METTLER TOLEDO INTERNATIONAL INC/
For the period ended Jun 30, 2026. Filed Jul 31, 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.
Jun 30, 2026 · Filed Jul 31, 2026
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 2026-03-31; filed 2026-05-08.
0001037646-26-000021
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-31.
0001037646-26-000051
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 88 previous paragraphs and 92 current paragraphs.
37 unchanged; 32 reworded; 23 added; 16 removed; 3 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 (23)
Current report
Note: As further described below, our operating results for the three and six months ended June 30, 2026 include a one-time benefit of $52.4 million from IEEPA tariff-related refunds that reduced cost of sales, offset in part by related customer refunds of $27.8 million that reduced net sales.
Current report
In February 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). During the three months ended June 30, 2026, we received refunds, including interest, from the U.S. Customs and Border Protection of $42.9 million and concluded the remaining $9.5 million of refunds due were realizable and such amounts have been subsequently received. This resulted in a one-time gross benefit of $52.4 million that reduced cost of sales for the three and six months ended June 30, 2026. In addition, we committed to issue $27.8 million to customers for tariff-related refunds, which reduced net sales for the three and six months ended June 30, 2026. We anticipate distributing refunds to our customers during the third quarter of 2026.
Current report
On July 23, 2026, the U.S. government imposed new Section 301 tariffs to effectively replace the expired Section 122 tariffs. The new Section 301 tariffs include a 12.5% rate on imports from Switzerland and China, and a 10% rate on imports from the European Union, United Kingdom, and non-USMCA imports from Mexico. The U.S. government has also discussed the potential of additional tariffs on certain countries, as well as a potential ending of USMCA on imports from Mexico that are currently not subject to tariffs. Any additional changes to tariff rates in the future could adversely impact our financial results.
Current report
Net sales were $1.0 billion and $983.2 million for the three months ended June 30, 2026, and 2025, respectively, and $2.0 billion and $1.9 billion for the six months ended June 30, 2026, and 2025, respectively. Sales in U.S. dollars increased 4% for the three months and increased 6% for the six months ended June 30, 2026, respectively. Excluding the effect of currency exchange fluctuations, or in local currencies, net sales increased 6% for the three months and 4% for the six months ended June 30, 2026, respectively, before the previously described one-time tariff-related customer refunds. Organic local currency net sales, which exclude acquisitions and the one-time tariff-related customer refunds, increased 4% for the three months and 3% for the six months ended June 30, 2026, respectively.
Current report
Net sales by geographic destination for the three months ended June 30, 2026 in U.S. dollars decreased 3% in the Americas, and increased 7% in Europe and 12% Asia/Rest of World. In local currencies, our net sales by geographic destination decreased 3% in the Americas and increased 4% in Europe and 10% in Asia/Rest of World. Local currency net sales by geographic destination increased 3% in the Americas, 4% in Europe, and 10% in Asia/Rest of World before the effect of one-time tariff-related customer refunds. Organic local currency net sales by geographic destination increased 1% in the Americas, 4% in Europe, and 9% in Asia/Rest of World. Organic local currency net sales in Asia/Rest of World includes an increase of 9% in China during the three months ended June 30, 2026.
Current report
Net sales of products increased 3% and 4% in U.S. dollars for the three and six months ended June 30, 2026, respectively. Local currency product net sales increased 4% and 3% for the three and six months ended June 30, 2026, respectively, before the one-time tariff-related customer refunds. Organic local currency product net sales increased 3% and 2% for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025.
Current report
Service net sales (including spare parts) increased 10% and 11% in U.S. dollars for the three and six months ended June 30, 2026, respectively. Local currency service net sales increased 9% and 8% for the three and six months ended June 30, 2026, respectively, before the one-time tariff-related customer refunds. Organic local currency service net sales increased 7% and 6% for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025.
Current report
Net sales of our laboratory products and services, which represented approximately 55% of our total net sales, increased 3% and 4% in U.S. dollars for the three and six months ended June 30, 2026, respectively. Local currency laboratory net sales increased 5% and 3% for the three and six months ended June 30, 2026, respectively, before the one-time tariff-related customer refunds. Organic local currency laboratory net sales increased 4% and 2% for the three and six months ended June 30, 2026, respectively. The Organic local currency increase in laboratory net sales for the three and six months ended June 30, 2026 includes strong growth in process analytics, laboratory balances, and analytical instruments.
