third quarter 2026
Filed Nov 3, 2026AMETEK Announces Record Third Quarter 2026 Results and Raises Full Year Guidance
Record third-quarter sales, GAAP earnings, adjusted earnings, operating income and free cash flow were accompanied by broad-based organic growth, acquisition contributions, core margin expansion and higher full-year adjusted EPS guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales, three months ended September 30GAAP | $2.22B | – | 17% |
| Cost of sales, three months ended September 30GAAP | 1.41B | – | – |
| Selling, general and administrative, three months ended September 30GAAP | 225.5M | – | – |
| Total operating expenses, three months ended September 30GAAP | 1.64B | – | – |
| Operating income, three months ended September 30GAAP | $584.9M | – | – |
| Interest expense, three months ended September 30GAAP | −39.82M | – | – |
| Other (expense) income, net, three months ended September 30GAAP | −23.21M | – | – |
| Income before income taxes, three months ended September 30GAAP | 521.9M | – | – |
| Provision for income taxes, three months ended September 30GAAP | 95.61M | – | – |
| Net income, three months ended September 30GAAP | $426.3M | – | – |
| Diluted earnings per share, three months ended September 30GAAP | $ 1.85 | – | – |
| Basic earnings per share, three months ended September 30GAAP | $ 1.86 | – | – |
| Adjusted diluted earnings per share, three months ended September 30non-GAAP | $ 2.21 | – | 17% |
| Adjusted operating income, three months ended September 30non-GAAP | $594.7M | – | 20% |
| Operating income margin, three months ended September 30GAAP | 26.3 % | – | – |
| Adjusted operating income margin, three months ended September 30non-GAAP | 26.8 % | – | 0.6 % |
| Adjusted core operating income margin, three months ended September 30non-GAAP | 27.3 % | – | 1.1 % |
| Cash provided by operating activities, three months ended September 30GAAP | $560.6M | – | 27% |
| Capital expenditures, three months ended September 30other | −33.24M | – | – |
| Free cash flow, three months ended September 30non-GAAP | $527.4M | – | – |
| Free cash flow conversion, three months ended September 30non-GAAP | 124 % | – | – |
| Diluted weighted average common shares outstanding, three months ended September 30GAAP | 230,040 | – | – |
| Basic weighted average common shares outstanding, three months ended September 30GAAP | 229,159 | – | – |
| Dividends per share, three months ended September 30GAAP | $ 0.34 | – | – |
| Net sales, nine months ended September 30GAAP | $6.19B | – | – |
| Cost of sales, nine months ended September 30GAAP | 3.93B | – | – |
| Selling, general and administrative, nine months ended September 30GAAP | 635.0M | – | – |
| Total operating expenses, nine months ended September 30GAAP | 4.57B | – | – |
| Operating income, nine months ended September 30GAAP | 1.63B | – | – |
| Interest expense, nine months ended September 30GAAP | −90.83M | – | – |
| Other (expense) income, net, nine months ended September 30GAAP | −29.98M | – | – |
| Income before income taxes, nine months ended September 30GAAP | 1.51B | – | – |
| Provision for income taxes, nine months ended September 30GAAP | 274.7M | – | – |
| Net income, nine months ended September 30GAAP | $1.23B | – | – |
| Diluted earnings per share, nine months ended September 30GAAP | $ 5.36 | – | – |
| Basic earnings per share, nine months ended September 30GAAP | $ 5.38 | – | – |
| Diluted weighted average common shares outstanding, nine months ended September 30GAAP | 229,910 | – | – |
| Basic weighted average common shares outstanding, nine months ended September 30GAAP | 229,049 | – | – |
| Dividends per share, nine months ended September 30GAAP | $ 1.02 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Electronic Instruments, three months ended September 30Robust sales growth, exceptional orders growth, strong organic sales growth and contributions from recent acquisitions. | $1.44B | – | 16% |
| Electromechanical, three months ended September 30Outstanding, broad-based organic sales growth and contributions from recent acquisitions. | 778.0M | – | 20% |
| Electronic Instruments, nine months ended September 30No nine-month segment driver was provided. | $4.03B | – | – |
| Electromechanical, nine months ended September 30No nine-month segment driver was provided. | 2.17B | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Fourth Quarter and Full Year 2026 outlook
- RevenueFor 2026, overall sales are expected to be up mid-teens on a percentage basis versus 2025. For the fourth quarter of 2026, overall sales are expected to be up in the low 20% range versus the fourth quarter of 2025.
