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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
Form 10-Q

☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| For the quarterly period ended | June 30, 2025

OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| For the transition period from | to

Commission File Number: 1-10235
IDEX CORPORATION
(Exact name of registrant as specified in its charter)

| Delaware |  | 36-3555336
| (State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
| 3100 Sanders Road, | Suite 301, | Northbrook, | Illinois |  | 60062
| (Address of principal executive offices) |  | (Zip Code)

Registrant’s telephone number, including area code: (847) 498-7070
Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading Symbol(s) |  | Name of each exchange on which registered
Common Stock, par value $0.01 per share |  | IEX |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☑ |  | Accelerated filer ☐ |  | Non-accelerated filer ☐ |  | Smaller reporting company | ☐
Emerging growth company | ☐ |  |  |  |  |  |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☑
Number of shares of common stock of IDEX Corporation outstanding as of July 25, 2025: 75,287,284.

TABLE OF CONTENTS

Part I. Financial Information |
Item 1. | Financial Statements | 1
| Condensed Consolidated Statements of Income | 1
| Condensed Consolidated Statements of Comprehensive Income | 2
| Condensed Consolidated Balance Sheets | 3
| Condensed Consolidated Statements of Equity | 4
| Condensed Consolidated Statements of Cash Flows | 5
| Notes to Condensed Consolidated Financial Statements | 6
| Note 1. Basis of Presentation and Significant Accounting Policies | 6
| Note 2. Acquisitions and Divestitures | 6
| Note 3. Business Segments | 8
| Note 4. Revenue | 11
| Note 5. Earnings Per Common Share | 13
| Note 6. Balance Sheet Components | 14
| Note 7. Goodwill and Intangible Assets | 15
| Note 8. Borrowings | 16
| Note 9. Fair Value Measurements | 16
| Note 10. Restructuring Expenses and Asset Impairments | 18
| Note 11. Accumulated Other Comprehensive Income (Loss) | 19
| Note 12. Share Repurchases | 20
| Note 13. Share-Based Compensation | 20
| Note 14. Retirement Benefits | 25
| Note 15. Commitments and Contingencies | 26
| Note 16. Income Taxes | 26
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 27
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 40
Item 4. | Controls and Procedures | 40
Part II. Other Information |
Item 1. | Legal Proceedings | 41
Item 1A. | Risk Factors | 41
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 41
Item 5. | Other Information | 41
Item 6. | Exhibits | 43
Signatures | 44

Cautionary Statement Under the Private Securities Litigation Reform Act
This quarterly report on Form 10-Q, including the “Overview,” “Results of Operations” and “Liquidity and Capital Resources” sections of this Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company’s business strategy, outlook and the assumptions underlying these expectations, plant and equipment capacity for future growth, planned production, anticipated future acquisition behavior, resource and capital deployment, the Company’s ability to adapt to macroeconomic challenges and anticipated adaptability of resource deployment, anticipated impacts of tariffs and global trade policies and changes in law, including the One, Big, Beautiful Bill Act, the Company’s future market positioning, anticipated trends in end markets, including expectations regarding market sector contraction, recovery, stabilization or growth and underlying drivers of such expectations, expectations regarding future order volumes and order patterns, demand within end markets, availability and sufficiency of cash and financing alternatives, the impacts of any pending or threatened legal, regulatory and other proceedings involving the Company and its subsidiaries, anticipated benefits and restructuring charges related to the Company’s organizational changes, the anticipated tax treatment of the Company’s recent acquisitions, the anticipated benefits and performance of the Company’s recent or future acquisitions, anticipated growth initiatives and expansions and the anticipated benefits of the Company’s productivity and cost containment efforts, and are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” “guidance,” “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “management believes,” “the Company believes,” “the Company intends” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this report.
The risks and uncertainties include, but are not limited to, the following: levels of industrial activity and economic conditions in the U.S. and other countries around the world, including uncertainties in the financial markets; pricing pressures, including inflation and rising interest rates, and other competitive factors and levels of capital spending in certain industries; the impact of severe weather events, natural disasters and public health threats; economic and political consequences resulting from terrorist attacks and wars; the Company’s ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; cybersecurity incidents; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in countries in which the Company operates; developments with respect to trade policy and existing, new or increased tariffs or other similar measures; changes to applicable laws and regulations, including tax laws; interest rates; capacity utilization and the effect this has on costs; labor markets; supply chain conditions; market conditions and material costs; risks related to environmental, social and corporate governance issues, including those related to climate change and sustainability; and developments with respect to contingencies, such as litigation and environmental matters.
Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included in the Company’s most recent annual report on Form 10-K and the Company’s subsequent quarterly reports filed with the United States Securities and Exchange Commission (“SEC”) and the other risks discussed in the Company’s filings with the SEC. The forward-looking statements included here are only made as of the date of this report, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(unaudited)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net sales | $ | 865.4 |  |  | $ | 807.2 |  |  | $ | 1,679.7 |  |  | $ | 1,607.7 |
Cost of sales | 473.2 |  |  | 440.4 |  |  | 918.6 |  |  | 883.5 |
Gross profit | 392.2 |  |  | 366.8 |  |  | 761.1 |  |  | 724.2 |
Selling, general and administrative expenses | 203.6 |  |  | 182.8 |  |  | 413.0 |  |  | 377.9 |
Restructuring expenses and asset impairments | 0.7 |  |  | 1.3 |  |  | 18.2 |  |  | 2.4 |
Operating income | 187.9 |  |  | 182.7 |  |  | 329.9 |  |  | 343.9 |
Gain on sale of business | — |  |  | (4.6) |  |  | — |  |  | (4.6) |
Other expense (income) – net | 2.4 |  |  | — |  |  | 3.8 |  |  | (2.7) |
Interest expense – net | 15.6 |  |  | 8.1 |  |  | 31.7 |  |  | 17.5 |
Income before income taxes | 169.9 |  |  | 179.2 |  |  | 294.4 |  |  | 333.7 |
Provision for income taxes | 38.8 |  |  | 38.0 |  |  | 67.9 |  |  | 71.2 |
Net income | 131.1 |  |  | 141.2 |  |  | 226.5 |  |  | 262.5 |
Net loss attributable to noncontrolling interest | 0.5 |  |  | 0.1 |  |  | 0.6 |  |  | 0.2 |
Net income attributable to IDEX | $ | 131.6 |  |  | $ | 141.3 |  |  | $ | 227.1 |  |  | $ | 262.7 |
Earnings per common share: |  |  |  |  |  |  |
Basic earnings per common share attributable to IDEX | $ | 1.74 |  |  | $ | 1.86 |  |  | $ | 3.00 |  |  | $ | 3.46 |
Diluted earnings per common share attributable to IDEX | $ | 1.74 |  |  | $ | 1.86 |  |  | $ | 3.00 |  |  | $ | 3.46 |
Share data: |  |  |  |  |  |  |
Basic weighted average common shares outstanding | 75.5 |  |  | 75.7 |  |  | 75.6 |  |  | 75.7 |
Diluted weighted average common shares outstanding | 75.5 |  |  | 75.9 |  |  | 75.7 |  |  | 75.9 |

See Notes to Condensed Consolidated Financial Statements
1

Table of Contents
IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(unaudited)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income | $ | 131.1 |  |  | $ | 141.2 |  |  | $ | 226.5 |  |  | $ | 262.5 |
Other comprehensive income (loss): |  |  |  |  |  |  |
Pension and other postretirement adjustments, net of tax | (0.2) |  |  | (0.2) |  |  | (0.4) |  |  | (0.3) |
Cumulative translation adjustment | 125.6 |  |  | (6.0) |  |  | 179.5 |  |  | (70.3) |
Other comprehensive income (loss), net of tax | 125.4 |  |  | (6.2) |  |  | 179.1 |  |  | (70.6) |
Comprehensive income | 256.5 |  |  | 135.0 |  |  | 405.6 |  |  | 191.9 |
Comprehensive loss attributable to noncontrolling interest | 0.5 |  |  | 0.1 |  |  | 0.6 |  |  | 0.2 |
Comprehensive income attributable to IDEX | $ | 257.0 |  |  | $ | 135.1 |  |  | $ | 406.2 |  |  | $ | 192.1 |

See Notes to Condensed Consolidated Financial Statements
2

Table of Contents
IDEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
(unaudited)

| June 30, 2025 |  | December 31, 2024
ASSETS |  |  |
Current assets |  |  |
Cash and cash equivalents | $ | 568.2 |  |  | $ | 620.8 |
Receivables – net | 476.1 |  |  | 465.9 |
Inventories – net | 487.8 |  |  | 429.7 |
Other current assets | 84.4 |  |  | 76.3 |
Total current assets | 1,616.5 |  |  | 1,592.7 |
Property, plant and equipment – net of accumulated depreciation of $639.7 and $589.9 at June 30, 2025 and December 31, 2024, respectively | 464.8 |  |  | 460.4 |
Goodwill | 3,368.6 |  |  | 3,251.7 |
Intangible assets – net | 1,269.4 |  |  | 1,284.8 |
Other noncurrent assets | 156.8 |  |  | 155.7 |
Total assets | $ | 6,876.1 |  |  | $ | 6,745.3 |
LIABILITIES AND EQUITY |  |  |
Current liabilities |  |  |
Trade accounts payable | $ | 204.2 |  |  | $ | 197.8 |
Accrued expenses | 271.3 |  |  | 278.7 |
Current portion of long-term borrowings | 0.8 |  |  | 100.7 |
Dividends payable | 53.5 |  |  | 52.5 |
Total current liabilities | 529.8 |  |  | 629.7 |
Long-term borrowings – net | 1,847.1 |  |  | 1,859.5 |
Deferred income taxes | 283.2 |  |  | 267.2 |
Other noncurrent liabilities | 205.6 |  |  | 194.8 |
Total liabilities | 2,865.7 |  |  | 2,951.2 |
Commitments and contingencies (Note 15) |  |  |
Shareholders’ equity |  |  |
Preferred stock: |  |  |
Authorized: 5.0 million shares, $0.01 per share par value; Issued: None | — |  |  | — |
Common stock: |  |  |
Authorized: 150.0 million shares, $0.01 per share par value |  |  |
Issued: 90.1 million shares at both June 30, 2025 and December 31, 2024 | 0.9 |  |  | 0.9 |
Treasury stock at cost: 14.7 million shares at June 30, 2025 and 14.2 million shares at December 31, 2024 | (1,271.4) |  |  | (1,170.3) |
Additional paid-in capital | 883.6 |  |  | 864.8 |
Retained earnings | 4,350.3 |  |  | 4,230.2 |
Accumulated other comprehensive income (loss) | 48.2 |  |  | (130.9) |
Total shareholders’ equity | 4,011.6 |  |  | 3,794.7 |
Noncontrolling interest | (1.2) |  |  | (0.6) |
Total equity | 4,010.4 |  |  | 3,794.1 |
Total liabilities and equity | $ | 6,876.1 |  |  | $ | 6,745.3 |

