Open the filing on EDGAR| FOR IMMEDIATE RELEASE | Exhibit 99.1 |
METTLER-TOLEDO INTERNATIONAL INC. REPORTS
FOURTH QUARTER 2025 RESULTS
COLUMBUS,
Ohio, USA - February 5, 2026 - Mettler-Toledo International Inc. (NYSE: MTD) today announced fourth quarter results for 2025. Provided below are the highlights:
- Reported sales increased 8% compared with the prior year. In local currency, sales increased 5% compared with the prior year and included a 1% benefit from acquisitions.
- Net earnings per diluted share as reported (EPS) were $13.98, compared with $11.96 in the prior-year period. Adjusted EPS was $13.36, an increase of 8% over the prior-year amount of $12.41. Adjusted EPS is a non-GAAP measure, and a reconciliation to EPS is included on the last page of the attached schedules.
Fourth Quarter Results
Patrick Kaltenbach, President and Chief Executive Officer, stated, “We had a great finish to the year with broad based growth by geography and product category. Our team continues to execute very well in a challenging environment and delivered strong Adjusted EPS growth for the quarter with excellent free cash flow conversion for the year.”
GAAP Results
EPS in the quarter was $13.98, compared with the prior-year amount of $11.96, and included a non-cash discrete tax benefit of $0.95 per share.
Compared with the prior year, total reported sales increased 8% to $1.130 billion. By region, reported sales increased 7% in the Americas, 12% in Europe, and 5% in Asia/Rest of World. Earnings before taxes amounted to $329.1 million, compared with $314.5 million in the prior year.
Non-GAAP Results
Adjusted EPS was $13.36, an increase of 8% over the prior-year amount of $12.41.
Compared with the prior year, total sales in local currency increased 5%. By region, local currency sales increased 7% in the Americas, 4% in Europe, and 4% in Asia/Rest of World. Excluding acquisitions, fourth quarter local currency sales increased 4%, including 4% growth in the Americas. Adjusted Operating Profit amounted to $363.0 million, compared with the prior-year amount of $351.9 million.
Adjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to the most comparable GAAP measures are provided in the attached schedules.
Full Year Results
GAAP Results
EPS was $42.05, compared with the prior-year amount of $40.48. Results in 2025 included a non-cash discrete tax benefit of $0.95 per share, while results in 2024 included a non-cash discrete tax benefit of $1.07 per share.
Compared with the prior year, total reported sales increased 4% to $4.026 billion. By region, reported sales increased 5% in the Americas, 6% in Europe, and 2% in Asia/Rest of World. Earnings before taxes amounted to $1.049 billion, compared with $1.037 billion in the prior year.
Non-GAAP Results
Adjusted EPS was $42.73, an increase of 4% over the prior-year amount of $41.11.
Total sales in local currency increased 3% compared with the prior year. By region, local currency sales increased 5% in the Americas, 1% in Europe, and 2% in Asia/Rest of World. Excluding acquisitions and the impact from delayed fourth quarter 2023 shipments that benefited first quarter 2024 sales, full year 2025 local currency sales increased 4%, including 4% growth in the Americas, 3% growth in Europe, and 3% growth in Asia/Rest of World. Adjusted Operating Profit amounted to $1.193 billion, compared with the prior-year amount of $1.200 billion.
Adjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to the most comparable GAAP measures are provided in the attached schedules.
Outlook
Management cautions that market conditions are uncertain and could change quickly. Based on today's assessment, management anticipates local currency sales for the first quarter of 2026 will increase approximately 3%. Adjusted EPS is forecast to be $8.60 to $8.75, a growth rate of 5% to 7%.
For the full year 2026, management anticipates local currency sales will increase approximately 4%. Adjusted EPS is forecast to be in the range of $46.05 to $46.70, representing growth of approximately 8% to 9%. This compares with previous local currency sales growth guidance of approximately 4% and Adjusted EPS guidance of $45.35 to $46.00.
The Company does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort the timing and amount of future restructuring and other non-recurring items.
