NASDAQ: ROP
ROPER TECHNOLOGIES INCCIK 0000882835 · SIC 3823 · Industrial Instruments
Roper Technologies, Inc. (“Roper,” the “Company,” “we,” “our,” or “us”) is a diversified technology company. Roper has a proven, long-term, successful track record of compounding cash flow and increasing shareholder value. We operate market leading businesses that design and develop vertical… About this business →
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Roper net income +209% to $1.17B on Indicor fair-value gain; operating income +7%
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Roper Technologies offers three series of senior notes to repay debt and for general corporate purposes
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Latest financial statements
From 10-Q filed Jul 31, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Earnings (Unaudited)
(Amounts in millions, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net revenues | 2,108.9 | 1,943.6 | 4,204.2 | 3,826.4 |
| Cost of sales | 638.7 | 598.2 | 1,280.2 | 1,187.3 |
| Gross profit | 1,470.2 | 1,345.4 | 2,924.0 | 2,639.1 |
| Selling, general and administrative expenses | 885.5 | 797.1 | 1,769.7 | 1,565.0 |
| Income from operations | 584.7 | 548.3 | 1,154.3 | 1,074.1 |
| Interest expense, net | 111.4 | 79.1 | 210.7 | 142.0 |
| Equity investment (gain) loss, net | (835.2) | (16.6) | (1,002.5) | 27.8 |
| Other expense, net | 0.5 | 0.5 | 3.1 | 1.0 |
| Earnings before income taxes | 1,308.0 | 485.3 | 1,943.0 | 903.3 |
| Income taxes | 139.5 | 107.0 | 265.6 | 193.9 |
| Net earnings | 1,168.5 | 378.3 | 1,677.4 | 709.4 |
| Net earnings per share: | ||||
| Basic | 11.64 | 3.52 | 16.40 | 6.60 |
| Diluted | 11.62 | 3.49 | 16.35 | 6.55 |
| Weighted average common shares outstanding: | ||||
| Basic | 100.4 | 107.6 | 102.3 | 107.5 |
| Diluted | 100.6 | 108.4 | 102.6 | 108.3 |
Condensed Consolidated Balance Sheets (Unaudited)
(Amounts in millions)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS: | ||
| Cash and cash equivalents | 364.9 | 297.4 |
| Accounts receivable, net | 927.2 | 1,001.0 |
| Inventories, net | 145.4 | 141.7 |
| Income taxes receivable | 73.3 | 128.2 |
| Unbilled receivables | 153.8 | 124.0 |
| Prepaid expenses and other current assets | 253.9 | 235.8 |
| Total current assets | 1,918.5 | 1,928.1 |
| Property, plant and equipment, net | 158.7 | 156.9 |
| Goodwill | 21,330.7 | 21,341.2 |
| Other intangible assets, net | 9,347.3 | 9,764.2 |
| Deferred taxes | 67.8 | 73.3 |
| Equity investment | 1,792.2 | 796.3 |
| Other assets | 554.3 | 517.0 |
| Total assets | 35,169.5 | 34,577.0 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||
| Accounts payable | 174.1 | 150.3 |
| Accrued compensation | 232.0 | 293.0 |
| Deferred revenue | 1,707.8 | 1,906.8 |
| Other accrued liabilities | 588.9 | 642.3 |
| Income taxes payable | 49.4 | 28.0 |
| Current portion of long-term debt, net | 718.3 | 705.2 |
| Total current liabilities | 3,470.5 | 3,725.6 |
| Long-term debt, net of current portion | 10,601.1 | 8,595.8 |
| Deferred taxes | 1,897.4 | 1,883.1 |
| Other liabilities | 500.2 | 491.0 |
| Total liabilities | 16,469.2 | 14,695.5 |
| Commitments and contingencies (Note 11) | ||
| Common stock, 350.0 shares authorized; 109.4 shares issued and 98.9 outstanding at June 30, 2026 and 109.3 shares issued and 106.6 outstanding at December 31, 2025 | 1.1 | 1.1 |
| Additional paid-in capital | 3,391.9 | 3,292.2 |
| Retained earnings | 18,697.6 | 17,205.7 |
| Accumulated other comprehensive loss | (135.5) | (101.4) |
| Treasury stock, 10.5 shares at June 30, 2026 and 2.7 shares at December 31, 2025 | (3,254.8) | (516.1) |
| Total stockholders’ equity | 18,700.3 | 19,881.5 |
