Earnings summaries and quarterly performance for Fortive.
Executive leadership at Fortive.
James Lico
President and Chief Executive Officer
Mark Okerstrom
Senior Vice President and Chief Financial Officer
Olumide Soroye
President and Chief Executive Officer, Intelligent Operating Solutions
Stacey Walker
Senior Vice President and Chief Human Resource Officer
Tamara Newcombe
President and Chief Executive Officer, Precision Technologies and Advanced Healthcare Solutions
Board of directors at Fortive.
Research analysts who have asked questions during Fortive earnings calls.
Andrew Kaplowitz
Citigroup
7 questions for FTV
Deane Dray
RBC Capital Markets
7 questions for FTV
Jeffrey Sprague
Vertical Research Partners
7 questions for FTV
Joseph Giordano
TD Cowen
7 questions for FTV
Julian Mitchell
Barclays Investment Bank
7 questions for FTV
Scott Davis
Melius Research
7 questions for FTV
Nigel Coe
Wolfe Research, LLC
6 questions for FTV
Christopher Snyder
Morgan Stanley
5 questions for FTV
Jamie Cook
Truist Securities
4 questions for FTV
Steve Tusa
JPMorgan Chase & Co.
4 questions for FTV
Andrew Buscaglia
BNP Paribas
3 questions for FTV
Andrew Obin
Bank of America
3 questions for FTV
C. Stephen Tusa
JPMorgan Chase & Co.
2 questions for FTV
Joseph O'Dea
Wells Fargo & Company
2 questions for FTV
Joseph O'Dea
Wells Fargo
2 questions for FTV
Bradley Hewitt
Wolfe Research
1 question for FTV
Robert Mason
Robert W. Baird & Co.
1 question for FTV
Scott Graham
Seaport Research Partners
1 question for FTV
Recent press releases and 8-K filings for FTV.
- Q4 revenue of $1.1 billion (+4.5% reported; +3% core) and Adjusted EPS of $0.90 (+13%); FY 2025 Adjusted EPS of $2.71 (+12%)
- Q4 Adjusted EBITDA of $358 million (+8%); Q4 Free Cash Flow of $315 million and FY FCF of $930 million with >100% conversion
- Share repurchases: $265 million in Q4, totaling $1.3 billion in H2 2025
- 2026 guidance: Adjusted EPS of $2.90–$3.00 (~9% growth at midpoint), core revenue growth of 2%–3%, mid-teens tax rate, net interest expense ~$120 million; ~315 million diluted shares
- Fortive delivered Q4 2025 total revenue of $1.1 billion (+4.5% y/y reported; +3% core), Adjusted EBITDA of $358 million (+8%; 32% margin), and Adjusted EPS of $0.90 (+13%).
- Full-year 2025 Adjusted EPS was $2.71 (+12%), with free cash flow of $930 million (conversion >100%) and $265 million of share repurchases in Q4 (H2 total of $1.3 billion).
- Segment results: IOS revenue grew just over 5% reported (4% core) with $288 million Adjusted EBITDA (+8%; 37% margin); AHS revenue was $353 million (+3% reported; 1.6% core) with $92 million Adjusted EBITDA (26% margin).
- Fortive initiated 2026 guidance for Adjusted EPS of $2.90–$3.00 (≈9% y/y growth at midpoint) and core revenue growth of 2–3%, assuming current FX and tariff levels.
- In Q4 2025, Fortive delivered $1.1 billion in revenue, up 4.5% year-over-year on a reported basis and 3% on a core basis; IOS segment core growth was 4%, and AHS core growth was 1.6%.
- Q4 adjusted EBITDA was $358 million, up 8% year-over-year, with margins expanding about 100 bps to nearly 32%, and adjusted EPS was $0.90, up 13%; full-year adjusted EPS came in at $2.71, exceeding guidance.
- The company generated $315 million of free cash flow in Q4 and $930 million for the full year, with free cash flow conversion north of 100%; Fortive repurchased $265 million of shares in Q4 (totaling $1.3 billion in H2 2025) and had 315 million diluted shares outstanding as of the call.
- Fortive initiated 2026 adjusted EPS guidance of $2.90–$3.00, implying approximately 9% year-over-year growth at the midpoint, expects 50–100 bps of margin expansion, and assumes 315 million shares outstanding.
- Full-year 2025 revenue of $4.16 billion (+1.9% YoY); GAAP diluted EPS of $1.59 and adjusted diluted EPS of $2.71, exceeding the high end of guidance
- Q4 2025 revenue of $1.12 billion (+4.6% YoY; core +3.3%) and adjusted diluted EPS of $0.90 (+12.5% YoY)
- Deployed $265 million in share repurchases in Q4, bringing H2 2025 buybacks to ~$1.3 billion (8% of diluted shares)
- Initiated FY 2026 adjusted EPS guidance of $2.90–$3.00
- Fortive delivered Q4 2025 revenue of $1.12 billion (up 4.6% YoY; core +3.3%), GAAP diluted EPS of $0.60 (+7.1%), and adjusted diluted EPS of $0.90 (+12.5%).
