AMETEK INC/

Previous wording

In recent months, the United States government announced additional tariffs and trade restrictions on goods imported into the U.S. from various nations. In response, some nations countered with or are considering reciprocal tariffs and other actions. The U.S. government is negotiating with several of these nations regarding the tariffs, however, the outcome of these negotiations is still uncertain. Our businesses have been proactive in addressing the potential impacts of tariffs, including targeted pricing initiatives, strategic adjustments to our global supply chains, and leveraging our worldwide manufacturing footprint to localize production. As the situation continues to evolve, we cannot be certain of the outcome, which could adversely impact demand for our products, costs, inflation, customers, suppliers, and the overall global economy. We continue to monitor and analyze the impacts of the tariffs and will continue to implement appropriate actions as necessary to attempt to mitigate their effects.

Current wording

In recent months, the United States government announced additional tariffs and trade restrictions on goods imported into the U.S. from various nations. The U.S. government is negotiating with several of these nations regarding the tariffs, however, the outcome of these negotiations is still uncertain. Our businesses have been proactive in addressing the potential impacts of tariffs, including targeted pricing initiatives, strategic adjustments to our global supply chains, and leveraging our worldwide manufacturing footprint to localize production and adapt to changing demand patterns. The recent tariff modifications did not materially impact our results for the first nine months of 2025, however, as the situation continues to evolve, we cannot be certain of the outcome, which could adversely impact demand for our products, costs, inflation, customers, suppliers, and the overall global economy. We continue to monitor and analyze the impacts of the tariffs and will continue to implement appropriate actions as necessary to mitigate their effects.

Previous wording

For the quarter ended June 30, 2025, the Company posted record sales as well as strong orders, operating income, and operating margins. Contributions from the acquisitions of Virtek Vision International ("Virtek") in October 2024 and Kern Microtechnik ("Kern") in January 2025 as well as our Operational Excellence initiatives had a positive impact on the second quarter of 2025 results.

Current wording

For the quarter ended September 30, 2025, the Company posted record sales, operating income, orders, and backlog as well as strong operating margins. Contributions from the acquisitions of Virtek Vision International ("Virtek") in October 2024, Kern Microtechnik ("Kern") in January 2025, and FARO Technologies ("FARO") in July 2025, as well as our Operational Excellence initiatives had a positive impact on the third quarter of 2025 results. In the third quarter of 2025, the Company recorded pre-tax acquisition-related costs related to the FARO acquisition, which are comprised of one-time transaction costs and ongoing integration costs. Integration costs are recorded in Cost of sales and primarily include employee severance, change in control costs, and fair-value inventory adjustments. One-time acquisition-related transaction costs are recorded in Other (expense) income, net and primarily include investment banker fees and representation and warranty insurance costs.

Previous wording

Results of operations for the second quarter of 2025 compared with the second quarter of 2024

Current wording

Results of operations for the third quarter of 2025 compared with the third quarter of 2024

Previous wording

Net sales for the second quarter of 2025 were a record $1,778.1 million, an increase of $43.3 million or 2.5%, compared with net sales of $1,734.8 million for the second quarter of 2024. The increase in net sales for the second quarter of 2025 was due to a 2% increase from acquisitions as well as a 1% favorable effect of foreign currency translation.

Current wording

Net sales for the third quarter of 2025 were a record $1,892.6 million, an increase of $184.0 million or 10.8%, compared with net sales of $1,708.6 million for the third quarter of 2024. The increase in net sales for the third quarter of 2025 was due to a 4% increase in organic sales, a 6% increase from acquisitions, as well as a 1% favorable effect of foreign currency translation.

Previous wording

Total international sales for the second quarter of 2025 were $843.0 million or 47.4% of net sales, an increase of $53.0 million or 6.7%, compared with international sales of $790.0 million or 45.5% of net sales for the second quarter of 2024. The increase in international sales was primarily driven by higher demand in all markets, as well as contributions from recent acquisitions.

