Business Segments

9 Months Ended

Sep. 30, 2025

IDEX has three reportable business segments: Health & Science Technologies (“HST”), Fluid & Metering Technologies (“FMT”), and Fire & Safety/Diversified Products (“FSDP”).

The Company uses Adjusted EBITDA as its measure of segment performance. Intersegment sales are contracted with terms equivalent to those of an arm’s-length transaction. Information on the Company’s business segments is presented below.


	Three Months Ended September 30, 2025
	HST		FMT		FSDP		Total Segments		Eliminations		IDEX
NET SALES
External customers	$	380.1	$	316.8	$	181.8	$	878.7	$	—	$	878.7
Intersegment sales	0.9		0.3		0.1		1.3		(1.3)		—
Net sales	381.0		317.1		181.9		880.0		(1.3)		878.7
Adjusted segment cost of sales(1)	(223.3)		(161.8)		(103.7)		(488.8)		1.3		(487.5)
Other segment expenses(2)	(52.3)		(48.5)		(28.9)		(129.7)
Segment Adjusted EBITDA	$	105.4	$	106.8	$	49.3	$	261.5


	Three Months Ended September 30, 2024
	HST		FMT		FSDP		Total Segments		Eliminations		IDEX
NET SALES
External customers	$	309.9	$	300.6	$	187.7	$	798.2	$	—	$	798.2
Intersegment sales	1.1		0.2		0.3		1.6		(1.6)		—
Net sales	311.0		300.8		188.0		799.8		(1.6)		798.2
Adjusted segment cost of sales(1)	(184.1)		(155.4)		(104.3)		(443.8)		1.6		(442.2)
Other segment expenses(2)	(44.3)		(46.9)		(29.0)		(120.2)
Segment Adjusted EBITDA	$	82.6	$	98.5	$	54.7	$	235.8


	Nine Months Ended September 30, 2025
	HST		FMT		FSDP		Total Segments		Eliminations		IDEX
NET SALES
External customers	$	1,084.1	$	917.5	$	556.8	$	2,558.4	$	—	$	2,558.4
Intersegment sales	3.7		1.0		0.9		5.6		(5.6)		—
Net sales	1,087.8		918.5		557.7		2,564.0		(5.6)		2,558.4
Adjusted segment cost of sales(1)	(641.5)		(461.1)		(309.1)		(1,411.7)		5.6		(1,406.1)
Other segment expenses(2)	(158.5)		(146.6)		(88.7)		(393.8)
Segment Adjusted EBITDA	$	287.8	$	310.8	$	159.9	$	758.5


	Nine Months Ended September 30, 2024
	HST		FMT		FSDP		Total Segments		Eliminations		IDEX
NET SALES
External customers	$	922.3	$	933.0	$	550.6	$	2,405.9	$	—	$	2,405.9
Intersegment sales	2.6		0.9		0.8		4.3		(4.3)		—
Net sales	924.9		933.9		551.4		2,410.2		(4.3)		2,405.9
Adjusted segment cost of sales(1)	(546.0)		(478.7)		(302.8)		(1,327.5)		4.3		(1,323.2)
Other segment expenses(2)	(130.7)		(143.6)		(88.7)		(363.0)
Segment Adjusted EBITDA	$	248.2	$	311.6	$	159.9	$	719.7

(1) Adjusted segment cost of sales represents Cost of sales excluding fair value inventory step-up charges. There were step-up charges of $0.6 million during the three and nine months ended September 30, 2025 and $2.1 million and $4.6 million during the three and nine months ended September 30, 2024, respectively. All step-up charges were recorded within the HST segment.

(2) Other segment expenses consists primarily of selling, general and administrative expenses.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
ADJUSTED EBITDA
Health & Science Technologies	$	105.4	$	82.6	$	287.8	$	248.2
Fluid & Metering Technologies	106.8		98.5		310.8		311.6
Fire & Safety/Diversified Products	49.3		54.7		159.9		159.9
Segment Adjusted EBITDA	261.5		235.8		758.5		719.7
Corporate and other(1)	(21.7)		(21.5)		(73.5)		(72.9)
Interest expense – net	(16.5)		(10.3)		(48.2)		(27.8)
Depreciation(2)	(19.1)		(17.4)		(56.5)		(49.9)
Amortization of intangible assets(2)	(33.0)		(26.5)		(96.5)		(75.0)
Fair value inventory step-up charges	(0.6)		(2.1)		(0.6)		(4.6)
Restructuring expenses and asset impairments	(0.1)		(3.0)		(18.3)		(5.4)
Gain on sale of business	—		(0.6)		—		4.0
Income before income taxes	$	170.5	$	154.4	$	464.9	$	488.1

(1) Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder are included in Corporate and other.

(2) Depreciation and amortization of intangible assets by segment for the three and nine months ended September 30, 2025 and 2024 was:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
DEPRECIATION
Health & Science Technologies	$	11.9	$	10.6	$	35.5	$	29.5
Fluid & Metering Technologies	4.7		4.3		13.5		12.9
Fire & Safety/Diversified Products	2.3		2.2		6.9		6.7
Total Segments	18.9		17.1		55.9		49.1
Corporate and other	0.2		0.3		0.6		0.8
Total depreciation	$	19.1	$	17.4	$	56.5	$	49.9
AMORTIZATION OF INTANGIBLE ASSETS
Health & Science Technologies	$	26.2	$	19.7	$	76.2	$	54.6
Fluid & Metering Technologies	5.5		5.2		16.2		15.7
Fire & Safety/Diversified Products	1.3		1.6		4.1		4.7
Total amortization	$	33.0	$	26.5	$	96.5	$	75.0


	September 30, 2025		December 31, 2024
ASSETS
Health & Science Technologies	$	4,349.6	$	4,142.6
Fluid & Metering Technologies	1,678.2		1,609.4
Fire & Safety/Diversified Products	822.5		794.1
Total Segments	6,850.3		6,546.1
Corporate and other	119.4		199.2
Total assets	$	6,969.7	$	6,745.3

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

IDEX CORP /DE/ 10-Q