- Q4 adjusted EBITDA grew 7.8% to $358 million, Free Cash Flow was $314 million, and the company repurchased $265 million of shares (H2 total ~$1.3 billion).
- For FY 2025, revenue reached $4.16 billion (+1.9%; core +1.7%), GAAP EPS was $1.59 (+16.1%), adjusted EPS was $2.71 (+12.0%), and Free Cash Flow was $931 million.
- Fortive initiated FY 2026 adjusted EPS guidance of $2.90 to $3.00.
- Fortive delivered Q4 2025 revenue of $1.123 billion, up 4.6% YoY (+3.3% core).
- Q4 adj. EPS was $0.90, up 12.5% YoY, driven by EBITDA growth and share repurchases.
- Free cash flow in Q4 was $314 million, representing 109% conversion on adj. net income.
- Deployed $265 million in Q4 share repurchases (~5 million shares) and $1.3 billion in 2H 2025, supporting disciplined capital allocation.
- Initiated FY 2026 adj. EPS guidance of $2.90–$3.00, up from $2.71 in FY 2025.
- ULTRA GI™ Cycle for the STERRAD™ 100NX Sterilizer has received CE mark approval, enabling validated sterilization of complex duodenoscopes across Europe.
- Developed in partnership with FUJIFILM Healthcare Europe, the cycle now supports the new ED-840T and ED-840XT duodenoscope models, advancing hydrogen peroxide gas plasma sterilization technology.
- Current ASP customers with STERRAD 100NX Sterilizers equipped with ALLClear™ Technology can upgrade their systems to access the ULTRA GI Cycle, enhancing equipment ROI and patient safety.
- Simplified structure post-Precision Technologies separation: completed the PT spin-off on June 28, 2025, refocusing on continuing operations with $4.1 B TTM revenue and ~50% recurring revenue (TTM Q3 2025)
- Attractive margins and cash flow: TTM Q3 2025 adjusted gross margin of 64.2%, adjusted EBITDA margin of 29.4%, and free cash flow of $0.9 B with >100% conversion on adjusted net earnings
- Strong segment performance: Intelligent Operating Solutions delivered $2.8 B revenue with 35% adjusted EBITDA margin; Advanced Healthcare Solutions posted $1.3 B revenue at 27% margin (TTM Q3 2025)
- Disciplined capital allocation: deployed $1 B in Q3 to repurchase ~21 M shares (~6% of fully diluted shares) and raised FY 2025 guidance after exceeding Q3 expectations
- Following the spin-off of Raliant at the end of June, Fortive is now a streamlined company with a strong financial profile: $4 billion+ revenues, 65% adjusted gross margins, ~30% EBITDA margins, ~$1 billion annual free cash flow, and 50% recurring revenues.
- In its first post-spin quarter (Q3), Fortive executed its three-pillar “Accelerator” strategy—faster organic growth, disciplined capital allocation, and building investor trust—delivering 2% core revenue growth, 10% EBITDA growth, and 15% EPS growth, and subsequently raising full-year guidance.
- As part of disciplined capital allocation, Fortive repurchased $1 billion of shares in Q3—the largest quarterly buyback in company history—retiring 21 million shares (≈6% of diluted shares).
- Segment highlights include accelerating Fluke’s innovation pipeline and commercial footprint (notably in data-center operations and high-growth geographies), advancing recurring software/service platforms like ServiceChannel, and a stabilizing healthcare business post-OB3A enactment.
- Fortive reaffirmed its framework to expand adjusted EBITDA margins by 50–100 bps annually, leveraging operational discipline to fund targeted growth investments.
- Following the June spinoff of Ralliant, Fortive now has a simplified portfolio with ~$4 billion revenue, 50% recurring revenues, 65% gross margins, ~30% EBITDA margins, and ~$1 billion in annual free cash flow with >100% net income to FCF conversion.
- Fortive Accelerated strategy comprises three pillars: faster profitable organic growth via innovation, commercial expansion, and recurring customer value; disciplined capital allocation prioritizing small bolt-on M&A, $1 billion Q3 share repurchase (6% of shares), and a modest dividend; and building investor trust through clear guidance.
- In Q3, Fortive achieved 2% core revenue growth, 10% adjusted EBITDA growth, 15% adjusted EPS growth, repurchased $1 billion of shares, and raised full-year guidance.
- Growth initiatives include: expanding Fluke product innovation and sales capacity in data center O&M, EV charging, and solar markets; scaling AI-enabled facilities and asset lifecycle software outside the U.S.; and normalization of healthcare equipment demand post-OB3A Act.
- Fortive reaffirms its financial framework of 50–100 bps annual EBITDA margin expansion driven by operating leverage and cost discipline while funding targeted growth investments.
Quarterly earnings call transcripts for Fortive.
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