IDEX
IEX · NYSEPumps & Pumping Equipment · Fiscal year ends Dec 31
IDEX reported revenue of $3.5B in the fiscal year ended Dec 2025, up 5.8% from the year before. Operating income was $699M, an operating margin of 20.2%, and net income was $483M. Operating cash flow of $680M less capital expenditure of $64M left free cash flow of $617M. Net debt was $1.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.8B | $3.2B | $3.3B | $3.3B | $3.5B |
| Cost of revenue | $1.5B | $1.8B | $1.8B | $1.8B | $1.9B |
| Gross profit | $1.2B | $1.4B | $1.4B | $1.4B | $1.5B |
| Research & development | $50M | $61M | $68M | $67M | $70M |
| Selling, general & admin | $578M | $653M | $704M | $759M | $819M |
| Operating income | $637M | $751M | $733M | $677M | $699M |
| Interest expense | $41M | $41M | $52M | – | – |
| Pre-tax income | $580M | $749M | $760M | $639M | $633M |
| Income tax | $131M | $163M | $165M | $135M | $150M |
| Net income | $449M | $587M | $596M | $505M | $483M |
| Diluted EPS | 5.88 | 7.71 | 7.85 | 6.64 | 6.41 |
| Diluted shares | 76M | 76M | 76M | 76M | 75M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $855M | $430M | $534M | $621M | $580M |
| Receivables | $355M | $431M | $419M | $461M | $512M |
| Inventory | $370M | $471M | $421M | $430M | $479M |
| Current assets | $1.7B | $1.4B | $1.4B | $1.6B | $1.6B |
| Net PP&E | $327M | $382M | $430M | $460M | $468M |
| Goodwill | $2.2B | $2.6B | $2.8B | $3.3B | $3.4B |
| Total assets | $4.9B | $5.5B | $5.9B | $6.7B | $6.9B |
| Deferred revenue | $49M | $45M | $56M | $51M | $46M |
| Current liabilities | $480M | $544M | $500M | $630M | $575M |
| Short-term debt | $0 | $0 | $600,000 | $101M | $700,000 |
| Long-term debt | $1.2B | $1.5B | $1.3B | $1.9B | $1.8B |
| Total liabilities | $2.1B | $2.5B | $2.3B | $3B | $2.9B |
| Shareholders' equity | $2.8B | $3B | $3.5B | $3.8B | $4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $565M | $557M | $717M | $668M | $680M |
| Capital expenditure | $73M | $68M | $90M | $65M | $64M |
| Free cash flow | $493M | $489M | $627M | $603M | $617M |
| Depreciation & amortisation | $103M | $120M | $152M | $69M | $76M |
| Stock-based compensation | $20M | $22M | $22M | $26M | $27M |
| Acquisitions | $577M | $946M | $312M | $985M | $76M |
| Share buybacks | $0 | $148M | $24M | $0 | $248M |
| Dividends paid | $161M | $177M | $191M | $205M | $213M |
| Dividend per share | 2.16 | 2.40 | 2.56 | 2.76 | 2.84 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.1% | 2.9% | −0.2% | 5.8% |
| Operating income growth (YoY) | – | 18.0% | −2.5% | −7.5% | 3.3% |
| EPS growth (YoY) | – | 31.1% | 1.8% | −15.4% | −3.5% |
| Gross margin | 44.3% | 44.8% | 44.2% | 44.2% | 44.5% |
| Operating margin | 23.0% | 23.6% | 22.4% | 20.7% | 20.2% |
| Net margin | 16.3% | 18.4% | 18.2% | 15.4% | 14.0% |
| Return on equityBlank when equity is negative | 16.0% | 19.3% | 16.8% | 13.3% | 12.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.4% | 15.1% | 13.7% | 11.1% | 11.0% |
| Free cash flow margin | 17.8% | 15.4% | 19.1% | 18.4% | 17.8% |
| Cash conversion (CFO ÷ net income) | 1.26x | 0.95x | 1.20x | 1.32x | 1.41x |
| Receivable days | 47 | 49 | 47 | 51 | 54 |
| Inventory days | 88 | 98 | 84 | 86 | 91 |
| Interest cover | 15.5x | 18.5x | 14.2x | – | – |
| Debt ÷ equity | 0.42x | 0.48x | 0.37x | 0.52x | 0.45x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $335M | $1B | $791M | $1.3B | $1.2B |
| Current ratio | 3.50x | 2.57x | 2.89x | 2.53x | 2.86x |
Recent filings
More in Pumps & Pumping Equipment
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.