ROPER TECHNOLOGIES INC

Previous wording

Except as described in Note 10 with respect to our equity investment in Indicor, there were no material changes during the six months ended June 30, 2026 to the items that we disclosed as our critical accounting policies and estimates in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report.

Current wording

Except with respect to our equity investment, as described in Note 10, there were no material changes during the nine months ended September 30, 2026 to the items that we disclosed as our critical accounting policies and estimates in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report.

Previous wording

All currency amounts are in millions, percentages are of net revenues

Current wording

All currency amounts are in millions, and percentages are of net revenues

Previous wording

Net revenues for the three months ended June 30, 2026 were $2,108.9 as compared to $1,943.6 for the three months ended June 30, 2025, an increase of 8.5%. The components of revenue growth for the three months ended June 30, 2026 were as follows:

Current wording

Net revenues for the three months ended September 30, 2026 were $2,171.8 as compared to $2,017.5 for the three months ended September 30, 2025, an increase of 7.6%. The components of revenue growth for the three months ended September 30, 2026 were as follows:

Previous wording

In our Application Software segment, net revenues in the second quarter of 2026 grew 7.8% to $1,180.8 as compared to $1,094.9 in the second quarter of 2025. The growth of 4.5% in organic revenues was broad-based across the segment, led by our application software businesses serving the legal, project-based private sector, property and casualty insurance, higher education, and acute healthcare markets. Growth from acquisitions was led by our 2025 acquisitions of CentralReach and Orchard Software. Gross margin increased to 69.8% in the second quarter of 2026 as compared to 68.8% in the second quarter of 2025 due primarily to improved leverage on higher organic revenues. SG&A expenses as a percentage of net revenues increased to 42.3% in the second quarter of 2026 as compared to 41.9% in the second quarter of 2025 due primarily to higher amortization of acquired intangibles from the 2025 acquisition of CentralReach, partially offset by improved operating leverage on higher revenues. As a result, operating margin was 27.4% in the second quarter of 2026 as compared to 26.9% in the second quarter of 2025.

Current wording

In our Application Software segment, net revenues in the third quarter of 2026 grew 6.8% to $1,239.7 as compared to $1,161.0 in the third quarter of 2025. The growth of 6.2% in organic revenues was broad-based across the segment, led by our application software businesses serving the project-based private sector, higher education, legal, and applied behavior analysis therapy markets. Gross margin increased to 69.8% in the third quarter of 2026 as compared to 69.0% in the third quarter of 2025 due primarily to improved leverage on higher organic revenues. SG&A expenses as a percentage of net revenues improved to 41.0% in the third quarter of 2026 as compared to 41.2% in the third quarter of 2025 due primarily to improved operating leverage on higher revenues. As a result, operating margin was 28.8% in the third quarter of 2026 as compared to 27.8% in the third quarter of 2025.

Previous wording

In our Network Software segment, net revenues in the second quarter of 2026 grew 11.8% to $430.9 as compared to $385.4 in the second quarter of 2025, led by contributions from 2025 acquisitions, most notably Subsplash. The growth of 3.6% in organic revenues was led by our network software businesses serving the freight match, construction, and media and entertainment markets. These increases were partially offset by declines in our alternate site group purchasing business and non-recurring professional services revenue at our business serving the life insurance/annuities market. Gross margin increased to 84.3% in the second quarter of 2026 as compared to 83.2% in the second quarter of 2025 due primarily to lower amortization associated with fully amortized acquired intangibles, partially offset by margin profiles associated with our 2025 acquisitions, most notably payments revenue mix from Subsplash as well as the Convoy platform within our freight match software business. SG&A expenses as a percentage of net revenues increased to 43.4% in the second quarter of 2026 as compared to 39.3% in the second quarter of 2025 due primarily to SG&A profiles associated with our 2025 acquisitions, including higher amortization of acquired intangibles. As a result, operating margin was 41.0% in the second quarter of 2026 as compared to 43.9% in the second quarter of 2025.

