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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.

Revenue
$7.4 billion
+6.6% on the year
FY2018FY2025
Operating margin
25.8%
25.6% a year earlier
FY2018FY2025
Net income
$1.5 billion
+7.6% on the year
FY2018FY2025
Diluted EPS
$6.40
+7.9% on the year
FY2018FY2025

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%.
Read the Q4 FY2025 earnings call summary

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.

AMETEK Inc., the 10-K for 2025

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.

Electronic Instruments

EIG designs and manufactures analytical, test and measurement instruments for the process, aerospace, medical, research, power and industrial markets. It employed approximately 12,800 people at the end of 2025, about 900 of them covered by collective bargaining agreements, and 52 percent of its 2025 net sales went to customers outside the United States. Facilities sit in the United States, the United Kingdom, Germany, Canada, Denmark, Finland, France, Switzerland, Argentina, Austria, Serbia and Mexico, some shared with EMG in China, Serbia and Mexico. No single customer is more than 2 percent of net sales, and approximately 4 percent of 2025 net sales went to the five largest.

What EIG makes

Process and analytical instrumentation is 70 percent of EIG's 2025 net sales. That covers process analysers, emission monitors and spectrometers, elemental and surface analysis instruments, level, pressure and temperature sensors and transmitters, radiation measurement devices, precision manufacturing systems, materials and force testing instruments, and contact and non-contact metrology, sold into power generation, pharmaceutical manufacturing, medical and healthcare, research, water and waste treatment, renewable energy, semiconductor manufacturing, emissions monitoring, and oil, gas and petrochemical refining. Three acquisitions widened the ultra-precision side of it: Virtek in October 2024, bringing laser-based projection and inspection systems; Kern in January 2025, high-precision machining and optical inspection; and FARO in July 2025, 3D measurement and imaging including portable measurement arms, laser scanners and trackers. The remaining 30 percent is aerospace and power instrumentation: power monitoring and metering, uninterruptible power supply systems, programmable power supplies, multifunction electric meters, communications equipment for smart grid, renewable energy and data centre applications, electromagnetic compatibility test equipment, sensors for electric vehicle testing and gas turbines, and dashboard instruments for heavy trucks. The aerospace line covers airborne data systems, turbine engine temperature measurement, vibration monitoring, cockpit instruments and displays, fuel and fluid measurement, embedded computing, and sensors and switches, sold across commercial aircraft, business jets, regional aircraft and helicopters and the military market. The filing points to a reputation as an established aerospace supplier of more than 70 years, long-standing relationships with aircraft, jet engine and original equipment manufacturers and system integrators, and a spare parts, repair and overhaul business for commercial aerospace.

Electromechanical

EMG designs and manufactures highly engineered medical components and devices, automation solutions, thermal management systems, specialty metals and electrical interconnects. It employed approximately 9,400 people at the end of 2025, about 2,300 of them covered by collective bargaining agreements, and 42 percent of its 2025 net sales went outside the United States. Facilities sit in the United States, the United Kingdom, China, Germany, France, Italy, Poland, Mexico, Serbia, Czechia, Malaysia and Taiwan. No single customer is more than 5 percent of net sales, and approximately 15 percent of 2025 net sales went to the five largest.

What EMG makes

Automation and engineered solutions is 70 percent of EMG's 2025 net sales: precision motion control, brushless motors, blowers and pumps, heat exchangers and other electromechanical systems, used in high-precision discrete automation including semiconductor, laboratory and medical equipment. Around that sit single-use and consumable surgical instruments, implantable components and drug delivery systems; electrical connectors and electronics packaging built for harsh environments; and specialised metal powder, strip, wire and bonded products used in medical, aerospace and defence, telecommunications, automotive and general industrial applications. EMG also supplies high-purity powdered metals, strip and foil, specialty clad metals and metal matrix composites, and its heat exchangers provide electronic cooling and environmental control for aerospace, defence and semiconductor customers. Its motors go into commercial appliances, food and beverage machines, hydraulic pumps and industrial blowers. The other 30 percent of EMG net sales is aerospace: motor-blower systems and heat exchangers for thermal management on military and commercial aircraft and military ground vehicles, plus third-party maintenance, repair and overhaul services delivered through a global network of facilities in the United States, Europe and Asia.

From AMETEK's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue7,4016,9416,597+6.6%
Cost of revenue4,7344,4654,212+6.0%
Gross profit2,6672,4762,384+7.7%
Gross margin36.0%35.7%36.1%
Research and development236237221-0.2%
Selling, general and administrative757697677+8.6%
Operating income1,9101,7801,707+7.3%
Operating margin25.8%25.6%25.9%
Interest expense81.311381.8-28.1%
Pre-tax income1,7981,6621,606+8.2%
Income tax318285293+11.5%
Effective tax rate17.7%17.2%18.3%
Net income1,4801,3761,313+7.6%
Net margin20.0%19.8%19.9%
Diluted EPS$6.40$5.93$5.67+7.9%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,8021,8291,735-1.5%
Capital expenditure130127136+2.5%
Free cash flow1,6721,7021,599-1.8%
Free cash flow margin22.6%24.5%24.2%
Cash from investing-1,063-245-2,376
Cash from financing-686-1,602697
Depreciation and amortisation423383338+10.4%
Share-based compensation47.847.946.2-0.2%
Buybacks4342127.8+104.7%
Dividends paid285259230+10.3%
Diluted shares, weighted231m232m232m-0.4%
Shares outstanding at period end229m231m231m-0.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity10,6299,6558,730+10.1%
Debt2,2832,0803,313+9.8%
Operating lease liabilities227190182+19.5%
Other liabilities2,9282,7062,798+8.2%
Total liabilities and equity16,06814,63115,024+9.8%
Fixed assets855819891+4.5%
Goodwill7,1716,5566,448+9.4%
Intangible assets4,1283,9154,165+5.4%
Cash and equivalents458374410+22.4%
Receivables1,1199491,013+18.0%
Inventory1,1061,0221,132+8.3%
Other assets1,230997964+23.3%
Total assets16,06814,63115,024+9.8%

10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.