| Total liabilities and stockholders’ equity | 35,169.5 | 34,577.0 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Amounts in millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net earnings | 1,677.4 | 709.4 |
| Adjustments to reconcile net earnings to cash flows from operating activities: | ||
| Depreciation and amortization of property, plant and equipment | 20.1 | 19.6 |
| Amortization of intangible assets | 440.9 | 417.2 |
| Amortization of deferred financing costs | 6.3 | 5.5 |
| Non-cash stock compensation | 108.2 | 82.7 |
| Equity investment (gain) loss, net | (1,002.5) | 27.8 |
| Income tax provision | 265.6 | 193.9 |
| Changes in operating assets and liabilities, net of acquired businesses: | ||
| Accounts receivable | 71.0 | 37.4 |
| Unbilled receivables | (30.8) | (9.7) |
| Inventories | (4.9) | (9.6) |
| Prepaid expenses and other current assets | (23.3) | (22.9) |
| Accounts payable | 24.4 | 7.0 |
| Other accrued liabilities | (93.9) | (115.4) |
| Deferred revenue | (193.6) | (132.7) |
| Cash taxes paid for gain on disposal of equity investment | — | (30.2) |
| Cash income taxes paid, excluding tax associated with gain on disposal of equity investment | (190.2) | (233.7) |
| Other, net | (13.1) | (13.5) |
| Cash provided by operating activities | 1,061.6 | 932.8 |
| Cash flows from (used in) investing activities: | ||
| Acquisitions of businesses, net of cash acquired | (27.5) | (2,005.2) |
| Capital expenditures | (25.3) | (26.0) |
| Capitalized software expenditures | (30.9) | (26.8) |
| Distributions from equity investment | 6.7 | 5.1 |
| Cash receipts on beneficial interest in sold receivables | 4.5 | — |
| Other, net | 0.2 | 1.6 |
| Cash used in investing activities | (72.3) | (2,051.3) |
| Cash flows from (used in) financing activities: | ||
| Borrowings under revolving credit facility, net | 2,000.0 | 1,275.0 |
| Debt issuance costs | (3.9) | — |
| Cash dividends to stockholders | (191.4) | (177.2) |
| Repurchases of common stock | (2,726.7) | — |
| Proceeds from (tax withholding payments for) stock-based compensation, net | (8.6) | 73.8 |
| Treasury stock sales under employee stock purchase plan (“ESPP”) | 12.7 | 12.5 |
| Other, net | 12.8 | (43.9) |
| Cash provided by (used in) financing activities | (905.1) | 1,140.2 |
| Effect of exchange rate changes on cash | (16.7) | 32.5 |
| Net increase in cash and cash equivalents | 67.5 | 54.2 |
| Cash and cash equivalents, beginning of period | 297.4 | 188.2 |
| Cash and cash equivalents, end of period | 364.9 | 242.4 |
| Non-cash investing and financing activities: | ||
| Equity consideration for business acquisition | — | 7.3 |
Amounts as printed on the EDGAR/iXBRL face — (Amounts in millions, except per share data); (Amounts in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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About ROPER TECHNOLOGIES INC
Source: Item 1 (Business) from the 10-K filed February 24, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS
All currency amounts are in millions unless specified
Our Business
Roper Technologies, Inc. (“Roper,” the “Company,” “we,” “our,” or “us”) is a diversified technology company. Roper has a proven, long-term, successful track record of compounding cash flow and increasing shareholder value. We operate market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets.
We pursue consistent and sustainable growth in revenue, earnings, and cash flow by enabling continuous improvement in the operating performance of our businesses and by acquiring businesses that offer high value-added software, services, technology-enabled products, and solutions that we believe are capable of realizing growth while maintaining high margins. We compete in many defensible niche markets and believe we are the market leader or a competitive alternative to the market leader in most of these markets.
