IDEX (IEX) 10-K risk factor changes: FY2025 vs FY2024

For an enterprise as diverse and complex as the Company, a wide range of factors present risks to the Company and could materially [added: and adversely] affect future developments and performance.

Additionally, the Company’s competitors may adopt new technologies and technological advancements, such as using artificial intelligence [added: (“AI”)] and machine learning to pursue new products and approaches more quickly, successfully and effectively than the Company.

The availability of and prices for raw materials, parts and components may be subject to curtailment or change due to, among other things, suppliers’ allocations to other purchasers, interruptions in production by suppliers, including due to geopolitical or civil unrest, unfavorable economic or industry conditions, increased or new tariffs and other trade barriers, labor disruptions, supply chain disruptions, catastrophic weather [removed: events,] [added: events and] natural disasters, [added: including any that may be caused or exacerbated by global climate change,] public health concerns, changes in exchange rates and prevailing price levels.

The Company depends on various internal and [removed: third party] [added: third-party] information technologies to administer, store, process and transmit electronic information (including sensitive or controlled data such as confidential business information and personal data relating to employees, customers and other business partners) and to support a variety of critical business activities.

If the Company’s systems, technologies, products or services (including those we acquire through business acquisitions), or the systems, technologies, products or services of the Company’s customers or third-party hosting services (including third-party data centers and cloud platforms upon which we rely), are damaged or cease to function properly, or if the Company or third-party hosting service systems are subject to deliberate [removed: cyber-security] [added: cybersecurity] attacks, such as those involving unauthorized access or malicious software, or unintentional cybersecurity incidents, such as those involving systems misconfigurations, misuse or human error and/or other intrusions, the Company, its operating results and financial condition could be materially adversely impacted.

Moreover, the rapid evolution and increased adoption of [removed: artificial intelligence] [added: AI] technologies may intensify our cybersecurity risks.

We are in the initial stages of [added: our phased approach in reviewing AI solutions and capabilities and] incorporating [removed: artificial intelligence (“AI”)] [added: AI] into our business activities and [removed: our] product and service offerings.

New climate change laws and regulations could require the Company [added: or its suppliers] to change [removed: its] [added: their respective] manufacturing processes or obtain substitute materials that may cost more or be less available for [removed: its] manufacturing operations.

[removed: Similarly,] [added: For example,] the State of California has recently enacted its own legislation requiring extensive climate-related disclosures for companies deemed to be doing business in California, and other states are considering similar laws.

In addition to changes in regulations or industry standards, a failure by the Company to innovate and adapt products to new markets, changing customer preferences for higher-efficiency products, or increasing scrutiny related to sustainability activities and greenhouse gas emissions could limit sales growth and negatively impact the Company and its financial condition, results [added: of operations and cash flow.]

At the same time, certain governmental representatives and other stakeholders have increasingly expressed or pursued opposing views, legislation and investment expectations around sustainability initiatives, including the [removed: enactment or proposal of “anti-ESG” legislation or policies.]

The physical risks of climate change are highly uncertain and differ in the geographic regions in which the Company [removed: operates.][added: and, in particular, its suppliers and customers operate.]

These physical risks, including wildfires, rising sea levels, floods and other extreme weather [removed: events,] [added: events or natural disasters,] may impact the availability and cost of materials, sources and supply of energy, product demand and manufacturing and could increase insurance and other operating costs.

The Company faces various risks related to the occurrence of catastrophic weather events or significant natural disasters, including earthquakes, wildfires, droughts, fires, power-outages or other catastrophic events, in areas in which we have manufacturing [removed: facilities or] [added: facilities,] from which we obtain [removed: products.][added: products or in which our customers operate and conduct business.]

Severe weather [removed: conditions,] [added: conditions or natural disasters,] including any that may be caused or exacerbated by global climate change, may cause physical damage to our properties, closure of one or more of our manufacturing or distribution facilities, lack of an adequate work force in a market, temporary disruption in the supply of inventory, disruption in the transport of products and [removed: utilities and] [added: utilities,] delays in the delivery of products to our [removed: customers.][added: customers or decreased demand for our products from customers who may be affected by such weather conditions or natural disasters.]

To the extent that any of the foregoing adversely affect the Company and its financial results, they may also have the effect of heightening many of the other risks described in this [Item [removed: 1A](#i3655bb0ec9a24425975d48d9875b2090_19),] [added: 1A](#ibaf335d4459d4d2499897b1ecd08d11c_19),] “Risk Factors” of this annual report, such as those relating to international operations, the Company’s ability to develop new products, the Company’s ability to execute on its growth strategy of acquisitions, the Company’s dependency on raw materials, parts and components, the effects on movements in foreign currency exchange rates on the Company, the effects on the Company that result from declines in commodity prices and the Company’s reliance on labor availability to operate and grow the business.

[added: In 2025, 51% of the Company’s sales were derived from customers within the U.S. and 49% were derived from customers outside of the U.S.] The Company’s largest end markets include industrial, [added: life sciences,] energy, [added: water,] fire suppression, [removed: water,] semiconductor, [removed: food] [added: automotive] and [removed: pharmaceutical, life sciences, automotive, analytical instruments, paint dispensing,] [added: aviation,] chemical, [removed: agriculture] [added: paint dispensing] and [removed: rescue tools.][added: food and beverage.]

- the imposition of and changes in the United States’ and other governments’ trade regulations, trade wars, increased or new tariffs and other trade barriers, [added: and variability and unpredictability in trade relations,] including as a result of geopolitical developments (such as escalating tensions in the Middle East) and relations between the United States and China and the United States and Russia and any changes arising as a result of global leadership [removed: changes, including the recent United States’ presidential election;] [added: changes;] and

- geopolitical events, including natural disasters, catastrophic weather events, climate change, public health conditions, including epidemics, pandemics and other outbreaks (such as the global outbreak of the COVID-19 pandemic), political instability or other geopolitical events, including civil or political unrest, terrorism, [removed: insurrection] [added: insurrection, global conflicts] or [removed: war (including the ongoing war in Russia and Ukraine and the Israel-Hamas war).][added: war.]

For additional detail related to this risk, see Part II, [Item [removed: 7A](#i3655bb0ec9a24425975d48d9875b2090_64),] [added: 7A](#ibaf335d4459d4d2499897b1ecd08d11c_67),] “Quantitative and Qualitative Disclosures About Market Risk.”

The Company and its subsidiaries are currently involved in pending and threatened legal, regulatory and other proceedings incidental to the [removed: operation] [added: operations] of their businesses.

For additional detail related to this risk, see [Item [removed: 3](#i3655bb0ec9a24425975d48d9875b2090_31),] [added: 3](#ibaf335d4459d4d2499897b1ecd08d11c_31),] “Legal Proceedings” and [Note [removed: 10](#i3655bb0ec9a24425975d48d9875b2090_127),] [added: 10](#ibaf335d4459d4d2499897b1ecd08d11c_127),] “Commitments and Contingencies” in Part II, Item 8, “Financial Statements and Supplementary Data.”

At December 31, [removed: 2024,] [added: 2025,] goodwill and intangible assets totaled [removed: $3,251.7] [added: $3,414.5] million and [removed: $1,284.8 million, respectively.]

See [Note [removed: 6](#i3655bb0ec9a24425975d48d9875b2090_112),] [added: 6](#ibaf335d4459d4d2499897b1ecd08d11c_115),] “Goodwill and Intangible Assets” in Part II, Item 8, “Financial Statements and Supplementary Data” for further discussion on goodwill and intangible assets.

Similarly, to the extent any of the foregoing adversely affects the Company’s customers and suppliers, it may also adversely affect the Company’s financial results.

enactment or proposal of “anti-ESG” legislation or policies.

In addition, the increasing use and development of AI has increased demand for AI-related projects, including data center power solutions and semiconductor applications.

The growth and development of this rapidly-evolving industry is difficult to predict.

Changes in demand can affect the timing and amounts of customer investments in our products, which could materially affect the Company and its financial condition and results of operations.

The Company is exposed to fluctuations in foreign currency exchange rates arising from its global business operations.

Approximately 34% of net sales in 2025 were recorded by subsidiaries with functional currencies other than the U.S. Dollar.

Results of these subsidiaries are translated into U.S. Dollars for reporting purposes and the strengthening of the U.S. Dollar could result in unfavorable translation effects.

In addition, certain of the Company’s businesses transact in a currency other than the business’s functional currency, and movements in the transaction currency as related to the functional currency could also result in unfavorable transactional exchange rate effects.

For additional detail related to this risk, see Part II, [Item 7A](#ibaf335d4459d4d2499897b1ecd08d11c_67), “Quantitative and Qualitative Disclosures About Market Risk.”

$1,247.4 million, respectively.

In March 2024, the SEC adopted new rules regarding climate-related disclosures.

Though these rules are currently being challenged in legal proceedings and their effectiveness has been stayed by the SEC, these rules, if they become effective, would require public companies to make a wide range of climate-related disclosures.

of operations and cash flow.

In 2024, 50% of the Company’s sales were derived from domestic operations and 50% were derived from international operations.

The Company is exposed to fluctuations in foreign currency exchange rates, particularly with respect to the Euro, Swiss Franc, Canadian Dollar, British Pound, Indian Rupee, Chinese Renminbi, Swedish Krona, Japanese Yen and Brazilian Real.

The Company’s actual results and the timing of [removed: selected] events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under* *[Item [removed: 1A](#i3655bb0ec9a24425975d48d9875b2090_19),] [added: 1A](#ibaf335d4459d4d2499897b1ecd08d11c_19),] “Risk Factors” and under the heading “Cautionary Statement Under the Private Securities Litigation Reform Act” discussed elsewhere in this annual report.*

*This discussion includes certain non-GAAP financial measures that have been defined and reconciled to [removed: their] [added: the] most directly comparable financial measure prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) under the headings “Non-GAAP Disclosures” and “Free Cash Flow.” This discussion also includes Operating working capital which has been defined under the heading “Liquidity and Capital Resources.” The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.

IDEX is an applied solutions provider specializing in the manufacturing of [added: health and science technologies,] fluid and metering technologies, [removed: health] and [removed: science technologies and] fire, safety and other diversified products built to customers’ specifications.

(All comparisons are against [removed: 2023] [added: 2024] unless otherwise noted)

- [added: Record reported] Net sales of [removed: $3,268.8 million, flat] [added: $3,457.5 million increased 6%] overall and [removed: down 2%] [added: increased 1%] organically*

- [removed: Diluted] [added: Reported diluted] earnings per common share (“EPS”) attributable to IDEX of [removed: $6.64, down 15%][added: $6.41 decreased 3%]

- Adjusted diluted EPS attributable to IDEX* of [removed: $7.89, down 4%][added: $7.95 increased 1%]

- Operating cash flow of [removed: $668.1 million, down 7%,] [added: $680.4 million increased 2% and] was [removed: 132%] [added: 141%] of net income, up from [removed: 120%][added: 132%]

- Free cash flow* of [removed: $603.0 million, down 4%,] [added: $616.8 million increased 2% and] was [removed: 101%] [added: 103%] of adjusted net income*, [removed: flat with prior year][added: up from 101%]

The following is a discussion and analysis of the Company’s results of operations for the year ended December 31, [removed: 2024] [added: 2025] compared with the year ended December 31, [removed: 2023.][added: 2024.]

