AMETEK Inc.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 30 October 2025: press release. Guidance figures: 2 raised, 5 new, 2 kept. The quarter’s numbers.

Key takeaways

Sales reached $1.89 billion, up 11%: Third-quarter sales were $1,892.6 million, compared with $1,708.6 million in the third quarter of 2024. Source
Adjusted EPS up 14% to $1.89: Adjusted diluted EPS was $1.89, against $1.66 a year earlier. GAAP diluted EPS was $1.60, compared with $1.47. Source
EMG operating income and margin up: EMG segment operating income was $163.9 million, up 25% from $131.5 million; operating margin was 25.4%, up 250 basis points. Source
Adjusted operating margin up 0.9 points: GAAP operating margin was 25.8%, against 26.1%. Adjusted operating margin was 27.0%, up 0.9 points; acquisitions diluted margin by 0.8 points and acquisition costs by 0.4 points. Source
Full-year adjusted EPS guidance raised: Full-year 2025 adjusted EPS now expected at $7.32 to $7.37, up 7% to 8% on the 2024 comparable basis; prior range was $7.06 to $7.20. Source
Fourth-quarter adjusted EPS guided: Fourth-quarter 2025 adjusted EPS expected at $1.90 to $1.95, up 2% to 4% over the fourth quarter of 2024. Source

“Our businesses performed exceptionally well in the third quarter, delivering strong growth and impressive operating results,”
David A. Zapico, AMETEK Chairman and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Net sales Source	full year 2025	up mid-single digits compared to 2024	Kept
Adjusted diluted EPS Source	full year 2025	$7.32 to $7.37	Raised from $7.06 to $7.20
Net sales Source	fourth quarter of 2025	up approximately 10%	New
Adjusted diluted EPS Source	fourth quarter of 2025	$1.90 to $1.95	New
GAAP diluted EPS Source	full year 2025	$6.34 to $6.39	Raised from $6.15 to $6.29
GAAP diluted EPS Source	fourth quarter of 2025	$1.68 to $1.73	New
Amortization add-back per diluted share Source	fourth quarter of 2025	$0.29 pretax, $0.07 tax benefit	New
Amortization add-back per diluted share Source	full year 2025	$1.20 pretax, $0.29 tax benefit	Kept
Acquisition-related costs per diluted share Source	full year 2025	$0.09 pretax, $0.02 tax benefit	New

What changed from last quarter

Guidance raised: Full-year adjusted EPS guidance raised to $7.32 to $7.37 from $7.06 to $7.20. Source
Guidance raised: Full-year GAAP diluted EPS forecast raised to $6.34 to $6.39 from $6.15 to $6.29. Source
New guidance: Fourth-quarter 2025 sales and adjusted EPS guidance given; the prior release gave guidance for the third quarter only. Source
Guidance kept: Full-year sales growth expectation kept at mid-single digits. Source
New: FARO Technologies acquisition now in integration; its pre-tax acquisition costs are excluded from adjusted results. Source

Results and growth drivers

Sales reached $1.89 billion, up 11%: Third-quarter sales were $1,892.6 million, compared with $1,708.6 million in the third quarter of 2024. Source
Adjusted EPS up 14% to $1.89: Adjusted diluted EPS was $1.89, against $1.66 a year earlier. GAAP diluted EPS was $1.60, compared with $1.47. Source
Operating income rose on adjusted basis: GAAP operating income was $488.4 million, compared with $445.9 million a year earlier. Adjusted operating income was $496.1 million, up 11%. Source
Nine-month sales and EPS higher: Nine-month sales were $5,402.7 million, against $5,179.6 million. Nine-month diluted EPS was $4.67, against $4.26; net income was $1,081.5 million, against $988.9 million. Source

