AMETEK (AME) FY2025 results: revenue $7.4 billion, up 6.6% on the year
AMETEK Inc. (AME) reported revenue of $7.4 billion for fiscal 2025, the year ended 31 December 2025, up 6.6% on the year before. Net income was $1.5 billion, up 7.6%, and diluted earnings per share $6.40. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 7 new.
- Fourth quarter sales rose 13%: Fourth quarter sales were $2.0 billion, up 13% from the fourth quarter of 2024.
- Adjusted EPS rose 7%: Adjusted diluted EPS was $2.01, up 7% from $1.87. GAAP diluted EPS was $1.73, against $1.67 a year earlier.
- EMG sales rose 15%: Electromechanical sales were $628.9 million, up 15%. Operating income rose 28% to $142.5 million, with a 22.7% operating margin, up 240 basis points.
- Adjusted operating margin reached 26.2%: Full-year adjusted operating income was $1.94 billion, up 7%, at a 26.2% adjusted operating margin. GAAP operating margin was 25.8%.
- Free cash flow of $527.3 million: Operating cash flow was $584.3 million and capital expenditures were $57.0 million, leaving free cash flow of $527.3 million. Free cash flow conversion to net income was 132%.
From this 10-K
AMETEK manufactures electronic instruments and electromechanical devices, with operations in North America, Europe, Asia and South America and principal offices in Berwyn, Pennsylvania. It is incorporated in Delaware, and its predecessor was originally incorporated there in 1930 as American Machine and Metals. The products are sold worldwide through two operating groups, which are also the reportable segments: Electronic Instruments, referred to as EIG, and Electromechanical, referred to as EMG.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 7,401 | 6,941 | 6,597 | +6.6% | |
| Cost of revenue | 4,734 | 4,465 | 4,212 | +6.0% | |
| Gross profit | 2,667 | 2,476 | 2,384 | +7.7% | |
| Gross margin | 36.0% | 35.7% | 36.1% | ||
| Research and development | 236 | 237 | 221 | -0.2% | |
| Selling, general and administrative | 757 | 697 | 677 | +8.6% | |
| Operating income | 1,910 | 1,780 | 1,707 | +7.3% | |
| Operating margin | 25.8% | 25.6% | 25.9% | ||
| Interest expense | 81.3 | 113 | 81.8 | -28.1% | |
| Pre-tax income | 1,798 | 1,662 | 1,606 | +8.2% | |
| Income tax | 318 | 285 | 293 | +11.5% | |
| Effective tax rate | 17.7% | 17.2% | 18.3% | ||
| Net income | 1,480 | 1,376 | 1,313 | +7.6% | |
| Net margin | 20.0% | 19.8% | 19.9% | ||
| Diluted EPS | $6.40 | $5.93 | $5.67 | +7.9% |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 1,802 | 1,829 | 1,735 | -1.5% | |
| Capital expenditure | 130 | 127 | 136 | +2.5% | |
| Free cash flow | 1,672 | 1,702 | 1,599 | -1.8% | |
| Free cash flow margin | 22.6% | 24.5% | 24.2% | ||
| Cash from investing | -1,063 | -245 | -2,376 | ||
| Cash from financing | -686 | -1,602 | 697 | ||
| Depreciation and amortisation | 423 | 383 | 338 | +10.4% | |
| Share-based compensation | 47.8 | 47.9 | 46.2 | -0.2% | |
| Buybacks | 434 | 212 | 7.8 | +104.7% | |
| Dividends paid | 285 | 259 | 230 | +10.3% | |
| Diluted shares, weighted | 231m | 232m | 232m | -0.4% | |
| Shares outstanding at period end | 229m | 231m | 231m | -0.7% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 10,629 | 9,655 | 8,730 | +10.1% | |
| Debt | 2,283 | 2,080 | 3,313 | +9.8% | |
| Operating lease liabilities | 227 | 190 | 182 | +19.5% | |
| Other liabilities | 2,928 | 2,706 | 2,798 | +8.2% | |
| Total liabilities and equity | 16,068 | 14,631 | 15,024 | +9.8% | |
| Fixed assets | 855 | 819 | 891 | +4.5% | |
| Goodwill | 7,171 | 6,556 | 6,448 | +9.4% | |
| Intangible assets | 4,128 | 3,915 | 4,165 | +5.4% | |
| Cash and equivalents | 458 | 374 | 410 | +22.4% | |
| Receivables | 1,119 | 949 | 1,013 | +18.0% | |
| Inventory | 1,106 | 1,022 | 1,132 | +8.3% | |
| Other assets | 1,230 | 997 | 964 | +23.3% | |
| Total assets | 16,068 | 14,631 | 15,024 | +9.8% |
10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.