Current report
Organic local currency industrial net sales increased 3% for both the three and six months ended June 30, 2026. The Organic local currency increase in industrial net sales for the three and six months ended June 30, 2026 includes growth in most product categories, with good core industrial growth during the three months ended June 30, 2026.
Current report
Gross profit as a percentage of net sales was 63.3% and 59.0% for the three months ended June 30, 2026 and 2025, respectively, and 61.1% and 59.2% for the six months ended June 30, 2026 and 2025, respectively. Excluding the effect of both the one-time tariff-related U.S. government and customer refunds, gross profit as a percentage of net sales was 59.3% and 59.0% for the three and six months ended June 30, 2026, respectively.
Current report
Gross profit as a percentage of net sales for products was 66.4% and 60.6% for the three months ended June 30, 2026 and 2025, respectively, and 63.7% and 61.1% for the six months ended June 30, 2026 and 2025, respectively. Excluding the effect of both the one-time tariff-related U.S. government and customer refunds, gross profit as a percentage of product net sales was 61.7% and 61.3% for the three and six months ended June 30, 2026, respectively.
Current report
Amortization expense was $19.4 million and $17.6 million for the three months ended June 30, 2026 and 2025, respectively, and $39.0 million and $34.8 million for the six months ended June 30, 2026 and 2025, respectively.
Current report
Interest expense was $17.2 million and $16.8 million for the three months ended June 30, 2026 and 2025, respectively, and $34.3 million and $33.4 million for the six months ended June 30, 2026 and 2025, respectively.
Current report
Total net sales and net sales to external customers decreased 5% and 2% for the three and six months ended June 30, 2026, respectively, compared with the corresponding periods in 2025. Organic total net sales and Organic net sales to external customers increased 5% and 1% for the three and six months ended June 30, 2026, respectively. Organic net sales to external customers for the three and six months ended June 30, 2026 includes strong growth in process analytics, analytical instruments, and laboratory balances, offset in part by a significant decline in food retail project activity.
Current report
Segment profit increased $36.9 million and $40.4 million for the three and six months ended June 30, 2026, compared to the corresponding periods in 2025. Segment profit during the three and six months ended June 30, 2026 includes a net benefit of $24.6 million related to one-time tariff-related refunds. Excluding the net tariff refund benefit, segment profit during the three and six months ended June 30, 2026 includes benefits from our margin expansion initiatives and lower tariff rates.
Current report
30 - customers for the three and six months ended June 30, 2026 includes growth in most product categories, especially laboratory products.
Current report
Total net sales increased 5% in U.S. dollars and 3% in local currencies for the three months ended June 30, 2026 and increased 9% in U.S. dollars and 2% in local currencies for the six months ended June 30, 2026, compared to the corresponding periods in 2025. Net sales to external customers increased 7% in U.S. dollars and 4% in local currencies for the three months ended June 30, 2026, and increased 10% in U.S. dollars and 3% in local currencies for the six months ended June 30, 2026, compared to the corresponding periods in 2025. Net sales to external customers for the three and six months ended June 30, 2026 includes growth in most product categories, especially food retailing.
Current report
Segment profit decreased $2.9 million and increased $2.9 million for the three and six month periods ended June 30, 2026, respectively, compared to the corresponding periods in 2025. The decrease in segment profit during the three months ended June 30, 2026 includes unfavorable inter-segment sales mix and higher transportation costs, offset in part by higher sales.
Current report
31 - customers for the three and six months ended June 30, 2026 includes particularly strong growth in industrial products.
Current report
Other (amounts in thousands)
Current report
Total net sales increased 9% in U.S. dollars and 10% in local currency for the three months ended June 30, 2026 and increased 11% in U.S. dollars and 10% in local currency for the six months ended June 30, 2026, compared to the corresponding periods in 2025. Net sales to external customers increased 9% in U.S. dollars and 10% in local currencies for the three months ended June 30, 2026 and increased 11% in U.S. dollars and 9% in local currencies for the six months ended June 30, 2026, compared to the corresponding periods in 2025. Local currency net sales to external customers excluding acquisitions increased 5% and 4% for the three and six months ended June 30, 2026, respectively. Net sales to external customers for the three and six months ended June 30, 2026 includes strong growth in process analytics, laboratory balances and analytical instruments, as well as core industrial.
