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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 0-7977

____________________________________________________

NORDSON CORPORATION

(Exact name of registrant as specified in its charter)

___________________________________________________

Ohio

(State or other jurisdiction of incorporation or organization)

28601 Clemens Road

Westlake, Ohio

(Address of principal executive offices)

34-0590250

(I.R.S. Employer Identification No.)

44145

(Zip Code)

(440) 892-1580

(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange
On Which Registered

Common Shares, without par value

NDSN

Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: Common Shares, without par value as of May 19, 2026: 55,717,948

Table of Contents


PART I – FINANCIAL INFORMATION			3

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)			3
Condensed Consolidated Statements of Income			3
Consolidated Statements of Comprehensive Income			3
Consolidated Balance Sheets			4
Consolidated Statements of Shareholders' Equity			5
Condensed Consolidated Statements of Cash Flows			6
Notes to Condensed Consolidated Financial Statements			7
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			20
Overview			20
Critical Accounting Policies and Estimates			20
Results of Operations			20
Financial Condition			25
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			26
ITEM 4. CONTROLS AND PROCEDURES			26

PART II – OTHER INFORMATION			27

ITEM 1. LEGAL PROCEEDINGS			27
ITEM 1A. RISK FACTORS			27
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			27
ITEM 5. OTHER INFORMATION			28
ITEM 6. EXHIBITS			28

SIGNATURE			29

Page 2

Table of Contents

Nordson Corporation

Part I – FINANCIAL INFORMATION


ITEM 1.			FINANCIAL STATEMENTS (UNAUDITED)

Condensed Consolidated Statements of Income


	Three Months Ended				Six Months Ended
(In thousands, except for per share data)	April 30, 2026		April 30, 2025		April 30, 2026		April 30, 2025
Sales	$	740,847	$	682,938	$	1,410,308	$	1,298,358
Cost of sales	336,770		309,034		640,109		588,558
Selling and administrative expenses	206,874		205,154		406,591		400,103

Operating profit	197,203		168,750		363,608		309,697
Interest expense	(21,942)		(26,572)		(45,073)		(53,131)
Pension settlement charge	(24,049)		—		(24,049)		—
Interest and investment income	362		553		752		1,494
Other income (expense) - net	(10,400)		(3,961)		10,437		(2,435)
Income before income taxes	141,174		138,770		305,675		255,625
Income tax expense	23,858		26,366		54,977		48,569
Net income	$	117,316	$	112,404	$	250,698	$	207,056
Average common shares	55,798		56,785		55,793		56,960
Incremental common shares attributable to equity compensation	302		253		320		305
Average common shares and common share equivalents	56,100		57,038		56,113		57,265
Basic earnings per share	$	2.10	$	1.98	$	4.49	$	3.64
Diluted earnings per share	$	2.09	$	1.97	$	4.47	$	3.62

See accompanying notes.

Consolidated Statements of Comprehensive Income


	Three Months Ended				Six Months Ended
(In thousands)	April 30, 2026		April 30, 2025		April 30, 2026		April 30, 2025
Net income	$	117,316	$	112,404	$	250,698	$	207,056
Components of other comprehensive income (loss), net of tax:
Foreign currency translation and related hedging adjustments	2,465		95,605		45,424		43,926

Pension and postretirement benefit plans	29,146		(420)		29,441		92
Total other comprehensive income	31,611		95,185		74,865		44,018

Total comprehensive income	$	148,927	$	207,589	$	325,563	$	251,074

See accompanying notes.

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Consolidated Balance Sheets


(In thousands)
Assets
Current assets:	April 30, 2026		October 31, 2025
Cash and cash equivalents	$	102,017	$	108,442
Receivables - net	606,689		587,843
Inventories - net	467,757		444,814
Prepaid expenses and other current assets	100,893		101,752

Total current assets	1,277,356		1,242,851
Goodwill	3,332,927		3,304,685
Intangible assets - net	650,985		681,587
Property, plant and equipment - net	521,390		516,914
Operating right of use lease assets	65,829		77,478
Deferred income taxes	11,409		11,246
Other assets	104,522		82,920
	$	5,964,418	$	5,917,681

Liabilities and shareholders' equity
Current liabilities:
Current maturities of long-term debt and notes payable	$	50,000	$	315,000
Accrued liabilities	196,121		229,095
Accounts payable	141,910		121,006
Customer advanced payments	52,215		44,009
Income taxes payable	26,344		25,856
Operating lease liability - current	15,588		17,402
Finance lease liability - current	9,697		5,892

Total current liabilities	491,875		758,260
Long-term debt	1,836,356		1,681,254
Deferred income taxes	193,981		192,186
Operating lease liability - noncurrent	53,347		64,451
Postretirement obligations	43,307		43,786
Pension obligations	42,263		43,205
Finance lease liability - noncurrent	8,761		8,359
Other long-term liabilities	92,293		82,609
Shareholders' equity:
Common shares	12,253		12,253
Capital in excess of stated value	790,125		740,789
Retained earnings	4,759,660		4,600,604
Accumulated other comprehensive loss	(25,592)		(100,457)
Common shares in treasury, at cost	(2,334,211)		(2,209,618)
Total shareholders' equity	3,202,235		3,043,571
	$	5,964,418	$	5,917,681

See accompanying notes.

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Consolidated Statements of Shareholders’ Equity


	Six Months Ended April 30, 2026
(In thousands, except for share and per share data)	Common Shares		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Common Shares in Treasury, at cost		TOTAL
November 1, 2025	$	12,253	$	740,789	$	4,600,604	$	(100,457)	$	(2,209,618)	$	3,043,571
Shares issued under company stock and employee benefit plans	—		16,457		—		—		2,338		18,795
Stock-based compensation	—		4,891		—		—		—		4,891
Purchase of treasury shares	—		—		—		—		(86,001)		(86,001)
Dividends declared ($0.82 per share)	—		—		(45,786)		—		—		(45,786)
Net income	—		—		133,382		—		—		133,382

Other comprehensive income	—		—		—		43,254		—		43,254


January 31, 2026	$	12,253	$	762,137	$	4,688,200	$	(57,203)	$	(2,293,281)	$	3,112,106
Shares issued under company stock and employee benefit plans	—		21,841		—		—		2,372		24,213
Stock-based compensation	—		6,147		—		—		—		6,147
Purchase of treasury shares	—		—		—		—		(43,302)		(43,302)
Dividends declared ($0.82 per share)	—		—		(45,856)		—		—		(45,856)
Net income	—		—		117,316		—		—		117,316
Other comprehensive income	—		—		—		31,611		—		31,611



April 30, 2026	$	12,253	$	790,125	$	4,759,660	$	(25,592)	$	(2,334,211)	$	3,202,235


	Six Months Ended April 30, 2025
(In thousands, except for share and per share data)	Common Shares		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Common Shares in Treasury, at cost		TOTAL
November 1, 2024	$	12,253	$	714,091	$	4,295,199	$	(184,840)	$	(1,904,511)	$	2,932,192
Shares issued under company stock and employee benefit plans	—		349		—		—		652		1,001
Stock-based compensation	—		4,633		—		—		—		4,633
Purchase of treasury shares	—		—		—		—		(60,098)		(60,098)
Dividends declared ($0.78 per share)	—		—		(44,602)		—		—		(44,602)
Net income	—		—		94,652		—		—		94,652

Other comprehensive loss	—		—		—		(51,167)		—		(51,167)


January 31, 2025	$	12,253	$	719,073	$	4,345,249	$	(236,007)	$	(1,963,957)	$	2,876,611
Shares issued under company stock and employee benefit plans	—		1,554		—		—		248		1,802
Stock-based compensation	—		4,791		—		—		—		4,791
Purchase of treasury shares	—		—		—		—		(86,154)		(86,154)
Dividends declared ($0.78 per share)	—		—		(44,335)		—		—		(44,335)
Net income	—		—		112,404		—		—		112,404

Other comprehensive income	—		—		—		95,185		—		95,185




April 30, 2025	$	12,253	$	725,418	$	4,413,318	$	(140,822)	$	(2,049,863)	$	2,960,304

See accompanying notes.