For the discussion related to the consolidated results of operations for the year ended December 31, [removed: 2023] [added: 2024] compared with the year ended December 31, [removed: 2022,] [added: 2023,] refer to the Company’s Annual Report on Form 10-K for the year ended December 31, [removed: 2023,] [added: 2024,] which was filed with the SEC on February [removed: 22, 2024.][added: 20, 2025.]

| (In millions, except per share amounts) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | | | | $ | | | | | | % / bps | | |

| Domestic sales | | | $ | [removed: 1,618.1] [added: 1,760.8] | | | | | $ | [removed: 1,638.7] [added: 1,618.1] | | | | | | | | $ | [removed: (20.6)] [added: 142.7] | | | | | [removed: (1] [added: 9] | | [removed: %)] [added: %] |

| International sales | | | [removed: 1,650.7] [added: 1,696.7] | | | | | | [removed: 1,635.2] [added: 1,650.7] | | | | | | | | | [removed: 15.5] [added: 46.0] | | | | | | [removed: 1] [added: 3] | | % |

| [removed: Net sales | | | 3,268.8 | | | | | | 3,273.9 | | | | | |] [added: Net sales] | | | [removed: (5.1)] [added: $] | [added: 3,457.5] | | | | | [removed: —] [added: $] | [added: 3,268.8] | [removed: %] |

| Cost of sales | | | [removed: 1,823.6] [added: 1,918.7] | | | | | | [removed: 1,827.0] [added: 1,823.6] | | | | | | | | | [removed: (3.4)] [added: 95.1] | | | | | | [removed: —] [added: 5] | | % |

| [removed: Gross profit | | | 1,445.2 | | | | | | 1,446.9 | | | | | |] [added: Gross profit] | | | [removed: (1.7)] [added: $] | [added: 1,538.8] | | | | | [removed: —] [added: $] | [added: 1,445.2] | [removed: %] |

| Gross margin | | | [removed: 44.2] [added: 44.5] | | % | | | | 44.2 | | % | | | | | | | n/a | | | | | | [removed: 0] [added: 30] bps | | |

| Selling, general and administrative expenses | | | [removed: 758.7] [added: 818.8] | | | | | | [removed: 703.5] [added: 758.7] | | | | | | | | | [removed: 55.2] [added: 60.1] | | | | | | 8 | | % |

| Restructuring expenses and asset [removed: impairments | | | 9.3 | | | | | | 10.9 | | | | | |] [added: impairments(1)] | | | [removed: (1.6)] [added: 20.4] | | | | | | [removed: (15] [added: 9.3] | | [removed: %)] |

| Operating income | | | [removed: 677.2] [added: 699.3] | | | | | | [removed: 732.5] [added: 677.2] | | | | | | | | | [removed: (55.3)] [added: 22.1] | | | | | | [removed: (8] [added: 3] | | [removed: %)] [added: %] |

| Gain on sale of businesses - net | | | [removed: (4.0) | | | | | | (84.7) | | | | | | | | | 80.7] [added: —] | | | | | | [removed: (95] [added: (4.0)] | | [removed: %)] |

[removed: | Other (income) expense] [added: Other Expense (Income)] – [removed: net | | | (2.6) | | | | | | 5.2 | | | | | | | | | (7.8) | | | | | | (150 | | %) |][added: Net]

| Interest expense [removed: -] [added: –] net | | | [removed: 44.5 | | | | | | 51.7 | | | | | | | | | (7.2)] [added: 64.4] | | | | | | [removed: (14] [added: 44.5] | | [removed: %)] |

| Income before income taxes | | | [removed: 639.3] [added: 632.6] | | | | | | [removed: 760.3] [added: 639.3] | | | | | | | | | [removed: (121.0)] [added: (6.7)] | | | | | | [removed: (16] [added: (1] | | %) |

| Provision for income taxes | | | [removed: 134.7 | | | | | | 164.7 | | | | | | | | | (30.0)] [added: 150.1] | | | | | | [removed: (18] [added: 134.7] | | [removed: %)] |

| *Effective tax rate* | | | [removed: *21.1*] [added: *23.7*] | | *%* | | | | [removed: *21.7*] [added: *21.1*] | | *%* | | | | | | | *n/a* | | | | | | [removed: *(60)] [added: *260] bps* | | |

| Net income attributable to IDEX | | | $ | [removed: 505.0] [added: 483.2] | | | | | $ | [removed: 596.1] [added: 505.0] | | | | | | | | $ | [removed: (91.1)] [added: (21.8)] | | | | | [removed: (15] [added: (4] | | %) |

| Diluted earnings per common share attributable to IDEX | | | $ | [removed: 6.64] [added: 6.41] | | | | | $ | [removed: 7.85] [added: 6.64] | | | | | | | | $ | [removed: (1.21)] [added: (0.23)] | | | | | [removed: (15] [added: (3] | | %) |

Gross profit and Gross margin were positively impacted by [removed: strong] price/cost and [added: operational productivity improvements, and] were negatively impacted by [removed: higher employee-related costs] [added: volume deleverage] and unfavorable mix.

Selling, general and administrative expenses increased primarily due to the [removed: $31.1] [added: $51.0] million impact from acquisitions, [removed: including amortization,] net of divestitures, [removed: as well as higher employee-related costs and increased discretionary spending and transaction expenses.][added: including amortization.]

For additional information, refer to [Note [removed: 2](#i3655bb0ec9a24425975d48d9875b2090_100),] [added: 2](#ibaf335d4459d4d2499897b1ecd08d11c_103),] “Acquisitions and Divestitures,” in the Notes to Consolidated Financial Statements.

[removed: Other (Income) Expense] [added: | Other expense (income)] – [removed: net][added: net | | | 2.3 | | | | | | (2.6) | | | | | | | | | 4.9 | | | | | | (188 | | %) |]

Interest expense - net [removed: decreased] [added: increased] primarily due to [removed: higher interest earned on cash balances in 2024, partially offset by incremental interest expense in 2024, including] the impact of higher debt outstanding [removed: to finance] [added: in connection with financing] the acquisition of Mott.

The [removed: 2024] [added: 2025] effective tax rate was [removed: 21.1%] [added: 23.7%] as compared [removed: with] [added: to] the [removed: 2023] [added: 2024] effective tax rate of [removed: 21.7%.][added: 21.1%.]

For additional information, refer to [Note [removed: 1](#i3655bb0ec9a24425975d48d9875b2090_133)[2](#i3655bb0ec9a24425975d48d9875b2090_133),] [added: 12](#ibaf335d4459d4d2499897b1ecd08d11c_133),] “Income Taxes,” in the Notes to Consolidated Financial Statements.

[removed: The] [added: Therefore, the] Company does not expect a material impact from the Pillar Two income tax rules.

The Company has three reportable segments: [removed: FMT, HST] [added: HST, FMT] and FSDP.

For a detailed description of the operations within each segment, please refer to Part I, [Item [removed: 1](#i3655bb0ec9a24425975d48d9875b2090_16),] [added: 1](#ibaf335d4459d4d2499897b1ecd08d11c_16),] *“*Business*”* of this Annual Report on Form 10-K.

| (In millions) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | Change | | | | | | Organic | | | | | | Acq/Div(1) | | | | | | Foreign Currency | | | | | | Total | | |

2025 Highlights

- Returned capital to shareholders in the form of $248 million of share repurchases and $213 million of dividends

During 2025, the Company delivered organic sales growth and margin expansion as positive price across all segments more than offset lower volumes in the FMT and FSDP segments.

Improved operational results included productivity improvements together with platform optimization savings resulting from restructuring and other cost containment actions taken during 2025.

Results were tempered by higher interest expense, the absence of certain tax benefits recognized in 2024 as well as higher amortization on acquisition related intangibles assets.

The Company generated strong cash flow and continued to deploy capital, including nearly $250 million of share repurchases during the year.

2026 Outlook

Looking ahead, the Company plans to continue strengthening its position in targeted advantaged markets by further integrating its capabilities and advancing its 8020 operating framework.

These initiatives are designed to support sustained organic growth while enabling disciplined bolt‑on acquisitions.

At the same time, the Company remains committed to a balanced capital deployment strategy that includes returning capital to shareholders.

Within the HST segment, the Company anticipates continued growth supported by robust demand across data center, semiconductor, space and defense, and food and beverage and pharmaceutical end markets.

By contrast, the industrial and automotive businesses have yet to experience a meaningful recovery in demand.

In the FMT segment, the Company expects continued momentum in the Water businesses.

However, core industrial markets continue to track flat, and the Company is monitoring softer demand trends across chemical, energy and agricultural applications.

For the FSDP segment, near‑term headwinds are expected to persist due to ongoing weakness in Fire & Safety markets outside the United States and subdued

capital spending in Dispensing.

BAND‑IT is generally performing in line with the Company’s other industrial businesses, trending flat to start the year.

| Net sales | | | 3,457.5 | | | | | | 3,268.8 | | | | | | | | | 188.7 | | | | | | 6 | | % |

| Restructuring expenses and asset impairments | | | 20.7 | | | | | | 9.3 | | | | | | | | | 11.4 | | | | | | 123 | | % |

| Gain on sale of businesses - net | | | — | | | | | | (4.0) | | | | | | | | | 4.0 | | | | | | (100 | | %) |

Net sales increased compared to the prior year as a result of contributions from the acquisition of Mott Corporation and its subsidiaries (“Mott”) as well as from organic sales and favorable impacts from foreign currency.

Organic sales increased 1% primarily driven by positive price across all segments.

Lower volumes in our FMT and FSDP segments were only partly mitigated by higher volumes in our HST segment.

Operational productivity improvements include platform optimization savings resulting from restructuring actions and other cost containment actions taken in 2025, which largely offset increases in other employee-related costs.

Gross profit was also positively impacted by acquisitions, net of divestitures.

Restructuring expenses and asset impairments primarily relate to severance expense for restructuring actions taken during both periods.

Severance costs in 2025 were incurred in conjunction with organizational changes, primarily designed to connect scalable groups of businesses, which resulted in a reduction of headcount.

Additionally, the Company eliminated certain

management layers in select areas.

Other expense (income) – net in both periods primarily reflects the impact of foreign currency transactions.

The increase in the rate was primarily due to legislation enacted in 2025, which lowered tax benefits from certain foreign sourced income and increased state income taxes.

Additionally, the mix of earnings in higher tax rate jurisdictions increased taxes and discrete tax items were less favorable than in the prior year period.

The One Big Beautiful Bill Act (“OBBBA”) was signed into law on July 4, 2025.

Key income tax related provisions of the OBBBA impacting the Company include the repeal of mandatory capitalization of research and development expenditures under Internal Revenue Code Section 174, extension of bonus depreciation, and revisions to international tax regimes.

The Company has reflected the tax impacts of the OBBBA legislation and estimates an immaterial impact on the Company’s Consolidated Financial Statements.

The Company will continue to evaluate the impacts of the OBBBA as more guidance becomes available.

(1) Acquisitions included Mott acquired in September 2024 and Micro-LAM, Inc. (“Micro-LAM”) acquired in July 2025.

- Organic sales reflected positive price and favorable volumes driven by higher volumes in the Company’s data center, semiconductor consumables and space and defense businesses as well as 8020-driven commercial initiatives, partially offset by lower volumes in the Company’s semiconductor OEM, industrial and automotive businesses.

- Adjusted EBITDA margin decreased slightly, reflecting net productivity improvements, including platform optimization savings and cost containment, favorable price/cost and volume leverage, which largely mitigated the impact of acquisitions, unfavorable mix and higher variable compensation.

| Domestic sales | | | $ | 693.3 | | | | | $ | 693.1 | | | | | — | | % | | | | | | | | | | | | | | | | | | | | | | | | |

2024 Highlights

- Completed acquisition of Mott Corporation and its subsidiaries (“Mott”) on September 5, 2024 for cash consideration of $986.2 million, net of cash acquired, using a combination of $211.9 million of cash on hand and $774.3 million of debt

- Completed a public offering of $500 million principal amount of 4.950% Senior Notes, due September 2029, as part of the funding for the acquisition of Mott

During 2024, the Company delivered solid execution amid uncertain macro conditions and continued to deploy capital focused on growth initiatives, including completing the acquisition of Mott, which is the Company’s largest acquisition to date.

Net sales reflects the benefit of acquisitions, net of divestitures, and growth in our FSDP segment, which together mostly offset the impact of lower volumes from continued market softness in our HST segment; FMT segment net sales were flat organically.

Despite market choppiness, our businesses achieved strong productivity through both net price capture and operational excellence and delivered reported and adjusted diluted earnings per share of $6.64 and $7.89, respectively.

We delivered operating cash flow of $668.1 million, which was 132% of net income, and achieved free cash flow conversion of 101% of adjusted net income.

2025 Outlook

Moving into 2025, the majority of our end markets are stable.

Our businesses are well-positioned to capitalize on secular growth trends that we expect will emerge following this current period of near-term uncertainty surrounding U.S. trade and economic policy and overall high levels of geopolitical tension.

Within HST, we expect growth driven by demand for new disease therapies and nutrition, global communication satellite network expansion, and energy consumption tied to datacenters.

We expect modest growth from key end markets in life science fluidics and optical filters while semiconductor will remain delayed until the second half of the year.

Separately, our FMT segment expects its largest area of growth to come from its water businesses while core industrial markets are expected to remain stable.

Contributions from these spaces are expected to be tempered by pressured demand in energy and agriculture markets, which are experiencing the most exposure to market cyclicality.

Finally, we expect FSDP segment growth will continue to be driven by our fire and safety businesses as North America original equipment manufacturers continue to recover and our integrated systems offerings have increased our content per firetruck.

Net sales were relatively flat compared to the prior year, reflecting a 2% increase in acquisitions, net of divestitures, offset by a 2% decrease in organic net sales.

The decrease in organic net sales was driven by lower volumes as a result of unfavorable market conditions, primarily in the Health & Science Technologies segment, partially offset by price capture across all segments.

Additionally, Gross profit was positively impacted by the net accretive impact of acquisitions and divestitures, which was more than offset by lower volumes.

Restructuring expenses and asset impairments decreased primarily due to lower severance costs.

Severance costs during both periods were incurred in conjunction with cost mitigation efforts as a result of market conditions.

In 2023, the Company completed the sale of Micropump, Inc. (“Micropump”) for proceeds of $110.3 million, net of cash remitted, which resulted in a pre-tax gain of $93.8 million, and the sale of Novotema, SpA (“Novotema”) for proceeds of $8.3 million, net of cash remitted, which resulted in a loss of $9.1 million.