Current report
Cash provided by operating activities totaled $450.2 million during the six months ended June 30, 2026, compared to $430.8 million in the corresponding period in 2025 and includes a benefit of $42.9 million related to one-time tariff related U.S. government refunds. Excluding the
Current report
32 - one-time tariff related U.S. government refunds, the decrease for the six months ended June 30, 2026 is primarily related to the timing of tax payments.
Removed paragraphs (16)
Previous report
In February 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). We submitted refund claims to the U.S. Customs and Border Protection for approximately $53 million pertaining to IEEPA amounts paid in 2025 and 2026 excluding interest. These potential refunds represent gain contingencies under ASC 450-30 and have not been recognized in the financial statements for the three months ended March 31, 2026 as uncertainties remain regarding government approval and appeals and final liquidation amounts. We will continue to monitor developments and recognize refunds when realized or realizable. We anticipate that a significant portion of any refund received from the U.S. government will be refunded to our customers, and we will pursue refunds from our suppliers. No provision for customer refunds has been recorded, pending claim resolution. Customer refunds will be recorded as a reduction in net sales when we pay or commit to such refunds.
Previous report
Net sales were $947.1 million for the three months ended March 31, 2026, compared to $883.7 million for the corresponding period in 2025. Sales increased 7% in U.S. dollars and 3% in local currencies for the three months ended March 31, 2026. Net sales growth in local currencies for the three months ended March 31, 2026 increased 1% excluding acquisitions completed in 2025.
Previous report
Net sales of products increased 5% in U.S. dollars and 1% in local currency for the three months ended March 31, 2026 compared to the prior year period and benefited approximately 1% from acquisitions. Service revenue (including spare parts) increased 12% in U.S. dollars and 7% in local currency during the three months ended March 31, 2026 compared to the prior year period and benefited approximately 2% from acquisitions.
Previous report
Net sales of our laboratory products and services, which represented approximately 55% of our total net sales for the three months ended March 31, 2026, increased 5% in U.S. dollars and 1% in local currencies during the three months ended March 31, 2026. Net sales of our laboratory products and services in local currencies were flat excluding acquisitions. The local currency net sales increase in our laboratory-related products includes modest growth in most product categories, partially offset by a decline in pipettes.
Previous report
Gross profit as a percentage of net sales was 58.7% for the three months ended March 31, 2026 compared to 59.5% for the corresponding period in 2025.
Previous report
Gross profit as a percentage of net sales for products was 60.7% and 61.6% for the three month periods ended March 31, 2026 and 2025, respectively.
Previous report
Selling, general and administrative expenses as a percentage of net sales were 27.3% for the three months ended March 31, 2026 compared to 27.5% in the corresponding period of 2025.
Previous report
Amortization expense was $19.6 million for the three months ended March 31, 2026 and $17.2 million for the corresponding period in 2025.
Previous report
Interest expense was $17.0 million for the three months ended March 31, 2026 and $16.7 million for the corresponding period in 2025. The increase in interest expense is primarily related to higher average debt levels, offset in part by lower interest rates.
Previous report
Total net sales and net sales to external customers increased 1% for the three months ended March 31, 2026 compared with the corresponding period in 2025. Net sales to external customers declined 1% excluding acquisitions for the three months ended March 31, 2026. This decrease includes a significant reduction in retail project activity as well as a decline in core-industrial, offset in part by strong growth in process analytics and product inspection.
Previous report
Total net sales increased 13% in U.S. dollars and 2% in local currencies during the three months ended March 31, 2026 compared to the corresponding period in 2025. Net sales to external customers increased 13% in U.S. dollars and 2% in local currencies during the three months ended March 31, 2026 compared to the corresponding period in 2025. The increase in net sales to external customers in local currency for the three months ended March 31, 2026 includes strong growth in food retailing, as well as product inspection, offset in part by modest declines in core-industrial and laboratory products.