Current wording

Total international sales for the third quarter of 2025 were $906.1 million or 47.9% of net sales, an increase of $92.6 million or 11.4%, compared with international sales of $813.5 million or 47.6% of net sales for the third quarter of 2024. The increase in international sales was primarily driven by higher demand in Europe and contributions from recent acquisitions, partially offset by lower demand in Asia.

Previous wording

Orders for the second quarter of 2025 were $1,782.1 million, an increase of $104.9 million or 6.3%, compared with $1,677.2 million for the second quarter of 2024. The increase in orders for the second quarter of 2025 was due to a 2% increase from acquisitions as well as a 5% favorable effect of foreign currency translation. The Company's backlog of unfilled orders at June 30, 2025 was $3,473.1 million, an increase of $69.9 million or 2.1% compared with $3,403.2 million at December 31, 2024.

Current wording

Orders for the third quarter of 2025 were a record $1,967.8 million, an increase of $224.4 million or 12.9%, compared with $1,743.4 million for the third quarter of 2024. The increase in orders for the third quarter of 2025 was due to a 7% increase in organic orders, a 7% increase from acquisitions, partially offset by a 1% unfavorable effect of foreign currency translation. The Company's backlog of unfilled orders at September 30, 2025 was a record $3,546.3 million, an increase of $143.1 million or 4.2% compared with $3,403.2 million at December 31, 2024.

Previous wording

Cost of sales for the second quarter of 2025 was $1,142.2 million or 64.2% of net sales, an increase of $31.8 million or 2.9%, compared with $1,110.4 million or 64.0% of net sales for the second quarter of 2024.

Current wording

Cost of sales for the third quarter of 2025 was $1,206.5 million or 63.7% of net sales, an increase of $113.7 million or 10.4%, compared with $1,092.8 million or 64.0% of net sales for the third quarter of 2024. The cost of sales increase was primarily due to the net sales increase discussed above.

Previous wording

Segment operating income for the second quarter of 2025 was $488.3 million, an increase of $15.3 million or 3.2%, compared with segment operating income of $473.0 million for the second quarter of 2024. Segment operating margins, as a percentage of net sales, increased to 27.5% for the second quarter of 2025, compared with 27.3% for the second quarter of 2024. In the second quarter of 2025, segment operating margins were negatively impacted 30 basis points by the dilutive impact of recent acquisitions and 50 basis points from foreign currency translation headwinds. Excluding the dilutive impact of recent acquisitions and the effect of foreign currency translation, segment operating margins increased 100 basis points compared to the second quarter of 2024 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Current wording

Segment operating income for the third quarter of 2025 was $516.3 million, an increase of $45.8 million or 9.7%, compared with segment operating income of $470.5 million for the third quarter of 2024. Segment operating margins, as a percentage of net sales, decreased to 27.3% for the third quarter of 2025, compared with 27.5% for the third quarter of 2024. In the third quarter of 2025, segment operating margins were negatively impacted 90 basis points by the dilutive impact of recent acquisitions and 40 basis points from acquisition-related costs, primarily employee severance which includes change in control costs. Excluding the dilutive impact of recent acquisitions and acquisition-related costs, segment operating margins increased 110 basis points compared to the third quarter of 2024 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Previous wording

Consolidated operating income was $461.6 million or 26.0% of net sales for the second quarter of 2025, an increase of $14.1 million or 3.2%, compared with $447.5 million or 25.8% of net sales for the second quarter of 2024. In the second quarter of 2025, operating margins were negatively impacted 20 basis points by the dilutive impact of recent acquisitions and 50 basis points from foreign currency translation headwinds. Excluding the dilutive impact of recent acquisitions and the effect of foreign currency translation, operating margins increased 90 basis points compared to the second quarter of 2024 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Current wording

Consolidated operating income was a record $488.4 million or 25.8% of net sales for the third quarter of 2025, an increase of $42.5 million or 9.5%, compared with $445.9 million or 26.1% of net sales for the third quarter of 2024. In the third quarter of 2025, operating margins were negatively impacted 80 basis points by the dilutive impact of recent acquisitions and 40 basis points from acquisition-related costs. Excluding the dilutive impact of recent acquisitions and acquisition-related costs, operating margins increased 90 basis points compared to the third quarter of 2024 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Previous wording

The effective tax rate for the second quarter of 2025 and 2024 was 19.0%.

