ITT INC.

REVENUE

The following table illustrates the revenue derived from each of our segments.

(a)See the section titled “Key Performance Indicators and Non-GAAP Measures” for a definition and reconciliation of organic revenue.

Flow Technologies

FT revenue for the three and six months ended July 4, 2026 increased by $436.6 and $640.7, respectively, primarily due to acquisition contributions of $359.6 and $511.0, respectively. Organic revenue increased by $73.8, or 20.7%, and $114.4, or 16.6%, for the three and six-month periods, respectively, primarily driven by growth in pump projects of 45% and 30%, respectively, reflecting strong demand in the energy market. Additionally, short-cycle demand remained strong with revenue growth of 10% in both periods, driven by valves.

Motion Technologies

MT revenue for the three and six months ended July 4, 2026 increased $20.3 and $71.4, respectively, including favorable foreign currency translation of $14.3 and $47.1, respectively. Organic revenue increased by $6.0, or 1.6%, and $24.3, or 3.4%, for the three and six month periods, respectively, primarily driven by increased aftermarket sales of 6% and 4%, respectively. In addition, organic revenue for the six-month period included growth of approximately 6% from our KONI rail business.

Connect & Control Technologies

CCT revenue for the three and six months ended July 4, 2026 increased $43.8 and $87.6, respectively, reflecting higher sales volumes, and the benefit of pricing actions. Organic revenue grew 17.3% and 17.4% for the three and six month periods, respectively, driven by strong demand across the aerospace and defense markets.

GROSS PROFIT

Gross profit for the three and six months ended July 4, 2026 increased 45.4% to $510.1 and 39.3% to $938.9, respectively. The increase in gross profit for both periods was primarily driven by the acquisition of SPX FLOW, volume leverage, benefits from pricing actions, net savings from productivity and sourcing initiatives, and favorable foreign currency translations, partially offset by unfavorable sales mix and higher material and labor costs.

OPERATING EXPENSES

The following table summarizes our operating expenses, including by segment.

General and administrative (G&A) expenses increased $58.4, or 68.3%, for the three months ended July 4, 2026, primarily driven by a full quarter of SPX FLOW G&A costs, integration-related professional service costs, increased personnel-related costs, and unfavorable foreign currency impacts. G&A expense increased $127.3, or 74.6%, for the six months ended July 4, 2026, primarily due to four months of SPX FLOW G&A costs, acquisition-related transaction and integration costs, increased personnel-related costs, and higher restructuring, environmental, and bad debt expenses.

Sales and marketing expenses increased by $36.1, or 70.2%, and $62.1, or 62.7%, respectively, for the three and six months ended July 4, 2026. The increase was primarily driven by the acquisition of SPX FLOW and higher personnel costs and commission expenses.

Research and development (R&D) expenses increased $8.6, or 31.6%, and $16.3, or 31.0%, respectively, for the three and six months ended July 4, 2026. The increase was primarily due to the acquisition of SPX FLOW and the timing of R&D project activity and reimbursements.

Intangible amortization increased $51.0, or 439.7%, and $63.7, or 248.8%, for the three and six months ended July 4, 2026, respectively, due to the amortization of intangible assets acquired in connection with the acquisition of SPX FLOW.

OPERATING INCOME

The following table summarizes our operating income and margin by segment.

FT operating income for the three months ended July 4, 2026 decreased $13.7, or 17.9%, as a result of inventory step-up amortization of $42.0, increased intangible amortization of $55.1, and integration-related expenses related to the SPX FLOW acquisition, which were partially offset by higher volume, benefits from pricing and productivity actions, and a full quarter of SPX FLOW operations. FT operating income for the six months ended July 4, 2026 increased $4.9, or 3.5%, as the operating performance of legacy FT business, driven by volume growth and pricing actions, combined with SPX FLOW operations, exceeded the increased intangible amortization and acquisition-related expenses of $71.3 and $60.2, respectively.

MT operating income for the three and six months ended July 4, 2026 increased $10.9, or 15.3%, and $26.8, or 19.3%, respectively, primarily due to higher sales volume, net savings from productivity initiatives, and a favorable impact from foreign currency fluctuations, which was partially offset by competitive pricing dynamics.

