IDEX Reports Second Quarter Results

Highlights

(All comparisons are against the prior year period unless otherwise noted)

Record sales of $921 million increased 6% on a reported basis and 5% organically Reported diluted EPS of $1.93 increased 11% and record adjusted diluted EPS of $2.32 increased 12% Record orders of over $1 billion increased 29% on a reported basis and 28% organically Returned capital to shareholders via $77 million of share repurchases and $54 million of dividends Raising full year 2026 organic growth and adjusted EPS guidance ranges

NORTHBROOK, Ill., July 29, 2026--(BUSINESS WIRE)--IDEX Corporation (NYSE: IEX) today announced its financial results for the three-month period ended June 30, 2026.

"We are very pleased to see continued results momentum as our IDEX teams drove another quarter of strong sales and earnings growth. Orders of over $1 billion in the quarter were a record as we continue to see elevated demand across the advantaged markets where we've focused our investments and capabilities," said Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President.

"Our teams executed exceptionally well, as flow-through on strong volume drove earnings above our expectations, demonstrating the benefits of the work already completed to strengthen the quality of our businesses. We continue to advance 8020 initiatives to both fuel higher growth and unlock further margin expansion opportunities across IDEX."

"We are increasing our full-year financial guidance expectations due to our strong performance year-to-date and improved visibility in the second half of our fiscal year."

Outlook(1)

Full year organic sales projected to increase 5% to 6% over the prior year, up from previous guidance of 3% to 4% Full year adjusted diluted EPS of $8.70 to $8.85, up approximately 10% year-over-year at midpoint, up from previous guidance of $8.35 to $8.55 Third quarter 2026 organic sales projected to increase 5% to 7% from the prior year period Third quarter 2026 adjusted diluted EPS of $2.20 to $2.25

(1) The Company does not reconcile its forward-looking non-GAAP measures to the most directly comparable U.S. GAAP financial measure because the timing and magnitude of certain items, including future foreign exchange impacts, acquisitions, divestitures, restructuring costs, impairments, tax impacts, and other special items, cannot be reasonably estimated at this time without unreasonable effort. The unavailable information could have a significant impact on GAAP results.

Consolidated Financial Results

Story Continues

Three Months Ended June 30, (Dollars in millions, except per share amounts) 2026 2025 Increase (Decrease) U.S. GAAP Results Orders $ 1,071.6 $ 829.8 $ 241.8 Change in reported orders 29% Net sales 920.6 865.4 55.2 Change in reported net sales 6% Gross profit 426.8 392.2 34.6 Gross margin 46.3% 45.3% 100 bps Net income attributable to IDEX 143.4 131.6 11.8 Net income margin 15.6% 15.1% 50 bps Diluted EPS attributable to IDEX 1.93 1.74 0.19 Cash flows from operating activities 200.0 161.7 38.3 Operating cash flow as a percent of net income 140% 123% NM Non-GAAP Results* Change in organic orders 28% Change in organic sales 5% Adjusted gross profit 427.3 392.2 35.1 Adjusted gross margin 46.4% 45.3% 110 bps Adjusted net income attributable to IDEX 172.4 156.5 15.9 Adjusted EBITDA 258.3 237.2 21.1 Adjusted EBITDA margin 28.1% 27.4% 70 bps Adjusted diluted EPS attributable to IDEX 2.32 2.07 0.25 Free cash flow 177.0 146.9 30.1 Free cash flow conversion 103% 94% NM NM – Not Meaningful *Each of these items below are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled "Non-GAAP Measures of Financial Performance" and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release.

Net sales increased primarily as a result of increased organic sales, as well as contributions from acquisitions. The increase in organic sales was primarily driven by higher volumes in our Health & Science Technologies ("HST") segment and positive price. Net sales included a $14.7 million reduction resulting from expected customer rebates associated with refunds for tariffs under the International Emergency Economic Powers Act ("IEEPA") that were subsequently invalidated. Gross margin and Adjusted gross margin both increased due to net productivity improvements, volume leverage and positive price/cost. Positive price/cost was driven by the net benefit of IEEPA tariff refunds, which contributed 150 basis points to both measures, and more than offset a challenging prior year price/cost comparison. These increases were partially offset by unfavorable mix. Adjusted gross margin excludes restructuring-related charges consisting of accelerated depreciation related to the anticipated closure of a facility in the HST segment. Both Diluted EPS and Adjusted diluted EPS increased, primarily due to improved operational results discussed above, including the net impact from IEEPA tariff refunds, which benefited both measures by $0.08. Cash flows from operating activities and free cash flow both increased compared to the prior year period, primarily due to cash received for IEEPA tariff refunds of $21.1 million and higher earnings, partially offset by increased working capital, driven by higher sales volumes. The current year period also benefited from lower cash restructuring, income tax and interest payments. These improvements in cash flows from operating activities also benefited free cash flow but were partly offset by higher capital expenditures during the current year period.