Current wording

The effective tax rate for the third quarter of 2025 was 17.1%, compared with 18.8% for the third quarter of 2024. The lower effective tax rate in the third quarter of 2025 primarily reflects the remeasurement of deferred tax liabilities following the enactment of a lower corporate tax rate in Germany.

Previous wording

Diluted earnings per share for the second quarter of 2025 were $1.55, an increase of $0.10 or 6.9%, compared with $1.45 per diluted share for the second quarter of 2024.

Current wording

Diluted earnings per share for the third quarter of 2025 were $1.60, an increase of $0.13 or 8.8%, compared with $1.47 per diluted share for the third quarter of 2024.

Previous wording

EIG’s net sales totaled $1,159.6 million for the second quarter of 2025, an increase of $6.0 million or 0.5%, compared with $1,153.6 million for the second quarter of 2024. The net sales increase was due to a 2% increase from recent acquisitions, as well as a 1% favorable effect of foreign currency translation, partially offset by a 3% organic sales decrease.

Current wording

EIG’s net sales totaled a record $1,246.3 million for the third quarter of 2025, an increase of $111.7 million or 9.8%, compared with $1,134.6 million for the third quarter of 2024. The net sales increase was due to a 9% increase from recent acquisitions, as well as a 1% favorable effect of foreign currency translation.

Previous wording

EMG’snet sales totaled a record $618.5 million for the second quarter of 2025, an increase of $37.3 million or 6.4%, compared with $581.2 million for the second quarter of 2024. The net sales increase was due to a 5% organic sales increase as well as a 1% favorable effect of foreign currency translation.

Current wording

EMG’snet sales totaled a record $646.3 million for the third quarter of 2025, an increase of $72.3 million or 12.6%, compared with $574.0 million for the third quarter of 2024. The net sales increase was due to a 12% organic sales increase as well as a 1% favorable effect of foreign currency translation.

Previous wording

EMG’s operating income was a record $143.9 million for the second quarter of 2025, an increase of $20.8 million or 16.9%, compared with $123.1 million for the second quarter of 2024. EMG’s operating margins were 23.3% of net sales for the second quarter of 2025, compared with 21.2% for the second quarter of 2024. Foreign currency exchange headwinds negatively impacted EMG's operating margins in the second quarter of 2025 by 50 basis points. Excluding the effect of foreign currency translation, EMG's operating margins increased 260 basis points compared to the second quarter of 2024 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Current wording

EMG’s operating income was a record $163.9 million for the third quarter of 2025, an increase of $32.4 million or 24.6%, compared with $131.5 million for the third quarter of 2024. EMG’s operating margins were 25.4% of net sales for the third quarter of 2025, compared with 22.9% for the third quarter of 2024. EMG's operating margins increased 250 basis points compared to the third quarter of 2024 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Previous wording

Results of operations for the first six months of 2025 compared with the first six months of 2024

Current wording

Results of operations for the first nine months of 2025 compared with the first nine months of 2024

Previous wording

Net sales for the first six months of 2025 were $3,510.0 million, an increase of $39.0 million or 1.1%, compared with net sales of $3,471.0 million for the first six months of 2024. The increase in net sales for the first six months of 2025 was due to a 1% increase from acquisitions.

Current wording

Net sales for the first nine months of 2025 were $5,402.7 million, an increase of $223.1 million or 4.3%, compared with net sales of $5,179.6 million for the first nine months of 2024. The increase in net sales for the first nine months of 2025 was due to a 3% increase from acquisitions, as well as a 1% organic sales increase.

