IDEX 10-Q 2026-06-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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Form 10-Q

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended			June 30, 2026

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period			from _____to _____

Commission File Number: 1-10235

IDEX CORPORATION

(Exact name of registrant as specified in its charter)

			Delaware															36-3555336
			(State or other jurisdiction of incorporation or organization)															(I.R.S. Employer Identification No.)
			3100 Sanders Road,			Suite 301,			Northbrook,			Illinois						60062
			(Address of principal executive offices)															(Zip Code)

Registrant’s telephone number, including area code: (847) 498-7070

Securities registered pursuant to Section 12(b) of the Act:

Title of each class						Trading Symbol(s)						Name of each exchange on which registered
Common Stock, par value $0.01 per share						IEX						New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☑						Accelerated filer ☐						Non-accelerated filer ☐						Smaller reporting company			☐
Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

Number of shares of common stock of IDEX Corporation outstanding as of July 24, 2026: 73,719,896.

TABLE OF CONTENTS

Part I. Financial Information
Item 1.			Financial Statements			1
			Condensed Consolidated Statements of Income			1
			Condensed Consolidated Statements of Comprehensive Income			2
			Condensed Consolidated Balance Sheets			3
			Condensed Consolidated Statements of Equity			4
			Condensed Consolidated Statements of Cash Flows			5
			Notes to Condensed Consolidated Financial Statements			6
			Note 1. Basis of Presentation and Significant Accounting Policies			6
			Note 2. Acquisitions and Divestitures			6
			Note 3. Business Segments			8
			Note 4. Revenue			10
			Note 5. Earnings Per Common Share			13
			Note 6. Balance Sheet Components			14
			Note 7. Goodwill and Intangible Assets			15
			Note 8. Borrowings			17
			Note 9. Fair Value Measurements			17
			Note 10. Accumulated Other Comprehensive Income (Loss)			19
			Note 11. Share Repurchases			20
			Note 12. Share-Based Compensation			20
			Note 13. Retirement Benefits			24
			Note 14. Commitments and Contingencies			25
			Note 15. Income Taxes			25
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			26
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			39
Item 4.			Controls and Procedures			39
Part II. Other Information
Item 1.			Legal Proceedings			40
Item 1A.			Risk Factors			40
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			40
Item 5.			Other Information			40
Item 6.			Exhibits			41
Signatures						42

Cautionary Statement Under the Private Securities Litigation Reform Act

This quarterly report on Form 10-Q, including the “Overview,” “Results of Operations” and “Liquidity and Capital Resources” sections of this Management’s Discussion and Analysis of Financial Condition and Results of 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 the assumptions underlying these expectations, capital return strategy, plant and equipment capacity for future growth, other high-growth opportunities, planned production, anticipated future acquisition behavior, resource and capital deployment and focus on organic and inorganic growth, the Company’s ability to adapt to macroeconomic challenges and anticipated adaptability of resource deployment, anticipated impacts of tariffs, tariff refunds and global trade policies and changes in law, the Company’s future market positioning, anticipated trends in end markets, including expectations regarding market sector contraction, recovery, stabilization or growth and underlying drivers of such expectations, expectations regarding future order volumes and order patterns, demand within end markets, availability and sufficiency of cash and financing alternatives, the impacts of any pending or threatened legal, regulatory and other proceedings involving the Company and its subsidiaries, anticipated benefits and restructuring charges, including severance charges, related to the Company’s organizational changes, the anticipated tax treatment of the Company’s recent acquisitions, the expected contingent consideration payable related to the Company’s recent acquisitions, the anticipated benefits and performance of the Company’s recent or future acquisitions, anticipated growth initiatives and expansions and execution of those growth initiatives 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,” “likely to be,” “management believes,” “the Company believes,” “the Company intends” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this report.

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

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

PART I. FINANCIAL INFORMATION

IDEX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share amounts)

(unaudited)

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

See Notes to Condensed Consolidated Financial Statements

IDEX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(unaudited)

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Net income			$	143.4					$	131.1					$	263.3					$	226.5
Other comprehensive (loss) income:
Pension and other postretirement adjustments, net of tax			(0.1)						(0.2)						(0.3)						(0.4)
Cumulative translation adjustment			(12.2)						125.6						(55.7)						179.5
Other comprehensive (loss) income, net of tax			(12.3)						125.4						(56.0)						179.1
Comprehensive income			131.1						256.5						207.3						405.6
Comprehensive loss attributable to noncontrolling interest			—						0.5						0.1						0.6
Comprehensive income attributable to IDEX			$	131.1					$	257.0					$	207.4					$	406.2

See Notes to Condensed Consolidated Financial Statements

IDEX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except per share amounts)

(unaudited)