Other (income) expense – net was $2.6 million of income in 2024 compared to $5.2 million of expense in 2023.

The change was primarily due to the absence of a $7.7 million credit loss reserve on an investment with a collaborative partner (see [Note 3](#i3655bb0ec9a24425975d48d9875b2090_103), “Collaborative Investments,” in the Notes to Consolidated Financial Statements for further detail) in 2023 that did not reoccur in 2024.

One-time discrete tax benefits lowered the effective tax rate in 2024 and 2023.

- Organic net sales were positively impacted by price capture and targeted growth initiatives, which were offset by lower volumes, driven primarily by softness in agriculture and energy markets.

Strength in municipal water markets was muted by softness in the semiconductor capital construction market within our water business.

| Domestic sales | | | $ | 573.7 | | | | | $ | 575.5 | | | | | — | | % | | | | | | | | | | | | | | | | | | | | | | | | |

(1) Acquisitions included Iridian Spectral Technologies acquired in May 2023, STC Material Solutions acquired in December 2023 and Mott acquired in September 2024.

Divestitures included Micropump sold in August 2023 and Novotema sold in December 2023.

- Organic net sales were negatively impacted by cyclical market softness in the life sciences and semiconductor markets.

This decrease was partially offset by price capture across the segment and targeted growth initiatives within the aerospace/defense market.

- Excluding the net accretive impact of acquisitions and divestitures, Adjusted EBITDA margin decreased primarily due to higher employee-related costs and unfavorable mix, partially offset by price/cost, lower discretionary spending and favorable operational productivity, net of lower volume leverage.

- Organic net sales were positively impacted by strong targeted growth initiatives, continued recovery in fire original equipment manufacturer markets and price capture.

These increases were partially offset by unfavorable mix due to the

cyclical nature of project sales in our North American dispensing business and softer demand in automotive and industrial markets.

- The decrease in Adjusted EBITDA margin was primarily due to higher employee-related costs and unfavorable mix, partially offset by price/cost.

Mott was acquired during the third quarter of 2024 for cash consideration of $986.2 million, net of cash acquired of $3.1 million.

The acquisition was funded using a combination of cash on hand of $211.9 million, borrowings under the Company’s Revolving Facility of $279.3 million, and the net proceeds of $495.0 million from the issuance of the 4.950% Senior Notes.

| Borrowings | | | | | | 269.8 | | |

| Receivables – net | | | | | | $ | 465.9 | | | | | $ | 427.8 | | | | | $ | 38.1 | | | | | $ | 17.0 | |

[removed: The foreign currency transaction] (gains) [removed: losses] for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] were [removed: $(1.0)] [added: $5.6] million, [removed: $7.3] [added: $(1.0)] million and [added: $7.3 million, respectively, and are reported within Other expense (income) – net on the Consolidated Statements of Income.]

The Company has interest rate exposure due to [removed: $269.8] [added: $228.8] million of the [removed: $1,971.3] [added: $1,829.8] million debt outstanding at December 31, [removed: 2024] [added: 2025] bearing floating rate debt.

At December 31, [removed: 2024,] [added: 2025,] there was [removed: $269.8] [added: $228.8] million outstanding under the Revolving Facility with an interest rate of [removed: 3.84%.][added: 3.32%.]

The Company is exposed to foreign currency risks that arise from its global business operations.

Approximately 34% of net sales in 2025 were recorded by subsidiaries with functional currencies other than the U.S. Dollar.

Changes in foreign currency exchange rates affect the Company’s results of operations, financial position and cash flows when these subsidiaries’ results are translated into U.S. Dollars, the Company’s functional reporting currency.

The strengthening of the U.S. Dollar could result in unfavorable translation effects as the results of foreign operations are translated into U.S. Dollars.

Changes in foreign currency exchange rates also affect transaction gains and losses associated with transactions denominated in currencies other than a subsidiary’s functional currency.

The foreign currency transaction losses

A hypothetical 1% change in the interest rate would cause the interest expense on the Company’s floating rate debt to change by approximately $2.3 million per year.

The Company’s foreign currency exchange rate risk is limited principally to the Euro, Swiss Franc, Canadian Dollar, British Pound, Indian Rupee, Chinese Renminbi, Swedish Krona, Japanese Yen and Brazilian Real.

$(0.8) million, respectively, and are reported within Other (income) expense – net on the Consolidated Statements of Income.

See [Note 1](#i3655bb0ec9a24425975d48d9875b2090_97), “Significant Accounting Policies,” in the Notes to Consolidated Financial Statements for further discussion.

These businesses operate with a high degree of autonomy, yet are all united by employing The IDEX Difference, a philosophy of great teams who embrace the [removed: 80/20] [added: 8020] principle while remaining hyper-focused on serving customers.

[removed: ][added: ]

The Company has three reportable segments: [removed: Fluid & Metering Technologies (“FMT”),] Health & Science Technologies [removed: (“HST”)] [added: (“HST”), Fluid & Metering Technologies (“FMT”)] and Fire & Safety/Diversified Products (“FSDP”).

The table below illustrates the share of Net sales and Adjusted EBITDA contributed by each segment on the basis of total segments (not total Company) for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

| | | | Year Ended December 31, [removed: 2024] [added: 2025] | | | | | | | | | | | | | | | | | | Year Ended December 31, [removed: 2023] [added: 2024] | | | | | | | | | | | | | | |

| | | | [removed: FMT] [added: HST] | | | | | | [removed: HST] [added: FMT] | | | | | | FSDP | | | | | | [removed: FMT] [added: HST] | | | | | | [removed: HST] [added: FMT] | | | | | | FSDP | | |

| Net sales | | | [removed: 38%] [added: 43%] | | | | | | [removed: 39%] [added: 35%] | | | | | | [removed: 23%] [added: 22%] | | | | | | [removed: 38%] [added: 39%] | | | | | | [removed: 40%] [added: 38%] | | | | | | [removed: 22%] [added: 23%] | | |

| Adjusted EBITDA(1) | | | [removed: 42%] [added: 39%] | | | | | | [removed: 36%] [added: 40%] | | | | | | [removed: 22%] [added: 21%] | | | | | | [removed: 42%] [added: 36%] | | | | | | [removed: 37%] [added: 42%] | | | | | | [removed: 21%] [added: 22%] | | |

(1) Segment Adjusted EBITDA excludes the impact of unallocated corporate costs of [removed: $93.0] [added: $92.2] million and [removed: $84.6] [added: $93.0] million for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

| [removed: FMT] [added: HST] | | | | | | [removed: HST] [added: FMT] | | | | | | FSDP | | |

| [removed: Pumps] [added: Scientific Fluidics & Optics] | | | | | | [removed: Scientific Fluidics & Optics] [added: Pumps] | | | | | | Fire & Safety | | |

| [removed: Energy] [added: Performance Pneumatic Technologies] | | | | | | [removed: Performance Pneumatic Technologies] [added: Water] | | | | | | [removed: BAND-IT] [added: Dispensing] | | |

| [removed: Valves] [added: Material Processing Technologies] | | | | | | [removed: Material Processing Technologies] [added: Agriculture] | | | | | | | | |

[removed: ][added: ]

Viking Pump maintains operations in Cedar Falls, Iowa, with locations in Windsor, [removed: Canada (Viking Pump Canada),] [added: Canada;] Shannon, Ireland [removed: (IDEX Pump Technologies)] and Eastbourne, [removed: England (Viking Pump Hygienic).][added: England.]

[removed: Its markets include] [added: Pulsafeeder produces hydraulic and mechanical diaphragm pumps, rotary pumps, peristaltic pumps and controllers, which serve the] industrial and municipal water and wastewater treatment, oil and gas, power generation, chemical and hydrocarbon processing and swimming [removed: pools.][added: pools markets.]

AFS maintains operations in Oklahoma City, Oklahoma [removed: (Corken] and [removed: Liquid Controls products) and] Altopascio, [removed: Italy (SAMPI products).][added: Italy.]

The HST segment designs, produces and distributes a wide range of precision fluidics, positive displacement pumps, powder and liquid processing technologies, drying systems, micro-precision components, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, [added: ultra-precision diamond tools,] laboratory and commercial equipment and precision photonic solutions, technical ceramics and hermetic sealing products and porous material structures and flow control solutions.

[removed: ][added: ]

[removed: ◦IDEX] Optical Technologies [removed: consists] [added: businesses] of Advanced Thin Films, CVI Laser Optics, CVI Infrared [removed: Optics and] [added: Optics,] Iridian Spectral [removed: Technologies.][added: Technologies and Micro-LAM (acquired in July 2025) specialize in precision substrate forming, complex optical coatings and optical assemblies.]

The businesses maintain [added: global] operations in [removed: Albuquerque,] [added: the United States (Albuquerque,] New Mexico; Longmont, Colorado; [removed: Didam,] [added: Portage, Michigan; Keene, New Hampshire; St. Albans, Vermont and Santa Ana, California), Canada (Ottawa), England (Dorset, Stevenage and Whetstone),] the [removed: Netherlands; Whetstone, England;] [added: Netherlands (Didam, Eerbeek, Hapert] and [removed: Ottawa, Canada.][added: Wijchen) and India (Pune).]

[removed: *◦*STC Material Solutions] [added: - Mott Corporation] specializes in the [removed: design] [added: design, customization] and manufacturing of [removed: technical ceramics] [added: sintered porous metal components] and [removed: hermetic sealing products] [added: engineered solutions used] in [removed: mission critical] [added: fluidic] applications within the [removed: semiconductor, aerospace and defense,] [added: medical, energy,] industrial technology, [removed: medical technology] [added: semiconductor, water] and [removed: energy] [added: space and defense] markets.

*•*Precision Polymer Engineering [added: (“PPE”)] is a provider of proprietary high performance seals and advanced sealing solutions for a diverse range of global industries and applications, including hazardous duty, analytical instrumentation, semiconductor, process technologies, oil and gas, pharmaceutical, electronics and food applications.

[removed: Precision Polymer Engineering] [added: PPE] maintains operations in Blackburn, England and has an additional manufacturing facility in Brenham, Texas.

[removed: Precision Polymer Engineering] [added: PPE] also entered into a joint venture with a third party to manufacture and sell high performance elastomer seals for the oil and gas industry to customers within the Kingdom of Saudi Arabia as well as export these high performance elastomer seals outside of the Kingdom of Saudi Arabia.

*Performance Pneumatic Technologies.* Performance Pneumatic Technologies provides specialized, high-performing [removed: air moving] [added: air-moving] technologies across a wide array of industries.

Airtech maintains operations in Rutherford, New Jersey and has other manufacturing operations in Linthicum Heights, [removed: Maryland; Wilmington, North Carolina; Werneck, Germany] [added: Maryland] and [removed: Shenzhen, China.][added: Schweinfurt, Germany.]

*•*IDEX MPT, Inc., which includes Quadro, [removed: Steridose,] Fitzpatrick, Microfluidics, and Matcon, maintains operations in Waterloo, Canada; [removed: Westwood,] [added: Middleborough,] Massachusetts; [removed: Delran, New Jersey;] Evesham, England; Ahmedabad, India and Shanghai, China.

The FSDP segment designs, produces and distributes firefighting pumps, valves and controls, rescue tools, lifting bags and other components and [removed: systems;] [added: systems,] engineered stainless steel banding and clamping [removed: devices;] [added: devices,] and precision equipment for dispensing, metering and mixing colorants and paints.

[removed: ][added: ]

BAND-IT products primarily serve the automotive, aerospace, energy, [added: utility, municipal, cable management and general industrial markets.]

In [removed: 2024,] [added: 2025,] the Company did not have any customers that accounted for more than 3% of net sales.

The Company’s products and services are available worldwide, with [removed: manufacturing operations] [added: manufacturing, sales, distribution, service and/or administrative facilities located] in more than 20 countries.

The businesses located outside the U.S. are primarily based in [removed: Germany, India,] the [removed: Netherlands, the] United Kingdom, [added: Germany, the Netherlands, Canada,] Italy, [removed: Switzerland, Canada] [added: China] and [removed: China.][added: India.]

The following table illustrates sales to customers within and outside the U.S. as a percentage of total sales for total IDEX as well as by segment and by reporting unit for the year ended December 31, [removed: 2024:][added: 2025:]

| [removed: FMT] [added: Fire & Safety] | | | | | | [removed: 56%] [added: 56%] | | | | | | [removed: 44%] [added: 44%] | | |

| [removed: Pumps] [added: FMT] | | | | | | [removed: 57%] [added: 57%] | | | | | | [removed: 43%] [added: 43%] | | |

| [removed: Water] [added: Pumps] | | | | | | 58% | | | | | | 42% | | |

| Scientific Fluidics & Optics | | | | | | [removed: 42%] [added: 45%] | | | | | | [removed: 58%] [added: 55%] | | |

| Performance Pneumatic Technologies | | | | | | [removed: 76%] [added: 77%] | | | | | | [removed: 24%] [added: 23%] | | |

*Beginning in 2025, Life Sciences also includes analytical instruments, pharmaceutical and medical/dental end market sales.

| Sealing Solutions | | | | | | Energy | | | | | | BAND-IT | | |

| | | | | | | Valves | | | | | | | | |

*Beginning in 2025, Life Sciences also includes analytical instruments, pharmaceutical and medical/dental end market sales.

