METTLER TOLEDO INTERNATIONAL INC/
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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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, 2025 · Filed Nov 7, 2025
MTD$1,722.15+2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0001037646-25-000040
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001037646-25-000058
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 85 previous paragraphs and 84 current paragraphs.
34 unchanged; 43 reworded; 7 added; 6 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 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 (7)
Current report
28 - sales growth for the nine months ended September 30, 2025 was reduced by approximately 1% from the recovery of previously disclosed shipping delays during the nine month period ended September 30, 2024. The local currency increase in net sales of our industrial-related products for the three months ended September 30, 2025 includes strong growth in most product categories, especially core-industrial products. The nine months ended September 30, 2025 also benefited from excellent growth in product inspection.
Current report
Interest expense was $17.7 million and $18.6 million for the three months ended September 30, 2025 and 2024, respectively, and $51.1 million and $56.8 million for the nine months ended September 30, 2025 and 2024, respectively.
Current report
Segment net sales increased 12% in U.S. dollars and 4% in local currency for the three months ended September 30, 2025, and increased 1% in U.S. dollars and decreased 4% in local currency for the nine months ended September 30, 2025, respectively, compared to the
Current report
Segment profit increased $4.8 million and decreased $5.1 million for the three and nine month periods ended September 30, 2025, respectively, compared to the corresponding periods in 2024. The increase in segment profit during the three months ended September 30, 2025 includes higher sales volume and benefits from our margin expansion initiatives.
Current report
Other Operations (amounts in thousands)
Current report
Segment net sales increased 10% in U.S. dollars and 9% in local currency for the three months ended September 30, 2025 and increased 7% in U.S. dollars and 8% in local currency for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. Net sales to external customers increased 8% in U.S. dollars and 6% in local currencies for the three months ended September 30, 2025 and increased 5% in both U.S. dollars and local currencies for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. Other Operations net sales to external customers and segment net sales benefited approximately 1% from acquisitions for the three months ended September 30, 2025. The growth in net sales to external customers during the nine months ended September 30, 2025 was reduced approximately 3% from the recovery of previously disclosed shipping delays during the nine months ended September 30, 2024. Net sales to external customers for the three and nine months ended September 30, 2025 includes strong growth in most product categories, particularly process analytics.
Current report
We continue to explore potential acquisitions. In connection with any acquisition, we may incur additional indebtedness. During the third quarter of 2025, we acquired several acquisitions related to our North America distribution and an extension of our life science equipment offering. The cumulative initial cash payments were $72.6 million and we may be required to pay additional consideration of up to $31.2 million. Goodwill recorded in connection with the acquisitions totaled $48.4 million. We also recorded $31.8 million of identified intangibles primarily pertaining to customer relationships in connection with the acquisitions, which will be amortized on a straight-line basis over 5 to 10 years. For additional information related to these acquisitions, refer to Note 4 to the interim consolidated financial statements.
Removed paragraphs (6)
Previous report
Interest expense was $16.8 million and $19.0 million for the three months ended June 30, 2025 and 2024, respectively, and $33.4 million and $38.2 million for the six months ended June 30, 2025 and 2024, respectively.
Previous report
June 30, 2024. Net sales to external customers for the three and six months ended June 30, 2025 includes a decline in most product categories.
Previous report
Total net sales increased 7% in U.S. dollars and 2% in local currencies for the three months ended June 30, 2025 and decreased 2% in U.S. dollars and decreased 3% in local currencies for the six months ended June 30, 2025, compared to the corresponding periods in 2024. Net sales to external customers increased 5% in U.S. dollars and decreased 1% in local currencies for the three months ended June 30, 2025, and decreased 4% in U.S. dollars and decreased 5% in local currencies for the six months ended June 30, 2025, compared to the corresponding periods in 2024. The growth in net sales to external customers during the six months ended June 30, 2025 was reduced approximately 5% from the recovery of previously disclosed shipping delays during the six month period ended June 30, 2024. Net sales to external customers for the three months ended June 30, 2025 includes a modest decline in laboratory-related products.
Previous report
Total net sales were flat in U.S. dollars and decreased 1% in local currency for the three months ended June 30, 2025 and decreased 1% in both U.S. dollars and local currency for the six months ended June 30, 2025, compared to the corresponding periods in 2024. Net sales to external
Previous report
Segment profit decreased $10.2 million and $10.0 million for the three and six month periods ended June 30, 2025, respectively, compared to the corresponding periods in 2024. The decrease in segment profit during the three and six months ended June 30, 2025 includes lower sales volume and increased tariff costs, offset in part by benefits from our cost savings initiatives.