Conclusion
Kaltenbach concluded, “I am very proud of our organization’s resilience and agility over the past year as we successfully navigated challenges posed by global trade disputes and soft market conditions, and we remain agile in this dynamic environment. Looking ahead, we are very well positioned to drive growth with our Spinnaker sales and marketing program and innovative product portfolio while capitalizing on opportunities related to automation, digitalization, and onshoring investments around the world. Our strategic initiatives and strong culture of innovation and operational excellence are deeply embedded in the organization and will help us continue to gain share and deliver strong financial performance.”
Other Matters
The Company will host a conference call to discuss its quarterly results tomorrow morning (Friday, February 6) at 8:30 a.m. Eastern Time. To listen to a live webcast or replay of the call, visit the investor relations page on the Company’s website at investor.mt.com. The presentation referenced on the conference call will be located on the website prior to the call.
METTLER TOLEDO (NYSE: MTD) is a leading global supplier of precision instruments and services. We have strong leadership positions in all of our businesses and believe we hold global number-one market positions in most of them. We are recognized as an innovation leader and our solutions are critical in key R&D, quality control, and manufacturing processes for customers in a wide range of industries including life sciences, food, and chemicals. Our sales and service network is one of the most extensive in the industry. Our products are sold in more than 140 countries and we have a direct presence in approximately 40 countries. With proven growth strategies and a focus on execution, we have achieved a long-term track record of strong financial performance. For more information, please visit www.mt.com.
Forward-Looking Statements Disclaimer
You should not rely on forward-looking statements to predict our actual results. Our actual results or performance may be materially different than reflected in forward-looking statements because of various risks and uncertainties. You can identify forward-looking statements by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” or “continue.”
We make forward-looking statements in this Quarterly Report about future events or our future financial performance, including sales and earnings growth, earnings per share, strategic plans and contingency plans, growth opportunities or economic downturns, our ability to respond to changes in market conditions, planned research and development efforts and product introductions, adequacy of facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, customer demand, our competitive position, pricing, capital expenditures, cash flow, share repurchases, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions, the impact of inflation, ongoing developments related to global trade disputes/tariffs, governmental policies, the geopolitical environment, the conflict in Ukraine and continuing instability in the Middle East on our business.
Our forward-looking statements may not be accurate or complete, speak only as of the date of this Quarterly Report, and we do not intend to update or revise them in light of actual results. New risks also periodically arise. Please consider the risks and factors that could cause our results to differ materially from what is described in our forward-looking statements, including ongoing developments related to global trade disputes/tariffs, governmental policies, the geopolitical environment, inflation, the conflict in Ukraine and continuing instability in the Middle East. See in particular “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC from time to time.
Adam Uhlman
Head of Investor Relations
METTLER TOLEDO
Direct: 614-438-4794 adam.uhlman@mt.com
Source: Mettler-Toledo International Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except share data)
(unaudited)
| Three months ended | | | Three months ended | |
