AMETEK Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 30 April 2026: press release. Guidance figures: 3 raised, 3 new. The quarter’s numbers.

Key takeaways

Sales rose 11% to $1.93 billion: Net sales were $1,928.4 million against $1,732.0 million a year earlier. Management attributed earnings growth to organic sales growth and recent acquisitions. Source
Adjusted EPS rose 13% to $1.97: GAAP diluted EPS was a record $1.74, against $1.52. Adjusted diluted EPS was $1.97, against $1.75, after adding back $0.23 of after-tax amortization and integration costs. Source
EMG operating income up 33%: EMG operating income rose 33% to a record $170.8 million, from $128.7 million. Operating margin was 25.7%, up 380 basis points on the prior year. Source
Record orders up 23%: Orders rose 23% in the quarter to a record, and the company ended the quarter with a record backlog. Management described end-market demand as broad based. Source
Full-year sales guidance raised: Full-year 2026 sales are now expected to be up high single digits compared with 2025, up from mid to high single digits previously. Source
Full-year adjusted EPS guidance raised: Adjusted EPS range is $7.94 to $8.14, up 7% to 10% on 2025, from $7.87 to $8.07 previously. The GAAP EPS forecast moved to $7.03 to $7.23. Source
Second-quarter guidance issued: Second-quarter 2026 sales are expected up high single digits, and adjusted EPS is anticipated at $1.96 to $2.00, up 10% to 12% on the second quarter of 2025. Source

“AMETEK had an excellent start to the year. Strong organic sales growth, contributions from recent acquisitions, and outstanding operating performance led to double-digit earnings growth, record EBITDA and robust core margin expansion of 160 basis points,”
David A. Zapico, AMETEK Chairman and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Sales Source	Full year 2026	up high single digits compared to 2025	Raised from up mid to high single digits compared to 2025
Adjusted diluted EPS Source	Full year 2026	$7.94 to $8.14, up 7% to 10% over 2025	Raised from $7.87 to $8.07
GAAP diluted EPS Source	Full year 2026	$7.03 to $7.23	Raised from $6.96 to $7.16
Sales Source	Second quarter 2026	up high single digits compared to the second quarter of 2025	New
Adjusted diluted EPS Source	Second quarter 2026	$1.96 to $2.00, up 10% to 12% compared to the second quarter of 2025	New
GAAP diluted EPS Source	Second quarter 2026	$1.73 to $1.77	New

What changed from last quarter

Guidance raised: Full-year 2026 sales guidance moved from mid to high single digits growth to high single digits growth. Source
Guidance raised: Full-year 2026 adjusted EPS range raised to $7.94 to $8.14 from $7.87 to $8.07. Source
Guidance raised: Full-year 2026 GAAP diluted EPS forecast raised to $7.03 to $7.23 from $6.96 to $7.16. Source
New guidance: Second-quarter 2026 sales and adjusted EPS guidance added; the prior release gave only first-quarter guidance. Source

Results and growth drivers

Sales rose 11% to $1.93 billion: Net sales were $1,928.4 million against $1,732.0 million a year earlier. Management attributed earnings growth to organic sales growth and recent acquisitions. Source
Adjusted EPS rose 13% to $1.97: GAAP diluted EPS was a record $1.74, against $1.52. Adjusted diluted EPS was $1.97, against $1.75, after adding back $0.23 of after-tax amortization and integration costs. Source
Operating income and margin rose: GAAP operating income was $514.9 million. Adjusted operating income rose 14% to $516.6 million, and the release gives operating margin of 26.8%, up 50 basis points. Source
Record EBITDA and core margin gain: Management cited double-digit earnings growth, record EBITDA and core margin expansion of 160 basis points, from organic growth, acquisitions and operating performance. Source

Segment results

EIG sales up 11% to $1.26 billion: Electronic Instruments sales were $1,264.5 million, against $1,143.7 million, with organic growth and recent acquisitions contributing. Management described EIG orders growth as broad based. Source
EIG adjusted operating income up 6%: EIG segment operating income was $373.9 million GAAP and $375.6 million adjusted. Adjusted segment margin was 31.4%, up 40 basis points, and GAAP segment margin was 29.6%. Source
EMG sales a record $663.9 million: Electromechanical sales were $663.9 million, up 13% from $588.3 million. Management cited robust, broad-based organic sales growth in the segment. Source
EMG operating income up 33%: EMG operating income rose 33% to a record $170.8 million, from $128.7 million. Operating margin was 25.7%, up 380 basis points on the prior year. Source

