AMETEK INC/

Previous wording

Our businesses have been proactive in addressing the 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. While recent tariff-related changes did not have a material impact on our results of operations for the six months ended June 30, 2026, 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 the evolving macroeconomic environment and will continue to implement appropriate actions as necessary to mitigate their effects on our businesses.

Current wording

Our businesses have been proactive in addressing the 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. While recent tariff-related changes did not have a material impact on our results of operations for the nine months ended September 30, 2026, as the situation continues to evolve, we cannot be certain of the outcome, which could adversely impact demand for our products, costs, inflationary pressures, customers, suppliers, and the overall global economy. We continue to monitor and analyze the impacts of the tariffs and the evolving macroeconomic environment and will continue to implement appropriate actions as necessary to mitigate their effects on our businesses.

Previous wording

For the quarter ended June 30, 2026, the Company posted record sales, operating income, net income, orders, and backlog, as well as strong operating margins. Contributions from the acquisitions of FARO Technologies ("FARO") in July 2025, LKC Technologies ("LKC") in January 2026, and First Aviation Services ("First Aviation") in May 2026, as well as our Operational Excellence initiatives had a positive impact on the second quarter of 2026 results. In the second quarter of 2026, the Company recorded $16.2 million of pre-tax acquisition-related costs related to the FARO, LKC, and First Aviation acquisitions, which are comprised of ongoing integration costs. These integration costs are recorded in Cost of sales and primarily include employee severance and fair-value inventory adjustments.

Current wording

For the quarter ended September 30, 2026, the Company delivered record sales, operating income, net income, and diluted EPS, supported by strong operating margins. Contributions from the acquisitions of FARO Technologies ("FARO") in July 2025, LKC Technologies ("LKC") in January 2026, First Aviation Services ("First Aviation") in May 2026, and Indicor Instrumentation ("Indicor") in August 2026 (collectively, the "recent acquisitions"), together with the Company's Operational Excellence initiatives, contributed favorably to the Company's third-quarter 2026 results. In the third quarter of 2026, the Company recorded $27.8 million of pre-tax acquisition-related costs associated with the Indicor acquisition, which are comprised of one-time transaction costs and ongoing integration costs. Integration costs of $9.8 million are recorded in Cost of sales and primarily include fair-value inventory adjustments. Transaction costs of $18.1 million are recorded in Other (expense) income, net and primarily include representation and warranty insurance costs.

Previous wording

Net sales for the second quarter of 2026 were a record $2,044.4 million, an increase of $266.3 million or 15.0%, compared with net sales of $1,778.1 million for the second quarter of 2025. The increase in net sales for the second quarter of 2026 was due to a 10% increase in organic sales, as well as a 5% increase from acquisitions.

Current wording

Net sales for the third quarter of 2026 were a record $2,220.3 million, an increase of $327.7 million or 17.3%, compared with net sales of $1,892.6 million for the third quarter of 2025. The increase in net sales for the third quarter of 2026 was due to a 10% increase in organic sales, as well as a 7% increase from acquisitions.

Previous wording

Total international sales for the second quarter of 2026 were $963.7 million or 47.1% of net sales, an increase of $120.7 million or 14.3%, compared with international sales of $843.0 million or 47.4% of net sales for the second quarter of 2025. The increase in international sales was primarily driven by higher demand in Europe and Asia, as well as contributions from recent acquisitions.

Current wording

Total international sales for the third quarter of 2026 were $1,060.9 million or 47.8% of net sales, an increase of $154.8 million or 17.1%, compared with international sales of $906.1 million or 47.9% of net sales for the third quarter of 2025. The increase in international sales was primarily driven by higher demand in Asia, as well as contributions from recent acquisitions.

Previous wording

Orders for the second quarter of 2026 were a record $2,284.0 million, an increase of $501.9 million or 28.2%, compared with $1,782.1 million for the second quarter of 2025. The increase in orders for the second quarter of 2026 was due to a 25% increase in organic orders and a 6% increase from acquisitions, partially offset by a 3% unfavorable effect of foreign currency translation. The Company's backlog of unfilled orders at June 30, 2026 was a record $4,110.2 million, an increase of $528.7 million or 14.8% compared with $3,581.5 million at December 31, 2025.

