SPXC earnings analysis
What we found in SPXC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
SPX Technologies reported strong Q1 2026 results, with revenue of $566.8 million, exceeding estimates and reflecting a significant 17.4% year-over-year growth. Gross margin improved slightly to 40.7%, and operating income rose to $87.7 million, showcasing effective management and growth in key segments, specifically HVAC and Detection and Measurement. The company also raised its full-year revenue guidance based on this robust performance, indicating confidence in continued demand.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Accelerates
- Total revenue hit $566.8 million, up 17.4% from $482.6 million a year ago.
- EPS Beats Estimates
- Diluted EPS for the quarter was reported at $1.69, exceeding estimates by 8.33%.
- Increased Operating Margin
- Operating income rose to $87.7 million compared to $66.6 million in Q1 2025.
- Acquisition-Driven Growth
- Inorganic growth from acquisitions contributed $9 million to revenue growth in Q1 2026.
- Strong Segment Performance
- HVAC segment revenue grew 22.0% to $394 million, while Detection and Measurement grew 8.3%.
- Raised Full-Year Revenue Guidance
- Full-year revenue guidance increased to $2.575-$2.645 billion from $2.535-$2.605 billion.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Geopolitical Conflicts
- The ongoing conflict involving the U.S and Iran may indirectly impact operations due to global supply chain disruptions.
- Tariff Uncertainty
- Recent U.S. tariffs on imported goods may adversely affect costs and operations, adding uncertainty to future profits.
- Debt Levels Rising
- Total debt increased to $674 million, raising concerns about future cash flow and repayments.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.69
- Gross margin
- 40.7%
- Operating margin
- 15.4%
- Segment
- HVAC $394M
- Segment
- Detection and Measurement $172.8M
What they said about what is next.
Raised full-year revenue guidance reflects strong first quarter performance and expectations for sustained demand.
The filing reads better than the one before it.
What came before.
- 10-K · February 25, 2026
- SPX delivered multi-year top-line growth with consolidated revenue of $2,265.1 million in 2025 (HVAC $1,518.2; Detection & Measurement $746.9) driven by backlog expansion and international sales. Backlog rose materially…
- 10-Q · October 31, 2025
- SPX reported a strong quarter with revenues of $592.8 million (up $109.1 million, +22.6% YoY) and operating income of $97.1 million (up $18.2 million, +23.1% YoY). Gross margin compressed slightly to 40.4% while…
- 10-Q · August 1, 2025
- SPX Technologies outperformed the prior-year quarter with revenues of $552.4M (up $51.1M vs $501.3M) and operating income of $86.6M (up $12.0M vs $74.6M). Gross profit expanded to $228.9M (implied gross margin ~41.4%)…
- 10-K · February 26, 2025
- SPX Technologies reports accelerating top-line growth driven by its HVAC and Detection & Measurement segments, with consolidated segment revenues of $1,364.7M (HVAC) and $619.2M (Detection & Measurement) in 2024…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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