Previous report
Other (amounts in thousands)
Reworded paragraphs (43)
Previous wording
Our interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025.
Current wording
Our interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025.
Previous wording
The following tables set forth certain items from our interim consolidated statements of operations and comprehensive income for the three and six month periods ended June 30, 2025 and 2024 (amounts in thousands).
Current wording
The following tables set forth certain items from our interim consolidated statements of operations and comprehensive income for the three and nine month periods ended September 30, 2025 and 2024 (amounts in thousands).
Previous wording
In 2025, the U.S. government enacted incremental tariffs of 10% on imported products as well as higher tariffs on imports from certain other countries, including an additional 145% tariff on imports from China that has been recently reduced to 30%, a 25% tariff on non-USMCA products imported from Mexico, a 10% tariff on products imported from Switzerland that has recently been increased to 39%, and a 10% tariff on imports from the European Union that has recently increased to 15%. In response to the U.S. tariffs, the Chinese government implemented an additional tariff of 125% on imports from the U.S. that has recently been reduced to 10%. All the above-referenced tariffs became effective at various points during 2025, especially in April 2025.
Current wording
In 2025, the U.S. government enacted incremental tariff rates at various levels ranging from 10% to 145% on U.S. imports from certain foreign countries. In response to the U.S. tariffs, the Chinese government implemented an additional tariff of 125% on imports from the U.S. that has been reduced to 10%. We estimate we will incur costs before mitigation actions from the incremental 2025 tariff rates of approximately $50 million in 2025. We are implementing various actions to fully offset the effect of the current incremental tariffs in 2026. Incremental tariff rates during 2025 are currently 39% on imports from Switzerland, 25% on non-USMCA imports from Mexico, 30% on imports from China, 15% on imports from the European Union and 10% on imports from the United Kingdom. The U.S. government has indicated it may make further changes to tariff rates in the future, especially related to China, that may adversely impact our financial results in future periods.
Previous wording
Net sales were $983.2 million and $946.8 million for the three months ended June 30, 2025, and 2024, respectively, and $1.9 billion for both six month periods ended June 30, 2025 and 2024. Sales in U.S. dollars increased 4% for the three month period and were flat for the six month period ended June 30, 2025. Excluding the effect of currency exchange rate fluctuations, or in local currencies, net sales increased 2% for the three month period and were flat for the six month period ended June 30, 2025. We estimate that net sales growth for the six months ended June 30, 2025 was reduced approximately 3% from the recovery of previously disclosed shipping delays during the three months ended March 31, 2024 related to a new external European logistics service provider.
Current wording
Net sales were $1.0 billion and $954.5 million for the three months ended September 30, 2025, and 2024, respectively, and $2.9 billion and $2.8 billion for nine month periods ended September 30, 2025 and 2024, respectively. Sales in U.S. dollars increased 8% for the three month period and 2% for the nine month period ended September 30, 2025. Excluding the effect of currency exchange rate fluctuations, or in local currencies, net sales increased 6% for the three month period and 2% for the nine month period ended September 30, 2025. Net sales in local currencies increased 5% for the three month period ended September 30, 2025 excluding acquisitions. We estimate that net sales growth for the nine months ended September 30, 2025 was reduced approximately 2% from the recovery of previously disclosed shipping delays during the three months ended March 31, 2024 related to a new external European logistics service provider.
Previous wording
Excluding this impact, sales increased 3% in local currency for the six months ended June 30, 2025 compared to the corresponding period in 2024.
Current wording
Excluding this impact, sales increased 4% in local currency for the nine months ended September 30, 2025 compared to the corresponding period in 2024.
Previous wording
We continue to benefit from the execution of our global sales and marketing programs, our innovative product portfolio, and investments in our field organization, particularly surrounding digital tools and techniques. However, the recent escalation in global trade disputes/tariffs has increased uncertainty in our end markets and the global economic environment, including increasing the risk of recession in many countries, and market conditions may change quickly. The ongoing developments related to global trade disputes/tariffs, Ukraine, and the conflict in the Middle East also present several risks to our business as further described in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024. These topics could adversely impact our financial results and could have a greater impact on our operating results in future periods.
Current wording
We continue to benefit from the execution of our global sales and marketing programs, our innovative product portfolio, and investments in our field organization, particularly surrounding digital tools and techniques. However, the recent escalation in global trade disputes/tariffs has increased uncertainty in our end markets and the global economic environment, including increasing the risk of recession in many countries, and market conditions may change quickly. The ongoing developments related to global trade disputes/tariffs, governmental policies, the geopolitical environment, the conflict in Ukraine, and continuing instability in the Middle East also present several risks to our business as further described in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024. These topics could adversely impact our financial results and could have a greater impact on our operating results in future periods.
