes in the United States’ and other governments’ trade regulations, trade wars, increased or new tariffs and other trade barriers, and variability and unpredictability in trade relations, including as a result of geopolitical developments (such as escalating tensions in the Middle East) and relations between the United States and China and the United States and Russia and any changes arising as a result of global leadership changes; and • geopolitical events, including natural disasters, catastrophic weather events, climate change, public health conditions, including epidemics, pandemics and other outbreaks (such as the global outbreak of the COVID-19 pandemic), political instability or other geopolitical events, including civil or political unrest, terrorism, insurrection, global conflicts or war.
New climate change laws and regulations could require the Company to change its manufacturing processes or obtain substitute materials that may cost more or be less available for its manufacturing operations.
New climate change laws and regulations could require the Company or its suppliers to change their respective manufacturing processes or obtain substitute materials that may cost more or be less available for manufacturing operations.
In 16 addition, there has been a rise in the number of cyberattacks that depend on human error or manipulation, including phishing attacks or schemes that use social engineering to gain access to systems or perpetuate wire transfer or other frauds. Moreover, the rapid evolution and increased adoption of artificial intelligence technologies may intensify our cybersecurity risks.
In 14 Table of Contents addition, there has been a rise in the number of cyberattacks that depend on human error or manipulation, including phishing attacks or schemes that use social engineering to gain access to systems or perpetuate wire transfer or other frauds. Moreover, the rapid evolution and increased adoption of AI technologies may intensify our cybersecurity risks.
Severe weather conditions, including any that may be caused or exacerbated by global climate change, may cause physical damage to our properties, closure of one or more of our manufacturing or distribution facilities, lack of an adequate work force in a market, temporary disruption in the supply of inventory, disruption in the transport of products and utilities and delays in the delivery of products to our customers.
Severe weather conditions or natural disasters, including any that may be caused or exacerbated by global climate change, may cause physical damage to our properties, closure of one or more of our manufacturing or distribution facilities, lack of an adequate work force in a market, temporary disruption in the supply of inventory, disruption in the transport of products and utilities, delays in the delivery of products to our customers or decreased demand for our products from customers who may be affected by such weather conditions or natural disasters.
The Company’s largest end markets include industrial, energy, fire suppression, water, semiconductor, food and pharmaceutical, life sciences, automotive, analytical instruments, paint dispensing, chemical, agriculture and rescue tools. A slowdown in the U.S. or global economy and, in particular, any of these specific end markets could materially reduce the Company’s sales and profitability.
The Company’s largest end markets include industrial, life sciences, energy, water, fire suppression, semiconductor, automotive and aviation, chemical, paint dispensing and food and beverage. A slowdown in the U.S. or global economy and, in particular, any of these specific end markets could materially reduce the Company’s sales and profitability.
We are in the initial stages of incorporating artificial intelligence (“AI”) into our business activities and our product and service offerings. As with many innovations, AI presents risks and challenges that could adversely impact our business.
We are in the initial stages of our phased approach in reviewing AI solutions and capabilities and incorporating AI into our business activities and product and service offerings. As with many innovations, AI presents risks and challenges that could adversely impact our business.
Any of these events could have a materially adverse impact on the Company and its operations. Significant Movements in Foreign Currency Exchange Rates May Harm the Company’s Financial Results.
Any of these events could have a materially adverse impact on the Company and its operations. Significant Movements in Foreign Currency Exchange Rates May Harm the Company’s Financial Results. The Company is exposed to fluctuations in foreign currency exchange rates arising from its global business operations.
Business Disruptions Due to Catastrophic Weather Events, Natural Disasters and Public Health Threats Could Adversely Affect the Company. The Company faces various risks related to the occurrence of catastrophic weather events or significant natural disasters, including earthquakes, wildfires, droughts, fires, power-outages or other catastrophic events, in areas in which we have manufacturing facilities or from which we obtain products.
The Company faces various risks related to the occurrence of catastrophic weather events or significant natural disasters, including earthquakes, wildfires, droughts, fires, power-outages or other catastrophic events, in areas in which we have manufacturing facilities, from which we obtain products or in which our customers operate and conduct business.
At December 31, 2024, goodwill and intangible assets totaled $3,251.7 million and $1,284.8 million, respectively. Annually, or when certain events occur that require a more current valuation, the Company assesses whether there has been an impairment in the value of goodwill and identifiable intangible assets.
At December 31, 2025, goodwill and intangible assets totaled $3,414.5 million and 18 Table of Contents $1,247.4 million, respectively. Annually, or when certain events occur that require a more current valuation, the Company assesses whether there has been an impairment in the value of goodwill and identifiable intangible assets.
Risks Related to Economic and Political Conditions A Slowdown in the U.S. or International Economy Could Materially Adversely Affect the Sales and Profitability of the Company’s Businesses. In 2024, 50% of the Company’s sales were derived from domestic operations and 50% were derived from international operations.
Risks Related to Economic and Political Conditions A Slowdown in the U.S. or International Economy Could Materially Adversely Affect the Sales and Profitability of the Company’s Businesses. In 2025, 51% of the Company’s sales were derived from customers within the U.S. and 49% were derived from customers outside of the U.S.
The Company’s sales from international operations and sales from export are both subject in varying degrees to risks inherent in doing business outside the U.S.
The Company expects international operations and export sales to continue to be significant for the foreseeable future. The Company’s sales from international operations and sales from export are both subject in varying degrees to risks inherent in doing business outside the U.S.
If our sustainability reporting and practices do not meet the expectations and standards of our stockholders, customers and other stakeholders, our reputation and business activities may be negatively impacted and our appeal to certain investors may be reduced. The physical risks of climate change are highly uncertain and differ in the geographic regions in which the Company operates.
If our sustainability reporting and practices do not meet the expectations and standards of our stockholders, customers and other stakeholders, our reputation and business activities may be negatively impacted and our appeal to certain investors may be reduced.
The Company’s policies mandate compliance with all anti-bribery laws, including the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and similar anti-bribery laws in other jurisdictions which generally prohibit companies and their intermediaries from making improper payments for the purpose of obtaining or retaining business.
Foreign Corrupt Practices Act, the U.K. Bribery Act and similar anti-bribery laws in other jurisdictions which generally prohibit companies and their intermediaries from making improper payments for the purpose of obtaining or retaining business. However, the Company operates in certain countries that are recognized as having governmental and commercial corruption.
Changes to Geopolitical and Economic Conditions in the U.S. and Foreign Countries in Which the Company Operates Could Adversely Affect the Company. The Company expects international operations and export sales to continue to be significant for the foreseeable future.
Changes in demand can affect the timing and amounts of customer investments in our products, which could materially affect the Company and its financial condition and results of operations. 16 Table of Contents Changes to Geopolitical and Economic Conditions in the U.S. and Foreign Countries in Which the Company Operates Could Adversely Affect the Company.
Removed
We also are or may become subject to increasing sustainability-related reporting requirements. In March 2024, the SEC adopted new rules regarding climate-related disclosures. Though these rules are currently being challenged in legal proceedings and their effectiveness has been stayed by the SEC, these rules, if they become effective, would require public companies to make a wide range of climate-related disclosures.
Added
Similarly, to the extent any of the foregoing adversely affects the Company’s customers and suppliers, it may also adversely affect the Company’s financial results. We also are or may become subject to increasing sustainability-related reporting requirements.
Removed
The Company is exposed to fluctuations in foreign currency exchange rates, particularly with respect to the Euro, Swiss Franc, Canadian Dollar, British Pound, Indian Rupee, Chinese Renminbi, Swedish Krona, Japanese Yen and Brazilian Real. Any significant change in the value of the currencies of the countries in which the Company does business against the U.S.
Added
The physical risks of climate change are highly uncertain and differ in the geographic regions in which the Company and, in particular, its suppliers and customers operate.
