Fourth Quarter Highlights (amounts presented for continuing operations; all comparisons against the fourth quarter of 2024, unless otherwise noted)
Revenue of $637.3 million, up 19.4%
GAAP income from continuing operations of $78.2 million, up 38.4%
GAAP EPS of $1.54, up 29.4%
Adjusted EPS* of $1.88, up 24.5%
Adjusted EBITDA* of $142.0 million, up 22.3%
Full Year Highlights (amounts presented for continuing operations; all comparisons against the full-year 2024, unless otherwise noted)
Revenue of $2,265.1 million, up 14.2%
GAAP income from continuing operations of $245.5 million, up 21.7%
GAAP EPS of $5.06, up 17.9%
Adjusted EPS* of $6.76, up 21.1%
Adjusted EBITDA* of $507.4 million, up 20.5%
2026 Guidance (all comparisons against the full-year 2025, unless otherwise noted)
Revenue range of $2.535 to $2.605 billion, up ~13% year-over-year at the midpoint.
Adjusted EBITDA* range of $590 to $620 million, up approximately 20% year-over-year at the midpoint.
Adjusted EPS* range of $7.60 to $8.00, up ~15% year-over-year at the midpoint.
Gene Lowe, President and CEO, remarked, "I'm very pleased with our fourth quarter and full-year 2025 results, including Adjusted EBITDA* and Adjusted EPS* growth in excess of 20%. We continue to see healthy demand across our key end markets, execute well operationally, and realize strong contributions from recent acquisitions."
Mr. Lowe continued, "I'm proud of our team's accomplishments over the past year. We advanced key initiatives and strengthened our positions in key end-markets. In the first quarter of 2026, we continued our momentum with the additions of Thermolec and the air handling segment of Crawford United to our HVAC segment, significantly scaling our Electric Heat and Engineered Air Movement businesses, respectively. Our focus on new product introductions, including the successful launch of our Olympus Max product, and investments in production capacity expansions position us for sustained long-term growth in attractive end markets."
Mr. Lowe further commented, "Looking ahead, we remain optimistic in the strength of customer demand and our operational momentum. In 2026, we anticipate another year of double-digit growth in Adjusted EBITDA* and Adjusted EPS* at the midpoint of our guidance range. With a solid demand backdrop and a robust pipeline of attractive acquisition opportunities, I remain highly confident in our ability to continue driving value for years to come."
Fourth Quarter and Full-Year Financial Comparisons:
($ millions, except per share amounts)
Q4 2025
Q4 2024
FY 2025
FY 2024
Revenue
$
637.3
$
533.7
$
2,265.1
$
1,983.9
Operating income
100.1
90.2
350.4
308.3
Income from continuing operations
78.2
56.5
245.5
201.8
GAAP EPS
1.54
1.19
5.06
4.29
Consolidated segment income*
$
156.4
$
129.4
$
548.8
$
460.6
Adjusted operating income*
134.8
110.0
479.7
394.7
Adjusted EBITDA*
142.0
116.1
507.4
421.0
Adjusted EBITDA %*
22.3
%
21.8
%
22.4
%
21.2
%
Adjusted EPS*
$
1.88
$
1.51
$
6.76
$
5.58
Net operating cash flow from continuing operations
$
195.8
$
166.7
$
335.6
$
313.1
Capital expenditures
(68.5
)
(9.8
)
(92.1
)
(38.0
)
Adjusted free cash flow*
130.1
151.5
294.3
283.8
* Non-GAAP financial measure. See attached schedules for reconciliation of historical non-GAAP measures to most comparable GAAP financial measure. A reconciliation of non-GAAP guidance measures is not practicable and, accordingly, is not provided.
Segment Overview:
HVAC
Three months ended
Twelve months ended
($ millions)
Q4 2025
Q4 2024
Q4 2025
Q4 2024
Revenue
$
431.1
$
370.5
$
1,518.2
$
1,364.7
• Organic
10.3
%
6.1
%
• Inorganic
5.5
%
5.1
%
• Currency
0.6
%
—
%
Total Growth
16.4
%
11.2
%
Segment income
$
108.5
$
91.8
$
372.6
$
323.9
as a percent of revenues
25.2
%
24.8
%
24.5
%
23.7
%
Change in bps
40bps
80bps
Fourth Quarter 2025The revenue increase was primarily driven by:
an organic increase due predominantly to higher volumes of both heating and cooling products driven by continued strength in demand and higher throughput primarily resulting from increased production capacity; and
an inorganic increase from the acquisition of Sigma & Omega.