- IDEX Materials Science Solutions platform is formed from the precision processing businesses of IDEX Optical Technologies, Muon Group (Millux, LouwersHanique, Veco and Tecan) and STC Material Solutions.

The IDEX

Solutions include optical filters, polarization optics, beamsplitters, waveplates, objectives and mirrors for application in semiconductor metrology, satellite laser communications, data communications, high-power industrial and defense optical systems, earth observation and remote sensing.

The precision components and ceramics businesses of Millux, LouwersHanique, Veco, Tecan and STC Material Solutions have expertise in ultra-precision forming of advanced materials, from ceramics and glass to metals and plastics.

Applications primarily include thermal management, fluid and energy flow control, filtration, and precision motion applications within the semiconductor, aerospace, medical, food processing and industrial markets.

The Company encounters a wide variety of competitors that vary by product, market and geographic area.

Each of the Company’s segments has multiple competitors, as no single competitor offers all of the same products or serves all of the same markets as IDEX.

The Company’s competitors are both U.S. and foreign companies and range in size.

| HST | | | | | | 47% | | | | | | 53% | | |

| Water | | | | | | 57% | | | | | | 43% | | |

| Agriculture | | | | | | 73% | | | | | | 27% | | |

| Valves | | | | | | 15% | | | | | | 85% | | |

| FSDP | | | | | | 50% | | | | | | 50% | | |

| Dispensing | | | | | | 27% | | | | | | 73% | | |

| BAND-IT | | | | | | 53% | | | | | | 47% | | |

| IDEX | | | | | | 51% | | | | | | 49% | | |

Each year, the Company conducts an employee engagement survey and partners with employees to implement improvements based on the results.

Additional information regarding the Company’s human capital practices is available on the Company’s website, under the Sustainability link at https://www.idexcorp.com/about-idex/idex-sustainability/.

Many employees are eligible for performance-based compensation, including short-term performance incentive opportunities.

The Company’s U.S. employees are eligible to participate in a 401(k) retirement plan.

| Tara M. Tereso | | | | | | 48 | | | | | | 4 | | | | | | Group Executive, Health and Science Technologies (HST) | | |

| William L. Simmons | | | | | | 54 | | | | | | 19 | | | | | | Group Executive, Fluid and Metering Technologies (FMT) and Fire & Safety/Diversified Products (FSDP) | | |

*Mr. Gillen joined IDEX as Senior Vice President and Chief Financial Officer in January 2026.

Prior to that, Mr. Ashleman served as Chief Operating Officer from July 2015 to December 2020.

Prior to joining IDEX, Mr. Gillen served as Senior Vice President and Chief Financial Officer at AAR CORP., a provider of aviation services to the

aerospace and defense industries, from January 2019 to December 2025.

Prior to his time at AAR CORP., Mr. Gillen served as Vice President and Treasurer at USG Corporation, a building materials manufacturing company, after serving in roles of increasing responsibility earlier in his career in investment banking at Goldman Sachs.

Ms. Tereso has served as Group Executive, HST since September 2024.

Prior to that, Ms. Tereso served as Group President IDEX Health & Science from September 2023 to September 2024, after serving as President IDEX Health & Science from September 2021 to September 2023.

Prior to joining IDEX in 2021, Ms. Tereso served as Vice President & General Manager EFD Division for Nordson Corporation, a precision technology company.

Mr. Simmons has served as Group Executive, FMT, FSDP since February 2026.

Prior to that, Mr. Simmons served as Group Executive FSDP from September 2024 through February 2026.

He served as Group President IDEX Fire & Safety and Dispensing from September 2023 to September 2024, as Group President IDEX Fire & Safety and BAND-IT from March 2023 to September 2023, and as President of IDEX Fire & Safety from January 2021 to March 2023.

Information on the Company’s website is not incorporated into this Form 10-K.

| Water | | | | | | Sealing Solutions | | | | | | Dispensing | | |

| Agriculture | | | | | | | | | | | | | | |

Pulsafeeder serves these markets by producing hydraulic and mechanical diaphragm pumps, rotary pumps, peristaltic pumps and controllers.

- IDEX Materials Science Solutions is comprised of the following:

The technology and product portfolio consists of polarization optics, windows, optical filters, beamsplitters, lenses, waveplates, monolithic, optics, lens assemblies, imaging assemblies, shutters optical subsystems and detector integration.

IDEX Optical Technologies specializes in complex coatings on a range of advanced substrates to serve the semiconductor metrology, satellite optical communications, defense, aerospace and remote sensing, additive manufacturing, laser material processing, laser communications, telecommunications and life science markets.

◦Muon Group manufactures highly precise flow paths in a variety of materials that enable the movement of various liquids and gases in critical applications within the medical, semiconductor, food processing, digital printing and filtration markets.

The group includes LouwersHanique, Veco, Millux, Tecan and Atul, which have critical technical expertise in precision and tolerances for different materials, from metals and glass to plastics and ceramics.

The business maintains operations in Hapert, the Netherlands; Eerbeek, the Netherlands; Wijchen, the Netherlands; Dorset, England; and Pune, India.

The business maintains operations in St. Albans, Vermont, with additional operations in Santa Ana, California.

- Mott Corporation, acquired in September 2024, specializes in the design, customization and manufacturing of sintered porous metal components and engineered solutions used in fluidic applications within the medical, energy, industrial technology, semiconductor, water and aerospace/defense markets.

◦Steridose is a leading designer and manufacturer of magnetic coupled mixers and diaphragm valves for the global biopharmaceutical industry.

utility, municipal, cable management and general industrial markets.

Principal competitors of the FMT segment are the Pumps Group (Blackmer, Wilden and Ebsray products) of Dover Corporation (with respect to pumps and small horsepower compressors used in liquefied petroleum gas distribution facilities, rotary gear pumps and air-operated double-diaphragm pumps); and Ingersoll Rand’s Precision and Science Technologies (PST) division (with respect to metering, control, rotary gear pumps and air operated double-diaphragm pumps).

Principal competitors of the HST segment are the Thomas division of Ingersoll Rand (with respect to vacuum pumps and compressors); Parker Hannifin (with respect to sealing devices); Valco Instruments Co., Inc. (with respect to connections, degassers and valves); Alluxa, Bekaert, Porvair PLC and the Pall division of Danaher Corporation (with respect to filters); Jenoptik (with respect to optical assemblies in life sciences); and Tecan Trading AG (with respect to the life science fluidics market).

Principal competitors of the FSDP segment are Waterous Company, a unit of American Cast Iron Pipe Company (with respect to truck-mounted firefighting pumps); Holmatro, Inc. (with respect to rescue tools); Corob S.p.A., a unit of Graco Inc. (with respect to dispensing and mixing equipment for the paint industry); and Panduit Corporation and Oetiker Inc. (with respect to stainless steel bands, buckles and clamping systems).

| Valves | | | | | | 13% | | | | | | 87% | | |

| Agriculture | | | | | | 77% | | | | | | 23% | | |

| HST | | | | | | 44% | | | | | | 56% | | |

| Sealing Solutions | | | | | | 24% | | | | | | 76% | | |

| FSDP | | | | | | 48% | | | | | | 52% | | |

| Fire & Safety | | | | | | 54% | | | | | | 46% | | |

| BAND-IT | | | | | | 54% | | | | | | 46% | | |

| IDEX | | | | | | 50% | | | | | | 50% | | |

Our workplaces promote entrepreneurialism and autonomy while providing a strong safety net of benefits, training and personal development.

As part of our Organizational Talent Cycle process, the Company regularly conducts in-depth talent reviews with business leaders, focusing on workforce teams and culture.

We identify “stretch” opportunities to help team members grow within and across business units as opportunities and interest arise, and identify local human capital actions to drive our growth strategy.

Employees and leaders engage in ongoing performance and development conversations throughout the year.

These discussions cover business and development goals, review progress, recognize accomplishments, provide balanced feedback and identify opportunities for improvement.

Open and honest dialogue about performance, development and career growth supports our values of trust, team and excellence, helping us achieve our purpose.

The Company offers agile development solutions to support unique needs, both locally and across the enterprise, driving long-term value.

Employees have access to resources designed to build and enhance their skills for success in their current role or future positions, including personalized development plans and local training programs.

Each year, the Company invests in a Global Leadership Conference for senior leaders to align on strategic priorities and strengthen core leadership skills.

To support our growth strategy and culture, the Company also sponsors accelerated, on-the-job learning opportunities for key leaders through the IDEX Academy’s global leadership development programs.

These programs allow emerging leaders from different geographies and business units to practice new leadership behaviors, share best practices, address business challenges and build strong support networks.

The Company’s learning curriculum features a mix of instructor-led, self-paced and blended learning solutions, created internally or sourced from external partners, to develop future leaders in accordance with the IDEX leadership methodology.

Additionally, in 2024, the Company supported over 150 senior leaders in inclusive change leadership sessions to accelerate the development of high-performing talent and promote a culture of growth.

The Company also enables employee development and growth by offering eligible U.S. employees the opportunity to participate in the Tuition Reimbursement program.

Through the program, employees can have certain expenses from secondary educational institutions reimbursed up to $5,250 per year.

A key element of the IDEX Difference is building and engaging great teams.

The Company and its subsidiaries are party to legal proceedings incidental to the operation of their businesses as described in [Note [removed: 10](#i3655bb0ec9a24425975d48d9875b2090_127)] [added: 10](#ibaf335d4459d4d2499897b1ecd08d11c_127)] in Part II, Item 8, “Financial Statements and Supplementary Data,” and such disclosure is incorporated by reference into this Item 3, “Legal Proceedings.”

In addition, the Company and [removed: eight] [added: seven] of its subsidiaries are presently named as defendants in a number of lawsuits claiming various asbestos-related personal injuries, allegedly as a result of exposure to products manufactured with components that contained asbestos.

These components were acquired from [removed: third party] [added: third-party] suppliers and were not manufactured by the Company or any of the defendant subsidiaries.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

| Common Stock, par value [removed: $.01] [added: $0.01] per share | | | IEX | | | New York Stock Exchange | | |

The aggregate market value, as of the last business day of the registrant’s most recently completed second fiscal quarter, of the common stock (based on the June [removed: 28, 2024] [added: 30, 2025] closing price of [removed: $201.20)] [added: $175.57)] held by non-affiliates of IDEX Corporation was [removed: $15,227,465,474.][added: $13,228,549,364.]

The number of shares outstanding of IDEX Corporation’s common stock, par value [removed: $.01] [added: $0.01] per share, as of February [removed: 14, 2025] [added: 13, 2026] was [removed: 75,784,047.][added: 74,347,824.]

Portions of the proxy statement with respect to the IDEX Corporation [removed: 2025] [added: 2026] annual meeting of stockholders (the [removed: “2025] [added: “2026] Proxy Statement”) are incorporated by reference into [Part [removed: III](#i3655bb0ec9a24425975d48d9875b2090_169)] [added: III](#ibaf335d4459d4d2499897b1ecd08d11c_172)] of this Form 10-K.

This annual report on Form 10-K, including the “Overview,” “Results of Operations,” “Liquidity and Capital Resources” and “Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations”,] [added: Operations,”] 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 business strategy, outlook and full year [removed: 2025] [added: 2026] focus and the assumptions underlying these expectations, [added: capital return strategy,] plant and equipment capacity for future growth, planned production, anticipated future acquisition behavior, resource and capital [added: deployment and focus on organic and inorganic growth, the Company’s ability to adapt to macroeconomic challenges and anticipated adaptability of resource] deployment, anticipated [added: impacts of tariffs and global trade policies and changes in law, including the One, Big, Beautiful Bill Act, the Company’s future market positioning, anticipated] trends in end [removed: markets] [added: markets,] including expectations regarding market sector contraction, recovery, stabilization or growth and underlying drivers of such expectations, [added: expectations regarding future order volumes and order patterns,] demand within end markets, availability and sufficiency of cash and financing alternatives, [added: the impacts of any pending or threatened legal, regulatory and other proceedings involving the Company and its subsidiaries,] anticipated benefits and restructuring [removed: charges] [added: charges, including severance charges,] related to the Company’s [removed: recently initiated] organizational changes, the anticipated tax treatment of the Company’s recent [removed: acquisitions and] [added: acquisitions,] the [added: expected contingent consideration payable related to the Company’s recent acquisitions, the] anticipated benefits [added: and performance] of the Company’s recent or future acquisitions, [added: anticipated growth initiatives] and [added: expansions and the anticipated benefits of the Company’s productivity and cost containment efforts, and] are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” “guidance,” “expects,” “projects,” “forecasts,” “should,” “could,” “will,” [added: “likely to be,”] “management believes,” “the Company believes,” “the Company intends” and similar words or phrases.