Current wording

Orders for the third quarter of 2026 were a record $2,650.6 million, an increase of $682.8 million or 34.7%, compared with $1,967.8 million for the third quarter of 2025. The increase in orders for the third quarter of 2026 was due to a 17% increase in organic orders and an 18% increase from acquisitions. The Company's backlog of unfilled orders at September 30, 2026 was a record $4,540.5 million, an increase of $959.0 million or 26.8% compared with $3,581.5 million at December 31, 2025.

Previous wording

Cost of sales for the second quarter of 2026 was $1,309.4 million or 64.0% of net sales, an increase of $167.2 million or 14.6%, compared with $1,142.2 million or 64.2% of net sales for the second quarter of 2025. The cost of sales increase was primarily due to the net sales increase discussed above, partially offset by continued benefits from the Company's Operational Excellence initiatives.

Current wording

Cost of sales for the third quarter of 2026 was $1,409.9 million or 63.5% of net sales, an increase of $203.4 million or 16.9%, compared with $1,206.5 million or 63.7% of net sales for the third quarter of 2025. The cost of sales increase was primarily due to the net sales increase discussed above, partially offset by continued benefits from the Company's Operational Excellence initiatives.

Previous wording

Operating income and operating margins for the second quarter of 2026 included $16.2 million of acquisition-related integration costs related to the FARO, LKC, and First Aviation acquisitions ("recent acquisitions"), which negatively impacted operating margins by 80 basis points. In the second quarter of 2026, segment operating margins were negatively impacted 80 basis points by the dilutive impact of recent acquisitions. Excluding the dilutive impact of recent acquisitions and acquisition-related costs, segment operating margins increased 140 basis points compared to the second quarter of 2025 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 2026 was $616.8 million, an increase of $100.5 million or 19.5%, compared with segment operating income of $516.3 million for the third quarter of 2025. Segment operating margins, as a percentage of net sales, increased to 27.8% for the third quarter of 2026, compared with 27.3% for the third quarter of 2025. Operating income and operating margins for the third quarter of 2026 included $9.8 million of acquisition-related integration costs related to the Indicor acquisition, which negatively impacted operating margins by 40 basis points. In the third quarter of 2026, segment operating margins were negatively impacted 40 basis points by the dilutive impact of recent acquisitions. Excluding the dilutive impact of recent acquisitions and acquisition-related costs, segment operating margins increased 130 basis points compared to the third quarter of 2025 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Previous wording

Selling, general and administrative expenses for the second quarter of 2026 were $206.8 million or 10.1% of net sales, an increase of $32.5 million or 18.7%, compared with $174.3 million or 9.8% of net sales for the second quarter of 2025. Selling expenses increased primarily due to the net sales increase discussed above, as well as higher selling expense related to recent acquisitions. General and administrative expenses for the second quarter of 2026 were $30.8 million, compared with $26.7 million for the second quarter of 2025.

Current wording

Selling, general and administrative expenses for the third quarter of 2026 were $225.5 million or 10.2% of net sales, an increase of $27.7 million or 14.0%, compared with $197.8 million or 10.4% of net sales for the third quarter of 2025. Selling expenses increased primarily due to the net sales increase discussed above. General and administrative expenses for the third quarter of 2026 were $31.8 million, compared with $27.9 million for the third quarter of 2025.

Previous wording

Consolidated operating income was $528.2 million or 25.8% of net sales for the second quarter of 2026, an increase of $66.6 million or 14.4%, compared with $461.6 million or 26.0% of net sales for the second quarter of 2025.

Current wording

Consolidated operating income was a record $584.9 million or 26.3% of net sales for the third quarter of 2026, an increase of $96.5 million or 19.8%, compared with $488.4 million or 25.8% of net sales for the third quarter of 2025.