See Notes to Condensed Consolidated Financial Statements
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IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions, except per share amounts)
(unaudited)

| Common Stock Shares |  | Common Stock and Additional Paid-In Capital |  | Treasury Stock Shares |  | Treasury Stock |  | Accumulated Other Comprehensive Income (Loss) |  | Retained Earnings |  | Total Shareholders’ Equity |  | Noncontrolling Interest |  | Total Equity
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, March 31, 2025 | 90.1 |  |  | $ | 879.3 |  |  | 14.4 |  |  | $ | (1,221.2) |  |  | $ | (77.2) |  |  | $ | 4,325.7 |  |  | $ | 3,906.6 |  |  | $ | (0.7) |  |  | $ | 3,905.9 |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 131.6 |  |  | 131.6 |  |  | (0.5) |  |  | 131.1 |
Other comprehensive income (net of tax of $0.1) | — |  |  | — |  |  | — |  |  | — |  |  | 125.4 |  |  | — |  |  | 125.4 |  |  | — |  |  | 125.4 |
Net issuance of shares of treasury stock (net of tax of $—) | — |  |  | — |  |  | 0.1 |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Repurchases of common stock (including excise tax of $0.5) | — |  |  | — |  |  | 0.2 |  |  | (50.5) |  |  | — |  |  | — |  |  | (50.5) |  |  | — |  |  | (50.5) |
Share-based compensation | — |  |  | 5.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5.2 |  |  | — |  |  | 5.2 |
Cash dividends declared - $1.42 per common share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (107.0) |  |  | (107.0) |  |  | — |  |  | (107.0) |
Balance, June 30, 2025 | 90.1 |  |  | $ | 884.5 |  |  | 14.7 |  |  | $ | (1,271.4) |  |  | $ | 48.2 |  |  | $ | 4,350.3 |  |  | $ | 4,011.6 |  |  | $ | (1.2) |  |  | $ | 4,010.4 |
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2024 | 90.1 |  |  | $ | 865.7 |  |  | 14.2 |  |  | $ | (1,170.3) |  |  | $ | (130.9) |  |  | $ | 4,230.2 |  |  | $ | 3,794.7 |  |  | $ | (0.6) |  |  | $ | 3,794.1 |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 227.1 |  |  | 227.1 |  |  | (0.6) |  |  | 226.5 |
Other comprehensive income (net of tax of $0.1) | — |  |  | — |  |  | — |  |  | — |  |  | 179.1 |  |  | — |  |  | 179.1 |  |  | — |  |  | 179.1 |
Net issuance of shares of treasury stock (net of tax of $2.7) | — |  |  | — |  |  | — |  |  | (0.2) |  |  | — |  |  | — |  |  | (0.2) |  |  | — |  |  | (0.2) |
Repurchases of common stock (including excise tax of $0.9) | — |  |  | — |  |  | 0.5 |  |  | (100.9) |  |  | — |  |  | — |  |  | (100.9) |  |  | — |  |  | (100.9) |
Share-based compensation | — |  |  | 18.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18.8 |  |  | — |  |  | 18.8 |
Cash dividends declared - $1.42 per common share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (107.0) |  |  | (107.0) |  |  | — |  |  | (107.0) |
Balance, June 30, 2025 | 90.1 |  |  | $ | 884.5 |  |  | 14.7 |  |  | $ | (1,271.4) |  |  | $ | 48.2 |  |  | $ | 4,350.3 |  |  | $ | 4,011.6 |  |  | $ | (1.2) |  |  | $ | 4,010.4 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, March 31, 2024 | 90.1 |  |  | $ | 852.4 |  |  | 14.2 |  |  | $ | (1,179.3) |  |  | $ | (110.2) |  |  | $ | 4,055.7 |  |  | $ | 3,618.6 |  |  | $ | (0.3) |  |  | $ | 3,618.3 |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 141.3 |  |  | 141.3 |  |  | (0.1) |  |  | 141.2 |
Other comprehensive loss (net of tax $0.1) | — |  |  | — |  |  | — |  |  | — |  |  | (6.2) |  |  | — |  |  | (6.2) |  |  | — |  |  | (6.2) |
Net issuance of shares of treasury stock (net of tax of $0.2) | — |  |  | — |  |  | — |  |  | 0.2 |  |  | — |  |  |  |  | 0.2 |  |  | — |  |  | 0.2 |
Share-based compensation | — |  |  | 4.4 |  |  |  |  | — |  |  | — |  |  | — |  |  | 4.4 |  |  | — |  |  | 4.4 |
Cash dividends declared - $1.38 per common share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (104.5) |  |  | (104.5) |  |  | — |  |  | (104.5) |
Balance, June 30, 2024 | 90.1 |  |  | $ | 856.8 |  |  | 14.2 |  |  | $ | (1,179.1) |  |  | $ | (116.4) |  |  | $ | 4,092.5 |  |  | $ | 3,653.8 |  |  | $ | (0.4) |  |  | $ | 3,653.4 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2023 | 90.1 |  |  | $ | 839.9 |  |  | 14.3 |  |  | $ | (1,187.0) |  |  | $ | (45.8) |  |  | $ | 3,934.3 |  |  | $ | 3,541.4 |  |  | $ | (0.2) |  |  | $ | 3,541.2 |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 262.7 |  |  | 262.7 |  |  | (0.2) |  |  | 262.5 |
Other comprehensive loss (net of tax of $0.1) | — |  |  | — |  |  | — |  |  | — |  |  | (70.6) |  |  | — |  |  | (70.6) |  |  | — |  |  | (70.6) |
Net issuance of shares of treasury stock (net of tax of $2.4) | — |  |  | — |  |  | (0.1) |  |  | 7.9 |  |  | — |  |  | — |  |  | 7.9 |  |  | — |  |  | 7.9 |
Share-based compensation | — |  |  | 16.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16.9 |  |  | — |  |  | 16.9 |
Cash dividends declared - $1.38 per common share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (104.5) |  |  | (104.5) |  |  | — |  |  | (104.5) |
Balance, June 30, 2024 | 90.1 |  |  | $ | 856.8 |  |  | 14.2 |  |  | $ | (1,179.1) |  |  | $ | (116.4) |  |  | $ | 4,092.5 |  |  | $ | 3,653.8 |  |  | $ | (0.4) |  |  | $ | 3,653.4 |

See Notes to Condensed Consolidated Financial Statements
4

Table of Contents
IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(unaudited)

| Six Months Ended June 30,
| 2025 |  | 2024
Cash flows from operating activities |  |  |
Net income | $ | 226.5 |  |  | $ | 262.5 |
Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |
Gain on sale of business | — |  |  | (4.6) |
Asset impairments | 0.6 |  |  | — |
Depreciation | 37.4 |  |  | 32.5 |
Amortization of intangible assets | 63.5 |  |  | 48.5 |
Share-based compensation expense | 18.8 |  |  | 16.9 |
Deferred income taxes | 1.6 |  |  | 0.4 |
Changes in (net of the effect from acquisitions/divestitures and foreign currency translation): |  |  |
Receivables – net | 1.6 |  |  | (11.9) |
Inventories – net | (45.6) |  |  | (19.8) |
Other current assets | (21.8) |  |  | (12.2) |
Trade accounts payable | (0.7) |  |  | 0.3 |
Deferred revenue | 6.4 |  |  | 0.3 |
Accrued expenses | (22.4) |  |  | (21.9) |
Other – net | 1.5 |  |  | (0.8) |
Net cash flows provided by operating activities | 267.4 |  |  | 290.2 |
Cash flows from investing activities |  |  |
Capital expenditures | (29.1) |  |  | (35.9) |
Acquisition of business, net of cash acquired | 4.2 |  |  | 1.6 |
Proceeds from sale of business, net of cash remitted | — |  |  | 45.5 |
Other – net | 0.4 |  |  | 0.5 |
Net cash flows (used in) provided by investing activities | (24.5) |  |  | 11.7 |
Cash flows from financing activities |  |  |
Borrowings under revolving credit facilities | 50.0 |  |  | — |
Payment of long-term borrowings | (100.0) |  |  | (25.0) |
Payments under revolving credit facilities | (92.7) |  |  | — |
Cash dividends paid to shareholders | (105.9) |  |  | (100.7) |
(Payments) proceeds from share issuances, net of shares withheld for taxes | (0.2) |  |  | 7.9 |
Repurchases of common stock | (100.0) |  |  | — |
Other – net | (0.4) |  |  | (0.4) |
Net cash flows used in financing activities | (349.2) |  |  | (118.2) |
Effect of exchange rate changes on cash and cash equivalents | 37.4 |  |  | (17.3) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (68.9) |  |  | 166.4 |
Cash and cash equivalents and restricted cash at beginning of year(1) | 638.9 |  |  | 534.3 |
Cash and cash equivalents and restricted cash at end of period(1) | $ | 570.0 |  |  | $ | 700.7 |
Supplemental cash flow information |  |  |
Cash paid for: |  |  |
Interest | $ | 36.7 |  |  | $ | 23.0 |
Income taxes – net | 83.4 |  |  | 84.6 |

