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Fortive (FTV) FY2025 results: revenue $4.2 billion, up 1.9% on the year

Fortive Corp. (FTV) reported revenue of $4.2 billion for fiscal 2025, the year ended 31 December 2025, up 1.9% on the year before. Net income was $579 million, down 30.5%, and diluted earnings per share $1.73. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$4.2 billion
+1.9% on the year
FY2018FY2025
Operating margin
17.3%
17.6% a year earlier
FY2018FY2025
Net income
$579 million
-30.5% on the year
FY2018FY2025
Diluted EPS
$1.73
-26.7% 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: 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.
  • Advanced Healthcare Solutions profit fell: Revenue was $353 million, up 3.2% (core 1.6%). Operating profit fell 9.6% to $39 million; operating margin was 10.9%, down 160 basis points.
  • Q4 buybacks of $265 million: The company deployed $265 million toward share repurchases in the fourth quarter. Second-half repurchases reached about $1.3 billion.
Read the Q4 FY2025 earnings call summary

From this 10-K

Fortive's businesses design, develop, manufacture and market products, software and services, in the company's words innovating essential technologies to keep the world safe and productive. It is headquartered in Everett, Washington, with a workforce of more than 10,000 people across research and development, manufacturing, sales, distribution, service and administration, in approximately 50 countries. Fortive is a Delaware corporation incorporated in 2015 for its own separation from Danaher, which took effect on 2 July 2016. On 28 June 2025 it separated its Precision Technologies segment into an independent publicly traded company, Ralliant Corporation, structured to qualify as a tax-free spin-off for Fortive shareholders. Two reportable segments remain.

Fortive Corp., the 10-K for 2025

Fortive's businesses design, develop, manufacture and market products, software and services, in the company's words innovating essential technologies to keep the world safe and productive. It is headquartered in Everett, Washington, with a workforce of more than 10,000 people across research and development, manufacturing, sales, distribution, service and administration, in approximately 50 countries. Fortive is a Delaware corporation incorporated in 2015 for its own separation from Danaher, which took effect on 2 July 2016. On 28 June 2025 it separated its Precision Technologies segment into an independent publicly traded company, Ralliant Corporation, structured to qualify as a tax-free spin-off for Fortive shareholders. Two reportable segments remain.

Intelligent Operating Solutions

This segment sells advanced instrumentation, software and services to tens of thousands of customers, aimed at their mission-critical workflows. The products cover professional instruments used in maintenance, repair, measurement and condition monitoring, facility and asset lifecycle software, and connected worker safety and compliance systems. The end markets are manufacturing, process industries, healthcare, utilities and power, communications and electronics among others, and the people using the products are electrical engineers, electricians, electronic technicians, environment health and safety professionals, network technicians, facility managers, first responders and maintenance professionals. The brands are FLUKE, SERVICECHANNEL, GORDIAN, ACCRUENT, INDUSTRIAL SCIENTIFIC and INTELEX.

Advanced Healthcare Solutions

This segment sells workflow products to healthcare providers: instrument sterilization, instrument tracking, biomedical test tools, radiation detection and safety monitoring, and end-to-end clinical productivity software. The filing frames the point of them as making sure safety standards are met, instruments and operating rooms work at peak performance, and complex procedures are followed accurately. The brands are ADVANCED STERILIZATION PRODUCTS, known as ASP, CENSIS, FLUKE BIOMEDICAL, LANDAUER and PROVATION.

The Fortive Business System

FBS is the company's own operating system and the thing it presents as holding a portfolio of separate businesses together: a culture of continuous improvement reinforced by a disciplined operating cadence, and a set of tools and best practices applied consistently across the portfolio. The filing says it is continually evolving, with artificial intelligence and machine learning incorporated as technology enablers. It sits under a strategy the company calls Fortive Accelerated, built on three pillars: profitable organic growth acceleration powered by FBS, disciplined capital allocation, and a commitment to building investor trust.

Materials and supply

Manufacturing uses electronic components, steel, plastics and other petroleum-based products, aluminium and copper, bought from a large number of independent sources around the world. Oil and gas prices feed through to freight and utility costs, and tariffs feed through to the cost of materials and components imported into the United States. No single supplier is material by share of annual spend, but some components needing particular specifications or qualifications come from a single supplier or a limited number of them. The company manages that with safety stock in certain cases, alternative materials that still meet quality and regulatory requirements, and qualification of multiple supply sources. The filing notes that volatility in global trade policy and the disruption from the Ukraine and Russia conflict and other geopolitical tensions raised material and shipping costs, and that it worked with suppliers to counter production material shortages and distribution limits.

Competition and seasonality

The filing states that management believes the company has a market leadership position in most of the markets it serves, while also saying its competitive position cannot be determined accurately in aggregate or by segment because no competitor offers all the same product and service lines or serves all the same markets. Competitors range from larger companies and divisions of larger companies with substantial sales, marketing, research and financial capabilities, to well-established regional players more specialised in particular markets, and the company notes increased competition from entrants based in low-cost manufacturing locations and from consolidation. The competitive factors it names are price, quality, performance, delivery speed, applications expertise, distribution channel access, service and support, technology, breadth of offering and brand name recognition. On seasonality, sales of capital equipment and sterilization consumables are often stronger in the fourth calendar quarter and sales to original equipment manufacturers stronger just before and after a product launch, but the filing states the company as a whole is not subject to material seasonality.

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

Written from the 10-K filed 25 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
Revenue4,1594,0813,914+1.9%
Cost of revenue1,5181,4621,437+3.8%
Gross profit2,6412,6192,477+0.8%
Gross margin63.5%64.2%63.3%
Research and development259251237+3.1%
Selling, general and administrative1,6621,6521,666+0.6%
Operating income720716574+0.5%
Operating margin17.3%17.6%14.7%
Interest expense-120-153-124
Pre-tax income602506433+18.9%
Income tax69.523.824.7+192.0%
Effective tax rate11.5%4.7%5.7%
Net income579833866-30.5%
Net margin13.9%20.4%22.1%
Diluted EPS$1.73$2.36$2.43-26.7%
$ 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 flow1,0831,5271,354-29.1%
Capital expenditure10586.178.6+22.1%
Free cash flow9781,4411,275-32.1%
Free cash flow margin23.5%35.3%32.6%
Cash from investing-135-1,796-195
Cash from financing-1,387-79332.3
Depreciation and amortisation438431426+1.6%
Share-based compensation11790.194.5+29.6%
Buybacks1,610890273+81.0%
Dividends paid92.2111102-17.1%
Dividend per sharen/an/a$0.29
Diluted shares, weighted335m353m356m-5.2%
Shares outstanding at period end313m341m351m-8.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity6,45310,18910,319-36.7%
Non-controlling interest7.77.06.4+10.0%
Debt3,2063,7073,646-13.5%
Operating lease liabilities73.673.1126+0.7%
Other liabilities1,9973,0402,814-34.3%
Total liabilities and equity11,73817,01616,912-31.0%
Fixed assets270233440+15.8%
Goodwill7,2987,2167,265+1.1%
Intangible assets2,1882,5303,160-13.5%
Cash and equivalents3768131,889-53.8%
Receivables684661961+3.4%
Inventory292270537+8.2%
Other assets6305,2922,660-88.1%
Total assets11,73817,01616,912-31.0%

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