Current wording

In our Network Software segment, net revenues in the third quarter of 2026 grew 7.9% to $446.1 as compared to $413.4 in the third quarter of 2025. The growth of 4.9% in organic revenues was led by our network software businesses serving the freight match, long-term care pharmacy, and construction markets. These increases were partially offset by declines in our alternate site group purchasing business and non-recurring revenue at our business serving the life insurance/annuities market. Growth from acquisitions was led by our July 2025 acquisition of Subsplash. Gross margin increased to 84.7% in the third quarter of 2026 as compared to 83.9% in the third quarter of 2025 due primarily to improved leverage on higher revenues and lower amortization associated with fully amortized acquired intangibles, partially offset by margin profiles associated with our 2025 acquisitions, most notably payments revenue mix from Subsplash as well as the Convoy platform within our freight match software business. SG&A expenses as a percentage of net revenues increased to 42.2% in the third quarter of 2026 as compared to 40.8% in the third quarter of 2025 due primarily to SG&A profiles associated with our 2025 acquisitions, including higher amortization of acquired intangibles. As a result, operating margin was 42.5% in the third quarter of 2026 as compared to 43.1% in the third quarter of 2025.

Previous wording

In our Technology Enabled Products segment, net revenues in the second quarter of 2026 grew 7.3% to $497.2 as compared to $463.3 in the second quarter of 2025. The growth of 7.1% in organic revenues was led by our medical products businesses, highlighted by our precision measurement and airway management businesses. These increases were partially offset by an expected decline in our water meter technology business. Gross margin decreased to 56.9% in the second quarter of 2026 as compared to 58.6% in the second quarter of 2025 due primarily to input cost pressures at our water meter technology business and revenue mix within our medical products businesses weighted more towards consumables. SG&A expenses as a percentage of net revenues increased to 23.6% in the second quarter of 2026 as compared to 23.1% in the second quarter of 2025 due primarily to reduced operating leverage associated with our water meter technology business. The resulting operating margin was 33.3% in the second quarter of 2026 as compared to 35.4% in the second quarter of 2025.

Current wording

In our Technology Enabled Products segment, net revenues in the third quarter of 2026 grew 9.7% to $486.0 as compared to $443.1 in the third quarter of 2025. The growth of 9.8% in organic revenues was led by our medical products businesses, highlighted by our precision measurement and airway management businesses. These increases were partially offset by a decline in our water meter technology business. Gross margin decreased to 57.4% in the third quarter of 2026 as compared to 57.6% in the third quarter of 2025 due primarily to input cost pressures and meter mix at our water meter technology business as well as product mix within our medical products businesses weighted more towards consumables, partially offset by revenue mix across the segment. SG&A expenses as a percentage of net revenues increased to 24.4% in the third quarter of 2026 as compared to 23.7% in the third quarter of 2025 due primarily to reduced operating leverage associated with our water meter technology business. The resulting operating margin was 33.1% in the third quarter of 2026 as compared to 33.9% in the third quarter of 2025.

Previous wording

Corporate expenses increased to $81.6 in the second quarter of 2026 as compared to $79.7 in the second quarter of 2025. The dollar increase was due primarily to higher stock-based compensation expense, partially offset by lower acquisition-related expenses. As a percentage of net revenues, corporate expenses decreased to 3.9% of net revenues in the second quarter of 2026 as compared to 4.1% of net revenues in the second quarter of 2025.

Current wording

Corporate expenses increased to $84.7 in the third quarter of 2026 as compared to $78.3 in the third quarter of 2025. The dollar increase was due primarily to higher stock-based compensation expense, partially offset by a reduction in fees for professional services. As a percentage of net revenues, corporate expenses remained consistent at 3.9% of net revenues in both the third quarter of 2026 and 2025.

Previous wording

Interest expense, net, increased to $111.4 for the second quarter of 2026 as compared to $79.1 for the second quarter of 2025 due primarily to higher average debt balances and a higher weighted-average interest rate on our senior notes.

Current wording

Interest expense, net, increased to $106.7 for the third quarter of 2026 as compared to $89.7 for the third quarter of 2025 due primarily to a higher average revolving credit facility balance and a higher weighted-average interest rate on our senior notes.

Previous wording

Equity investment activity, net, was a gain of $835.2 in the second quarter of 2026 due primarily to an $828.6 increase in the fair value of our equity investment in Indicor. The increase was primarily due to updated valuation assumptions made in anticipation of Indicor’s planned divestiture of its portfolio of instrumentation businesses (“Indicor Instrumentation”). Equity investment activity, net, was a gain of $16.6 in the second quarter of 2025 due to an increase in the fair value of our equity investment in Indicor and dividend distributions received from Indicor.