- NoteFull-year 2026 adjusted earnings per diluted share: $8.53 to $8.57, up approximately 15% from full year 2025 results.
- NoteFourth-quarter 2026 adjusted earnings per share: $2.26 to $2.30 per share, up 12% to 14% compared to the fourth quarter of 2025.
- NoteFourth-quarter 2026 GAAP diluted earnings per share: $1.93 to $1.97.
- NoteFull-year 2026 GAAP diluted earnings per share: $7.29 to $7.33.
Capital returns
- Dividends per share, three months ended September 30, 2026: $ 0.34; 2025: $ 0.31.
- Dividends per share, nine months ended September 30, 2026: $ 1.02; 2025: $ 0.93.
What drove it
- Third-quarter sales were driven by continued strong organic sales and orders growth and contributions from recent acquisitions.
- AMETEK completed the acquisition of Indicor Instrumentation during the third quarter.
- EIG growth was broad based across businesses, supported by strong organic sales growth and recent acquisitions.
- EMG growth reflected outstanding, broad-based organic sales growth and contributions from recent acquisitions.
- Adjusted core operating income margin expanded 1.1 %, including 0.6 % at EIG and 2.1 % at EMG.
Concerns
- Interest expense for the three months ended September 30 was (39,822) (in thousands), compared with (22,514) (in thousands) in 2025.
- Long-term debt, net was 6,029,565 (in thousands) at September 30, 2026, compared with 1,074,334 (in thousands) at December 31, 2025.
- The company identified risks related to integration of future acquisitions, international operations, supply chain disruptions, tariffs, trade disputes, foreign currency fluctuations, geopolitical developments, raw-material availability, cybersecurity, competition, liquidity and general economic conditions.
What to watch
- Fourth-quarter overall sales are expected to be up in the low 20% range versus the fourth quarter of 2025.
- Fourth-quarter adjusted earnings are expected to be $2.26 to $2.30 per share.
- Full-year adjusted diluted earnings per share are expected to be $8.53 to $8.57.
- Expected contribution from the acquisition of Indicor Instrumentation.
- Operating margin performance after the reported 1.1 % adjusted core operating income margin expansion.
Balance sheet and cash flow
- Cash and cash equivalents at September 30, 2026: $ 666,152 (in thousands); December 31, 2025: $ 457,951 (in thousands).
- Receivables, net at September 30, 2026: 1,348,449 (in thousands); December 31, 2025: 1,119,257 (in thousands).
- Inventories, net at September 30, 2026: 1,366,845 (in thousands); December 31, 2025: 1,106,405 (in thousands).
- Total current assets at September 30, 2026: 3,775,299 (in thousands); December 31, 2025: 3,019,842 (in thousands).
- Property, plant and equipment, net at September 30, 2026: 901,486 (in thousands); December 31, 2025: 855,215 (in thousands).
- Goodwill at September 30, 2026: 10,210,706 (in thousands); December 31, 2025: 7,170,770 (in thousands).
- Other intangibles, investments and other assets at September 30, 2026: 7,216,441 (in thousands); December 31, 2025: 4,748,574 (in thousands).
- Total assets at September 30, 2026: $ 22,388,535 (in thousands); December 31, 2025: $ 16,067,543 (in thousands).