Previous report
Segment profit increased $5.9 million for the three month period ended March 31, 2026 compared to the corresponding period in 2025. Segment profit for the three month period ended March 31, 2026 includes favorable foreign currency translation and benefits from our margin expansion initiatives.
Previous report
Total net sales increased 8% in U.S. dollars and 3% in local currency for the three months ended March 31, 2026 compared to the corresponding period in 2025. Net sales to external customers increased 9% in U.S. dollars and 4% in local currency for the three months ended March 31, 2026 compared to the corresponding period in 2025. The increase in net sales to external customers in local currency for the three months ended March 31, 2026 includes strong growth in industrial products offset in part by a modest decline in laboratory products.
Previous report
Other Operations (amounts in thousands)
Previous report
Segment profit increased $3.1 million for the three months ended March 31, 2026 compared to the corresponding period in 2025. Segment profit for the three month period ended March 31, 2026 includes increased net sales and favorable foreign currency translation.
Previous report
Cash provided by operating activities totaled $139.8 million during the three months ended March 31, 2026, compared to $194.4 million in the corresponding period in 2025. The decrease for the three months ended March 31, 2026 compared to the prior year is primarily related to the timing of income tax payments.
Reworded paragraphs (32)
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 months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026.
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 six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026.
Previous wording
The following tables set forth items from our interim consolidated statements of operations and comprehensive income for the three month periods ended March 31, 2026 and 2025 (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 six month periods ended June 30, 2026 and 2025 (amounts in thousands).
Previous wording
In 2025, the U.S. government enacted incremental tariff rates on U.S. imports from certain foreign countries. In response to the U.S. tariffs, the Chinese government implemented an additional tariff on imports from the U.S. We estimate that we incurred costs before mitigation actions from the 2025 incremental tariffs of approximately $50 million in 2025, and we implemented various actions to fully offset the effect of the current incremental tariffs in 2026. At the beginning of 2026, incremental tariffs rates were 15% on imports from Switzerland, 25% on non-USMCA imports from
Current wording
In 2025, the U.S. government enacted incremental tariff rates on U.S. imports from certain foreign countries. In response to the U.S. tariffs, the Chinese government implemented an additional tariff on imports from the U.S. We estimate that we incurred costs before mitigation actions from the 2025 incremental tariffs of approximately $50 million in 2025, and we implemented various actions to fully offset the effect of the current incremental tariffs in 2026. At
Previous wording
Mexico, 30% on imports from China, 15% on imports from the European Union, and 10% on imports from the United Kingdom.
Current wording
25 - the beginning of 2026, incremental tariffs rates were 15% 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.
Previous wording
Following the U.S. Supreme Court’s decision, the U.S. government effectively replaced IEEPA tariffs with a 10% tariff on imports from most countries and indicated certain tariff rates could increase in the future. In April 2026, the U.S. government also issued an update to the definition of Section 232 tariffs, which is not expected to have a significant effect on our ongoing tariff obligations. Any changes to tariff rates in the future could adversely impact our financial results.
Current wording
Following the U.S. Supreme Court’s decision in February 2026, the U.S. government effectively replaced IEEPA tariffs with a temporary Section 122 tariff that included a 10% tariff on imports from most countries that expired near the end of July 2026. In April 2026, the U.S. government also issued an update to the definition of Section 232 tariffs, which is not expected to have a significant effect on our ongoing tariff obligations.
Previous wording
The continued volatility related to global trade disputes/tariffs has increased economic uncertainty in our end markets and the overall global economic environment, including increasing the risk of recession in many countries, and market conditions may change quickly.
Current wording
Global trade disputes/tariffs create economic uncertainty in our end markets and the overall global economic environment and market conditions may change quickly.
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 developments in Iran and the Middle East, as well as global trade disputes/tariffs have 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 conflicts in Iran and 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, 2025. These topics could adversely impact our financial results in future periods.