Previous wording

Total international sales for the first six months of 2025 were $1,647.5 million or 46.9% of net sales, an increase of $34.1 million or 2.1%, compared with international sales of $1,613.4 million or 46.5% of net sales for the first six months of 2024. The increase in international sales was primarily driven by contributions from recent acquisitions and increased demand in the Americas, partially offset by lower demand in Asia.

Current wording

Total international sales for the first nine months of 2025 were $2,559.0 million or 47.4% of net sales, an increase of $132.1 million or 5.4%, compared with international sales of $2,426.9 million or 46.9% of net sales for the first nine months of 2024. The increase in international sales was primarily driven by contributions from recent acquisitions and increased demand in Europe and the Americas, partially offset by lower demand in Asia.

Previous wording

Orders for the first six months of 2025 were $3,579.8 million, an increase of $239.9 million or 7.2%, compared with $3,339.9 million for the first six months of 2024. The increase in orders for the first six months of 2025 was due to a 2% increase from acquisitions, a 4% favorable effect of foreign currency translation, as well as a 1% organic order increase.

Current wording

Orders for the first nine months of 2025 were $5,545.7 million, an increase of $462.4 million or 9.1%, compared with $5,083.3 million for the first nine months of 2024. The increase in orders for the first nine months of 2025 was due to a 4% increase from acquisitions, a 3% organic order increase, as well as a 2% favorable effect of foreign currency translation.

Previous wording

Segment operating income for the first six months of 2025 was $971.1 million, an increase of $54.5 million or 5.9%, compared with segment operating income of $916.6 million for the first six months of 2024. Segment operating margins, as a percentage of net sales, increased to 27.7% for the first six months of 2025, compared with 26.4% for the first six months of 2024. In the first six months of 2025, the dilutive impact of recent acquisitions negatively impacted segment operating margins by 30 basis points. In the first six months of 2024, segment operating income and operating margins included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 80 basis points. Excluding the dilutive impact of the recent acquisitions and the Paragon integration costs, segment operating margins increased 80 basis points compared to the first six months of 2024, due to the continued benefits from the Company's Operational Excellence initiatives.

Current wording

Segment operating income for the first nine months of 2025 was $1,487.4 million, an increase of $100.3 million or 7.2%, compared with segment operating income of $1,387.1 million for the first nine months of 2024. Segment operating margins, as a percentage of net sales, increased to 27.5% for the first nine months of 2025, compared with 26.8% for the first nine months of 2024. In the first nine months of 2025, segment operating margins were negatively impacted 50 basis points by the dilutive impact of recent acquisitions and 20 basis points from acquisition-related costs. In the first nine months of 2024, segment operating income and operating margins included $29.2 million of acquisition-related costs related to Paragon, which negatively impacted segment operating margins by 50 basis points. Excluding the dilutive impact of the recent acquisitions, acquisition-related costs, and the Paragon acquisition-related costs, segment operating margins increased 70 basis points compared to the first nine months of 2024, due to the continued benefits from the Company's Operational Excellence initiatives.

Previous wording

Selling, general and administrative expenses for the first six months of 2025 were $344.4 million or 9.8% of net sales, a decrease of $6.8 million or 1.9%, compared with $351.2 million or 10.1% of net sales for the first six months of 2024. General and administrative expenses for the first six months of 2025 were $54.6 million, compared with $51.9 million for the first six months of 2024.

Current wording

Selling, general and administrative expenses for the first nine months of 2025 were $542.2 million or 10.0% of net sales, an increase of $21.1 million or 4.0%, compared with $521.1 million or 10.1% of net sales for the first nine months of 2024. Selling expenses increased primarily due to the net sales increase discussed above. General and administrative expenses for the first nine months of 2025 were $82.6 million, compared with $76.5 million for the first nine months of 2024.