Removed
However, the Company operates in certain countries that are recognized as having governmental and commercial corruption.
Added
Business Disruptions Due to Catastrophic Weather Events, Natural Disasters and Public Health Threats Could Adversely Affect the Company.
Added
In addition, the increasing use and development of AI has increased demand for AI-related projects, including data center power solutions and semiconductor applications. The growth and development of this rapidly-evolving industry is difficult to predict.
Added
Approximately 34% of net sales in 2025 were recorded by subsidiaries with functional currencies other than the U.S. Dollar. Results of these subsidiaries are translated into U.S. Dollars for reporting purposes and the strengthening of the U.S. Dollar could result in unfavorable translation effects.
Added
In addition, certain of the Company’s businesses transact in a currency other than the business’s functional currency, and movements in the transaction currency as related to the functional currency could also result in unfavorable transactional exchange rate effects. Any significant change in the value of the currencies of the countries in which the Company does business against the U.S.
Added
In particular, recent years have seen a substantial increase in anti-bribery law enforcement activity with more frequent investigations and enforcement proceedings by both the Department of Justice and the SEC, increased enforcement activity by non-U.S. regulators and increases in criminal and civil proceedings brought against companies and individuals. The Company’s policies mandate compliance with all anti-bribery laws, including the U.S.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeSenior management provides the Board of Directors updates on the Company’s cybersecurity program at least once a year, including as part of the Company’s enterprise risk management assessment, and the Audit Committee reviews the cybersecurity program at least twice a year and on an as-needed basis.
Biggest changeSenior management provides the Company’s Board of Directors updates on the Company’s cybersecurity program at least once a year, including as part of the Company’s enterprise risk management assessment, and, beginning in 2026, the Audit Committee reviews the cybersecurity program at least three times a year and on an as-needed basis.
Once fully integrated, all of our businesses have access to a “cyber risk dashboard” that monitors various risk indicators. The cyber risk 21 dashboard is monitored by our business units. The Company’s internal auditors periodically review and audit various processes and controls throughout the organization related to cybersecurity readiness.
Once fully integrated, all of our businesses have access to a “cyber risk dashboard” that monitors various risk indicators. The cyber risk dashboard is monitored by our business units. The Company’s internal auditors periodically review and audit various processes and controls throughout the organization related to cybersecurity readiness.
Governance, Oversight and Leadership. The Board of Directors and the Audit Committee oversee management’s efforts to address cybersecurity and information security risks.
Governance, Oversight and Leadership. The Company’s Board of Directors and the Audit Committee oversee management’s efforts to address cybersecurity and information security risks.
Item 1C. Cybersecurity. Risk Management and Strategy. The Company’s cybersecurity program is designed to be aligned to the Cybersecurity Framework published by the National Institute of Standards and Technology (“NIST CSF”). While we use the NIST CSF as a guide, this does not imply that we meet any particular standards, specifications or requirements.
Item 1C. Cybersecurity. Risk Management and Strategy. The Company’s cybersecurity program is designed to be aligned to the Cybersecurity Framework published by the National Institute of Standards and Technology (“NIST CSF”). While we use the NIST CSF as a guide, this does not imply that 19 Table of Contents we meet any particular standards, specifications or requirements.
These individuals, along with other internal and external personnel as needed, monitor the prevention, detection, mitigation and remediation of cybersecurity incidents, and applicable personnel are informed of known cybersecurity incidents to form the appropriate incident response team and respond accordingly. 22
These individuals, along with other internal and external personnel as needed, monitor the prevention, detection, mitigation and remediation of cybersecurity incidents, and applicable personnel are informed of known cybersecurity incidents to form the appropriate incident response team and respond accordingly. 20 Table of Contents

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeManagement considers its facilities suitable and adequate for the Company’s operations and believes it has ample capacity in its plants and equipment to meet demand increases for future growth in the intermediate term, especially given its operational improvement initiatives that usually increase capacity.
Biggest changeThe Company considers its facilities suitable and adequate for the Company’s operations and believes it has ample capacity in its plants and equipment to meet demand increases for future growth in the intermediate term, especially given its operational improvement initiatives that usually increase capacity.
Removed
Item 2. Properties. The Company conducts business at plants and offices that can be owned or leased and located in the U.S. or outside the U.S., with international square footage primarily in Germany (12%), the Netherlands (7%), India (6%), the U.K. (5%), Italy (3%), Canada (3%), China (2%) and Switzerland (2%).
Added
Item 2. Properties. Due to the Company’s decentralized operating structure and global operations, the Company operates out of a large number of facilities worldwide. As of December 31, 2025, the Company operated approximately 210 plants and office facilities, of which approximately 20% are owned and the remainder are leased. Approximately 110 of the facilities were located outside of the U.S.
Removed
A summary of properties used by the Company’s operations as of December 31, 2024 are shown in the following table : Square footage (in millions) Location Owned/Leased Total Domestic International Owned Leased Fluid & Metering Technologies 1.8 1.4 0.4 1.1 0.7 Health & Science Technologies 2.4 1.2 1.2 0.6 1.8 Fire & Safety/Diversified Products 1.1 0.6 0.5 1.0 0.1 Other (1) 0.4 0.1 0.3 0.3 0.1 Total 5.7 3.3 2.4 3.0 2.7 (1) Other includes shared service locations as well as the Company’s executive office, which occupies 40,261 square feet of leased space in Northbrook, Illinois and 16,268 square feet of leased space in Chicago, Illinois.
Added
Principal foreign countries include the U.K., Germany, the Netherlands, Canada, Italy, China and India. The number of facilities by business segment is approximately 90 for HST, 80 for FMT and 25 for FSDP. The remaining facilities relate to the Company’s shared service locations as well as 2 leased corporate offices in Illinois.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeNo provision has been made in the financial statements of the Company, other than for insurance deductibles in the ordinary course, and the Company does not currently believe the asbestos-related claims will have a material adverse effect on the Company’s business, financial position, results of operations or cash flows. Item 4. Mine Safety Disclosures. Not applicable. 23 PART II
Biggest changeNo provision has been made in the financial statements of the Company, other than for insurance deductibles in the ordinary course, and the Company does not currently believe the asbestos-related claims will have a material adverse effect on the Company’s business, financial position, results of operations or cash flows.
In addition, the Company and eight of its subsidiaries are presently named as defendants in a number of lawsuits claiming various asbestos-related personal injuries, allegedly as a result of exposure to products manufactured with components that contained asbestos. These components were acquired from third party suppliers and were not manufactured by the Company or any of the defendant subsidiaries.
In addition, the Company and seven of its subsidiaries are presently named as defendants in a number of lawsuits claiming various asbestos-related personal injuries, allegedly as a result of exposure to products manufactured with components that contained asbestos. These components were acquired from third-party suppliers and were not manufactured by the Company or any of the defendant subsidiaries.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changePeriod Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Dollar Value that May Yet be Purchased Under the Plans or Programs October 1, 2024 to October 31, 2024 — $ — — $ 539,689,117 November 1, 2024 to November 30, 2024 — — — 539,689,117 December 1, 2024 to December 31, 2024 — — — 539,689,117 Total — $ — — $ 539,689,117 24 Performance Graph The following table compares total stockholder returns over the last five years to the Standard & Poor’s (the “S&P”) 500 Index, the S&P Midcap 400 Industrials Sector Index and the Russell 2000 Index assuming the value of the investment in the Company’s common stock and each index was $100 on December 31, 2019.