The segment income and segment income margin increases were due primarily to the revenue growth mentioned above and associated operating leverage.
Full-Year 2025The revenue increase was primarily driven by:
an organic increase due predominantly to higher volumes of both heating and cooling products driven by (i) continued strength in demand and higher throughput primarily resulting from continued production capacity expansion, and (ii) the impact of lower volumes of heating products in 2024 associated with the unseasonably warm winter conditions prevalent in the relevant end markets during the first quarter of 2024; and
an inorganic increase from the acquisitions of Ingénia and Sigma & Omega.
The segment income and segment income margin increases were due primarily to the higher volumes mentioned above and associated operating leverage, and a more accretive mix and favorable project execution primarily within our cooling products business.
Detection & Measurement
Three months ended
Twelve months ended
($ millions)
Q4 2025
Q4 2024
Q4 2025
Q4 2024
Revenue
$
206.2
$
163.2
$
746.9
$
619.2
• Organic
1.7
%
6.3
%
• Inorganic
23.2
%
13.8
%
• Currency
1.4
%
0.5
%
Total Growth
26.3
%
20.6
%
Segment income
$
47.9
$
37.6
$
176.2
$
136.7
as a percent of revenues
23.2
%
23.0
%
23.6
%
22.1
%
Change in bps
20bps
150bps
Fourth Quarter 2025The revenue increase was primarily driven by:
an inorganic increase from the acquisition of KTS; and to a lesser extent
an organic increase primarily due to higher project volumes within our aids to navigation and transportation systems businesses, partially offset by lower project volumes primarily within our communication technologies business.
The segment income and segment income margin increases were due primarily to the higher project volumes mentioned above and income resulting from the KTS acquisition.
Full-Year 2025The revenue increase was primarily driven by:
an inorganic increase from the acquisition of KTS;
an organic increase primarily due to higher project volumes within our communication technologies and transportation businesses.
The segment income and segment income margin increases were due primarily to (i) income resulting from the KTS acquisition and (ii) higher project volumes and associated leverage on our fixed costs, particularly within SG&A expenses. These increases were partially offset by a less favorable project mix within our transportation systems and communication technologies businesses.
Liquidity and Financial Position:
($ millions)
Q4 2025
Q4 2024
Total debt
$
501.6
$
614.7
Total cash
366.0
161.4
2026 Guidance:For the full year 2026, SPX now anticipates segment and company performance as follows:
Revenue
Segment Income Margin %
AdjustedEPS*
AdjustedEBITDA*/%
HVAC
$1,800-$1,840 million($1,518 million prior)
24.50%-25.00%(24.50% prior)
Detection & Measurement
$735-$765 million($747 million prior)
24.75%-25.25%(23.60% prior)
Total SPX Adjusted
$2.535-$2.605 billion($2.265 billion prior)
24.60%-25.10%(24.20% prior)
$7.60-$8.00($6.76 prior)
$590-$620 million / 23.25%-23.75%($507 million / 22.40% prior)
Form 10-K: The Company expects to file its annual report on Form 10-K for the year ended December 31, 2025 with the Securities and Exchange Commission by March 2, 2026. This press release should be read in conjunction with that filing, which will be available on the Company's website at www.spx.com, in the Investor Relations section.
Conference Call: SPX will host a conference call at 4:45 p.m. (ET) today to discuss fourth quarter and full-year results. The call will be simultaneously webcast via the Company's website at www.spx.com and the slide presentation will be available in the News section of the site.
Call Access Process: To access the call by phone, please use the following link to receive dial-in details https://register-conf.media-server.com/register/BIbfff30ff977543d4987c3f75ce2d3e06. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at www.spx.com.
Upcoming Investor Events: Company management plans to conduct virtual and in-person meetings with investors over the coming months.
About SPX Technologies, Inc: SPX Technologies, Inc. is a diversified, global supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX Technologies, Inc. has operations in over 16 countries. SPX Technologies, Inc. is listed on the New York Stock Exchange under the ticker symbol "SPXC." For more information, please visit www.spx.com.
