SPXC Q2 revenue +23% to $679M; operating income +33% on four acquisitions, tariff headwinds

Filed July 31, 2026 · Period ending June 27, 2026 · Compared to 10-Q Aug 1, 2025 · ~2 min read

Key Changes

• high

  Acquired four HVAC businesses in trailing 12 months (Sigma, Thermolec, Crawford, Neptronic) for ~$1.0B total consideration, funded by cash, revolver borrowings, and Q3 2025 equity offering proceeds. Neptronic ($430M, July 2026) alone required $340M in new revolver debt.

  MD&A: Acquisitions verify on EDGAR →
• high

  HVAC segment margin compressed 260 bp to 22.8% (from 25.4% prior year) due to capacity expansion start-up costs, tariff/inflation headwinds, and tougher comps against favorable 2025 project execution. Revenue grew 22.9% to $480.6M on data center cooling demand and acquisitions.

  MD&A: HVAC Segment verify on EDGAR →
• high

  Supreme Court invalidated IEEPA tariffs in February 2026; government responded with Section 232 tariffs (April 2026) on aluminum/steel/copper imports based on full customs value of goods, not just metal content. Company states refund assets not yet significant and mitigation uncertain.

  Risk Factors / MD&A: Tariffs view on EDGAR →