CCT operating income for the three and six months ended July 4, 2026 increased $15.9, or 35.4%, and $29.2, or 36.1%, respectively, primarily driven by benefits from higher sales volume, pricing actions, and net savings from productivity initiatives.

Other corporate costs increased $7.9 and $65.3 for the three and six months ended July 4, 2026, respectively. The increase during the three-month period was primarily due to integration-related professional services costs associated with the SPX FLOW acquisition. The increase during the six-month period was primarily driven by transaction-related costs incurred in connection with the closing of the SPX FLOW acquisition.

INTEREST AND NON-OPERATING EXPENSES, NET

The following table summarizes our interest and non-operating income and expenses.

Interest expense for the three and six months ended July 4, 2026 increased by or $37.1, or 294.4%, and $52.6, or 240.2%, respectively, due to higher outstanding long-term debt and commercial paper balances during 2026, primarily stemming from the financing of the SPX FLOW acquisition.

Interest income for the three and six months ended July 4, 2026 increased by $1.4, or 58.3%, and $10.1, or 246.3%, respectively, due to a higher average cash on deposit balance during 2026 subsequent to the $1.3 billion equity issuance in December 2025 and until the closing of SPX FLOW acquisition.

Other non-operating income, net for the three and six months ended July 4, 2026 increased by $1.5 and $2.4, respectively. The increase for the three-month period was due to income from equity method investments and the increase for the six-month period includes a gain on the early extinguishment of debt.

INCOME TAX EXPENSE

The following table summarizes our income tax expense and effective tax rate (ETR).

The ETR for the three and six months ended July 4, 2026 increased to 36.0% and 37.2%, respectively, primarily due to the recognition of additional tax expense related to undistributed foreign earnings and transaction-related costs incurred in connection with the acquisition of SPX FLOW. The acquisition also affected the geographic mix of earnings which further contributed to the higher effective tax rate for both periods.

Additionally, tax expense for the six months ended July 4, 2026 was unfavorably impacted by amended tax filings in Luxembourg.

In October 2021, more than 135 countries and jurisdictions agreed to participate in a “two-pillar” international tax approach developed by the OECD, which includes establishing a global minimum corporate tax rate of 15 percent. The OECD published Tax Challenges Arising from the Digitalisation of the Economy — Global Anti-Base Erosion Model Rules (Pillar Two) in December 2021 and subsequently issued additional commentary and administrative guidance clarifying several aspects of the model rules. Since the model rules have been released, many countries have enacted Pillar Two-related laws, many of which became effective January 1, 2024 with additional laws effective January 1, 2025. As of July 4, 2026, the Company does not expect Pillar Two taxes to have a significant impact on its 2026 financial statements.

On January 5, 2026, the OECD released a Pillar Two Administrative Guidance package containing the Side-by-Side Safe Harbor (the SbS). Under the SbS, Multinational Enterprises headquartered in a jurisdiction that has a Qualified SbS Regime are eligible for the SbS election. The United States is listed as a jurisdiction with a Qualified SbS Regime. By making the SbS election, top-up taxes under the Income Inclusion Rule (the IIR) and Undertaxed Profits Rule (the UTPR) are set to zero. However, the SbS does not have an impact on the application of Pillar Two Qualified Domestic Minimum Top-up Taxes (the QDMTT). Jurisdictions are required to implement the SbS effective for fiscal years beginning on or after January 1, 2026 (or at the earliest practicable date where there are constitutional or other superior law constraints preventing retroactive adoption). ITT will monitor the adoption of SbS in each jurisdiction and intends to elect the SbS where available.

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA), which includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain key Tax Cuts & Jobs Act provisions (both domestic and international) and expanding certain Inflation Reduction Act incentives while accelerating the phase-out of others. The Company evaluated the OBBBA and implemented certain provisions of the legislation during the current quarter; the Company continues to evaluate the ongoing effects of the legislation.

See Note 6, Income Taxes, to the Consolidated Condensed Financial Statements for further information.