Biggest changeThe Company’s purchases of common stock during the quarter ended December 31, 2025 are as follows: Period Total Number of Shares Purchased Average Price Paid per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Dollar Value that May Yet be Purchased Under the Plans or Programs October 1, 2025 to October 31, 2025 — $ — — $ 999,689,374 November 1, 2025 to November 30, 2025 194,251 168.03 194,251 967,048,882 December 1, 2025 to December 31, 2025 238,029 177.96 238,029 924,689,463 Total 432,280 $ 173.50 432,280 $ 924,689,463 (1) Excludes commissions and the 1% excise tax imposed by the Inflation Reduction Act of 2022. 22 Table of Contents Performance Graph The following table compares total stockholder returns over the last five years to the Standard & Poor’s (the “S&P”) 500 Index, the S&P Midcap 400 Industrials Sector Index and the Russell 2000 Index assuming the value of the investment in the Company’s common stock and each index was $100 on December 31, 2020.
The Company’s payment of dividends in the future will be determined by the Board of Directors and will depend on business conditions, earnings and other factors.
The Company’s payment of dividends in the future will be determined by the Company’s Board of Directors and will depend on business conditions, earnings and other factors.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. The Company’s common stock trades on the New York Stock Exchange under the symbol “IEX”. As of February 14, 2025, there were approximately 7,285 stockholders of record of the Company’s common stock and there were 75,784,047 shares outstanding.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. The Company’s common stock trades on the New York Stock Exchange under the symbol “IEX”. As of February 13, 2026, there were approximately 7,472 stockholders of record of the Company’s common stock and there were 74,347,824 shares outstanding.
For information pertaining to securities authorized for issuance under equity compensation plans and the related weighted average exercise price, see Part III, Item 12 , “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” On March 17, 2020, the Company’s Board of Directors approved an increase of $500.0 million in the authorized level of repurchases of common stock.
For information pertaining to securities authorized for issuance under equity compensation plans and the related weighted average exercise price, see Part III, Item 12 , “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” On September 17, 2025, the Company’s Board of Directors authorized the repurchase of an additional $635.0 million of the Company’s common shares.
The stockholder return shown on the graph below is not necessarily indicative of future performance. 12/19 12/20 12/21 12/22 12/23 12/24 IDEX Corporation $ 100.00 $ 117.20 $ 140.41 $ 137.28 $ 132.08 $ 128.96 S&P 500 Index $ 100.00 $ 118.40 $ 152.39 $ 124.79 $ 157.59 $ 197.02 S&P Midcap 400 Industrials Sector Index $ 100.00 $ 116.49 $ 149.62 $ 132.42 $ 174.04 $ 197.51 Russell 2000 Index $ 100.00 $ 119.96 $ 137.74 $ 109.59 $ 128.14 $ 142.93 The information contained in this Performance Graph section shall not be deemed to be “soliciting material” or “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
The stockholder return shown on the graph below is not necessarily indicative of future performance. 12/20 12/21 12/22 12/23 12/24 12/25 IDEX Corporation $ 100.00 $ 119.81 $ 117.14 $ 112.70 $ 110.04 $ 94.99 S&P 500 Index $ 100.00 $ 128.71 $ 105.40 $ 133.10 $ 166.40 $ 196.16 S&P Midcap 400 Industrials Sector Index $ 100.00 $ 128.45 $ 113.68 $ 149.41 $ 169.56 $ 191.48 Russell 2000 Index $ 100.00 $ 114.82 $ 91.35 $ 106.82 $ 119.14 $ 134.40 The information contained in this Performance Graph section shall not be deemed to be “soliciting material” or “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
This approval is in addition to the prior repurchase authorization of the Board of Directors of $300.0 million on December 1, 2015. These authorizations have no expiration date. The Company did not repurchase any common stock during the quarter ended December 31, 2024. As of December 31, 2024, the amount of share repurchase authorization remaining was $539.7 million.
This approval is in addition to the prior repurchase authorization of the Company’s Board of Directors of $500.0 million on March 17, 2020. These authorizations have no expiration date and exclude fees, commissions, excise taxes and other expenses related to such common stock repurchases.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeYear Ended December 31, Change (In millions, except per share amounts) 2024 2023 $ % / bps Domestic sales $ 1,618.1 $ 1,638.7 $ (20.6) (1 %) International sales 1,650.7 1,635.2 15.5 1 % Net sales 3,268.8 3,273.9 (5.1) — % Cost of sales 1,823.6 1,827.0 (3.4) — % Gross profit 1,445.2 1,446.9 (1.7) — % Gross margin 44.2 % 44.2 % n/a 0 bps Selling, general and administrative expenses 758.7 703.5 55.2 8 % Restructuring expenses and asset impairments 9.3 10.9 (1.6) (15 %) Operating income 677.2 732.5 (55.3) (8 %) Gain on sale of businesses - net (4.0) (84.7) 80.7 (95 %) Other (income) expense – net (2.6) 5.2 (7.8) (150 %) Interest expense - net 44.5 51.7 (7.2) (14 %) Income before income taxes 639.3 760.3 (121.0) (16 %) Provision for income taxes 134.7 164.7 (30.0) (18 %) Effective tax rate 21.1 % 21.7 % n/a (60) bps Net income attributable to IDEX $ 505.0 $ 596.1 $ (91.1) (15 %) Diluted earnings per common share attributable to IDEX $ 6.64 $ 7.85 $ (1.21) (15 %) Net Sales Net sales were relatively flat compared to the prior year, reflecting a 2% increase in acquisitions, net of divestitures, offset by a 2% decrease in organic net sales.
Biggest changeYear 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 — (4.0) 4.0 (100 %) Other expense (income) – 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 %) 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.
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 fluid and metering technologies, health and science technologies and fire, safety and other diversified products built to customers’ specifications.
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.
We are continuing to monitor legislative developments and evaluate financial results for changes in the expected impact. Results of Reportable Business Segments The Company has three reportable segments: FMT, HST and FSDP. For a detailed description of the operations within each segment, please refer to Part I, Item 1 , “ Business ” of this Annual Report on Form 10-K.
We are continuing to monitor legislative developments and evaluate financial results for changes in the expected impact. Results of Reportable Business Segments The Company has three reportable segments: HST, FMT and FSDP. For a detailed description of the operations within each segment, please refer to Part I, Item 1 , “ Business ” of this Annual Report on Form 10-K.
The Company’s actual results and the timing of selected 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.
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.
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. The Company does not expect a material impact from the Pillar Two income tax rules.
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 income tax rules.
This discussion includes certain non-GAAP financial measures that have been defined and reconciled to their most directly comparable financial measure prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
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.
(2) The portion of sales attributable to foreign currency translation is calculated as the difference between (a) the period-to-period change in organic net sales, and (b) the period-to-period change in organic net sales after applying prior period foreign exchange rates to the current year period.
(2) The portion of sales attributable to foreign currency translation is calculated as the difference between (a) the period-to-period change in organic sales, and (b) the period-to-period change in organic sales after applying prior period foreign exchange rates to the current year period. 2.
For a discussion of the Company’s Revolving Facility, Term Facility and Senior Notes as well as the associated covenants, refer to Note 7 , “Borrowings,” in the Notes to Consolidated Financial Statements.
For a discussion of the Company’s Revolving Facility and Senior Notes as well as the associated covenants, refer to Note 7 , “Borrowings,” in the Notes to Consolidated Financial Statements.
Based on the results of the Company’s annual impairment test at October 31, 2024, all reporting units had fair values substantially in excess of their carrying values. The key assumptions are updated every year for each reporting unit for the income and market approaches used to determine the fair value.
Based on the results of the Company’s annual impairment test at October 31, 2025, all reporting units had fair values substantially in excess of their carrying values. The key assumptions are updated every year for each reporting unit for the income and market approaches used to determine the fair value.
The relief-from-royalty method is dependent on a number of significant management assumptions, including estimates of revenues, royalty rates and discount rates. Based on the results of the Company’s annual impairment test at October 31, 2024, the trade names had fair values in excess of their carrying values.