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Condensed Consolidated Statements of Cash Flows


(In thousands)	Six Months Ended
Cash flows from operating activities:	April 30, 2026		April 30, 2025
Net income	$	250,698	$	207,056
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	72,900		74,608
Pension settlement charge	24,049		—
Non-cash stock compensation	11,038		9,424
Deferred income taxes	(4,787)		(3,812)
Other non-cash (income) expense	(9,985)		1,166
(Gain) loss on sale of property, plant and equipment	(1,079)		243

Changes in operating assets and liabilities and other	(21,733)		(10,393)


Net cash provided by operating activities	321,101		278,292
Cash flows from investing activities:
Additions to property, plant and equipment	(27,693)		(37,439)

Proceeds from sale of property, plant and equipment	1,106		298
Other	(1,794)		10,041
Acquisition of business, net of cash acquired	(11,643)		—
Net cash used in investing activities	(40,024)		(27,100)
Cash flows from financing activities:
Proceeds from issuance of debt	267,360		24,645
Repayment of debt	(374,465)		(30,445)
Repayment of finance lease obligations	(3,753)		(2,627)
Issuance of common shares	43,008		2,803
Purchase of treasury shares	(129,303)		(146,252)
Dividends paid	(91,642)		(88,937)
Net cash used in financing activities	(288,795)		(240,813)

Effect of exchange rate changes on cash	1,293		3,826
Increase in cash and cash equivalents	(6,425)		14,205
Cash and cash equivalents at beginning of period	108,442		115,952
Cash and cash equivalents at end of period	$	102,017	$	130,157

See accompanying notes.

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Notes to Condensed Consolidated Financial Statements

April 30, 2026

NOTE REGARDING AMOUNTS AND FISCAL YEAR REFERENCES

In this Quarterly Report on Form 10-Q, all amounts related to U.S. dollars and foreign currency and to the number of Nordson Corporation’s common shares, except for per share earnings and dividend amounts, are expressed in thousands. Unless the context otherwise indicates, all references to “we” or the “Company” mean Nordson Corporation.

Unless otherwise noted, all references to years relate to our fiscal year ending October 31.

Significant accounting policies

Basis of presentation. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles in the United States ("U.S. GAAP") for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended April 30, 2026 are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the Consolidated Financial Statements and notes included in our Annual Report on Form 10-K for the year ended October 31, 2025.

Consolidation. The Condensed Consolidated Financial Statements include the accounts of Nordson Corporation and its 100%-owned and controlled subsidiaries. Investments in affiliates and joint ventures in which our ownership is 50% or less or in which we do not have control but have the ability to exercise significant influence are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of estimates. The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements. Actual amounts could differ from these estimates.

Revenue recognition. A contract exists when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. Revenue is recognized when performance obligations under the terms of the contract with a customer are satisfied. Generally, our revenue results from short-term, fixed-price contracts and primarily is recognized as of a point in time when the product is shipped or at a later point when the control of the product transfers to the customer. For products in which control transfers upon delivery, revenue is deferred for undelivered items and included within Accrued liabilities in our Consolidated Balance Sheets. Revenues deferred as of April 30, 2026 and October 31, 2025 were not material.

For certain contracts related to the sale of customer-specific products, revenue is recognized over time as we satisfy performance obligations because of the continuous transfer of control to the customer. The continuous transfer of control to the customer occurs as we enhance assets that are customer controlled, and we are contractually entitled to payment for work performed to date plus a reasonable margin.

As control transfers over time for these products or services, revenue is recognized based on progress toward completion of the performance obligations. The selection method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. We have elected to use the input method – costs incurred for these contracts because it best depicts the transfer of products or services to the customer based on incurring costs on the contract. Under this method, revenues are recorded proportionally as costs are incurred. Contract assets recognized are recorded in Prepaid expenses and other current assets and contract liabilities are recorded in Accrued liabilities in our Consolidated Balance Sheets and were not material as of April 30, 2026 and October 31, 2025. Revenue recognized over time represented approximately less than ten percent of our overall consolidated revenues for the periods ended April 30, 2026 and October 31, 2025.

Revenue is measured as the amount of consideration we expect to be entitled to in exchange for transferring products or services. Taxes, including sales and value add, that we collect concurrently with revenue-producing activities are excluded from revenue. As a practical expedient, we may exclude the assessment of whether goods or services are performance obligations, if they are immaterial in the context of the contract, and combine these with other performance obligations. While payment terms and conditions vary by contract type, we have determined that our contracts generally do not include a significant financing component. We have elected to apply the practical expedient to treat all shipping and handling costs as fulfillment costs, as a significant portion of these costs are incurred prior to transfer of control to the customer. We have also elected to apply the practical expedient to expense sales commissions as they are incurred, as the amortization period resulting from capitalizing the

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costs is one year or less. These costs are recorded within Selling and administrative expenses in our Condensed Consolidated Statements of Income.

We offer assurance-type warranties on our products as well as separately sold warranty contracts. Revenue related to warranty contracts that are sold separately is recognized over the life of the warranty term and is not material. Certain arrangements may include installation, installation supervision, training, and spare parts, which tend to be completed in a short period of time, at an insignificant cost, and utilizing skills not unique to us, and therefore, these items are typically regarded as inconsequential or not material.

We disclose disaggregated revenues by operating segment and geography in accordance with the revenue standard and on the same basis used internally by the chief operating decision maker for evaluating performance of operating segments and for allocating resources. Refer to our Operating segments Note for details.

Earnings per share. Basic earnings per share are computed based on the weighted-average number of common shares outstanding during each year, while diluted earnings per share are based on the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents consist of shares issuable upon exercise of stock options computed using the treasury stock method, as well as restricted shares and deferred stock-based compensation. Options whose exercise price is higher than the average market price are excluded from the calculation of diluted earnings per share because the effect would be anti-dilutive. Options for 0 and 336 common shares were excluded from the calculation of diluted earnings per share for the three months ended April 30, 2026 and 2025, respectively, because their effect would have been anti-dilutive. Options for 37 and 264 common shares were excluded from the calculation of diluted earnings per share for the six months ended April 30, 2026 and 2025, respectively, because their effect would have been anti-dilutive. Under the 2021 Stock Incentive and Award Plan, executive officers and selected other key employees receive common share awards based on corporate performance measures over three-year performance periods. Awards for which performance measures have not been met were excluded from the calculation of diluted earnings per share.

Recently issued accounting standards

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires enhanced disclosures about significant segment expenses and enhanced disclosures in interim periods. The guidance in ASU 2023-07 is to be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023 and interim reporting periods in fiscal years beginning after December 31, 2024, with early adoption permitted. The Company adopted the guidance of ASU 2023-07 during the fourth quarter of 2025. See Operating Segments Note.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to improve income tax disclosure requirements by requiring specific disclosure in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The guidance in ASU 2023-09 will be effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company will adopt the standard in its Annual Report on Form 10-K for the year ending October 31, 2026. The Company is currently evaluating the impact of the adoption of ASU 2023-09 and expects the adoption of the standard will only impact its disclosures with no material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income. ASU 2024-03 does not change or remove current expense presentation requirements within the Consolidated Statements of Income. However, the amendments require disclosure, on an annual and interim basis, of disaggregated information about certain income statement expense line items within the notes to the consolidated financial statements. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements and disclosures and anticipates adoption in fiscal 2028.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06). This accounting standard changes when software project costs should be capitalized by removing all references to development stages and requiring costs to be capitalized when (1) the Company authorizes and commits to funding the software project and (2) it is probable the software project will be completed. The standard also requires additional annual and interim disclosures, including the capitalized software balance and accumulated amortization. ASU 2025-06 is effective for annual reporting periods, including interim reporting periods within those annual periods, beginning after December 15, 2027, with early adoption permitted and may be applied prospectively, retrospectively, or using a modified prospective transition approach. The Company is evaluating the impact of ASU 2025-06 to its consolidated financial statements and related disclosures.

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Acquisitions

Business acquisitions have been accounted for using the acquisition method, with the acquired assets and liabilities recorded at estimated fair value on the dates of acquisition. The cost in excess of the net assets of the business acquired is included in goodwill. Operating results since the respective dates of acquisitions are included in the Condensed Consolidated Statements of Income.

