Mettler Toledo International Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 7 May 2026: press release. Guidance figures: 1 raised, 2 new, 1 kept. The quarter’s numbers.

Key takeaways

Adjusted EPS rose 9%: Adjusted EPS was $8.91, up from $8.19. Diluted EPS as reported was $8.33 against $7.81. Management credited margin initiatives for the Adjusted EPS growth. Source
Reported sales rose 7%: Reported sales rose 7% to $947.1 million. Local currency sales rose 3%, and rose 1% excluding acquisitions. Source
Americas flat excluding acquisitions: Americas reported sales rose 3% and local currency sales rose 2%. Excluding acquisitions, Americas sales were flat. Source
Gross margin declined: Gross margin was 58.7% of sales against 59.5%, with cost of sales at 41.3% of sales against 40.5%. The release does not give a cause. Source
Market conditions described as uncertain: Management said market conditions are uncertain and could change quickly, and described the market environment as increasingly uncertain. Source
Operating cash flow fell: Net cash provided by operating activities was $139.8 million against $194.4 million. Working capital changes used $72.1 million, against $3.1 million a year earlier. Source
Adjusted free cash flow declined: Adjusted free cash flow was $119.7 million against $179.8 million. Capital expenditure was $17.4 million, similar to $17.3 million a year earlier. Source
Share repurchases of $206.3 million: The company repurchased $206.3 million of common stock, against $218.7 million a year earlier. An acquisition contingent consideration payment of $2.2 million was also made. Source

“We are pleased with our first quarter results as we delivered good performance in an increasingly uncertain market environment.”
Patrick Kaltenbach, President and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Local currency sales growth Source	second quarter 2026	approximately 3%	New
Adjusted EPS Source	second quarter 2026	$10.70 to $10.85	New
Local currency sales growth Source	full year 2026	approximately 4%	Kept
Adjusted EPS Source	full year 2026	$46.30 to $46.95	Raised from $46.05 to $46.70

What changed from last quarter

Guidance raised: Full-year 2026 Adjusted EPS guidance raised to $46.30 to $46.95 from $46.05 to $46.70. Source
New guidance: Second-quarter 2026 guidance given for the first time: local currency sales about 3% and Adjusted EPS $10.70 to $10.85. Source
Guidance kept: Full-year 2026 local currency sales growth guidance remained at about 4%. Source

Results and growth drivers

Adjusted EPS rose 9%: Adjusted EPS was $8.91, up from $8.19. Diluted EPS as reported was $8.33 against $7.81. Management credited margin initiatives for the Adjusted EPS growth. Source
Reported sales rose 7%: Reported sales rose 7% to $947.1 million. Local currency sales rose 3%, and rose 1% excluding acquisitions. Source
Quarter compared with February forecast: The February release forecast first-quarter Adjusted EPS of $8.60 to $8.75 and local currency sales growth of about 3%. Reported results were $8.91 and 3%.
Pre-tax earnings rose modestly: Earnings before taxes were $209.7 million against $201.9 million. Net earnings were $169.5 million against $163.6 million. Source

Segments and regions

Americas flat excluding acquisitions: Americas reported sales rose 3% and local currency sales rose 2%. Excluding acquisitions, Americas sales were flat. Source
Europe reported growth highest: Europe reported sales rose 12%, while local currency sales in Europe rose 1%, a difference of 11 points. Source
Asia/Rest of World local growth 5%: Asia/Rest of World reported sales rose 8%, and local currency sales rose 5%. Source

“Our investments in innovation continue to provide tangible benefits and also position us strongly to capitalize on our customers’ investments in automation, digitalization, and onshoring in the future.”
Patrick Kaltenbach, President and Chief Executive Officer