Current wording
Market conditions have improved, and 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, ongoing developments in Iran and the Middle East, as well as global trade disputes/tariffs, create uncertainty in our end markets and the global economic environment and market conditions may change quickly. The ongoing developments related to global trade disputes/tariffs, Ukraine, and the conflicts in Iran and 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, 2025. These topics could adversely impact our financial results in future periods.
Previous wording
24 - currencies, our net sales by geographic destination increased 2% in the Americas, 1% in Europe, and 5% in Asia/Rest of World. Net sales in Asia/Rest of World in local currencies includes an increase of 4% in China for the three months ended March 31, 2026 compared to the corresponding period in 2025. Excluding the impact of the acquisitions, local currency sales were flat in the Americas, and increased 1% in Europe and 3% in Asia/Rest of World, with a 4% increase in China, during the three months ended March 31, 2026. A discussion of sales by operating segment is included below.
Current wording
Net sales by geographic destination for the six months ended June 30, 2026 in U.S. dollars were flat in the Americas and increased 10% in both Europe and Asia/Rest of World. Local currency net sales by geographic destination increased 3% in the Americas, 3% in Europe, and 8% in Asia/Rest of World before the effect of one-time tariff-related customer refunds. Organic local currency net sales by geographic destination were flat in the Americas and increased 3% in Europe and 6% in Asia/Rest of World. Organic local currency net sales in Asia/Rest of World includes an increase of 7% in China during the six months ended June 30, 2026. A discussion of sales by operating segment is included below.
Previous wording
Net sales of our industrial products and services, which represented approximately 40% of our total net sales for the three months ended March 31, 2026, increased 10% in U.S. dollars and 5% in local currencies during the three months ended March 31, 2026. Net sales of our industrial products and services in local currencies increased 2% excluding acquisitions. The local currency net sales increase in our industrial-related products 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 6% and 8% in U.S. dollars for the three and six months ended June 30, 2026, respectively. Local currency industrial net sales increased 6% and 5% for the three and six months ended June 30, 2026, respectively, before the one-time tariff-related customer refunds.
Previous wording
Net sales in our food retailing products and services, which represented approximately 5% of our total net sales for the three months ended March 31, 2026, increased 13% in U.S. dollars and 7% in local currencies during the three months ended March 31, 2026. The local currency net sales increase in food retailing products reflects improved project activity in Europe, partially offset by a decline in the Americas.
Current wording
Net sales of our food retailing products and services, which represented approximately 5% of our total net sales, increased 13% in U.S. dollars for both the three and six months ended June 30, 2026. Local currency food retailing net sales increased 11% and 9% for the three and six months ended June 30, 2026, respectively, before the one-time tariff-related customer refunds. The local currency increase in food retail net sales for the three and six months ended June 30, 2026 includes strong project activity in Europe and Asia/Rest of World, partially offset by a decline in the Americas.
Previous wording
Gross profit as a percentage of net sales for services (including spare parts) was 53.3% for the three months ended March 31, 2026 compared to 53.8% for the corresponding period in 2025.
Current wording
Gross profit as a percentage of net sales for services (including spare parts) was 54.9% and 54.2% for the three months ended June 30, 2026 and 2025, respectively, and 54.1% and 54.0% for the six months ended June 30, 2026 and 2025, respectively. Excluding the effect of both the one-time tariff-related U.S. government and customer refunds, gross profit as a percentage of service net sales was 52.5% and 52.9% for the three and six months ended June 30, 2026, respectively.
Previous wording
The decrease in gross profit as a percentage of net sales for the three months ended March 31, 2026 primarily related to higher tariff costs, unfavorable foreign currency, and business mix, partially offset by favorable price realization and benefits from our SternDrive program.
Current wording
Excluding the effect of the one-time tariff-related U.S. government and customer refunds, the increase in gross profit as a percentage of net sales for the three months ended June 30, 2026 primarily reflects favorable price realization, lower tariff costs, and benefits from our SternDrive program, partially offset by unfavorable foreign currency and higher transportation costs.
Previous wording
Research and development expenses as a percentage of net sales was 5.4% for the three months ended March 31, 2026 compared to 5.2% in the corresponding period of 2025. Research and development expenses increased 11% in U.S. dollars and 1% in local currencies, during the three months ended March 31, 2026 compared to the corresponding period in 2025.