“Additionally, end market demand remains strong and broad based, with record orders up 23% in the quarter resulting in a record backlog.”
David A. Zapico, AMETEK Chairman and Chief Executive Officer

Costs and margins

Cost of sales and SG&A rose: Cost of sales was $1,210.9 million, against $1,107.0 million. Selling, general and administrative expense was $202.6 million, against $170.2 million. Total operating expenses were $1,413.5 million. Source
Acquisition integration costs in cost of sales: Acquisition-related costs were $1.6 million, recorded as integration costs in cost of sales. The reconciliation adds $0.01 to diluted EPS for these costs. Source
Adjusted operating margin 27.9% versus 26.3%: The reconciliation table shows GAAP operating margin of 26.7% and adjusted margin of 27.9%, against 26.3% a year earlier. It adds 0.1 points of acquisition costs and 1.1 points of acquisition and currency dilution. Source

Demand and order book

Record orders up 23%: Orders rose 23% in the quarter to a record, and the company ended the quarter with a record backlog. Management described end-market demand as broad based. Source
Organic growth broad across EMG: Management said EMG's organic sales growth was robust and broad based, resulting in profit growth and sizeable margin expansion in the quarter. Source

Guidance for 2026 and Q2

Full-year sales guidance raised: Full-year 2026 sales are now expected to be up high single digits compared with 2025, up from mid to high single digits previously. Source
Full-year adjusted EPS guidance raised: Adjusted EPS range is $7.94 to $8.14, up 7% to 10% on 2025, from $7.87 to $8.07 previously. The GAAP EPS forecast moved to $7.03 to $7.23. Source
Second-quarter guidance issued: Second-quarter 2026 sales are expected up high single digits, and adjusted EPS is anticipated at $1.96 to $2.00, up 10% to 12% on the second quarter of 2025. Source

Capital, cash and balance sheet

Debt and cash position: Short-term borrowings and current debt were $1,114.9 million, against $1,209.0 million at December 31. Cash rose to $481.3 million from $458.0 million. Source
Dividends and diluted shares: Dividends per share were $0.34, against $0.31 a year earlier. Diluted weighted average shares were 229.8 million, against 231.5 million. Source
Receivables and inventories rose: Receivables were $1,154.0 million at March 31, against $1,119.3 million at December 31. Inventories were $1,143.4 million, against $1,106.4 million. Source

Strategy and acquisition capacity

Growth Model and niche markets: Management said AMETEK remains positioned on its record backlog, momentum across its markets and the AMETEK Growth Model, which integrates four growth strategies. Source
Acquisition capital available: Management said the balance sheet and cash flows provide meaningful capital to deploy on strategic acquisitions. Goodwill rose to $7,266.4 million from $7,170.8 million at year-end. Source

Coming up, as management said on 30 April 2026

Acquisition capital available: Management said the balance sheet and cash flows give the company capital to deploy on strategic acquisitions. The release names no specific transaction. Source
Second-quarter guidance set: Management expects second-quarter 2026 sales up high single digits compared with the second quarter of 2025. Source

Figures management reported

Figure	Reported
Orders growth Source	up 23% in the quarter
Backlog Source	record

Earlier plans management reported on

Not stated: The company states an objective of double-digit percentage EPS growth over the business cycle and a superior return on total capital. Source
Not stated: The prior release guided first-quarter sales up about 10%. The current release reports first-quarter sales up 11% and adjusted EPS of $1.97, without stating a comparison to that guidance.

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 First Quarter 2026 Results and Raises Full Year Guidance

Berwyn, Pa., April 30, 2026 - AMETEK, Inc. (NYSE: AME) today announced its financial results for the first quarter ended March 31, 2026.