Previous wording

Interest expense for the first six months of 2025 was $35.9 million, a decrease of $29.9 million or 45.4%, compared with $65.8 million for the first six months of 2024. Higher borrowings under the revolving credit facility related to the Paragon acquisition resulted in higher interest expense in the first six months of 2024.

Current wording

Interest expense for the first nine months of 2025 was $58.4 million, a decrease of $32.6 million or 35.8%, compared with $91.0 million for the first nine months of 2024. Higher borrowings under the revolving credit facility related to the Paragon acquisition resulted in higher interest expense in the first nine months of 2024.

Previous wording

Other expense, net was $4.2 million for the first six months of 2025, compared with $0.5 million of other expense, net for the first six months of 2024.

Current wording

Other expense, net was $22.1 million for the first nine months of 2025, compared with $2.4 million of other expense, net for the first nine months of 2024. The first nine months of 2025 includes $12.0 million of acquisition-related expenses, compared to the first nine months of 2024.

Previous wording

Diluted earnings per share for the first six months of 2025 were $3.07, an increase of $0.28 or 10.0%, compared with $2.79 per diluted share for the first six months of 2024.

Current wording

Diluted earnings per share for the first nine months of 2025 were $4.67, an increase of $0.41 or 9.6%, compared with $4.26 per diluted share for the first nine months of 2024.

Previous wording

EIG’s net sales totaled $2,303.2 million for the first six months of 2025, a decrease of $7.2 million or 0.3%, compared with $2,310.4 million for the first six months of 2024. The net sales decrease was due to a 2% organic sales decrease, partially offset by a 2% increase from acquisitions.

Current wording

EIG’s net sales totaled $3,549.6 million for the first nine months of 2025, an increase of $104.6 million or 3.0%, compared with $3,445.0 million for the first nine months of 2024. The net sales increase was due to a 4% increase from acquisitions and a 1% favorable effect of foreign currency translation, partially offset by a 2% decrease in organic sales.

Previous wording

EIG’s operating income was $698.5 million for the first six months of 2025, a decrease of $4.3 million or 0.6%, compared with $702.8 million for the first six months of 2024. EIG’s operating margins were 30.3% of net sales for the first six months of 2025, compared with 30.4% for the first six months of 2024. The dilutive impact of recent acquisitions in the first six months of 2025 negatively impacted EIG's operating margins by 60 basis points. Excluding the dilutive impact of recent acquisitions, EIG's operating margins increased 50 basis points in the first six months of 2025 compared to the first six months of 2024 due to the continued benefits from the Company's Operational Excellence initiatives.

Current wording

EIG’s operating income was $1,050.9 million for the first nine months of 2025, an increase of $9.1 million or 0.9%, compared with $1,041.8 million for the first nine months of 2024. EIG’s operating margins were 29.6% of net sales for the first nine months of 2025, compared with 30.2% for the first nine months of 2024. EIG's operating income was negatively impacted 90 basis points by the dilutive impact of recent acquisitions and 20 basis points for acquisition-related expenses in the first nine months of 2025. Excluding the dilutive impact of recent acquisitions and acquisition-related expenses, EIG's operating margins increased 50 basis points in the first nine months of 2025 compared to the first nine months of 2024 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Previous wording

EMG’s operating income was $272.6 million for the first six months of 2025, an increase of $58.8 million or 27.5%, compared with $213.8 million for the first six months of 2024. EMG’s operating margins were 22.6% of net sales for the first six months of 2025, compared with 18.4% for the first six months of 2024. EMG's operating income and operating margins for the first six months of 2024 included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 250 basis points. Excluding the Paragon integration costs, segment operating margins increased 170 basis points compared to the first six months of 2024, due to the sales increase discussed above, as well as to the continued benefits from the Company's Operational Excellence initiatives.

