IDEX CORP /DE/
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 28, 2026
IEX$226.99+2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0000832101-26-000022
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0000832101-26-000029
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 108 previous paragraphs and 109 current paragraphs.
63 unchanged; 32 reworded; 14 added; 13 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 17 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
•Net sales of $951.7 million increased 8% on both a reported basis and organically*
Current report
During the third quarter of 2026, the Company delivered strong results as continuous improvement efforts, the power of 8020, and measured pricing actions continued to expand margins while absorbing higher costs. Continued growth in targeted advantaged markets, including data centers, semiconductor and space and defense, primarily within the Health & Science Technologies (“HST”) segment, was complemented by broadening industrial strength across Fluid & Metering Technologies’ (“FMT”) and Fire & Safety/Diversified Products (“FSDP”).
Current report
The three months ended September 30, 2026 included a $0.7 million reduction of Cost of sales as well as a $1.6 million benefit to Net sales for revisions to estimated customer rebates, which together increased Gross margin by 10 basis points and contributed $0.02 to diluted EPS attributable to IDEX. The nine months ended September 30, 2026 included a $22.7 million reduction of Cost of sales as well as a $13.1 million reduction of Net sales from expected customer rebates associated with the refunds, which decreased organic sales growth by 1%, increased Gross margin 60 basis points and contributed $0.10 to diluted EPS attributable to IDEX during the nine months ended September 30, 2026.
Current report
Gross profit and Gross margin for the three and nine months ended September 30, 2026 benefited from net operational productivity improvements and volume leverage. Mix benefited Gross profit and Gross margin for the three months ended September 30, 2026, but was unfavorable to Gross profit and Gross margin for the nine months ended September 30, 2026. Foreign currency translation favorably impacted Gross profit for the nine months ended September 30, 2026 with no impact to Gross margin. While Gross profit also benefited from favorable price/cost, cost increases were not fully recovered at historical margin rates, resulting in Gross margin pressure in both periods presented. Included in price/cost were the net benefits of IEEPA tariff refunds previously discussed.
Current report
Interest expense – net for the three months ended September 30, 2026 decreased primarily due to lower average borrowings under the Revolving Facility and higher interest income earned as compared to the prior year period. Interest expense – net for the nine months ended September 30, 2026 decreased primarily due to the payoff of the Company’s 3.37% Senior Notes in 2025.
Current report
•Adjusted EBITDA margin for the three and nine months ended September 30, 2026 increased primarily due to volume leverage, partially offset by higher variable compensation and the impact of acquisitions. Additionally, favorable mix was offset by higher employee-related costs for the three months ended September 30, 2026.
Current report
•Organic sales for the three and nine months ended September 30, 2026 reflect positive price. Higher volumes in the Company’s businesses serving municipal water and semiconductor markets were partially offset by lower volumes in the Company’s businesses serving the chemical, energy and agriculture markets.
Current report
•Adjusted EBITDA margin for the three months ended September 30, 2026 increased slightly due to net productivity improvements and volume leverage, mostly offset by unfavorable mix and higher variable compensation. Adjusted EBITDA margin for the nine months ended September 30, 2026 was flat. Net productivity improvements were offset by unfavorable mix.
Current report
•Organic sales for the three and nine months ended September 30, 2026 reflect positive price as well as higher volumes in the Company’s BAND-IT and Fire & Safety businesses driven by strong aerospace and North America fire original equipment manufacturers (“OEMs”) demand, respectively, which were offset by lower volumes in the Company’s Dispensing businesses in the nine months ended September 30, 2026.
Current report
•Adjusted EBITDA margin increased for the three and nine months ended September 30, 2026 primarily due to net productivity improvements partially offset by price/cost headwinds. Adjusted EBITDA margin for the three months ended September 30, 2026 also benefited from volume leverage and favorable mix, while Adjusted EBITDA margin for the nine months ended September 30, 2026 was negatively impacted by unfavorable mix.
Current report
(1) Restructuring-related charges represent costs incurred related to the anticipated closure of a facility in the HST segment, including accelerated depreciation of $0.7 million and $1.2 million during the three and nine months ended September 30, 2026, respectively.
