greeksoup/ stock research
Stock research / United States / IEX / FY2025

Idex (IEX) FY2025 results: revenue $3.5 billion, up 5.8% on the year

Idex Corp. (IEX) reported revenue of $3.5 billion for fiscal 2025, the year ended 31 December 2025, up 5.8% on the year before. Net income was $483 million, down 4.3%, and diluted earnings per share $6.41. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue
$3.5 billion
+5.8% on the year
FY2018FY2025
Operating margin
20.2%
20.7% a year earlier
FY2018FY2025
Net income
$483 million
-4.3% on the year
FY2018FY2025
Diluted EPS
$6.41
-3.5% 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: 4 new.

  • Record fourth-quarter sales; modest organic growth: Reported growth came from acquisitions, organic sales and favorable currency; organic growth came from positive price, partly offset by lower FSDP and FMT volumes.
  • Fourth-quarter EPS rose on operations: Reported diluted EPS of $1.71 rose 6% and adjusted diluted EPS of $2.10 rose 3%. Management attributed both increases largely to improved operational results.
  • Record orders concentrated in HST: Orders were a record for the quarter, and management attributed most of the increase to HST, where order growth built during the quarter.
  • HST orders tied to AI projects: Management linked the fourth-quarter HST order build to increasing demand for AI-related projects, including data center power and semiconductor applications.
  • FMT and FSDP managing challenging demand: Management described demand in the FMT and FSDP segments as challenging, with those businesses managing the factors within their control.
Read the Q4 FY2025 earnings call summary

From this 10-K

IDEX is an applied solutions provider serving niche markets with components used in everyday life. Almost all of the business runs through over 50 wholly-owned subsidiaries that operate with a high degree of autonomy under a shared operating philosophy the company calls The IDEX Difference, built on the 8020 principle. It was incorporated in Delaware on 24 September 1987. There are three reportable segments, Health and Science Technologies, Fluid and Metering Technologies, and Fire and Safety/Diversified Products, each grouping businesses with similar products, end markets, distribution and production processes. In 2025 those segments were 43%, 35% and 22% of segment sales.

Idex Corp., the 10-K for 2025

IDEX is an applied solutions provider serving niche markets with components used in everyday life. Almost all of the business runs through over 50 wholly-owned subsidiaries that operate with a high degree of autonomy under a shared operating philosophy the company calls The IDEX Difference, built on the 8020 principle. It was incorporated in Delaware on 24 September 1987. There are three reportable segments, Health and Science Technologies, Fluid and Metering Technologies, and Fire and Safety/Diversified Products, each grouping businesses with similar products, end markets, distribution and production processes. In 2025 those segments were 43%, 35% and 22% of segment sales.

Health and Science Technologies

The largest segment makes precision fluidics, positive displacement pumps, powder and liquid processing and drying systems, micro-precision and pneumatic components, sealing solutions, custom mechanical and shaft seals, hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, ultra-precision diamond tools, photonics, technical ceramics and hermetic sealing, and porous material structures. Its Scientific Fluidics and Optics unit covers IDEX Health and Science, whose life science fluidics range runs to column hardware, degassers, fluidic connections and manifolds, pumps, sensors, detectors and valves, and whose optics range covers illumination light engines, optical filters, subsystems, sensors and cameras, along with the thinXXS microfluidics business serving point-of-care diagnostics. The Materials Science Solutions platform brings together IDEX Optical Technologies, the Muon Group and STC Material Solutions in precision substrate forming, optical coatings and assemblies for semiconductor metrology, satellite laser communications, defence optics and remote sensing, plus ultra-precision forming of ceramics, glass, metals and plastics. Mott Corporation designs and makes sintered porous metal components for medical, energy, semiconductor, water and space and defence uses.