Current wording
Research and development expenses as a percentage of net sales was 5.2% and 5.0% for the three months ended June 30, 2026 and 2025, respectively, and was 5.3% and 5.1% for the six months ended June 30, 2026 and 2025, respectively. Research and development expenses increased 8% in U.S. dollars and 3% in local currencies for the three months ended June 30, 2026, and increased 9% in U.S. dollars and 2% in local currencies for the six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025.
Previous wording
Selling, general and administrative expense increased 6% in U.S. dollars and 1% in local currencies during the three months ended March 31, 2026 compared to the corresponding period in 2025. The local currency increase includes sales and marketing investments, offset in part by cost reduction initiatives.
Current wording
Selling, general, and administrative expenses as a percentage of net sales were 25.6% and 25.2% for the three months ended June 30, 2026 and 2025, respectively, and were 26.4% and 26.3% for the six months ended June 30, 2026 and 2025, respectively. Selling, general, and administrative expenses increased 6% in U.S. dollars and 4% in local currencies for the three months ended June 30, 2026, and increased 6% in U.S. dollars and 2% in local currencies for the six months ended June 30, 2026. The local currency increase for the three and six months ended June 30, 2026 includes sales and marketing investments, offset in part by our cost savings initiatives.
Previous wording
Restructuring charges were $7.3 million and $3.8 million for the three months ended March 31, 2026 and 2025, respectively. Restructuring expenses are primarily comprised of employee-related costs.
Current wording
Restructuring charges were $5.5 million and $3.6 million for the three months ended June 30, 2026 and 2025, respectively, and $12.7 million and $7.3 million for the six months ended June 30, 2026 and 2025, 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 for the three months ended March 31, 2026 and 2025 were $6.0 million and $3.1 million, 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 $6.0 million and $3.4 million for the three months ended June 30, 2026 and 2025, respectively, and $12.0 million and $6.5 million for the six months ended June 30, 2026 and 2025, respectively. Other charges also includes a net expense of $8.4 million related to additional contingent consideration associated with previous acquisitions for the three and six months ended June 30, 2026.
Previous wording
Our reported tax rate was 19.2% and 19.0% for the three months ended March 31, 2026 and 2025, respectively. The provision for taxes is based upon using our projected annual effective tax rate of 19.0% before non-recurring discrete tax items for the three month periods ended March 31, 2026 and 2025. 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.
Current wording
Our reported tax rate was 19.5% and 18.6% during the three months ended June 30, 2026 and 2025, respectively, and 19.4% and 18.8% during the six months ended June 30, 2026 and 2025, respectively. 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, 2026 and 2025. 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, as well as the one-time tariff related U.S. government and customer refunds.
Previous wording
Total net sales increased 8% in U.S. dollars and decreased 4% in local currency for the three months ended March 31, 2026 compared to the corresponding period in 2025. Net sales to external customers increased 7% in U.S. dollars and decreased 1% in local currency for the three months ended March 31, 2026 compared to the corresponding period in 2025. The decrease in net sales to external customers in local currency for the three months ended March 31, 2026 is primarily related to a modest decline in laboratory products.
Current wording
Total net sales increased 7% in U.S. dollars and 3% in local currency for the three months ended June 30, 2026, and increased 8% in U.S. dollars and decreased 1% in local currency for the six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. Net sales to external customers increased 14% in U.S. dollars and 11% in local currency for the three months ended June 30, 2026 and increased 11% in U.S. dollars and 5% in local currency for the six months ended June 30, 2026, compared to the corresponding periods in 2025. Net sales to external
Previous wording
Segment profit decreased $5.9 million for the three month period ended March 31, 2026 compared to the corresponding period in 2025. Segment profit during the three months ended March 31, 2026 was negatively impacted by unfavorable foreign currency translation and inter-segment pricing.
Current wording
Segment profit decreased $1.7 million and $7.6 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. Segment profit during the three and six months ended June 30, 2026 was negatively impacted by unfavorable foreign currency translation and inter-segment sales mix.