Previous wording
Net sales by geographic destination for the three months ended June 30, 2025 in U.S. dollars increased 2% in the Americas, 6% in Europe, and 4% Asia/Rest of World. In local currencies, our net sales by geographic destination increased 3% in both the Americas and Asia/Rest of World, and were flat in Europe. Our net sales by geographic destination for the six months ended June 30, 2025 in U.S. dollars were flat in both the Americas and Asia/Rest of World, and decreased 2% in Europe. Net sales by geographic destination for the six months ended June 30, 2025 in local currencies increased 1% in both the Americas and Asia/Rest of World, and decreased 3% in Europe. Net sales in Asia/Rest of World in local currency includes decreases of 2% and 1% in China during the three and six months ended June 30, 2025. Excluding the impact of the recovery of delayed shipments in the prior year, local currency sales during the six months ended June 30, 2025 increased 3% in the Americas, 2% in Europe, and 3% in Asia/Rest of World, with sales flat in China. A discussion of sales by operating segment is included below.
Current wording
Net sales by geographic destination for the three months ended September 30, 2025 in U.S. dollars increased 10% in the Americas, 13% in Europe, and 1% Asia/Rest of World. In local currencies, our net sales by geographic destination increased 10% in the Americas, 6% in Europe, and 1% in Asia/Rest of World. Net sales in the Americas benefited approximately 1% from acquisitions for the three months ended September 30, 2025. Our net sales by geographic destination for the nine months ended September 30, 2025 in U.S. dollars increased 4% in the Americas, 3% in Europe, and 1% in Asia/Rest of World. Net sales by geographic destination for the nine months ended September 30, 2025 in local currencies increased 4% in the Americas and 1% Asia/Rest of World, and were flat in Europe. Net sales in Asia/Rest of World in local currency includes an increase of 2% and flat sales in China during the three and nine months ended September 30, 2025. Excluding the impact of the recovery of delayed shipments in the prior year, local currency sales during the nine months ended September 30, 2025 increased 5% in the Americas, 3% in Europe, and 2% in Asia/Rest of World, with a 1% increase in China. A discussion of sales by operating segment is included below.
Previous wording
Net sales of products increased 3% in U.S. dollars and 2% in local currencies for the three months ended June 30, 2025 and decreased 2% in both U.S. dollars and local currencies for the six months ended June 30, 2025, compared to the corresponding periods in 2024. Service revenue (including spare parts) increased 6% in U.S. dollars and 4% in local currencies for the three months ended June 30, 2025 and increased 5% in both U.S. dollars and local currencies for the six months ended June 30, 2025, compared to the corresponding periods in 2024.
Current wording
Net sales of products increased 7% in U.S. dollars and 5% in local currencies for the three months ended September 30, 2025 and increased 1% in U.S. dollars and were flat in local currencies for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. Service revenue (including spare parts) increased 10% in U.S. dollars and 8% in local currencies for the three months ended September 30, 2025 and increased 7% in U.S. dollars and 6% inlocal currencies for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. Service revenue benefited approximately 1% from acquisitions for the three months ended September 30, 2025.
Previous wording
Net sales of our laboratory products and services, which represented approximately 56% of our total net sales, increased 3% in U.S. dollars and 1% in local currencies for the three months ended June 30, 2025, and decreased 1% in both U.S. dollars and local currencies for the six months ended June 30, 2025. Laboratory net sales growth for the six months ended June 30, 2025 was reduced by approximately 4% from the recovery of previously disclosed shipping delays during the six month period ended June 30, 2024. The local currency increase in net sales of our laboratory-related products for the three and six months ended June 30, 2025 includes modest growth in most product categories. The six months ended June 30, 2025 also includes strong growth in process analytics.
Current wording
Net sales of our laboratory products and services, which represented approximately 55% of our total net sales, increased 6% in U.S. dollars and 4% in local currencies for the three months ended September 30, 2025, and increased 1% in both U.S. dollars and local currencies for the nine months ended September 30, 2025. Laboratory net sales growth for the nine months ended September 30, 2025 was reduced by approximately 3% from the recovery of previously disclosed shipping delays during the nine month period ended September 30, 2024. The local currency increase in net sales of our laboratory-related products for the three and nine months ended September 30, 2025 includes growth in most product categories, with particularly strong growth in process analytics during the three months ended September 30, 2025.