Fluid and Metering Technologies

This segment makes positive displacement pumps, valves, small volume provers, flow meters, injectors and other fluid-handling modules and systems, and provides flow monitoring services. Its Pumps unit, which includes Viking Pump, makes rotary internal gear, external gear, vane and rotary lobe pumps, custom original equipment pumps, strainers, gear reducers and engineered pump systems, sold mainly through independent distributors. The segment's other reporting units are Energy, Agriculture and Valves.

Fire and Safety and diversified products

This segment makes firefighting pumps, valves and controls, rescue tools, lifting bags and related systems, engineered stainless steel banding and clamping devices, and precision equipment for dispensing, metering and mixing colorants and paints. The fire businesses produce truck-mounted and portable pumps, stainless steel and brass valves, monitors, nozzles, foam and compressed air foam systems, pump modules and kits, and electronic controls and information systems for fire and specialty vehicles. The safety businesses produce hydraulic, battery, gas and electric rescue equipment, re-railing equipment, industrial hydraulic tools, recycling cutters and pneumatic lifting and sealing bags for vehicle and aircraft rescue, environmental protection and disaster control. The segment also holds the Water Dispensing and BAND-IT units.

Markets and supply

The markets are highly competitive, with different competitors by product, market and geography and none of them offering the whole range, and the points of competition are product quality, design and engineering, product development, conformity to customer specifications, post-sale support, delivery times and distribution. No customer accounted for more than 3% of net sales in 2025. Products and services are available worldwide from facilities in more than 20 countries, with the non-United States businesses based mainly in the United Kingdom, Germany, the Netherlands, Canada, Italy, China and India, and sales split 51% domestic and 49% international in 2025. Raw materials come from a large number of independent sources and the company makes many of its own parts and components, with commodity price and tariff pressure passed on through prices and supplier programmes.

Orders and people

This is primarily a short cycle business, with short delivery periods and rapid inventory turns, so backlog does not generally count for much; the elevated backlog of the supply-constrained years fell back to normal levels in 2025 as customer destocking ran its course. The company had approximately 8,700 employees at 31 December 2025, approximately 4% of them covered by collective bargaining agreements in the United States that expire at various dates through January 2029, and its last work stoppage was in March 1993.

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

Written from the 10-K filed 19 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
Revenue3,4583,2693,274+5.8%
Cost of revenue1,9191,8241,827+5.2%
Gross profit1,5391,4451,447+6.5%
Gross margin44.5%44.2%44.2%
Research and development70.067.468.4+3.9%
Selling, general and administrative819759704+7.9%
Operating income699677732+3.3%
Operating margin20.2%20.7%22.4%
Interest expense64.444.551.7+44.7%
Pre-tax income633639760-1.0%
Income tax150135165+11.4%
Effective tax rate23.7%21.1%21.7%
Net income483505596-4.3%
Net margin14.0%15.4%18.2%
Diluted EPS$6.41$6.64$7.85-3.5%
$ 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 flow680668717+1.8%
Capital expenditure63.665.189.9-2.3%
Free cash flow617603627+2.3%
Free cash flow margin17.8%18.4%19.1%
Cash from investing-138-1,006-284
Cash from financing-633466-345
Depreciation and amortisation206176152+17.6%
Share-based compensation27.325.821.8+5.8%
Buybacks2480.024.2
Dividends paid213205191+3.6%
Dividend per share$2.84$2.76$2.56+2.9%
Diluted shares, weighted75m76m76m-0.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity4,0283,7953,541+6.1%
Non-controlling interest-1.3-0.6-0.2
Debt1,8301,9711,333-7.2%
Operating lease liabilities94.110298.1-7.4%
Other liabilities977878893+11.2%
Total liabilities and equity6,9276,7455,865+2.7%
Fixed assets468460430+1.7%
Goodwill3,4143,2522,838+5.0%
Intangible assets1,2471,2851,012-2.9%
Cash and equivalents580621534-6.6%
Receivables512461419+11.0%
Inventory479430421+11.6%
Other assets226237211-4.7%
Total assets6,9276,7455,865+2.7%

10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.