Current wording

EMG’s operating income was $436.5 million for the first nine months of 2025, an increase of $91.2 million or 26.4%, compared with $345.3 million for the first nine months of 2024. EMG’s operating margins were 23.6% of net sales for the first nine months of 2025, compared with 19.9% for the first nine months of 2024. EMG's operating income and operating margins for the first nine months of 2024 included $29.2 million of acquisition-related costs related to Paragon, which negatively impacted segment operating margins by 170 basis points. Excluding the Paragon acquisition-related costs, segment operating margins increased 200 basis points compared to the first nine months of 2024, due to the sales increase discussed above, as well as to the continued benefits from the Company's Operational Excellence initiatives.

Previous wording

Cash provided by operating activities totaled $776.6 million for the first six months of 2025, a decrease of $15.1 million or 1.9%, compared with $791.7 million for the first six months of 2024. The decrease in cash provided by operating activities for the first six months of 2025 was primarily due to higher working capital investments, partially offset by higher net income.

Current wording

Cash provided by operating activities totaled $1,217.5 million for the first nine months of 2025, a decrease of $61.3 million or 4.8%, compared with $1,278.8 million for the first nine months of 2024. The decrease in cash provided by operating activities for the first nine months of 2025 was primarily due to higher working capital investments, partially offset by higher net income.

Previous wording

Free cash flow (cash flow provided by operating activities less capital expenditures) was $724.3 million for the first six months of 2025, compared with $742.6 million for the first six months of 2024. EBITDA (earnings before interest, income taxes, depreciation and amortization) was $1,123.6 million for the first six months of 2025, compared with $1,057.5 million for the first six months of 2024. Free cash flow and EBITDA are presented because the Company is aware that they are measures used by third parties in evaluating the Company.

Current wording

Free cash flow (cash flow provided by operating activities less capital expenditures) was $1,144.2 million for the first nine months of 2025, compared with $1,203.5 million for the first nine months of 2024. EBITDA (earnings before interest, income taxes, depreciation and amortization) was $1,696.0 million for the first nine months of 2025, compared with $1,590.5 million for the first nine months of 2024. Free cash flow and EBITDA are presented because the Company is aware that they are measures used by third parties in evaluating the Company.

Previous wording

Cash used by investing activities totaled $155.7 million for the first six months of 2025, compared with cash used by investing activities of $43.5 million for the first six months of 2024. For the first six months of 2025, the Company paid $104.1 million, net of cash acquired, to purchase Kern Microtechnik ("Kern"). For the first six months of 2024, the Company received $4.2 million from the sale of a facility. Additions to property, plant and equipment totaled $52.3 million for the first six months of 2025, compared with $49.1 million for the first six months of 2024.

Current wording

Cash used by investing activities totaled $1,005.8 million for the first nine months of 2025, compared with cash used by investing activities of $69.5 million for the first nine months of 2024. For the first nine months of 2025, the Company paid $933.2 million, net of cash acquired, to purchase Kern Microtechnik ("Kern") and FARO Technologies ("FARO"). For the first nine months of 2024, the Company received $4.2 million from the sale of a facility. Additions to property, plant and equipment totaled $73.3 million for the first nine months of 2025, compared with $75.4 million for the first nine months of 2024.

Previous wording

Cash used by financing activities totaled $409.4 million for the first six months of 2025, compared with cash used by financing activities of $751.7 million for the first six months of 2024. At June 30, 2025, total debt, net was $1,942.0 million, compared with $2,079.7 million at December 31, 2024. For the first six months of 2025, total borrowings decreased by $252.7 million compared with a $640.6 million decrease for the first six months of 2024. In the second quarter of 2025, the Company paid in full, at maturity, a $50.0 million in aggregate principal amount of 3.91% senior notes. At June 30, 2025, the Company had available borrowing capacity of $2,221.7 million under its revolving credit facility, excluding the $700 million accordion feature.