Receivables

Our primary allowance for credit losses is the allowance for doubtful accounts, which is principally determined based on aging of receivables. Receivables are exposed to credit risk based on the customers' ability to pay which is influenced by, among other factors, their financial liquidity. We perform ongoing customer credit evaluation to maintain sufficient allowances for potential credit losses. Our segments perform credit evaluation and monitoring to estimate and manage credit risk through the review of customer information, credit ratings, approval and monitoring of customer credit limits and assessment of market conditions. We may also require prepayments or bank guarantees from customers to mitigate credit risk. Our receivables are generally short-term in nature with a majority of receivables outstanding less than 90 days. Accounts receivable balances are written-off against the allowance if deemed uncollectible.

Accounts receivable are net of an allowance for credit losses of $5,995 and $7,408 on April 30, 2026 and October 31, 2025, respectively. Provision for losses on receivables was $479 for the three months ended April 30, 2026, while provision for income on receivables was $110 for the six months ended April 30, 2026, compared to provision for income on receivables of $262 and $644 for the same periods last year, respectively. The remaining change in the allowance for credit losses is principally related to the write-off of uncollectible accounts.

Inventories

Components of inventories were as follows:


	April 30, 2026		October 31, 2025
Finished goods	$	255,559	$	234,710
Raw materials and component parts	236,254		230,907
Work-in-process	62,733		57,306
	554,546		522,923
Obsolescence and other reserves	(86,789)		(78,109)

	$	467,757	$	444,814

Property, Plant and Equipment

Components of property, plant and equipment were as follows:


	April 30, 2026		October 31, 2025
Land	$	39,247	$	32,579
Land improvements	4,935		4,914
Buildings	364,726		360,038
Machinery and equipment	691,712		682,093
Enterprise management system	53,710		53,694
Construction-in-progress	37,111		29,522
Leased property under finance leases	32,760		27,680
	1,224,201		1,190,520
Accumulated depreciation	(702,811)		(673,606)
	$	521,390	$	516,914

Depreciation expense was $16,909 and $17,881 for the three months ended April 30, 2026 and 2025, respectively. Depreciation expense was $33,925 and $35,601 for the six months ended April 30, 2026 and 2025, respectively.

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Goodwill and other intangible assets

Our reporting units are the same as our reportable operating segments, Industrial Precision Solutions ("IPS"), Medical and Fluid Solutions ("MFS"), and the Advanced Technology Solutions ("ATS") segments. Changes in the carrying amount of goodwill for the six months ended April 30, 2026 by operating segment:


	IPS		MFS		ATS		Total
Balance at October 31, 2025	$	1,210,366	$	1,647,468	$	446,851	$	3,304,685


Currency effect	24,888		720		2,634		28,242
Balance at April 30, 2026	$	1,235,254	$	1,648,188	$	449,485	$	3,332,927

Information regarding intangible assets subject to amortization:


	April 30, 2026
	Carrying Amount		Accumulated Amortization		Net Book Value
Customer relationships	$	908,882	$	416,155	$	492,727
Patent/technology costs	236,872		166,438		70,434
Trade name	169,988		82,164		87,824
Non-compete agreements	8,657		8,657		—
Other	920		920		—
Total	$	1,325,319	$	674,334	$	650,985

	October 31, 2025
	Carrying Amount		Accumulated Amortization		Net Book Value
Customer relationships	$	899,402	$	390,751	$	508,651
Patent/technology costs	235,255		155,865		79,390
Trade name	169,127		75,581		93,546
Non-compete agreements	8,596		8,596		—
Other	929		929		—
Total	$	1,313,309	$	631,722	$	681,587

Amortization expense for the three months ended April 30, 2026 and 2025 was $19,406 and $19,697, respectively. Amortization expense for the six months ended April 30, 2026 and 2025 was $38,975 and $39,007, respectively.

Pension and other postretirement plans

During the second quarter of 2026, we completed a partial plan settlement transaction in regards to our U.S. pension plan in which plan assets amounting to $104,148 were used to purchase a group annuity contract from RGA Life and Annuity Insurance Company ("RGA"). The settlement resulted in a loss of $24,049 as shown on the Condensed Consolidated Statements of Income. This transaction relieved the Company of its responsibility for the pension obligation related to certain retired employees and transferred the obligation and payment responsibility to RGA for retirement benefits owed to approximately 1,000 retirees and other beneficiaries. The annuity contract covers retirees who commenced receiving benefits on or before February 1, 2026. The monthly retirement benefit payment amounts currently received by retirees and their beneficiaries did not change as a result of this transaction. Plan participants not included in the transaction remain in the plans and responsibility for payment of the retirement benefits remains with the Company.

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The components of net periodic pension costs for the three and six months ended April 30, 2026 and 2025 were:


	U.S.				International
Three Months Ended	2026		2025		2026		2025
Service cost	$	1,985	$	2,531	$	133	$	239
Interest cost	4,177		4,691		607		639
Expected return on plan assets	(6,020)		(6,609)		(551)		(651)
Amortization of prior service credit	—		—		(2)		(2)
Amortization of net actuarial (gain) loss	814		474		(87)		(68)
Settlement loss	24,049		—		—		—
Total benefit cost	$	25,005	$	1,087	$	100	$	157



	U.S.				International
Six Months Ended	2026		2025		2026		2025
Service cost	$	4,046	$	5,062	$	265	$	471
Interest cost	8,757		9,383		1,211		1,262
Expected return on plan assets	(12,664)		(13,219)		(1,098)		(1,289)
Amortization of prior service credit	—		—		(4)		(4)
Amortization of net actuarial (gain) loss	1,865		947		(172)		(136)
Settlement loss	24,049		—		—		—
Total benefit cost	$	26,053	$	2,173	$	202	$	304

The components of other postretirement benefit costs, for plans in the United States, for the three and six months ended April 30, 2026 and 2025:


Three Months Ended	2026		2025
Service cost	$	35	$	58
Interest cost	522		643

Amortization of net actuarial gain	(413)		(124)
Total benefit cost	$	144	$	577


Six Months Ended	2026		2025
Service cost	$	70	$	117
Interest cost	1,045		1,294

Amortization of net actuarial gain	(827)		(250)
Total benefit cost	$	288	$	1,161

The components of net periodic pension and other postretirement cost, other than service cost, are included in Other income (expense) – net and Pension settlement charge in our Condensed Consolidated Statements of Income.

Income taxes

We record our interim provision for income taxes based on our estimated annual effective tax rate, as well as certain items discrete to the current period. The effective tax rate for the three months ended April 30, 2026 and 2025 was 16.9% and 19.0%, respectively. The effective tax rate for the six months ended April 30, 2026 and 2025 was 18.0% and 19.0%, respectively. The effective tax rate for the three and six months ended April 30, 2026 was lower than the U.S. tax rate of 21% primarily due to the foreign-derived intangible income deduction.

The Company continues to assess the impact of the One Big Beautiful Bill Act ("OBBBA"), enacted on July 4, 2025 and taking effect during the Company’s fiscal year ending October 31, 2026. There is no material impact from OBBBA on the effective tax rate or consolidated financial statements for the quarter ended April 30, 2026.

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Accumulated other comprehensive income (loss)

Changes in accumulated other comprehensive income (AOCI) consisted of:


	Cumulative translation and related hedging instruments		Pension and postretirement benefit plan adjustments		Accumulated other comprehensive income (loss)
Balance at October 31, 2025 (1)	$	(50,518)	$	(49,939)	$	(100,457)
Other comprehensive income before reclassification adjustments	41,400		13,360		54,760

Reclassifications from AOCI to Statement of Income (2)	—		24,891		24,891

Tax impact	4,024		(8,810)		(4,786)
Balance at April 30, 2026 (1)	$	(5,094)	$	(20,498)	$	(25,592)

(1) Amounts net of tax.

(2) Included in the computation of net periodic cost (benefit) which is included in Other income (expense) - net in our Consolidated Statements of Income. See Pension and other postretirement plans Note.