Costs and margins

Gross margin declined: Gross margin was 58.7% of sales against 59.5%, with cost of sales at 41.3% of sales against 40.5%. The release does not give a cause. Source
Adjusted operating margin narrowed: Adjusted operating profit margin was 26.0% against 26.8%. Adjusted operating profit rose 4% in dollars. Source
Restructuring charges nearly doubled: Restructuring charges were $7.3 million against $3.8 million, primarily employee related costs. Research and development was 5.4% of sales, and SG&A was 27.3%. Source

Demand and market conditions

Market conditions described as uncertain: Management said market conditions are uncertain and could change quickly, and described the market environment as increasingly uncertain. Source
Reported growth exceeded local currency: Reported sales grew 7%, against 3% growth in local currency sales for the same period. Source
Innovation tied to customer investment: Management said innovation investments are providing benefits and position the company for customers' automation, digitalization and onshoring investments. Source

“While we recognize increased uncertainty in the macroeconomic environment, we remain confident in our agility and the strong execution of our growth and margin expansion programs to achieve solid Adjusted EPS growth this year.”
Patrick Kaltenbach, President and Chief Executive Officer

Cash flow and balance sheet

Operating cash flow fell: Net cash provided by operating activities was $139.8 million against $194.4 million. Working capital changes used $72.1 million, against $3.1 million a year earlier. Source
Adjusted free cash flow declined: Adjusted free cash flow was $119.7 million against $179.8 million. Capital expenditure was $17.4 million, similar to $17.3 million a year earlier. Source
Chinese government grant proceeds: A $6.2 million grant receipt is excluded from adjusted free cash flow. The Xuhui, China agreement totals about $31 million. Source
Long-term debt increased: Cash was $60.6 million at March 31, 2026, against $66.9 million at December 31, 2025. Long-term debt rose to $2,161.6 million from $2,088.2 million. Source

Capital returns and funding

Share repurchases of $206.3 million: The company repurchased $206.3 million of common stock, against $218.7 million a year earlier. An acquisition contingent consideration payment of $2.2 million was also made. Source
Diluted share count lower: Weighted average diluted shares were 20,338,274, against 20,945,188 in the prior-year quarter. Source
Borrowings exceeded repayments: Proceeds from borrowings were $513.6 million, against $420.1 million of repayments during the quarter. Source

Coming up, as management said on 7 May 2026

Presentation posted before call: The presentation referenced on the call will be posted on the company's website before the call begins. Source

Risks management discussed

External: Management recognized increased uncertainty in the macroeconomic environment. Source
Demand: Management said market conditions are uncertain and could change quickly. Source

Earlier plans management reported on

Not stated: Management said it is executing growth and margin expansion programs aimed at Adjusted EPS growth this year. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

FOR IMMEDIATE RELEASE

Exhibit 99.1

METTLER-TOLEDO INTERNATIONAL INC. REPORTS

FIRST QUARTER 2025 RESULTS

COLUMBUS,

Ohio, USA - May 7, 2026 - Mettler-Toledo International Inc. (NYSE: MTD) today announced first quarter results for 2026. Provided below are the highlights:

Reported sales increased 7% compared with the prior year. In local currency, sales increased 3% compared with the prior year reflecting an increase of 1% excluding acquisitions.
Net earnings per diluted share as reported (EPS) were $8.33, compared with $7.81 in the prior-year period. Adjusted EPS was $8.91, an increase of 9% over the prior-year amount of $8.19. Adjusted EPS is a non-GAAP measure, and a reconciliation to EPS is included on the last page of the attached schedules.

First Quarter Results

Patrick Kaltenbach, President and Chief Executive Officer, stated, “We are pleased with our first quarter results as we delivered good performance in an increasingly uncertain market environment. Solid execution of our margin initiatives supported very good Adjusted EPS growth.”

GAAP Results

EPS in the quarter was $8.33, compared with the prior-year amount of $7.81.

Compared with the prior year, total reported sales increased 7% to $947.1 million. By region, reported sales increased 3% in the Americas, 12% in Europe, and 8% in Asia/Rest of World. Earnings before taxes amounted to $209.7 million, compared with $201.9 million in the prior year.