Previous wording
Net sales of our industrial products and services, which represented approximately 39% of our total net sales, increased 5% in U.S. dollars and 4% in local currencies for the three months ended June 30, 2025, and increased 1% in U.S. dollars and 2% in local currencies for the six months ended June 30, 2025. Industrial net sales growth for the six months ended June 30, 2025 was reduced by approximately 1% from the recovery of previously disclosed shipping delays during the six month period ended June 30, 2024. The local currency increase in net sales of our industrial-related products for the three and six months ended June 30, 2025 includes strong growth in product inspection.
Current wording
Net sales of our industrial products and services, which represented approximately 40% of our total net sales, increased 11% in U.S. dollars and 9% in local currencies for the three months ended September 30, 2025, and increased 5% in U.S. dollars and 4% local currencies for the nine months ended September 30, 2025. Net sales of our industrial products and services benefited approximately 1% from acquisitions for the three months ended September 30, 2025. Industrial net
Previous wording
Net sales in our food retailing products and services, which represented approximately 5% of our total net sales, increased 3% in U.S. dollars and were flat in local currencies for the three months ended June 30, 2025, and decreased 5% in U.S. dollars and decreased 6% in local currencies for the six months ended June 30, 2025. Retail net sales growth for the six months ended June 30, 2025 was reduced by approximately 4% from the recovery of the previously disclosed shipping delays during the six month period ended June 30, 2024. The local currency net sales of our food retailing products for the three and six months ended June 30, 2025 are impacted by the timing of customer project activity.
Current wording
Net sales in our food retailing products and services, which represented approximately 5% of our total net sales, increased 8% in U.S. dollars and 5% in local currencies for the three months ended September 30, 2025, and decreased 1% in U.S. dollars and 2% in local currencies for the nine months ended September 30, 2025. Retail net sales growth for the nine months ended September 30, 2025 was reduced by approximately 3% from the recovery of the previously disclosed shipping delays during the nine month period ended September 30, 2024. The local currency net sales of our food retailing products for the three and nine months ended September 30, 2025 are impacted by the timing of customer project activity with strong growth in Europe during the three month period ended September 30, 2025.
Previous wording
Gross profit as a percentage of net sales was 59.0% and 59.7% for the three months ended June 30, 2025 and 2024, respectively, and 59.2% and 59.5% for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Gross profit as a percentage of net sales was 59.2% and 60.0% for the three months ended September 30, 2025 and 2024, respectively, and 59.2% and 59.6% for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Gross profit as a percentage of net sales for products was 60.6% and 62.0% for the three months ended June 30, 2025 and 2024, respectively, and 61.1% and 61.6% for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Gross profit as a percentage of net sales for products was 61.0% and 61.8% for the three months ended September 30, 2025 and 2024, respectively, and 61.0% and 61.7% for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Gross profit as a percentage of net sales for services (including spare parts) was 54.2% and 52.9% for the three months ended June 30, 2025 and 2024, respectively, and 54.0% and 52.9% for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Gross profit as a percentage of net sales for services (including spare parts) was 53.9% and 54.4% for the three months ended September 30, 2025 and 2024, respectively, and 53.9% and 53.4% for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
The decrease in gross profit as a percentage of net sales for the three and six months ended June 30, 2025 primarily reflects increased tariff costs, partially offset by favorable price realization and benefits from our SternDrive program. The decrease in gross profit as a percentage of net sales for the six months ended June 30, 2025 also includes lower sales volume related to the recovery of shipping delays in the prior year.
Current wording
The decrease in gross profit as a percentage of net sales for the three and nine months ended September 30, 2025 primarily reflects increased tariff costs and unfavorable business mix, partially offset by favorable price realization and benefits from our SternDrive program. The decrease in gross profit as a percentage of net sales for the nine months ended September 30, 2025 also includes lower sales volume related to the recovery of shipping delays in the prior year.
Previous wording
The escalation in global trade disputes/tariffs may negatively impact our gross margins during the remainder of 2025. As previously mentioned, we have implemented various actions to mitigate the effect of the tariffs.
Current wording
The escalation in global trade disputes/tariffs may negatively impact our gross margins in future periods. As previously mentioned, we have implemented various actions to mitigate the effect of the tariffs.
Previous wording
Research and development expenses as a percentage of net sales was 5.0% and 4.8% for the three months ended June 30, 2025 and 2024, respectively, and was 5.1% and 4.9% for the six months ended June 30, 2025 and 2024, respectively. Research and development expenses increased 8% in U.S. dollars and 3% in local currencies for the three months ended June 30, 2025, and increased 4% in U.S. dollars and 3% in local currencies for the six months ended June 30, 2025, respectively, compared to the corresponding periods in 2024.