AMETEK’s first quarter 2026 sales were $1.93 billion, an 11% increase over the first quarter of 2025. On a GAAP basis, first quarter earnings were a record $1.74 per diluted share. Adjusted earnings in the quarter were $1.97 per diluted share, up 13% from the first quarter of 2025. Adjusted earnings adds back non-cash, after-tax, acquisition-related intangible amortization and integration costs of $0.23 per diluted share.

GAAP operating income was $514.9 million. Adjusted operating income increased 14% to $516.6 million and operating margins were 26.8% in the quarter, up 50 basis points from the prior year. A reconciliation of reported GAAP results to adjusted results is included in the financial tables accompanying this release and on the AMETEK website.

“AMETEK had an excellent start to the year. Strong organic sales growth, contributions from recent acquisitions, and outstanding operating performance led to double-digit earnings growth, record EBITDA and robust core margin expansion of 160 basis points,” stated David A. Zapico, AMETEK Chairman and Chief Executive Officer. “Additionally, end market demand remains strong and broad based, with record orders up 23% in the quarter resulting in a record backlog.”

Electronic Instruments Group (EIG)

EIG sales in the first quarter were $1.26 billion, an increase of 11% over the same period in 2025. On a GAAP basis, EIG’s first quarter operating income was $373.9 million. On an adjusted basis, EIG operating income was up 6% to $375.6 million.

"EIG delivered strong results in the first quarter with outstanding, broad-based orders growth,” commented Mr. Zapico. “Sales were also strong with double-digit growth driven by a combination of solid organic sales growth and contributions from recent acquisitions, and EIG’s disciplined operating performance drove core margins up 40 basis points to 31.4%.”

Electromechanical Group (EMG)

EMG sales in the first quarter were a record $663.9 million, up 13% from the first quarter of 2025. EMG’s first quarter operating income increased 33% to a record $170.8 million, and operating income margins were 25.7% in the quarter, up 380 basis points versus the prior year.

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“EMG performed exceptionally well in the first quarter. Continued robust and broad-based organic sales growth resulted in outstanding profit growth and sizeable margin expansion," noted Mr. Zapico.

Second Quarter and Full Year 2026 Outlook

"I am pleased with AMETEK’s results in the first quarter. Our businesses are performing very well and delivering exceptional results. AMETEK remains well positioned given our record backlog, momentum across attractive markets, and the proven strength and durability of the AMETEK Growth Model. Additionally, our balance sheet and strong cash flows provide us with meaningful capital to deploy on strategic acquisitions,” stated Mr. Zapico.

“For 2026, we now expect overall sales to be up high single digits compared to 2025. Adjusted earnings per diluted share are now expected to be in the range of $7.94 to $8.14, up 7% to 10% over the comparable basis for 2025. This is an increase from our prior guidance range of $7.87 to $8.07 per diluted share,” he added.

“For the second quarter of 2026, overall sales are expected to be up high single digits compared to the second quarter of 2025. Adjusted earnings in the quarter are anticipated to be in the range of $1.96 to $2.00 per share, up 10% to 12% compared to the second quarter of 2025,” concluded Mr. Zapico.

Conference Call

AMETEK will webcast its first quarter 2026 investor conference call on Thursday, April 30, 2026, beginning at 8:30 AM ET. The live audio webcast will be available and later archived in the Investors section of www.ametek.com.

Corporate Profile

AMETEK (NYSE: AME) is a leading global provider of industrial technology solutions serving a diverse set of attractive niche markets with annual 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 over 95 years and is a component of the S&P 500. For more information, visit www.ametek.com.

Forward-looking Information

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

Page | 2 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 March 31,
	2026		2025
Net sales	$1,928,437		$1,731,971
Cost of sales	1,210,878		1,106,971
Selling, general and administrative	202,623		170,171
Total operating expenses	1,413,501		1,277,142
Operating income	514,936		454,829
Interest expense	(20,909)		(18,993)
Other (expense) income, net	(1,047)		(1,614)
Income before income taxes	492,980		434,222
Provision for income taxes	93,623		82,464
Net income	$399,357		$351,758
Diluted earnings per share	$1.74		$1.52
Basic earnings per share	$1.74		$1.52
Weighted average common shares outstanding:
Diluted shares		229,835		231,542
Basic shares		228,903		230,668
Dividends per share	$0.34		$0.31

