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

Ingersoll Rand (IR) FY2025 results: revenue $7.7 billion, up 5.7% on the year

Ingersoll Rand Inc. (IR) reported revenue of $7.7 billion for fiscal 2025, the year ended 31 December 2025, up 5.7% on the year before. Net income was $581 million, down 30.7%, and diluted earnings per share $1.45. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.

Revenue
$7.7 billion
+5.7% on the year
FY2018FY2025
Operating margin
15.0%
18.0% a year earlier
FY2018FY2025
Net income
$581 million
-30.7% on the year
FY2018FY2025
Diluted EPS
$1.45
-29.6% 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: 8 new.

  • Acquisitions and currency drove revenue gain: Q4 revenue rose 10.2%: organic growth 2.9%, currency 3.3 points, acquisitions 4.0 points.
  • Q4 adjusted EPS rose 14%: Q4 net income attributable to Ingersoll Rand was $266 million, $0.67 diluted EPS; adjusted net income attributable was $382 million, $0.96 per share.
  • IT&S margin fell on tariffs and investment: IT&S revenue rose 11%, 3% organic, to $1,672 million; Adjusted EBITDA margin was 28.9%, down 140 basis points, on tariffs and commercial investment.
  • P&ST margin rose 280 basis points: P&ST revenue rose 8% to $419 million, 4% organic. Adjusted EBITDA was $127 million, up 19%, with margin of 30.4%, which management ties to IRX execution.
  • Consolidated Adjusted EBITDA margin 27.7%: Q4 Adjusted EBITDA was $580 million, up 9%, with margin of 27.7% against 28.0% a year earlier. Full-year margin was 27.4% against 27.9%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Ingersoll Rand makes the equipment that moves air, gas, powder and liquid: compressors, pumps, vacuum products and blowers, along with industrial and life science equipment built around the same flow technologies. Its products are sold under more than 90 brands, among them Ingersoll Rand and Gardner Denver, and the company traces over 165 years of engineering heritage. It runs over 60 key manufacturing facilities and over 50 service and repair centres across six continents and employed over 21,000 people at 31 December 2025. End markets include life sciences, food and beverage production, clean energy, industrial manufacturing, infrastructure and water and wastewater treatment. There are two segments.

Ingersoll Rand Inc., the 10-K for 2025

Ingersoll Rand makes the equipment that moves air, gas, powder and liquid: compressors, pumps, vacuum products and blowers, along with industrial and life science equipment built around the same flow technologies. Its products are sold under more than 90 brands, among them Ingersoll Rand and Gardner Denver, and the company traces over 165 years of engineering heritage. It runs over 60 key manufacturing facilities and over 50 service and repair centres across six continents and employed over 21,000 people at 31 December 2025. End markets include life sciences, food and beverage production, clean energy, industrial manufacturing, infrastructure and water and wastewater treatment. There are two segments.

Industrial Technologies and Services

Air and gas compression and treatment equipment, vacuum and blower products, fluid transfer equipment, loading systems, power tools and lifting equipment, with the parts, consumables and services that go with them, sold under Ingersoll Rand, Gardner Denver, Nash, CompAir, Elmo Rietschle and over 35 other brands. Compressors raise the pressure of air or gas, vacuum products reduce it below atmospheric level and blowers move a high volume at low pressure, and almost every manufacturing and industrial facility uses one or more of them for pneumatic tools, pumps and motion control, air and gas separation, vacuum packaging of food and aeration of waste water. The compression range covers rotary screw, reciprocating piston, scroll, rotary vane and centrifugal machines; vacuum covers side channel, liquid ring, claw, screw, turbo and rotary vane pumps; blowers cover rotary lobe, screw, claw and vane, side channel and radial. Engineered loading systems and fluid transfer equipment handle crude oil, liquefied natural gas, compressed natural gas, chemicals and bulk materials, and the tools portfolio runs from electric and cordless fastening systems and pneumatic bolting tools to hoists, winches and ergonomic handling devices.