Warranties

We offer warranties to our customers depending on the specific product and terms of the customer purchase agreement. A typical warranty program requires that we repair or replace defective products within a specified time period (generally one year) measured from the date of delivery or first use. We record an estimate for future warranty-related costs based on actual historical return rates. Based on analysis of return rates and other factors, the adequacy of our warranty provisions is adjusted as necessary. The liability for warranty costs is included in Accrued liabilities in the Consolidated Balance Sheets.

Following is a reconciliation of the product warranty liability for the six months ended April 30, 2026 and 2025:


	2026		2025
Beginning balance at October 31	$	13,900	$	13,538
Accruals for warranties	5,737		4,719
Warranty payments	(5,067)		(5,536)
Currency adjustments	(343)		64
Ending balance	$	14,227	$	12,785

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Operating segments

We conduct business in three primary operating segments:

Industrial Precision Solutions: This segment focuses on delivering proprietary dispensing and processing technology, both standard and highly customized equipment, to diverse end markets. Product lines commonly reduce material consumption, increase line efficiency through precision dispensing and enhance product brand and appearance. Components are used for dispensing adhesives, coatings, paint, finishes, sealants and other materials. This segment primarily serves the industrial, agricultural, consumer durables and non-durables markets.

Medical and Fluid Solutions: This segment includes the Company’s fluid management solutions for medical, high-tech industrial and other diverse end markets. Related plastic tubing, balloons, catheters, syringes, cartridges, tips and fluid connection components are used to dispense or control fluids within customers’ medical devices or products, as well as production processes.

Advanced Technology Solutions: This segment focuses on products serving electronics and consumer non-durable end markets. Advanced Technology Solutions products integrate our proprietary product technologies found in progressive stages of an electronics customer’s production and measurement and control processes, such as surface treatment, precisely controlled dispensing of material and test and inspection to ensure quality and reliability. Applications include, but are not limited to, semiconductors, printed circuit boards, electronic components and automotive electronics, in-line measurement sensors, gauges and analyzers.

The composition of segments and measure of segment profitability is consistent with that used by our chief operating decision maker ("CODM"), our President and Chief Executive Officer. The primary measure used by our CODM for purposes of making decisions about allocating resources to the segments and assessing performance is segment EBITDA, which equals sales less adjusted cost of sales and adjusted selling and administrative expenses plus depreciation. Cost of sales and selling and administrative expenses are adjusted for certain special items such as non-recurring cost reduction activities and acquisition related costs, including intangible asset amortization. The CODM uses segment EBITDA in the annual budgeting and forecasting processes and regularly evaluates segment EBITDA results versus budget, forecast and prior year when making allocation of capital, financial and employee resource decisions.

The accounting policies of the segments are the same as those described in our Significant accounting policies Note. There are no intersegment sales. Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive compensation, charitable donations, corporate facilities, and other items that are of a corporate or functional governance nature. Interest expense-net and Other income (expense) - net are excluded from the measure of segment profitability reviewed by our CODM and are not presented by operating segment.

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The following table presents information about our reportable segments as further reconciled to consolidated GAAP financial results:


	Three Months Ended				Six Months Ended
	April 30, 2026		April 30, 2025		April 30, 2026		April 30, 2025
Sales
Industrial Precision Solutions	$	350,466	$	318,847	$	677,327	$	619,295
Medical and Fluid Solutions	212,850		202,809		406,033		396,418
Advanced Technology Solutions	177,531		161,282		326,948		282,645
Total segment sales	740,847		682,938		1,410,308		1,298,358
Adjusted cost of sales
Industrial Precision Solutions	(142,315)		(127,720)		(277,070)		(240,867)
Medical and Fluid Solutions	(108,167)		(101,362)		(204,722)		(204,731)
Advanced Technology Solutions	(85,153)		(76,456)		(157,182)		(131,315)
Total segment adjusted cost of sales	(335,635)		(305,538)		(638,974)		(576,913)
Adjusted selling and administrative expenses
Industrial Precision Solutions	(90,580)		(83,174)		(178,330)		(163,343)
Medical and Fluid Solutions	(33,323)		(33,581)		(67,585)		(68,193)
Advanced Technology Solutions	(45,551)		(46,997)		(91,926)		(92,314)
Total segment adjusted selling and administrative expenses	(169,454)		(163,752)		(337,841)		(323,850)
Depreciation
Industrial Precision Solutions	6,007		5,595		11,962		11,239
Medical and Fluid Solutions	7,833		8,672		15,673		17,376
Advanced Technology Solutions	1,500		1,687		3,087		3,271
Total segment depreciation	15,340		15,954		30,722		31,886
EBITDA
Industrial Precision Solutions	123,578		113,548		233,889		226,324
Medical and Fluid Solutions	79,193		76,538		149,399		140,870
Advanced Technology Solutions	48,327		39,516		80,927		62,287
Total segment EBITDA	251,098		229,602		464,215		429,481
Inventory step-up amortization	(1,135)		—		(1,135)		(3,135)
Acquisition related costs	(534)		(513)		(534)		(1,543)
Severance and other	—		(10,313)		—		(16,274)

Depreciation and amortization	(36,315)		(37,578)		(72,900)		(74,608)
Corporate expenses	(15,911)		(12,448)		(26,038)		(24,224)
Interest expense	(21,942)		(26,572)		(45,073)		(53,131)
Interest and investment income	362		553		752		1,494
Pension settlement charge	(24,049)		—		(24,049)		—
Other - net	(10,400)		(3,961)		10,437		(2,435)
Income before taxes	$	141,174	$	138,770	$	305,675	$	255,625

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The following table presents additional information about our reportable segments:


	Industrial Precision Solutions		Medical and Fluid Solutions		Advanced Technology Solutions		Corporate		Total
Three months ended April 30, 2026
Amortization of intangibles	$	7,552	$	9,533	$	2,321	$	—	$	19,406

Property, plant and equipment expenditures	2,467		5,479		2,234		—		10,180

Three months ended April 30, 2025
Amortization of intangibles	$	7,019	$	9,695	$	2,983	$	—	$	19,697

Property, plant and equipment expenditures	4,054		2,269		7,851		1,865		16,039

Six months ended April 30, 2026
Amortization of intangibles	15,072		19,204		4,699		—		38,975
Property, plant and equipment expenditures	5,732		10,804		11,002		155		27,693

Six months ended April 30, 2025
Amortization of intangibles	13,828		19,132		6,047		—		39,007
Property, plant and equipment expenditures	13,583		17,181		4,393		2,282		37,439

As of April 30, 2026
Identifiable assets (1)	1,898,264		2,191,580		772,837		1,101,737		5,964,418

As of October 31, 2025
Identifiable assets (1)	1,858,974		2,201,528		738,762		1,118,417		5,917,681

(1) Operating segment identifiable assets include notes and accounts receivable net of allowance for doubtful accounts, inventories net of reserves, property, plant and equipment net of accumulated depreciation and goodwill. Corporate assets are principally cash and cash equivalents, deferred income taxes, leases, headquarter facilities and intangible assets.

We had significant net sales, measured based on their geographic destination, as follows:


	Three Months Ended				Six Months Ended
	April 30, 2026		April 30, 2025		April 30, 2026		April 30, 2025
Net external sales
Americas	$	308,253	$	292,463	$	570,183	$	560,300
Europe	194,459		172,496		376,920		340,259
Asia Pacific	238,135		217,979		463,205		397,799
Total net external sales	740,847		682,938		1,410,308		1,298,358

Investments

The Company holds minority interests in certain companies that do not have readily determinable fair values. For each qualifying investment, the Company elects the measurement alternative under ASC 321, initially recognizing the investment at cost and subsequently adjusting the carrying amount for (i) impairment and (ii) observable price changes in orderly transactions for an identical or similar investment of the same issuer. Investments subject to the measurement alternative are classified in Other assets on the Consolidated Balance Sheets and were $5,040 and $13,996, at April 30, 2026 and October 31, 2025, respectively. Adjustments (upward or downward) and impairment losses, if any, are recognized in earnings within Other income (expense) - net and were not material for the three and six months ended April 30, 2026 and 2025. If a readily determinable fair value for the investments subsequently becomes available, we will be required to record the investment at fair value with any unrealized gains or losses being recognized in earnings each period.