Information by Business Segment

(In thousands)

(Unaudited)

	Three Months Ended March 31,
	2026	2025
Net sales:
Electronic Instruments	$1,264,536	$1,143,673
Electromechanical	663,901	588,298
Consolidated net sales	$1,928,437	$1,731,971
Operating income:
Segment operating income:
Electronic Instruments	$373,938	$354,050
Electromechanical	170,766	128,718
Total segment operating income	544,704	482,768
Corporate administrative expenses	(29,768)	(27,939)
Consolidated operating income	$514,936	$454,829

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Condensed Consolidated Balance Sheet

(In thousands)

	March 31,	December 31,
	2026	2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$481,250	$457,951
Receivables, net	1,153,951	1,119,257
Inventories, net	1,143,418	1,106,405
Other current assets	358,889	336,229
Total current assets	3,137,508	3,019,842
Property, plant and equipment, net	840,388	855,215
Right of use assets, net	263,167	273,142
Goodwill	7,266,351	7,170,770
Other intangibles, investments and other assets	4,802,121	4,748,574
Total assets	$16,309,535	$16,067,543
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	$1,114,946	$1,208,975
Accounts payable and accruals	1,641,190	1,633,777
Total current liabilities	2,756,136	2,842,752
Long-term debt, net	1,062,603	1,074,334
Deferred income taxes and other long-term liabilities	1,571,499	1,521,671
Stockholders' equity	10,919,297	10,628,786
Total liabilities and stockholders' equity	$16,309,535	$16,067,543

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Reconciliations of GAAP to Non-GAAP Financial Measures

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended March 31,
	2026	2025
EIG Segment operating income (GAAP)	$373,938	$354,050
Acquisition-related costs	1,615	-
Adjusted EIG Segment operating income (Non-GAAP)	$375,553	$354,050
Operating income (GAAP)	$514,936	$454,829
Acquisition-related costs	1,615	-
Adjusted Operating income (Non-GAAP)	$516,551	$454,829
Diluted earnings per share (GAAP)	$1.74	$1.52
Acquisition-related costs	0.01	-
Income tax benefit on acquisition-related costs	-	-
Pretax amortization of acquisition-related intangible assets	0.30	0.30
Income tax benefit on amortization of acquisition-related intangible assets	(0.07)	(0.07)
Rounding	(0.01)	-
Adjusted Diluted earnings per share (Non-GAAP)	$1.97	$1.75
			Change
EIG Segment operating margin (GAAP)	29.6%	31.0%
Acquisition-related costs	0.1%	- %
Dilutive impact of acquisitions and foreign exchange	1.7%	- %
Adjusted EIG Segment operating margin (Non-GAAP)	31.4%	31.0%	0.4%
Operating income margin (GAAP)	26.7%	26.3%
Acquisition-related costs	0.1%	- %
Dilutive impact of acquisitions and foreign exchange	1.1%	- %
Adjusted Operating income margin (Non-GAAP)	27.9%	26.3%	1.6%

(1) - Acquisition-related costs are comprised of integration costs recorded in Cost of Sales.

(2) - Operating income margins adjusted for dilutive impact from acquisitions completed in the last twelve months and the foreign exchange impact.

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 one-time acquisition-related costs (including transaction related costs, purchase accounting adjustments, and integration related 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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Reconciliations of GAAP to Non-GAAP Financial Measures

(Unaudited)

	Forecasted Diluted Earnings Per Share
	Three Months Ended		Year Ended
	June 30, 2026		December 31,2026
	Low	High	Low	High
Diluted earnings per share (GAAP)	$1.73	$1.77	$7.03	$7.23
Pretax amortization of acquisition-related intangible assets	0.30	0.30	1.21	1.21
Income tax benefit on amortization of acquisition-related intangible assets	(0.07)	(0.07)	(0.30)	(0.30)
Adjusted Diluted earnings per share (Non-GAAP)	$1.96	$2.00	$7.94	$8.14

Use of Non-GAAP Financial Information

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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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