Current wording

Equity investment activity, net, was a gain of $56.2 in the third quarter of 2026 due primarily to an increase in the fair value of our equity investment. The increase was primarily due to updated valuation assumptions made in anticipation of Indicor’s planned divestiture of its flow controls businesses (“Indicor Flow Controls”). Equity investment activity, net, was a gain of $12.9 in the third quarter of 2025 due primarily to an increase in the fair value of our equity investment in Indicor.

Previous wording

Income taxes as a percentage of pretax earnings decreased to 10.7% for the second quarter of 2026 as compared to 22.0% for the second quarter of 2025, primarily due to net tax benefits recognized in connection with a change in our outside basis in Indicor, resulting from the Indicor Instrumentation transaction described above, and legal entity restructuring.

Current wording

Income taxes as a percentage of pretax earnings decreased to 15.3% for the third quarter of 2026 as compared to 20.0% for the third quarter of 2025, primarily due to a net tax benefit recognized in connection with a change in our outside basis in Indicor resulting from the Indicor Instrumentation transaction described above, with both periods also benefiting from legal entity restructuring.

Previous wording

Backlog is equal to our remaining performance obligations expected to be recognized as revenue within the next 12 months as discussed in Note 13 of the Notes to Condensed Consolidated Financial Statements. Backlog increased 11.0% to $3,286.0 at June 30, 2026 as compared to $2,961.3 at June 30, 2025 due primarily to acquisitions and organic growth in our software segments.

Current wording

Backlog is equal to our remaining performance obligations expected to be recognized as revenue within the next 12 months as discussed in Note 13 of the Notes to Condensed Consolidated Financial Statements. Backlog increased 9.4% to $3,471.6 at September 30, 2026 as compared to $3,174.0 at September 30, 2025 due primarily to organic growth and acquisitions in our software segments.

Previous wording

Six Months Ended June 30, 2026 compared to the Six Months Ended June 30, 2025

Current wording

Nine Months Ended September 30, 2026 compared to the Nine Months Ended September 30, 2025

Previous wording

Net revenues for the six months ended June 30, 2026 were $4,204.2 as compared to $3,826.4 for the six months ended June 30, 2025, an increase of 9.9%. The components of revenue growth for the six months ended June 30, 2026 were as follows:

Current wording

Net revenues for the nine months ended September 30, 2026 were $6,376.0 as compared to $5,843.9 for the nine months ended September 30, 2025, an increase of 9.1%. The components of revenue growth for the nine months ended September 30, 2026 were as follows:

Previous wording

In our Application Software segment, net revenues in the six months ended June 30, 2026 grew 9.7% to $2,372.3 as compared to $2,163.1 in the six months ended June 30, 2025. The growth of 4.8% in organic revenues was broad-based across the segment, led by our application software businesses serving the legal, project-based private sector, higher education, and property and casualty insurance markets. Growth from acquisitions was led by our 2025 acquisition of CentralReach. Gross margin increased to 69.4% in the six months ended June 30, 2026 as compared to 68.1% in the six months ended June 30, 2025 due primarily to improved leverage on higher organic revenues as well as revenue mix. SG&A expenses as a percentage of net revenues increased to 42.3% in the six months ended June 30, 2026 as compared to 41.7% in the six months ended June 30, 2025, due primarily to higher amortization of acquired intangibles from the 2025 acquisition of CentralReach, partially offset by improved operating leverage on higher organic revenues. As a result, operating margin was 27.1% in the six months ended June 30, 2026 as compared to 26.4% in the six months ended June 30, 2025.

Current wording

In our Application Software segment, net revenues in the nine months ended September 30, 2026 grew 8.7% to $3,612.0 as compared to $3,324.1 in the nine months ended September 30, 2025. The growth of 5.3% in organic revenues was broad-based across the segment, led by our application software businesses serving the legal, project-based private sector, higher education, and property and casualty insurance markets. Growth from acquisitions was led by our 2025 acquisitions, most notably CentralReach which became organic in the third quarter of 2026. Gross margin increased to 69.5% in the nine months ended September 30, 2026 as compared to 68.4% in the nine months ended September 30, 2025 due primarily to improved leverage on higher organic revenues. SG&A expenses as a percentage of net revenues increased to 41.8% in the nine months ended September 30, 2026 as compared to 41.5% in the nine months ended September 30, 2025, due primarily to higher amortization of acquired intangibles from the 2025 acquisition of CentralReach, partially offset by improved operating leverage on higher organic revenues. As a result, operating margin was 27.7% in the nine months ended September 30, 2026 as compared to 26.9% in the nine months ended September 30, 2025.