The relief-from-royalty method is dependent on a number of significant management assumptions, including estimates of revenues, royalty rates and discount rates. Based on the results of the Company’s annual impairment test at October 31, 2025, the trade names had fair values in excess of their carrying values.
Liquidity and Capital Resources Liquidity Based on management’s current expectations and currently available information, the Company believes current cash, cash from operations and cash available under the Revolving Facility will be sufficient to meet its operating cash requirements, planned capital expenditures, interest and principal payments on all borrowings, pension and postretirement funding requirements, share repurchases and quarterly dividend payments to holders of the Company’s common stock for the foreseeable future .
Liquidity and Capital Resources Liquidity Based on management’s current expectations and currently available information, the Company believes current cash, cash from operations and cash available under the Revolving Facility will be sufficient to meet its cash requirements, including funding of working capital, planned capital expenditures, interest and principal payments on all borrowings, pension and postretirement funding requirements, share repurchases and quarterly dividend payments to holders of the Company’s common stock for the foreseeable future .
See Note 6 , “Goodwill and Intangible Assets,” in the Notes to Consolidated Financial Statements for further discussion on goodwill and indefinite-lived intangible assets. 33 Non-GAAP Disclosures Set forth below are reconciliations of Organic net sales, Adjusted gross profit, Adjusted gross margin, Adjusted net income attributable to IDEX, Adjusted diluted EPS attributable to IDEX, Consolidated Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) and Consolidated Adjusted EBITDA margin to their respective most directly comparable U.S.
See Note 6 , “Goodwill and Intangible Assets,” in the Notes to Consolidated Financial Statements for further discussion on goodwill and indefinite-lived intangible assets. 32 Table of Contents Non-GAAP Disclosures Set forth below are reconciliations of Organic sales, Adjusted gross profit, Adjusted gross margin, Adjusted net income attributable to IDEX, Adjusted diluted EPS attributable to IDEX, Consolidated Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) and Consolidated Adjusted EBITDA margin to their respective most directly comparable U.S.
Credit Ratings The Company’s credit ratings, which were independently developed by the following credit agencies, are detailed below: • S&P Global Ratings reaffirmed the Company’s corporate credit rating of BBB (stable outlook) in September 2024. • Moody’s Investors Service affirmed the Company’s corporate credit rating of Baa2 (stable outlook) in August 2024. 32 • Fitch Ratings reaffirmed the Company’s corporate credit rating of BBB+ (stable outlook) in June 2024.
Credit Ratings The Company’s credit ratings, which were independently developed by the following credit agencies, are detailed below: • S&P Global Ratings reaffirmed the Company’s corporate credit rating of BBB (stable outlook) in September 2024. • Moody’s Investors Service affirmed the Company’s corporate credit rating of Baa2 (stable outlook) in August 2024. • Fitch Ratings reaffirmed the Company’s corporate credit rating of BBB+ (stable outlook) in September 2025.
The following assumption ranges were utilized by the Company in 2024 and 2023: Assumptions 2024 Range 2023 Range Weighted average cost of capital 9.25% to 9.75% 10.00% to 12.25% Market multiples 12.0x to 19.0x 10.0x to 20.0x Terminal growth rates 3.0% to 3.5% 3.0% to 3.5% In assessing trade names for impairment, the Company uses the relief-from-royalty method, a form of the income approach, to determine the fair value of its trade names.
The following assumption ranges were utilized by the Company in 2025 and 2024: Assumptions 2025 Range 2024 Range Weighted average cost of capital 9.25% to 10.5% 9.25% to 9.75% Market multiples 11.0x to 17.0x 12.0x to 19.0x Terminal growth rates 3.0% to 3.5% 3.0% to 3.5% In assessing trade names for impairment, the Company uses the relief-from-royalty method, a form of the income approach, to determine the fair value of its trade names.
For the discussion related to the consolidated results of operations for the year ended December 31, 2023 compared with the year ended December 31, 2022, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 22, 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.
There are no financial covenants relating to the 2.625% Senior Notes, the 3.00% Senior Notes and the 4.950% Senior Notes (each defined in Note 7 , “Borrowings”); however, all are subject to cross-acceleration provisions.
There are no financial covenants relating to the 2.625% Senior Notes, the 3.00% Senior Notes or the 4.950% Senior Notes (each as defined in Note 7 , “Borrowings” in the Notes to Consolidated Financial Statements); however, all are subject to cross-acceleration provisions.
The Company follows the guidance prescribed in Accounting Standards Codification (“ASC”) 350, Goodwill and Other Intangible Assets , to test goodwill and indefinite-lived intangible assets for impairment.
The Company follows the guidance prescribed in Accounting Standards 31 Table of Contents Codification (“ASC”) 350, Goodwill and Other Intangible Assets , to test goodwill and indefinite-lived intangible assets for impairment.
Off-Balance Sheet Arrangements The Company had $38.1 million of letters of credit as of December 31, 2024, primarily issued as security for insurance and other performance obligations. Of the $38.1 million of letters of credit, only $2.8 million reduced the Company’s borrowing capacity under the Revolving Facility as of December 31, 2024.
Off-Balance Sheet Arrangements The Company had $21.4 million of letters of credit as of December 31, 2025, primarily issued as security for insurance and other performance obligations. Of the $21.4 million of letters of credit, only $2.6 million reduced the Company’s borrowing capacity under the Revolving Facility as of December 31, 2025.
Reconciliations of Reported-to-Adjusted Gross Profit and Gross Margin (in millions) For the Years Ended December 31, 2024 2023 Gross profit $ 1,445.2 $ 1,446.9 Fair value inventory step-up charges 9.6 1.6 Adjusted gross profit $ 1,454.8 $ 1,448.5 Net sales $ 3,268.8 $ 3,273.9 Gross margin 44.2 % 44.2 % Adjusted gross margin 44.5 % 44.2 % 3.
Reconciliations of Reported-to-Adjusted Gross Profit and Gross Margin (in millions) For the Years Ended December 31, 2025 2024 Gross profit $ 1,538.8 $ 1,445.2 Fair value inventory step-up charges 0.6 9.6 Adjusted gross profit $ 1,539.4 $ 1,454.8 Net sales $ 3,457.5 $ 3,268.8 Gross margin 44.5 % 44.2 % Adjusted gross margin 44.5 % 44.5 % 3.
The Company’s acquisitions have generally included significant goodwill components and the Company expects to continue to make acquisitions. At December 31, 2024, goodwill and other indefinite-lived intangible assets totaled $3,342.6 million, or 50%, of the Company’s total assets.
The Company’s acquisitions have generally included significant goodwill components and the Company expects to continue to make acquisitions. At December 31, 2025, goodwill and other indefinite-lived intangible assets totaled $3,505.4 million, or 51%, of the Company’s total assets.
Select key liquidity metrics at December 31, 2024 are as follows: (In millions) December 31, 2024 Working capital $ 963.0 Current ratio 2.5 to 1 Cash and cash equivalents $ 620.8 Cash held outside of the United States 462.7 Revolving Facility capacity $ 800.0 Borrowings 269.8 Letters of credit 2.8 Revolving Facility availability $ 527.4 Operating Working Capital Operating working capital, calculated as Receivables – net plus Inventories – net minus Trade accounts payable, is used by management as a measurement of operational results as well as the short-term liquidity of the Company.
Select key liquidity metrics at December 31, 2025 are as follows: (In millions) December 31, 2025 Working capital $ 1,067.8 Current ratio 2.9 to 1 Cash and cash equivalents $ 580.0 Cash held outside of the United States 526.2 Revolving Facility capacity $ 800.0 Borrowings 228.8 Letters of credit 2.6 Revolving Facility availability $ 568.6 Operating Working Capital Operating working capital, calculated as Receivables – net plus Inventories – net minus Trade accounts payable, is used by management as a measurement of operational results as well as the short-term liquidity of the Company.