Segment results: EIG and EMG

EIG sales rose 10%: EIG sales were $1,246.3 million, against $1,134.6 million. GAAP segment operating income was $352.4 million, or 28.3% of sales. Source
EIG margin up 50 basis points: Adjusted EIG operating income was $360.2 million, up 6%. Adjusted EIG margin was 30.4%, against 29.9%; acquisitions diluted the margin by 1.5 points. Source
EMG sales up 13%: EMG sales were $646.3 million, against $574.0 million in the third quarter of 2024. Source
EMG operating income and margin up: EMG segment operating income was $163.9 million, up 25% from $131.5 million; operating margin was 25.4%, up 250 basis points. Source

“EMG's third quarter results were outstanding, with broad based sales and orders growth led by Paragon Medical, resulting in record operating income and sizeable margin expansion,”
David A. Zapico, AMETEK Chairman and Chief Executive Officer

Margins, costs and orders

Adjusted operating margin up 0.9 points: GAAP operating margin was 25.8%, against 26.1%. Adjusted operating margin was 27.0%, up 0.9 points; acquisitions diluted margin by 0.8 points and acquisition costs by 0.4 points. Source
Cost of sales and SG&A increased: Cost of sales was $1,206.5 million, against $1,092.8 million; SG&A was $197.8 million, against $170.0 million. Interest expense fell to $22.5 million from $25.1 million. Source
Orders grew double digits: Management described double-digit growth in orders, alongside sales and earnings per share; no order amount or backlog figure was given. Source

Acquisitions and integration

Amortization added back to adjusted EPS: Adjusted EPS adds back after-tax acquisition intangible amortization of $0.22 per diluted share, from pretax amortization of $0.29 per share. Source
FARO costs excluded from adjusted results: Pre-tax FARO acquisition costs were $19.7 million, or $0.07 per diluted share: $7.75 million in EIG segment costs and $11.99 million in other expense. Source
FARO integration progressing, metrology growth ahead: Management said it is pleased with progress on the Faro Technologies integration and sees growth ahead for the expanded metrology platform. Source

Full-year and fourth-quarter guidance

Full-year sales growth kept: Full-year 2025 sales are still expected to rise in the mid-single digits compared with 2024. Source
Full-year adjusted EPS guidance raised: Full-year 2025 adjusted EPS now expected at $7.32 to $7.37, up 7% to 8% on the 2024 comparable basis; prior range was $7.06 to $7.20. Source
Fourth-quarter sales expected up 10%: Fourth-quarter 2025 sales are expected to rise about 10% over the fourth quarter of 2024. Source
Fourth-quarter adjusted EPS guided: Fourth-quarter 2025 adjusted EPS expected at $1.90 to $1.95, up 2% to 4% over the fourth quarter of 2024. Source

Cash, balance sheet and dividends

Cash, receivables and inventories higher: Cash was $439.2 million at September 30, 2025, against $374.0 million at December 31, 2024. Receivables were $1,136.0 million and inventories $1,153.1 million, against $948.8 million and $1,021.7 million. Source
Short-term borrowings increased: Short-term borrowings and current debt were $1,038.1 million, against $654.3 million; long-term debt was $1,426.1 million, against $1,425.4 million. Source
Quarterly dividend of $0.31 per share: Quarterly dividends were $0.31 per share, against $0.28; nine-month dividends were $0.93, against $0.84. Diluted shares were 231.7 million, against 232.2 million. Source

Strategy and people

Objective of double-digit EPS growth: The company states its objective as double-digit percentage EPS growth over the business cycle and a superior return on total capital. Source
Flexible structure cited as positioning: Management said the flexible operating structure, end-market exposure and cash flows position the company for sustained success. Source
Results credited to growth model, colleagues: Management credited the AMETEK Growth Model and colleagues' contributions for the quarter's results. Source

Earlier plans management reported on

Not stated: Management says it continues to expect mid-single-digit sales growth for 2025. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

AMETEK Announces Record Third Quarter Results and

Raises Full Year Guidance

Berwyn, Pa., October 30, 2025 - AMETEK, Inc. (NYSE: AME) today announced record financial results for the third quarter ended September 30, 2025.

