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Roper Technologies (ROP) FY2025 results: revenue $7.9 billion, up 12.3% on the year

Roper Technologies Inc. (ROP) reported revenue of $7.9 billion for fiscal 2025, the year ended 31 December 2025, up 12.3% on the year before. Net income was $1.5 billion, down 0.8%, and diluted earnings per share $14.20. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue
$7.9 billion
+12.3% on the year
FY2018FY2025
Operating margin
28.3%
28.4% a year earlier
FY2018FY2025
Net income
$1.5 billion
-0.8% on the year
FY2018FY2025
Diluted EPS
$14.20
-1.0% 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: 7 new.

  • Revenue rose 10% in fourth quarter: Fourth-quarter revenue reached $2.06 billion, up 10%, with acquisitions adding 5 points and organic growth 4%. Full-year revenue was $7.90 billion, up 12%, including 7 points from acquisitions.
  • Adjusted DEPS up 8%, GAAP down 7%: Fourth-quarter adjusted diluted EPS (DEPS) rose 8% to $5.21, while GAAP DEPS fell 7% to $3.97. For the year, adjusted DEPS rose 9% to $20.00 and GAAP DEPS fell 1% to $14.20.
  • Adjusted EBITDA up 10% in quarter: Adjusted EBITDA rose 10% to $818 million in the quarter, with margin at 39.7%, up 10 basis points. For the year, adjusted EBITDA rose 11% to $3.14 billion and margin was 39.8%, down 40 basis points.
  • Application Software revenue up 16% for year: Application Software revenue was $1,158.9 million in the quarter, up from $1,056.9 million, and $4,483.0 million for the year, up from $3,868.3 million. Quarterly operating margin was 26.6%, against 25.8%.
  • Gross margin rose in fourth quarter: Gross profit was $1,429.9 million, a 69.5% margin, up from 68.3% a year earlier. For the full year gross margin was 69.2%, against 69.3%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Roper Technologies is a diversified technology company made up of separately run businesses that design and develop vertical software and technology-enabled products for niche markets. The filing states the company believes it is the market leader or a competitive alternative to the market leader in most of those markets. Growth comes from improving the businesses it owns and from buying more: over the three years to the end of 2025 approximately $8,960 million went into acquisitions. It runs a decentralised model, each business an individual unit whose managers make the day-to-day decisions, subject to oversight from Roper executive management. There are three reportable segments, split by business model and how performance obligations are delivered rather than by end market.

Roper Technologies Inc., the 10-K for 2025

Roper Technologies is a diversified technology company made up of separately run businesses that design and develop vertical software and technology-enabled products for niche markets. The filing states the company believes it is the market leader or a competitive alternative to the market leader in most of those markets. Growth comes from improving the businesses it owns and from buying more: over the three years to the end of 2025 approximately $8,960 million went into acquisitions. It runs a decentralised model, each business an individual unit whose managers make the day-to-day decisions, subject to oversight from Roper executive management. There are three reportable segments, split by business model and how performance obligations are delivered rather than by end market.

Application Software

The largest segment, 56.7 percent of total net revenues in 2025. Aderant sells management software and AI-enabled tools to law and other professional services firms, covering business development, matter management, time and billing and case management. CentralReach provides software-as-a-service for the workflow and administration of applied behaviour analysis therapy for autism spectrum disorder and related disabilities. Clinisys sells diagnostic and laboratory information management software, and Data Innovations software for enterprise management of hospitals and independent laboratories. Deltek sells enterprise software to government contractors, professional services firms and other project-based businesses, and Frontline cloud software for K-12 school administration. IntelliTrans supplies transportation management software to bulk and break-bulk commodity producers, and Procare software and integrated payment processing to early childhood education centres. Strata sells cloud financial analytics and performance management to healthcare providers, higher education and financial institutions. Transact/CBORD sells integrated campus technology and payment solutions, from secure access and campus identity software to tuition management and foodservice technology. Vertafore sells cloud software to the property and casualty insurance industry, covering agency and distribution management, compliance and data.

