SPX Technologies Inc

Latest Results (13.05.2026):

SPX Technologies Inc — Fourth Quarter 2025 (and full-year 2025) results: Q4 revenue $637.3M (+19.4% YoY); GAAP income from continuing operations $78.2M (+38.4% YoY) and GAAP diluted EPS $1.54 (+29.4%); adjusted EPS $1.88 (+24.5%) and adjusted EBITDA $142.0M (+22.3%). For full-year 2025, revenue was $2,265.1M (+14.2%), GAAP income from continuing operations $245.5M (+21.7%), GAAP EPS $5.06 (+17.9%) and adjusted EPS $6.76 (+21.1%). The company ended Q4 with $366.0M cash and total debt of $501.6M, and provided 2026 guidance raising expected revenue, adjusted EBITDA and adjusted EPS.

Top line

Q4 2025 revenue was $637.3M, up 19.4% vs Q4 2024. Full-year 2025 revenue totaled $2,265.1M, up 14.2% vs 2024, driven by organic growth and acquisitions. Organic consolidated revenue growth was 7.6% for Q4 and 6.3% for the full year.

Profitability and earnings

Q4 GAAP income from continuing operations was $78.2M (+38.4%) and GAAP diluted EPS was $1.54 (+29.4%). Q4 adjusted EPS was $1.88 (+24.5%) and adjusted EBITDA was $142.0M (+22.3%, 22.3% of revenue). Full-year adjusted EBITDA was $507.4M (22.4% margin) and full-year adjusted EPS was $6.76.

Segment performance

HVAC: Q4 revenue $431.1M (+16.4% YoY) with segment income $108.5M (25.2% margin, +40 bps). Growth came from higher heating/cooling volumes, increased production capacity and the Sigma & Omega acquisition. Detection & Measurement: Q4 revenue $206.2M (+26.3% YoY) with segment income $47.9M (23.2% margin, +20 bps), helped by the KTS acquisition and higher project volumes.

Cash flow, capex and liquidity

Q4 net cash from continuing operations was $195.8M (FY $335.6M). Q4 capital expenditures were $68.5M (FY $92.1M). Adjusted free cash flow was $130.1M for Q4 and $294.3M for the full year. Cash and equivalents rose to $366.0M at quarter end from $161.4M a year ago; total debt fell to $501.6M from $614.7M.

M&A and non‑GAAP adjustments

2025 results reflect multiple acquisitions (Sigma & Omega, Ingénia, KTS) that contributed to inorganic growth. Non‑GAAP measures (adjusted operating income, adjusted EBITDA, adjusted EPS) exclude acquisition/integration costs, amortization of acquired intangibles and other items—read the reconciliations included in the release when comparing GAAP vs. adjusted metrics.

2026 guidance

SPX guided 2026 revenue of $2.535B–$2.605B (midpoint ≈ +13% YoY), adjusted EBITDA $590M–$620M (midpoint ≈ +20% YoY) and adjusted EPS $7.60–$8.00 (midpoint ≈ +15% YoY). The company also lifted implied segment margin ranges (total SPX adjusted margin target ~24.60%–25.10%).

Other items to note

Q4 and FY results include higher amortization and acquisition-related costs; Q4 benefited from favorable other income items. Management plans investor meetings and will file the Form 10‑K; forward-looking guidance excludes future transaction and certain macro impacts.