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 [removed: catastrophic] [added: severe] weather events, natural disasters and public health threats; economic and political consequences resulting from terrorist [removed: attacks] [added: attacks, wars] and [removed: wars;] [added: global conflicts;] the Company’s ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; cybersecurity incidents; the [added: 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. [removed: dollar] [added: 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; [added: 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, and the other risk factors discussed in [Item [removed: 1A](#i3655bb0ec9a24425975d48d9875b2090_19),] [added: 1A](#ibaf335d4459d4d2499897b1ecd08d11c_19),] “Risk Factors” of this annual report on Form 10-K.

| PART I. | | | Item 1. | | | [removed: [Business](#i3655bb0ec9a24425975d48d9875b2090_16)] [added: [Business](#ibaf335d4459d4d2499897b1ecd08d11c_16)] | | | [removed: [3](#i3655bb0ec9a24425975d48d9875b2090_16)] [added: [1](#ibaf335d4459d4d2499897b1ecd08d11c_16)] | | | | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#i3655bb0ec9a24425975d48d9875b2090_19)] [added: Factors](#ibaf335d4459d4d2499897b1ecd08d11c_19)] | | | [removed: [15](#i3655bb0ec9a24425975d48d9875b2090_19)] [added: [13](#ibaf335d4459d4d2499897b1ecd08d11c_19)] | | | | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#i3655bb0ec9a24425975d48d9875b2090_22)] [added: Comments](#ibaf335d4459d4d2499897b1ecd08d11c_22)] | | | [removed: [21](#i3655bb0ec9a24425975d48d9875b2090_22)] [added: [19](#ibaf335d4459d4d2499897b1ecd08d11c_22)] | | | | | |

| | | | Item 1C. | | | [removed: [Cybersecurity](#i3655bb0ec9a24425975d48d9875b2090_25)] [added: [Cybersecurity](#ibaf335d4459d4d2499897b1ecd08d11c_25)] | | | [removed: [21](#i3655bb0ec9a24425975d48d9875b2090_25)] [added: [19](#ibaf335d4459d4d2499897b1ecd08d11c_25)] | | | | | |

| | | | Item 2. | | | [removed: [Properties](#i3655bb0ec9a24425975d48d9875b2090_28)] [added: [Properties](#ibaf335d4459d4d2499897b1ecd08d11c_28)] | | | [removed: [23](#i3655bb0ec9a24425975d48d9875b2090_28)] [added: [21](#ibaf335d4459d4d2499897b1ecd08d11c_28)] | | | | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#i3655bb0ec9a24425975d48d9875b2090_31)] [added: Proceedings](#ibaf335d4459d4d2499897b1ecd08d11c_31)] | | | [removed: [23](#i3655bb0ec9a24425975d48d9875b2090_31)] [added: [21](#ibaf335d4459d4d2499897b1ecd08d11c_31)] | | | | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosures](#i3655bb0ec9a24425975d48d9875b2090_34)] [added: Disclosures](#ibaf335d4459d4d2499897b1ecd08d11c_34)] | | | [removed: [23](#i3655bb0ec9a24425975d48d9875b2090_34)] [added: [21](#ibaf335d4459d4d2499897b1ecd08d11c_34)] | | | | | |

| PART II. | | | Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i3655bb0ec9a24425975d48d9875b2090_40)] [added: Securities](#ibaf335d4459d4d2499897b1ecd08d11c_40)] | | | [removed: [24](#i3655bb0ec9a24425975d48d9875b2090_40)] [added: [22](#ibaf335d4459d4d2499897b1ecd08d11c_40)] | | | | | |

| | | | Item 6. | | | [removed: [\[Reserved\]](#i3655bb0ec9a24425975d48d9875b2090_43)] [added: [\[Reserved\]](#ibaf335d4459d4d2499897b1ecd08d11c_43)] | | | [removed: [25](#i3655bb0ec9a24425975d48d9875b2090_43)] [added: [23](#ibaf335d4459d4d2499897b1ecd08d11c_43)] | | | | | |

| | | | Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i3655bb0ec9a24425975d48d9875b2090_46)] [added: Operations](#ibaf335d4459d4d2499897b1ecd08d11c_46)] | | | [removed: [26](#i3655bb0ec9a24425975d48d9875b2090_46)] [added: [24](#ibaf335d4459d4d2499897b1ecd08d11c_46)] | | | | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i3655bb0ec9a24425975d48d9875b2090_64)] [added: Risk](#ibaf335d4459d4d2499897b1ecd08d11c_67)] | | | [removed: [34](#i3655bb0ec9a24425975d48d9875b2090_64)] [added: [33](#ibaf335d4459d4d2499897b1ecd08d11c_67)] | | | | | |

| | | | Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i3655bb0ec9a24425975d48d9875b2090_67)] [added: Data](#ibaf335d4459d4d2499897b1ecd08d11c_70)] | | | [removed: [36](#i3655bb0ec9a24425975d48d9875b2090_67)] [added: [35](#ibaf335d4459d4d2499897b1ecd08d11c_70)] | | | | | |

| | | | | | | [Management’s Report on Internal Control Over Financial [removed: Reporting](#i3655bb0ec9a24425975d48d9875b2090_70)] [added: Reporting](#ibaf335d4459d4d2499897b1ecd08d11c_73)] | | | [removed: [36](#i3655bb0ec9a24425975d48d9875b2090_70)] [added: [35](#ibaf335d4459d4d2499897b1ecd08d11c_73)] | | | | | |

| | | | | | | [Report of Independent Registered Public Accounting Firm (PCAOB ID [removed: No.](#i3655bb0ec9a24425975d48d9875b2090_73) 34[)](#i3655bb0ec9a24425975d48d9875b2090_73)] [added: No.](#ibaf335d4459d4d2499897b1ecd08d11c_76) 34[)](#ibaf335d4459d4d2499897b1ecd08d11c_76)] | | | [removed: [37](#i3655bb0ec9a24425975d48d9875b2090_73)] [added: [36](#ibaf335d4459d4d2499897b1ecd08d11c_76)] | | | | | |

| | | | | | | [Consolidated Statements of [removed: Income](#i3655bb0ec9a24425975d48d9875b2090_79)] [added: Income](#ibaf335d4459d4d2499897b1ecd08d11c_82)] | | | [removed: [40](#i3655bb0ec9a24425975d48d9875b2090_79)] [added: [39](#ibaf335d4459d4d2499897b1ecd08d11c_82)] | | | | | |

| | | | | | | [Consolidated Statements of Comprehensive [removed: Income](#i3655bb0ec9a24425975d48d9875b2090_82)] [added: Income](#ibaf335d4459d4d2499897b1ecd08d11c_85)] | | | [removed: [41](#i3655bb0ec9a24425975d48d9875b2090_82)] [added: [40](#ibaf335d4459d4d2499897b1ecd08d11c_85)] | | | | | |

| | | | | | | [Consolidated Balance [removed: Sheets](#i3655bb0ec9a24425975d48d9875b2090_85)] [added: Sheets](#ibaf335d4459d4d2499897b1ecd08d11c_88)] | | | [removed: [42](#i3655bb0ec9a24425975d48d9875b2090_85)] [added: [41](#ibaf335d4459d4d2499897b1ecd08d11c_88)] | | | | | |

| | | | | | | [Consolidated Statements of [removed: Equity](#i3655bb0ec9a24425975d48d9875b2090_88)] [added: Equity](#ibaf335d4459d4d2499897b1ecd08d11c_91)] | | | [removed: [43](#i3655bb0ec9a24425975d48d9875b2090_88)] [added: [42](#ibaf335d4459d4d2499897b1ecd08d11c_91)] | | | | | |

| | | | | | | [Consolidated Statements of Cash [removed: Flows](#i3655bb0ec9a24425975d48d9875b2090_91)] [added: Flows](#ibaf335d4459d4d2499897b1ecd08d11c_94)] | | | [removed: [44](#i3655bb0ec9a24425975d48d9875b2090_91)] [added: [43](#ibaf335d4459d4d2499897b1ecd08d11c_94)] | | | | | |

| | | | | | | [Notes to Consolidated Financial [removed: Statements](#i3655bb0ec9a24425975d48d9875b2090_94)] [added: Statements](#ibaf335d4459d4d2499897b1ecd08d11c_97)] | | | [removed: [45](#i3655bb0ec9a24425975d48d9875b2090_94)] [added: [44](#ibaf335d4459d4d2499897b1ecd08d11c_97)] | | | | | |

| | | | | | | [Note 1. Significant Accounting [removed: Policies](#i3655bb0ec9a24425975d48d9875b2090_97)] [added: Policies](#ibaf335d4459d4d2499897b1ecd08d11c_100)] | | | [removed: [45](#i3655bb0ec9a24425975d48d9875b2090_97)] [added: [44](#ibaf335d4459d4d2499897b1ecd08d11c_100)] | | | | | |

| | | | | | | [Note 2. Acquisitions and [removed: Divestitures](#i3655bb0ec9a24425975d48d9875b2090_100)] [added: Divestitures](#ibaf335d4459d4d2499897b1ecd08d11c_103)] | | | [removed: [50](#i3655bb0ec9a24425975d48d9875b2090_100)] [added: [49](#ibaf335d4459d4d2499897b1ecd08d11c_103)] | | | | | |

| | | | | | | [Note 3. Collaborative [removed: Investments](#i3655bb0ec9a24425975d48d9875b2090_103)] [added: Investments](#ibaf335d4459d4d2499897b1ecd08d11c_106)] | | | [removed: [58](#i3655bb0ec9a24425975d48d9875b2090_103)] [added: [54](#ibaf335d4459d4d2499897b1ecd08d11c_106)] | | | | | |

| | | | | | | [Note 4. Balance Sheet [removed: Components](#i3655bb0ec9a24425975d48d9875b2090_106)] [added: Components](#ibaf335d4459d4d2499897b1ecd08d11c_109)] | | | [removed: [59](#i3655bb0ec9a24425975d48d9875b2090_106)] [added: [55](#ibaf335d4459d4d2499897b1ecd08d11c_109)] | | | | | |

| | | | | | | [Note 6. Goodwill and Intangible [removed: Assets](#i3655bb0ec9a24425975d48d9875b2090_112)] [added: Assets](#ibaf335d4459d4d2499897b1ecd08d11c_115)] | | | [removed: [62](#i3655bb0ec9a24425975d48d9875b2090_112)] [added: [58](#ibaf335d4459d4d2499897b1ecd08d11c_115)] | | | | | |

| | | | | | | [Note 8. Fair Value [removed: Measurements](#i3655bb0ec9a24425975d48d9875b2090_121)] [added: Measurements](#ibaf335d4459d4d2499897b1ecd08d11c_121)] | | | [removed: [66](#i3655bb0ec9a24425975d48d9875b2090_121)] [added: [62](#ibaf335d4459d4d2499897b1ecd08d11c_121)] | | | | | |

| | | | | | | [Note 9. [removed: Leases](#i3655bb0ec9a24425975d48d9875b2090_124)] [added: Leases](#ibaf335d4459d4d2499897b1ecd08d11c_124)] | | | [removed: [66](#i3655bb0ec9a24425975d48d9875b2090_124)] [added: [63](#ibaf335d4459d4d2499897b1ecd08d11c_124)] | | | | | |

| | | | | | | [Note 10. Commitments and [removed: Contingencies](#i3655bb0ec9a24425975d48d9875b2090_127)] [added: Contingencies](#ibaf335d4459d4d2499897b1ecd08d11c_127)] | | | [removed: [69](#i3655bb0ec9a24425975d48d9875b2090_127)] [added: [65](#ibaf335d4459d4d2499897b1ecd08d11c_127)] | | | | | |

| | | | | | | [Note 11. Share [removed: Repurchases](#i3655bb0ec9a24425975d48d9875b2090_130)] [added: Repurchases](#ibaf335d4459d4d2499897b1ecd08d11c_130)] | | | [removed: [69](#i3655bb0ec9a24425975d48d9875b2090_130)] [added: [65](#ibaf335d4459d4d2499897b1ecd08d11c_130)] | | | | | |

| | | | | | | [Note 12. Income [removed: Taxes](#i3655bb0ec9a24425975d48d9875b2090_133)] [added: Taxes](#ibaf335d4459d4d2499897b1ecd08d11c_133)] | | | [removed: [69](#i3655bb0ec9a24425975d48d9875b2090_133)] [added: [65](#ibaf335d4459d4d2499897b1ecd08d11c_133)] | | | | | |

| | | | | | | [Note 13. Business Segments and Geographic [removed: Information](#i3655bb0ec9a24425975d48d9875b2090_136)] [added: Information](#ibaf335d4459d4d2499897b1ecd08d11c_136)] | | | [removed: [72](#i3655bb0ec9a24425975d48d9875b2090_136)] [added: [68](#ibaf335d4459d4d2499897b1ecd08d11c_136)] | | | | | |

| | | | | | | [Note 14. Restructuring Expenses and Asset [removed: Impairments](#i3655bb0ec9a24425975d48d9875b2090_139)] [added: Impairments](#ibaf335d4459d4d2499897b1ecd08d11c_139)] | | | [removed: [75](#i3655bb0ec9a24425975d48d9875b2090_139)] [added: [72](#ibaf335d4459d4d2499897b1ecd08d11c_139)] | | | | | |

| | | | | | | [Note 5. Revenue](#ibaf335d4459d4d2499897b1ecd08d11c_112) | | | [55](#ibaf335d4459d4d2499897b1ecd08d11c_112) | | | | | |

| | | | | | | [Note 7. Borrowings](#ibaf335d4459d4d2499897b1ecd08d11c_118) | | | [60](#ibaf335d4459d4d2499897b1ecd08d11c_118) | | | | | |

| | | | | | | | | | | | | | | |

| | | | | | | [Signatures](#ibaf335d4459d4d2499897b1ecd08d11c_202) | | | [91](#ibaf335d4459d4d2499897b1ecd08d11c_202) | | | | | |