Current wording

Cash used by financing activities totaled $176.7 million for the first nine months of 2025, compared with cash used by financing activities of $1,228.4 million for the first nine months of 2024. At September 30, 2025, total debt, net was $2,464.2 million, compared with $2,079.7 million at December 31, 2024. For the first nine months of 2025, total borrowings increased by $187.7 million compared with a $998.1 million decrease for the first nine months of 2024. In the third quarter of 2025, the Company paid in full, at maturity, a $100.0 million in aggregate principal amount of 3.96% senior notes. In the second quarter of 2025, the Company paid in full, at maturity, a $50.0 million in aggregate principal amount of 3.91% senior notes. At September 30, 2025, the Company had available borrowing capacity of $1,582.2 million under its revolving credit facility, excluding the $700 million accordion feature.

Previous wording

The debt-to-capital ratio was 15.7% at June 30, 2025, compared with 17.7% at December 31, 2024. The net debt-to-capital ratio (total debt, net less cash and cash equivalents divided by the sum of net debt and stockholders’ equity) was 11.3% at June 30, 2025, compared with 15.0% at December 31, 2024. The net debt-to-capital ratio is presented because the Company is aware that this measure is used by third parties in evaluating the Company.

Current wording

The debt-to-capital ratio was 19.0% at September 30, 2025, compared with 17.7% at December 31, 2024. The net debt-to-capital ratio (total debt, net less cash and cash equivalents divided by the sum of net debt and stockholders’ equity) was 16.1% at September 30, 2025, compared with 15.0% at December 31, 2024. The net debt-to-capital ratio is presented because the Company is aware that this measure is used by third parties in evaluating the Company.

Previous wording

Additional financing activities for the first six months of 2025 included cash dividends paid of $143.0 million, compared with $129.4 million for the first six months of 2024. Effective February 7, 2025, the Company’s Board of Directors approved an 11% increase in the quarterly cash dividend on the Company’s common stock to $0.31 per common share from $0.28 per common share. The Company repurchased $18.1 million of its common stock for the first six months of 2025, compared with $7.6 million for the first six months of 2024. Proceeds from stock option exercises were $12.3 million for the first six months of 2025, compared with $34.5 million for the first six months of 2024.

Current wording

Additional financing activities for the first nine months of 2025 included cash dividends paid of $214.4 million, compared with $194.1 million for the first nine months of 2024. Effective February 7, 2025, the Company’s Board of Directors approved an 11% increase in the quarterly cash dividend on the Company’s common stock to $0.31 per common share from $0.28 per common share. The Company repurchased $163.6 million of its common stock for the first nine months of 2025, compared with $68.0 million for the first nine months of 2024. Proceeds from stock option exercises were $21.6 million for the first nine months of 2025, compared with $39.7 million for the first nine months of 2024.

Previous wording

As a result of all of the Company’s cash flow activities for the first six months of 2025, cash and cash equivalents at June 30, 2025 totaled $619.7 million, compared with $374.0 million at December 31, 2024. At June 30, 2025, the Company had $388.7 million in cash outside the United States, compared with $361.5 million at December 31, 2024. The Company utilizes this cash to fund its international operations, as well as to acquire international businesses. The Company is in compliance with all covenants, including financial covenants, for all of its debt agreements. The Company believes it has sufficient cash-generating capabilities from domestic and unrestricted foreign sources, available credit facilities and access to long-term capital funds to enable it to meet its operating needs and contractual obligations in the foreseeable future.

Current wording

As a result of all of the Company’s cash flow activities for the first nine months of 2025, cash and cash equivalents at September 30, 2025 totaled $439.2 million, compared with $374.0 million at December 31, 2024. At September 30, 2025, the Company had $341.4 million in cash outside the United States, compared with $361.5 million at December 31, 2024. The Company utilizes this cash to fund its international operations, as well as to acquire international businesses. The Company is in compliance with all covenants, including financial covenants, for all of its debt agreements. The Company believes it has sufficient cash-generating capabilities from domestic and unrestricted foreign sources, available credit facilities and access to long-term capital funds to enable it to meet its operating needs and contractual obligations in the foreseeable future.