Current wording
Research and development expenses as a percentage of net sales was 5.0% and 4.9% for the three months ended September 30, 2025 and 2024, respectively, and was 5.1% and 4.9% for the nine months ended September 30, 2025 and 2024, respectively. Research and development expenses increased 9% in U.S. dollars and 4% in local currencies for the three months ended September 30, 2025, and increased 5% in U.S. dollars and 3% in local currencies for the nine months ended September 30, 2025, respectively, compared to the corresponding periods in 2024.
Previous wording
Selling, general and administrative expenses as a percentage of net sales were 25.2% and 24.9% for the three months ended June 30, 2025 and 2024, respectively, and were 26.3% and 25.1% for the six months ended June 30, 2025 and 2024, respectively. Selling, general and administrative expenses increased 5% in U.S. dollars and 2% in local currencies for the three months ended June 30, 2025, and increased 4% in U.S. dollars and local currencies for the six months ended June 30, 2025. The local currency increase for the three and six months ended June 30, 2025 includes sales and marketing investments, offset in part by savings from our cost savings initiatives and lower variable compensation.
Current wording
Selling, general and administrative expenses as a percentage of net sales were 24.1% and 24.0% for the three months ended September 30, 2025 and 2024, respectively, and were 25.5% and 24.7% for the nine months ended September 30, 2025 and 2024, respectively. Selling, general and administrative expenses increased 9% in U.S. dollars and 6% in local currencies for the three months ended September 30, 2025, and increased 6% in U.S. dollars and 4% local currencies for the nine months ended September 30, 2025. The local currency increase for the three and nine months ended September 30, 2025 includes sales and marketing investments, offset in part by savings from our cost savings initiatives.
Previous wording
Amortization expense was $17.6 million and $18.2 million for the three months ended June 30, 2025 and 2024, respectively, and $34.8 million and $36.4 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Amortization expense was $20.0 million and $18.2 million for the three months ended September 30, 2025 and 2024, respectively, and $54.8 million and $54.6 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Restructuring charges were $3.6 million and $5.3 million for the three months ended June 30, 2025 and 2024, respectively, and $7.3 million and $15.0 million for the six months ended June 30, 2025 and 2024, respectively. Restructuring expenses are primarily comprised of employee-related costs.
Current wording
Restructuring charges were $6.0 million and $2.6 million for the three months ended September 30, 2025 and 2024, respectively, and $13.3 million and $17.6 million for the nine months ended September 30, 2025 and 2024, respectively. Restructuring expenses are primarily comprised of employee-related costs.
Previous wording
Other charges (income), net includes non-service pension costs (benefits), net (gains) losses from foreign currency transactions and hedging activities, interest income and other items. Non-service pension benefits were $3.4 million and $1.9 million for the three months ended June 30, 2025 and 2024, respectively, and $6.5 million and $3.8 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Other charges (income), net includes non-service pension costs (benefits), net (gains) losses from foreign currency transactions and hedging activities, interest income and other items. Non-service pension benefits were $3.5 million and $1.9 million for the three months ended September 30, 2025 and 2024, respectively, and $10.1 million and $5.7 million for the nine months ended September 30, 2025 and 2024, respectively. Other charges (income), net also includes $1.3 million of acquisition transaction costs for the three and nine months ended September 30, 2025.
Previous wording
Our reported tax rate was 18.6% and 8.8% during the three months ended June 30, 2025 and 2024, respectively, and 18.8% and 13.9% during the six months ended June 30, 2025 and 2024, respectively. The reported tax rate for the three and six month periods ended June 30, 2024 includes a non-cash discrete tax benefit of $23.0 million resulting from the reduction of uncertain tax position liabilities related to the settlement of a tax audit. The provision for taxes is based upon our projected annual effective tax rate of 19.0% before non-recurring discrete tax items for the periods ended June 30, 2025 and 2024. The difference between our projected annual effective tax rate and the reported tax rate is related to the timing of excess tax benefits associated with stock option exercises and the non-recurring discrete tax item in the prior year.
Current wording
Our reported tax rate was 19.2% and 18.3% during the three months ended September 30, 2025 and 2024, respectively, and 18.9% and 15.5% during the nine months ended September 30, 2025 and 2024, respectively. The reported tax rate for the nine month period ended September 30, 2024 includes a non-cash discrete tax benefit of $23.0 million resulting from the reduction of uncertain tax position liabilities related to the settlement of a tax audit. The provision for taxes is based upon our projected annual effective tax rate of 19.0% before non-recurring discrete tax items for the periods ended September 30, 2025 and 2024. The difference between our projected annual effective tax rate and the reported tax rate is related to the timing of excess tax benefits associated with stock option exercises and the non-recurring discrete tax item in the prior year.
Previous wording
On July 4, 2025, the United States enacted new tax legislation into law. We are currently evaluating the impact of the new legislation on our consolidated financial statements and we do not expect a significant impact on our projected annual tax rate.