At December 31, 2024, the Company was in compliance with both of these financial covenants, as the Company’s interest coverage ratio was 16.09 to 1 for covenant calculation purposes and the leverage ratio was 2.20 to 1.
At December 31, 2025, the Company was in compliance with both of these financial covenants, as the Company’s interest coverage ratio was 13.13 to 1 for covenant calculation purposes and the leverage ratio was 1.96 to 1.
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.
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.
Covenants The key financial covenants that the Company is required to maintain in connection with the Revolving Facility, the 3.37% Senior Notes and the 5.13% Senior Notes, are a minimum interest coverage ratio of 3.0 to 1 and a maximum leverage ratio of 3.50 to 1.
Total dividend payments to common shareholders were $212.6 million in 2025 compared with $205.3 million in 2024. Covenants The key financial covenants that the Company is required to maintain in connection with the Revolving Facility and the 5.13% Senior Notes are a minimum interest coverage ratio of 3.0 to 1 and a maximum leverage ratio of 3.50 to 1.
Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except per share amounts) For the Years Ended December 31, 2024 2023 Reported net income attributable to IDEX $ 505.0 $ 596.1 Fair value inventory step-up charges 9.6 1.6 Tax impact on fair value inventory step-up charges (2.0) (0.4) Restructuring expenses and asset impairments 9.3 10.9 Tax impact on restructuring expenses and asset impairments (2.2) (2.5) Gain on sale of businesses - net (4.0) (84.7) Tax impact on gain on sale of businesses - net — 22.7 Credit loss on note receivable from collaborative partner (4) — 7.7 Tax impact on credit loss on note receivable from collaborative partner — (1.6) Acquisition-related intangible asset amortization 107.1 94.9 Tax impact on acquisition-related intangible asset amortization (24.3) (21.1) Adjusted net income attributable to IDEX $ 598.5 $ 623.6 Reported diluted EPS attributable to IDEX $ 6.64 $ 7.85 Fair value inventory step-up charges 0.13 0.02 Tax impact on fair value inventory step-up charges (0.02) — Restructuring expenses and asset impairments 0.12 0.15 Tax impact on restructuring expenses and asset impairments (0.03) (0.03) Gain on sale of businesses - net (0.05) (1.12) Tax impact on gain on sale of businesses - net — 0.30 Credit loss on note receivable from collaborative partner (4) — 0.10 Tax impact on credit loss on note receivable from collaborative partner — (0.02) Acquisition-related intangible asset amortization 1.41 1.25 Tax impact on acquisition-related intangible asset amortization (0.31) (0.28) Adjusted diluted EPS attributable to IDEX $ 7.89 $ 8.22 Diluted weighted average shares outstanding 75.9 75.9 4.
Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except per share amounts) For the Years Ended December 31, 2025 2024 Reported net income attributable to IDEX $ 483.2 $ 505.0 Fair value inventory step-up charges 0.6 9.6 Tax impact on fair value inventory step-up charges (0.1) (2.0) Restructuring expenses and asset impairments (1) 20.4 9.3 Tax impact on restructuring expenses and asset impairments (5.1) (2.2) Gain on sale of businesses - net — (4.0) Tax impact on gain on sale of businesses - net — — Loss on sale of assets 1.1 — Tax impact on loss on sale of assets (2) 0.5 — Acquisition-related intangible asset amortization 130.7 107.1 Tax impact on acquisition-related intangible asset amortization (31.8) (24.3) Adjusted net income attributable to IDEX $ 599.5 $ 598.5 Reported diluted EPS attributable to IDEX $ 6.41 $ 6.64 Fair value inventory step-up charges 0.01 0.13 Tax impact on fair value inventory step-up charges — (0.02) Restructuring expenses and asset impairments (1) 0.27 0.12 Tax impact on restructuring expenses and asset impairments (0.07) (0.03) Gain on sale of businesses - net — (0.05) Tax impact on gain on sale of businesses - net — — Loss on sale of assets 0.02 — Tax impact on loss on sale of assets (2) 0.01 — Acquisition-related intangible asset amortization 1.72 1.41 Tax impact on acquisition-related intangible asset amortization (0.42) (0.31) Adjusted diluted EPS attributable to IDEX $ 7.95 $ 7.89 Diluted weighted average shares outstanding 75.3 75.9 (1) This adjustment represents the amount of Restructuring expenses and asset impairments attributable to IDEX.
For additional information regarding the Company’s share repurchase program, refer to Note 11 , “Share Repurchases,” in the Notes to Consolidated Financial Statements. Dividends The Company increased its quarterly cash dividend by 8% from $0.64 per common share in 2023 to $0.69 per common share in 2024.
For additional information regarding the Company’s share repurchase program, refer to Note 11 , “Share Repurchases,” in the Notes to Consolidated Financial Statements and Item 5 “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.” Dividends The Company increased its quarterly cash dividend by 3% from $0.69 per common share in 2024 to $0.71 per common share in 2025.
Free cash flow is calculated as cash flows provided by operating activities less capital expenditures. Free cash flow conversion is calculated as free cash flow divided by adjusted net income attributable to IDEX.
Free cash flow is calculated as cash flows provided by operating activities less capital expenditures.
As of December 31, 2024, the Company’s purchase obligations, consisting primarily of inventory commitments, totaled approximately $296.8 million, of which $271.1 million is expected to be settled during 2025 and the remainder thereafter. • Pension and post-retirement medical benefit plans - See Note 17 , “Retirement Benefits,” in the Notes to Consolidated Financial Statements for further detail of our obligations and the timing of expected future payments.
As of December 31, 2025, the Company’s purchase obligations, consisting primarily of inventory commitments, totaled approximately $326.2 million, of which $290.1 million is expected to be settled during 2026 and the remainder thereafter. • Pension and post-retirement medical benefit plans - See Note 17 , “Retirement Benefits,” in the Notes to Consolidated Financial Statements for further detail of our obligations and the timing of expected future payments. • Contingent consideration - In connection with the acquisition of Micro-LAM, the Company entered into an earnout agreement and may be required to pay contingent cash consideration upon the achievement of certain financial performance targets.
The financial results prepared in accordance with U.S. GAAP and the reconciliations from these results should be carefully evaluated. All table footnotes can be found at the end of this Non-GAAP Disclosures section. 1.
The financial results prepared in accordance with U.S. GAAP and the reconciliations from these results should be carefully evaluated. 1.
Reconciliations of Net Income to Adjusted EBITDA (in millions) For the Years Ended December 31, 2024 2023 Reported net income $ 504.6 $ 595.6 Provision for income taxes 134.7 164.7 Interest expense – net 44.5 51.7 Gain on sale of businesses - net (4.0) (84.7) Depreciation 68.5 57.2 Amortization 107.1 94.9 Fair value inventory step-up charges 9.6 1.6 Restructuring expenses and asset impairments 9.3 10.9 Credit loss on note receivable from collaborative partner (4) — 7.7 Adjusted EBITDA $ 874.3 $ 899.6 Adjusted EBITDA Components FMT $ 406.3 $ 416.1 HST 346.8 359.5 FSDP 214.2 208.6 Corporate and other (93.0) (84.6) Total Adjusted EBITDA $ 874.3 $ 899.6 Net sales $ 3,268.8 $ 3,273.9 Net income margin 15.4 % 18.2 % Adjusted EBITDA margin 26.7 % 27.5 % (1) Represents the sales from acquired or divested businesses during the first 12 months of ownership or prior to divestiture.