Previous wording

Interest expense for the second quarter of 2026 was $30.1 million, an increase of $13.2 million or 78.6%, compared with $16.9 million for the second quarter of 2025. Interest expense increased in the second quarter of 2026 primarily due to $10.0 million of fees associated with the bridge loan financing entered into in connection with the definitive agreement to acquire Indicor Instrumentation. The bridge loan was terminated in June 2026 following the execution of the Revolving Credit Agreement and the Term Loan Agreement. See Note 12 for additional information.

Current wording

Interest expense for the third quarter of 2026 was $39.8 million, an increase of $17.3 million or 76.9%, compared with $22.5 million for the third quarter of 2025. Interest expense increased in the third quarter of 2026 primarily due to higher interest associated with the revolving credit and term loan borrowings in connection with the Indicor acquisition. See Note 12 for additional information.

Previous wording

Net income for the second quarter of 2026 was a record $406.9 million, an increase of $48.5 million or 13.5%, compared with $358.4 million for the second quarter of 2025.

Current wording

Net income for the third quarter of 2026 was a record $426.3 million, an increase of $54.9 million or 14.8%, compared with $371.4 million for the third quarter of 2025.

Previous wording

Diluted earnings per share for the second quarter of 2026 were a record $1.77, an increase of $0.22 or 14.2%, compared with $1.55 per diluted share for the second quarter of 2025.

Current wording

Diluted earnings per share for the third quarter of 2026 were a record $1.85, an increase of $0.25 or 15.6%, compared with $1.60 per diluted share for the third quarter of 2025.

Previous wording

EIG’s operating income was $369.7 million for the second quarter of 2026, an increase of $25.3 million or 7.3%, compared with $344.4 million for the second quarter of 2025. EIG’s operating margins were 28.0% of net sales for the second quarter of 2026, compared with 29.7% for the second quarter of 2025. EIG's operating income and operating margins for the second quarter of 2026 included $15.0 million of acquisition-related integration costs related to the FARO and LKC acquisitions, which negatively impacted EIG's operating margins by 110 basis points. EIG's operating margins were negatively impacted 120 basis points in the second quarter of 2026 by the dilutive impact of recent acquisitions. Excluding the dilutive impact of recent acquisitions and acquisition-related costs, EIG's operating margins increased 60 basis points compared to the second quarter of 2025 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Current wording

EIG’s operating income was a record $406.7 million for the third quarter of 2026, an increase of $54.3 million or 15.4%, compared with $352.4 million for the third quarter of 2025. EIG’s operating margins were 28.2% of net sales for the third quarter of 2026, compared with 28.3% for the third quarter of 2025. EIG's operating income and operating margins for the third quarter of 2026 included $7.8 million of acquisition-related integration costs related to the Indicor acquisition, which negatively impacted EIG's operating margins by 50 basis points. EIG's operating margins were negatively impacted 60 basis points in the third quarter of 2026 by the dilutive impact of recent acquisitions. Excluding the dilutive impact of recent acquisitions and acquisition-related costs, EIG's operating margins increased 100 basis points compared to the third quarter of 2025 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Previous wording

EMG’snet sales totaled a record $723.2 million for the second quarter of 2026, an increase of $104.7 million or 16.9%, compared with $618.5 million for the second quarter of 2025. The net sales increase was due to a 15% organic sales increase as well as a 2% increase from recent acquisitions.

Current wording

EMG’snet sales totaled a record $778.0 million for the third quarter of 2026, an increase of $131.7 million or 20.4%, compared with $646.3 million for the third quarter of 2025. The net sales increase was due to a 13% organic sales increase as well as a 7% increase from recent acquisitions.

