Idex (IEX) FY2024 results: revenue $3.3 billion, down 0.2% on the year

Idex Corp. (IEX) reported revenue of $3.3 billion for fiscal 2024, the year ended 31 December 2024, down 0.2% on the year before. Net income was $505 million, down 15.3%, and diluted earnings per share $6.64. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.

Revenue

$3.3 billion

-0.2% on the year

FY2017FY2024

Operating margin

20.7%

22.4% a year earlier

FY2017FY2024

Net income

$505 million

-15.3% on the year

FY2017FY2024

Diluted EPS

$6.64

-15.4% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	3,269	3,274	3,182	-0.2%
Cost of revenue	1,824	1,827	1,755	-0.2%
Gross profit	1,445	1,447	1,427	-0.1%
Gross margin	44.2%	44.2%	44.8%
Research and development	67.4	68.4	61.4	-1.5%
Selling, general and administrative	759	704	653	+7.8%
Operating income	677	732	751	-7.5%
Operating margin	20.7%	22.4%	23.6%
Interest expense	44.5	51.7	40.7	-13.9%
Pre-tax income	639	760	749	-15.9%
Income tax	135	165	163	-18.2%
Effective tax rate	21.1%	21.7%	21.7%
Net income	505	596	587	-15.3%
Net margin	15.4%	18.2%	18.4%
Diluted EPS	$6.64	$7.85	$7.71	-15.4%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	668	717	557	-6.8%
Capital expenditure	65.1	89.9	68.0	-27.6%
Free cash flow	603	627	489	-3.8%
Free cash flow margin	18.4%	19.1%	15.4%
Cash from investing	-1,006	-284	-917
Cash from financing	466	-345	-37.8
Depreciation and amortisation	176	152	120	+15.5%
Share-based compensation	25.8	21.8	21.6	+18.3%
Buybacks	0.0	24.2	148
Dividends paid	205	191	177	+7.7%
Dividend per share	$2.76	$2.56	$2.40	+7.8%
Diluted shares, weighted	76m	76m	76m	0.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	3,795	3,541	3,039	+7.2%
Non-controlling interest	-0.6	-0.2	0.3
Debt	1,971	1,333	1,478	+47.9%
Operating lease liabilities	102	98.1	96.6	+3.6%
Other liabilities	878	893	898	-1.6%
Total liabilities and equity	6,745	5,865	5,512	+15.0%
Fixed assets	460	430	382	+7.0%
Goodwill	3,252	2,838	2,638	+14.6%
Intangible assets	1,285	1,012	948	+27.0%
Cash and equivalents	621	534	430	+16.2%
Receivables	461	419	431	+10.0%
Inventory	430	421	471	+2.1%
Other assets	237	211	212	+12.4%
Total assets	6,745	5,865	5,512	+15.0%

10-K for the year ended 31 December 2024, filed 20 February 2025: the filing.