Current wording
On July 4, 2025, the United States enacted new tax legislation into law. We reflected the impact of the legislation, which was not material, during the three months ended September 30, 2025. We do not expect the legislation to have a material impact on our projected annual income tax rate or consolidated financial statements.
Previous wording
The following is a discussion of the financial results of our operating segments. We currently have five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other. A more detailed description of these segments is outlined in Note 18 to our consolidated financial statements for the year ended December 31, 2024.
Current wording
The following is a discussion of the financial results of our operating segments. We currently have five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other Operations. A more detailed description of these segments is outlined in Note 18 to our consolidated financial statements for the year ended December 31, 2024.
Previous wording
Total net sales and net sales to external customers increased 3% and 1% for the three and six months ended June 30, 2025, respectively, compared with the corresponding periods in 2024. The growth in net sales to external customers during the six months ended June 30, 2025 was reduced approximately 2% from the recovery of previously disclosed shipping delays during the six month period ended June 30, 2024. Net sales to external customers for the three and six months ended June 30, 2025 includes strong growth in product inspection and process analytics.
Current wording
Segment net sales increased 9% and 4% for the three and nine months ended September 30, 2025, respectively, compared with the corresponding periods in 2024. Net sales to external customers increased 10% and 4% for the three and nine months ended September 30, 2025, respectively, compared with the corresponding periods in 2024. Net sales to external customers and segment net sales benefited 1% from acquisitions for the three months ended September 30, 2025. The growth in net sales to external customers during the nine months ended September 30, 2025 was reduced approximately 1% from the recovery of previously disclosed shipping delays during the nine months ended September 30, 2024. Net sales to external customers for the three and nine months ended September 30, 2025 includes particularly strong growth in process analytics and product inspection. Net sales to external customers for the three months ended September 30, 2025 also includes strong growth in core industrial.
Previous wording
Segment profit decreased $7.5 million and $16.9 million for the three and six months ended June 30, 2025, compared to the corresponding periods in 2024. Segment profit during the three months ended June 30, 2025 includes higher tariff costs and unfavorable business mix, offset in part by favorable price realization. Segment profit during the six months ended June 30, 2025 was also negatively impacted by lower sales volume in the first quarter related to the previously disclosed shipping delay recovery in the prior year.
Current wording
Segment profit increased $2.6 million and decreased $14.3 million for the three and nine months ended September 30, 2025, compared to the corresponding periods in 2024. Segment profit during the three and nine months ended September 30, 2025 includes higher tariff costs offset in part by pricing. Segment profit during the nine months ended September 30, 2025 was also negatively impacted by lower sales volume in the first quarter related to the previously disclosed shipping delay recovery in the prior year.
Previous wording
Total net sales increased 13% in U.S. dollars and 5% in local currency for the three months ended June 30, 2025, and decreased 5% in U.S. dollars and decreased 7% in local currency for the six months ended June 30, 2025, respectively, compared to the corresponding periods in 2024. Net sales to external customers decreased 1% in U.S. dollars and decreased 6% in local currency for the three months ended June 30, 2025 and decreased 7% in U.S. dollars and decreased 9% in local currency for the six months ended June 30, 2025, compared to the corresponding periods in 2024. The decline in net sales to external customers during the six months ended June 30, 2025 includes a 6% decline from the recovery of previously disclosed shipping delays during the six months ended
Current wording
31 - corresponding periods in 2024. Net sales to external customers decreased 3% in U.S. dollars and 7% in local currency for the three months ended September 30, 2025 and decreased 6% in U.S. dollars and 8% in local currency for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. The decline in net sales to external customers during the nine months ended September 30, 2025 includes a 4% decline from the recovery of previously disclosed shipping delays during the nine months ended September 30, 2024. Net sales to external customers for the three and nine months ended September 30, 2025 includes declines in most product categories.
Previous wording
Segment profit increased $14.8 million and $16.7 million for the three and six months ended June 30, 2025, respectively, compared to the corresponding periods in 2024. Segment profit increased during the three months ended June 30, 2025 primarily due to higher net sales to other segments, offset in part by unfavorable foreign currency translation.
Current wording
Segment profit increased $1.8 million and $18.5 million for the three and nine months ended September 30, 2025, respectively, compared to the corresponding periods in 2024. Segment profit increased during the three months ended September 30, 2025 primarily due to higher net sales to other segments, offset in part by unfavorable foreign currency translation.