Previous wording

EMG’s operating income was a record $189.3 million for the second quarter of 2026, an increase of $45.4 million or 31.6%, compared with $143.9 million for the second quarter of 2025. EMG’s operating margins were 26.2% of net sales for the second quarter of 2026, compared with 23.3% for the second quarter of 2025. EMG's operating income and operating margins for the second quarter of 2026 included $1.2 million of acquisition-related integration costs related to the First Aviation acquisition, which negatively impacted operating margins by 10 basis points. Excluding the impact of acquisition-related costs, EMG's operating margins increased 300 basis points compared to the second quarter of 2025 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 $210.0 million for the third quarter of 2026, an increase of $46.1 million or 28.2%, compared with $163.9 million for the third quarter of 2025. EMG’s operating margins were 27.0% of net sales for the third quarter of 2026, compared with 25.4% for the third quarter of 2025. EMG's operating income and operating margins for the third quarter of 2026 included $2.0 million of acquisition-related integration costs related to the Indicor acquisition, which negatively impacted operating margins by 20 basis points. EMG's operating margins were negatively impacted by 10 basis points in the third quarter of 2026 by the dilutive impact of recent acquisitions. Excluding the dilutive impact of recent acquisitions and acquisition-related costs, EMG's operating margins increased 190 basis points compared to the third quarter of 2025 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 2026 compared with the first six months of 2025

Current wording

Results of operations for the first nine months of 2026 compared with the first nine months of 2025

Previous wording

Net sales for the first six months of 2026 were $3,972.8 million, an increase of $462.8 million or 13.2%, compared with net sales of $3,510.0 million for the first six months of 2025. The increase in net sales for the first six months of 2026 was due to an 8% organic sales increase, as well as a 5% increase from acquisitions.

Current wording

Net sales for the first nine months of 2026 were $6,193.1 million, an increase of $790.4 million or 14.6%, compared with net sales of $5,402.7 million for the first nine months of 2025. The increase in net sales for the first nine months of 2026 was due to an 8% organic sales increase, 6% increase from acquisitions, as well as a 1% favorable effect of foreign currency translation.

Previous wording

Total international sales for the first six months of 2026 were $1,887.3 million or 47.5% of net sales, an increase of $239.8 million or 14.6%, compared with international sales of $1,647.5 million or 46.9% of net sales for the first six months of 2025. The increase in international sales was primarily driven by increased demand in Europe and Asia, as well as contributions from recent acquisitions.

Current wording

Total international sales for the first nine months of 2026 were $2,948.2 million or 47.6% of net sales, an increase of $394.6 million or 15.5%, compared with international sales of $2,553.6 million or 47.3% of net sales for the first nine months of 2025. The increase in international sales was primarily driven by increased demand in Asia and Europe, as well as contributions from recent acquisitions.

Previous wording

Orders for the first six months of 2026 were $4,501.5 million, an increase of $921.7 million or 25.7%, compared with $3,579.8 million for the first six months of 2025. The increase in orders for the first six months of 2026 was due to a 24% organic order increase, a 4% increase from acquisitions, partially offset by a 2% unfavorable effect of foreign currency translation.

Current wording

Orders for the first nine months of 2026 were $7,152.1 million, an increase of $1,606.4 million or 29.0%, compared with $5,545.7 million for the first nine months of 2025. The increase in orders for the first nine months of 2026 was due to a 21% organic order increase, a 9% increase from acquisitions, partially offset by a 1% unfavorable effect of foreign currency translation.

Previous wording

Cost of sales for the first six months of 2026 was $2,520.2 million or 63.4% of net sales, an increase of $271.1 million or 12.1%, compared with $2,249.1 million or 64.1% of net sales for the first six months of 2025. The cost of sales increase was primarily due to the net sales increase discussed above, partially offset by continued benefits from the Company's Operational Excellence initiatives.

Current wording

Cost of sales for the first nine months of 2026 was $3,930.1 million or 63.5% of net sales, an increase of $474.5 million or 13.7%, compared with $3,455.6 million or 64.0% of net sales for the first nine months of 2025. The cost of sales increase was primarily due to the net sales increase discussed above, partially offset by continued benefits from the Company's Operational Excellence initiatives.