Precision and Science Technologies

Specialised equipment for industrial and life science customers, used for precision dosing, liquid and solid transfer, dispensing, gas compression, gas sampling, pressure management, flow control and powder handling. The pumps and liquid handling side covers diaphragm, piston, water-powered, peristaltic, gear, vane, progressive cavity and syringe pumps, gas boosters, hydrogen compression systems, automated liquid handling and odorant injection systems, sold under brands including ARO, Dosatron, Haskel, LMI, Milton Roy, Seepex, Thomas and Welch. The life science side supplies single-use powder and liquid handling systems and isolators for disposable process and containment work, and contract design and production of silicone, thermoplastic and specialty components and assemblies for medical devices, mainly under ILC Dover and Flexan. The same operation makes space suits, inflatable habitats and lighter-than-air vehicles.

The aftermarket

Because the products sit in processes where downtime is costly but the equipment itself is a small part of total system cost, customers pay for reliability and fast service. A compressor lasts on average between 10 and 12 years and needs servicing at regular intervals from installation onward, and the filing states that what the aftermarket brings in over a compressor's life typically exceeds its original sale price. Aftermarket parts, consumables and services were 36.5% of total company revenue in 2025, and within Industrial Technologies and Services they were 40.6% against 39.9% in 2024.

Selling and buying

Products reach customers through an integrated network of direct sales representatives and independent distributors, tailored by geography and end-market, and in the precision segment through specialty and national distributors and direct relationships with original equipment manufacturers, engineering, procurement and construction companies and end users. The company keeps buying: in February 2025 it completed the acquisition of SSI Aeration, Inc., a maker of wastewater treatment plant equipment, for cash consideration of $97.8 million, and in July 2025 it completed the acquisition of Termomeccanica Industrial Compressors S.p.A. and its subsidiary Adicomp S.p.A. for cash consideration of $193.2 million, adding air and gas compressors and engineered-to-order equipment for renewable natural gas.

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

Written from the 10-K filed 17 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
Revenue7,6517,2356,876+5.7%
Cost of revenue4,3154,0653,994+6.1%
Gross profit3,3363,1702,882+5.2%
Gross margin43.6%43.8%41.9%
Research and development114117108-2.0%
Selling, general and administrative1,4391,3441,273+7.1%
Operating income1,1451,3001,164-12.0%
Operating margin15.0%18.0%16.9%
Interest expense254213157+19.1%
Pre-tax income9351,1331,031-17.4%
Income tax219262240-16.4%
Effective tax rate23.5%23.2%23.3%
Net income581839779-30.7%
Net margin7.6%11.6%11.3%
Diluted EPS$1.45$2.06$1.90-29.6%
$ 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 flow1,3561,3971,377-2.9%
Capital expenditure136149105-9.1%
Free cash flow1,2201,2481,272-2.2%
Free cash flow margin15.9%17.2%18.5%
Cash from investing-661-3,108-1,060
Cash from financing-1,0541,708-338
Depreciation and amortisation506482459+4.9%
Share-based compensation53.058.851.9-9.9%
Buybacks1,018261263+290.5%
Dividends paid31.832.332.4-1.5%
Diluted shares, weighted401m407m409m-1.5%
Shares outstanding at period end391m403m403m-2.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity10,09010,1799,784-0.9%
Non-controlling interest64.266.362.9-3.2%
Short-term borrowings0.01.7n/a
Debt4,7834,7542,724+0.6%
Operating lease liabilities168166117+1.5%
Finance lease liabilities11.212.613.6-11.1%
Other liabilities3,1812,8302,863+12.4%
Total liabilities and equity18,29718,01015,564+1.6%
Fixed assets930842711+10.5%
Goodwill8,4848,1486,610+4.1%
Intangible assets4,2404,3733,611-3.0%
Cash and equivalents1,2491,5411,596-19.0%
Receivables1,5181,3351,234+13.7%
Inventory1,1731,0551,001+11.2%
Other assets703715800-1.7%
Total assets18,29718,01015,564+1.6%

10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.