|---|
| December 31, 2025 | | % of sales | December 31, 2024 | % of sales |
|---|
| Net sales | $1,129,735 | (a) | 100.0 | $1,045,127 | 100.0 |
| Cost of sales | 454,300 | | 40.2 | 405,812 | 38.8 |
| Gross profit | 675,435 | | 59.8 | 639,315 | 61.2 |
| Research and development | 52,599 | | 4.7 | 50,054 | 4.8 |
| Selling, general and administrative | 259,826 | | 23.0 | 237,340 | 22.7 |
| Amortization | 19,673 | | 1.8 | 18,220 | 1.8 |
| Interest expense | 17,388 | | 1.5 | 17,850 | 1.7 |
| Restructuring charges | 4,572 | | 0.4 | 2,147 | 0.2 |
| Other charges (income), net | (7,697) | | (0.7) | (843) | (0.1) |
| Earnings before taxes | 329,074 | | 29.1 | 314,547 | 30.1 |
| Provision for taxes | 43,309 | | 3.8 | 62,246 | 6.0 |
| Net earnings | $285,765 | | 25.3 | $252,301 | 24.1 |
| Basic earnings per common share: | | | | | |
| Net earnings | $14.02 | | | $12.00 | |
| Weighted average number of common shares | 20,380,453 | | | 21,024,024 | |
| Diluted earnings per common share: | | | | | |
| Net earnings | $13.98 | | | $11.96 | |
| Weighted average number of common and common equivalent shares | 20,444,484 | | | 21,101,360 | |
| Note: | | | | | |
| (a) | Local currency sales increased 5% as compared to the same period in 2024. | |
| RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT |
| Three months ended | | | Three months ended | |
| December 31, 2025 | | % of sales | December 31, 2024 | % of sales |
| Earnings before taxes | $329,074 | | | $314,547 | |
| Amortization | 19,673 | | | 18,220 | |
| Interest expense | 17,388 | | | 17,850 | |
| Restructuring charges | 4,572 | | | 2,147 | |
| Other charges (income), net | (7,697) | | | (843) | |
| Adjusted operating profit | $363,010 | (b) | 32.1 | $351,921 | 33.7 |
| Note: | | | | | |
| (b) | Adjusted operating profit increased 3% as compared to the same period in 2024. | |
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except share data)
(unaudited)
| Twelve months ended | | | Twelve months ended | |
|---|
| December 31, 2025 | | % of sales | December 31, 2024 | % of sales |
|---|
| Net sales | $4,026,399 | (a) | 100.0 | $3,872,361 | | 100.0 |
| Cost of sales | 1,635,753 | | 40.6 | 1,546,778 | | 39.9 |
| Gross profit | 2,390,646 | | 59.4 | 2,325,583 | | 60.1 |
| Research and development | 199,373 | | 5.0 | 189,357 | | 4.9 |
| Selling, general and administrative | 998,314 | | 24.8 | 936,303 | | 24.2 |
| Amortization | 74,469 | | 1.8 | 72,869 | | 1.9 |
| Interest expense | 68,515 | | 1.7 | 74,631 | | 1.9 |
| Restructuring charges | 17,868 | | 0.4 | 19,771 | | 0.5 |
| Other charges (income), net | (16,802) | | (0.4) | | (4,571) | (0.1) |
| Earnings before taxes | 1,048,909 | | 26.1 | 1,037,223 | | 26.8 |
| Provision for taxes | 179,716 | | 4.5 | 174,083 | | 4.5 |
| Net earnings | $869,193 | | 21.6 | $863,140 | | 22.3 |
| Basic earnings per common share: | | | | | |
| Net earnings | $42.17 | | | $40.67 | | |
| Weighted average number of common shares | 20,610,189 | | | 21,221,839 | | |
| Diluted earnings per common share: | | | | | |
| Net earnings | $42.05 | | | $40.48 | | |
| Weighted average number of common and common equivalent shares | 20,671,708 | | | 21,320,641 | | |
| Note: | | | | | |
| (a) | Local currency sales increased 3% as compared to the same period in 2024. | | |
| RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT |
| Twelve months ended | | | Twelve months ended | |
| December 31, 2025 | | % of sales | December 31, 2024 | % of sales |
| Earnings before taxes | $1,049 | | | $1,037,223 | | |
| Amortization | 74,469 | | | 72,869 | | |
| Interest expense | 68,515 | | | 74,631 | | |
| Restructuring charges | 17,868 | | | 19,771 | | |
| Other charges (income), net | (16,802) | | | (4,571) | | |
| Adjusted operating profit | $1,193 | (b) | 29.6 | $1,199,923 | | 31.0 |
| Note: | | | | | |
| (b) | Adjusted operating profit decreased 1% as compared to the same period in 2024. | |
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
(unaudited)
| December 31, 2025 | December 31, 2024 |
|---|