[Table of Conten](#i3655bb0ec9a24425975d48d9875b2090_7)[t](#i3655bb0ec9a24425975d48d9875b2090_7)[s](#i3655bb0ec9a24425975d48d9875b2090_7)

| | | | | | | [Note 5. Revenue](#i3655bb0ec9a24425975d48d9875b2090_109) | | | [60](#i3655bb0ec9a24425975d48d9875b2090_109) | | | | | |

| | | | | | | [Note 7. Borrowings](#i3655bb0ec9a24425975d48d9875b2090_115) | | | [64](#i3655bb0ec9a24425975d48d9875b2090_115) | | | | | |

| | | | | | | [Note 18. Subsequent Events](#i3655bb0ec9a24425975d48d9875b2090_142) | | | [87](#i3655bb0ec9a24425975d48d9875b2090_142) | | | | | |

| | | | | | | [Signatures](#i3655bb0ec9a24425975d48d9875b2090_199) | | | [95](#i3655bb0ec9a24425975d48d9875b2090_199) | | | | | |

While we use the NIST CSF as a guide, this does not imply that [removed: we meet any particular standards, specifications or requirements.]

[added: The cyber risk] dashboard is monitored by our business units.

For more information on cybersecurity risks and how they affect our business, operating results and financial condition, please refer to [Item [removed: 1A](#i3655bb0ec9a24425975d48d9875b2090_19).,] [added: 1A](#ibaf335d4459d4d2499897b1ecd08d11c_19).,] “Risk Factors – *The Company’s Business Operations May Be Materially Adversely Affected by Information Systems Interruptions or Intrusion, Including those Arising From Cybersecurity Attacks or Incidents or Violations of Laws Regulating Privacy and Data Security*.” Based on our analysis at this time, we have not identified any risks from a cybersecurity threat or incident that we believe has or is reasonably likely to materially affect the Company.

The [added: Company’s] Board of Directors and the Audit Committee oversee management’s efforts to address cybersecurity and information security risks.

Senior management provides the [added: Company’s] Board of Directors updates on the Company’s cybersecurity program at least once a year, including as part of the Company’s enterprise risk management assessment, [removed: and] [added: and, beginning in 2026,] the Audit Committee reviews the cybersecurity program at least [removed: twice] [added: three times] a year and on an as-needed basis.

we meet any particular standards, specifications or requirements.

The cyber risk

[removed: Management] [added: The Company] considers its facilities suitable and adequate for the Company’s operations and believes it has ample capacity in its plants and equipment to meet demand increases for future growth in the intermediate term, especially given its operational improvement initiatives that usually increase capacity.

Due to the Company’s decentralized operating structure and global operations, the Company operates out of a large number of facilities worldwide.

As of December 31, 2025, the Company operated approximately 210 plants and office facilities, of which approximately 20% are owned and the remainder are leased.

Approximately 110 of the facilities were located outside of the U.S. Principal foreign countries include the U.K., Germany, the Netherlands, Canada, Italy, China and India.

The number of facilities by business segment is approximately 90 for HST, 80 for FMT and 25 for FSDP.

The remaining facilities relate to the Company’s shared service locations as well as 2 leased corporate offices in Illinois.

The Company conducts business at plants and offices that can be owned or leased and located in the U.S. or outside the U.S., with international square footage primarily in Germany (12%), the Netherlands (7%), India (6%), the U.K. (5%), Italy (3%), Canada (3%), China (2%) and Switzerland (2%).

A summary of properties used by the Company’s operations as of December 31, 2024 are shown in the following table:

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | Square footage (in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | Location | | | | | | | | | | | | Owned/Leased | | | | | | | | |

| | | | | | | Total | | | | | | Domestic | | | | | | International | | | | | | Owned | | | | | | Leased | | |

| Fluid & Metering Technologies | | | | | | 1.8 | | | | | | 1.4 | | | | | | 0.4 | | | | | | 1.1 | | | | | | 0.7 | | |

| Health & Science Technologies | | | | | | 2.4 | | | | | | 1.2 | | | | | | 1.2 | | | | | | 0.6 | | | | | | 1.8 | | |

| Fire & Safety/Diversified Products | | | | | | 1.1 | | | | | | 0.6 | | | | | | 0.5 | | | | | | 1.0 | | | | | | 0.1 | | |

| Other(1) | | | | | | 0.4 | | | | | | 0.1 | | | | | | 0.3 | | | | | | 0.3 | | | | | | 0.1 | | |

| Total | | | | | | 5.7 | | | | | | 3.3 | | | | | | 2.4 | | | | | | 3.0 | | | | | | 2.7 | | |

(1) Other includes shared service locations as well as the Company’s executive office, which occupies 40,261 square feet of leased space in Northbrook, Illinois and 16,268 square feet of leased space in Chicago, Illinois.

As of February [removed: 14, 2025,] [added: 13, 2026,] there were approximately [removed: 7,285] [added: 7,472] stockholders of record of the Company’s common stock and there were [removed: 75,784,047] [added: 74,347,824] shares outstanding.

The Company’s payment of dividends in the future will be determined by the [added: Company’s] Board of Directors and will depend on business conditions, earnings and other factors.

For information pertaining to securities authorized for issuance under equity compensation plans and the related weighted average exercise price, see Part III, [Item [removed: 12](#i3655bb0ec9a24425975d48d9875b2090_178),] [added: 12](#ibaf335d4459d4d2499897b1ecd08d11c_181),] “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.”

This approval is in addition to the prior repurchase authorization of the [added: Company’s] Board of Directors of [removed: $300.0] [added: $500.0] million on [removed: December 1, 2015.][added: March 17, 2020.]

The [removed: Company did not repurchase any] [added: Company’s purchases of] common stock during the quarter ended December 31, [removed: 2024.][added: 2025 are as follows:]

| Period | | | Total Number of Shares Purchased | | | | | | Average [removed: Price Paid] [added: Price Paid] per [removed: Share] [added: Share(1)] | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | | | | | Maximum Dollar Value that May Yet be Purchased Under the Plans or Programs | | |

The following table compares total stockholder returns over the last five years to the Standard & Poor’s (the “S&P”) 500 Index, the S&P Midcap 400 Industrials Sector Index and the Russell 2000 Index assuming the value of the investment in the Company’s common stock and each index was $100 on December 31, [removed: 2019.][added: 2020.]

[removed: ][added: ]

On September 17, 2025, the Company’s Board of Directors authorized the repurchase of an additional $635.0 million of the Company’s common shares.

These authorizations have no expiration date and exclude fees, commissions, excise taxes and other expenses related to such common stock repurchases.

| October 1, 2025 to October 31, 2025 | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 999,689,374 | |

| November 1, 2025 to November 30, 2025 | | | 194,251 | | | | | | 168.03 | | | | | | 194,251 | | | | | | 967,048,882 | | |

| December 1, 2025 to December 31, 2025 | | | 238,029 | | | | | | 177.96 | | | | | | 238,029 | | | | | | 924,689,463 | | |

| Total | | | 432,280 | | | | | | $ | 173.50 | | | | | 432,280 | | | | | | $ | 924,689,463 | |

(1)Excludes commissions and the 1% excise tax imposed by the Inflation Reduction Act of 2022.

| | | | 12/20 | | | 12/21 | | | 12/22 | | | 12/23 | | | 12/24 | | | 12/25 | | |

| IDEX Corporation | | | $ | 100.00 | | $ | 119.81 | | $ | 117.14 | | $ | 112.70 | | $ | 110.04 | | $ | 94.99 | |

| S&P 500 Index | | | $ | 100.00 | | $ | 128.71 | | $ | 105.40 | | $ | 133.10 | | $ | 166.40 | | $ | 196.16 | |

| S&P Midcap 400 Industrials Sector Index | | | $ | 100.00 | | $ | 128.45 | | $ | 113.68 | | $ | 149.41 | | $ | 169.56 | | $ | 191.48 | |

| Russell 2000 Index | | | $ | 100.00 | | $ | 114.82 | | $ | 91.35 | | $ | 106.82 | | $ | 119.14 | | $ | 134.40 | |

On March 17, 2020, the Company’s Board of Directors approved an increase of $500.0 million in the authorized level of repurchases of common stock.

These authorizations have no expiration date.

As of December 31, 2024, the amount of share repurchase authorization remaining was $539.7 million.

| October 1, 2024 to October 31, 2024 | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 539,689,117 | |

| November 1, 2024 to November 30, 2024 | | | — | | | | | | — | | | | | | — | | | | | | 539,689,117 | | |

| December 1, 2024 to December 31, 2024 | | | — | | | | | | — | | | | | | — | | | | | | 539,689,117 | | |

| Total | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 539,689,117 | |

| | | | 12/19 | | | 12/20 | | | 12/21 | | | 12/22 | | | 12/23 | | | 12/24 | | |

| IDEX Corporation | | | $ | 100.00 | | $ | 117.20 | | $ | 140.41 | | $ | 137.28 | | $ | 132.08 | | $ | 128.96 | |

| S&P 500 Index | | | $ | 100.00 | | $ | 118.40 | | $ | 152.39 | | $ | 124.79 | | $ | 157.59 | | $ | 197.02 | |

| S&P Midcap 400 Industrials Sector Index | | | $ | 100.00 | | $ | 116.49 | | $ | 149.62 | | $ | 132.42 | | $ | 174.04 | | $ | 197.51 | |

| Russell 2000 Index | | | $ | 100.00 | | $ | 119.96 | | $ | 137.74 | | $ | 109.59 | | $ | 128.14 | | $ | 142.93 | |

Management excluded [removed: Mott Corporation] [added: Micro-LAM, Inc.] from its assessment of internal controls over financial reporting as the acquisition occurred in [removed: 2024] [added: 2025] (see [Note [removed: 2](#i3655bb0ec9a24425975d48d9875b2090_100),] [added: 2](#ibaf335d4459d4d2499897b1ecd08d11c_103),] “Acquisitions and Divestitures,” in the Notes to Consolidated Financial Statements for further detail).

The total assets (excluding goodwill and intangible assets) and net sales of the current year acquisition represented approximately [removed: eight] [added: 1.1] percent and [removed: two] [added: 0.4] percent, respectively, of the Consolidated Financial [removed: Statement] [added: Statements] amounts as of and for the year ended December 31, [removed: 2024.][added: 2025.]

Based on that assessment, management has concluded that the Company’s internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

The effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report which appears herein.

We have audited the internal control over financial reporting of IDEX Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control* *—* *Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control* *—* *Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 20, 2025,] [added: 19, 2026,] expressed an unqualified opinion on those financial statements.

As described in Management’s Report on Internal Control over Financial Reporting, management excluded [removed: Mott Corporation] [added: Micro-LAM, Inc.] from its assessment of internal control over financial reporting as this acquisition occurred in the twelve months ended December 31, [removed: 2024.][added: 2025.]

The combined total assets (excluding goodwill and intangible assets) and net sales of this acquisition represented approximately [removed: eight] [added: 1.1] percent and [removed: two] [added: 0.4] percent, respectively, of the consolidated financial statement amounts as of and for the year ended December 31, [removed: 2024.][added: 2025.]

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying [removed: Management’s] [added: *Management’s] Report on Internal Control Over Financial [removed: Reporting.][added: Reporting*.]

We have audited the accompanying consolidated balance sheets of IDEX Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control* *—* *Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 20, 2025,] [added: 19, 2026,] expressed an unqualified opinion on the Company’s internal control over financial reporting.