Previous wording

In our Network Software segment, net revenues in the six months ended June 30, 2026 grew 12.8% to $858.5 as compared to $761.3 in the six months ended June 30, 2025, led by contributions from 2025 acquisitions, most notably Subsplash. The growth of 4.4% in organic revenues was broad-based across the segment, led by our network software businesses serving the freight match, construction, and media and entertainment markets. Gross margin increased to 84.3% in the six months ended June 30, 2026 as compared to 83.6% in the six months ended June 30, 2025 due primarily to lower amortization associated with fully amortized acquired intangibles, partially offset by margin profiles associated with our 2025 acquisitions, most notably payments revenue mix from Subsplash as well as the Convoy platform within our freight match software business. SG&A expenses as a percentage of net revenues increased to 43.5% in the six months ended June 30, 2026 as compared to 39.5% in the six months ended June 30, 2025 due primarily to SG&A profiles associated with our 2025 acquisitions, including higher amortization of acquired intangibles. As a result, operating margin was 40.8% in the six months ended June 30, 2026 as compared to 44.1% in the six months ended June 30, 2025.

Current wording

September 30, 2025 due primarily to lower amortization associated with fully amortized acquired intangibles and improved leverage on higher organic revenues, partially offset by margin profiles associated with our 2025 acquisitions, most notably payments revenue mix from Subsplash as well as the Convoy platform within our freight match software business. SG&A expenses as a percentage of net revenues increased to 43.1% in the nine months ended September 30, 2026 as compared to 39.9% in the nine months ended September 30, 2025 due primarily to SG&A profiles associated with our acquisitions, including higher amortization of acquired intangibles. As a result, operating margin was 41.4% in the nine months ended September 30, 2026 as compared to 43.8% in the nine months ended September 30, 2025.

Previous wording

In our Technology Enabled Products segment, net revenues in the six months ended June 30, 2026 grew 7.9% to $973.4 as compared to $902.0 in the six months ended June 30, 2025. The growth of 7.1% in organic revenues was led by our medical products businesses, highlighted by our precision measurement and airway management businesses. These increases were partially offset by a decline in our water meter technology business. Gross margin decreased to 56.9% in the six months ended June 30, 2026 as compared to 58.6% in the six months ended June 30, 2025 due primarily to revenue mix within our medical products businesses weighted more towards consumables and input cost pressures at our water meter technology business. SG&A expenses as a percentage of net revenues increased to 24.0% in the six months ended June 30, 2026 as compared to 23.4% in the six months ended June 30, 2025 due primarily to reduced operating leverage associated with our water meter technology business. The resulting operating margin was 32.9% in the six months ended June 30, 2026 as compared to 35.2% in the six months ended June 30, 2025.

Current wording

In our Technology Enabled Products segment, net revenues in the nine months ended September 30, 2026 grew 8.5% to $1,459.4 as compared to $1,345.1 in the nine months ended September 30, 2025. The growth of 8.0% in organic revenues was led by our medical products businesses, highlighted by our precision measurement and airway management businesses. These increases were partially offset by a decline in our water meter technology business. Gross margin decreased to 57.1% in the nine months ended September 30, 2026 as compared to 58.3% in the nine months ended September 30, 2025 due primarily to product mix within our medical products businesses weighted more towards consumables and input cost pressures at our water meter technology business, partially offset by revenue mix across the segment. SG&A expenses as a percentage of net revenues increased to 24.1% in the nine months ended September 30, 2026 as compared to 23.5% in the nine months ended September 30, 2025 due primarily to reduced operating leverage associated with our water meter technology business. The resulting operating margin was 32.9% in the nine months ended September 30, 2026 as compared to 34.8% in the nine months ended September 30, 2025.

Previous wording

Corporate expenses increased to $159.4 in the six months ended June 30, 2026 as compared to $151.0 in the six months ended June 30, 2025. The dollar increase was due primarily to higher stock-based compensation expense, partially offset by a reduction in fees for professional services and lower acquisition-related expenses. As a percentage of net revenues, corporate expenses decreased to 3.8% of net revenues in the six months ended June 30, 2026 as compared to 3.9% of net revenues in the six months ended June 30, 2025.