Reconciliations of Net Income to Adjusted EBITDA (in millions) For the Years Ended December 31, 2025 2024 Reported net income $ 482.5 $ 504.6 Provision for income taxes 150.1 134.7 Interest expense – net 64.4 44.5 Gain on sale of businesses - net — (4.0) Depreciation 75.8 68.5 Amortization 130.7 107.1 Fair value inventory step-up charges 0.6 9.6 Restructuring expenses and asset impairments 20.7 9.3 Loss on sale of assets 1.1 — Adjusted EBITDA $ 925.9 $ 874.3 Adjusted EBITDA Components HST $ 397.8 $ 346.8 FMT 406.8 406.3 FSDP 213.5 214.2 Corporate and other (92.2) (93.0) Total Adjusted EBITDA $ 925.9 $ 874.3 Net sales $ 3,457.5 $ 3,268.8 Net income margin 14.0 % 15.4 % Adjusted EBITDA margin 26.8 % 26.7 %
For additional information, refer to Note 2 , “Acquisitions and Divestitures,” in the Notes to Consolidated Financial Statements. Other (Income) Expense – net Other (income) expense – net was $2.6 million of income in 2024 compared to $5.2 million of expense in 2023.
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.
Reconciliations of the Change in Net Sales to Organic Net Sales For the Years Ended December 31, 2024 2023 FMT HST FSDP IDEX FMT HST FSDP IDEX Change in net sales (1 %) (1 %) 4 % — % 7 % (2 %) 6 % 3 % Less: Net impact from acquisitions/divestitures (1) (1 %) 6 % — % 2 % 2 % 9 % — % 5 % Impact from foreign currency (2) — % — % — % — % — % — % — % — % Impact from the exit of a COVID-19 testing application (3) — % — % — % — % — % (1 %) — % (1 %) Change in organic net sales — % (7 %) 4 % (2 %) 5 % (10 %) 6 % (1 %) 2.
Reconciliations of the Change in Net Sales to Organic Sales For the Years Ended December 31, 2025 2024 HST FMT FSDP IDEX HST FMT FSDP IDEX Change in net sales 15 % (1 %) — % 6 % (1 %) (1 %) 4 % — % Less: Net impact from acquisitions/divestitures (1) 10 % (2 %) — % 4 % 6 % (1 %) — % 2 % Impact from foreign currency (2) 1 % 1 % 1 % 1 % — % — % — % — % Change in organic sales 4 % — % (1 %) 1 % (7 %) — % 4 % (2 %) (1) Represents the sales from acquired or divested businesses during the first 12 months of ownership or prior to divestiture.
Results of Operations The following is a discussion and analysis of the Company’s results of operations for the year ended December 31, 2024 compared with the year ended December 31, 2023.
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.
The following table reconciles cash flows provided by operating activities to free cash flow: Year Ended December 31, (In millions) 2024 2023 Cash flows provided by operating activities $ 668.1 $ 716.7 Less: capital expenditures 65.1 89.9 Free cash flow $ 603.0 $ 626.8 Reported net income attributable to IDEX $ 505.0 $ 596.1 Adjusted net income attributable to IDEX 598.5 623.6 Operating cash flow as a percent of net income 132 % 120 % Free cash flow conversion 101 % 101 % 31 Cash Requirements Contractu al Obligations The Company’s cash requirements under contractual obligations include: • Borrowings and related interest - See Note 7 , “Borrowings,” in the Notes to Consolidated Financial Statements for further detail of the Company’s debt and timing of expected future principal payments. • Rental payments for leases - See Note 9 , “Leases,” in the Notes to Consolidated Financial Statements for further detail of our obligations and the timing of expected future payments. • Purchase obligations - The Company enters into purchase orders with vendors and other parties in the ordinary course of business.
Contractu al Obligations The Company’s cash requirements under contractual obligations include: • Borrowings and related interest - See Note 7 , “Borrowings,” in the Notes to Consolidated Financial Statements for further detail of the Company’s debt and timing of expected future principal payments. • Rental payments for leases - See Note 9 , “Leases,” in the Notes to Consolidated Financial Statements for further detail of our obligations and the timing of expected future payments. • Purchase obligations - The Company enters into purchase orders with vendors and other parties in the ordinary course of business.
For additional information regarding the borrowings under the Company’s Revolving Facility and the 4.950% Senior Notes, refer to Note 7 , “Borrowings,” in the Notes to Consolidated Financial Statements.
For additional information regarding restructuring expenses and asset impairments, refer to Note 1 4 , “Restructuring Expenses and Asset Impairments,” in the Notes to Consolidated Financial Statements.
Health & Science Technologies Segment Year Ended December 31, Components of Change (In millions) 2024 2023 Change Organic Acq/Div (1) Foreign Currency Total Domestic sales $ 573.7 $ 575.5 — % International sales 724.4 740.9 (2 %) Net sales $ 1,298.1 $ 1,316.4 (1 %) (7 %) 6 % — % (1 %) Adjusted EBITDA 346.8 359.5 (4 %) (10 %) 6 % — % (4 %) Adjusted EBITDA margin 26.7 % 27.3 % (60) bps (70) bps 10 bps — bps (60) bps (1) Acquisitions included Iridian Spectral Technologies acquired in May 2023, STC Material Solutions acquired in December 2023 and Mott acquired in September 2024.
Management’s measurements of segment performance are Net sales, adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) and Adjusted EBITDA margin. 26 Table of Contents Health & Science Technologies Segment Year Ended December 31, Components of Change (In millions) 2025 2024 Change Organic Acq/Div (1) Foreign Currency Total Domestic sales $ 695.7 $ 573.7 21 % International sales 799.8 724.4 10 % Net sales $ 1,495.5 $ 1,298.1 15 % 4 % 10 % 1 % 15 % Adjusted EBITDA 397.8 346.8 15 % 8 % 6 % 1 % 15 % Adjusted EBITDA margin 26.6 % 26.7 % (10) bps 90 bps (100) bps — bps (10) bps (1) Acquisitions included Mott acquired in September 2024 and Micro-LAM, Inc.
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. 2024 Highlights (All comparisons are against 2023 unless otherwise noted) • Net sales of $3,268.8 million, flat overall and down 2% organically* • Diluted earnings per common share (“EPS”) attributable to IDEX of $6.64, down 15% • Adjusted diluted EPS attributable to IDEX* of $7.89, down 4% • Operating cash flow of $668.1 million, down 7%, was 132% of net income, up from 120% • Free cash flow* of $603.0 million, down 4%, was 101% of adjusted net income*, flat with prior year • Completed acquisition of Mott Corporation and its subsidiaries (“Mott”) on September 5, 2024 for cash consideration of $986.2 million, net of cash acquired, using a combination of $211.9 million of cash on hand and $774.3 million of debt • Completed a public offering of $500 million principal amount of 4.950% Senior Notes, due September 2029, as part of the funding for the acquisition of Mott *These are non-GAAP measures.
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.
The following table details Operating working capital as of December 31, 2024 and 2023: (In millions) December 31, 2024 December 31, 2023 Change Organic Change Receivables – net $ 465.9 $ 427.8 $ 38.1 $ 17.0 Inventories – net 429.7 420.8 8.9 (17.7) Less: Trade accounts payable 197.8 179.7 18.1 8.4 Operating working capital $ 697.8 $ 668.9 $ 28.9 $ (9.1) Operating working capital increased $28.9 million to $697.8 million at December 31, 2024.
The following table details Operating working capital as of December 31, 2025 and 2024: (In millions) December 31, 2025 December 31, 2024 Change Organic Change Receivables – net $ 521.7 $ 465.9 $ 55.8 $ 41.2 Inventories – net 479.4 429.7 49.7 34.2 Less: Trade accounts payable 224.7 197.8 26.9 17.0 Operating working capital $ 776.4 $ 697.8 $ 78.6 $ 58.4 Foreign currency translation, slightly offset by the impact of acquisitions, increased Operating working capital by $20.2 million during 2025.
