NYSE: SPXC
SPX Technologies, Inc.CIK 0000088205 · SIC 3540 · Metalworkg Machinery & Equipment
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SPXC Q2 revenue +23% to $679.0M; operating income +33%
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SPX Technologies beats Q2, raises 2026 guidance on data center strength and Neptronic deal
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SPX Technologies appoints JBT Marel CEO Brian Deck to Board
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SPX Technologies Detection & Measurement segment president to retire January 2027
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Q1 revenue up 17% to $566.8M on acquisitions; tariff regime shifts as Court voids 2025 levies
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SPX Technologies raises 2026 guidance on 17% Q1 revenue growth, strong HVAC demand
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Latest financial statements
From 10-Q filed Jul 31, 2026 (period ending Jun 27, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
(Unaudited; in millions, except per share amounts)
| Description | Three months ended June 27, 2026 | Three months ended June 28, 2025 | Six months ended June 27, 2026 | Six months ended June 28, 2025 |
|---|---|---|---|---|
| Revenues | 679.0 | 552.4 | 1,245.8 | 1,035.0 |
| Costs and expenses: | ||||
| Cost of products sold | 406.2 | 323.5 | 742.4 | 610.2 |
| Selling, general and administrative | 129.9 | 117.2 | 249.3 | 226.7 |
| Selling, general and administrative intangible amortization | 26.3 | 24.6 | 49.6 | 44.3 |
| Special charges, net | 1.6 | — | 1.8 | 0.1 |
| Other operating expense, net | — | 0.5 | — | 0.5 |
| Operating income | 115.0 | 86.6 | 202.7 | 153.2 |
| Other income (expense), net | (5.1) | (2.1) | (8.1) | 0.6 |
| Interest expense | (8.8) | (15.6) | (17.2) | (27.9) |
| Interest income | 1.1 | 1.0 | 2.2 | 1.9 |
| Income from continuing operations before income taxes | 102.2 | 69.9 | 179.6 | 127.8 |
| Income tax provision | (22.9) | (17.4) | (35.9) | (23.6) |
| Income from continuing operations | 79.3 | 52.5 | 143.7 | 104.2 |
| Income from discontinued operations, net of tax | — | — | 1.6 | — |
| Loss on disposition of discontinued operations, net of tax | (0.9) | (0.3) | (7.0) | (0.8) |
| Loss from discontinued operations, net of tax | (0.9) | (0.3) | (5.4) | (0.8) |
| Net income | 78.4 | 52.2 | 138.3 | 103.4 |
| Basic income per share of common stock: | ||||
| Income from continuing operations | 1.58 | 1.12 | 2.88 | 2.24 |
| Loss from discontinued operations | (0.01) | — | (0.11) | (0.02) |
| Net income per share | 1.57 | 1.12 | 2.77 | 2.22 |
| Weighted-average number of common shares outstanding basic | 50.070 | 46.716 | 49.999 | 46.586 |
| Diluted income per share of common stock: | ||||
| Income from continuing operations | 1.56 | 1.10 | 2.84 | 2.21 |
| Loss from discontinued operations | (0.01) | — | (0.11) | (0.02) |
| Net income per share | 1.55 | 1.10 | 2.73 | 2.19 |
| Weighted-average number of common shares outstanding diluted | 50.675 | 47.396 | 50.597 | 47.255 |
| Comprehensive income | 56.2 | 82.6 | 109.8 | 143.6 |
Condensed Consolidated Balance Sheets (Unaudited)
(Unaudited; in millions, except share data)
| Description | June 27, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and equivalents | 166.4 | 364.0 |
| Accounts receivable, net | 442.4 | 357.2 |
| Contract assets | 78.1 | 65.0 |
| Inventories, net | 374.0 | 302.2 |
| Other current assets | 41.5 | 55.3 |
| Total current assets | 1,102.4 | 1,143.7 |
| Property, plant and equipment: | ||
| Land | 26.8 | 26.9 |
| Buildings and leasehold improvements | 174.4 | 167.9 |
| Machinery and equipment | 378.1 | 338.1 |
| 579.3 | 532.9 | |
| Accumulated depreciation | (254.5) | (242.1) |
| Property, plant and equipment, net | 324.8 | 290.8 |
| Goodwill | 1,234.3 | 1,043.4 |
| Intangibles, net | 1,015.3 | 868.2 |
| Other assets | 254.1 | 250.2 |
| Deferred income taxes | 2.6 | 2.2 |
| Assets of DBT and Heat Transfer (includes cash and equivalents of $1.8 and $2.0 at June 27, 2026 and December 31, 2025, respectively) (Note 3) | 5.8 | 6.1 |
| TOTAL ASSETS | 3,939.3 | 3,604.6 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 194.6 | 145.2 |
| Contract liabilities | 128.2 | 115.8 |