Previous wording

Segment operating income for the first six months of 2026 was $1,103.7 million, an increase of $132.6 million or 13.7%, compared with segment operating income of $971.1 million for the first six months of 2025. Segment operating margins, as a percentage of net sales, increased to 27.8% for the first six months of 2026, compared with 27.7% for the first six months of 2025. Operating income and operating margins for the first six months of 2026 included $17.8 million of acquisition-related integration costs related to the FARO, LKC, and First Aviation acquisitions ("recent acquisitions"), which negatively impacted operating margins by 40 basis points. Segment operating margins were negatively impacted 80 basis points in the first six months of 2026 by the dilutive impact of recent acquisitions. Excluding the dilutive impact of the recent acquisitions and acquisition-related costs, segment operating margins increased 130 basis points compared to the first six months of 2025, 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 first nine months of 2026 was $1,720.5 million, an increase of $233.1 million or 15.7%, compared with segment operating income of $1,487.4 million for the first nine months of 2025. Segment operating margins, as a percentage of net sales, increased to 27.8% for the first nine months of 2026, compared with 27.5% for the first nine months of 2025. Operating income and operating margins for the first nine months of 2026 included $27.6 million of acquisition-related integration costs related to recent acquisitions, which negatively impacted operating margins by 40 basis points. Segment operating margins were negatively impacted 70 basis points in the first nine months of 2026 by the dilutive impact of recent acquisitions. Excluding the dilutive impact of the recent acquisitions and acquisition-related costs, segment operating margins increased 140 basis points compared to the first nine months of 2025, due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Previous wording

Selling, general and administrative expenses for the first six months of 2026 were $409.5 million or 10.3% of net sales, an increase of $65.1 million or 18.9%, compared with $344.4 million or 9.8% of net sales for the first six months of 2025. Selling expenses increased primarily due to the net sales increase discussed above, as well as higher selling expense related to recent acquisitions. General and administrative expenses for the first six months of 2026 were $60.6 million, compared with $54.6 million for the first six months of 2025.

Current wording

Selling, general and administrative expenses for the first nine months of 2026 were $635.0 million or 10.3% of net sales, an increase of $92.8 million or 17.1%, compared with $542.2 million or 10.0% of net sales for the first nine months of 2025. Selling expenses increased primarily due to the net sales increase discussed above, as well as higher selling expense related to recent acquisitions. General and administrative expenses for the first nine months of 2026 were $92.4 million, compared with $82.6 million for the first nine months of 2025.

Previous wording

Consolidated operating income was $1,043.1 million or 26.3% of net sales for the first six months of 2026, an increase of $126.6 million or 13.8%, compared with $916.5 million or 26.1% of net sales for the first six months of 2025.

Current wording

Consolidated operating income was $1,628.1 million or 26.3% of net sales for the first nine months of 2026, an increase of $223.3 million or 15.9%, compared with $1,404.8 million or 26.0% of net sales for the first nine months of 2025.

Previous wording

Interest expense for the first six months of 2026 was $51.0 million, an increase of $15.1 million or 42.2%, compared with $35.9 million for the first six months of 2025. Interest expense increased in the first six months of 2026 primarily due to $10.0 million of fees associated with the bridge loan financing entered into in connection with the definitive agreement to acquire Indicor Instrumentation. The bridge loan was terminated in June 2026 following the execution of the Revolving Credit Agreement and the Term Loan Agreement. See Note 12 for additional information.

Current wording

Interest expense for the first nine months of 2026 was $90.8 million, an increase of $32.4 million or 55.6%, compared with $58.4 million for the first nine months of 2025. Interest expense for the first nine months of 2026 includes $10.0 million of fees related to bridge loan financing entered into in connection with the definitive agreement to acquire Indicor. The bridge loan was terminated in June 2026 following the execution of the Revolving Credit Agreement and the Term Loan Agreement. The remaining increase for the first nine months of 2026 was primarily due to higher interest associated with the revolving credit and term loan borrowings in connection with the Indicor acquisition. See Note 12 for additional information.