Previous wording
Total net sales increased 12% in U.S. dollars and 11% in local currency for the three months ended June 30, 2025 and increased 5% in U.S. dollars and 7% in local currency for the six months ended June 30, 2025, compared to the corresponding periods in 2024. Net sales to external customers increased 12% in U.S. dollars and 11% in local currencies for the three months ended June 30, 2025 and increased 3% in U.S. dollars and 5% in local currencies for the six months ended June 30, 2025, compared to the corresponding periods in 2024. The growth in net sales to external customers during the six months ended June 30, 2025 was reduced approximately 5% from the recovery of previously disclosed shipping delays during the six months ended June 30, 2024. Net sales to external customers for the three and six months ended June 30, 2025 includes strong growth in most product categories, particularly laboratory-related products.
Current wording
Segment net sales increased 14% in U.S. dollars and 7% in local currencies for the three months ended September 30, 2025 and increased 3% in U.S. dollars and were flat in local currencies for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. Net sales to external customers increased 13% in U.S. dollars and 6% in local currencies for the three months ended September 30, 2025, and increased 2% in U.S. dollars and decreased 1% in local currencies for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. The growth in net sales to external customers during the nine months ended September 30, 2025 was reduced approximately 3% from the recovery of previously disclosed shipping delays during the nine month period ended September 30, 2024. Net sales to external customers for the three months ended September 30, 2025 includes very strong growth in core industrial and retail products.
Previous wording
Segment profit increased $6.8 million and decreased $0.5 million for the three and six month periods ended June 30, 2025, respectively, compared to the corresponding periods in 2024. The increase in segment profit during the three months ended June 30, 2025 includes increased net sales and benefits from our margin expansion initiatives, as well as favorable foreign currency translation. The decrease in segment profit during the six months ended June 30, 2025 reflects lower sales volume related to our previously disclosed shipping delay recovery in the prior year.
Current wording
Segment profit increased $13.3 million and $12.8 million for the three and nine month periods ended September 30, 2025, respectively, compared to the corresponding periods in 2024. The increase in segment profit during the three and nine months ended September 30, 2025 includes increased net sales and benefits from our margin expansion initiatives, as well as favorable foreign currency translation.
Previous wording
32 - customers decreased 1% in U.S. dollars and decreased 2% in local currency by origin for the three months ended June 30, 2025 and decreased 1% in both U.S. dollars and local currency during the six months ended June 30, 2025, compared to the corresponding periods in 2024. The growth in net sales to external customers during the six months ended June 30, 2025 was reduced approximately 1% from the recovery of previously disclosed shipping delays during the six month period ended June 30, 2024. Net sales to external customers for the three months ended June 30, 2025 includes a decline in laboratory-related products.
Current wording
Segment net sales increased 5% in both U.S. dollars and local currency for the three months ended September 30, 2025 and increased 1% in both U.S. dollars and local currency for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. Net sales to external customers increased 2% in U.S. dollars and 1% in local currency by origin for the three months ended September 30, 2025 and were flat in both U.S. dollars and local currency during the nine months ended September 30, 2025, compared to the corresponding periods in 2024. The growth in net sales to external customers during the nine months ended September 30, 2025 was reduced approximately 1% from the recovery of previously disclosed shipping delays during the nine month period ended September 30, 2024. Net sales to external customers for the three months ended September 30, 2025 includes modest growth in both industrial and laboratory-related products.
Previous wording
Segment profit increased $6.5 million and $5.8 million for the three and six months ended June 30, 2025, respectively, compared to the corresponding periods in 2024. The increase in segment profit for the three and six months ended June 30, 2025 is primarily related to increased sales volume and benefits from our margin expansion initiatives.
Current wording
Segment profit increased $5.2 million and $11.0 million for the three and nine months ended September 30, 2025, respectively, compared to the corresponding periods in 2024. The increase in segment profit for the three and nine months ended September 30, 2025 is primarily related to increased sales volume and benefits from our margin expansion initiatives.
Previous wording
Cash provided by operating activities totaled $430.8 million during the six months ended June 30, 2025, compared to $447.5 million in the corresponding period in 2024. The decrease for the six months ended June 30, 2025 is primarily related to higher cash incentive payments of approximately $36 million related to prior year performance.
Current wording
Cash provided by operating activities totaled $730.2 million during the nine months ended September 30, 2025, compared to $702.2 million in the corresponding period in 2024. The increase for the nine months ended September 30, 2025 includes lower tax payments and favorable working capital, offset in part by higher cash incentive payments of approximately $36 million related to prior year performance.
Previous wording
Capital expenditures are made primarily for investments in information systems and technology, machinery, equipment and the purchase and expansion of facilities. Our capital expenditures totaled $41.1 million for the six months ended June 30, 2025 compared to $41.2 million in the corresponding period in 2024.
