METTLER TOLEDO INTERNATIONAL INC/
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-07-31.
0001037646-26-000051
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001037646-26-000074
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 92 previous paragraphs and 91 current paragraphs.
41 unchanged; 42 reworded; 6 added; 7 removed; 2 previous and 2 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 (6)
Current report
29 - tariff-related U.S. government and customer refunds, gross profit as a percentage of product net sales was 61.6% for the nine months ended September 30, 2026.
Current report
Interest expense was $15.7 million and $17.7 million for the three months ended September 30, 2026 and 2025, respectively, and $49.9 million and $51.1 million for the nine months ended September 30, 2026 and 2025, respectively.
Current report
Total net sales increased 1% in U.S. dollars and 3% in local currencies for the three months ended September 30, 2026 and increased 6% in U.S. dollars and 2% in local currencies for the nine months ended September 30, 2026, compared to the corresponding periods in 2025. Net sales to external customers increased 1% in U.S. dollars and 2% in local currencies for the three months ended September 30, 2026, and increased 7% in U.S. dollars and 3% in local currencies for the nine months ended September 30, 2026, compared to the corresponding periods in 2025. Net sales to external customers for the three and nine months ended September 30, 2026 includes growth in most product categories, offset in part by a decline in food retail during the three months ended September 30, 2026.
Current report
Other Operations (amounts in thousands)
Current report
In October 2026, we entered into a buy-in agreement to convert substantially all assets of the U.S. Defined Benefit Pension Plan to an insurance contract which is held in the pension trust at fair value. We remain primarily responsible for benefit payments to plan participants. We expect, but are not obligated, to terminate the plan and subsequently enter into a buy-out agreement to transfer responsibility for future benefit payments to an insurance company in 2027, subject to regulatory approvals and customary administrative procedures. We do not anticipate making a significant employer contribution to the plan related to the termination. Upon completion of the buy-out, we expect to recognize a one-time non-cash charge in net earnings related to the deferred actuarial loss included in accumulated other comprehensive income. As of September 30, 2026, the deferred actuarial loss related to the plan was approximately $28 million.
Current report
We paid contingent consideration of $6.9 million and $9.4 million, respectively, during the three and nine months ended September 30, 2026. During the three months ended September 30, 2026 contingent consideration was paid related to the 2025 North American distribution acquisitions, of which $3.0 million is included in financing activities for the amount accrued at the acquisition date and $3.9 million is included in operating activities for the amount not accrued at the acquisition date on the Consolidated Statement of Cash Flows in accordance with U.S. GAAP.
Removed paragraphs (7)
Previous 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.
Previous 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.
Previous report
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 report
30 - customers for the three and six months ended June 30, 2026 includes growth in most product categories, especially laboratory products.
Previous report
31 - customers for the three and six months ended June 30, 2026 includes particularly strong growth in industrial products.
Previous report
Other (amounts in thousands)
Previous report
We continue to explore potential acquisitions. In connection with any acquisition, we may incur additional indebtedness.
Reworded paragraphs (42)
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, 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 nine months ended September 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 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).
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, 2026 and 2025 (amounts in thousands).
Previous wording
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 wording
Note: As further described below, our operating results for the nine months ended September 30, 2026 include a one-time benefit of $52 million from IEEPA tariff-related refunds that reduced cost of sales, offset in part by related customer refunds of $28 million that reduced net sales.
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
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 tariff rates 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 tariff 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
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 wording
In February 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). We received refunds, including interest, from the U.S. Customs and Border Protection of $52 million, which resulted in a one-time gross benefit that reduced cost of sales for the nine months ended September 30, 2026. In addition, we committed to issue $28 million to customers for tariff related refunds, which reduced net sales for the nine months ended September 30, 2026. We distributed $3 million in refunds to our customers during the three months ended September 30, 2026, and we anticipate distributing additional refunds during the fourth quarter of 2026.
Previous wording
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 wording
Net sales were $1.1 billion and $1.0 billion for the three months ended September 30, 2026, and 2025, respectively, and $3.1 billion and $2.9 billion for the nine months ended September 30, 2026 and 2025, respectively. Sales in U.S. dollars increased 6% for both the three months and nine months ended September 30, 2026. Excluding the effect of currency exchange fluctuations, or in local currencies, net sales increased 6% for the three months and 5% for the nine months ended September 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 nine months ended September 30, 2026.