| Cash and cash equivalents | $66,888 | $59,362 |
| Accounts receivable, net | 778,243 | 687,112 |
| Inventories | 387,228 | 342,274 |
| Other current assets and prepaid expenses | 130,308 | 105,158 |
| Total current assets | 1,362,667 | 1,193,906 |
| Property, plant and equipment, net | 845,636 | 770,280 |
| Goodwill and other intangible assets, net | 1,018,135 | 926,057 |
| Other non-current assets | 486,208 | 349,756 |
| Total assets | $3,712,646 | $3,239,999 |
| Short-term borrowings and maturities of long-term debt | $63,931 | $182,623 |
| Trade accounts payable | 266,628 | 215,843 |
| Accrued and other current liabilities | 867,557 | 769,727 |
| Total current liabilities | 1,198,116 | 1,168,193 |
| Long-term debt | 2,088,241 | 1,831,265 |
| Other non-current liabilities | 449,925 | 367,431 |
| Total liabilities | 3,736,282 | 3,366,889 |
| Shareholders’ equity | (23,636) | (126,890) |
| Total liabilities and shareholders’ equity | $3,712,646 | $3,239,999 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
(unaudited)
| Three months ended | Twelve months ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Cash flow from operating activities: | | | | |
| Net earnings | $285,765 | | $252,301 | | $869,193 | | $863,140 | |
| Adjustments to reconcile net earnings to | | | | |
| net cash provided by operating activities: | | | | |
| Depreciation | 13,092 | | 12,643 | | 51,141 | | 50,352 | |
| Amortization | 19,673 | | 18,220 | | 74,469 | | 72,869 | |
| Deferred tax provision (benefit) | 22,598 | | (155) | | 17,471 | | (5,216) | |
| Share-based compensation | 6,485 | | 6,357 | | 22,512 | | 19,979 | |
| One-time non-cash discrete tax benefit | (13,685) | | - | | (13,685) | | (22,982) | |
| Increase (decrease) in cash resulting from changes in | | | | |
| operating assets and liabilities | (108,343) | | (23,179) | | (65,329) | | (9,796) | |
| Net cash provided by operating activities | 225,585 | | 266,187 | | 955,772 | | 968,346 | |
| Cash flows from investing activities: | | | | |
| Proceeds from sale of property, plant and equipment | - | | 898 | | - | | 1,631 | |
| Purchase of property, plant and equipment | (41,504) | | (41,276) | | (107,124) | | (103,898) | |
| Proceeds from government funding | 6,170 | | - | | 6,170 | | - | |
| Acquisitions | (18,411) | | (7,618) | | (93,839) | | (10,091) | |
| Other investing activities | 13,340 | | (3,056) | | 919 | | (7,104) | |
| Net cash used in investing activities | (40,405) | | (51,052) | | (193,874) | | (119,462) | |
| Cash flows from financing activities: | | | | |
| Proceeds from borrowings | 438,015 | | 594,916 | | 1,996,222 | | 2,156,565 | |
| Repayments of borrowings | (499,825) | | (598,429) | | (1,974,762) | | (2,175,291) | |
| Proceeds from exercise of stock options | 21,414 | | 1,380 | | 32,273 | | 23,719 | |
| Repurchases of common stock | (143,749) | | (212,500) | | (799,995) | | (849,997) | |
| Payments of excise tax on repurchases of common stock | (7,750) | | (8,089) | | (7,750) | | (8,089) | |
| Other financing activities | (241) | | (971) | | (1,161) | | (2,884) | |
| Net cash used in financing activities | (192,136) | | (223,693) | | (755,173) | | (855,977) | |
| Effect of exchange rate changes on cash and cash equivalents | 4,779 | | (3,654) | | 801 | | (3,352) | |
| Net increase (decrease) in cash and cash equivalents | (2,177) | | (12,212) | | 7,526 | | (10,445) | |
| Cash and cash equivalents: | | | | |
| Beginning of period | 69,065 | | 71,574 | | 59,362 | | 69,807 | |
| End of period | $66,888 | | $59,362 | | $66,888 | | $59,362 | |
| RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW |
| Three months ended | Twelve months ended |
| December 31, | December 31, |
| | 2025 | | 2024 | | 2025 | | 2024 |
| Net cash provided by operating activities | $225,585 | | $266,187 | | $955,772 | | $968,346 | |
| Payments in respect of restructuring activities | 3,988 | | 3,986 | | 13,404 | | 23,752 | |
| Payments for acquisition transaction costs | - | | - | | 901 | | - | |
| Transition tax payment | - | | - | | 13,404 | | 10,723 | |