Revenue *—* Disaggregation of Revenue *—* Refer to [Note [removed: 5](#i3655bb0ec9a24425975d48d9875b2090_109)] [added: 5](#ibaf335d4459d4d2499897b1ecd08d11c_112)] to the financial statements

| | | | [added: | | |] 2024 | | | | | | [added: | | | | | |] 2023 | | | | | | [removed: 2022] | | |

| Net sales | | | $ | [removed: 3,268.8] [added: 3,457.5] | | | | | $ | [removed: 3,273.9] [added: 3,268.8] | | | | | $ | [removed: 3,181.9] [added: 3,273.9] | |

| Cost of sales | | | [removed: 1,823.6] [added: 1,918.7] | | | | | | [removed: 1,827.0] [added: 1,823.6] | | | | | | [removed: 1,755.0] [added: 1,827.0] | | |

| Gross profit | | | [removed: 1,445.2] [added: 1,538.8] | | | | | | [removed: 1,446.9] [added: 1,445.2] | | | | | | [removed: 1,426.9] [added: 1,446.9] | | |

| Selling, general and administrative expenses | | | [removed: 758.7] [added: 818.8] | | | | | | [removed: 703.5] [added: 758.7] | | | | | | [removed: 652.7] [added: 703.5] | | |

| Restructuring expenses and asset impairments | | | [removed: 9.3] [added: 20.7] | | | | | | [removed: 10.9] [added: 9.3] | | | | | | [removed: 22.8] [added: 10.9] | | |

| Operating income | | | [removed: 677.2] [added: 699.3] | | | | | | [removed: 732.5] [added: 677.2] | | | | | | [removed: 751.4] [added: 732.5] | | |

| Gain on sale of businesses – net | | | [removed: (4.0)] [added: —] | | | | | | [removed: (84.7)] [added: (4.0)] | | | | | | [removed: (34.8)] [added: (84.7)] | | |

| Other [removed: (income)] expense [added: (income)] – net | | | [removed: (2.6)] [added: 2.3] | | | | | | [removed: 5.2] [added: (2.6)] | | | | | | [removed: (3.9)] [added: 5.2] | | |

| Interest expense – net | | | [removed: 44.5] [added: 64.4] | | | | | | [removed: 51.7] [added: 44.5] | | | | | | [removed: 40.7] [added: 51.7] | | |

| Income before income taxes | | | [removed: 639.3] [added: 632.6] | | | | | | [removed: 760.3] [added: 639.3] | | | | | | [removed: 749.4] [added: 760.3] | | |

| Provision for income taxes | | | [removed: 134.7] [added: 150.1] | | | | | | [removed: 164.7] [added: 134.7] | | | | | | [removed: 162.7] [added: 164.7] | | |

| Net income | | | [removed: 504.6] [added: 482.5] | | | | | | [removed: 595.6] [added: 504.6] | | | | | | [removed: 586.7] [added: 595.6] | | |

| Net loss attributable to noncontrolling interest | | | [removed: 0.4] [added: 0.7] | | | | | | [removed: 0.5] [added: 0.4] | | | | | | [removed: 0.2] [added: 0.5] | | |

| Net income attributable to IDEX | | | $ | [removed: 505.0] [added: 483.2] | | | | | $ | [removed: 596.1] [added: 505.0] | | | | | $ | [removed: 586.9] [added: 596.1] | |

| Basic earnings per common share attributable to IDEX | | | $ | [removed: 6.66] [added: 6.41] | | | | | $ | [removed: 7.87] [added: 6.66] | | | | | $ | [removed: 7.74] [added: 7.87] | |

| Diluted earnings per common share attributable to IDEX | | | $ | [removed: 6.64] [added: 6.41] | | | | | $ | [removed: 7.85] [added: 6.64] | | | | | $ | [removed: 7.71] [added: 7.85] | |

| Basic weighted average common shares outstanding | | | [removed: 75.7] [added: 75.3] | | | | | | [removed: 75.6] [added: 75.7] | | | | | | [removed: 75.7] [added: 75.6] | | |

| Diluted weighted average common shares outstanding | | | [removed: 75.9] [added: 75.3] | | | | | | 75.9 | | | | | | [removed: 76.0] [added: 75.9] | | |

| Net income | | | $ | [removed: 504.6] [added: 482.5] | | | | | $ | [removed: 595.6] [added: 504.6] | | | | | $ | [removed: 586.7] [added: 595.6] | |

| Other comprehensive [removed: (loss) income:] [added: income (loss):] | | | | | | | | | | | | | | | | | |

| Pension and other postretirement adjustments, net of tax | | | [removed: 3.1] [added: 2.2] | | | | | | [removed: (7.4)] [added: 3.1] | | | | | | [removed: 18.3] [added: (7.4)] | | |

| Cumulative translation adjustment | | | [removed: (88.2)] [added: 186.3] | | | | | | [removed: 87.8] [added: (88.2)] | | | | | | [removed: (74.9)] [added: 87.8] | | |

| Other comprehensive [removed: (loss) income,] [added: income (loss),] net of tax | | | [removed: (85.1)] [added: 188.5] | | | | | | [removed: 80.4] [added: (85.1)] | | | | | | [removed: (56.6)] [added: 80.4] | | |

| Comprehensive income | | | [removed: 419.5] [added: 671.0] | | | | | | [removed: 676.0] [added: 419.5] | | | | | | [removed: 530.1] [added: 676.0] | | |

| Comprehensive loss attributable to noncontrolling interest | | | [removed: 0.4] [added: 0.7] | | | | | | [removed: 0.5] [added: 0.4] | | | | | | [removed: 0.2] [added: 0.5] | | |

| February 19, 2026 | | | | | |

| February 19, 2026 | | | | | |

| | | | 2025 | | | | | | 2024 | | |

| Net income (loss) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 483.2 | | | | | | 483.2 | | | | | | (0.7) | | | | | | 482.5 | | |

| Repurchases of common stock (including excise tax of $2.4 million) | | | — | | | | | | — | | | | | | 1.4 | | | | | | (252.4) | | | | | | — | | | | | | — | | | | | | (252.4) | | | | | | — | | | | | | (252.4) | | |

| Balance, December 31, 2025 | | | 90.1 | | | | | | $ | 893.0 | | | | | 15.5 | | | | | | $ | (1,423.2) | | | | | $ | 57.6 | | | | | $ | 4,500.1 | | | | | $ | 4,027.5 | | | | | $ | (1.3) | | | | | $ | 4,026.2 | |

| Net income | | | $ | 482.5 | | | | | $ | 504.6 | | | | | $ | 595.6 | |

respectively.

At December 31, 2024, $18.1 million was included in Other current assets in the Consolidated Balance Sheets.

Reserves for returns and other allowances and adjustments, which are provided for in the same period the related sales are recorded and reduce net sales, are estimated using historical experience as well as specific customer circumstances when known.

The Company reviews the carrying value of goodwill and indefinite-lived intangible assets annually, or more frequently if events occur or circumstances change that would indicate an asset may be impaired.

The Company has both participating and non-participating securities.

Dividend rights for restricted stock awards issued under the IDEX Corporation 2024 Incentive Award Plan (the “2024 Incentive Award Plan”) are subject to the same vesting requirements as the underlying restricted stock awards, and therefore these awards are considered non-participating securities.

As such, these awards have been determined to be participating securities.

| Basic weighted average common shares outstanding | | | 75.3 | | | | | | 75.7 | | | | | | 75.6 | | |

| Diluted weighted average common shares outstanding | | | 75.3 | | | | | | 75.9 | | | | | | 75.9 | | |

The Company recognizes the tax benefit of uncertain income tax positions only if those positions are more likely than not to be sustained upon examination.

Judgment is required in evaluating tax positions and determining income tax provisions.

Recognized income tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized.

Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

The Company records interest and penalties related to unrecognized tax benefits in income tax expense.

See [Note 1](#ibaf335d4459d4d2499897b1ecd08d11c_133)[2](#ibaf335d4459d4d2499897b1ecd08d11c_133), “Income Taxes,” for further detail.

The Company is currently evaluating the impact of the adoption of this standard on the Company’s financial statement disclosures and expects the standard will increase disclosures in the Company’s annual and interim reporting when adopted.

In December 2025, the FASB issued ASU 2025-10, *Accounting for* *Government Grants Received by Business Entities*, which establishes authoritative guidance on the accounting for government grants to business entities.

ASU 2025-10 is effective for annual and interim periods beginning after December 15, 2028.

Adoption of this ASU may be applied using a modified prospective, modified retrospective or retrospective approach.

*2025 Acquisitions*

*Micro-LAM, Inc.*

On July 29, 2025, the Company acquired Micro-LAM, Inc. (“Micro-LAM”) in a stock acquisition.

Micro-LAM is an advanced optics manufacturer of laser-assisted machining, ultra-precision diamond tools and custom optics that is complementary to the Company’s Optics Technologies solutions.

Headquartered in Portage, Michigan, Micro-LAM operates in the Company’s Scientific Fluidics & Optics reporting unit within the Company’s HST segment.

Micro-LAM was acquired for cash consideration of $80.4 million, net of cash acquired of $0.3 million, plus a potential earnout of up to $12.0 million of additional cash consideration based upon the achievement of certain financial performance targets over a two-year period.

Total consideration of $81.6 million includes the fair value of the potential earnout as of the acquisition date of $1.2 million.

For additional discussion of the earnout valuation, refer to [Note](#ibaf335d4459d4d2499897b1ecd08d11c_121) [8](#ibaf335d4459d4d2499897b1ecd08d11c_121), “Fair Value Measurements.” The acquisition was funded using additional borrowings under the Company’s Revolving Facility (as defined in [Note 7](#ibaf335d4459d4d2499897b1ecd08d11c_118), “Borrowings”).

| Goodwill | | | 37.0 | | |

(1) During the fourth quarter of 2025, the Company finalized the purchase price of Micro-LAM, resulting in a reduction to the purchase price of $0.3 million.

| Technology | | | 18.4 | | | | | | 12 | | |

| Goodwill | | | 488.6 | | |

*Iridian Spectral Technologies*

*STC Material Solutions*

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| February 20, 2025 | | | | | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance, December 31, 2021 | | | 90.1 | | | | | | $ | 796.5 | | | | | 13.9 | | | | | | $ | (1,050.3) | | | | | $ | (69.6) | | | | | $ | 3,126.5 | | | | | $ | 2,803.1 | | | | | $ | — | | | | | $ | 2,803.1 | |

| Net income (loss) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 586.9 | | | | | | 586.9 | | | | | | (0.2) | | | | | | 586.7 | | |

| Contributions received from joint venture partner | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.5 | | | | | | 0.5 | | |

| Debt issuance costs | | | (1.7) | | | | | | — | | | | | | — | | |

| Repurchases of common stock | | | — | | | | | | (24.2) | | | | | | (148.1) | | |

See [Note 8](#i3655bb0ec9a24425975d48d9875b2090_121), “Fair Value Measurements,” for further discussion on the marketable securities held by the Company.

Accounting Standards Codification (“ASC”) 350, *Goodwill and Other Intangible Assets* (“ASC 350”), requires that the Company review the carrying value of goodwill and indefinite-lived intangible assets annually, or if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit or asset below its carrying value.

The Company has determined that its outstanding shares of restricted stock granted prior to the adoption of the IDEX Corporation 2024 Incentive Award Plan (the “2024 Incentive Award Plan”) are participating securities.

Consequently, any restricted stock awarded under the 2024 Incentive Award Plan will not be considered participating securities.

The Company accounts for share-based payments in accordance with ASC 718, *Compensation-Stock Compensation*.

| Patents | | | 5 to 20 years | | |

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, which improves the disclosures required for reportable segments in the Company’s annual and interim financial statements, primarily through enhanced disclosures about significant segment expenses.

See [Note 13](#i3655bb0ec9a24425975d48d9875b2090_136), “Business Segments and Geographic Information,” for further detail.

| Goodwill | | | 483.6 | | |

Acquired intangible assets consist of trade names, customer relationships and unpatented technology.

The acquired intangible assets and weighted average amortization periods are as follows:

| | | | Total | | | | | | Weighted Average Life (in years) | | |

*Iridian*

The entire purchase price was funded with cash on hand.

The final allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:

*STC*

*2022 Acquisitions*

*Nexsight*

On February 28, 2022, the Company acquired Nexsight, LLC and its businesses Envirosight, WinCan, MyTana and Pipeline Renewal Technologies (“Nexsight”) in a partial stock and partial asset acquisition.

Nexsight complements and creates synergies with the Company’s existing iPEK and ADS business units that design and create sewer crawlers, inspection and monitoring systems and software applications that allow teams to identify, anticipate and correct wastewater system issues remotely.

Headquartered in Randolph, New Jersey, Nexsight operates in the Company’s Water reporting unit within the FMT segment.