Previous wording

The effective tax rate for the first six months of 2026 was 18.2%, compared with 19.0% for the first six months of 2025. The lower effective tax rate in the first six months of 2026 was primarily attributable to favorable international tax planning initiatives and favorable return to provision adjustments.

Current wording

The effective tax rate for the first nine months of 2026 was 18.2%, compared with 18.3% for the first nine months of 2025.

Previous wording

Diluted earnings per share for the first six months of 2026 were $3.51, an increase of $0.44 or 14.3%, compared with $3.07 per diluted share for the first six months of 2025.

Current wording

Diluted earnings per share for the first nine months of 2026 were $5.36, an increase of $0.69 or 14.8%, compared with $4.67 per diluted share for the first nine months of 2025.

Previous wording

EIG’s net sales totaled $2,585.7 million for the first six months of 2026, an increase of $282.5 million or 12.3%, compared with $2,303.2 million for the first six months of 2025. The net sales increase was due to a 7% increase from acquisitions, as well as a 5% increase in organic sales.

Current wording

EIG’s net sales totaled $4,028.0 million for the first nine months of 2026, an increase of $478.4 million or 13.5%, compared with $3,549.6 million for the first nine months of 2025. The net sales increase was due to a 7% increase from acquisitions, as well as a 6% increase in organic sales.

Previous wording

EIG’s operating income was $743.7 million for the first six months of 2026, an increase of $45.2 million or 6.5%, compared with $698.5 million for the first six months of 2025. EIG’s operating margins were 28.8% of net sales for the first six months of 2026, compared with 30.3% for the first six months of 2025. EIG's operating income and operating margins for the first six months of 2026 included $16.6 million of acquisition-related integration costs related to the FARO and LKC acquisitions, which negatively impacted EIG's operating margins by 60 basis points. EIG's operating margins were negatively impacted 130 basis points in the first six months of 2026 by the dilutive impact of recent acquisitions. Excluding the dilutive impact of recent acquisitions and acquisition-related costs, EIG's operating margins increased 40 basis points in the first six months of 2026 compared to the first six months of 2025 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Current wording

EIG’s operating income was $1,150.4 million for the first nine months of 2026, an increase of $99.5 million or 9.5%, compared with $1,050.9 million for the first nine months of 2025. EIG’s operating margins were 28.6% of net sales for the first nine months of 2026, compared with 29.6% for the first nine months of 2025. EIG's operating income and operating margins for the first nine months of 2026 included $24.4 million of acquisition-related integration costs related to the Indicor, FARO and LKC acquisitions, which negatively impacted EIG's operating margins by 60 basis points. EIG's operating margins were negatively impacted 100 basis points in the first nine months of 2026 by the dilutive impact of recent acquisitions. Excluding the dilutive impact of recent acquisitions and acquisition-related costs, EIG's operating margins increased 60 basis points in the first nine months of 2026 compared to the first nine months of 2025 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Previous wording

EMG’snet sales totaled $1,387.1 million for the first six months of 2026, an increase of $180.4 million or 14.9%, compared with $1,206.8 million for the first six months of 2025. The net sales increase was due to a 13% increase in organic growth, a 1% increase from acquisitions, as well as a 1% favorable effect of foreign currency translation.

Current wording

EMG’snet sales totaled $2,165.1 million for the first nine months of 2026, an increase of $312.0 million or 16.8%, compared with $1,853.1 million for the first nine months of 2025. The net sales increase was due to a 13% increase in organic sales, a 3% increase from acquisitions, as well as a 1% favorable effect of foreign currency translation.

Previous wording

Cash provided by operating activities totaled $935.2 million for the first six months of 2026, an increase of $158.6 million or 20.4%, compared with $776.6 million for the first six months of 2025. The increase in cash provided by operating activities for the first six months of 2026 was primarily due to higher net income, as well as reduced investments in working capital.

Current wording

Cash provided by operating activities totaled $1,495.9 million for the first nine months of 2026, an increase of $278.4 million or 22.9%, compared with $1,217.5 million for the first nine months of 2025. The increase in cash provided by operating activities for the first nine months of 2026 was primarily due to higher net income, as well as lower working capital requirements.