In December 2025, one of the Company's minority interest investments was publicly listed on a foreign stock exchange. The fair value of this investment is included in Other assets on the Consolidated Balance Sheets and was $21,722 as of April 30, 2026. The unrealized loss of $9,827 for the three months ended April 30, 2026 and unrealized gain of $12,411 for the six months ended

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April 30, 2026 was included in Other income (expense) - net in the Condensed Consolidated Statements of Income. Nordson is contractually restricted from selling any shares in this investment until December 2028, and there are no circumstances that could cause this restriction to lapse earlier.

Fair value measurements

The inputs to the valuation techniques used to measure fair value are classified into the following categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

The following tables present the classification of our assets and liabilities measured at fair value on a recurring basis:


April 30, 2026	Total		Level 1		Level 2		Level 3
Net derivative contracts (1)	$	(64,923)	$	—	$	(64,923)	$	—
Deferred compensation plans (2)	(13,873)		—		(13,873)		—
Minority interest investment (3)	21,722		21,722		—		—


October 31, 2025	Total		Level 1		Level 2		Level 3
Net derivative contracts (1)	$	(55,367)	$	—	$	(55,367)	$	—
Deferred compensation plans (2)	(11,885)		—		(11,885)		—

(1) Derivative contracts are valued using an industry standard market approach, in which prices and other relevant information is generated by market transactions involving identical or comparable assets or liabilities. Refer to Derivative financial instruments note for balance sheet classification of derivatives.

(2) Executive officers and other highly compensated employees may defer up to 100% of their salary and annual cash incentive compensation and for executive officers, up to 90% of their long-term incentive compensation, into various non-qualified deferred compensation plans. Deferrals can be allocated to various market performance measurement funds. Changes in the value of compensation deferred under these plans are recognized each period based on the fair value of the underlying measurement funds.

(3) Refer to Investments note for additional details.

The carrying amounts and fair values of financial instruments, other than cash and cash equivalents, receivables and accounts payable are shown in the table below. The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term nature of these instruments.


	April 30, 2026				October 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt (including current portion)	$	1,879,952	$	1,910,744	$	1,996,254	$	2,038,869

Long-term debt is valued by discounting future cash flows at currently available rates for borrowing arrangements with similar terms and conditions, which are considered to be Level 2 inputs under the fair value hierarchy. The carrying amount of long-term debt is shown net of unamortized debt issuance costs and bond discounts as described in the Long-term debt Note.

Derivative financial instruments

The Company uses derivative instruments to manage foreign currency and interest rate risk as detailed below. The Company does not enter into derivative instruments for trading purposes.

Foreign Currency Forward Contracts

We operate internationally and enter into transactions denominated in foreign currencies. Consequently, we are subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and the dates they are settled. We regularly use foreign currency forward contracts to reduce our risks related to most of these transactions. These contracts usually have maturities of 90 days or less and generally require us to exchange foreign currencies for U.S. dollars at maturity, at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. The settlement of these contracts is recorded in operating activities on the Consolidated Statement of Cash Flows.

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We are exposed to credit-related losses in the event of nonperformance by counterparties to financial instruments. These financial instruments include cash deposits and foreign currency forward contracts. We periodically monitor the credit ratings of these counterparties in order to minimize our exposure. Our customers represent a wide variety of industries and geographic regions. As of April 30, 2026 and 2025, there were no significant concentrations of credit risk.

Net Investment Hedges

Net assets of our foreign subsidiaries are exposed to volatility in foreign currency exchange rates. We may utilize net investment hedges to offset the translation adjustment arising from re-measuring our investment in foreign subsidiaries.

The Company is a party to various cross currency swaps between the U.S. dollar and Euro, Japanese Yen, Taiwan dollar, Singapore dollar and Chinese Yuan, which were designated as hedges of our net investments in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. Any increases or decreases related to the remeasurement of the effective portion of the hedges are recorded in the currency translation component of Accumulated other comprehensive income (loss) within Shareholders' Equity in the Consolidated Balance Sheets until the sale or substantial liquidation of the underlying investments. The settlement of these hedges is recorded in investing activities on the Consolidated Statement of Cash Flows. The interest component is recorded in operating activities on the Consolidated Statement of Cash Flows.

Fair Value Hedges of Interest Rate Risk

The Company is exposed to changes in the fair value of certain of its fixed-rate liabilities due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate, the Secured Overnight Financing Rate ("SOFR"), with the objective of minimizing the cost of borrowed funds. The Company's interest rate swaps involve the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable-rate payments without the exchange of the underlying notional amount.

The Company's interest rate swaps are designated and qualify as fair value hedges. As a result, the interest rate swaps are measured at fair value and the carrying value of the hedged debt is adjusted for the change in value related to the exposure being hedged, with both adjustments offset to earnings. Accordingly, the earnings effect of an increase in the fair value of the interest rate swaps will be substantially offset by the earnings effect of the increase in the carrying value of the hedged debt.

The following table provides information regarding the Company's outstanding interest rate derivatives that were used to hedge changes in fair value attributable to interest rate risk:


	Interest rate swaps - notional amount		Cumulative adjustment to long-term debt from application of hedge accounting		Carrying value of hedged debt
Interest rate swaps	$	300,000	$	6,404	$	306,404

The following table provides information regarding the balance sheet and income statement impacts of the Company's derivatives:


April 30, 2026	Notional Amount $		Prepaid and other current assets		Other assets		Accrued liabilities		Other long-term liabilities		Type of hedge
Derivatives designated as hedges:
Cross-currency swap	$	920,584	$	6,461	$	—	$	9,190	$	69,131	Net investment
Interest rate swap	300,000		1,122		5,282		—		—		Fair value

Derivatives not designated as hedges:
Foreign currency forward contracts	1,049,730		5,583		—		5,050		—
Total			$	13,166	$	5,282	$	14,240	$	69,131

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October 31, 2025	Notional Amount $		Prepaid and other current assets		Other assets		Accrued liabilities		Other long-term liabilities		Type of hedge
Derivatives designated as hedges:
Cross-currency swap	$	863,904	$	5,937	$	—	$	676	$	61,725	Net investment
Interest rate swap	300,000		1,133		10,353		—		—		Fair value

Derivatives not designated as hedges:
Foreign currency forward contracts	1,137,956		4,961		—		15,350		—
Total			$	12,031	$	10,353	$	16,026	$	61,725


	Gain (Loss) Recognized				Gain (Loss) Recognized				Location
	Three Months Ended				Six Months Ended
	April 30, 2026		April 30, 2025		April 30, 2026		April 30, 2025
Derivatives designated as hedges:
Interest rate swaps	$	(3,007)	$	9,581	$	(5,362)	$	12,567	Interest expense
Hedged item	$	3,007	$	(9,581)	$	5,362	$	(12,567)	Interest expense

Cross-currency swap - interest component	$	4,699	$	3,541	$	8,327	$	7,278	Interest expense
Cross-currency swap - effective portion	$	9,392	$	(63,794)	$	(17,168)	$	(26,756)	Cumulative translation

Derivatives not designated as hedges
Foreign currency forward contracts	$	(12,657)	$	22,314	$	10,922	$	17,951	Other income (expense) - net
Foreign currency balance sheet remeasurement	$	10,272	$	(25,513)	$	(15,601)	$	(20,819)	Other income (expense) - net

Long-term debt

A summary of long-term debt is as follows:


	April 30, 2026		October 31, 2025

Revolving credit agreement, due 2031	295,000		—
Revolving credit agreement, due 2028	—		135,000
Term loan due 2026	—		265,000

Senior notes, due 2026-2027	20,000		20,000
Senior notes, due 2026-2030	130,000		130,000

5.600% Notes due 2028	350,000		350,000
5.800% Notes due 2033	500,000		500,000

4.500% Notes due 2029	600,000		600,000
	1,895,000		2,000,000
Less current maturities	50,000		315,000
Less unamortized debt issuance costs	13,172		13,167
Less bond discounts	1,876		2,065
Plus impact of interest rate swaps	6,404		11,486
Long-term maturities	$	1,836,356	$	1,681,254