AMETEK’s third quarter 2025 sales were a record $1.89 billion, an 11% increase over the third quarter of 2024. On a GAAP basis, third quarter earnings per diluted share were $1.60. Adjusted earnings in the quarter were a record $1.89 per diluted share, up 14% from the third quarter of 2024. Adjusted earnings adds back non-cash, after-tax, acquisition-related intangible amortization of $0.22 per diluted share and excludes acquisition-related pre-tax costs of $19.7 million, or $0.07 per diluted share, for the FARO Technologies acquisition.

GAAP operating income was a record $488.4 million, or 25.8% of sales. Adjusted operating income was a record $496.1 million, up 11% versus last year’s third quarter. A reconciliation of reported GAAP results to adjusted results is included in the financial tables accompanying this release and on the AMETEK website.

"AMETEK delivered impressive results in the third quarter, highlighted by double digit growth in sales, orders and earnings per share, along with an outstanding 90 basis points of margin expansion excluding the impact of recent acquisitions," stated David A. Zapico, AMETEK Chairman and Chief Executive Officer. "The strength of the AMETEK Growth Model and the excellent contributions from our colleagues led to record results in the quarter."

Electronic Instruments Group (EIG)

EIG sales in the third quarter were a record $1.25 billion, an increase of 10% over the same period in 2024. On a GAAP basis, EIG’s third quarter operating income was $352.4 million, or 28.3% of sales. Adjusted EIG operating income was $360.2 million, up 6% from the prior year.

"EIG delivered solid results in the quarter with strong profit growth and 50 basis points of margin expansion excluding the impact of recent acquisitions," stated Mr. Zapico. “Additionally, we are pleased with the progress of the Faro Technologies integration and excited for the growth opportunities ahead for our expanded metrology platform.”

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Electromechanical Group (EMG)

EMG sales in the third quarter were a record $646.3 million, up 13% from the third quarter of 2024. EMG’s third quarter operating income increased 25% to a record $163.9 million, and operating income margins were 25.4% in the quarter, up 250 basis points versus the prior year’s results.

“EMG's third quarter results were outstanding, with broad based sales and orders growth led by Paragon Medical, resulting in record operating income and sizeable margin expansion," noted Mr. Zapico. "This performance reflects the strength of our differentiated businesses and our unwavering focus on operational excellence."

2025 Outlook

“Our businesses performed exceptionally well in the third quarter, delivering strong growth and impressive operating results,” noted Mr. Zapico. “AMETEK’s flexible operating structure, diverse and attractive end market exposures, and strong cash flows position us well for sustained success.”

“For 2025, we continue to expect overall sales to be up mid-single digits compared to 2024. Adjusted earnings per diluted share are now expected to be in the range of $7.32 to $7.37, up 7% to 8% over the comparable basis for 2024. This is an increase from our previous guidance range of $7.06 to $7.20,” he added.

“For the fourth quarter of 2025, overall sales are expected to be up approximately 10% compared to the same period last year. Adjusted earnings in the quarter are anticipated to be in the range of $1.90 to $1.95 per share, up 2% to 4% compared to the fourth quarter of 2024," concluded Mr. Zapico.

Conference Call

AMETEK will webcast its third quarter 2025 investor conference call on Thursday, October 30, 2025, beginning at 8:30 AM ET. The live audio webcast will be available and later archived in the Investors section of www.ametek.com.

About AMETEK

AMETEK (NYSE: AME) is a leading global provider of industrial technology solutions serving a diverse set of attractive niche markets with annualized sales of approximately $7.5 billion. The AMETEK Growth Model integrates the Four Growth Strategies - Operational Excellence, Technology Innovation, Global and Market Expansion, and Strategic Acquisitions - with a disciplined focus on cash generation and capital deployment. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. Founded in 1930, AMETEK has been listed on the NYSE for 95 years and is a component of the S&P 500. For more information, visit www.ametek.com.