Previous wording
Total net sales increased 13% in U.S. dollars and 9% in local currencies during the three months ended March 31, 2026 compared to the corresponding period in 2025. Net sales to external customers increased 12% in U.S. dollars and 8% in local currency for the three months ended March 31, 2026 compared to the corresponding period in 2025. Net sales to external customers in local currencies increased 3% excluding acquisitions for the three months ended March 31, 2026. The increase in net sales to external customers in local currency for the three months ended March 31, 2026 includes growth in most product categories.
Current wording
Total net sales increased 12% in U.S. dollars and 6% in local currency for the three months ended June 30, 2026 and increased 10% in U.S. dollars and 4% local currency for the six months ended June 30, 2026, compared to the corresponding periods in 2025. Net sales to external customers increased 16% in U.S. dollars and 9% in local currency by origin for the three months ended June 30, 2026 and increased 12% in U.S. dollars and 7% in local currency during the six months ended June 30, 2026, compared to the corresponding periods in 2025. Net sales to external
Previous wording
Segment profit increased $8.9 million for the three month period ended March 31, 2026 compared to the corresponding period in 2025. Segment profit for the three month period ended March 31, 2026 includes increased net sales and benefits from our margin expansion initiatives, as well as favorable foreign currency translation.
Current wording
Segment profit increased $12.8 million and $21.6 million for the three and six month periods ended June 30, 2026, respectively, compared to the corresponding periods in 2025. The increase in segment profit during the three and six months ended June 30, 2026 includes higher net sales and benefits from our margin expansion initiatives, as well as favorable foreign currency translation.
Previous wording
Segment profit increased $3.5 million for the three months ended March 31, 2026 compared to the corresponding period in 2025. Segment profit during the three months ended March 31, 2026 includes favorable pricing and benefits from our margin expansion initiatives, offset in part by higher tariff costs.
Current wording
Segment profit increased $2.1 million and $5.1 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. The increase in segment profit for the three and six months ended June 30, 2026 is primarily related to increased sales and benefits from our margin expansion initiatives, offset in part by unfavorable foreign currency translation.
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 $17.4 million for the three months ended March 31, 2026 compared to $17.3 million in the corresponding period in 2025.
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 $45.2 million for the six months ended June 30, 2026 compared to $41.1 million in the corresponding period in 2025.
Previous wording
In December 2025, we entered into an agreement with the government of Xuhui, China to increase production automation and capacity and improve logistics. We will receive proceeds of approximately $31 million, of which approximately $18 million is expected to offset future purchases of property, plant and equipment and approximately $13 million is expected to offset future operating expenses. We expect to receive proceeds and make payments related to the agreement through 2030. During the three months ended March 31, 2026 we received proceeds of $6.2 million. As of March 31, 2026, we have received total cumulative proceeds of $12.4 million and we have not purchased property, plant and equipment or incurred operating expenses related to the agreement. Proceeds are recorded in accrued and other liabilities, and will be reduced as amounts related to the agreement are paid.
Current wording
In December 2025, we entered into an agreement with the government of Xuhui, China to increase production automation and capacity and improve logistics. We will receive proceeds of approximately $31 million, of which approximately $18 million is expected to offset future purchases of property, plant, and equipment and approximately $13 million is expected to offset future operating expenses. We expect to receive proceeds and make payments related to the agreement through 2030. We have received cumulative proceeds of $12.4 million, including $6.2 million during the six months ended June 30, 2026. No proceeds were received during the three months ended June 30, 2026. We have cumulatively incurred $0.9 million, including $0.3 million of capital expenditures and $0.6 million of operating expense, related to the agreement during the three months ended June 30, 2026. Proceeds are recorded in accrued and other liabilities and will be reduced as amounts related to the agreement are paid.
Previous wording
Cash flows used in financing activities are primarily comprised of share repurchases. In accordance with our share repurchase program, we spent $206.3 million and $218.7 million on the repurchase of 152,963 shares and 170,957 shares, during the three months ended March 31, 2026 and 2025, respectively.
Current wording
Cash flows used in financing activities are primarily comprised of share repurchases. In accordance with our share repurchase program, we spent $412.5 million and $437.5 million on the repurchase of 325,348 shares and 368,010 shares, during the six months ended June 30, 2026 and 2025, respectively.