Segment Financial Results

Three Months Ended June 30,(1) (Dollars in millions) 2026 2025 Increase (Decrease) Health & Science Technologies Net sales $ 415.0 $ 365.3 $ 49.7 Change in reported net sales 14% Change in organic sales* 12% Adjusted EBITDA(2) 119.3 95.0 24.3 Adjusted EBITDA margin 28.7% 26.0% 270 bps Fluid & Metering Technologies Net sales $ 317.1 $ 310.9 $ 6.2 Change in reported net sales 2% Change in organic sales* 1% Adjusted EBITDA(2) 110.3 108.7 1.6 Adjusted EBITDA margin 34.8% 35.0% (20) bps Fire & Safety/Diversified Products Net sales $ 189.9 $ 191.5 $ (1.6) Change in reported net sales (1%) Change in organic sales* (1%) Adjusted EBITDA(2) 54.9 56.4 (1.5) Adjusted EBITDA margin 28.9% 29.4% (50) bps *These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled "Non-GAAP Measures of Financial Performance" and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. (1) Three month data includes the results of the acquisition of Micro-LAM, Inc. ("Micro-LAM") (July 2025) in the HST segment. (2) Segment Adjusted EBITDA excludes unallocated corporate costs which are included in Corporate and other.

Health & Science Technologies Segment

Net sales for the second quarter 2026 increased 14%. Organic sales increased 12% driven by higher volumes primarily due to AI-driven demand for data center power and semiconductor markets, as well as strength in space and defense and positive price. Net sales included a $9.3 million reduction resulting from expected customer rebates associated with IEEPA tariff refunds, which unfavorably impacted organic sales growth by 2%. Adjusted EBITDA margin for the second quarter 2026 increased primarily due to volume leverage and positive price/cost. Positive price/cost was driven by the net benefit of 90 basis points from IEEPA tariff refunds.

Fluid & Metering Technologies Segment

Net sales for the second quarter 2026 increased 2%. Organic sales increased 1% primarily driven by positive price. Net sales included a $3.2 million reduction resulting from expected customer rebates associated with IEEPA tariff refunds, which unfavorably impacted organic sales growth by 2%. Higher volumes in our businesses serving municipal water, semiconductor and mining markets were largely offset by lower volumes in our businesses serving energy, agriculture and chemical markets. Adjusted EBITDA margin for the second quarter 2026 decreased primarily due to unfavorable mix, the impacts of which were mostly mitigated by net productivity improvements and positive price/cost. Positive price/cost was driven by the net benefit of 180 basis points from IEEPA tariff refunds, which more than offset a challenging prior year price/cost comparison.

Fire & Safety/Diversified Products Segment

Both Net sales and organic sales for the second quarter 2026 decreased 1%. Lower volumes within our Fire & Safety businesses driven by lower European rescue demand as well as in our Dispensing businesses more than offset higher volumes in our BAND-IT business and positive price across the segment. Net sales included a $2.2 million reduction resulting from expected customer rebates associated with IEEPA tariff refunds, which unfavorably impacted organic sales growth by 1%. Adjusted EBITDA margin for the second quarter 2026 decreased primarily due to unfavorable mix and volume deleverage, partially offset by other net productivity improvements and positive price/cost. Positive price/cost was driven by the net benefit of 120 basis points from IEEPA tariff refunds, which more than offset a challenging prior year price/cost comparison.

Corporate Costs
Corporate costs included in consolidated Adjusted EBITDA were $26.2 million during the second quarter 2026, up from $22.9 million during the same prior year period primarily driven by higher employee-related costs, including variable compensation.

Other Items
Below is a summary of the impacts of the IEEPA tariff refunds and the related expected customer rebates discussed above:

Consolidated IDEX (Dollars in millions, except per share amounts) Three Months Ended

June 30, 2026 Six Months Ended

June 30, 2026 IEEPA Tariff Impacts: Net sales $ (14.7) $ (14.7) Organic sales* (2%) (1%) Cost of sales $ (22.0) $ (22.0) Gross profit $ 7.3 $ 7.3 Gross margin 150 bps 70 bps Adjusted gross margin* 150 bps 80 bps Adjusted EBITDA* $ 7.3 $ 7.3 Adjusted EBITDA margin* 130 bps 60 bps Adjusted diluted EPS attributable to IDEX* $ 0.08 $ 0.08

HST FMT FSDP (Dollars in millions) Three Months Ended June 30, 2026 IEEPA Tariff Impacts: Net sales $ (9.3) $ (3.2) $ (2.2) Organic sales* (2%) (2%) (1%) Cost of sales $ (10.5) $ (7.7) $ (3.8) Adjusted EBITDA $ 1.2 $ 4.5 $ 1.6 Adjusted EBITDA margin 90 bps 180 bps 120 bps Six Months Ended June 30, 2026 IEEPA Tariff Impacts: Net sales $ (9.3) $ (3.2) $ (2.2) Organic sales* (2%) —% (1%) Cost of sales $ (10.5) $ (7.7) $ (3.8) Adjusted EBITDA $ 1.2 $ 4.5 $ 1.6 Adjusted EBITDA margin 50 bps 90 bps 60 bps *Each of these items are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled "Non-GAAP Measures of Financial Performance" and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release.