In the last three years, we have deployed approximately $8,960 of capital toward acquisitions. In 2025, this included approximately $1,850 for the acquisition of CentralReach, a leading provider of Software-as-a-Service (“SaaS”) and AI-enabled solutions for applied behavior analysis (“ABA”) therapy clinicians, and approximately $800 for the acquisition of Subsplash, a leading provider of AI-enabled SaaS, and integrated giving solutions, for faith-based organizations. In 2024, this included approximately $1,860 for the acquisition of Procare, a leading provider of SaaS solutions and integrated payment processing for early childhood education centers, and approximately $1,600 for the acquisition of Transact Campus, a leading provider of integrated campus technology and payment solutions serving higher education, healthcare, and business campuses, which was combined with our CBORD business. In 2023, this included approximately $1,380 for the acquisition of Syntellis, a leading provider of SaaS solutions for healthcare, financial institution, and higher education providers, which was combined with our Strata business. Additionally, we deployed approximately $1,470 toward other bolt-on acquisitions to help build on the strategic position of several of our businesses.
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In November 2022, Roper completed the divestiture of a majority equity stake in its industrial businesses, including its entire historical Process Technologies reportable segment and the industrial businesses within its historical Measurement & Analytical Solutions reportable segment (collectively “Indicor”), to Clayton, Dubilier & Rice, LLC (“CD&R”). Following the sale of the majority stake, Roper retained a minority equity interest in Indicor. See Note 9 of the Notes to Consolidated Financial Statements included in this Annual Report for additional information regarding Roper’s minority equity interest in Indicor.
The financial results of Indicor are reported as discontinued operations for all periods presented. Unless otherwise noted, discussion within Part I relates to continuing operations.
We were incorporated on December 17, 1981 under the laws of the State of Delaware.
Market Share, Market Expansion, and Product Development
Leadership with Technology and Products for Niche Markets – We maintain a leading position in many of our markets. We believe our market positions are attributable to the applications expertise used to create high value products and solutions for our customers, the underlying critical nature of our offerings, and the inherent customer intimacy of our chosen niche markets. Our businesses realize growth from new and existing customers in their niche markets through successfully executing go-to-market strategies, developing new products and applications, and delivering professional services. Increasingly, this includes AI-enabled products and functionality embedded within customers’ mission-critical workflows. By leveraging our deep domain expertise, proprietary data, and long-standing customer relationships, we believe these AI capabilities enhance product differentiation, and drive incremental automation and improved customer outcomes which support expanded monetization opportunities.
Diversified End Markets and Geographic Reach – We have a global presence, with sales to customers outside of the U.S. totaling $1,029.7 in 2025. Information regarding our international operations is set forth in Note 14 of the Notes to Consolidated Financial Statements included in this Annual Report.
4
Our Reportable Segments
Roper’s segment reporting structure is based on business model and delivery of performance obligations. The three reportable segments are as follows:
–Application Software—Aderant, CentralReach, Clinisys, Data Innovations, Deltek, Frontline, IntelliTrans, PowerPlan, Procare, Strata, Transact/CBORD, and Vertafore;
–Network Software—ConstructConnect, DAT, Foundry, iPipeline, iTradeNetwork, MHA, SHP, SoftWriters, and Subsplash;
–Technology Enabled Products—CIVCO Medical Solutions, FMI, Inovonics, IPA, Neptune, Northern Digital, rf IDEAS, and Verathon.
Financial information about our reportable segments is presented in Note 14 of the Notes to Consolidated Financial Statements included in this Annual Report.
Application Software
Our Application Software segment had net revenues of $4,483.0 for the year ended December 31, 2025, representing 56.7% of our total net revenues. Below is a description of the products offered by businesses that comprise the Application Software segment:
Aderant – comprehensive management software and AI-enabled solutions for law and other professional services firms, including business development, calendar/docket matter management, time and billing, and case management.
CentralReach – SaaS and AI-enabled solutions enabling the workflow and administration of ABA therapy for autism spectrum disorder (“ASD”) and related disabilities care.
Clinisys – diagnostic and laboratory information management software solutions.
Data Innovations – software solutions that enable enterprise management of hospitals and independent laboratories.
Deltek – enterprise software, SaaS, and AI-enabled information solutions for government contractors, professional services firms, and other project-based businesses.
Frontline – cloud-based software for K-12 school administration, connecting solutions for human capital management, student and special programs, and business operations, with powerful analytics that empower educators.
IntelliTrans – transportation management software and services to bulk and break-bulk commodity producers.