Network Software

20.3 percent of total net revenues in 2025, several of these businesses being marketplaces rather than tools. ConstructConnect runs cloud data, collaboration and estimating automation for construction contractors and building product manufacturers and distributors, focused on the pre-construction phase. DAT runs electronic marketplaces matching broker and carrier freight capacity across the United States and Canada, plus freight tracking, financing and analytics; Canadian-based Loadlink was combined into it in 2025. iTradeNetwork runs marketplaces and supply chain software connecting food suppliers, distributors and vendors, mostly in perishables. Foundry supplies software for visual effects and 3D content in entertainment and digital design, and iPipeline serves life insurance, annuities and financial services. MHA sells healthcare services and software into alternate site healthcare markets, SHP data analytics for post-acute healthcare providers, and SoftWriters software to pharmacies serving long-term care. Subsplash provides digital engagement, church management and integrated giving software for faith-based organisations.

Technology Enabled Products

23.0 percent of total net revenues in 2025, and the only segment that ships hardware. CIVCO Medical Solutions makes accessories used to guide ultrasound procedures and control infection. Verathon makes medical devices for airway management, including bronchoscopes and video laryngoscopes, and bladder volume measurement. Northern Digital makes optical and electromagnetic precision measurement systems for medical and industrial use, and IPA automated surgical scrub and linen dispensing equipment. Neptune makes water meters and the cloud software behind them, letting utilities read meters remotely through automatic meter reading and advanced metering infrastructure and handle meter data management and billing. FMI makes dispensers and metering pumps for precision fluid control, Inovonics wireless sensor networks for applications including life safety and access management, and rf IDEAS makes RFID card and credential readers for identity access management.

Order book and supply

Remaining performance obligations, meaning the transaction price of firm orders not yet worked on, were $5,204.2 million at the end of 2025 against $4,754.9 million a year earlier. Backlog, the part of that expected to be recognised within twelve months, was $3,424.6 million against $3,105.4 million. Most materials and supplies are readily available worldwide, though some components and sub-assemblies come from only a limited number of suppliers, for which alternatives are regularly investigated. Distribution and sales run primarily through direct sales offices, manufacturers' representatives, resellers and distributors.

Recent acquisitions

The 2025 purchases were CentralReach at approximately $1,850 million and Subsplash at approximately $800 million. In 2024 it bought Procare at approximately $1,860 million and Transact Campus at approximately $1,600 million, the latter combined with the existing CBORD business, and in 2023 Syntellis at approximately $1,380 million, combined with Strata. Approximately $1,470 million went into other bolt-on acquisitions across the three years.

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

Written from the 10-K filed 24 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
Revenue7,9027,0396,178+12.3%
Cost of revenue2,4302,1611,871+12.5%
Gross profit5,4724,8784,307+12.2%
Gross margin69.2%69.3%69.7%
Research and development852748646+14.0%
Selling, general and administrative3,2372,8822,562+12.3%
Operating income2,2351,9971,745+11.9%
Operating margin28.3%28.4%28.2%
Interest expense325259165+25.4%
Pre-tax income1,9361,9671,743-1.6%
Income tax400418375-4.3%
Effective tax rate20.6%21.2%21.5%
Net income1,5361,5491,384-0.8%
Net margin19.4%22.0%22.4%
Diluted EPS$14.20$14.35$12.89-1.0%
$ 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 flow2,5402,3932,035+6.1%
Cash from investing-3,388-3,468-2,126
Cash from financing9241,070-500-13.6%
Depreciation and amortisation898813755+10.5%
Share-based compensation166146124+14.0%
Buybacks5000.00.0
Dividends paid355322290+10.3%
Dividend per share$3.39$3.08$2.80+10.1%
Diluted shares, weighted108m108m107m+0.2%
Shares outstanding at period end107m107m107m-0.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity19,88218,86817,445+5.4%
Debt9,3017,6236,330+22.0%
Operating lease liabilities185155159+19.6%
Other liabilities5,2094,6894,234+11.1%
Total liabilities and equity34,57731,33528,168+10.3%
Fixed assets157150120+4.8%
Goodwill21,34119,31317,119+10.5%
Intangible assets9,7649,0608,212+7.8%
Cash and equivalents297188214+58.0%
Receivables1,001885830+13.1%
Inventory142121119+17.3%
Other assets1,8751,6181,554+15.8%
Total assets34,57731,33528,168+10.3%

10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.