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Nordson Corporation

Revolving credit agreement — In January 2026, we entered into a $1,200,000 senior unsecured multicurrency revolving credit facility with a group of banks, maturing in January 2031 (the “Revolving Credit Agreement”), which amended and restated the Company’s previous unsecured senior credit agreement, dated June 6, 2023, that included a term loan facility in the aggregate principal amount of $300,000, maturing in June 2026, and a multicurrency revolving credit facility in the aggregate principal amount of $922,500, maturing in June 2028. The Company borrowed and had $295,000 outstanding under the Revolving Credit Agreement as of April 30, 2026. The Revolving Credit Agreement permits borrowing in U.S. Dollars, Euros, Sterling, Swiss Francs, Singapore Dollars, Japanese Yen, and each other currency approved by the Revolving Agent and the Revolving Credit Banks (each as defined in the Revolving Credit Agreement). Loans under the Revolving Credit Agreement bear interest at the sum of (i) either a base rate or, depending on the currency, a SOFR rate, EURIBOR rate, TIBOR rate, SORA rate, SONIA rate or SARON rate (each as defined in the Revolving Credit Agreement) plus (ii) an applicable margin. The applicable margin is based on either the Company’s Leverage Ratio (as defined in the Revolving Credit Agreement) or then current Debt Rating (as defined in the Revolving Credit Agreement). The weighted-average interest rate at April 30, 2026 was 4.69%.

Senior notes, due 2026-2027 — These unsecured fixed-rate notes entered into in 2015 with a group of insurance companies have a remaining weighted-average life of 0.74 years. The weighted-average interest rate at April 30, 2026 was 3.19%.

Senior notes, due 2026-2030 — These unsecured fixed-rate notes entered into in 2018 with a group of insurance companies have a remaining weighted-average life of 2.15 years. The weighted-average interest rate at April 30, 2026 was 4.08%.

5.600% Notes due 2028 and 5.800% Notes due 2033 — In September 2023, we completed an underwritten public offering of $350,000 aggregate principal amount of 5.60% Notes due 2028 and $500,000 aggregate principal amount of 5.80% Notes due 2033.

4.500% Notes due 2029 — In September 2024, we completed an underwritten public offering of $600,000 aggregate principal amount of 4.50% Notes due 2029.

We were in compliance with all covenants at April 30, 2026, and the amount we could borrow would not have been limited by any debt covenants.

Contingencies

We are involved in pending or potential litigation regarding environmental, product liability, patent, contract, employee and other matters arising from the normal course of business. After consultation with legal counsel, we do not believe that losses in excess of the amounts we have accrued would have a material adverse effect on our financial condition, quarterly or annual operating results or cash flows.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is management's discussion and analysis of certain significant factors affecting our financial condition and results of operations for the periods included in the accompanying condensed consolidated financial statements. Throughout this Quarterly Report on Form 10-Q, components may not sum to totals due to rounding.

Overview

Nordson is an innovative precision technology company that leverages a scalable growth framework expected to deliver top tier growth with leading margins and returns. We engineer, manufacture and market differentiated products and systems used for precision dispensing, applying and controlling of adhesives, coatings, polymers, sealants, biomaterials, and other fluids, to test and inspect for quality, and to treat and cure surfaces and various medical products such as: catheters, cannulas, medical balloons and medical tubing. These products are supported with extensive application expertise and direct global sales and service. We serve a wide variety of consumer non-durable, consumer durable and technology end markets including packaging, electronics, medical, appliances, energy, transportation, precision agriculture, building and construction, and general product assembly and finishing.

Our strategy for long-term growth is based on solving customers’ needs globally. We were incorporated in the State of Ohio in 1954 and are headquartered in Westlake, Ohio. Our products are marketed through a network of direct operations in more than 35 countries.

As of April 30, 2026, we had approximately 8,200 employees worldwide. We have principal manufacturing operations and sources of supply in the United States, the People’s Republic of China, Germany, Ireland, India, Israel, Italy, Mexico, the Netherlands and the United Kingdom.

Critical Accounting Policies and Estimates

A comprehensive discussion of the Company’s critical accounting policies and management estimates and significant accounting policies followed in the preparation of the financial statements is included in Item 7 of our Annual Report on Form 10-K for the year ended October 31, 2025 (the "2025 Form 10-K"). There have been no significant changes in critical accounting policies, management estimates or accounting policies followed since the year ended October 31, 2025.

Results of Operations

Below is a detailed comparison of our results of operations for the six months ended April 30, 2026 and April 30, 2025.

As used throughout this Quarterly Report on Form 10-Q, geographic regions include the Americas (United States, Canada, Mexico and Central and South America), Asia Pacific and Europe.

Consolidated Financial Results

Consolidated financial results for the three months ended April 30, 2026 and April 30, 2025 were as follows:


	Three Months Ended
(In thousands except for per-share amounts)	April 30, 2026			April 30, 2025			Change
Sales	$	740,847		$	682,938		8.5	%
Cost of sales	336,770			309,034			9.0	%
Gross margin	404,077			373,904			8.1	%
Gross margin %	54.5		%	54.7		%	(0.2)	%
Selling and administrative expenses	206,874			205,154			0.8	%


Operating profit	197,203			168,750			16.9	%
Interest expense - net	(21,580)			(26,019)			(17.1)	%
Pension settlement charge	(24,049)			—			100.0	%
Other income (expense) - net	(10,400)			(3,961)			162.6	%
Income before income taxes	141,174			138,770			1.7	%
Income tax expense	23,858			26,366			(9.5)	%
Net income	$	117,316		$	112,404		4.4	%

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Consolidated financial results for the six months ended April 30, 2026 and April 30, 2025 were as follows:


	Six Months Ended
(In thousands except for per-share amounts)	April 30, 2026			April 30, 2025			Change
Sales	$	1,410,308		$	1,298,358		8.6	%
Cost of sales	640,109			588,558			8.8	%
Gross margin	770,199			709,800			8.5	%
Gross margin %	54.6		%	54.7		%	(0.1)	%
Selling and administrative expenses	406,591			400,103			1.6	%


Operating profit	363,608			309,697			17.4	%
Interest expense - net	(44,321)			(51,637)			(14.2)	%
Pension settlement charge	(24,049)			—			100.0	%
Other income (expense) - net	10,437			(2,435)			(528.6)	%
Income before income taxes	305,675			255,625			19.6	%
Income tax expense	54,977			48,569			13.2	%
Net income	$	250,698		$	207,056		21.1	%

Net Sales

Net sales for the IPS, MFS and ATS segments were as follows:


	Three Months Ended						Variance - Increase (Decrease)
	Apr 30, 2026		% of Total	Apr 30, 2025		% of Total	Organic		Acquisitions / Divestitures		Currency		Total
IPS	$	350,466	47.3%	$	318,847	46.7%	5.0	%	0.8	%	4.1	%	9.9	%
MFS	212,850		28.7%	202,809		29.7%	7.8	%	(3.9)	%	1.1	%	5.0	%
ATS	177,531		24.0%	161,282		23.6%	8.5	%	—	%	1.6	%	10.1	%
Total	$	740,847		$	682,938		6.6	%	(0.8)	%	2.7	%	8.5	%

	Six Months Ended						Variance - Increase (Decrease)
	Apr 30, 2026		% of Total	Apr 30, 2025		% of Total	Organic		Acquisitions / Divestitures		Currency		Total
IPS	$	677,327	48.0%	$	619,295	47.7%	4.1	%	0.4	%	4.9	%	9.4	%
MFS	406,033		28.8%	396,418		30.5%	5.3	%	(4.2)	%	1.3	%	2.4	%
ATS	326,948		23.2%	282,645		21.8%	13.8	%	—	%	1.9	%	15.7	%
Total	$	1,410,308		$	1,298,358		6.6	%	(1.1)	%	3.1	%	8.6	%

Three Months Ended April 30, 2026

The IPS organic sales increase of 5.0 percent was driven by improving industrial coating and polymer processing systems demand, ongoing growth in precision agriculture end markets and stable demand in broader consumer and industrial end markets. MFS organic sales increased 7.8 percent due to growth in engineered fluid solutions and medical product lines. The ATS organic sales increase of 8.5 percent was driven by ongoing growth in electronics dispense systems.