Current wording
Capital expenditures are made primarily for investments in information systems and technology, machinery, equipment and the purchase and expansion of facilities. Our capital expenditures totaled $65.6 million for the nine months ended September 30, 2025 compared to $62.6 million in the corresponding period in 2024.
Previous wording
Cash flows used in financing activities are primarily comprised of share repurchases. In accordance with our share repurchase program, we spent $437.5 million and $425.0 million on the repurchase of 368,010 shares and 330,492 shares, during the six months ended June 30, 2025 and 2024, respectively.
Current wording
Cash flows used in financing activities are primarily comprised of share repurchases. In accordance with our share repurchase program, we spent $656.2 million and $637.5 million on the repurchase of 542,416 shares and 482,413 shares, during the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
As of June 30, 2025, we had $493.4 million of additional borrowings available under our Credit Agreement, and we maintained $61.8 million of cash and cash equivalents.
Current wording
As of September 30, 2025, we had $472.4 million of additional borrowings available under our Credit Agreement, and we maintained $69.1 million of cash and cash equivalents.
Previous wording
Changes in exchange rates between the currencies in which we generate cash flows and the currencies in which our borrowings are denominated affect our liquidity. In addition, because we borrow in a variety of currencies, our debt balances fluctuate due to changes in exchange rates.
Current wording
Changes in exchange rates between the currencies in which we generate cash flows and the currencies in which our borrowings are denominated affect our liquidity. In addition, because we borrow in a variety of currencies, our debt balances fluctuate due to changes in exchange rates. Further, we do not have any downgrade triggers relating to ratings from rating agencies that would accelerate the maturity dates of our debt. We were in compliance with our debt covenants as of September 30, 2025.
Previous wording
We have $1.3 billion of remaining availability for our share repurchase program as of June 30, 2025. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors.
Current wording
In November 2025, the Company's Board of Directors authorized an additional $2.75 billion to be added to our share repurchase program, which had $1.1 billion of remaining availability as of September 30, 2025. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors.
Previous wording
We have purchased 32.7 million shares at an average price per share of $312.57 since the inception of the program in 2004 through June 30, 2025. During the six months ended June 30, 2025 and 2024, we spent $437.5 million and $425.0 million on the repurchase of 368,010 and 330,492 shares at an average price per share of $1,188.80 and $1,285.94, respectively. We also reissued 17,589 shares and 23,538 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2025 and 2024, respectively. In addition, we incurred $2.1 million and $1.9 million of excise tax during the three months ended June 30, 2025 and 2024, respectively, and $4.1 million and $4.0 million of excise tax during the six months ended June 30, 2025 and 2024, respectively related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in our consolidated financial statements.
Current wording
We have purchased 32.9 million shares at an average price per share of $317.56 since the inception of the program in 2004 through September 30, 2025. During the nine months ended September 30, 2025 and 2024, we spent $656.2 million and $637.5 million on the repurchase of 542,416 and 482,413 shares at an average price per share of $1,209.84 and $1,321.46, respectively. We also reissued 21,400 shares and 58,909 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the nine months ended September 30, 2025 and 2024, respectively. In addition, we incurred $2.2 million and $1.8 million of excise tax during the three months ended September 30, 2025 and 2024, respectively, and $6.3 million and $5.8 million of excise tax during the nine months ended September 30, 2025 and 2024, respectively related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in our consolidated financial statements.
Previous wording
In addition to the effects of exchange rate movements on operating profits, our debt levels can fluctuate due to changes in exchange rates, particularly between the U.S. dollar, the Swiss franc and the euro. Based on our outstanding debt at June 30, 2025, we estimate that a 5% weakening of the U.S. dollar against the currencies in which our debt is denominated would result in an increase of approximately $54.8 million in the reported U.S. dollar value of our debt.
Current wording
In addition to the effects of exchange rate movements on operating profits, our debt levels can fluctuate due to changes in exchange rates, particularly between the U.S. dollar, the Swiss franc and the euro. Based on our outstanding debt at September 30, 2025, we estimate that a 5% weakening of the U.S. dollar against the currencies in which our debt is denominated would result in an increase of approximately $53.1 million in the reported U.S. dollar value of our debt.
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Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
We estimate the associated annualized cost increase of the incremental 2025 tariffs is approximately $95 million (assuming the above-referenced tariff rates). The U.S. government has indicated it may make further changes to tariff rates in the future. We are implementing various actions to mitigate the effect of the tariffs.
Previous report — wording carried elsewhere
Further, we do not have any downgrade triggers relating to ratings from rating agencies that would accelerate the maturity dates of our debt. We were in compliance with our debt covenants as of June 30, 2025.