- Short-term borrowings and current portion of long-term debt, net at September 30, 2026: $ 639,822 (in thousands); December 31, 2025: $ 1,208,975 (in thousands).
- Long-term debt, net at September 30, 2026: 6,029,565 (in thousands); December 31, 2025: 1,074,334 (in thousands).
- Total current liabilities at September 30, 2026: 2,638,226 (in thousands); December 31, 2025: 2,842,752 (in thousands).
- Stockholders' equity at September 30, 2026: 11,696,208 (in thousands); December 31, 2025: 10,628,786 (in thousands).
- Cash provided by operating activities, three months ended September 30, 2026: $ 560,647 (in thousands); 2025: $ 440,865 (in thousands).
- Free cash flow, three months ended September 30, 2026: $ 527,405 (in thousands); 2025: $ 419,952 (in thousands).
Analysis
AMETEK reported record third-quarter sales of $ 2,220,306 (in thousands), up 17%, and record GAAP diluted earnings per share of $ 1.85. Adjusted diluted earnings per share were $ 2.21 versus $ 1.89, up 17%. GAAP operating income was $ 584,949 (in thousands), while adjusted operating income was $ 594,716 (in thousands) versus $ 496,130 (in thousands), up 20%.
Growth was broad based across both operating segments. Electronic Instruments reported $ 1,442,321 (in thousands) of third-quarter sales, up 16%, supported by organic growth and recent acquisitions. Electromechanical reported 777,985 (in thousands), up 20%, driven by broad-based organic sales growth and acquisitions. The company also completed the acquisition of Indicor Instrumentation during the quarter.
Profitability expanded despite the stated dilutive impacts from acquisitions and foreign exchange. Adjusted operating income margin was 26.8 % versus 26.2 %, and adjusted core operating income margin was 27.3 % versus 26.2 %. EIG adjusted core operating margin was 29.5 % versus 28.9 %, while EMG reached 27.5 % versus 25.4 %. Operating cash flow increased 27% to $ 560,647 (in thousands), and free cash flow was $ 527,405 (in thousands), with free cash flow conversion of 124 %.
The company raised full-year adjusted diluted EPS guidance to $8.53 to $8.57 from its previously stated range of $8.20 to $8.30 per diluted share. It expects full-year sales to rise mid-teens on a percentage basis versus 2025 and fourth-quarter sales to rise in the low 20% range versus the fourth quarter of 2025. The balance sheet reflects $ 666,152 (in thousands) of cash and cash equivalents and 6,029,565 (in thousands) of long-term debt, net, at September 30, 2026, following the quarter's acquisition activity.
Management, verbatim
AMETEK delivered outstanding results in the third quarter.
David A. Zapico, AMETEK Chairman and Chief Executive Officer
Continued strong organic sales and orders growth, contributions from recent acquisitions, and tremendous operating performance led to 20% operating profit growth, an excellent 110 basis points of core margin expansion, and record free cash flow.
David A. Zapico, AMETEK Chairman and Chief Executive Officer
For 2026, we now expect overall sales to be up mid-teens on a percentage basis versus 2025. Adjusted earnings per diluted share are now expected to be in the range of $8.53 to $8.57, up approximately 15% from our full year 2025 results.
David A. Zapico, AMETEK Chairman and Chief Executive Officer
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported third-quarter and nine-month metrics were not provided.
- Gross profit and gross margin were not reported.
- Effective income tax rate was not reported.
- Nine-month operating cash flow, capital expenditures, free cash flow and free cash flow conversion were not provided.
- Share repurchases were not reported.
- Prior outlook document was not provided; therefore, no actual-versus-prior-guidance comparisons are included.
- Nine-month non-GAAP adjusted earnings per share and adjusted operating income were not reported.
- Balance-sheet line items not listed in balance_sheet_cash_flow: other current assets, right of use assets, accounts payable and accruals, deferred income taxes and other long-term liabilities, and total liabilities and stockholders' equity.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.