Previous 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.
Current wording
Market conditions have improved during 2026, 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
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 wording
Net sales by geographic destination for the three months ended September 30, 2026 in U.S. dollars increased 3% in the Americas, were flat in Europe, and increased 16% Asia/Rest of World. In local currencies, our net sales by geographic destination increased 3% in the Americas, 2% in Europe, and 14% in Asia/Rest of World, which reflected organic growth of 13%. Local currency net sales in Asia/Rest of World includes an increase of 13% in China during the three months ended September 30, 2026.
Previous 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.
Current wording
Net sales by geographic destination for the nine months ended September 30, 2026 in U.S. dollars increased 1% in the Americas, 6% in Europe, and 13% Asia/Rest of World. Local currency net sales by geographic destination increased 3% in the Americas, 2% 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, 2% in Europe and 8% in Asia/Rest of World. Organic local currency net sales in Asia/Rest of World includes an increase of 9% in China during the nine months ended September 30, 2026. A discussion of sales by operating segment is included below.
Previous wording
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 wording
Net sales of products increased 6% and 5% in U.S. dollars for the three and nine months ended September 30, 2026, respectively. Local currency product net sales increased 6% and 4% for the three and nine months ended September 30, 2026, respectively, before the one-time tariff-related customer refunds. Organic local currency product net sales increased 5% and 3% for the three and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025.
Previous wording
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 wording
Service net sales (including spare parts) increased 6% and 10% in U.S. dollars for the three and nine months ended September 30, 2026, respectively. Local currency service net sales increased 7% and 8% for the three and nine months ended September 30, 2026, respectively, before the one-time tariff-related customer refunds. Organic local currency service net sales increased 7% and 6% for both the three and nine months ended September 30, 2026, compared to the corresponding periods in 2025.
Previous wording
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 wording
Net sales of our laboratory products and services, which represented approximately 55% of our total net sales, increased 6% and 5% in U.S. dollars for the three and nine months ended September 30, 2026, respectively. Local currency laboratory net sales increased 6% and 4% for the three and nine months ended September 30, 2026, respectively, before the one-time tariff-related customer refunds. Organic local currency laboratory net sales increased 6% and 3% for the three and nine months ended September 30, 2026, respectively. The organic local currency increase in laboratory net sales for the three months ended September 30, 2026 includes solid growth in most product categories, with strong growth in pipettes as compared to the nine month results.
Previous 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.
Current wording
Net sales of our industrial products and services, which represented approximately 40% of our total net sales, increased 8% in U.S. dollars for both the three and nine months ended September 30, 2026. Local currency industrial net sales increased 7% and 6% for the three and nine months ended September 30, 2026, respectively, before the one-time tariff-related customer refunds. Organic local currency industrial net sales increased 6% and 3% for the three and nine months ended September 30, 2026, respectively. The organic local currency increase in industrial net sales for the three and nine months ended September 30, 2026 includes growth in most product categories, especially in product inspection.
Previous 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.
Current wording
Net sales of our food retailing products and services, which represented approximately 5% of our total net sales, decreased 1% and increased 7% in U.S. dollars for the three and nine months ended September 30, 2026, respectively. Local currency food retailing net sales decreased 2% and increased 5% for the three and nine months ended September 30, 2026, respectively, before the one-time tariff-related customer refunds. The local currency decrease in food retail net sales for the three months ended September 30, 2026 includes a significant decline in the Americas, offset in part by very strong growth in Asia/Rest of World. Net sales for the nine months ended September 30, 2026 also includes strong project activity in Europe.
Previous wording
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 wording
Gross profit as a percentage of net sales was 59.8% and 59.2% for the three months ended September 30, 2026 and 2025, respectively, and 60.6% and 59.2% for the nine months ended September 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% for the nine months ended September 30, 2026.
Previous wording
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 wording
Gross profit as a percentage of net sales for products was 62.2% and 61.0% for the three months ended September 30, 2026 and 2025, respectively, and 63.1% and 61.0% for the nine months ended September 30, 2026 and 2025, respectively. Excluding the effect of both the one-time
Previous 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.
Current wording
Gross profit as a percentage of net sales for services (including spare parts) was 52.9% and 53.9% for the three months ended September 30, 2026 and 2025, respectively, and 53.7% and 53.9% for the nine months ended September 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 52.9% for the nine months ended September 30, 2026.
Previous 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.