Conference Call
IDEX will host its second quarter earnings conference call on Wednesday, July 29, 2026 at 8:00 a.m. CT. The call will be an audio webcast and accessible on the Company's Investor Relations site at https://investors.idexcorp.com. Associated earnings presentation materials will be available on the Company's website prior to the call.

Interested parties can access the conference by dialing 833.461.5787 and using confirmation code 212572551. Please connect five minutes prior to the start of the conference call.

A replay of the earnings call and associated earnings presentation materials will be available on the Company's website after the call.

Forward-Looking Statements
This news release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company's third quarter 2026 and full year 2026 outlook including expected organic sales and expected adjusted earnings per share and the assumptions underlying these expectations, capital return strategy, anticipated future acquisition behavior and the anticipated benefits and performance of the Company's recent or future acquisitions, resource and capital deployment and focus and organic and inorganic growth, the Company's ability to adapt to macroeconomic challenges, anticipated impacts of tariffs and global trade policies and changes in law, anticipated trends in end markets, including expectations regarding future order volumes and order patterns, anticipated growth initiatives and expansions and execution of those growth initiatives and are indicated by words or phrases such as "anticipates," "estimates," "plans," "guidance," "expects," "projects," "forecasts," "should," "could," "will," "likely to be," "management believes," "the Company believes," "the Company intends" and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release.

The risks and uncertainties include, but are not limited to, the following: levels of industrial activity and economic conditions in the U.S. and other countries around the world, including uncertainties in the financial markets; pricing pressures, including inflation and rising interest rates, and other competitive factors and levels of capital spending in certain industries; the impact of severe weather events, natural disasters and public health threats; economic and political consequences resulting from terrorist attacks, wars and global conflicts; the Company's ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; cybersecurity incidents; the continued growth of artificial intelligence ("AI") and any related changes to demand in AI-driven markets served by the Company's customers; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in countries in which the Company operates; developments with respect to trade policy and existing, new or increased tariffs or other similar measures; changes to applicable laws and regulations, including tax laws; interest rates; capacity utilization and the effect this has on costs; labor markets; supply chain conditions; market conditions and material costs; risks related to environmental, social and corporate governance issues, including those related to climate change and sustainability; and developments with respect to contingencies, such as litigation and environmental matters.

Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the "Risk Factors" section included in the Company's most recent annual report on Form 10-K and the Company's subsequent quarterly reports filed with the United States Securities and Exchange Commission ("SEC") and the other risks discussed in the Company's filings with the SEC. The forward-looking statements included here are only made as of the date of this news release, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.

About IDEX
IDEX Corporation (NYSE: IEX), a global engineered products company, is comprised of three primary business segments – Health & Science Technologies, Fluid & Metering Technologies, and Fire & Safety/Diversified Products. Thousands of IDEX employees around the world design and manufacture highly engineered components and applied solutions that are vital to the advances of modern life and help IDEX live its purpose – Trusted Solutions, Improving Lives™. From satellite communications to water systems, from medical diagnostic components to emergency rescue tools and more, we collaborate with customers in the most critical industries to develop solutions that make the world better today and into the future. Founded in 1988, IDEX now includes more than 50 dynamic businesses around the world and manufacturing operations in more than 20 countries.

For further information on IDEX Corporation and its business units, visit the Company's website at www.idexcorp.com.

(Financial reports follow)

IDEX CORPORATION
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net sales $ 920.6 $ 865.4 $ 1,807.5 $ 1,679.7 Cost of sales 493.8 473.2 982.6 918.6 Gross profit 426.8 392.2 824.9 761.1 Selling, general and administrative expenses 224.1 203.6 442.4 413.0 Restructuring expenses and asset impairments 2.8 0.7 10.2 18.2 Operating income 199.9 187.9 372.3 329.9 Other (income) expense – net (1.3 ) 2.4 (1.9 ) 3.8 Interest expense – net 15.1 15.6 31.1 31.7 Income before income taxes 186.1 169.9 343.1 294.4 Provision for income taxes 42.7 38.8 79.8 67.9 Net income 143.4 131.1 263.3 226.5 Net loss attributable to noncontrolling interest — 0.5 0.1 0.6 Net income attributable to IDEX $ 143.4 $ 131.6 $ 263.4 $ 227.1 Earnings per Common Share: Basic earnings per common share attributable to IDEX $ 1.94 $ 1.74 $ 3.55 $ 3.00 Diluted earnings per common share attributable to IDEX $ 1.93 $ 1.74 $ 3.54 $ 3.00 Share Data: Basic weighted average common shares outstanding 74.0 75.5 74.2 75.6 Diluted weighted average common shares outstanding 74.2 75.5 74.3 75.7

IDEX CORPORATION
Condensed Consolidated Balance Sheets
(in millions)
(unaudited) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 621.3 $ 580.0 Receivables – net 547.8 521.7 Inventories – net 520.3 479.4 Other current assets 83.9 62.1 Total current assets 1,773.3 1,643.2 Property, plant and equipment – net ...

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