			June 30, 2026						December 31, 2025
ASSETS
Current assets
Cash and cash equivalents			$	621.3					$	580.0
Receivables – net			547.8						521.7
Inventories – net			520.3						479.4
Other current assets			83.9						62.1
Total current assets			1,773.3						1,643.2
Property, plant and equipment – net of accumulated depreciation of $686.4 and $654.3 at June 30, 2026 and December 31, 2025, respectively			463.6						468.0
Goodwill			3,382.6						3,414.5
Intangible assets – net			1,164.5						1,247.4
Other noncurrent assets			146.0						153.9
Total assets			$	6,930.0					$	6,927.0
LIABILITIES AND EQUITY
Current liabilities
Trade accounts payable			$	233.7					$	224.7
Accrued expenses			293.5						297.0
Current portion of long-term borrowings			0.4						0.7
Dividends payable			54.0						53.0
Total current liabilities			581.6						575.4
Long-term borrowings – net			1,858.5						1,820.1
Deferred income taxes			297.8						303.0
Other noncurrent liabilities			185.5						202.3
Total liabilities			2,923.4						2,900.8
Commitments and contingencies (Note 14)
Shareholders’ equity
Preferred stock:
Authorized: 5.0 million shares, $0.01 per share par value; Issued: None			—						—
Common stock:
Authorized: 150.0 million shares, $0.01 per share par value
Issued: 90.1 million shares at both June 30, 2026 and December 31, 2025			0.9						0.9
Treasury stock at cost: 16.1 million shares at June 30, 2026 and 15.5 million shares at December 31, 2025			(1,525.1)						(1,423.2)
Additional paid-in capital			875.2						892.1
Retained earnings			4,655.4						4,500.1
Accumulated other comprehensive income			1.6						57.6
Total shareholders’ equity			4,008.0						4,027.5
Noncontrolling interest			(1.4)						(1.3)
Total equity			4

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The following discussion and analysis should be read in conjunction with the Company’s Condensed Consolidated Financial Statements and related notes in this quarterly report. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. The Company’s actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under Item 1A, “Risk Factors” in the Company’s most recent annual report on Form 10-K and under the heading “Cautionary Statement Under the Private Securities Litigation Reform Act” discussed elsewhere in this quarterly report.

This discussion includes certain non-GAAP financial measures that have been defined and reconciled to 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. The financial results prepared in accordance with U.S. GAAP and the reconciliations from these results should be carefully evaluated.

Overview

IDEX is an applied solutions provider specializing in the manufacturing of health and science technologies, fluid and metering technologies, and fire, safety and other diversified products built to customers’ specifications. IDEX’s products are sold in niche markets across a wide range of industries throughout the world. Accordingly, IDEX’s businesses are affected by levels of industrial activity and economic conditions in the U.S. and in other countries where it does business, as well as by the relationship of the U.S. Dollar to other currencies. Levels of capacity utilization and capital spending in certain markets and overall industrial activity are important factors that influence the demand for IDEX’s products.

Highlights

(All comparisons are against the same period in 2025 unless otherwise noted)

Three Months Ended June 30, 2026

• Reported Net sales of $920.6 million increased 6% overall and increased 5% organically*

• Reported diluted earnings per common share (“EPS”) attributable to IDEX of $1.93 increased 11%

• Adjusted diluted EPS attributable to IDEX* of $2.32 increased 12%

• Returned capital to shareholders in the form of $77.1 million of share repurchases and $53.9 million of dividends

*These are non-GAAP measures. See the definitions of these non-GAAP measures and reconciliations to their most directly comparable U.S. GAAP financial measures under the heading “Non-GAAP Disclosures.”

During the second quarter of 2026, the Company delivered strong results. Higher than anticipated volumes continued in targeted advantaged markets, including data centers, semiconductor and space and defense, primarily within the Health & Science Technologies (“HST”) segment. The net impact of IEEPA tariff refunds (defined and described below) more than offset a challenging prior year price/cost comparison and contributed an $0.08 benefit to EPS.

Recent Developments

On February 20, 2026, the U. S. Supreme Court issued a decision invalidating the broad-based tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). The Company collected substantially all of the anticipated refunds of previously paid IEEPA tariffs during the second quarter of 2026, resulting in a $22.0 million reduction of Cost of sales as well as a $14.7 million reduction of Net sales from expected customer rebates associated with the refunds.

In response to the U.S. Supreme Court ruling, the administration implemented new tariffs under alternative statutory authority and may continue implementing other additional tariffs. The tariffs enacted in 2025 and in the first quarter of 2026 did not have a material impact on the Company’s business or financial statements in the periods presented.

Results of Operations

The following is a discussion and analysis of the Company’s results of operations for the three and six months ended June 30, 2026 compared with the three and six months ended June 30, 2025.