| Proceeds from sale of property, plant and equipment | - | | 898 | | - | | 1,631 | |
| Purchase of property, plant and equipment, net | (41,504) | | (41,276) | | (107,124) | | (103,898) | |
| Adjusted free cash flow | $188,069 | | $229,795 | | $877,535 | | $900,554 | |
OTHER OPERATING STATISTICS
| | | Americas | | Europe | Asia/RoW | | Total | | |
|---|
| Three Months Ended December 31, 2025 | | 7% | | 12% | 5% | | 8% | | |
|---|
| Twelve Months Ended December 31, 2025 | | 5% | | 6% | 2% | | 4% | | |
|---|
| Three Months Ended December 31, 2025 | | 7% | | 4% | 4% | | 5% | | |
|---|
| Twelve Months Ended December 31, 2025 | | 5% | | 1% | 2% | | 3% | | |
|---|
| SALES GROWTH BY DESTINATION |
| (unaudited) |
| U.S. Dollar Sales Growth | | | | | | | | | | |
| Local Currency Sales Growth | | | | | | | | | | |
| Note: | | | | | | | | | | |
| (a) | Net sales growth in local currency excluding acquisitions was 4%, including growth of 4% in the Americas, for the three months ended December 31, 2025. |
| (b) | The Company estimates net sales growth in local currency was 4% excluding acquisitions and the impact from delayed fourth quarter 2023 shipments that benefited first quarter 2024 sales, and by geographic destination increased by 4% in the Americas, 3% in Europe and 3% in Asia/Rest of World for the twelve months ended December 31, 2025. |
| RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS |
| (unaudited) |
| Three months ended | Twelve months ended |
| December 31, | December 31, |
| | 2025 | | | 2024 | | % Growth | | 2025 | | | 2024 | | % Growth |
| EPS as reported, diluted | $13.98 | | | $11.96 | | | 17% | $42.05 | | | $40.48 | | | 4% |
| Purchased intangible amortization, net of tax | 0.28 | | (a) | 0.24 | | (a) | | 1.02 | | (a) | 0.94 | | (a) | |
| Restructuring charges, net of tax | 0.18 | | (b) | 0.09 | | (b) | | 0.70 | | (b) | 0.76 | | (b) | |
| Acquisition costs, net of tax | (0.14) | | (c) | | | | (0.09) | | (c) | | | |
| Income tax expense | (0.94) | | (d) | 0.12 | | (d) | | (0.95) | | (d) | (1.07) | | (d) | |
| Adjusted EPS, diluted | $13.36 | | | $12.41 | | | 8% | $42.73 | | | $41.11 | | | 4% |
| Notes: | | | | | | | | | | |
| (a) | Represents the EPS impact of purchased intangibles amortization of $7.5 million ($5.7 million net of tax) and $6.4 million ($5.0 million net of tax) for the three months ended December 31, 2025 and 2024, respectively, and of $27.3 million ($21.1 million net of tax) and $25.9 million ($20.1 million net of tax) for the twelve months ended December 31, 2025 and 2024, respectively. |
| (b) | Represents the EPS impact of restructuring charges of $4.6 million ($3.7 million after tax) and $2.1 million ($1.7 million after tax) for the three months ended December 31, 2025 and 2024, respectively, and of $17.9 million ($14.5 million after tax) and $19.8 million ($16.0 million after tax) for the twelve months ended December 31, 2025 and 2024, respectively, which primarily include employee related costs; and other costs of $0.3 million ($0.3 million after tax) for the three and twelve months ended December 31, 2024. |
| (c) | Represents the EPS impact of a net benefit of $4.4 million ($3.6 million net of tax) related to contingent consideration associated with previous acquisitions less acquisition transaction costs of $0.9 million ($0.7 million net of tax) and $2.2 million ($1.7 million net of tax) for the three and twelve months ended December 31, 2025, respectively. |
| (d) | Represents the EPS impact of the difference between our quarterly and estimated annual tax rate before non-recurring discrete items during the three months ended December 31, 2025 and 2024 due to the timing of excess tax benefits associated with stock option exercises. Also includes a reported EPS reduction of $0.95 for the three and twelve months ended December 31, 2025 and $1.07 for the twelve months ended December 31, 2024, respectively, for non-cash discrete tax benefits resulting from the reduction of uncertain tax position liabilities and valuation allowance related to the settlement of tax audits. |