| Accrued expenses | 183.4 | 185.2 |
| Income taxes payable | 13.7 | 10.0 |
| Short-term debt | 74.3 | 1.4 |
| Current maturities of long-term debt | 9.9 | 3.5 |
| Total current liabilities | 604.1 | 461.1 |
| Long-term debt | 530.5 | 496.7 |
| Deferred and other income taxes | 198.4 | 149.7 |
| Other long-term liabilities | 243.7 | 245.5 |
| Liabilities of DBT and Heat Transfer (Note 3) | 14.2 | 14.1 |
| Total long-term liabilities | 986.8 | 906.0 |
| Commitments and contingent liabilities (Note 15) | ||
| Stockholders' Equity: | ||
| Common stock (57,688,145 and 50,080,345 issued and outstanding at June 27, 2026, respectively, and 57,570,062 and 49,866,896 issued and outstanding at December 31, 2025, respectively) | 0.6 | 0.6 |
| Paid-in capital | 1,933.8 | 1,938.2 |
| Retained earnings | 621.1 | 482.8 |
| Accumulated other comprehensive income | 232.0 | 260.5 |
| Common stock in treasury (7,607,800 and 7,703,166 shares at June 27, 2026 and December 31, 2025, respectively) | (439.1) | (444.6) |
| Total stockholders' equity | 2,348.4 | 2,237.5 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 3,939.3 | 3,604.6 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Unaudited; in millions)
| Description | Six months ended June 27, 2026 | Six months ended June 28, 2025 |
|---|---|---|
| Cash flows from (used in) operating activities: | ||
| Net income | 138.3 | 103.4 |
| Less: Loss from discontinued operations, net of tax | (5.4) | (0.8) |
| Income from continuing operations | 143.7 | 104.2 |
| Adjustments to reconcile income from continuing operations to net cash from operating activities: | ||
| Special charges, net | 1.8 | 0.1 |
| Gain on change in value of equity security | — | (4.5) |
| Amortization of compensation expense related to acquisition (Refer to Note 3) | 6.3 | 10.9 |
| Deferred and other income taxes | — | (2.3) |
| Depreciation and amortization | 67.8 | 59.5 |
| Pension and other employee benefits | 10.2 | 8.7 |
| Long-term incentive compensation | 8.0 | 7.6 |
| Other, net, including allowance for doubtful accounts | (0.2) | 0.1 |
| Changes in operating assets and liabilities, net of effects from acquisitions and divestitures: | ||
| Accounts receivable and other assets | (70.4) | (63.1) |
| Contribution related to employee retention agreements from acquisition (Refer to Note 3) | — | (46.5) |
| Inventories | (66.5) | (16.2) |
| Accounts payable, accrued expenses and other | 19.9 | (24.6) |
| Cash spending on restructuring actions | (0.4) | (0.9) |
| Net cash from continuing operations | 120.2 | 33.0 |
| Net cash used in discontinued operations | — | (1.4) |
| Net cash from operating activities | 120.2 | 31.6 |
| Cash flows from (used in) investing activities: | ||
| Proceeds related to company-owned life insurance policies, net | 3.3 | 3.1 |
| Business acquisitions, net of cash acquired | (439.6) | (447.7) |
| Capital expenditures | (39.6) | (13.2) |
| Net cash used in continuing operations | (475.9) | (457.8) |
| Net cash from discontinued operations | 59.2 | — |
| Net cash used in investing activities | (416.7) | (457.8) |
| Cash flows from (used in) financing activities: | ||
| Borrowings under senior credit facilities | 214.9 | 478.0 |
| Repayments under senior credit facilities | (174.9) | (104.8) |
| Borrowings under trade receivables arrangement | 282.0 | 179.0 |
| Repayments under trade receivables arrangement | (209.0) | (148.0) |
| Net borrowings (repayments) under other financing arrangements | (0.1) | 0.2 |
| Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options | (14.6) | (9.1) |
| Net cash from continuing operations | 98.3 | 395.3 |
| Net cash from (used in) discontinued operations | — | — |
| Net cash from financing activities | 98.3 | 395.3 |
| Change in cash and equivalents due to changes in foreign currency exchange rates | 0.4 | 6.4 |
| Net change in cash and equivalents | (197.8) | (24.5) |
| Consolidated cash and equivalents, beginning of period | 366.0 | 161.4 |
| Consolidated cash and equivalents, end of period | 168.2 | 136.9 |
Amounts as printed on the EDGAR/iXBRL face — (Unaudited; in millions, except per share amounts); (Unaudited; in millions, except share data); (Unaudited; in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