			Three Months Ended June 30,												Change												Six Months Ended June 30,												Change
(In millions, except per share amounts)			2026						2025						$						% / bps						2026						2025						$						% / bps
Domestic sales			$	467.1					$	435.8					$	31.3					7		%				$	924.2					$	855.2					$	69.0					8		%
International sales			453.5						429.6						23.9						6		%				883.3						824.5						58.8						7		%
Net sales			920.6						865.4						55.2						6		%				1,807.5						1,679.7						127.8						8		%
Cost of sales			493.8						473.2						20.6						4		%				982.6						918.6						64.0						7		%
Gross profit			426.8						392.2						34.6						9		%				824.9						761.1						63.8						8		%
Gross margin			46.3		%				45.3		%				n/a						100 bps						45.6		%				45.3		%				n/a						30 bps
Selling, general and administrative expenses			224.1						203.6						20.5						10		%				442.4						413.0						29.4						7		%
Restructuring expenses and asset impairments			2.8						0.7						2.1						300		%				10.2						18.2						(8.0)						(44		%)
Operating income			199.9						187.9						12.0						6		%				372.3						329.9						42.4						13		%
Other (income) expense – net			(1.3)						2.4						(3.7)						(154		%)				(1.9)						3.8						(5.7)						(150		%)
Interest expense – net			15.1						15.6						(0.5)						(3		%)				31.1						31.7						(0.6)						(2		%)
Income before income taxes			186.1						169.9						16.2						10		%				343.1						294.4						48.7						17		%
Provision for income taxes			42.7						38.8						3.9						10		%				79.8						67.9						11.9						18		%
Effective tax rate			23.0		%				22.9		%				n/a						10 bps						23.3		%				23.1		%				n/a						20 bps
Net income attributable to IDEX			$	143.4					$	131.6					$	11.8					9		%				$	263.4					$	227.1					$	36.3					16		%
Diluted earnings per common share attributable to IDEX			$	1.93					$	1.74					$	0.19					11		%				$	3.54					$	3.00					$	0.54					18		%

Net Sales

Net sales for the three and six months ended June 30, 2026 increased as compared to the same prior year periods primarily as a result of increased organic sales, as well as favorable impacts from foreign currency and contributions from acquisitions. Organic sales for the same periods both increased 5%, primarily driven by higher volumes in the HST segment, which were partially offset by lower volumes in the Company’s Fire & Safety/Diversified Products (“FSDP”) segment, while volumes in the Company’s Fluid & Metering Technologies (“FMT”) segment were reasonably flat in both periods. The increase in both periods also reflects positive price. Net sales for the three and six months ended June 30, 2026 included a $14.7 million reduction resulting from expected customer rebates associated with IEEPA tariff refunds.

Gross Profit and Gross Margin

Gross profit and Gross margin for the three and six months ended June 30, 2026 were positively impacted by volume leverage, net operational productivity improvements and positive price/cost. Positive price/cost was driven by the net benefit of IEEPA tariff refunds of $7.3 million, which benefited Gross margin for the three and six months ended June 30, 2026 by 150 basis points and 70 basis points, respectively, and more than offset a challenging prior year price/cost comparison. These improvements were partially offset by unfavorable mix. Gross profit for the three and six months ended June 30, 2026 also reflected favorable impacts from foreign currency.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased for the three and six months ended June 30, 2026, reflecting a $2.8 million and $5.5 million increase from acquisitions, including amortization, respectively, as well as higher employee-related costs, including variable compensation, and increased professional services spending, partially offset by proceeds received related to legal settlements, as compared to the same prior year periods.

Restructuring Expenses and Asset Impairments

Restructuring expenses and asset impairments for the three months ended June 30, 2026 primarily relate to severance costs that were incurred as a result of employee reductions. The six months ended June 30, 2026 also include asset impairments of $4.8 million related to intangible assets and property, plant and equipment within the Company’s FMT segment. Restructuring expenses and asset impairments for the three and six months ended June 30, 2025 primarily relate to severance costs that were incurred in conjunction with organizational changes.

Other (Income) Expense – Net

Other (income) expense – net during the three and six months ended June 30, 2026 reflects the impact of foreign currency transaction gains, while the three and six months ended June 30, 2025 reflects the impact of foreign currency transaction losses.

Interest Expense – Net

Interest expense – net for the three and six months ended June 30, 2026 decreased due to interest income of $0.6 million associated with IEEPA tariff refunds received.

Income Taxes

The effective tax rate was 23.0% and 23.3% for the three and six months ended June 30, 2026, respectively, reasonably consistent with 22.9% and 23.1% during the respective same periods in 2025. For additional information, refer to Note 15, “Income Taxes”, in the Notes to Condensed Consolidated Financial Statements.