(1) Includes $1.8 million and $18.1 million of restricted cash at June 30, 2025 and December 31, 2024, respectively. At June 30, 2025, $1.4 million of the restricted cash has been included in Other current assets and $0.4 million has been included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. At December 31, 2024, $18.1 million was included in Other current assets in the Condensed Consolidated Balance Sheets. There was no restricted cash as of June 30, 2024 or December 31, 2023.
See Notes to Condensed Consolidated Financial Statements
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Table of Contents
IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
1. Basis of Presentation and Significant Accounting Policies
The Condensed Consolidated Financial Statements of IDEX Corporation (“IDEX” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The statements are unaudited but include all adjustments, consisting only of recurring items, except as noted, that the Company considers necessary for a fair presentation of the information set forth herein. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the entire year.
The Condensed Consolidated Financial Statements set forth in this report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Recently Issued Accounting Standards
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to disclose standard categories in the tax rate reconciliation, additional information for reconciling items that meet a quantitative threshold and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Adoption of this ASU should be applied prospectively, but may be applied retrospectively to all prior periods presented in the financial statements. Adoption of the standard is not expected to have a material impact on the Company’s Consolidated Financial Statements, but is expected to result in incremental income tax disclosures when adopted in the Company’s Annual Report on Form 10-K for the year ending December 31, 2025 and in periodic results thereafter.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires public entities to disclose, within the footnotes to the financial statements, disaggregated information about certain income statement expense captions, including disclosure of amounts for purchases of inventory, employee compensation, depreciation and intangible asset amortization, included in each relevant expense caption. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU should be applied prospectively, but may be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s financial statement disclosures and expects the standard will increase disclosures in the Company’s annual and interim reporting when adopted.
2. Acquisitions and Divestitures
All of the Company’s acquisitions of businesses have been accounted for under Accounting Standards Codification (“ASC”) 805, Business Combinations. Accordingly, the assets and liabilities of the acquired companies, after adjustments to reflect the fair values assigned to the assets and liabilities, have been included in the Condensed Consolidated Balance Sheets from their respective dates of acquisition. The results of operations of businesses acquired have been included in the Condensed Consolidated Statements of Income since their respective dates of acquisition. Supplemental pro forma information has not been provided as the acquisitions did not have a material impact on the Condensed Consolidated Financial Statements individually or in the aggregate.
The Company makes a preliminary allocation of the purchase price for each acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy. As the Company continues to obtain additional information, primarily related to the valuations of these assets and liabilities, and continues to integrate the newly acquired business, the Company will refine the estimates of fair value and more accurately allocate the purchase price through the completion of the measurement period, which is not to exceed one year from the date of acquisition. Only items that existed as of the acquisition date are considered for subsequent adjustment to the purchase price allocation. Goodwill recognized reflects the strategic fit, revenue and earnings growth potential of the acquired business and its synergies with existing IDEX businesses.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
2025 Acquisitions
Micro-LAM, Inc.
On July 29, 2025, the Company acquired Micro-LAM, Inc. (“Micro-LAM”) for cash consideration of $90.0 million, subject to customary adjustments, plus a potential earnout of up to $12.0 million of additional cash consideration based upon the achievement of certain financial performance metrics over a two-year period. The acquisition was funded using additional borrowings under the Company’s Revolving Facility in July 2025. Micro-LAM is an advanced optics manufacturer of laser-assisted machining, ultra-precision diamond tools and custom optics that is complementary to the Company’s Optics Technologies solutions. Micro-LAM will operate in the Company’s Health & Science Technologies segment.
2024 Acquisitions
Mott Corporation
On September 5, 2024, the Company acquired Mott Corporation and its subsidiaries (“Mott”) in a stock acquisition. Mott is a leading microfiltration business specializing in the design, customization and manufacturing of sintered porous metal components and engineered solutions used in fluidic applications. Headquartered in Farmington, Connecticut, Mott operates in the Scientific Fluidics & Optics reporting unit within the Company’s Health & Science Technologies segment. Mott was acquired for cash consideration of $982.0 million, net of cash acquired of $3.1 million. The purchase price was funded using a combination of cash on hand of $207.7 million, borrowings under the Company’s Revolving Facility of $279.3 million and net proceeds of $495.0 million from the issuance of the Company’s 4.950% Senior Notes (as defined in Note 8, “Borrowings”). Goodwill and intangible assets recognized as part of this transaction were $488.2 million and $412.8 million, respectively. The goodwill is expected to be primarily deductible for tax purposes.
As of June 30, 2025, the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:

| Total
Current assets, net of cash acquired | $ | 82.3 |
Property, plant and equipment | 52.1 |
Goodwill | 488.2 |
Intangible assets | 412.8 |
Other noncurrent assets | 15.0 |
Total assets acquired | 1,050.4 |
Current liabilities | (49.6) |
Deferred income taxes | (7.6) |
Other noncurrent liabilities | (11.2) |
Net assets acquired(1) | $ | 982.0 |

(1) In January 2025, the Company finalized the purchase price of Mott, resulting in a reduction to the purchase price of $4.2 million. Funds were received by the Company in January 2025.
Acquired intangible assets consist of trade names, customer relationships and unpatented technology. The acquired intangible assets and weighted average amortization periods are as follows:
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)

| Total |  | Weighted Average Life (in years)
Trade names | $ | 42.0 |  |  | 15
Customer relationships | 269.0 |  |  | 14
Unpatented technology | 101.8 |  |  | 13
Acquired intangible assets | $ | 412.8 |  |  |

Acquisition-Related Costs
The Company incurred acquisition-related costs of $1.6 million and $2.5 million during the three months ended June 30, 2025 and 2024, respectively, and $2.3 million and $3.8 million during the six months ended June 30, 2025 and 2024, respectively. These costs were recorded in Selling, general and administrative expenses and were related to completed, pending and potential transactions, including transactions that ultimately were not completed. There were no fair value inventory step-up charges recorded during the three and six months ended June 30, 2025 or the three months ended June 30, 2024. The Company recorded a $2.5 million fair value inventory step-up charge associated with the completed 2023 acquisition of STC Material Solutions in Cost of sales during the six months ended June 30, 2024.
Divestitures
The Company periodically reviews its businesses relative to its core business. As such, from time to time, the Company may sell various businesses or assets for a variety of reasons. Any resulting gain or loss recognized due to divestitures is recorded within Gain on sale of business in the Condensed Consolidated Statements of Income.
On June 3, 2024, the Company completed the sale of Alfa Valvole, Srl (“Alfa Valvole”) for proceeds of $45.5 million, net of cash remitted, resulting in an initial gain on the sale of $4.6 million, net of a release of cumulative foreign currency translation losses of $5.5 million. During the three months ended September 30, 2024, the gain on the sale of Alfa Valvole was finalized, resulting in a downward adjustment to the gain on sale of $0.6 million for a final gain on sale of $4.0 million and final net proceeds received of $45.1 million. There was no income tax impact associated with this transaction in the Condensed Consolidated Statements of Income due to the participation exemption of its consolidated group. The results of Alfa Valvole were reported in the Valves reporting unit within the Fluid & Metering Technologies segment through the date of disposition.
3. Business Segments
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 June 30, 2025
| HST |  | FMT |  | FSDP |  | Total Segments |  | Eliminations |  | IDEX
NET SALES |  |  |  |  |  |  |  |  |  |  |
External customers | $ | 363.9 |  |  | $ | 310.5 |  |  | $ | 191.0 |  |  | $ | 865.4 |  |  | $ | — |  |  | $ | 865.4 |
Intersegment sales | 1.4 |  |  | 0.4 |  |  | 0.5 |  |  | 2.3 |  |  | (2.3) |  |  | — |
Net sales | 365.3 |  |  | 310.9 |  |  | 191.5 |  |  | 867.7 |  |  | (2.3) |  |  | 865.4 |
Adjusted segment cost of sales(1) | (217.0) |  |  | (153.0) |  |  | (105.5) |  |  | (475.5) |  |  | 2.3 |  |  | (473.2) |
Other segment expenses(2) | (53.3) |  |  | (49.2) |  |  | (29.6) |  |  | (132.1) |  |  |  |  |
Segment Adjusted EBITDA | $ | 95.0 |  |  | $ | 108.7 |  |  | $ | 56.4 |  |  | $ | 260.1 |  |  |  |  |