Previous wording

Free cash flow (cash flow provided by operating activities less capital expenditures) was $877.7 million for the first six months of 2026, compared with $724.3 million for the first six months of 2025. EBITDA (earnings before interest, income taxes, depreciation and amortization) was $1,245.7 million for the first six months of 2026, compared with $1,123.6 million for the first six months of 2025. 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 $1,405.2 million for the first nine months of 2026, compared with $1,144.2 million for the first nine months of 2025. EBITDA (earnings before interest, income taxes, depreciation and amortization) was $1,921.7 million for the first nine months of 2026, compared with $1,696.0 million for the first nine months of 2025. 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 $481.5 million for the first six months of 2026, compared with cash used by investing activities of $155.7 million for the first six months of 2025. For the first six months of 2026, the Company paid $424.5 million, net of cash acquired, to purchase LKC Technologies in January 2026 and First Aviation Services, Inc. in May 2026. For the first six months of 2025, the Company paid $104.1 million, net of cash acquired, to purchase Kern Microtechnik. Additions to property, plant and equipment totaled $57.5 million for the first six months of 2026, compared with $52.3 million for the first six months of 2025.

Current wording

Cash used by investing activities totaled $5,436.1 million for the first nine months of 2026, compared with cash used by investing activities of $1,005.8 million for the first nine months of 2025. For the first nine months of 2026, the Company paid $5,345.8 million, net of cash acquired, to purchase LKC Technologies in January 2026, First Aviation Services, Inc. in May 2026, and Indicor in August 2026. For the first nine months of 2025, the Company paid $933.2 million, net of cash acquired, to purchase Kern Microtechnik and FARO. Additions to property, plant and equipment totaled $90.7 million for the first nine months of 2026, compared with $73.3 million for the first nine months of 2025.

Previous wording

Cash used by financing activities totaled $408.1 million for the first six months of 2026, compared with cash used by financing activities of $409.4 million for the first six months of 2025. At June 30, 2026, total debt, net was $2,036.2 million, compared with $2,283.3 million at December 31, 2025. For the first six months of 2026, total borrowings decreased by $208.7 million compared with a $252.7 million decrease for the first six months of 2025.

Current wording

Cash provided by financing activities totaled $4,158.0 million for the first nine months of 2026, compared with cash used by financing activities of $176.7 million for the first nine months of 2025. At September 30, 2026, total debt, net was $6,669.4 million, compared with $2,283.3 million at December 31, 2025. For the first nine months of 2026, total borrowings increased by $4,428.0 million compared with a $187.7 million increase for the first nine months of 2025.

Previous wording

On June 9, 2026, the Company along with certain of its foreign subsidiaries entered into an amended and restated revolving credit agreement (the “Revolving Credit Agreement”) and a separate term loan credit agreement (the “Term Loan Agreement”). The Revolving Credit Agreement increased the aggregate commitments from $2.3 billion to $3.5 billion and extended the maturity to June 9, 2031. The facility is subject to customary financial and restrictive covenants and may be used for general corporate purposes, including working capital, debt refinancing, and up to $1.0 billion to fund a portion of the consideration for the previously announced acquisition of Indicor Holdings, LLC (the “Indicor Acquisition”). At June 30, 2026, the Company had available borrowing capacity of $2,904.2 million under its revolving credit facility.

Current wording

Agreement”). The Revolving Credit Agreement increased the aggregate commitments from $2.3 billion to $3.5 billion and extended the maturity to June 9, 2031. The facility is subject to customary financial and restrictive covenants and may be used for general corporate purposes, including working capital, debt refinancing, and up to $1.0 billion to fund a portion of the consideration for the Indicor acquisition. At September 30, 2026, the Company had available borrowing capacity of $2,168.1 million under its revolving credit facility.