Results of Reportable Business Segments

The Company has three reportable segments: Health & Science Technologies (“HST”), Fluid & Metering Technologies (“FMT”) and Fire & Safety/Diversified Products (“FSDP”). For a detailed description of the operations within each segment, refer to Note 13, “Business Segments and Geographic Information,” in the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Management’s measurements of segment performance are Net sales, Adjusted EBITDA and Adjusted EBITDA margin. See the section below titled “Non-GAAP Disclosures” for definitions of Adjusted EBITDA and Adjusted EBITDA margin.

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 three and six months ended June 30, 2026.

			Three Months Ended June 30, 2026																								Six Months Ended June 30, 2026
			HST						FMT						FSDP						Total						HST						FMT						FSDP						Total
Net sales as a percent of total			45		%				34		%				21		%				100		%				45		%				34		%				21		%				100		%
Adjusted EBITDA(1)			42		%				39		%				19		%				100		%				41		%				39		%				20		%				100		%

(1) Segment Adjusted EBITDA excludes the impact of unallocated corporate costs of $26.2 million and $56.3 million for the three and six months ended June 30, 2026, respectively.

Health & Science Technologies Segment

			Three Months Ended June 30,																		Components of Change
(In millions)			2026						2025						Change						Organic						Acq/Div**(1)**						Foreign Currency						Total
Domestic sales			$	186.0					$	166.3					12%
International sales			229.0						199.0						15%
Net sales			$	415.0					$	365.3					14%						12%						2%						—%						14%
Adjusted EBITDA			119.3						95.0						26%						25%						—%						1%						26%
Adjusted EBITDA margin			28.7		%				26.0		%				270 bps						310 bps						(40) bps						— bps						270 bps

			Six Months Ended June 30,																		Components of Change
(In millions)			2026						2025						Change						Organic						Acq/Div**(1)**						Foreign Currency						Total
Domestic sales			$	371.7					$	321.4					16%
International sales			441.7						385.4						15%
Net sales			$	813.4					$	706.8					15%						11%						2%						2%						15%
Adjusted EBITDA			225.3						182.4						24%						22%						—%						2%						24%
Adjusted EBITDA margin			27.7		%				25.8		%				190 bps						240 bps						(50) bps						— bps						190 bps

(1) Acquisitions include Micro-LAM, Inc. acquired in July 2025.

• Organic sales for the three and six months ended June 30, 2026 reflect higher volumes primarily due to AI-driven demand for data center power and semiconductor markets, as well as strength in space and defense and positive price. Net sales for both the three and six months ended June 30, 2026 included a $9.3 million reduction resulting from expected customer rebates associated with IEEPA tariff refunds, which unfavorably impacted organic sales growth by 2% for both periods.

• Adjusted EBITDA margin for the three and six months ended June 30, 2026 increased primarily due to volume leverage. Higher variable compensation and the impact of acquisitions more than offset positive price/cost. Positive price/cost was driven by the net impact from IEEPA tariff refunds, which benefited Adjusted EBITDA margin for the three and six months ended June 30, 2026 by 90 basis points and 50 basis points, respectively. While mix had a

favorable impact on Adjusted EBITDA margin for the three months ended June 30, 2026, mix negatively impacted Adjusted EBITDA margin for the six months ended June 30, 2026.

Fluid & Metering Technologies Segment

			Three Months Ended June 30,																		Components of Change
(In millions)			2026						2025						Change						Organic						Acq/Div**(1)**						Foreign Currency						Total
Domestic sales			$	183.7					$	175.7					5%
International sales			133.4						135.2						(1%)
Net sales			$	317.1					$	310.9					2%						1%						—%						1%						2%
Adjusted EBITDA			110.3						108.7						1%						1%						—%						—%						1%
Adjusted EBITDA margin			34.8		%				35.0		%				(20) bps						(20) bps						— bps						— bps						(20) bps

			Six Months Ended June 30,																		Components of Change
(In millions)			2026						2025						Change						Organic						Acq/Div						Foreign Currency						Total
Domestic sales			$	359.4					$	344.5					4%
International sales			259.2						256.9						1%
Net sales			$	618.6					$	601.4					3%						2%						—%						1%						3%
Adjusted EBITDA			209.0						204.0						2%						1%						—%						1%						2%
Adjusted EBITDA margin			33.8		%				33.9		%				(10) bps						(10) bps						— bps						— bps						(10) bps

• Organic sales for the three and six months ended June 30, 2026 reflect positive price. Volumes in both periods were reasonably flat with higher volumes in the Company’s businesses serving municipal water, semiconductor and mining markets offset by lower volumes in the Company’s businesses serving the energy, agriculture and chemical markets. Net sales for both for the three and six months ended June 30, 2026 included a $3.2 million reduction resulting from expected customer rebates associated with IEEPA tariff refunds, which unfavorably impacted organic sales growth by 2% for the three months ended June 30, 2026, but only had a minimal impact for the six months ended June 30, 2026.