Current wording
The increase in gross profit as a percentage of net sales for the three months ended September 30, 2026 primarily reflects favorable price realization, lower tariff costs, and increased sales volume, partially offset by higher material and transportation costs.
Previous 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.
Current wording
Research and development expenses as a percentage of net sales was 4.9% and 5.0% for the three months ended September 30, 2026 and 2025, respectively, and was 5.1% for both the nine months ended September 30, 2026 and 2025. Research and development expenses increased 5% in U.S. dollars and 4% in local currencies for the three months ended September 30, 2026, and increased 8% in U.S. dollars and 3% in local currencies for the nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025.
Previous 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.
Current wording
Selling, general and administrative expenses as a percentage of net sales were 24.4% and 24.1% for the three months ended September 30, 2026 and 2025, respectively, and were 25.7% and 25.5% for the nine months ended September 30, 2026 and 2025, respectively. Selling, general and administrative expenses increased 8% in both U.S. dollars and local currencies for the three months ended September 30, 2026, and increased 7% in U.S. dollars and 4% local currencies for the nine months ended September 30, 2026. The local currency increase for the three and nine months ended September 30, 2026 includes sales and marketing investments and higher variable compensation, offset in part by our cost savings initiatives.
Previous wording
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 wording
Amortization expense was $19.4 million and $20.0 million for the three months ended September 30, 2026 and 2025, respectively, and $58.4 million and $54.8 million for the nine months ended September 30, 2026 and 2025, respectively.
Previous 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.
Current wording
Restructuring charges were $3.9 million and $6.0 million for the three months ended September 30, 2026 and 2025, respectively, and $16.7 million and $13.3 million for the nine months ended September 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 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.
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 $5.8 million and $3.5 million for the three months ended September 30, 2026 and 2025, respectively, and $17.7 million and $10.1 million for the nine months ended September 30, 2026 and 2025, respectively. Other charges (income), net also includes a net expense of $8.4 million related to additional contingent consideration associated with previous acquisitions for the nine months ended September 30, 2026.
Previous 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.
Current wording
Our reported tax rate was 18.1% and 19.2% during the three months ended September 30, 2026 and 2025, respectively, and 18.9% during both the nine months ended September 30, 2026 and 2025. 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, 2026 and 2025. The
Previous wording
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 wording
Total net sales increased 2% and were flat for the three and nine months ended September 30, 2026, respectively, compared with the corresponding periods in 2025. Net sales to external customers increased 1% and decreased 1% for the three and nine months ended September 30, 2026, respectively, compared with the corresponding periods in 2025. Organic total net sales and Organic net sales to external customers were flat for both the three and nine months ended September 30, 2026. Organic net sales to external customers for the three months ended September 30, 2026 includes strong growth in most product categories, offset in part by significant declines in project activity in transportation and logistics and food retail.
Previous wording
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 wording
Segment profit increased $12.2 million and $52.6 million for the three and nine months ended September 30, 2026, compared to the corresponding periods in 2025. Segment profit during the nine months ended September 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 nine months ended September 30, 2026 includes benefits from lower tariff rates, favorable mix, and our margin expansion initiatives, offset in part by higher transportation costs.
Previous wording
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 wording
Total net sales increased 5% in U.S. dollars and 6% in local currency for the three months ended September 30, 2026, and increased 7% in U.S. dollars and 2% in local currency for the nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. Net sales to external customers increased 6% in U.S. dollars and 7% in local currency for the three months ended September 30, 2026 and increased 9% in U.S. dollars and 6% in local currency for the nine months ended September 30, 2026, compared to the corresponding periods in 2025. Net sales to external customers for the three and nine months ended September 30, 2026 includes growth in most product categories, especially laboratory products.
Previous 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.
Current wording
Segment profit increased $0.5 million and decreased $7.1 million for the three and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. Segment profit during the nine months ended September 30, 2026 was negatively impacted by unfavorable foreign currency translation and inter-segment sales mix.
Previous wording
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 wording
Segment profit decreased $1.6 million and increased $1.3 million for the three and nine month periods ended September 30, 2026, respectively, compared to the corresponding periods in 2025. Segment profit during the three and nine months ended September 30, 2026 includes higher sales offset in part by unfavorable inter-segment sales mix and higher transportation costs. Segment profit during the three months ended September 30, 2026 includes unfavorable foreign currency translation, while the nine months ended September 30, 2026 includes favorable foreign currency translation.