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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)

| Three Months Ended June 30, 2024
| HST |  | FMT |  | FSDP |  | Total Segments |  | Eliminations |  | IDEX
NET SALES |  |  |  |  |  |  |  |  |  |  |
External customers | $ | 303.0 |  |  | $ | 318.9 |  |  | $ | 185.3 |  |  | $ | 807.2 |  |  | $ | — |  |  | $ | 807.2 |
Intersegment sales | 0.8 |  |  | 0.5 |  |  | 0.1 |  |  | 1.4 |  |  | (1.4) |  |  | — |
Net sales | 303.8 |  |  | 319.4 |  |  | 185.4 |  |  | 808.6 |  |  | (1.4) |  |  | 807.2 |
Adjusted segment cost of sales(1) | (177.6) |  |  | (163.3) |  |  | (100.9) |  |  | (441.8) |  |  | 1.4 |  |  | (440.4) |
Other segment expenses(2) | (42.0) |  |  | (48.4) |  |  | (30.7) |  |  | (121.1) |  |  |  |  |
Segment Adjusted EBITDA | $ | 84.2 |  |  | $ | 107.7 |  |  | $ | 53.8 |  |  | $ | 245.7 |  |  |  |  |

| Six Months Ended June 30, 2025
| HST |  | FMT |  | FSDP |  | Total Segments |  | Eliminations |  | IDEX
NET SALES |  |  |  |  |  |  |  |  |  |  |
External customers | $ | 704.0 |  |  | $ | 600.7 |  |  | $ | 375.0 |  |  | $ | 1,679.7 |  |  | $ | — |  |  | $ | 1,679.7 |
Intersegment sales | 2.8 |  |  | 0.7 |  |  | 0.8 |  |  | 4.3 |  |  | (4.3) |  |  | — |
Net sales | 706.8 |  |  | 601.4 |  |  | 375.8 |  |  | 1,684.0 |  |  | (4.3) |  |  | 1,679.7 |
Adjusted segment cost of sales(1) | (418.2) |  |  | (299.3) |  |  | (205.4) |  |  | (922.9) |  |  | 4.3 |  |  | (918.6) |
Other segment expenses(2) | (106.2) |  |  | (98.1) |  |  | (59.8) |  |  | (264.1) |  |  |  |  |
Segment Adjusted EBITDA | $ | 182.4 |  |  | $ | 204.0 |  |  | $ | 110.6 |  |  | $ | 497.0 |  |  |  |  |

| Six Months Ended June 30, 2024
| HST |  | FMT |  | FSDP |  | Total Segments |  | Eliminations |  | IDEX
NET SALES |  |  |  |  |  |  |  |  |  |  |
External customers | $ | 612.4 |  |  | $ | 632.4 |  |  | $ | 362.9 |  |  | $ | 1,607.7 |  |  | $ | — |  |  | $ | 1,607.7 |
Intersegment sales | 1.5 |  |  | 0.7 |  |  | 0.5 |  |  | 2.7 |  |  | (2.7) |  |  | — |
Net sales | 613.9 |  |  | 633.1 |  |  | 363.4 |  |  | 1,610.4 |  |  | (2.7) |  |  | 1,607.7 |
Adjusted segment cost of sales(1) | (361.9) |  |  | (323.3) |  |  | (198.5) |  |  | (883.7) |  |  | 2.7 |  |  | (881.0) |
Other segment expenses(2) | (86.4) |  |  | (96.7) |  |  | (59.7) |  |  | (242.8) |  |  |  |  |
Segment Adjusted EBITDA | $ | 165.6 |  |  | $ | 213.1 |  |  | $ | 105.2 |  |  | $ | 483.9 |  |  |  |  |

(1) Adjusted segment cost of sales represents Cost of sales excluding fair value inventory step-up charges. There were no step-up charges recorded during the three or six months ended June 30, 2025 or the three months ended June 30, 2024. There were step-up charges of $2.5 million recorded within the HST segment during the six months ended June 30, 2024.
(2) Other segment expenses consists primarily of selling, general and administrative expenses.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
ADJUSTED EBITDA |  |  |  |  |  |  |
Health & Science Technologies | $ | 95.0 |  |  | $ | 84.2 |  |  | $ | 182.4 |  |  | $ | 165.6 |
Fluid & Metering Technologies | 108.7 |  |  | 107.7 |  |  | 204.0 |  |  | 213.1 |
Fire & Safety/Diversified Products | 56.4 |  |  | 53.8 |  |  | 110.6 |  |  | 105.2 |
Segment Adjusted EBITDA | 260.1 |  |  | 245.7 |  |  | 497.0 |  |  | 483.9 |
Corporate and other(1) | (22.9) |  |  | (21.5) |  |  | (51.8) |  |  | (51.4) |
Interest expense – net | (15.6) |  |  | (8.1) |  |  | (31.7) |  |  | (17.5) |
Depreciation(2) | (19.0) |  |  | (16.3) |  |  | (37.4) |  |  | (32.5) |
Amortization of intangible assets(2) | (32.0) |  |  | (23.9) |  |  | (63.5) |  |  | (48.5) |
Fair value inventory step-up charges | — |  |  | — |  |  | — |  |  | (2.5) |
Restructuring expenses and asset impairments | (0.7) |  |  | (1.3) |  |  | (18.2) |  |  | (2.4) |
Gain on sale of business | — |  |  | 4.6 |  |  | — |  |  | 4.6 |
Income before income taxes | $ | 169.9 |  |  | $ | 179.2 |  |  | $ | 294.4 |  |  | $ | 333.7 |

(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 six months ended June 30, 2025 and 2024 was:

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
DEPRECIATION |  |  |  |  |  |  |
Health & Science Technologies | $ | 11.9 |  | $ | 9.5 |  | $ | 23.6 |  | $ | 18.9
Fluid & Metering Technologies | 4.4 |  | 4.3 |  | 8.8 |  | 8.6
Fire & Safety/Diversified Products | 2.4 |  | 2.2 |  | 4.6 |  | 4.5
Total Segments | 18.7 |  | 16.0 |  | 37.0 |  | 32.0
Corporate and other | 0.3 |  | 0.3 |  | 0.4 |  | 0.5
Total depreciation | $ | 19.0 |  | $ | 16.3 |  | $ | 37.4 |  | $ | 32.5
AMORTIZATION OF INTANGIBLE ASSETS |  |  |  |  |  |  |
Health & Science Technologies | $ | 25.4 |  | $ | 17.2 |  | $ | 50.0 |  | $ | 34.9
Fluid & Metering Technologies | 5.4 |  | 5.2 |  | 10.7 |  | 10.5
Fire & Safety/Diversified Products | 1.2 |  | 1.5 |  | 2.8 |  | 3.1
Total amortization | $ | 32.0 |  | $ | 23.9 |  | $ | 63.5 |  | $ | 48.5

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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)

| June 30, 2025 |  | December 31, 2024
ASSETS |  |  |
Health & Science Technologies | $ | 4,254.5 |  |  | $ | 4,142.6 |
Fluid & Metering Technologies | 1,669.8 |  |  | 1,609.4 |
Fire & Safety/Diversified Products | 826.3 |  |  | 794.1 |
Total Segments | 6,750.6 |  |  | 6,546.1 |
Corporate and other | 125.5 |  |  | 199.2 |
Total assets | $ | 6,876.1 |  |  | $ | 6,745.3 |

4. Revenue
Disaggregation of Revenue
The Company has a comprehensive offering of products, including technologies, built to customers’ specifications that are sold in niche markets throughout the world. The Company disaggregates revenue from contracts with customers by reporting unit and geographical region for each segment as the Company believes it best depicts how the amount, nature, timing and uncertainty of its revenue and cash flows are affected by economic factors. Revenue, presented as Net sales on the Condensed Consolidated Statements of Income, was attributed to geographical region based on the location of the customer. The following tables present revenue disaggregated by reporting unit and geographical region.
Revenue by reporting unit for the three and six months ended June 30, 2025 and 2024 was as follows:

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Scientific Fluidics & Optics | $ | 209.0 |  |  | $ | 157.6 |  |  | $ | 403.0 |  |  | $ | 320.3 |
Performance Pneumatic Technologies | 65.1 |  |  | 59.3 |  |  | 124.1 |  |  | 116.8 |
Sealing Solutions | 61.3 |  |  | 59.8 |  |  | 121.9 |  |  | 120.3 |
Material Processing Technologies | 29.9 |  |  | 27.1 |  |  | 57.8 |  |  | 56.5 |
Intersegment elimination | (1.4) |  |  | (0.8) |  |  | (2.8) |  |  | (1.5) |
Health & Science Technologies | 363.9 |  |  | 303.0 |  |  | 704.0 |  |  | 612.4 |
Pumps | 109.1 |  |  | 101.4 |  |  | 214.9 |  |  | 203.3 |
Water | 85.8 |  |  | 88.9 |  |  | 168.7 |  |  | 171.9 |
Energy | 55.4 |  |  | 57.7 |  |  | 102.3 |  |  | 110.3 |
Agriculture | 37.1 |  |  | 38.6 |  |  | 69.1 |  |  | 78.3 |
Valves | 23.5 |  |  | 32.8 |  |  | 46.4 |  |  | 69.3 |
Intersegment elimination | (0.4) |  |  | (0.5) |  |  | (0.7) |  |  | (0.7) |
Fluid & Metering Technologies | 310.5 |  |  | 318.9 |  |  | 600.7 |  |  | 632.4 |
Fire & Safety | 123.6 |  |  | 111.7 |  |  | 234.6 |  |  | 216.8 |
Dispensing | 37.3 |  |  | 45.1 |  |  | 80.9 |  |  | 86.6 |
BAND-IT | 30.6 |  |  | 28.6 |  |  | 60.3 |  |  | 60.0 |
Intersegment elimination | (0.5) |  |  | (0.1) |  |  | (0.8) |  |  | (0.5) |
Fire & Safety/Diversified Products | 191.0 |  |  | 185.3 |  |  | 375.0 |  |  | 362.9 |
Net sales | $ | 865.4 |  |  | $ | 807.2 |  |  | $ | 1,679.7 |  |  | $ | 1,607.7 |