• Adjusted EBITDA margin for the three and six months ended June 30, 2026 decreased due to unfavorable mix and higher variable compensation, the impacts of which were mostly mitigated by net productivity improvements and positive price/cost. Positive price/cost was driven by the net impact from IEEPA tariff refunds, which benefited Adjusted EBITDA margin for the three and six months ended June 30, 2026 by 180 basis points and 90 basis points, respectively, more than offsetting a challenging prior year price/cost comparison.

Fire & Safety/Diversified Products Segment

			Three Months Ended June 30,																		Components of Change
(In millions)			2026						2025						Change						Organic						Acq/Div						Foreign Currency						Total
Domestic sales			$	97.4					$	93.8					4%
International sales			92.5						97.7						(5%)
Net sales			$	189.9					$	191.5					(1%)						(1%)						—%						—%						(1%)
Adjusted EBITDA			54.9						56.4						(3%)						(3%)						—%						—%						(3%)
Adjusted EBITDA margin			28.9		%				29.4		%				(50) bps						(40) bps						— bps						(10) bps						(50) bps

			Six Months Ended June 30,																		Components of Change
(In millions)			2026						2025						Change						Organic						Acq/Div						Foreign Currency						Total
Domestic sales			$	193.1					$	189.3					2%
International sales			185.1						186.5						(1%)
Net sales			$	378.2					$	375.8					1%						(1%)						—%						2%						1%
Adjusted EBITDA			110.7						110.6						—%						(1%)						—%						1%						—%
Adjusted EBITDA margin			29.3		%				29.4		%				(10) bps						(10) bps						— bps						— bps						(10) bps

• Organic sales for the three and six months ended June 30, 2026 reflect higher volumes in the Company’s BAND-IT business and positive price, which was more than offset by lower volumes in other FSDP businesses, resulting from the Company’s Fire & Safety businesses, driven by lower European rescue demand during the three months ended June 30, 2026 and the Company’s Dispensing businesses during six months ended June 30, 2026. Net sales also included a $2.2 million reduction resulting from expected customer rebates associated with IEEPA tariff refunds, which unfavorably impacted organic sales growth for both the three and six months ended June 30, 2026 by 1%.

• Adjusted EBITDA margin decreased for the three and six months ended June 30, 2026 primarily due to unfavorable mix and volume deleverage, partially offset by net productivity improvements and positive price/cost. Positive price/cost was driven by the net impact from IEEPA tariff refunds, which benefited Adjusted EBITDA margin for the three and six months ended June 30, 2026 by 120 basis points and 60 basis points, respectively, more than offsetting a challenging prior year price/cost comparison.

Liquidity and Capital Resources

Liquidity

Based on management’s current expectations and currently available information, the Company believes current cash, cash from operations and cash available under the Revolving Facility will be sufficient to meet its cash requirements, including funding of working capital, planned capital expenditures, interest and principal payments on all borrowings, pension and postretirement funding requirements, share repurchases and quarterly dividend payments to holders of the Company’s common stock for the foreseeable future. Additionally, in the event that suitable businesses are available for acquisition upon acceptable terms, the Company may obtain all or a portion of the financing for these acquisitions through the incurrence of additional borrowings. The Company believes that additional borrowings through various financing alternatives remain available, if required.

Select key liquidity metrics at June 30, 2026 are as follows:

(In millions)						June 30, 2026
Working capital						$	1,191.7
Current ratio						3 to 1
Cash and cash equivalents						$	621.3
Cash held outside of the United States						514.0
Revolving Facility capacity						$	800.0
Borrowings						266.3
Letters of credit						4.1
Revolving Facility availability						$	529.6

Operating Working Capital

Operating working capital, calculated as Receivables – net plus Inventories – net minus Trade accounts payable, is used by management as a measurement of operational results as well as the short-term liquidity of the Company. The following table details Operating working capital as of June 30, 2026 and December 31, 2025:

(In millions)						June 30, 2026						December 31, 2025						Change						Organic Change
Receivables – net						$	547.8					$	521.7					$	26.1					$	30.8
Inventories – net						520.3						479.4						40.9						45.8
Less: Trade accounts payable						233.7						224.7						9.0						11.1
Operating working capital						$	834.4					$	776.4					$	58.0					$	65.5

Acquisitions and foreign currency translation decreased Operating working capital by $7.5 million during the six months ended June 30, 2026. Apart from these items, the primary drivers of the change in Operating working capital were higher sales volumes and positive price leading to higher receivables and higher inventories, which increased to support planned production. The increase in Operating working capital was partly offset by expected customer rebates associated with IEEPA tariff refunds.