Non-GAAP Presentation: This press release contains certain non-GAAP financial measures, including consolidated segment income and margin, adjusted operating income, adjusted income from continuing operations before income taxes, adjusted earnings per share from continuing operations (or, adjusted EPS), EBITDA, adjusted EBITDA, and adjusted free cash flow from continuing operations. These non-GAAP financial measures do not provide investors with an accurate measure of, and should not be used as a substitute for, the comparable financial measures as determined in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company believes these non-GAAP financial measures, when read in conjunction with the comparable GAAP financial measures, give investors a useful tool to assess and understand the Company's overall financial performance, because they exclude items of income or expense that the Company believes are not reflective of its ongoing operating performance, allowing for a better period-to-period comparison of operations of the Company. Additionally, the Company's management uses these non-GAAP financial measures as measures of the Company's performance. The Company acknowledges that there are many items that impact a company's reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.
Refer to the tables included in this press release for the components of each of the non-GAAP financial measures, and for the reconciliations of historical non-GAAP financial measures to their respective comparable GAAP measures. Our non-GAAP financial guidance excludes items, which would be included in our GAAP financial measures, that we do not consider indicative of our on-going performance; and are calculated in a manner consistent with the presentation of the similarly titled historical non-GAAP measures presented in this press release. These items include, but are not limited to, intangible asset amortization expense, acquisition and integration-related costs, costs associated with dispositions, and potential non-cash income or expense items associated with changes in market interest rates and actuarial or other data related to our pension and postretirement plans, as the ultimate aggregate amounts associated with these items are out of our control and/or cannot be reasonably predicted. Accordingly, a reconciliation of our non-GAAP financial guidance to the most comparable GAAP financial measures is not practicable. Full-year guidance excludes impacts from future acquisitions, dispositions and related transaction costs, incremental impacts of tariffs and trade tensions on market demand and costs subsequent to the date of this release, the impact of foreign exchange rate changes subsequent to December 31, 2025, and environmental and litigation charges.
Forward-looking Statements: Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read these results in conjunction with the Company's documents filed with the Securities and Exchange Commission, including the Company's most recent annual report on Form 10-K and quarterly report on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements, including the following: cyclical changes and specific industry events in our markets; changes in anticipated capital investment and maintenance expenditures by customers; changes in economic conditions in relevant global and North American markets, including as a result of the imposition, or threat of imposition of tariffs, including any new or increased tariffs announced by the U.S. government and any retaliatory tariffs announced in response thereto, and other trade barriers, international trade tensions or geopolitical conflicts; availability, limitations or cost increases of raw materials and/or commodities, including as a result of new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties that cannot be recovered in product pricing; the impact of competition on profit margins and our ability to maintain or increase market share; risks with respect to our contracts with the U.S. government, including the government's ability to terminate contracts prior to completion or failure to appropriate amounts necessary to fund such contracts, inadequate performance by third-party suppliers and subcontractors for outsourced products, components and services and other supply-chain risks; the uncertainty of claims resolution with respect to environmental and other contingent liabilities; the impact of climate change and any legal or regulatory actions taken in response thereto; cyber-security risks; risks with respect to the protection of intellectual property, including with respect to our digitalization initiatives; the impact of overruns, inflation and the incurrence of delays with respect to long-term fixed-price contracts; defects or errors in current or planned products; the impact of pandemics and governmental and other actions taken in response; domestic economic, political, legal, accounting and business developments adversely affecting our business, including regulatory changes; uncertainties with respect to our ability to complete expansions to or the reconfiguration of our manufacturing footprint within the time periods and at costs we anticipate and whether we will realize the anticipated benefits of these activities; uncertainties with respect to our ability to identify acceptable acquisition targets; uncertainties surrounding timing and successful completion of acquisition transactions, including with respect to integrating acquisitions and achieving cost savings, synergistic sales or other benefits from acquisitions; uncertainties with respect to our ability to dispose of non-core businesses on attractive terms, within anticipated time periods, or at all; the impact of retained liabilities of disposed businesses; potential labor disputes; and extreme weather conditions and natural and other disasters.
Actual results may differ materially from these statements. The words "guidance," "believe," "expect," "anticipate," "project" and similar expressions identify forward-looking statements. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Statements in this press release speak only as of the date of this press release, and SPX Technologies, Inc. disclaims any responsibility to update or revise such statements, except as required by law.
Investor and Media Contacts:Mark A. Carano, VP, Chief Financial Officer and TreasurerPhone: 980-474-3806E-mail: [email protected]
Source: SPX Technologies, Inc.
SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
Three months ended
Twelve months ended
December 31, 2025
December 31, 2024
December 31, 2025
December 31, 2024
Revenues
$
637.3
$
533.7
$
2,265.1
$
1,983.9
Costs and expenses:
Cost of products sold
383.9
315.6
1,347.4
1,184.5
Selling, general and administrative
133.2
108.9
477.6
414.6
Selling, general and administrative, intangible amortization
18.5
16.3
87.4
64.5
Special charges, net
0.9
2.7
1.1
3.6
Impairment of intangible assets
0.7
—
0.7
—
Other operating expense
—
—
0.5
8.4
Operating income
100.1
90.2
350.4
308.3
Other income (expense), net
11.1
(2.2
)
8.5
(9.3
)
Interest expense
(8.2
)
(11.0
)
(48.1
)
(45.7
)
Interest income
1.8
0.9
4.8
2.1
Loss on amendment/refinancing of senior credit agreement
—
—
(1.5
)
—
Income from continuing operations before income taxes
104.8
77.9
314.1
255.4
Income tax provision
(26.6
)
(21.4
)
(68.6
)
(53.6
)
Income from continuing operations
78.2
56.5
245.5
201.8
Income (loss) from discontinued operations, net of tax
—
—
—
—
Income (loss) on disposition of discontinued operations, net of tax
(0.3
)
0.6
(1.5
)
(1.3
)
Income (loss) from discontinued operations, net of tax
(0.3
)
0.6
(1.5
)
(1.3
)
Net income
$
77.9
$
57.1
$
244.0
$
200.5
Basic income per share of common stock:
Income from continuing operations
$
1.57
$
1.22
$
5.13
$
4.37
Income (loss) from discontinued operations
(0.01
)
0.01
(0.03
)
(0.03
)
Net income per share
$
1.56
$
1.23
$
5.10
$
4.34
Weighted-average number of common shares outstanding, basic
49.848
46.360
47.830
46.187
Diluted income per share of common stock:
Income from continuing operations
$
1.54
$
1.19
$
5.06
$
4.29
Income (loss) from discontinued operations
—
0.01
(0.03
)
(0.03
)
Net income per share
$
1.54
$
1.20
$
5.03
$
4.26
Weighted-average number of common shares outstanding, diluted
50.627
47.366
48.511
47.078
SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
December 31, 2025
December 31, 2024
ASSETS
Current assets:
Cash and equivalents
$
364.0
$
156.9
Accounts receivable, net
357.2
313.6
Contract assets
65.0
11.3
Inventories, net
302.2
271.0
Other current assets
55.3
31.5
Total current assets
1,143.7
784.3
Property, plant and equipment:
Land
26.9
23.5
Buildings and leasehold improvements
167.9
113.3
Machinery and equipment
338.1
308.1
532.9
444.9
Accumulated depreciation
(242.1
)
(226.9
)
Property, plant and equipment, net
290.8
218.0
Goodwill
1,043.4
834.5
Intangibles, net
868.2
703.0
Other assets
250.2
164.1
Deferred income taxes
2.2
2.4
Assets of DBT and Heat Transfer
6.1
8.2
TOTAL ASSETS
$
3,604.6
$
2,714.5
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
145.2
$
128.1
Contract liabilities
115.8
62.3
Accrued expenses
185.2
170.8
Income taxes payable
10.0
19.4
Short-term debt
1.4
10.1
Current maturities of long-term debt
3.5
27.6
Total current liabilities
461.1
418.3
Long-term debt
496.7
577.0
Deferred and other income taxes
149.7
97.8
Other long-term liabilities
245.5
224.2
Liabilities of DBT and Heat Transfer
14.1
12.8
Total long-term liabilities
906.0
911.8
Stockholders' equity:
Common stock
0.6
0.5
Paid-in capital
1,938.2
1,373.5
Retained earnings
482.8
238.8
Accumulated other comprehensive income
260.5
223.6
Common stock in treasury
(444.6
)
(452.0
)
Total stockholders' equity
2,237.5
1,384.4
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
3,604.6
$
2,714.5
SPX TECHNOLOGIES, INC. AND SUBSIDIARIES
RESULTS OF REPORTABLE SEGMENTS
(Unaudited; in millions)
Three months ended
Twelve months ended
December 31, 2025
December 31, 2024
Δ
%/bps
December 31, 2025
December 31, 2024
Δ
%/bps
HVAC reportable segment
Revenues
$
431.1
$
370.5
$
60.6
16.4
%
$
1,518.2
$
1,364.7
$
153.5
11.2
%
Cost of products sold
262.0