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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
Revenue by geographical region for the three and six months ended June 30, 2025 and 2024 was as follows:

| Three Months Ended June 30, 2025
| HST |  | FMT |  | FSDP |  | IDEX
U.S. | $ | 166.3 |  |  | $ | 175.7 |  |  | $ | 93.8 |  |  | $ | 435.8 |
North America, excluding U.S. | 5.2 |  |  | 18.4 |  |  | 7.9 |  |  | 31.5 |
Europe | 116.1 |  |  | 51.6 |  |  | 52.4 |  |  | 220.1 |
Asia | 69.9 |  |  | 41.7 |  |  | 29.5 |  |  | 141.1 |
Other(1) | 7.8 |  |  | 23.5 |  |  | 7.9 |  |  | 39.2 |
Intersegment elimination | (1.4) |  |  | (0.4) |  |  | (0.5) |  |  | (2.3) |
Net sales | $ | 363.9 |  |  | $ | 310.5 |  |  | $ | 191.0 |  |  | $ | 865.4 |

| Three Months Ended June 30, 2024
| HST |  | FMT |  | FSDP |  | IDEX
U.S. | $ | 141.8 |  |  | $ | 181.2 |  |  | $ | 84.5 |  |  | $ | 407.5 |
North America, excluding U.S. | 4.7 |  |  | 17.3 |  |  | 8.9 |  |  | 30.9 |
Europe | 98.5 |  |  | 55.3 |  |  | 46.3 |  |  | 200.1 |
Asia | 53.8 |  |  | 41.5 |  |  | 36.5 |  |  | 131.8 |
Other(1) | 5.0 |  |  | 24.1 |  |  | 9.2 |  |  | 38.3 |
Intersegment elimination | (0.8) |  |  | (0.5) |  |  | (0.1) |  |  | (1.4) |
Net sales | $ | 303.0 |  |  | $ | 318.9 |  |  | $ | 185.3 |  |  | $ | 807.2 |

| Six Months Ended June 30, 2025
| HST |  | FMT |  | FSDP |  | IDEX
U.S. | $ | 321.4 |  |  | $ | 344.5 |  |  | $ | 189.3 |  |  | $ | 855.2 |
North America, excluding U.S. | 9.9 |  |  | 34.4 |  |  | 16.0 |  |  | 60.3 |
Europe | 218.2 |  |  | 100.0 |  |  | 94.9 |  |  | 413.1 |
Asia | 141.2 |  |  | 76.1 |  |  | 60.5 |  |  | 277.8 |
Other(1) | 16.1 |  |  | 46.4 |  |  | 15.1 |  |  | 77.6 |
Intersegment elimination | (2.8) |  |  | (0.7) |  |  | (0.8) |  |  | (4.3) |
Net sales | $ | 704.0 |  |  | $ | 600.7 |  |  | $ | 375.0 |  |  | $ | 1,679.7 |

| Six Months Ended June 30, 2024
| HST |  | FMT |  | FSDP |  | IDEX
U.S. | $ | 280.7 |  |  | $ | 353.8 |  |  | $ | 170.6 |  |  | $ | 805.1 |
North America, excluding U.S. | 10.3 |  |  | 33.6 |  |  | 16.3 |  |  | 60.2 |
Europe | 202.6 |  |  | 114.1 |  |  | 91.3 |  |  | 408.0 |
Asia | 109.5 |  |  | 86.2 |  |  | 67.2 |  |  | 262.9 |
Other(1) | 10.8 |  |  | 45.4 |  |  | 18.0 |  |  | 74.2 |
Intersegment elimination | (1.5) |  |  | (0.7) |  |  | (0.5) |  |  | (2.7) |
Net sales | $ | 612.4 |  |  | $ | 632.4 |  |  | $ | 362.9 |  |  | $ | 1,607.7 |

(1) Other includes: South America, Middle East, Australia and Africa.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
Performance Obligations
The Company’s performance obligations are satisfied either at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time comprised approximately 95% of the Company’s revenue and over time comprised approximately 5% of the Company’s revenue in all periods presented.
Contract Assets and Liabilities
The timing of billings and cash collections can result in customer receivables, billings in excess of revenue recognized, advance payments or deposits. Customer receivables include both amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in Receivables – net on the Condensed Consolidated Balance Sheets.
The composition of customer receivables was as follows:

| June 30, 2025 |  | December 31, 2024
Billed receivables | $ | 451.5 |  |  | $ | 443.2 |
Unbilled receivables | 17.0 |  |  | 17.8 |
Total customer receivables | $ | 468.5 |  |  | $ | 461.0 |

Billings in excess of revenue recognized, advance payments and deposits represent contract liabilities and are included in deferred revenue which is classified as current or noncurrent based on when the Company expects to recognize the revenue. The current portion is included in Accrued expenses and the noncurrent portion is included in Other noncurrent liabilities on the Condensed Consolidated Balance Sheets.
The composition of deferred revenue was as follows:

| June 30, 2025 |  | December 31, 2024
Deferred revenue – current | $ | 53.0 |  |  | $ | 50.7 |
Deferred revenue – noncurrent | 18.2 |  |  | 13.2 |
Total deferred revenue | $ | 71.2 |  |  | $ | 63.9 |

5. Earnings Per Common Share
Diluted earnings per common share (“EPS”) attributable to IDEX is computed by dividing Net income attributable to IDEX by the weighted average number of common shares outstanding (basic) plus common stock equivalents outstanding (diluted) for the period. Common stock equivalents consist of restricted stock, performance share units and stock options, which have been included in the calculation of weighted average common shares outstanding using the treasury stock method.
ASC 260, Earnings Per Share (“ASC 260”), concludes that all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common shareholders. If awards are considered participating securities, the Company is required to apply the two-class method of computing basic and diluted earnings per share. The Company has both participating and non-participating securities. Dividend rights for restricted stock awards issued under the IDEX Corporation 2024 Incentive Award Plan (the “2024 Incentive Award Plan”) are subject to the same vesting requirements as the underlying restricted stock awards, and therefore, these awards are not considered participating securities. Dividend rights for restricted stock awards issued prior to the adoption of the 2024 Incentive Award Plan are non-forfeitable and not subject to the same vesting requirements as the underlying restricted stock awards. As such, these awards have been determined to be participating securities. Accordingly, Diluted EPS attributable to IDEX was computed using the two-class method prescribed by ASC 260.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
Basic weighted average common shares outstanding reconciles to diluted weighted average common shares outstanding as follows:

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Basic weighted average common shares outstanding | 75.5 |  |  | 75.7 |  |  | 75.6 |  |  | 75.7 |
Dilutive effect of restricted stock, performance share units and stock options | — |  |  | 0.2 |  |  | 0.1 |  |  | 0.2 |
Diluted weighted average common shares outstanding | 75.5 |  |  | 75.9 |  |  | 75.7 |  |  | 75.9 |

Share-based payment awards of approximately 0.9 million and 0.5 million shares of common stock for the three months ended June 30, 2025 and 2024, respectively, and 0.8 million and 0.5 million shares of common stock for the six months ended June 30, 2025 and 2024, respectively, were not included in the computation of Diluted EPS attributable to IDEX because the effect of their inclusion would have been antidilutive.
6. Balance Sheet Components

| June 30, 2025 |  | December 31, 2024
RECEIVABLES – NET |  |  |
Customers | $ | 468.5 |  |  | $ | 461.0 |
Other | 17.4 |  |  | 14.7 |
Total | 485.9 |  |  | 475.7 |
Less: allowance for credit losses | 9.8 |  |  | 9.8 |
Receivables – net | $ | 476.1 |  |  | $ | 465.9 |
INVENTORIES – NET |  |  |
Raw materials and component parts | $ | 309.9 |  |  | $ | 285.5 |
Work in process | 51.4 |  |  | 34.4 |
Finished goods | 126.5 |  |  | 109.8 |
Inventories – net | $ | 487.8 |  |  | $ | 429.7 |
ACCRUED EXPENSES |  |  |
Payroll and related items | $ | 93.6 |  |  | $ | 105.0 |
Management incentive compensation | 15.1 |  |  | 14.6 |
Income taxes payable | 5.4 |  |  | 10.1 |
Warranty | 14.0 |  |  | 13.6 |
Deferred revenue | 53.0 |  |  | 50.7 |
Lease liability | 27.7 |  |  | 26.1 |
Restructuring | 7.8 |  |  | 0.9 |
Accrued interest | 11.6 |  |  | 12.7 |
Other | 43.1 |  |  | 45.0 |
Accrued expenses | $ | 271.3 |  |  | $ | 278.7 |

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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
7. Goodwill and Intangible Assets
The changes in the carrying amount of goodwill for the six months ended June 30, 2025, by reportable business segment, were as follows:

| HST |  | FMT |  | FSDP |  | IDEX
Goodwill | $ | 2,276.5 |  |  | $ | 785.2 |  |  | $ | 390.6 |  |  | $ | 3,452.3 |
Accumulated goodwill impairment losses | (149.8) |  |  | (20.7) |  |  | (30.1) |  |  | (200.6) |
Balance at January 1, 2025 | 2,126.7 |  |  | 764.5 |  |  | 360.5 |  |  | 3,251.7 |
Foreign currency translation | 80.6 |  |  | 15.8 |  |  | 15.9 |  |  | 112.3 |
Measurement period adjustments | 4.6 |  |  | — |  |  | — |  |  | 4.6 |
Balance at June 30, 2025 | $ | 2,211.9 |  |  | $ | 780.3 |  |  | $ | 376.4 |  |  | $ | 3,368.6 |