Previous wording
As of March 31, 2026, approximately $453.3 million of additional borrowings was available under our Credit Agreement, and we maintained $60.6 million of cash and cash equivalents.
Current wording
As of June 30, 2026, we had $562.7 million of additional borrowings available under our Credit Agreement, and we maintained $51.4 million of cash and cash equivalents.
Previous wording
In January 2025, we entered into an agreement to issue and sell EUR 100 million 10 1/2-year Senior Notes with a fixed interest rate of 3.8% (3.8% Euro Senior Notes) in a private placement, which will mature in July 2035. We used the proceeds from the sale of the Notes to refinance existing indebtedness and for other general corporate purposes.
Current wording
In January 2025, we entered into an agreement to issue and sell EUR 100 million 10 1/2-year Senior Notes with a fixed interest rate of 3.8% (3.8% Euro Senior Notes) in a private placement, which will mature in July 2035. The 3.8% Euro Senior Notes are unsecured obligations of the Company and the terms are consistent with the previous Notes as disclosed in Note 10 to our consolidated financial statements for the year ended December 31, 2025. We used the proceeds from the sale of the Notes to refinance existing indebtedness and for other general corporate purposes.
Previous wording
In 2018, two of our non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and
Current wording
In April 2018, two of our non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2026.
Previous wording
We have $3.5 billion of remaining availability for our share repurchase program as of March 31, 2026. 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
We have $3.2 billion of remaining availability for our share repurchase program as of June 30, 2026. 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 33.2 million common shares at an average price per share of $325.65 since the inception of the program in 2004 through March 31, 2026. During the three months ended March 31, 2026 and 2025, we spent $206.3 million and $218.7 million on the repurchase of 152,963 shares and 170,957 shares at an average price per share of $1,348.34 and $1,279.54, respectively. We reissued 1,211 shares and 4,282 shares held in treasury for the exercise of stock options and restricted stock units during the three months ended March 31, 2026 and 2025, respectively. In addition, we incurred $2.1 million and $2.0 million of excise tax during the three months ended March 31, 2026 and 2025, respectively, related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in our interim consolidated financial statements.
Current wording
We have purchased 33.3 million shares at an average price per share of $330.16 since the inception of the program in 2004 through June 30, 2026. During the six months ended June 30, 2026 and 2025, we spent $412.5 million and $437.5 million on the repurchase of 325,348 and 368,010 shares at an average price per share of $1,267.85 and $1,188.80, respectively. We also reissued 2,554 shares and 17,589 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2026 and 2025, respectively. In addition, we incurred $2.0 million and $2.1 million of excise tax during the three months ended June 30, 2026 and 2025, respectively, and $4.1 million of excise tax during both the six months ended June 30, 2026 and 2025 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 euro. Based on our outstanding debt at March 31, 2026, 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 $53.7 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 June 30, 2026, 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 $52.3 million in the reported U.S. dollar value of our debt.
Previous wording
31 - contingency plans, growth opportunities or economic downturns, our ability to respond to changes in market conditions, planned research and development efforts and product introductions, adequacy of facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, customer demand, our competitive position, pricing, capital expenditures, cash flow, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions, the impact of inflation, ongoing developments related to global trade disputes/tariffs, and the conflicts in Ukraine, Iran, and the Middle East on our business.
Current wording
We make forward-looking statements about future events or our future financial performance, including earnings and sales growth, earnings per share, strategic plans and contingency plans, growth opportunities or economic downturns, our ability to respond to changes in market conditions, planned research and development efforts and product introductions, adequacy of facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, customer demand, our competitive position, pricing, capital expenditures, cash flow, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions, the impact of inflation, ongoing developments related to global trade disputes/tariffs, and the conflicts in Ukraine, Iran, and the Middle East on our business.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Net sales by geographic destination for the three months ended March 31, 2026 in U.S. dollars increased 3% in the Americas, 12% in Europe, and 8% in Asia/Rest of World. In local
Previous report — wording carried elsewhere
30 - conditions which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2026.
Previous report — wording carried elsewhere
We make forward-looking statements about future events or our future financial performance, including earnings and sales growth, earnings per share, strategic plans and