Current wording

Corporate expenses increased to $244.1 in the nine months ended September 30, 2026 as compared to $229.3 in the nine months ended September 30, 2025. The dollar increase was due primarily to higher stock-based compensation expense, partially offset by a reduction in fees for professional services and lower acquisition-related expenses. As a percentage of net revenues, corporate expenses decreased to 3.8% of net revenues in the nine months ended September 30, 2026 as compared to 3.9% of net revenues in the nine months ended September 30, 2025.

Previous wording

Interest expense, net, increased to $210.7 for the six months ended June 30, 2026 as compared to $142.0 for the six months ended June 30, 2025 due primarily to higher average debt balances and a higher weighted-average interest rate on our senior notes.

Current wording

Interest expense, net, increased to $317.4 for the nine months ended September 30, 2026 as compared to $231.7 for the nine months ended September 30, 2025 due primarily to higher average debt balances and a higher weighted-average interest rate on our senior notes.

Previous wording

Equity investment activity, net, was a gain of $1,002.5 in the six months ended June 30, 2026 due primarily to a $995.9 increase in the fair value of our equity investment in Indicor. The increase was primarily due to updated valuation assumptions made in anticipation of the closing of the Indicor Instrumentation transaction. Equity investment activity, net, was a loss of $27.8 in the six months ended June 30, 2025 due primarily to a $32.6 decrease in the fair value of our equity investment in Indicor, partially offset by dividend distributions received from Indicor.

Current wording

Equity investment activity, net, was a gain of $1,058.7 in the nine months ended September 30, 2026 due primarily to an increase in the fair value of our equity investment. The increase was primarily due to updated valuation assumptions made prior to the closing of the Indicor Instrumentation transaction. Equity investment activity, net, was a loss of $14.9 in the nine months ended September 30, 2025 due primarily to a $16.3 decrease in the fair value of our equity investment in Indicor.

Previous wording

Income taxes as a percentage of pretax earnings decreased to 13.7% for the six months ended June 30, 2026 as compared to 21.5% for the six months ended June 30, 2025, primarily due to net tax benefits recognized in connection with a change in our outside basis in Indicor, resulting from the Indicor Instrumentation transaction, and legal entity restructuring.

Current wording

Income taxes as a percentage of pretax earnings decreased to 14.0% for the nine months ended September 30, 2026 as compared to 20.9% for the nine months ended September 30, 2025, primarily due to net tax benefits recognized in connection with a change in our outside basis in Indicor, resulting from the Indicor Instrumentation transaction, and legal entity restructuring.

Previous wording

Selected cash flows for the six months ended June 30, 2026 and 2025 were as follows:

Current wording

Selected cash flows for the nine months ended September 30, 2026 and 2025 were as follows:

Previous wording

Net cash provided by operating activities increased by 14% to $1,061.6 in the six months ended June 30, 2026 as compared to $932.8 in the six months ended June 30, 2025 due primarily to lower cash income taxes paid, as 2025 included $30.2 of cash taxes paid associated with our sale of an equity method investment, and higher net earnings before non-cash expenses.

Current wording

Net cash provided by operating activities increased by 4% to $1,882.2 in the nine months ended September 30, 2026 as compared to $1,802.3 in the nine months ended September 30, 2025 due primarily to higher net earnings before non-cash expenses and lower cash income taxes paid, as 2025 included $30.2 of cash taxes paid associated with the sale of our equity method investment in Certinia, partially offset by changes in deferred revenue.

Previous wording

Cash used in investing activities during the six months ended June 30, 2026 was primarily for capitalized software expenditures, capital expenditures, and a business acquisition. Cash used in investing activities during the six months ended June 30, 2025 was primarily for the acquisitions of CentralReach, Muni-Link, and Outgo.

Current wording

Cash provided by investing activities during the nine months ended September 30, 2026 was primarily from cash proceeds received upon closing of the Indicor Instrumentation transaction, partially offset by cash paid for the acquisitions of Origo and Playground. Cash used in investing activities during the nine months ended September 30, 2025 was primarily for the acquisitions of CentralReach, Subsplash, Convoy, and Orchard Software.

Previous wording

Cash used in financing activities during the six months ended June 30, 2026 primarily consisted of repurchases of our common stock as well as dividend payments, partially offset by net borrowings under our unsecured revolving credit facility. Cash provided by financing activities during the six months ended June 30, 2025 was primarily from net borrowings under our unsecured revolving credit facility to fund the acquisition of CentralReach, and net proceeds from stock-based compensation, partially offset by dividend payments.