Fire & Safety/Diversified Products Segment Year Ended December 31, Components of Change (In millions) 2024 2023 Change Organic Acq/Div Foreign Currency Total Domestic sales $ 354.9 $ 371.9 (5 %) International sales 389.4 346.9 12 % Net sales $ 744.3 $ 718.8 4 % 4 % — % — % 4 % Adjusted EBITDA 214.2 208.6 3 % 3 % — % — % 3 % Adjusted EBITDA margin 28.8 % 29.0 % (20) bps (20) bps — bps — bps (20) bps • Organic net sales were positively impacted by strong targeted growth initiatives, continued recovery in fire original equipment manufacturer markets and price capture.
Fire & Safety/Diversified Products Segment Year Ended December 31, Components of Change (In millions) 2025 2024 Change Organic Acq/Div Foreign Currency Total Domestic sales $ 371.8 $ 354.9 5 % International sales 373.5 389.4 (4 %) Net sales $ 745.3 $ 744.3 — % (1 %) — % 1 % — % Adjusted EBITDA 213.5 214.2 — % (1 %) — % 1 % — % Adjusted EBITDA margin 28.7 % 28.8 % (10) bps (10) bps — bps — bps (10) bps • Organic sales reflected positive price, which was more than offset by lower volumes in the Company’s Dispensing and Fire & Safety businesses.
Apart from these items, receivables increased due to strong price capture, which more than offset the impact of lower volumes; inventories decreased with lower volumes and targeted actions to lower inventory levels; and accounts payable increased as a result of timing of payments for inventory purchases. 30 Cash Flow Summary The following table is derived from the Consolidated Statements of Cash Flows: Year Ended December 31, (In millions) 2024 2023 Change Net cash flows provided by (used in): Operating activities $ 668.1 $ 716.7 $ (48.6) Investing activities (1,006.5) (283.8) (722.7) Financing activities 465.9 (344.7) 810.6 Operating Activities Cash flows provided by operating activities decreased $48.6 million to $668.1 million in 2024 primarily due to lower earnings and the timing of customer deposits and project deliveries as well as larger inventory reductions in the prior year period.
Apart from these items, the primary drivers of the change in Operating working capital were higher receivables, driven by price and the timing of shipments, and higher inventories, which increased early in the year to support planned production. 28 Table of Contents Cash Flow Summary The following table is derived from the Consolidated Statements of Cash Flows: Year Ended December 31, (In millions) 2025 2024 Change Net cash flows provided by (used in): Operating activities $ 680.4 $ 668.1 $ 12.3 Investing activities (137.6) (1,006.5) 868.9 Financing activities (632.6) 465.9 (1,098.5) Operating Activities Operating cash flows increased $12.3 million in 2025 primarily due to improved operational results, lower cash payments for taxes and timing of customer deposits and project deliveries impacting the prior year period.
Selling, General and Administrative Expenses Selling, general and administrative expenses increased primarily due to the $31.1 million impact from acquisitions, including amortization, net of divestitures, as well as higher employee-related costs and increased discretionary spending and transaction expenses. 27 Restructuring Expenses and Asset Impairments Restructuring expenses and asset impairments decreased primarily due to lower severance costs.
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.
The Company believes it has sufficient operating cash flows to continue to meet current obligations and invest in planned capital expenditures. C ash flows from operations were more than adequate to fund capital expenditures of $65.1 million and $89.9 million i n 2024 and 2023, respectively. Share Repurchases There were no share repurchases i n 2024.
The Company believes it has sufficient operating cash flows to continue to meet current obligations and invest in planned capital expenditures.
Management’s measurements of segment performance are Net sales, adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) and Adjusted EBITDA margin. 28 Fluid & Metering Technologies Segment Year Ended December 31, Components of Change (In millions) 2024 2023 Change Organic Acq/Div (1) Foreign Currency Total Domestic sales $ 693.1 $ 695.7 — % International sales 540.1 551.4 (2 %) Net sales $ 1,233.2 $ 1,247.1 (1 %) — % (1 %) — % (1 %) Adjusted EBITDA 406.3 416.1 (2 %) (1 %) (1 %) — % (2 %) Adjusted EBITDA margin 32.9 % 33.4 % (50) bps (40) bps — bps (10) bps (50) bps (1) Divestitures included Alfa Valvole, sold in June 2024. • Organic net sales were positively impacted by price capture and targeted growth initiatives, which were offset by lower volumes, driven primarily by softness in agriculture and energy markets.
Fluid & Metering Technologies Segment Year Ended December 31, Components of Change (In millions) 2025 2024 Change Organic Acq/Div (1) Foreign Currency Total Domestic sales $ 693.3 $ 693.1 — % International sales 530.7 540.1 (2 %) Net sales $ 1,224.0 $ 1,233.2 (1 %) — % (2 %) 1 % (1 %) Adjusted EBITDA 406.8 406.3 — % — % (1 %) 1 % — % Adjusted EBITDA margin 33.2 % 32.9 % 30 bps 20 bps 10 bps — bps 30 bps (1) Divestitures included Alfa Valvole, sold in June 2024. • Organic sales reflected unfavorable volumes in the Company’s chemical, energy, industrial water, agriculture and semiconductor businesses, partially offset by higher volume in the municipal water businesses, which together more than offset the benefit of positive price across the segment. • Adjusted EBITDA margin increased primarily due to positive price/cost as well as net productivity improvements.
The net impact of acquisitions and divestitures increased cash used in investing activities by $746.2 million during 2024 as compared to 2023, primarily related to the acquisition of Mott in 2024. This increase in cash outflows was partially offset by lower capital expenditures, which decreased cash used in investing activities by $24.8 million, as compared to 2023.
Investing Activities Cash used in investing activities decreased $868.9 million in 2025 as compared to the prior year period driven by $863.2 million of lower net spending on business acquisitions, net of divestitures, in the current year period, primarily due to the acquisition of Mott and the sale of Alfa Valvole during the prior year period.
Subsequent Borrowings Activity During January 2025, the Company repaid $30.2 million of the $269.8 million outstanding under the Revolving Facility at December 31, 2024. Capital Expenditures Capital expenditures generally include machinery and equipment that support growth and improved productivity, tooling, business system technology, replacement of equipment and investments in new facilities.
See Note 8 , “Fair Value Measurements,” in the Notes to Consolidated Financial Statements for further detail of our contingent consideration obligations. Capital Expenditures Capital expenditures generally include machinery and equipment that support growth and improved productivity, tooling, business system technology, replacement of equipment and investments in new facilities.
For additional information on the Company’s acquisition and divestitures, refer to Note 2 , “Acquisitions and Divestitures,” in the Notes to Consolidated Financial Statements.
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.
The Company repurchased 124,600 shares at a cost of $24.2 million in 2023. As of December 31, 2024, the amount of share repurchase authorization remaining was $539.7 million. During February 2025, the Company repurchased a total of 256,159 shares at a cost of $50.0 million.
Subsequent Share Repurchases Subsequent to December 31, 2025, the Company repurchased 0.2 million shares at a cost of $38.1 million.
Financing Activities Cash flows provided by financing activities increased $810.6 million in 2024 primarily due to $774.3 million of net proceeds in connection with the financing of the acquisition of Mott in 2024, as compared with $100.0 million of net proceeds from borrowings in 2023.
The prior year period included $774.3 million of net proceeds in connection with the financing of the Mott acquisition.
One-time discrete tax benefits lowered the effective tax rate in 2024 and 2023. For additional information, refer to Note 1 2 , “Income Taxes,” in the Notes to Consolidated Financial Statements.
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.
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See the definitions of these non-GAAP measures and reconciliations to their most directly comparable U.S.
Added
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.
Removed
GAAP financial measures under the headings “Non-GAAP Disclosures” and “Free Cash Flow.” During 2024, the Company delivered solid execution amid uncertain macro conditions and continued to deploy capital focused on growth initiatives, including completing the acquisition of Mott, which is the Company’s largest acquisition to date.