Nexsight was acquired for cash consideration of $112.5 million.

Of the total goodwill balance recognized, $41.9 million was deductible for tax purposes.

| Goodwill | | | 54.7 | | |

Acquired intangible assets consist of trade names, customer relationships and software.

| Software | | | 4.8 | | | | | | 5 | | |

*KZValve*

On May 2, 2022, the Company acquired KZ CO. (“KZValve”) in an asset acquisition.

KZValve is a leading manufacturer of electric valves and controllers used primarily in agricultural applications.

KZValve augments and expands IDEX’s agricultural portfolio, complementing Banjo’s current fluid management solutions for these applications.

Based on the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of December 31, [removed: 2024.][added: 2025.]

Management’s Report on Internal Control Over Financial Reporting appearing on page [removed: [36](#i3655bb0ec9a24425975d48d9875b2090_70)] [added: [35](#ibaf335d4459d4d2499897b1ecd08d11c_73)] of this report is incorporated into this Item 9A by reference.

During the year ended December 31, [removed: 2024,] [added: 2025,] none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended.

Information under the headings “Election of Directors”; “Board Committees”; [removed: and] “Corporate [removed: Governance”] [added: Governance”; and “Delinquent Section 16(a) Reports”] in the [removed: 2025] [added: 2026] Proxy Statement is incorporated into this Item 10 by reference.

Information regarding executive officers of the Company is located in Part I, [Item [removed: 1](#i3655bb0ec9a24425975d48d9875b2090_16),] [added: 1](#ibaf335d4459d4d2499897b1ecd08d11c_16),] of this report under the caption “Information about Our Executive Officers.”

Information under the heading “Executive Compensation” in the [removed: 2025] [added: 2026] Proxy Statement is incorporated into this Item 11 by reference.

Information under the heading “Security Ownership” in the [removed: 2025] [added: 2026] Proxy Statement is incorporated into this Item 12 by reference.

Information with respect to the Company’s equity compensation plans as of December 31, [removed: 2024] [added: 2025] is as follows:

| Plan Category | | | Number of Securities To be Issued Upon Exercise of Outstanding Options, Warrants and Rights | | | | | | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | | | | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation [removed: Plans(1)] [added: Plans] | | |

| Equity compensation plans approved by the Company’s stockholders | | | [removed: 1,247,052] [added: 1,222,948] | | | | | | $ | [removed: 191.96] [added: 192.03] | | | | | [removed: 9,719,183] [added: 9,364,893] | | |

(1)Includes an indeterminate number of shares underlying deferred compensation units (“DCUs”) granted under the Directors Deferred Compensation Plan and Deferred Compensation Plan for Non-officer Presidents which are issuable under the Company’s Incentive Award Plan.

Also includes an indeterminate number of shares underlying DCUs granted under the Deferred Compensation Plan for Officers, which shares are issuable under the Incentive Award Plan.

The number of DCUs granted under these plans is determined by dividing the amount deferred by the closing price of the common stock the day before the date of deferral.

The DCUs are entitled to receive dividend equivalents which are reinvested in DCUs based on the same formula for investment of a participant’s deferral.

Information under the headings, “Corporate Governance” and “Board Committees” in the [removed: 2025] [added: 2026] Proxy Statement is incorporated into this Item 13 by reference.

Information under the heading “Principal Accountant Fees and Services” in the [removed: 2025] [added: 2026] Proxy Statement is incorporated into this Item 14 by reference.

“Financial Statements and Supplementary [removed: Data.”](#i3655bb0ec9a24425975d48d9875b2090_67)][added: Data.”](#ibaf335d4459d4d2499897b1ecd08d11c_70)]

| 3.2 | | | | | | [removed: [Second Amended] [added: [Third](https://www.sec.gov/Archives/edgar/data/832101/000083210125000032/ex31-idexamendedandresta.htm) [Amended] and Restated Bylaws of IDEX Corporation, effective as [removed: of October 24, 2022 (incorporated] [added: of](https://www.sec.gov/Archives/edgar/data/832101/000083210125000032/ex31-idexamendedandresta.htm) [July 2](https://www.sec.gov/Archives/edgar/data/832101/000083210125000032/ex31-idexamendedandresta.htm)[8, 2025](https://www.sec.gov/Archives/edgar/data/832101/000083210125000032/ex31-idexamendedandresta.htm) [(incorporated] by reference to Exhibit No. 3.1 to the Quarterly Report on Form 10-Q of IDEX Corporation for the quarter [removed: ended September 30, 2022)](https://www.sec.gov/Archives/edgar/data/832101/000083210122000056/ex-31amendedandrestatedb.htm)] [added: ended](https://www.sec.gov/Archives/edgar/data/832101/000083210125000032/ex31-idexamendedandresta.htm) [June 30](https://www.sec.gov/Archives/edgar/data/832101/000083210125000032/ex31-idexamendedandresta.htm)[, 2025](https://www.sec.gov/Archives/edgar/data/832101/000083210125000032/ex31-idexamendedandresta.htm)[)](https://www.sec.gov/Archives/edgar/data/832101/000083210125000032/ex31-idexamendedandresta.htm)] | | |

| 4.5 | | | | | | [Note Purchase [added: and Master Note] Agreement, dated June 13, [removed: 2016, between] [added: 2023, among] IDEX [added: Corporation, NYL Investors LLC, New York Life Insurance Company, New York Life Group Insurance Company of NY, New York Life Insurance and Annuity] Corporation [added: Institutionally owned Life Insurance Separate Account (BOLI 3), New York Life Insurance] and [removed: the Purchasers listed in Schedule A thereto] [added: Annuity Corporation Institutionally owned Life Insurance Separate Account (BOLI 3-2) and New York Life Insurance and Annuity Corporation Institutionally owned Life Insurance Separate Account (BOLI 30C)] (incorporated by reference [removed: in] [added: to] Exhibit No. 4.1 to the Current Report of IDEX Corporation on Form 8-K filed June [removed: 15, 2016)](https://www.sec.gov/Archives/edgar/data/832101/000083210116000073/iex-20160613xex41.htm)] [added: 14, 2023)](https://www.sec.gov/Archives/edgar/data/832101/000083210123000027/iexexhibit41.htm)] | | |

| [removed: 4.7] [added: 19] | | | | | | [removed: [Description of Securities] [added: [IDEX Insider Trading Policy] (incorporated by reference to Exhibit [removed: No. 4.5] [added: 19] to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, [removed: 2019)](https://www.sec.gov/Archives/edgar/data/832101/000083210120000007/iex-201912x31xex45.htm)] [added: 2024)](https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231xex19.htm)] | | |

| [removed: 10.28] [added: 10.28*,] | | | | | | [IDEX Amended and Restated Non-Employee Director Compensation Policy, effective January 1, [removed: 2020 (incorporated by reference to Exhibit 10.35 to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, 2019)](https://www.sec.gov/Archives/edgar/data/832101/000083210120000007/iex-201912x31xex1035.htm)] [added: 202](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/ex-1028idexamendedandres.htm)[6](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/ex-1028idexamendedandres.htm)] | | |

| 10.31 | | | | | | [Letter Agreement between IDEX Corporation and Abhishek [removed: Khandelwal,] [added: Khandelwal](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-ex1030.htm)[,] dated as of October 19, 2023 (incorporated by reference to Exhibit 10.30 to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, 2023)](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-ex1030.htm) | | |

| [removed: 19*] [added: 21*] | | | | | | [removed: [IDEX Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231xex19.htm)] [added: [Subsidiaries of IDEX](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-202512x31xex21.htm)] | | |

| [removed: 21*] [added: 4.6*] | | | | | | [removed: [Subsidiaries] [added: [Description] of [removed: IDEX](https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-202412x31xex21.htm)] [added: Securities](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-202512x31xex46descript.htm)] | | |

| 23* | | | | | | [Consent of Deloitte & Touche [removed: LLP](https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231xex23.htm)] [added: LLP](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231xex23.htm)] | | |

| 31.1* | | | | | | [Certification of Chief Executive Officer Pursuant to Rule 13a-14 (a) or Rule 15d-14 [removed: (a)](https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231xex311.htm)] [added: (a)](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231xex311.htm)] | | |

| 31.2* | | | | | | [Certification of Chief Financial Officer Pursuant to Rule 13a-14 (a) or Rule 15d-14 [removed: (a)](https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231xex312.htm)] [added: (a)](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231xex312.htm)] | | |

| 32.1* | | | | | | [Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States [removed: Code](https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231xex321.htm)] [added: Code](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231xex321.htm)] | | |

| 32.2* | | | | | | [Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States [removed: Code](https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231xex322.htm)] [added: Code](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231xex322.htm)] | | |

| *,101 | | | | | | The following materials from IDEX Corporation’s Annual Report on Form 10-K for the year ended December 31, [removed: 2024] [added: 2025] formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] (ii) the Consolidated Statements of Income for the three years ended December 31, [removed: 2024,] [added: 2025,] (iii) the Consolidated Statements of Comprehensive Income for the three years ended December 31, [removed: 2024,] [added: 2025,] (iv) the Consolidated Statements of Equity for the three years ended December 31, [removed: 2024,] [added: 2025,] (v) the Consolidated Statements of Cash Flows for the three years ended December 31, [removed: 2024,] [added: 2025,] and (vi) Notes to Consolidated Financial Statements. | | |

Date: February [removed: 20, 2025][added: 19, 2026]

| Eric D. Ashleman | | | | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | | | | |

| /s/ [removed: ABHISHEK KHANDELWAL] [added: SEAN M. GILLEN] | | | | | | Senior Vice President and Chief Financial Officer (Principal Financial Officer) | | | | | | | | |

| Allison S. Lausas | | | | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | | | | |

| Mark A. Beck | | | | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | | | | |

| Mark A. Buthman | | | | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | | | | |

| Alejandro Quiroz Centeno | | | | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | | | | |

| Carl R. Christenson | | | | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | | | | |

| Lakecia N. Gunter | | | | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | | | | |

| Katrina L. Helmkamp | | | | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | | | | |

| L. Paris Watts-Stanfield | | | | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | | | | |

| 10.32*, | | | | | | [Letter Agreement between IDEX Corporation and Roopa Unnikrishnan, dated as of](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/ex-1032letteragreementbe.htm) [February 25, 2022](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/ex-1032letteragreementbe.htm) | | |

| 10.33*, | | | | | | [Letter Agreement between IDEX Corporation and Akhil Mahendra, dated as of](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/ex-1033letterxagreementb.htm) [May 20, 2025](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/ex-1033letterxagreementb.htm) | | |

| 10.34*, | | | | | | [Letter Agreement between IDEX Corporation and](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/ex-1034letteragreementbe.htm) [Sean M. Gillen, dated as of](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/ex-1034letteragreementbe.htm) [Nove](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/ex-1034letteragreementbe.htm)[mber 26](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/ex-1034letteragreementbe.htm)[, 2025](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/ex-1034letteragreementbe.htm) | | |

| | | | | | | | | |

| | | | | | | | | |

| | | | By: | | | /s/ SEAN M. GILLEN | | |

| | | | | | | Sean M. Gillen | | |

| Sean M. Gillen | | | | | | | | | February 19, 2026 | | | | | |

| /s/ STEPHANIE J. DISHER | | | | | | Director | | | | | | | | |

| Stephanie J. Disher | | | | | | | | | February 19, 2026 | | | | | |

| /s/ MATTHIJS GLASTRA | | | | | | Director | | | | | | | | |

| Matthijs Glastra | | | | | | | | | February 19, 2026 | | | | | |

| 4.6 | | | | | | [Note Purchase and Master Note Agreement, dated June 13, 2023, among IDEX Corporation, NYL Investors LLC, New York Life Insurance Company, New York Life Group Insurance Company of NY, New York Life Insurance and Annuity Corporation Institutionally owned Life Insurance Separate Account (BOLI 3), New York Life Insurance and Annuity Corporation Institutionally owned Life Insurance Separate Account (BOLI 3-2) and New York Life Insurance and Annuity Corporation Institutionally owned Life Insurance Separate Account (BOLI 30C) (incorporated by reference to Exhibit No. 4.1 to the Current Report of IDEX Corporation on Form 8-K filed June 14, 2023)](https://www.sec.gov/Archives/edgar/data/832101/000083210123000027/iexexhibit41.htm) | | |

| | | | By: | | | /s/ ABHISHEK KHANDELWAL | | |

| | | | | | | Abhishek Khandelwal | | |

| Abhishek Khandelwal | | | | | | | | | February 20, 2025 | | | | | |

| /s/ DAVID C. PARRY | | | | | | Director | | | | | | | | |

| David C. Parry | | | | | | | | | February 20, 2025 | | | | | |

| /s/ LIVINGSTON L. SATTERTHWAITE | | | | | | Director | | | | | | | | |

| Livingston L. Satterthwaite | | | | | | | | | February 20, 2025 | | | | | |