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Forward-looking Information

Forward-looking statements notice

Statements in this news release relating to future events, such as AMETEK’s expected business and financial performance, are "forward-looking statements." Forward-looking statements are subject to various factors and uncertainties that may cause actual results to differ materially from expectations. These factors and uncertainties include risks related to AMETEK’s ability to consummate and successfully integrate future acquisitions; risks with international sales and operations, including supply chain disruptions, tariffs, trade disputes and currency conditions; AMETEK’s ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in our markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve. A detailed discussion of these and other factors that may affect our future results is contained in AMETEK’s filings with the U.S. Securities and Exchange Commission, including its most recent reports on Forms 10-K, 10-Q and 8-K. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.

Consolidated Statement of Income

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net sales	$1,892,641		$1,708,564		$5,402,668		$5,179,578
Cost of sales	1,206,505		1,092,754		3,455,643		3,347,860
Selling, general and administrative	197,756		169,959		542,190		521,137
Total operating expenses	1,404,261		1,262,713		3,997,833		3,868,997
Operating income	488,380		445,851		1,404,835		1,310,581
Interest expense	(22,514)		(25,118)		(58,364)		(90,962)
Other (expense) income, net	(17,901)		(1,888)		(22,115)		(2,435)
Income before income taxes	447,965		418,845		1,324,356		1,217,184
Provision for income taxes	76,549		78,604		242,815		228,317
Net income	$371,416		$340,241		$1,081,541		$988,867
Diluted earnings per share	$1.60		$1.47		$4.67		$4.26
Basic earnings per share	$1.61		$1.47		$4.69		$4.28
Weighted average common shares outstanding:
Diluted shares		231,670		232,224		231,561		232,188
Basic shares		230,733		231,342		230,740		231,292
Dividends per share	$0.31		$0.28		$0.93		$0.84

Information by Business Segment

(In thousands)

(Unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Net sales:
Electronic Instruments	$1,246,332	$1,134,588	$3,549,576	$3,444,980
Electromechanical	646,309	573,976	1,853,092	1,734,598
Consolidated net sales	$1,892,641	$1,708,564	$5,402,668	$5,179,578
Operating income:
Segment operating income:
Electronic Instruments	$352,437	$338,963	$1,050,915	$1,041,760
Electromechanical	163,875	131,519	436,481	345,312
Total segment operating income	516,312	470,482	1,487,396	1,387,072
Corporate administrative expenses	(27,932)	(24,631)	(82,561)	(76,491)
Consolidated operating income	$488,380	$445,851	$1,404,835	$1,310,581

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Condensed Consolidated Balance Sheet

(In thousands)

	September 30,	December 31,
	2025	2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$439,237	$373,999
Receivables, net	1,135,967	948,830
Inventories, net	1,153,074	1,021,713
Other current assets	333,267	258,490
Total current assets	3,061,545	2,603,032
Property, plant and equipment, net	845,603	818,611
Right of use assets, net	267,589	235,666
Goodwill	7,185,294	6,555,877
Other intangibles, investments and other assets	4,822,226	4,417,983
Total assets	$16,182,257	$14,631,169
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	$1,038,143	$654,346
Accounts payable and accruals	1,611,660	1,444,241
Total current liabilities	2,649,803	2,098,587
Long-term debt, net	1,426,072	1,425,375
Deferred income taxes and other long-term liabilities	1,579,506	1,451,903
Stockholders' equity	10,526,876	9,655,304
Total liabilities and stockholders' equity	$16,182,257	$14,631,169

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Reconciliations of GAAP to Non-GAAP Financial Measures