Added
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.
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Net sales reflects the benefit of acquisitions, net of divestitures, and growth in our FSDP segment, which together mostly offset the impact of lower volumes from continued market softness in our HST segment; FMT segment net sales were flat organically.
Added
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.
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Despite market choppiness, our businesses achieved strong productivity through both net price capture and operational excellence and delivered reported and adjusted diluted earnings per share of $6.64 and $7.89, respectively.
Added
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.
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We delivered operating cash flow of $668.1 million, which was 132% of net income, and achieved free cash flow conversion of 101% of adjusted net income. 2025 Outlook Moving into 2025, the majority of our end markets are stable.
Added
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.
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Our businesses are well-positioned to capitalize on secular growth trends that we expect will emerge following this current period of near-term uncertainty surrounding U.S. trade and economic policy and overall high levels of geopolitical tension. 26 Within HST, we expect growth driven by demand for new disease therapies and nutrition, global communication satellite network expansion, and energy consumption tied to datacenters.
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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.
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We expect modest growth from key end markets in life science fluidics and optical filters while semiconductor will remain delayed until the second half of the year. Separately, our FMT segment expects its largest area of growth to come from its water businesses while core industrial markets are expected to remain stable.
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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.
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Contributions from these spaces are expected to be tempered by pressured demand in energy and agriculture markets, which are experiencing the most exposure to market cyclicality.
Added
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.
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Finally, we expect FSDP segment growth will continue to be driven by our fire and safety businesses as North America original equipment manufacturers continue to recover and our integrated systems offerings have increased our content per firetruck.
Added
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.
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The decrease in organic net sales was driven by lower volumes as a result of unfavorable market conditions, primarily in the Health & Science Technologies segment, partially offset by price capture across all segments.
Added
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.
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Gross Profit and Gross Margin Gross profit and Gross margin were positively impacted by strong price/cost and were negatively impacted by higher employee-related costs and unfavorable mix. Additionally, Gross profit was positively impacted by the net accretive impact of acquisitions and divestitures, which was more than offset by lower volumes.
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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.
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Severance costs during both periods were incurred in conjunction with cost mitigation efforts as a result of market conditions.
Added
(“Micro-LAM”) acquired in July 2025 . • Organic sales reflected positive price and favorable volumes driven by higher volumes in the Company’s data center, semiconductor consumables and space and defense businesses as well as 8020-driven commercial initiatives, partially offset by lower volumes in the Company’s semiconductor OEM, industrial and automotive businesses. • Adjusted EBITDA margin decreased slightly, reflecting net productivity improvements, including platform optimization savings and cost containment, favorable price/cost and volume leverage, which largely mitigated the impact of acquisitions, unfavorable mix and higher variable compensation.
Removed
In 2023, the Company completed the sale of Micropump, Inc. (“Micropump”) for proceeds of $110.3 million, net of cash remitted, which resulted in a pre-tax gain of $93.8 million, and the sale of Novotema, SpA (“Novotema”) for proceeds of $8.3 million, net of cash remitted, which resulted in a loss of $9.1 million.
Added
These improvements were partially offset by volume deleverage and unfavorable mix. Platform optimization savings and cost containment offset other higher employee-related costs.
Removed
The change was primarily due to the absence of a $7.7 million credit loss reserve on an investment with a collaborative partner (see Note 3 , “Collaborative Investments,” in the Notes to Consolidated Financial Statements for further detail) in 2023 that did not reoccur in 2024.
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Volumes in the Company’s Dispensing business were impacted by the timing of Dispensing 27 Table of Contents projects in emerging markets and slower equipment replenishment.
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Interest Expense - Net Interest expense - net decreased primarily due to higher interest earned on cash balances in 2024, partially offset by incremental interest expense in 2024, including the impact of higher debt outstanding to finance the acquisition of Mott. Income Taxes The 2024 effective tax rate was 21.1% as compared with the 2023 effective tax rate of 21.7%.
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Strong North America Fire OEM volumes were more than offset by lower Fire & Safety volumes in Asia. • Adjusted EBITDA margin decreased primarily due to volume deleverage and unfavorable mix, mostly offset by price/cost and net productivity improvements, including platform optimization savings and cost containment.
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Strength in municipal water markets was muted by softness in the semiconductor capital construction market within our water business. • Adjusted EBITDA margin decreased primarily due to higher employee-related costs, higher discretionary spending and unfavorable mix, partially offset by strong price/cost and favorable operational productivity, net of lower volume leverage.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeWhile materials are typically available from numerous suppliers, they are subject to price fluctuations, including the impact of new or increased tariffs on imports, which could have a negative impact on our results. We seek to minimize the effects of inflation and changing prices through price increases to maintain reasonable gross margins. 35
Biggest changeInflation Risk We source a wide variety of materials and components from a network of global suppliers. While materials are typically available from numerous suppliers, they are subject to price fluctuations, including the impact of new or increased tariffs on imports, which could have a negative impact on our results.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk. The Company is subject to market risk associated with changes in foreign currency exchange rates and interest rates as well as inflationary factors.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk. The Company is subject to market risk associated with changes in foreign currency exchange rates and interest rates as well as inflationary factors. Foreign Currency Exchange Rates The Company is exposed to foreign currency risks that arise from its global business operations.
Interest Rate Fluctuations The Company has interest rate exposure due to $269.8 million of the $1,971.3 million debt outstanding at December 31, 2024 bearing floating rate debt.
Interest Rate Fluctuations The Company has interest rate exposure due to $228.8 million of the $1,829.8 million debt outstanding at December 31, 2025 bearing floating rate debt.
The foreign currency transaction (gains) losses for the years ended December 31, 2024, 2023 and 2022 were $(1.0) million, $7.3 million and 34 $(0.8) million , respectively, and are reported within Other (income) expense – net on the Consolidated Statements of Income. See Note 1 , “Significant Accounting Policies,” in the Notes to Consolidated Financial Statements for further discussion.
The foreign currency transaction losses 33 Table of Contents (gains) for the years ended December 31, 2025, 2024 and 2023 were $5.6 million, $(1.0) million and $7.3 million , respectively, and are reported within Other expense (income) – net on the Consolidated Statements of Income.
Foreign Currency Exchange Rates The Company’s foreign currency exchange rate risk is limited principally to the Euro, Swiss Franc, Canadian Dollar, British Pound, Indian Rupee, Chinese Renminbi, Swedish Krona, Japanese Yen and Brazilian Real. The Company manages its foreign exchange risk principally through invoicing customers in the same currency as the source of products.
The Company manages its foreign exchange risk principally through invoicing customers in the same currency as the source of products.
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At December 31, 2024, there was $269.8 million outstanding under the Revolving Facility with an interest rate of 3.84%. Inflation Risk We source a wide variety of materials and components from a network of global suppliers.
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Approximately 34% of net sales in 2025 were recorded by subsidiaries with functional currencies other than the U.S. Dollar. Changes in foreign currency exchange rates affect the Company’s results of operations, financial position and cash flows when these subsidiaries’ results are translated into U.S. Dollars, the Company’s functional reporting currency. The strengthening of the U.S.
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Dollar could result in unfavorable translation effects as the results of foreign operations are translated into U.S. Dollars. Changes in foreign currency exchange rates also affect transaction gains and losses associated with transactions denominated in currencies other than a subsidiary’s functional currency.
Added
At December 31, 2025, there was $228.8 million outstanding under the Revolving Facility with an interest rate of 3.32%. A hypothetical 1% change in the interest rate would cause the interest expense on the Company’s floating rate debt to change by approximately $2.3 million per year.
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We seek to minimize the effects of inflation and changing prices through price increases to maintain reasonable gross margins. 34 Table of Contents