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…
Earnings analysis · 10-Q
SPXC earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.69
What stood out
-
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.
What to watch
-
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.
Management's outlook
Raised full-year revenue guidance reflects strong first quarter performance and expectations for sustained demand.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.