Previous 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
Current wording
Total net sales increased 19% in U.S. dollars and 13% in local currency for the three months ended September 30, 2026 and increased 13% in U.S. dollars and 7% in local currency for the nine months ended September 30, 2026, compared to the corresponding periods in 2025. Net sales to external customers increased 20% in U.S. dollars and 13% in local currency by origin for the three months ended September 30, 2026 and increased 15% in U.S. dollars and 9% in local currency during the nine months ended September 30, 2026, compared to the corresponding periods in 2025. Net sales to external customers for the three months ended September 30, 2026 includes strong growth in most product categories, especially industrial products.
Previous 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.
Current wording
Segment profit increased $15.4 million and $37.1 million for the three and nine month periods ended September 30, 2026, respectively, compared to the corresponding periods in 2025. The increase in segment profit during the three months ended September 30, 2026 includes higher sales and favorable foreign currency translation, offset in part by higher material costs.
Previous wording
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 wording
Total net sales increased 10% in U.S. dollars and 12% in local currency for the three months ended September 30, 2026 and increased 11% in U.S. dollars and 10% in local currency for the nine months ended September 30, 2026, compared to the corresponding periods in 2025. Net sales to external customers increased 11% in U.S. dollars and 13% in local currencies for the three months ended September 30, 2026 and increased 11% in U.S. dollars and 10% in local currencies for the nine months ended September 30, 2026, compared to the corresponding periods in 2025. Local currency net sales to external customers excluding acquisitions increased 11% and 7% for the three and nine months ended September 30, 2026, respectively. Net sales to external customers for the three and nine months ended September 30, 2026 includes strong growth in most product categories.
Previous 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.
Current wording
Segment profit increased $2.4 million and $7.5 million for the three and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. The increase in segment profit for the three and nine months ended September 30, 2026 is primarily related to
Previous wording
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 wording
Cash provided by operating activities totaled $758.8 million during the nine months ended September 30, 2026, compared to $730.2 million in the corresponding period in 2025, and includes a net benefit of $49.6 million related to one-time tariff related U.S. government refunds and associated refunds to customers. Excluding the one-time tariff related U.S. government refunds, the decrease for the nine months ended September 30, 2026 is primarily related to the timing of tax payments.
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 $45.2 million for the six months ended June 30, 2026 compared to $41.1 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 $72.3 million for the nine months ended September 30, 2026 compared to $65.6 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. 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.
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 nine months ended September 30, 2026. No proceeds were received during the three months ended September 30, 2026. We have cumulatively incurred $1.7 million, including $0.6 million of capital expenditures and $1.1 million of operating expense, related to the agreement through September 30, 2026. Proceeds are recorded in accrued and other liabilities and are 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 $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.
Current wording
Cash flows used in financing activities are primarily comprised of share repurchases. In accordance with our share repurchase program, we spent $638.7 million and $656.2 million on the repurchase of 490,368 shares and 542,416 shares, during the nine months ended September 30, 2026 and 2025, respectively.
Previous 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.
Current wording
As of September 30, 2026, we had $641.6 million of additional borrowings available under our Credit Agreement, and we maintained $52.2 million of cash and cash equivalents.
Previous 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.
Current wording
We have $3.0 billion of remaining availability for our share repurchase program as of September 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 33.3 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.
Current wording
We have purchased 33.5 million shares at an average price per share of $335.28 since the inception of the program in 2004 through September 30, 2026. During the nine months ended September 30, 2026 and 2025, we spent $638.7 million and $656.2 million on the repurchase of 490,368 and 542,416 shares at an average price per share of $1,302.57 and $1,209.84, respectively. We also reissued 21,420 shares and 21,400 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the nine months ended September 30, 2026 and 2025, respectively. In addition, we incurred $2.1 million and $2.2 million of excise tax during the three months ended September 30, 2026 and 2025, respectively, and $6.2 million and $6.3 million of excise tax during the nine months ended September 30, 2026 and 2025, respectively related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in our consolidated financial statements.
Showing the first 40 of 42 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
30 - 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. The difference for the nine months ended September 30, 2026 also includes the impact of the one-time tariff related U.S. government and customer refunds.
Current report — wording carried from elsewhere
33 - increased sales and benefits from our margin expansion initiatives, offset in part by unfavorable foreign currency translation.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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.