Current wording

Cash used in financing activities during the nine months ended September 30, 2026 primarily consisted of repurchases of our common stock as well as dividend payments, partially offset by net borrowings under our unsecured revolving credit facility. Cash provided by financing activities during the nine months ended September 30, 2025 was primarily from the issuance of senior notes in August 2025, net borrowings under our unsecured revolving credit facility primarily to fund the acquisitions of CentralReach and Subsplash, and net proceeds from stock-based compensation, partially offset by senior notes repaid at maturity in September 2025 and dividend payments.

Previous wording

Net working capital (total current assets, excluding cash, less total current liabilities, excluding debt) was negative $1,198.6 at June 30, 2026 as compared to negative $1,389.7 at December 31, 2025. The change in net working capital was primarily driven by a decrease in deferred revenue predominantly due to the timing of SaaS renewals associated with our Frontline business, and the timing of payments associated with incentive compensation, partially offset by a decrease in accounts receivable.

Current wording

Net working capital (total current assets, excluding cash, less total current liabilities, excluding debt) was negative $1,520.8 at September 30, 2026 as compared to negative $1,389.7 at December 31, 2025. The change in net working capital was primarily driven by changes in tax-related balances, including income taxes payable associated with the Indicor Instrumentation transaction, partially offset by changes in contract balances within our Application Software segment primarily due to the timing of payments and invoicing related to SaaS and PCS renewals, as well as an increase in other current assets primarily due to estimated Indicor Instrumentation proceeds held in escrow.

Previous wording

The interest rate on borrowings under the new $3,500.0 unsecured revolving credit facility is calculated based upon various recognized indices plus a margin as defined in the Credit Agreement. At June 30, 2026, we had $7.0 of outstanding letters of credit.

Current wording

The interest rate on borrowings under the new $3,500.0 unsecured revolving credit facility is calculated based upon various recognized indices plus a margin as defined in the Credit Agreement. At September 30, 2026, we had $6.9 of outstanding letters of credit.

Previous wording

We were in compliance with all debt covenants related to our new and previous unsecured credit facilities throughout their respective periods of effectiveness during the six months ended June 30, 2026.

Current wording

We were in compliance with all debt covenants related to our new and previous unsecured credit facilities throughout their respective periods of effectiveness during the nine months ended September 30, 2026.

Previous wording

Total debt, net of deferred financing costs was $11,319.4 at June 30, 2026 as compared to $9,301.0 at December 31, 2025. Our total debt increased at June 30, 2026 as compared to December 31, 2025 due primarily to net borrowings of $2,000.0 on our unsecured revolving credit facility. Our leverage is presented in the following table:

Current wording

Total debt, net of deferred financing costs was $9,719.7 at September 30, 2026 as compared to $9,301.0 at December 31, 2025. Our total debt increased at September 30, 2026 as compared to December 31, 2025 due primarily to net borrowings of $400.0 on our unsecured revolving credit facility. Our leverage is presented in the following table:

Previous wording

In relation to our total cash and cash equivalents, amounts held at our foreign subsidiaries represented 47.8% or $174.6 at June 30, 2026 as compared to 57.6% or $171.2 at December 31, 2025. The increase in the amount of foreign cash and cash equivalents was primarily due to cash generated at our foreign subsidiaries during the six months ended June 30, 2026, partially offset by cash repatriation of $140.0. We intend to repatriate substantially all historical and future foreign earnings that can be repatriated without incremental U.S. federal tax cost.

Current wording

In relation to our total cash and cash equivalents, amounts held at our foreign subsidiaries represented 65.0% or $202.2 at September 30, 2026 as compared to 57.6% or $171.2 at December 31, 2025. The increase in the amount of foreign cash and cash equivalents was primarily due to cash generated at our foreign subsidiaries during the nine months ended September 30, 2026, partially offset by cash repatriation of $191.8. We intend to repatriate substantially all historical and future foreign earnings that can be repatriated without incremental U.S. federal tax cost.

Previous wording

Capital expenditures were $25.3 for the six months ended June 30, 2026 as compared to $26.0 for the six months ended June 30, 2025. Capitalized software expenditures were $30.9 for the six months ended June 30, 2026 as compared to $26.8 for the six months ended June 30, 2025. We expect the aggregate of capital expenditures and capitalized software expenditures for 2026 to be comparable to prior years as a percentage of net revenues.