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at June 30, 2025 and December 31, 2024:

| June 30, 2025 |  | December 31, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Patents | $ | 2.6 |  |  | $ | (2.1) |  |  | $ | 0.5 |  |  | $ | 2.5 |  |  | $ | (2.0) |  |  | $ | 0.5 |
Trade names | 210.8 |  |  | (69.6) |  |  | 141.2 |  |  | 201.4 |  |  | (60.0) |  |  | 141.4 |
Customer relationships | 1,125.6 |  |  | (336.5) |  |  | 789.1 |  |  | 1,078.8 |  |  | (278.7) |  |  | 800.1 |
Unpatented technology | 323.9 |  |  | (86.5) |  |  | 237.4 |  |  | 325.4 |  |  | (85.1) |  |  | 240.3 |
Software | 15.9 |  |  | (5.6) |  |  | 10.3 |  |  | 15.2 |  |  | (3.6) |  |  | 11.6 |
Total amortized intangible assets | 1,678.8 |  |  | (500.3) |  |  | 1,178.5 |  |  | 1,623.3 |  |  | (429.4) |  |  | 1,193.9 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Banjo trade name | 62.1 |  |  | — |  |  | 62.1 |  |  | 62.1 |  |  | — |  |  | 62.1 |
Akron Brass trade name | 28.8 |  |  | — |  |  | 28.8 |  |  | 28.8 |  |  | — |  |  | 28.8 |
Total intangible assets | $ | 1,769.7 |  |  | $ | (500.3) |  |  | $ | 1,269.4 |  |  | $ | 1,714.2 |  |  | $ | (429.4) |  |  | $ | 1,284.8 |

The Company assesses goodwill and indefinite-lived intangible assets for impairment annually, or more frequently if events occur or circumstances change that indicate an asset may be impaired. The Company’s policy is to assess for impairment annually as of October 31. Based on the results of the Company’s most recent annual impairment test at October 31, 2024, all reporting units and indefinite-lived intangible assets had fair values in excess of their carrying values. There have been no events or circumstances since the last assessment date that would have required an interim impairment test.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
Amortization of intangible assets wa s $32.0 million and $63.5 million for the three and six months ended June 30, 2025, respectively, and $23.9 million and $48.5 million for the three and six months ended June 30, 2024, respectively. Based on the intangible asset balances as of June 30, 2025, expected amortization expense for the remaining six months of 2025 and for the years 2026 through 2029 is as follows:

|  | Estimated Amortization
Remainder of 2025 |  | $ | 64.9 |
2026 |  | 128.5 |
2027 |  | 125.0 |
2028 |  | 122.1 |
2029 |  | 112.1 |

8. Borrowings
Borrowings at June 30, 2025 and December 31, 2024 consisted of the following:

| June 30, 2025 |  | December 31, 2024
3.37% Senior Notes, due June 2025 (the “3.37% Senior Notes”)(1) | $ | — |  |  | $ | 100.0 |
5.13% Senior Notes, due June 2028 (the “5.13% Senior Notes”) | 100.0 |  |  | 100.0 |
4.950% Senior Notes, due September 2029 (the “4.950% Senior Notes”) | 500.0 |  |  | 500.0 |
3.00% Senior Notes, due May 2030 (the “3.00% Senior Notes”) | 500.0 |  |  | 500.0 |
2.625% Senior Notes, due June 2031 (the “2.625% Senior Notes”) | 500.0 |  |  | 500.0 |
$800.0 million Revolving Facility, due November 2027 (the “Revolving Facility”)(1) | 256.6 |  |  | 269.8 |
Other borrowings | 1.3 |  |  | 1.5 |
Total borrowings | 1,857.9 |  |  | 1,971.3 |
Less: current portion | 0.8 |  |  | 100.7 |
Less: unamortized debt issuance costs and discount on debt | 10.0 |  |  | 11.1 |
Long-term borrowings | $ | 1,847.1 |  |  | $ | 1,859.5 |

(1) During June 2025, the Company drew down an aggregate amount of $50.0 million under the Revolving Facility. These funds and cash on hand were used to repay the 3.37% Senior Notes upon their maturity. The draw of $50.0 million under the Revolving Facility was repaid on June 30, 2025. At June 30, 2025, there was $256.6 million outstanding under the Revolving Facility and $2.8 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Facility of approximately $540.6 million. The weighted-average interest rate for borrowings outstanding under the Revolving Facility was 3.24% and 3.48% for the three and six months ended June 30, 2025, respectively, and 4.46% for the year ended December 31, 2024.
At June 30, 2025, the Company was in compliance with the covenants contained in the credit agreement associated with the Revolving Facility as well as other long-term debt agreements.
9. Fair Value Measurements
The accounting guidance for fair value measurements and disclosures establishes a three-level fair value hierarchy:
•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2: Inputs, other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
The following table summarizes the basis used to measure the Company’s financial assets (liabilities) at fair value on a recurring basis in the balance sheets at June 30, 2025 and December 31, 2024:

| Basis of Fair Value Measurements
| June 30, 2025 |  | December 31, 2024
| Level 1 |  | Level 1
Trading securities - mutual funds held in nonqualified SERP(1) | $ | 11.2 |  |  | $ | 10.6 |

(1) The Supplemental Executive Retirement Plan (“SERP”) investment assets are offset by a SERP liability which represents the Company’s obligation to distribute SERP funds to participants. The SERP investment assets and liability are included in Other noncurrent assets and Other noncurrent liabilities, respectively, on the Condensed Consolidated Balance Sheets.
There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three and six months ended June 30, 2025 or the year ended December 31, 2024.
The carrying values of the Company’s other financial instruments (i.e., cash and cash equivalents, accounts receivable, accounts payable and accrued expenses) approximate fair value because of the short-term nature of these instruments.
Certain non-financial assets, primarily property, plant and equipment, goodwill and intangible assets, are not required to be measured at fair value on a recurring basis and are reported at their carrying value. However, these assets are required to be assessed for impairment whenever events or circumstances indicate that their carrying value may not be fully recoverable, and at least annually for goodwill and indefinite-lived intangible assets. See Note 7, “Goodwill and Intangible Assets,” for additional information about these assets.
The following table provides the fair value of the outstanding indebtedness described in Note 8, “Borrowings,” which is based on quoted market prices and current market rates for debt with similar credit risk and maturity, as well as the carrying value. These fair value measurements are classified as Level 2 within the fair value hierarchy since they are determined based upon significant inputs observable in the market, including interest rates on recent financing transactions to entities with a credit rating similar to the Company’s rating.

| June 30, 2025 |  | December 31, 2024 |  |
| Fair Value |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  |  |  |
Total Borrowings, less unaccreted debt discount | $ | 1,777.4 |  |  | $ | 1,856.8 |  |  | $ | 1,855.0 |  |  | $ | 1,970.1 |  |  |  |  |

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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
10. Restructuring Expenses and Asset Impairments
Restructuring expenses generally represent expenses incurred by the Company to facilitate long-term sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization and contract termination costs. These costs include severance costs, exit costs and asset impairments and are included in Restructuring expenses and asset impairments in the Condensed Consolidated Statements of Income. Severance costs primarily consist of severance benefits through payroll continuation, COBRA subsidies, outplacement services, conditional separation costs, employer tax liabilities and related legal costs, while exit costs primarily consist of lease exit and contract termination costs.
2025 Initiative
During the six months ended June 30, 2025, the Company primarily incurred severance costs related to organizational changes, designed with the focus of connecting scalable groups of businesses, which resulted in a reduction of headcount. Additionally, the Company eliminated certain management layers in select areas. These changes are expected to enable the Company to self-fund more growth resources, increase sourcing productivity, improve agility and speed of decision making and position the Company closer to the customer for maximum impact. The three and six months ended June 30, 2025 also included asset impairments of $0.6 million related to property, plant and equipment within the HST segment.
Pre-tax Restructuring expenses and asset impairments by segment for the three and six months ended June 30, 2025 were as follows:

|  | Three Months Ended June 30, 2025
|  | Severance Costs |  | Exit Costs |  | Asset Impairments |  | Total
Health & Science Technologies |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.6 |  |  | $ | 0.7 |
Fluid & Metering Technologies |  | — |  |  | — |  |  | — |  |  | — |
Fire & Safety/Diversified Products |  | — |  |  | — |  |  | — |  |  | — |
Corporate/Other |  | — |  |  | — |  |  | — |  |  | — |
Total restructuring expenses and asset impairments |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.6 |  |  | $ | 0.7 |

|  | Six Months Ended June 30, 2025
|  | Severance Costs |  | Exit Costs |  | Asset Impairments |  | Total
Health & Science Technologies |  | $ | 11.4 |  |  | $ | 0.1 |  |  | $ | 0.6 |  |  | $ | 12.1 |
Fluid & Metering Technologies |  | 4.2 |  |  | — |  |  | — |  |  | 4.2 |
Fire & Safety/Diversified Products |  | 1.6 |  |  | — |  |  | — |  |  | 1.6 |
Corporate/Other |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
Total restructuring expenses and asset impairments |  | $ | 17.5 |  |  | $ | 0.1 |  |  | $ | 0.6 |  |  | $ | 18.2 |