Non-GAAP Results

Adjusted EPS was $8.91, an increase of 9% over the prior-year amount of $8.19.

Compared with the prior year, total sales in local currency increased 3%. By region, local currency sales increased 2% in the Americas, 1% in Europe, and 5% in Asia/Rest of World. Excluding acquisitions, first quarter local currency sales increased 1%, including flat sales in the Americas and 3% growth in Asia/Rest of World. Adjusted Operating Profit amounted to $246.2 million, compared with the prior-year amount of $236.7 million.

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 second quarter of 2026 will increase approximately 3%. Adjusted EPS is forecast to be $10.70 to $10.85, a growth rate of 6% to 8%.

For the full year 2026, management anticipates local currency sales will increase approximately 4%. Adjusted EPS is forecast to be in the range of $46.30 to $46.95, representing growth of approximately 8% to 10%. This compares with previous local currency sales growth guidance of approximately 4% and Adjusted EPS guidance of $46.05 to $46.70.

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, “Our investments in innovation continue to provide tangible benefits and also position us strongly to capitalize on our customers’ investments in automation, digitalization, and onshoring in the future. While we recognize increased uncertainty in the macroeconomic environment, we remain confident in our agility and the strong execution of our growth and margin expansion programs to achieve solid Adjusted EPS growth this year.”

Other Matters

The Company will host a conference call to discuss its quarterly results tomorrow morning (Friday, May 8) 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.

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, 2025 and other reports filed with the SEC from time to time.

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands except share data)

(unaudited)

	Three months ended				Three months ended
	March 31, 2026		% of sales		March 31, 2025	% of sales
Net sales	$947,127	(a)		100.0	$883,744		100.0
Cost of sales	391,311			41.3	357,865		40.5
Gross profit	555,816			58.7	525,879		59.5
Research and development	51,275			5.4	46,346		5.2
Selling, general and administrative	258,326			27.3	242,799		27.5
Amortization	19,612			2.1	17,193		2.0
Interest expense	17,007			1.8	16,653		1.9
Restructuring charges	7,270			0.8	3,767		0.4
Other charges (income), net	(7,329)		(0.8)		(2,821)	(0.3)
Earnings before taxes	209,655			22.1	201,942		22.8
Provision for taxes	40,201			4.2	38,355		4.3
Net earnings	$169,454			17.9	$163,587		18.5
Basic earnings per common share:
Net earnings	$8.35				$7.84
Weighted average number of common shares	20,286,133				20,868,873
Diluted earnings per common share:
Net earnings	$8.33				$7.81
Weighted average number of common and common equivalent shares	20,338,274				20,945,188
Note:
(a)	Local currency sales increased 3% as compared to the same period in 2025.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
	Three months ended				Three months ended
	March 31, 2026		% of sales		March 31, 2025	% of sales
Earnings before taxes	$209,655				$201,942
Amortization	19,612				17,193
Interest expense	17,007				16,653
Restructuring charges	7,270				3,767
Other charges (income), net	(7,329)				(2,821)
Adjusted operating profit	$246,215	(b)		26.0	$236,734		26.8
Note:
(b)	Adjusted operating profit increased 4% as compared to the same period in 2025.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

(unaudited)

	March 31, 2026		December 31, 2025
Cash and cash equivalents	$60,574		$66,888
Accounts receivable, net		708,206		778,243
Inventories		404,826		387,228
Other current assets and prepaid expenses		158,305		130,308
Total current assets		1,331,911		1,362,667
Property, plant and equipment, net	830,329		845,636
Goodwill and other intangible assets, net	1,010,637		1,018,135
Other non-current assets	496,038		486,208
Total assets	$3,668,915		$3,712,646
Short-term borrowings and maturities of long-term debt	$67,042		$63,931
Trade accounts payable	228,719		266,628
Accrued and other current liabilities	812,600		867,557
Total current liabilities	1,108,361		1,198,116
Long-term debt	2,161,596		2,088,241
Other non-current liabilities	440,841		449,925
Total liabilities	3,710,798		3,736,282
Shareholders’ equity	(41,883)		(23,636)
Total liabilities and shareholders’ equity	$3,668,915		$3,712,646