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended September 30,
	2025	2024
EIG Segment operating income (GAAP)	$352,437	$338,963
Acquisition-related costs	7,750	-
Adjusted EIG Segment operating income (Non-GAAP)	$360,187	$338,963
Operating income (GAAP)	$488,380	$445,851
Acquisition-related costs	7,750	-
Adjusted Operating income (Non-GAAP)	$496,130	$445,851
Other Income (Expense), net	$(17,901)	$(1,888)
Acquisition-related costs	11,992	-
Adjusted Other Income (Expense), net	$(5,909)	$(1,888)
Diluted earnings per share (GAAP)	$1.60	$1.47
Acquisition-related costs	0.09	-
Income tax benefit on acquisition-related costs	(0.02)	-
Pretax amortization of acquisition-related intangible assets	0.29	0.26
Income tax benefit on amortization of acquisition-related intangible assets	(0.07)	(0.06)
Rounding	-	(0.01)
Adjusted Diluted earnings per share (Non-GAAP)	$1.89	$1.66
			Change
EIG Segment operating margin (GAAP)	28.3%	29.9%
Acquisition-related costs	0.6%	- %
Dilutive impact of acquisitions	1.5%	- %
Adjusted EIG Segment operating margin (Non-GAAP)	30.4%	29.9%	0.5%
Operating income margin (GAAP)	25.8%	26.1%
Acquisition-related costs	0.4%	- %
Dilutive impact of acquisitions	0.8%	- %
Adjusted Operating income margin (Non-GAAP)	27.0%	26.1%	0.9%

(1) - Acquisition-related costs are comprised of integration costs recorded in Cost of Sales and transaction costs unique to completed business combinations recorded in Other Income (Expense), net.

(2) - Excludes the dilutive impact from acquisitions completed in the last twelve months.

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Reconciliations of GAAP to Non-GAAP Financial Measures

(Unaudited)

	Forecasted Diluted Earnings Per Share
	Three Months Ended		Year Ended
	December 31, 2025		December 31, 2025
	Low	High	Low	High
Diluted earnings per share (GAAP)	$1.68	$1.73	$6.34	$6.39
Pretax amortization of acquisition-related intangible assets	0.29	0.29	1.20	1.20
Income tax benefit on amortization of acquisition-related intangible assets	(0.07)	(0.07)	(0.29)	(0.29)
Acquisition-related costs	-	-	0.09	0.09
Income tax benefit on acquisition-related costs	-	-	(0.02)	(0.02)
Adjusted Diluted earnings per share (Non-GAAP)	$1.90	$1.95	$7.32	$7.37

(1) - Acquisition-related costs are comprised of integration costs recorded in Cost of Sales and transaction costs unique to completed business combinations recorded in Other Income (Expense), net.

Use of Non-GAAP Financial Information

The Company supplements its consolidated financial statements presented on a U.S. generally accepted accounting principles (“GAAP”) basis with certain non-GAAP financial information to provide investors with greater insight, increased transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial tables. These non-GAAP financial measures should be considered in addition to, and not as a replacement for, or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.

The non-GAAP financial measures referenced in this press release include adjusted operating income, adjusted operating margin, and adjusted earnings per share. These measures are adjusted to exclude items that management does not consider indicative of AMETEK’s ongoing operational performance, such as after-tax acquisition-related intangible amortization and acquisition-related costs (including transaction costs, purchase accounting adjustments, and integration costs).

In providing forward-looking guidance for quarterly and full-year GAAP and non-GAAP measures, the Company has not included adjustments, such as acquisition-related costs, whose timing and/or magnitude are contingent on future events.

The Company believes that these measures provide useful information to investors by reflecting additional ways of viewing AMETEK’s operations that, when reconciled to the comparable GAAP measure, helps our investors to better understand the long-term profitability trends of our business, and facilitates easier comparisons of our profitability to prior and future periods and to our peers.

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Contacts
Kevin Coleman
Vice President, Investor Relations and Treasurer kevin.coleman@ametek.com
Phone: 610.889.5247
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