PowerPlan – financial and compliance management software and solutions to large complex companies in asset-intensive industries.
Procare – cloud-based software and integrated payment processing for the management of early childhood education centers.
Strata – cloud-based financial analytics, performance management software, and data solutions used by healthcare providers, higher education, and financial institutions for financial planning, decision support, and continuous cost improvement.
Transact/CBORD – integrated campus technology and payment solutions, including secure access and campus identity software, commerce solutions, tuition management software and payment processing, as well as foodservice technologies, serving higher education, healthcare, K-12, and business campuses.
Vertafore – cloud-based software for the property and casualty insurance industry, including agency and distribution management, compliance, AI-enabled workflows, and data solutions.
5
Network Software
Our Network Software segment had net revenues of $1,600.8 for the year ended December 31, 2025, representing 20.3% of our total net revenues. Below is a description of the products offered by businesses that comprise the Network Software segment:
ConstructConnect – cloud-based data, collaboration and estimating automation software and AI-enabled solutions focused on the pre-construction phase for a network of construction contractors and building product manufacturers/distributors.
DAT – electronic marketplaces that automate broker and carrier freight capacity matching throughout the U.S. and Canada, freight tracking and financing, and AI-enabled analytics solutions. Canadian-based Loadlink was combined with DAT in 2025.
Foundry – software technologies and AI-enabled solutions used to deliver visual effects and 3D content for the entertainment and digital design industries.
iPipeline – cloud-based software and AI-enabled analytics solutions for the life insurance/annuities and financial services industries.
iTradeNetwork – electronic marketplaces and supply chain software that connect food suppliers, distributors, and vendors, primarily in the perishable food sector.
MHA – health care services and software solutions to alternate site health care markets.
SHP – data analytics and benchmarking information solutions for the post-acute healthcare provider marketplace.
SoftWriters – software solutions to pharmacies that primarily serve the long-term care marketplace.
Subsplash – AI-enabled SaaS providing digital engagement, as well as church management and integrated giving solutions for faith-based organizations.
Technology Enabled Products
Our Technology Enabled Products segment had net revenues of $1,818.7 for the year ended December 31, 2025, representing 23.0% of our total net revenues. Below is a description of the products offered by businesses that comprise the Technology Enabled Products segment:
CIVCO Medical Solutions – accessories focused on guidance and infection control for ultrasound procedures.
FMI – dispensers and metering pumps which are utilized in a broad range of applications requiring precision fluid control.
Inovonics – high-performance wireless sensor networks and solutions for a variety of applications, including life-safety and access management.
IPA – automated surgical scrub and linen dispensing equipment for healthcare providers.
Neptune – water meters, enabling water utilities to remotely monitor their customers utilizing Automatic Meter Reading (AMR), Advanced Metering Infrastructure (AMI) technologies, and cloud-based software supporting meter data management and utility billing.
Northern Digital – optical and electromagnetic precision measurement systems for medical and industrial applications.
rf IDEAS – RFID card and credential readers used in numerous identity access management applications across a variety of vertical markets.
Verathon – medical devices that enable airway management, including bronchoscopes and video laryngoscopes, and bladder volume measurement solutions for healthcare providers.
6
Materials and Suppliers
We believe most materials and supplies we use are readily available from numerous sources and suppliers throughout the world. However, some components and sub-assemblies are currently available from only a limited number of suppliers for which we regularly investigate and identify alternative sources where possible. We also believe these conditions affect our competitors.
Remaining Performance Obligations and Backlog
Remaining performance obligations represent the transaction price of firm orders for which work has not been performed, excluding unexercised contract options. As of December 31, 2025 and 2024, total remaining performance obligations were $5,204.2 and $4,754.9, respectively.
Backlog is equal to our remaining performance obligations expected to be recognized as revenue within the next 12 months. Backlog was $3,424.6 at December 31, 2025 and $3,105.4 at December 31, 2024.
Distribution and Sales
Distribution and sales occur primarily through direct sales offices, manufacturers’ representatives, resellers, and distributors.
Governmental Regulations
We face extensive government regulation around the world relating to the development, manufacture, marketing, sale, and distribution of our software, services, and products. The following sections describe certain significant regulations to which we are subject, but these are not the only regulations with which our businesses must comply. For a description of risks related to the regulations that our businesses are subject to, please refer to “