Cash Flow Summary

The following table is derived from the Condensed Consolidated Statements of Cash Flows:

						Six Months Ended June 30,
(In millions)						2026						2025						Change
Net cash flows provided by (used in):
Operating activities						$	303.7					$	267.4					$	36.3
Investing activities						(42.7)						(24.5)						(18.2)
Financing activities						(208.1)						(349.2)						141.1

Operating Activities

Cash provided by operating activities increased $36.3 million in the six months ended June 30, 2026 as compared to the prior year period. Improved operational results and cash received for IEEPA tariff refunds of $21.1 million was partially offset by higher operating working capital discussed above.

Investing Activities

Cash used in investing activities increased $18.2 million in the six months ended June 30, 2026 as compared to the prior year period reflecting a $11.6 million increase in capital expenditures and the absence of $4.2 million of funds received in connection with the finalization of the Mott purchase price in the prior year period.

Financing Activities

Cash used in financing activities decreased $141.1 million in the six months ended June 30, 2026 as compared to the prior year period. The six months ended June 30, 2026 included $84.4 million of higher net draws under the Revolving Facility and $10.8 million of higher proceeds from stock option exercises, net of shares withheld for taxes, partially offset by $53.4 million of higher share repurchases. The six months ended June 30, 2025 also included a $100.0 million payment on long-term borrowings that did not reoccur in the current year period.

Free Cash Flow

The Company believes free cash flow, a non-GAAP measure, is an important measure of performance because it provides a measurement of cash generated from operations that is available for payment obligations such as operating cash requirements, planned capital expenditures, interest and principal payments on all borrowings, pension and postretirement funding requirements and quarterly dividend payments to holders of the Company’s common stock as well as for funding acquisitions and share repurchases. Free cash flow is calculated as cash flows provided by operating activities less capital expenditures.

The following table reconciles cash flows provided by operating activities to free cash flow:

						Six Months Ended June 30,
(In millions)						2026						2025
Cash flows provided by operating activities						$	303.7					$	267.4
Less: capital expenditures						40.7						29.1
Free cash flow						$	263.0					$	238.3

Cash Requirements

Subsequent Share Repurchases

Subsequent to June 30, 2026, the Company repurchased 0.1 million shares at a cost of $21.7 million.

Capital Expenditures

Capital expenditures generally include machinery and equipment that support growth and improved productivity, tooling, business system technology, replacement of equipment and investments in new facilities. The Company believes it has sufficient operating cash flows to continue to meet current obligations and invest in planned capital expenditures. Cash flows from operations were more than adequate to fund capital expenditures of $40.7 million and $29.1 million in the first six months of 2026 and 2025, respectively.

Share Repurchases

During the six months ended June 30, 2026, the Company paid $153.4 million for share repurchases, comprised of $148.9 million for shares repurchased and settled during the period, $2.2 million for shares repurchased in December 2025 that settled in January 2026 and $2.3 million of excise taxes for shares repurchased in 2025. During the six months ended June 30, 2025, the Company paid $100.0 million for shares repurchased and settled during the period. As of June 30, 2026, the amount of share repurchase authorization remaining was $774.7 million, excluding fees, commissions, excise taxes and other expenses related to such common stock repurchases. For additional information regarding the Company’s share repurchase program, refer to Note 11, “Share Repurchases,” in the Notes to Condensed Consolidated Financial Statements.

Dividends

Total dividend payments to common shareholders were $106.7 million during the six months ended June 30, 2026 compared with $105.9 million during the six months ended June 30, 2025.

Covenants

At June 30, 2026, the Company was in compliance with the covenants contained in the credit agreement associated with the Revolving Facility as well as other long-term debt agreements. The key financial covenants that the Company is required to maintain in connection with the Revolving Facility and the 5.13% Senior Notes, are a minimum interest coverage ratio of 3.0 to 1 and a maximum leverage ratio of 3.50 to 1. At June 30, 2026, the Company’s interest coverage ratio was 14.17 to 1 for covenant calculation purposes and the leverage ratio was 1.87 to 1. There are no financial covenants relating to the 2.625% Senior Notes, the 3.00% Senior Notes or the 4.950% Senior Notes; however, all are subject to cross-acceleration provisions.

Credit Ratings

The Company’s credit ratings, which were independently developed by the following credit agencies, are detailed below:

• S&P Global Ratings reaffirmed the Company’s corporate credit rating of BBB (stable outlook) in September 2024.

• Moody’s Investors Service affirmed the Company’s corporate credit rating of Baa2 (stable outlook) in August 2024.

• Fitch Ratings reaffirmed the Company’s corporate credit rating of BBB+ (stable outlook) in February 2026.