Six Months Ended April 30, 2026

The IPS organic sales increase of 4.1 percent was driven by balanced growth across most product lines with particular strength in industrial coating, precision agriculture and polymer processing product lines. MFS organic sales increased 5.3 percent driven by strong growth in engineered fluid solutions and modest growth in all other medical product lines. The ATS organic sales increase of 13.8 percent was driven by exceptional growth in electronic dispense systems.

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Net Sales by region were as follows:


	Three Months Ended						Variance - Increase (Decrease)
	Apr 30, 2026		% of Total	Apr 30, 2025		% of Total	Organic		Acquisitions / Divestitures		Currency		Total
Americas	$	308,253	41.6%	$	292,463	42.8%	5.9	%	(1.7)	%	1.2	%	5.4	%
Europe	194,459		26.2%	172,496		25.3%	6.4	%	(0.3)	%	6.6	%	12.7	%
Asia Pacific	238,135		32.2%	217,979		31.9%	7.8	%	(0.1)	%	1.5	%	9.2	%
Total	$	740,847		$	682,938		6.6	%	(0.8)	%	2.7	%	8.5	%

	Six Months Ended						Variance - Increase (Decrease)
	Apr 30, 2026		% of Total	Apr 30, 2025		% of Total	Organic		Acquisitions / Divestitures		Currency		Total
Americas	$	570,183	40.4%	$	560,300	43.2%	2.9	%	(2.2)	%	1.1	%	1.8	%
Europe	376,920		26.7%	340,259		26.2%	3.0	%	(0.2)	%	8.0	%	10.8	%
Asia Pacific	463,205		32.8%	397,799		30.6%	14.8	%	(0.1)	%	1.7	%	16.4	%
Total	$	1,410,308		$	1,298,358		6.6	%	(1.1)	%	3.1	%	8.6	%

Gross profit and Selling and administrative expenses

Gross margins were 54.5 percent and 54.7 percent for the three months ended April 30, 2026 and April 30, 2025, respectively. Gross margins were 54.6 percent and 54.7 percent for the six months ended April 30, 2026 and April 30, 2025, respectively. Selling and administrative expenses increased for the three and six months ended April 30, 2026 in support of higher sales but declined as a percentage of sales.

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Profit

Segment EBITDA for the IPS, MFS and ATS segments and a reconciliation to consolidated operating profit were as follows for the three and six months ended April 30, 2026 and April 30, 2025, respectively:


	Three Months Ended
	Apr 30, 2026		% of Sales	Apr 30, 2025		% of Sales	% of Sales Change
Industrial precision solutions	$	123,578	35.3%	$	113,548	35.6%	(0.3)%
Medical and fluid solutions	79,193		37.2%	76,538		37.7%	(0.5)%
Advanced technology solutions	48,327		27.2%	39,516		24.5%	2.7%
Total segment EBITDA	251,098		33.9%	229,602		33.6%	0.3%
Inventory step-up amortization	(1,135)			—
Acquisition costs	(534)			(513)
Severance and other	—			(10,313)

Depreciation and amortization	(36,315)			(37,578)
Corporate expenses	(15,911)			(12,448)
Operating profit	$	197,203		$	168,750

	Six Months Ended
	Apr 30, 2026		% of Sales	Apr 30, 2025		% of Sales	% of Sales Change
Industrial precision solutions	$	233,889	34.5%	$	226,324	36.5%	(2.0)%
Medical and fluid solutions	149,399		36.8%	140,870		35.5%	1.3%
Advanced technology solutions	80,927		24.8%	62,287		22.0%	2.8%
Total segment EBITDA	464,215		32.9%	429,481		33.1%	(0.2)%
Inventory step-up amortization	(1,135)			(3,135)
Acquisition costs	(534)			(1,543)
Severance and other	—			(16,274)

Depreciation and amortization	(72,900)			(74,608)
Corporate expenses	(26,038)			(24,224)
Operating profit	363,608			309,697

Three Months Ended April 30, 2026

Segment EBITDA for IPS was relatively flat on higher sales. Segment EBITDA for MFS decreased 50 basis points despite higher sales due to the impact of near-term product start-up headwinds. Segment EBITDA for ATS increased 270 basis points driven by robust sales growth and controlled selling and administrative expenses.

Consolidated operating profit increased in 2026 compared to 2025 due to the overall increase in segment EBITDA and the absence of severance costs in 2026.

Six Months Ended April 30, 2026

Segment EBITDA for IPS decreased 200 basis points despite higher sales due to unfavorable product and geographic mix in the first quarter. Segment EBITDA for MFS increased 130 basis points due to higher sales and favorable mix from the divestiture of the contract manufacturing business, partially offset by the impact of near-term product start-up headwinds. Segment EBITDA for ATS increased 280 basis points driven by robust sales growth and controlled selling and administrative expenses.

Consolidated operating profit increased in 2026 compared to 2025 principally due to the overall increase in segment EBITDA and the absence of severance costs as well as lower acquisition and related inventory step-up amortization costs in 2026.

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Interest expense and Other expenses

Interest expense for the three months ended April 30, 2026 was $21,942, compared to $26,572 in the comparable period of 2025. The decrease, compared to the prior year period, was primarily due to lower average debt levels and a stable-to-declining rate environment. Other income (expense) - net for the three months ended April 30, 2026 was expense of $10,400 compared to expense of $3,961 in the comparable period of 2025. Included in other income (expense) - net for the three months ended April 30, 2026 were unrealized losses on minority investments of $9,827, pension and postretirement income of $986, and $2,385 of foreign currency losses. Included in other income (expense) - net for the three months ended April 30, 2025 were pension and postretirement income of $1,019 and $3,199 in foreign currency losses.

Interest expense for the six months ended April 30, 2026 was $45,073, compared to $53,131 in the comparable period of 2025. The decrease, compared to the prior year period, was primarily due to lower average debt levels and a stable-to-declining rate environment. Other income (expense) - net was income of $10,437 compared to expense of $2,435 in the comparable period of 2025. Included in other income (expense) - net for the six months ended April 30, 2026 were unrealized gains on minority investments of $12,411, pension and postretirement income of $1,922, and $4,679 of foreign currency losses. Included in other income (expense) - net for the six months ended April 30, 2025 were pension and postretirement income of $2,035 and $2,868 in foreign currency losses.

Income Tax Expense

Income tax expense was $23,858, or 16.9% of pre-tax income, for the three months ended April 30, 2026, as compared to $26,366, or 19.0% of pre-tax income for the three months ended April 30, 2025. Income tax expense was $54,977, or 18.0% of pre-tax income, for the six months ended April 30, 2026, as compared to $48,569, or 19.0% of pre-tax income for the six months ended April 30, 2025.

Net Income

Net income was $117,316, or $2.09 per diluted share, for the three months ended April 30, 2026, compared to net income of $112,404, or $1.97 per diluted share, in the same period of 2025. This represented a 4.4 percent increase in net income and a 6.1 percent increase in diluted earnings per share. The increase of $0.12 per diluted share was primarily driven by higher operating profit, lower interest and tax expense and the benefit of share repurchases, partially offset by a pension settlement charge and higher other expense.

Net income was $250,698, or $4.47 per diluted share, for the six months ended April 30, 2026, compared to net income of $207,056, or $3.62 per diluted share, in the same period of 2025. This represented a 21.1 percent increase in net income and a 23.5 percent increase in diluted earnings per share. The increase of $0.85 per diluted share was primarily driven by higher operating profit, lower interest and tax expense, the benefit of share repurchases and higher other income, partially offset by a pension settlement charge.

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Financial Condition

Liquidity and Capital Resources

Cash and cash equivalents decreased $6,425 during the six months ended April 30, 2026. Approximately 71 percent of our consolidated cash and cash equivalents were held at various foreign subsidiaries as of April 30, 2026.

