Fortive (FTV) Q4 FY2025 earnings: revenue $1.1 billion, up 4.6% on the year

Fortive Corp. (FTV) reported revenue of $1.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 4.6% on the same quarter a year earlier. Net income was $186 million, down 11.1% on the year, and diluted earnings per share $0.58. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue

$1.1 billion

+4.6% on the year · +9.3% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

20.1%

19.8% a year earlier

Q1 FY2024Q4 FY2025

Net income

$186 million

-11.1% on the year · +237.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.58

-3.3% on the year · +262.5% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new.

Fourth-quarter revenue rose 4.6%: Revenue was $1.12 billion, up 4.6% reported and 3.3% core. Core growth excludes acquisitions, divestitures and currency translation.
Adjusted EBITDA rose 7.8% in Q4: Adjusted EBITDA was $358 million, up 7.8%. GAAP net income was $192 million, down 0.9%, with a 17.1% margin.
Adjusted EPS rose 12.5% in Q4: Adjusted diluted EPS was $0.90, up 12.5%; GAAP diluted EPS was $0.60, up 7.1%. Both figures are for continuing operations.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,122	1,027	1,073	+9.3%	+4.6%
Cost of revenue	414	378	643	+9.4%	-35.7%
Gross profit	709	649	696	+9.2%	+1.9%
Gross margin	63.2%	63.2%	64.8%
Research and development	66.0	62.0	107	+6.5%	-38.4%
Selling, general and administrative	417	428	563	-2.4%	-25.9%
Operating income	226	160	212	+41.3%	+6.3%
Operating margin	20.1%	15.5%	19.8%
Interest expense	-31.0	-25.4	-121
Pre-tax income	194	135	275	+43.6%	-29.4%
Income tax	2.4	18.0	65.9	-86.7%	-96.4%
Effective tax rate	1.2%	13.3%	24.0%
Net income	186	55.0	209	+237.6%	-11.1%
Net margin	16.5%	5.4%	19.5%
Diluted EPS	$0.58	$0.16	$0.60	+262.5%	-3.3%

$ million except per share.

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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	366	164	502	+122.6%	-27.1%
Capital expenditure	n/a	28.6	37.0
Free cash flow	n/a	136	465
Free cash flow margin	n/a	13.2%	43.4%
Cash from investing	-56.2	-28.4	3.8
Cash from financing	-364	-1,532	-496
Depreciation and amortisation	111	109	163	+2.0%	-31.6%
Share-based compensation	19.9	50.9	28.2	-60.9%	-29.4%
Buybacks	265	1,001	467	-73.5%	-43.2%
Dividends paid	18.8	19.2	27.3	-2.1%	-31.1%
Dividend per share	n/a	$0.06	n/a
Diluted shares, weighted	n/a	333m	n/a
Shares outstanding at period end	313m	318m	341m	-1.3%	-8.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	6,453	6,504	10,189	-0.8%	-36.7%
Non-controlling interest	7.7	7.6	7.0	+1.3%	+10.0%
Debt	3,206	3,306	3,707	-3.0%	-13.5%
Operating lease liabilities	73.6	n/a	133		-44.6%
Other liabilities	1,997	2,069	2,980	-3.5%	-33.0%
Total liabilities and equity	11,738	11,887	17,016	-1.3%	-31.0%
Fixed assets	270	259	433	+4.3%	-37.7%
Goodwill	7,298	7,276	10,156	+0.3%	-28.1%
Intangible assets	2,188	2,268	3,340	-3.5%	-34.5%
Cash and equivalents	376	431	813	-12.8%	-53.8%
Receivables	684	634	945	+7.9%	-27.7%
Inventory	292	311	545	-6.1%	-46.4%
Other assets	630	708	784	-11.0%	-19.6%
Total assets	11,738	11,887	17,016	-1.3%	-31.0%

Questions

What was Fortive's revenue in Q4 FY2025?

Fortive (FTV) reported revenue of $1.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 4.6% on the same quarter a year earlier.

How much did Fortive earn in Q4 FY2025?

Net income for Q4 FY2025 was $186 million, down 11.1% on the year, and diluted earnings per share $0.58.

When did Fortive report Q4 FY2025 results?

Fortive filed its 10-K for the quarter ended 31 December 2025 with the SEC on 25 February 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,375	1,376	1,463	1,456	1,530	1,461	1,526	1,494	1,584	984	1,020	1,004	1,073	993	1,016	1,027	1,122	1,069	1,097	1,108
Cost of revenue	581	584	630	611	637	612	621	602	636	620	624	362	643	356	371	378	414	394	402	397
Gross profit	794	792	834	845	892	848	905	893	948	628	654	642	696	638	646	649	709	676	695	711
Gross margin	58%	58%	57%	58%	58%	58%	59%	60%	60%	64%	64%	64%	65%	64%	64%	63%	63%	63%	63%	64%
R&D	93.0	99.1	100	101	101	100	100	98.4	99.2	104	101	62.0	107	64.0	67.2	62.0	66.0	66.5	67.5	68.2
SG&A	499	481	485	491	500	508	514	504	537	561	525	408	563	408	408	428	417	417	418	406
Operating income	202	212	232	252	291	240	291	291	311	150	182	172	212	165	170	160	226	192	210	236
Operating margin	15%	15%	16%	17%	19%	16%	19%	19%	20%	15%	18%	17%	20%	17%	17%	16%	20%	18%	19%	21%
Interest expense	25.2	18.8	21.0	26.4	32.1	32.1	33.1	29.8	28.5	44.0	-38.7	-37.1	-121	-32.0	-32.1	-25.4	-31.0	-31.6	-35.4	-38.8
Pre-tax income	176	191	208	218	257	206	250	257	278	234	229	109	275	134	140	135	194	164	180	202
Tax rate	4%	13%	17%	13%	12%	16%	17%	15%	4%	11%	15%	-2%	24%	16%	20%	13%	1%	17%	12%	15%
Net income	165	165	173	190	227	174	209	218	265	207	195	222	209	172	167	55.0	186	136	157	172
Net margin	12%	12%	12%	13%	15%	12%	14%	15%	17%	21%	19%	22%	19%	17%	16%	5%	17%	13%	14%	16%
Diluted EPS	$0.44	$0.45	$0.48	$0.53	$0.64	$0.49	$0.59	$0.61	$0.75	$0.58	$0.55	$0.63	$0.60	$0.50	$0.49	$0.16	$0.58	$0.44	$0.51	$0.57
Operating cash flow	275	215	294	330	464	174	321	411	447	257	309	459	502	242	311	164	366	235	286	313
Capital expenditure	22.0	18.8	18.3	22.6	36.1	24.8	21.0	27.9	34.1	26.4	29.2	21.6	37.0	21.1	36.7	28.6	n/a	26.6	28.1	29.5
Free cash flow	253	196	276	307	428	150	300	384	413	230	280	437	465	221	274	136	n/a	208	258	284
Buybacks	0.0	63.8	179	133	66.8	0.0	129	78.8	65.0	0.0	153	270	467	203	142	1,001	265	500	200	300
Dividends paid	25.1	25.1	24.9	24.8	24.7	24.7	24.6	24.6	28.1	28.1	28.0	27.8	27.3	27.2	27.0	19.2	18.8	18.4	0.0	38.9
Shares outstanding	359m	358m	356m	354m	353m	354m	352m	351m	351m	352m	350m	347m	341m	340m	338m	318m	313m	306m	303m	298m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-Q	10-K	10-K	10-K	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 25 February 2026: the filing.