Off-Balance Sheet Arrangements

The Company had $27.9 million of letters of credit as of June 30, 2026, primarily issued as security for insurance and other performance obligations. Of the $27.9 million of letters of credit, only $4.1 million reduced the Company’s borrowing capacity under the Revolving Facility as of June 30, 2026.

Except as disclosed above, the Company has no off-balance sheet arrangements that currently have or are reasonably likely to have a material effect on the Company’s consolidated financial condition, changes in financial condition, results of operations, liquidity, capital expenditures or capital resources.

Critical Accounting Estimates

There have been no changes to the Company’s critical accounting estimates described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Non-GAAP Disclosures

The Company prepares its financial statements in accordance with U.S. GAAP. To supplement its U.S. GAAP financial results, the Company presents certain non-GAAP financial measures. Management uses these non-GAAP measures to evaluate operating performance, assess trends, allocate resources and support financial and operational decision-making. Management believes these measures provide investors with additional insight into the Company’s ongoing business performance and enhance comparability across reporting periods by excluding the impact of items that management does not consider reflective of ongoing operations.

Management uses Adjusted EBITDA as its measure of segment performance. Management believes it is a useful indicator of the strength and performance of the Company and its segments’ ongoing business operations as well as a way for investors to evaluate and compare operating performance and value companies within the Company’s industry. Management believes that Adjusted EBITDA margin is useful for the same reason as Adjusted EBITDA. The definition of Adjusted EBITDA used here may differ from that used by other companies.

The Company defines its non-GAAP measures below and presents reconciliations of these non-GAAP measures to their most directly comparable U.S. GAAP measures in the tables that follow. There were no adjustments to U.S. GAAP financial performance metrics other than the items noted below.

• Organic sales are calculated as Net sales excluding amounts from acquired or divested businesses during the first twelve months of ownership or prior to divestiture and excluding the impact of foreign currency translation.

• Adjusted gross profit is calculated as Gross profit, adjusted to exclude the impact of fair value inventory step-up charges and restructuring-related charges.

• Adjusted gross margin is calculated as Adjusted gross profit divided by Net sales.

• Adjusted net income attributable to IDEX is calculated as Net income attributable to IDEX, adjusted to exclude the impact of Restructuring expenses and asset impairments and other restructuring-related charges, acquisition-related intangible asset amortization and legal settlements and contingencies, all net of the statutory tax expense or benefit.

• Adjusted diluted EPS attributable to IDEX is calculated as Adjusted net income attributable to IDEX divided by the diluted weighted average shares outstanding.

• Consolidated Adjusted EBITDA is calculated as consolidated earnings before interest expense - net, income taxes, depreciation and amortization, or consolidated EBITDA, adjusted to exclude the impact of Restructuring expenses and asset impairments and other restructuring-related charges and legal settlements and contingencies.

• Consolidated Adjusted EBITDA margin is calculated as Consolidated Adjusted EBITDA divided by Net sales.

• Free cash flow is calculated as cash flows from operating activities less capital expenditures. This non-GAAP measure is discussed and reconciled to its most directly comparable U.S. GAAP measure in the section above titled “Free Cash Flow.”

The non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures prepared in accordance with U.S. GAAP and the reconciliations from those results should be carefully evaluated. Due to rounding, numbers presented throughout this and other documents may not add up or recalculate precisely.

Table 1. Reconciliations of the Change in Net Sales to Change in Organic Sales
			HST						FMT						FSDP						IDEX
			Three Months Ended June 30, 2026
Change in net sales			14		%				2		%				(1		%)				6		%
Less:
Net impact from acquisitions/divestitures(1)			2		%				—		%				—		%				1		%
Impact from foreign currency(2)			—		%				1		%				—		%				—		%
Change in organic sales			12		%				1		%				(1		%)				5		%
			Six Months Ended June 30, 2026
Change in net sales			15		%				3		%				1		%				8		%
Less:
Net impact from acquisitions/divestitures(1)			2		%				—		%				—		%				1		%
Impact from foreign currency(2)			2		%				1		%				2		%				2		%
Change in organic sales			11		%				2		%				(1		%)				5		%

(1) Represents the sales from acquired or divested businesses during the first 12 months of ownership or prior to divestiture.

(2) The portion of sales attributable to foreign currency translation is calculated as the difference between (a) the period-to-period change in organic sales, and (b) the period-to-period change in organic sales after applying prior period foreign exchange rates to the current year period.

Table 2. Reconciliations of Reported-to-Adjusted Gross Profit and Gross Margin (in millions)
			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Gross profit			$	426.8					$	392.2					$	824.9					$	761.1
Restructuring-related charges(1)			0.5						—						0.5						—
Adjusted gross profit			$	427.3					$	392.2					$	825.4					$	761.1
Net sales			$	920.6					$	865.4					$	1,807.5					$	1,679.7
Gross margin			46.3		%				45.3		%				45.6		%				45.3		%
Adjusted gross margin			46.4		%				45.3		%				45.7		%				45.3		%

(1) Restructuring-related charges represent accelerated depreciation related to the anticipated closure of a facility in the HST segment.