Current wording

Capital expenditures were $35.4 for the nine months ended September 30, 2026 as compared to $37.6 for the nine months ended September 30, 2025. Capitalized software expenditures were $46.8 for the nine months ended September 30, 2026 as compared to $42.8 for the nine months ended September 30, 2025. We expect the aggregate of capital expenditures and capitalized software expenditures for 2026 to be comparable to prior years as a percentage of net revenues.

Previous wording

On July 4, 2025, the U.S. government enacted H.R. 1, the One Big Beautiful Bill Act, which introduced tax reform provisions that amend, eliminate, or extend certain tax rules under the Inflation Reduction Act and the Tax Cuts and Jobs Act. Legislative changes include the repeal of the requirement to capitalize and amortize domestic research and development expenditures under Internal Revenue Code Section 174. The legislation includes multiple effective dates and, as enacted, did not have a material impact on our effective tax rates for the three or six months ended June 30, 2026, and is not expected to have a significant impact on our annual effective tax rate in full year 2026 or thereafter.

Current wording

On July 4, 2025, the U.S. government enacted H.R. 1, the One Big Beautiful Bill Act, which introduced tax reform provisions that amend, eliminate, or extend certain tax rules under the Inflation Reduction Act and the Tax Cuts and Jobs Act. Legislative changes include the repeal of the requirement to capitalize and amortize domestic research and development expenditures under Internal Revenue Code Section 174. The legislation includes multiple effective dates and, as enacted, did not have a material impact on our effective tax rates for the three or nine months ended September 30, 2026, and is not expected to have a significant impact on our annual effective tax rate in full year 2026 or thereafter.

Previous wording

During the six months ended June 30, 2026, we repurchased 7.865 shares of our common stock for an aggregate purchase price of $2,724.1 and an average price paid per share of $346.34, excluding excise tax and broker commissions. As of June 30, 2026, $2,775.9 of the total amount authorized under the share repurchase program remained available for future repurchases.

Current wording

During the nine months ended September 30, 2026, we repurchased 7.865 shares of our common stock for an aggregate purchase price of $2,724.1 and an average price paid per share of $346.34, excluding excise tax and broker commissions. No shares were repurchased during the third quarter of 2026. As of September 30, 2026, $2,775.9 of the total amount authorized under the share repurchase program remained available for future repurchases.

Previous wording

In connection with our equity investment in Indicor, following closing of the planned Indicor Instrumentation transaction, Roper expects to receive pre-tax cash proceeds of approximately $1.3 billion (estimated $1.1 billion net of income taxes), including current estimates for purchase price adjustments and transaction costs which are subject to finalization.

Current wording

In connection with our equity investment, following closing of the planned Indicor Flow Controls transaction, Roper expects to receive pre-tax cash proceeds of approximately $600 (estimated $480 net of income taxes), including current estimates for purchase price adjustments and transaction costs which are subject to finalization.

Previous wording

Current geopolitical and economic uncertainties, including inflation, tariffs and changes in trade policy, supply chain disruptions, and labor shortages, could adversely affect our business prospects. An armed conflict (such as the ongoing conflicts in Ukraine and the Middle East), significant terrorist attack, other global conflict, widespread cybersecurity event or information technology system failure, or public health crisis could cause changes in world economies that would adversely affect us. It is impossible to isolate each of these potential factor’s future effects on current economic conditions or any of our businesses. It is also impossible to predict with any reasonable degree of certainty what or when any additional events may occur that also would similarly disrupt the economy and have an adverse impact on our businesses.

Current wording

Current geopolitical and economic uncertainties, including inflation, tariffs and changes in trade policy, supply chain disruptions, and labor shortages, could adversely affect our business prospects. An armed conflict (such as the ongoing conflicts in Ukraine and the Middle East), significant terrorist attack, other global conflict, civil unrest, widespread cybersecurity event or information technology system failure, or public health crisis could cause changes in world economies that would adversely affect us. It is impossible to isolate each of these potential factors’ future effects on current economic conditions or any of our businesses. It is also impossible to predict with any reasonable degree of certainty what or when any additional events may occur that also would similarly disrupt the economy and have an adverse impact on our businesses.