A comparison of cash flow changes for the six months ended April 30, 2026 to the six months ended April 30, 2025 is as follows:


	Six Months Ended
	April 30, 2026		April 30, 2025		Increase (Decrease)
Net Income and non-cash items	$	342,834	$	288,685	$	54,149
Changes in operating assets and liabilities	(21,733)		(10,393)		(11,340)
Net cash provided by operating activities	321,101		278,292		42,809

Additions to property, plant and equipment	(27,693)		(37,439)		9,746
Acquisitions of businesses, net of cash acquired	(11,643)		—		(11,643)
Other - net	(688)		10,339		(11,027)
Net cash used in investing activities	(40,024)		(27,100)		(12,924)

Net (repayment) issuance of long-term debt - net	(107,105)		(5,800)		(101,305)
Repayment of finance lease obligations	(3,753)		(2,627)		(1,126)
Dividends paid	(91,642)		(88,937)		(2,705)
Issuance of common shares	43,008		2,803		40,205
Purchase of treasury shares	(129,303)		(146,252)		16,949
Net cash used in financing activities	$	(288,795)	$	(240,813)	$	(47,982)

The increase in operating assets and liabilities was principally driven by an increase in inventory, partially offset by an increase in cash provided by accounts receivable collections. During the six months ended April 30, 2026, the Company was able to utilize its strong cashflow generation to repay $107 million of debt, repurchase $129 million in common shares, pay $92 million in dividends, and fund capital projects to drive organic growth.

We have a $1,200,000 Revolving Credit Facility that matures in January 2031. At April 30, 2026, we had $295,000 outstanding under the Revolving Credit Facility.

Our operating performance, balance sheet position and financial ratios for the six months ended April 30, 2026 remained strong. We were in compliance with all covenants in the agreements governing our debt as of April 30, 2026. We believe the Company is well-positioned to manage liquidity needs that arise from working capital requirements, capital expenditures, contributions related to pension and postretirement obligations, principal and interest payments on our outstanding debt, dividends, and share repurchases. Our primary sources of capital to meet these needs, as well as other opportunistic investments, are a combination of cash on hand, which was $102,017 as of April 30, 2026, cash provided by operations, which was $321,101 for the six months ended April 30, 2026, and available borrowings under our loan agreements and unused bank lines of credit, which totaled $1,050,604 as of April 30, 2026. Cash from operations, which when combined with our available borrowing capacity and ready access to capital markets, is expected to be more than adequate to fund our liquidity needs over the twelve months and the foreseeable future thereafter. The Company believes it has the ability to generate and obtain adequate amounts of cash to meet its short-term and long-term needs for cash. However, the impact of international conflicts, changes in trade policies, tariffs, and other import/export regulations of the United States and other nations could negatively impact our cash flow from operations and liquidity in future periods.

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Safe Harbor Statements Under the Private Securities Litigation Reform Act of 1995

This Quarterly Report on Form 10-Q, particularly “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, income, earnings, cash flows, changes in operations, operating improvements, businesses in which we operate and the United States and global economies. Statements in this quarterly report that are not historical are hereby identified as “forward-looking statements” and may be indicated by words or phrases such as “anticipates,” “supports,” “plans,” “projects,” “expects,” “believes,” “should,” “would,” “could,” “hope,” “forecast,” “management is of the opinion,” use of the future tense and similar words or phrases. These forward-looking statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic and political conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions and the Company’s ability to complete and successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements, including changes in tariffs by the United States or other nations; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflicts in Europe and the Middle East, acts of terror, natural disasters and pandemics.

In light of these risks and uncertainties, actual events and results may vary significantly from those included in or contemplated or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Factors that could cause our actual results to differ materially from the expected results are discussed in Part I, Item 1A, Risk Factors in our 2025 Form 10-K and Part II, Item 1A, Risk Factors in the Quarterly Report on Form 10-Q.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Information regarding our financial instruments that are sensitive to changes in interest rates and foreign currency exchange rates was disclosed under Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our 2025 Form 10-K. The information disclosed has not changed materially in the interim period since then.

ITEM 4. CONTROLS AND PROCEDURES

Our management with the participation of the principal executive officer (president and chief executive officer) and principal financial officer (executive vice president and chief financial officer) has reviewed and evaluated our disclosure controls and procedures (as defined in the Exchange Act Rule 13a-15(e)) as of April 30, 2026. Based on that evaluation, our management, including the principal executive and financial officers, has concluded that our disclosure controls and procedures were effective as of April 30, 2026 in ensuring that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting that occurred during the three months ended April 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Part II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See our Contingencies Note to the condensed consolidated financial statements for a discussion of our contingencies and legal matters.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors disclosed in “Item 1A. Risk Factors” of our 2025 Form 10-K. There have been no material changes to the risk factors described in the 2025 Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table summarizes common shares repurchased by the Company during the three months ended April 30, 2026:


(In whole shares)	Total Number of Shares Repurchased (1)	Average Price Paid per Share		Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs (2)	Maximum Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)
February 1, 2026 to February 28, 2026	15,681	$	283.31	15,615	$	637,378
March 1, 2026 to March 31, 2026	86,796	$	268.76	86,796	$	614,051
April 1, 2026 to April 30, 2026	57,223	$	271.86	56,920	$	598,577
Total	159,700	$	271.30	159,331	$	598,577

(1) Includes shares tendered for taxes related to stock option exercises and vesting of restricted stock.

(2) On August 20, 2025, the Company announced that its board of directors authorized the repurchase of up to an additional $500,000 of the Company's common shares. As of April 30, 2026, approximately $598,577 remained available for share repurchases under existing share repurchase authorizations. Uses for repurchased shares include the funding of benefit programs including stock options and restricted stock. Shares purchased are treated as treasury shares until used for such purposes. The repurchase program will be funded using cash from operations and proceeds from borrowings under our credit facilities. The repurchase program does not have an expiration date.

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ITEM 5. OTHER INFORMATION

During the quarter ended April 30, 2026, no director or officer (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of the Company adopted or terminated any “Rule 10b5-1 trading arrangement” or any “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K, except as described in the table below:

Trading Arrangement

Action

Action Date

Rule 10b5-11

Non-Rule 10b5-12

Total Shares to be Sold

Expiration Date

Srinivas Subramanian

Executive Vice President

Adopted3

1/13/2026

Up to 3,100 shares

11/23/2026

Sundaram Nagarajan

Chief Executive Officer

Terminated4

2/6/2026

Up to 41,800 shares

12/31/2026

Joseph P. Kelley

Executive Vice President

Terminated5

2/10/2026

Up to 2,310 shares

1/15/2027

1 Intended to satisfy the affirmative defense of Rule 10b5-1(c)

2 Not intended to satisfy the affirmative defense of Rule 10b5-1(c)

3 This Rule 10b5‑1 trading plan, which was adopted on January 13, 2026, was inadvertently omitted from the Company’s Form 10‑Q for the quarter ended January 31, 2026, due to a clerical error and is being disclosed in this Form 10‑Q.

4 The Rule 10b5‑1 trading plan entered into on January 12, 2026, was terminated by Mr. Nagarajan on February 6, 2026, prior to its scheduled expiration date.

5 The Rule 10b5‑1 trading plan entered into on January 16, 2026, was terminated by Mr. Kelley on February 10, 2026, prior to its scheduled expiration date.


ITEM 6.			EXHIBITS


31.1			Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 by the Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 by the Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1			Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
32.2			Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
101			The following financial information from Nordson Corporation’s Quarterly Report on Form 10-Q for the three and six months ended April 30, 2026 formatted in inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statements of Income for the three and six months ended April 30, 2026 and 2025, (ii) the Consolidated Statements of Comprehensive Income for the three and six months ended April 30, 2026 and 2025, (iii) the Consolidated Balance Sheets at April 30, 2026 and October 31, 2025, (iv) the Consolidated Statements of Shareholders’ Equity for the three and six months ended April 30, 2026 and 2025, (v) the Condensed Consolidated Statements of Cash Flows for the six months ended April 30, 2026 and 2025, and (vi) the Notes to Condensed Consolidated Financial Statements.
104			The cover page from Nordson Corporation’s Quarterly Report on Form 10-Q for the quarter ended April 30, 2026, formatted in inline Extensible Business Reporting Language (iXBRL) (included in Exhibit 101).

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Date: May 21, 2026			Nordson Corporation

			/s/ Joseph Rutledge
			Joseph Rutledge
			Chief Accounting Officer

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NORDSON CORP 10-Q