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)

	Three months ended
	March 31,
	2026		2025
Net earnings	$169,454		$163,587
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation	13,160		12,464
Amortization	19,612		17,193
Deferred tax provision (benefit)	(1,994)		(879)
Share-based compensation	5,469		5,139
Proceeds from government grant (a)	6,240		-
Decrease in cash resulting from changes in
operating assets and liabilities	(72,147)		(3,055)
Net cash provided by operating activities	139,794		194,449
Cash flows from investing activities:
Purchase of property, plant and equipment	(17,414)		(17,255)
Acquisitions	(2,242)		-
Other investing activities	(11,692)			10,348
Net cash used in investing activities	(31,348)		(6,907)
Cash flows from financing activities:
Proceeds from borrowings	513,590		512,496
Repayments of borrowings	(420,104)		(479,326)
Proceeds from exercise of stock options	620		2,198
Repurchases of common stock	(206,250)		(218,749)
Acquisition contingent consideration paid	(2,190)		-
Other financing activities	-		(764)
Net cash used in financing activities	(114,334)		(183,381)
Effect of exchange rate changes on cash and cash equivalents	(426)		1,532
Net (decrease) increase in cash and cash equivalents	(6,314)		4,929
Beginning of period	66,888		59,362
End of period	$60,574		$64,291
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
	Three months ended
	March 31,
		2026		2025
Net cash provided by operating activities	$139,794		$194,449
Payments in respect of restructuring activities	3,436		2,566
Payments for acquisition transaction costs	137		-
Proceeds from government grant (a)	(6,240)		-
Purchase of property, plant and equipment	(17,414)		(17,255)
Adjusted free cash flow	$119,713		$179,760
(a)	In December 2025, the Company entered into an agreement with the government of Xuhui, China to increase production automation and capacity and improve logistics. The Company will receive proceeds of approximately $31 million, of which approximately $18 million is expected to offset future purchases of property, plant and equipment and approximately $13 million is expected to offset future operating expenses. For the three months ended March 31, 2026, funding proceeds of $6.2 million that will offset future operating expenses is excluded from Adjusted free cash flow.

OTHER OPERATING STATISTICS

		Americas	Europe			Asia/RoW			Total
	Three Months Ended March 31, 2026	3%	12%			8%			7%
	Three Months Ended March 31, 2026	2%	1%			5%			3%
SALES GROWTH BY DESTINATION
(unaudited)
U.S. Dollar Sales Growth
Local Currency Sales Growth
Note:
(a)	Net sales in local currency excluding acquisitions grew 1%, including flat sales in the Americas and 3% sales growth in Asia/Rest of World, for the three months ended March 31, 2026.
RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS
(unaudited)
			Three months ended
			March 31,
				2026			2025		% Growth
EPS as reported, diluted			$8.33			$7.81				7%
Purchased intangible amortization, net of tax			0.27		(a)	0.23		(a)
Restructuring charges, net of tax			0.29		(b)	0.15		(b)
Income tax expense			0.02			-		(c)
Adjusted EPS, diluted			$8.91			$8.19				9%
Notes:
(a)	Represents the EPS impact of purchased intangibles amortization of $7.1 million ($5.4 million after tax) and $6.3 million ($4.9 million after tax) for the three months ended March 31, 2026 and 2025, respectively.
(b)	Represents the EPS impact of restructuring charges of $7.3 million ($5.9 million after tax) and $3.8 million ($3.1 million after tax) for the three months ended March 31, 2026 and 2025, respectively, which primarily include employee related costs.
(c)	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 March 31, 2026 due to the timing of excess tax benefits associated with stock option exercises.