Current report
(b) Other restructuring-related charges represent costs incurred related to the anticipated closure of a facility in the HST segment, including accelerated depreciation of $0.7 million and $1.2 million during the three and nine months ended September 30, 2026, respectively.
Current report
(2) Legal settlements and contingencies include legal settlement funds received, net of associated legal costs incurred.
Current report
(2) Legal settlements and contingencies include legal settlement funds received, net of associated legal costs incurred.
Removed paragraphs (13)
Previous report
•Reported Net sales of $920.6 million increased 6% overall and increased 5% organically*
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
•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.
Previous report
•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.
Previous report
•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.
Previous report
•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%.
Previous report
•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.
Previous report
(1) Restructuring-related charges represent accelerated depreciation related to the anticipated closure of a facility in the HST segment.
Previous report
(b) Other restructuring-related charges represent accelerated depreciation related to the anticipated closure of a facility in the HST segment.
Previous report
(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.
Previous report
(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.
Reworded paragraphs (32)
Previous wording
•Reported diluted earnings per common share (“EPS”) attributable to IDEX of $1.93 increased 11%
Current wording
•Reported diluted earnings per common share (“EPS”) attributable to IDEX of $1.95 increased 15%
Previous wording
•Adjusted diluted EPS attributable to IDEX* of $2.32 increased 12%
Current wording
•Adjusted diluted EPS attributable to IDEX* of $2.33 increased 15%
Previous wording
•Returned capital to shareholders in the form of $77.1 million of share repurchases and $53.9 million of dividends
Current wording
•Returned capital to shareholders in the form of $74.6 million of share repurchases and $54.0 million of dividends
Previous wording
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.
Current wording
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 with minimal impact continuing into the third quarter of 2026.
Previous wording
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.
Current wording
The following is a discussion and analysis of the Company’s results of operations for the three and nine months ended September 30, 2026 compared with the three and nine months ended September 30, 2025.
Previous wording
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.
Current wording
Net sales for the three and nine months ended September 30, 2026 increased as compared to the same prior year periods primarily as a result of increased organic sales. Net sales for the nine months ended September 30, 2026 also reflect favorable impacts from foreign currency translation and contributions from acquisitions. Organic sales for the same periods increased 8% and 6%, respectively, driven by higher volumes, primarily in the HST segment. The increase in both periods also reflects positive price across all segments.
Previous wording
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.
Current wording
Selling, general and administrative expenses increased for the three and nine months ended September 30, 2026, reflecting a $1.9 million and $7.4 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.
Previous wording
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.
Current wording
Restructuring expenses and asset impairments for the three months ended September 30, 2026 primarily relate to severance costs that were incurred as a result of employee reductions, including reductions in connection with the anticipated closure of a facility in the HST segment. The nine months ended September 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 nine months ended September 30, 2025 primarily relate to severance costs that were incurred in conjunction with organizational changes.
Previous wording
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.
Current wording
Other (income) expense – net during the three and nine months ended September 30, 2026 and 2025 reflects the impact of foreign currency transactions.
Previous wording
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.
Current wording
The effective tax rate was 25.2% and 24.0% for the three and nine months ended September 30, 2026, respectively, reasonably consistent with 25.1% and 23.8% during the respective same periods in 2025. For additional information, refer to Note 15, “Income Taxes,” in the Notes to Condensed Consolidated Financial Statements.
Previous wording
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.
Current wording
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 Earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) and Adjusted EBITDA margin.
Previous wording
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.
Current wording
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 nine months ended September 30, 2026.
Previous wording
(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.
Current wording
(1) Segment Adjusted EBITDA excludes the impact of unallocated corporate costs of $25.5 million and $81.8 million for the three and nine months ended September 30, 2026, respectively.
Previous wording
(1)Acquisitions include Micro-LAM, Inc. acquired in July 2025.
Current wording
(1)Acquisitions include Micro-LAM, Inc. (“Micro-LAM”) acquired in July 2025.
Previous wording
•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.
Current wording
•Organic sales for the three and nine months ended September 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.
Previous wording
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.
Current wording
Acquisitions and foreign currency translation decreased Operating working capital by $9.2 million during the nine months ended September 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.
Previous wording
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.