Previous wording

The Term Loan Agreement provides for a senior unsecured term loan facility of up to $4.0 billion, consisting of three tranches: $1.625 billion maturing three years after funding, $1.625 billion maturing four years after funding, and $750 million maturing five years after funding. Funding under the Term Loan Agreement is subject to customary conditions, including the consummation of the Indicor Acquisition, and the proceeds may be used solely to finance the acquisition. The term loans will be available in a single borrowing on the closing date of the Indicor Acquisition. At June 30, 2026, the Company had no borrowings outstanding under the term loans.

Current wording

The Term Loan Agreement provides for a senior unsecured term loan facility of up to $4.0 billion, consisting of three tranches: $1.625 billion maturing three years after funding, $1.625 billion maturing four years after funding, and $750 million maturing five years after funding. At September 30, 2026, the Company had $4.0 billion borrowings outstanding under the term loans.

Previous wording

The debt-to-capital ratio was 15.3% at June 30, 2026, compared with 17.7% at December 31, 2025. 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 12.0% at June 30, 2026, compared with 14.7% at December 31, 2025. 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 36.3% at September 30, 2026, compared with 17.7% at December 31, 2025. 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 33.9% at September 30, 2026, compared with 14.7% at December 31, 2025. 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 2026 included cash dividends paid of $155.7 million, compared with $143.0 million for the first six months of 2025. Effective February 12, 2026, the Company’s Board of Directors approved a 10% increase in the quarterly cash dividend on the Company’s common stock to $0.34 per common share from $0.31 per common share. The Company used $28.1 million to repurchase its common stock for the first six months of 2026, compared with $18.1 million for the first six months of 2025. Proceeds from stock option exercises were $20.8 million for the first six months of 2026, compared with $12.3 million for the first six months of 2025.

Current wording

Additional financing activities for the first nine months of 2026 included cash dividends paid of $233.5 million, compared with $214.4 million for the first nine months of 2025. Effective February 12, 2026, the Company’s Board of Directors approved a 10% increase in the quarterly cash dividend on the Company’s common stock to $0.34 per common share from $0.31 per common share. The Company used $28.2 million to repurchase its common stock for the first nine months of 2026, compared with $163.6 million for the first nine months of 2025. Proceeds from stock option exercises were $28.1 million for the first nine months of 2026, compared with $21.6 million for the first nine months of 2025.

Previous wording

As a result of all of the Company’s cash flow activities for the first six months of 2026, cash and cash equivalents at June 30, 2026 totaled $495.4 million, compared with $458.0 million at December 31, 2025. At June 30, 2026, the Company had $440.1 million in cash outside the United States, compared with $374.5 million at December 31, 2025. 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 2026, cash and cash equivalents at September 30, 2026 totaled $666.2 million, compared with $458.0 million at December 31, 2025. At September 30, 2026, the Company had $482.4 million in cash outside the United States, compared with $374.5 million at December 31, 2025. 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.

Previous wording

Information contained in this discussion, other than historical information, is considered “forward-looking statements” and is subject to various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors and uncertainties include risks related to the Company’s ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations, including supply chain disruptions; tariffs, trade disputes and currency conditions; the Company’s ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in the Company’s markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries the Company serves. A detailed discussion of these and other factors that may affect the Company’s future results is contained in AMETEK’s filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q, and 8-K. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements, unless required by the securities laws to do so.

Current wording

Information contained in this discussion, other than historical information, constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements reflect management's current expectations, estimates and projections regarding future events and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results and outcomes to differ materially from expectations. These factors and uncertainties include, among others, risks related to the Company’s ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations, including supply chain disruptions; tariffs, trade disputes, foreign currency fluctuations and geopolitical developments; the Company’s ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; cybersecurity and information technology risks; compliance with government regulations, including environmental regulations; changes in the competitive environment; the effects of competition in the Company’s markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries the Company serves. A detailed discussion of these and other factors that may affect the Company’s future results is contained in AMETEK’s filings with the U.S. Securities and Exchange Commission, including its most recent reports on Forms 10-K, 10-Q, and 8-K. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements, unless required by the securities laws to do so.