Table 3. Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except for per share amounts)
			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Reported net income attributable to IDEX			$	143.4					$	131.6					$	263.4					$	227.1
Restructuring expenses and asset impairments and other restructuring-related charges(1)			3.3						0.4						10.7						17.9
Tax impact on restructuring expenses and asset impairments and other restructuring-related charges			(0.8)						(0.2)						(2.5)						(4.3)
Legal settlements and contingencies(2)			0.9						—						(2.8)						—
Tax impact on legal settlements and contingencies			0.3						—						1.1						—
Acquisition-related intangible asset amortization			33.2						32.0						67.0						63.5
Tax impact on acquisition-related intangible asset amortization			(7.9)						(7.3)						(15.9)						(14.7)
Adjusted net income attributable to IDEX			$	172.4					$	156.5					$	321.0					$	289.5
Reported diluted EPS attributable to IDEX			$	1.93					$	1.74					$	3.54					$	3.00
Restructuring expenses and asset impairments and other restructuring-related charges(1)			0.05						0.01						0.15						0.24
Tax impact on restructuring expenses and asset impairments and other restructuring-related charges			(0.01)						—						(0.03)						(0.06)
Legal settlements and contingencies(2)			0.01						—						(0.04)						—
Tax impact on legal settlements and contingencies			—						—						0.01						—
Acquisition-related intangible asset amortization			0.45						0.42						0.90						0.83
Tax impact on acquisition-related intangible asset amortization			(0.11)						(0.10)						(0.21)						(0.19)
Adjusted diluted EPS attributable to IDEX			$	2.32					$	2.07					$	4.32					$	3.82
Diluted weighted average shares outstanding			74.2						75.5						74.3						75.7

(1) Restructuring expenses and asset impairments and other restructuring-related charges consist of the following:

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Restructuring expenses and asset impairments			$	2.8					$	0.7					$	10.2					$	18.2
Less: Restructuring expenses and asset impairments attributable to noncontrolling interest(a)			—						(0.3)						—						(0.3)
Other restructuring-related charges(b)			0.5						—						0.5						—
Restructuring expenses and asset impairments and other restructuring-related charges			$	3.3					$	0.4					$	10.7					$	17.9

(a) Restructuring expenses and asset impairments recorded during the three and six months ended June 30, 2025, respectively, included charges of $0.6 million recognized by the Company’s joint venture, $0.3 million of which was attributable to noncontrolling interest.

(b) Other restructuring-related charges represent accelerated depreciation related to the anticipated closure of a facility in the HST segment.

(2) Legal settlements and contingencies represent settlement funds received in excess of legal costs incurred related to a patent infringement lawsuit within the FMT segment and a class action lawsuit at Corporate, net of estimated settlement costs related to certain legal matters within the HST segment.

Table 4. Reconciliations of Net Income to Adjusted EBITDA (in millions)
			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Reported net income			$	143.4					$	131.1					$	263.3					$	226.5
Provision for income taxes			42.7						38.8						79.8						67.9
Interest expense – net			15.1						15.6						31.1						31.7
Depreciation(1)			20.2						19.0						40.1						37.4
Amortization			33.2						32.0						67.0						63.5
Restructuring expenses and asset impairments			2.8						0.7						10.2						18.2
Legal settlements and contingencies(2)			0.9						—						(2.8)						—
Adjusted EBITDA			$	258.3					$	237.2					$	488.7					$	445.2
Adjusted EBITDA Components
HST			$	119.3					$	95.0					$	225.3					$	182.4
FMT			110.3						108.7						209.0						204.0
FSDP			54.9						56.4						110.7						110.6
Corporate and other			(26.2)						(22.9)						(56.3)						(51.8)
Total Adjusted EBITDA			$	258.3					$	237.2					$	488.7					$	445.2
Net sales			$	920.6					$	865.4					$	1,807.5					$	1,679.7
Net income margin			15.6		%				15.1		%				14.6		%				13.5		%
Adjusted EBITDA margin			28.1		%				27.4		%				27.0		%				26.5		%

(1) Depreciation includes accelerated depreciation related to the anticipated closure of a facility in the HST segment, which was included in Restructuring-related charges in Table 2 and in Restructuring expenses and asset impairments and other restructuring-related charges in Table 3 above.

(2) Legal settlements and contingencies represent settlement funds received in excess of legal costs incurred related to a patent infringement lawsuit within the FMT segment and a class action lawsuit at Corporate, net of estimated settlement costs related to certain legal matters within the HST segment.