Current wording
Cash provided by operating activities increased $72.3 million in the nine months ended September 30, 2026 as compared to the prior year period. Improved operational results and the net benefit of cash received for IEEPA tariff refunds were partially offset by higher cash tax payments.
Previous wording
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.
Current wording
Cash used in investing activities decreased $52.3 million in the nine months ended September 30, 2026 as compared to the prior year period primarily due to the purchase of Micro-LAM during the nine months ended September 30, 2025 for $80.7 million, partially offset by a $22.0 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.
Previous wording
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.
Current wording
Cash used in financing activities increased $16.5 million in the nine months ended September 30, 2026 as compared to the prior year period. The nine months ended September 30, 2026 included $77.1 million of higher net payments under the Revolving Facility and $53.0 million of higher share repurchases, partially offset by $16.9 million of higher proceeds from stock option exercises, net of shares withheld for taxes. The nine months ended September 30, 2025 also included a $100.0 million payment on long-term borrowings that did not reoccur in the current year period.
Previous wording
Subsequent to June 30, 2026, the Company repurchased 0.1 million shares at a cost of $21.7 million.
Current wording
Subsequent to September 30, 2026, the Company repurchased 0.1 million shares at a cost of $20.5 million.
Previous wording
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.
Current wording
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 $65.9 million and $43.9 million in the first nine months of 2026 and 2025, respectively.
Previous wording
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.
Current wording
During the nine months ended September 30, 2026, the Company paid $228.0 million for share repurchases, comprised of $223.5 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 nine months ended September 30, 2025, the Company paid $175.0 million for shares repurchased and settled during the period. As of September 30, 2026, the amount of share repurchase authorization remaining was $699.7 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.
Previous wording
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.
Current wording
Total dividend payments to common shareholders were $160.7 million during the nine months ended September 30, 2026 compared with $159.4 million during the nine months ended September 30, 2025.
Previous wording
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.
Current wording
At September 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 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, which is the ratio of the Company’s consolidated total debt to its consolidated EBITDA, as defined within the Credit Agreement. The key financial covenant the Company is required to maintain in connection with the Revolving Facility is a net leverage ratio of 3.50 to 1, which is the ratio of the Company’s consolidated total debt less eligible cash deductions to its consolidated EBITDA, as defined within the Credit Agreement. At September 30, 2026, the Company’s interest coverage ratio was 14.69 to 1 for covenant calculation purposes, the leverage ratio was 1.72 to 1 and the net leverage ratio was 1.39 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.
Previous wording
•Fitch Ratings reaffirmed the Company’s corporate credit rating of BBB+ (stable outlook) in February 2026.
Current wording
•Fitch Ratings affirmed the Company’s corporate credit rating of BBB+ (stable outlook) in September 2026.
Previous wording
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.
Current wording
The Company had $24.6 million of letters of credit as of September 30, 2026, primarily issued as security for insurance and other performance obligations. Of the $24.6 million of letters of credit, only $3.8 million reduced the Company’s borrowing capacity under the Revolving Facility as of September 30, 2026.
Previous wording
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.
Current wording
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 reasons as Adjusted EBITDA. The definition of Adjusted EBITDA used here may differ from that used by other companies.
Previous wording
•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.
Current wording
•Adjusted net income attributable to IDEX is calculated as Net income attributable to IDEX, adjusted to exclude the impact of fair value inventory step-up charges, 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.
Previous wording
•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.
Current wording
•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 fair value inventory step-up charges, Restructuring expenses and asset impairments and other restructuring-related charges and legal settlements and contingencies.
Previous wording
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.
Current wording
These 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. The financial results 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.
Previous wording
(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.
Current wording
(a) Restructuring expenses and asset impairments recorded during the nine months ended September 30, 2025 included charges of $0.6 million recognized by the Company’s joint venture, $0.3 million of which was attributable to noncontrolling interest.
Previous wording
(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.
Current wording
(1) Accelerated depreciation of $0.7 million and $1.2 million for the three and nine months ended September 30, 2026, respectively, related to the anticipated closure of a facility in the HST segment, was included in Depreciation in Table 4, in Restructuring-related charges in Table 2 and in Restructuring expenses and asset impairments and other restructuring-related charges in Table 3 above.