The Company expects to incur additional restructuring charges of approximately $3 million to $7 million primarily related to severance related to these actions during the remainder of 2025.
2024 Initiative
During the three and six months ended June 30, 2024, the Company incurred severance costs related to employee reductions in conjunction with cost mitigation efforts as a result of market conditions. There were no exit costs or asset impairments incurred during the three and six months ended June 30, 2024.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
Pre-tax restructuring expenses and asset impairments by segment for the three and six months ended June 30, 2024 were as follows:

|  | Severance Costs
|  | Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024
Health & Science Technologies |  | $ | 1.1 |  |  | $ | 1.6 |
Fluid & Metering Technologies |  | 0.1 |  |  | 0.6 |
Fire & Safety/Diversified Products |  | 0.1 |  |  | 0.1 |
Corporate/Other |  | — |  |  | 0.1 |
Restructuring expenses and asset impairments |  | $ | 1.3 |  |  | $ | 2.4 |

Restructuring accruals reflected in Accrued expenses in the Condensed Consolidated Balance Sheets are as follows:

| Restructuring Initiatives
Balance at January 1, 2025 | $ | 0.9 |
Restructuring expenses(1) | 17.5 |
Payments, utilization and other | (10.6) |
Balance at June 30, 2025 | $ | 7.8 |

(1) Excludes $0.6 million of asset impairments related to property, plant and equipment and $0.1 million of exit costs.
11. Accumulated Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive income (loss) for the three and six months ended June 30, 2025 and 2024 are as follows:

|  | Cumulative Translation Adjustment |  | Pension and Other Postretirement Adjustments |  | Accumulated Other Comprehensive Income (Loss)
|  | Three Months Ended June 30, 2025
Balance, March 31, 2025(1) |  | $ | (83.6) |  |  | $ | 6.4 |  |  | $ | (77.2) |
Other comprehensive income before reclassification adjustments |  | 125.6 |  |  | — |  |  | 125.6 |
Gain reclassified from Accumulated other comprehensive income (loss)(2)(3) |  | — |  |  | (0.3) |  |  | (0.3) |
Tax impact |  | — |  |  | 0.1 |  |  | 0.1 |
Net other comprehensive income (loss)(1) |  | 125.6 |  |  | (0.2) |  |  | 125.4 |
Balance, June 30, 2025(1) |  | $ | 42.0 |  |  | $ | 6.2 |  |  | $ | 48.2 |
|  | Six Months Ended June 30, 2025
Balance, December 31, 2024(1) |  | $ | (137.5) |  |  | $ | 6.6 |  |  | $ | (130.9) |
Other comprehensive income before reclassification adjustments |  | 179.5 |  |  | — |  |  | 179.5 |
Gain reclassified from Accumulated other comprehensive income (loss)(2)(3) |  | — |  |  | (0.5) |  |  | (0.5) |
Tax impact |  | — |  |  | 0.1 |  |  | 0.1 |
Net other comprehensive income (loss)(1) |  | 179.5 |  |  | (0.4) |  |  | 179.1 |
Balance, June 30, 2025(1) |  | $ | 42.0 |  |  | $ | 6.2 |  |  | $ | 48.2 |

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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)

|  | Cumulative Translation Adjustment |  | Pension and Other Postretirement Adjustments |  | Accumulated Other Comprehensive Income (Loss)
|  | Three Months Ended June 30, 2024
Balance, March 31, 2024(1) |  | $ | (113.6) |  |  | $ | 3.4 |  |  | $ | (110.2) |
Other comprehensive loss before reclassification adjustments |  | (11.5) |  |  | — |  |  | (11.5) |
Gain reclassified from Accumulated other comprehensive loss(2)(3) |  | — |  |  | (0.3) |  |  | (0.3) |
Loss reclassified related to divestitures(4) |  | 5.5 |  |  | — |  |  | 5.5 |
Tax impact |  | — |  |  | 0.1 |  |  | 0.1 |
Net other comprehensive loss(1) |  | (6.0) |  |  | (0.2) |  |  | (6.2) |
Balance, June 30, 2024(1) |  | $ | (119.6) |  |  | $ | 3.2 |  |  | $ | (116.4) |
|  | Six Months Ended June 30, 2024
Balance, December 31, 2023(1) |  | $ | (49.3) |  |  | $ | 3.5 |  |  | $ | (45.8) |
Other comprehensive loss before reclassification adjustments |  | (75.8) |  |  | — |  |  | (75.8) |
Gain reclassified from Accumulated other comprehensive loss(2)(3) |  | — |  |  | (0.4) |  |  | (0.4) |
Loss reclassified related to divestitures(4) |  | 5.5 |  |  | — |  |  | 5.5 |
Tax impact |  | — |  |  | 0.1 |  |  | 0.1 |
Net other comprehensive loss(1) |  | (70.3) |  |  | (0.3) |  |  | (70.6) |
Balance, June 30, 2024(1) |  | $ | (119.6) |  |  | $ | 3.2 |  |  | $ | (116.4) |

(1) Amounts are presented net of tax.
(2) Included in the computation of net periodic cost. See Note 14, “Retirement Benefits.”
(3) Included in Other expense (income) – net in the Condensed Consolidated Statements of Income.
(4) In conjunction with the divestiture of Alfa Valvole, the Company released the associated cumulative foreign currency
translation losses and included the release as part of the gain on sale of business.
12. Share Repurchases
On March 17, 2020, the Company’s Board of Directors approved an increase of $500.0 million in the authorized level of repurchases of common stock. This approval is in addition to the prior repurchase authorization of the Board of Directors of $300.0 million on December 1, 2015. These authorizations have no expiration date. During the six months ended June 30, 2025, the Company repurchased a total of 0.5 million shares at a cost of $100.9 million (which includes excise taxes of $0.9 million which will be paid in 2026). There were no share repurchases during the six months ended June 30, 2024. As of June 30, 2025, the amount of share repurchase authorization remaining was $439.7 million, excluding fees, commissions, excise taxes and other expenses related to such common stock repurchases.
13. Share-Based Compensation
The Company typically grants equity awards annually at its regularly scheduled first quarter meeting of the Board of Directors based on the recommendation from the Compensation Committee.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
Stock Options
Stock options granted under the Company’s plans are generally non-qualified and are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. The fair value of each option grant in the periods presented was estimated on the date of the grant using the Black Scholes valuation model. Stock options generally vest ratably over four years, with vesting beginning one year from the date of grant, and generally expire 10 years from the date of grant. The service period for certain retiree eligible participants is accelerated. The assumptions used in determining the fair value of the stock options granted in the respective periods were as follows:

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average fair value of grants | n/a |  | $62.41 |  | $46.74 |  | $63.72
Dividend yield | n/a |  | 1.13% |  | 1.41% |  | 1.09%
Volatility | n/a |  | 26.43% |  | 23.06% |  | 26.67%
Risk-free interest rate | n/a |  | 4.42% |  | 4.28% |  | 4.31%
Expected life (in years) | n/a |  | 4.60 |  | 4.70 |  | 4.60

A summary of the Company’s stock option activity as of June 30, 2025 and changes during the six months ended June 30, 2025 are presented in the following table:

Stock Options | Shares |  | Weighted Average Exercise Price |  | Weighted-Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
Outstanding at January 1, 2025 | 998,856 |  |  | $ | 191.96 |  |  | 6.63 |  | $ | 24.9 |
Granted | 82,470 |  |  | 196.07 |  |  |  |  |
Exercised | (18,376) |  |  | 139.06 |  |  |  |  |
Forfeited | (55,675) |  |  | 213.62 |  |  |  |  |
Outstanding at June 30, 2025 | 1,007,275 |  |  | $ | 192.07 |  |  | 6.35 |  | $ | 8.9 |
Vested and expected to vest as of June 30, 2025 | 992,870 |  |  | $ | 191.56 |  |  | 6.32 |  | $ | 8.9 |
Exercisable at June 30, 2025 | 696,076 |  |  | $ | 180.96 |  |  | 5.44 |  | $ | 8.9 |

As of June 30, 2025, there was $6.9 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.3 years.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
Restricted Stock
Restricted stock awards generally cliff vest after three years for employees and generally cliff vest after one year for non-employee directors. The service period for certain retiree eligible participants is accelerated. Unvested restricted stock granted after the adoption of the 2024 Incentive Award Plan earn dividend equivalents for the award period, which will be paid to participants upon vesting of the underlying awards. Unvested restricted stock granted prior to the adoption of the 2024 Incentive Award Plan earn and are paid dividends. The fair value of restricted stock is equal to the market price of the Company’s stock at the date of the grant. A summary of the Company’s restricted stock activity as of June 30, 2025 and changes during the six months ended June 30, 2025 are presented in the following table:

Restricted Stock | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2025 | 175,991 |  |  | $ | 201.27 |
Granted | 84,570 |  |  | 194.02 |
Vested | (27,327) |  |  | 197.18 |
Forfeited | (18,177) |  |  | 206.11 |
Unvested at June 30, 2025 | 215,057 |  |  | $ | 198.53 |

As of June 30, 2025, there was $18.5 million of total unrecognized compensation cost related to restricted stock that is expected to be recognized over a weighted-average period of 1.1 years.
Cash-Settled Restricted Stock
The Company also maintains a cash-settled share-based compensation plan for certain employees. Cash-settled restricted stock awards generally cliff vest after three years. The service period for certain retiree eligible participants is accelerated. Cash-settled restricted stock awards are recorded at fair value on a quarterly basis using the market price of the Company’s stock on the last day of the quarter. At June 30, 2025 and December 31, 2024, the Company had accrued $3.1 million and $4.0 million, respectively, for cash-settled restricted stock in Accrued expenses in the Condensed Consolidated Balance Sheets and had accrued $1.6 million and $2.4 million, respectively, for cash-settled restricted stock in Other noncurrent liabilities in the Condensed Consolidated Balance Sheets. These recurring fair value measurements are classified as Level 1 in the fair value hierarchy. Dividend equivalents are earned throughout the award period and paid upon vesting for certain cash-settled restricted stock awards granted after the adoption of the 2024 Incentive Award Plan. Dividend equivalents are paid on certain cash-settled restricted stock awards granted prior to the adoption of the 2024 Incentive Award Plan. A summary of the Company’s unvested cash-settled restricted stock activity as of June 30, 2025 and changes during the six months ended June 30, 2025 are presented in the following table:

Cash-Settled Restricted Stock | Shares |  | Weighted-Average Fair Value
Unvested at January 1, 2025 | 55,395 |  |  | $ | 209.29 |
Granted | 30,490 |  |  | 195.99 |
Vested | (15,020) |  |  | 192.90 |
Forfeited | (3,832) |  |  | 175.57 |
Unvested at June 30, 2025 | 67,033 |  |  | $ | 175.57 |

As of June 30, 2025, there was $5.4 million of total unrecognized compensation cost related to cash-settled restricted stock that is expected to be recognized over a weighted-average period of 1.2 years.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
Performance Share Units
Performance share unit awards represent rights to receive shares of the Company’s common stock and will vest between 0% to 250% of the target share unit amount. Performance share units granted in 2025 are earned over a three-year performance period based on an internal income growth metric (a performance condition), weighted 25%, and the total shareholder return of IDEX common stock in relation to the total shareholder return of companies in the S&P 500 Index (a market condition), weighted 75%. Performance share unit awards granted prior to 2025 are earned solely based on the Company’s total shareholder return ranking in relation to the total shareholder return of companies in the S&P 500 Index over a three-year period following the date of grant.
The fair value of the performance condition portion of the 2025 awards is equal to the market price of the Company’s stock at the date of the grant, and the amount of expense recognized over the vesting period is subject to adjustment based on the expected attainment of the performance condition. The fair value of the market condition portion of the 2025 awards and all awards granted prior to 2025 is determined using a Monte Carlo simulation model, and the amount of expense recognized over the vesting period is not subject to change based on future market conditions. The assumptions used in the Monte Carlo simulation model to determine the fair value of the market condition portion of the performance share units granted in the respective periods were as follows:

| Six Months Ended June 30,
| 2025 |  | 2024
Weighted average fair value of grants | $232.44 |  | $349.59
Dividend yield | —% |  | —%
Volatility | 22.93% |  | 22.23%
Risk-free interest rate | 4.23% |  | 4.45%
Expected life (in years) | 2.94 |  | 2.94

A summary of the Company’s performance share unit activity as of June 30, 2025 and changes during the six months ended June 30, 2025 are presented in the following table:

Performance Share Units | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2025 | 72,825 |  |  | $ | 299.87 |
Granted | 43,360 |  |  | 216.98 |
Vested | (15,530) |  |  | 234.23 |
Forfeited | (15,320) |  |  | 256.31 |
Unvested at June 30, 2025 | 85,335 |  |  | $ | 275.57 |

On January 31, 2025, 23,875 performance share units vested. Based on the Company’s relative total shareholder return rank during the three-year period ended January 31, 2025, the Company achieved a 65% payout factor and issued 15,530 common shares in February 2025 for awards that vested in 2025.
As of June 30, 2025, there was $4.6 million of total unrecognized compensation cost related to performance share units that is expected to be recognized over a weighted-average period of 1.1 years.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
Summary of Share-Based Compensation Expense
The Company’s policy is to recognize compensation cost on a straight-line basis, assuming forfeitures, over the requisite service period for the entire award. Total compensation cost related to all share-based awards was as follows:

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Stock options expense | $ | 1.1 |  |  | $ | 1.5 |  |  | $ | 4.3 |  |  | $ | 6.9 |
Restricted stock expense | 3.3 |  |  | 2.1 |  |  | 8.8 |  |  | 4.1
Cash-settled restricted stock expense | 0.6 |  |  | (0.3) |  |  | 1.2 |  |  | 1.6
Performance share units expense | 0.8 |  |  | 0.8 |  |  | 5.7 |  |  | 5.9
Total pre-tax share-based compensation expense(1) | 5.8 |  |  | 4.1 |  |  | 20.0 |  |  | 18.5
Income tax benefit | (1.2) |  |  | (0.7) |  |  | (2.4) |  |  | (1.6) |
Total share-based compensation expense, net of income taxes | $ | 4.6 |  |  | $ | 3.4 |  |  | $ | 17.6 |  |  | $ | 16.9 |

(1) Pre-tax compensation cost is recognized in the Condensed Consolidated Statements of Income depending on the functional area of the underlying employees, as follows:

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of sales | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 1.1 |  |  | $ | 1.0 |
Selling, general and administrative expenses | 5.5 |  |  | 3.9 |  |  | 19.5 |  |  | 17.5
Restructuring expenses and asset impairments(2) | — |  |  | — |  |  | (0.6) |  |  | — |
Total pre-tax share-based compensation expense | $ | 5.8 |  |  | $ | 4.1 |  |  | $ | 20.0 |  |  | $ | 18.5 |

(2) During the six months ended June 30, 2025, a benefit of $0.6 million was recognized in Restructuring expenses and asset impairments in the Condensed Consolidated Statements of Income related to forfeitures of share-based compensation awards resulting from previously announced restructuring actions initiated during the first quarter.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
14. Retirement Benefits
The Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans as well as other postretirement plans for its employees. The following tables provide the components of net periodic cost for the Company’s major defined benefit plans and its other postretirement plans.

| Pension Benefits
| Three Months Ended June 30,
| 2025 |  | 2024
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Service cost | $ | — |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 0.4 |
Interest cost | 0.1 |  |  | 0.6 |  |  | 0.1 |  |  | 0.7 |
Expected return on plan assets | — |  |  | (0.4) |  |  | — |  |  | (0.5) |
Net amortization | 0.1 |  |  | (0.2) |  |  | 0.1 |  |  | (0.1) |
Net periodic cost | $ | 0.2 |  |  | $ | 0.5 |  |  | $ | 0.2 |  |  | $ | 0.5 |

| Pension Benefits
| Six Months Ended June 30,
| 2025 |  | 2024
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Service cost | $ | — |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 0.8 |
Interest cost | 0.2 |  |  | 1.2 |  |  | 0.2 |  |  | 1.3 |
Expected return on plan assets | — |  |  | (0.9) |  |  | (0.1) |  |  | (0.9) |
Net amortization | 0.1 |  |  | (0.2) |  |  | 0.2 |  |  | (0.1) |
Net periodic cost | $ | 0.3 |  |  | $ | 0.9 |  |  | $ | 0.3 |  |  | $ | 1.1 |

| Other Postretirement Benefits
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Service cost | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 0.2 |
Interest cost | 0.2 |  |  | 0.2 |  |  | 0.4 |  |  | 0.4 |
Net amortization | (0.2) |  |  | (0.3) |  |  | (0.4) |  |  | (0.5) |
Net periodic cost | $ | 0.1 |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.1 |

The Company recognizes the service cost component in both Cost of sales and Selling, general and administrative expenses in the Condensed Consolidated Statements of Income depending on the functional area of the underlying employees and the interest cost, expected return on plan assets and net amortization components in Other expense (income) – net in the Condensed Consolidated Statements of Income.
The Company expects to contribute approximately $3.7 million to its defined benefit plans and $1.1 million to its other postretirement benefit plans in 2025. The Company contributed a total of $2.4 million to fund these plans during both the six months ended June 30, 2025 and 2024.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share amounts)
(unaudited)
15. Commitments and Contingencies
The Company and certain of its subsidiaries are involved in pending and threatened legal, regulatory and other proceedings incidental to the operations of their businesses. These proceedings may pertain to matters such as product liability or contract disputes, and may also involve governmental inquiries, inspections, audits or investigations relating to issues such as tax matters, intellectual property, environmental, health and safety issues, governmental regulations, employment and other matters. Although the results of such legal proceedings cannot be predicted with certainty, the Company believes that the ultimate disposition of these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s business, financial condition, results of operations or cash flows.
16. Income Taxes
The Company’s provision for income taxes is based upon estimated annual tax rates for the year applied to federal income as well as state and foreign income in various jurisdictions, permanent differences between book and tax items, tax credits and the Company’s change in relative income in each jurisdiction. The provision for income taxes and the effective tax rates for the periods presented were as follows:

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income before income taxes | $ | 169.9 |  |  | $ | 179.2 |  |  | $ | 294.4 |  |  | $ | 333.7 |
Provision for income taxes | 38.8 |  |  | 38.0 |  |  | 67.9 |  |  | 71.2 |
Effective tax rate | 22.9 | % |  | 21.2 | % |  | 23.1 | % |  | 21.4 | %

The effective tax rate for the three and six months ended June 30, 2025 reflects a discrete tax benefit related to the finalization of a prior year preferential rate with taxing authorities in a foreign jurisdiction. This discrete tax benefit was partially offset by the impact of state tax law changes enacted in June 2025, foreign tax differentials related to increased tax rates and the mix of earnings in higher tax rate jurisdictions.
The effective tax rate for the three and six months ended June 30, 2024 reflects the impact of the discrete benefits related to the finalization of prior years’ research and development tax incentives with taxing authorities in a foreign jurisdiction. The effective tax rate for the six months ended June 30, 2024 also reflects the discrete benefit related to the finalization of tax impacts of a previously recorded legal entity restructuring.
The One, Big, Beautiful Bill Act (the “OBBBA”) was signed into law on July 4, 2025. Key income tax related provisions of the OBBBA expected to impact the Company include the repeal of mandatory capitalization of research and development expenditures under Internal Revenue Code Section 174, extension of bonus depreciation, and revisions to international tax regimes. The Company is still evaluating the financial implications of the OBBBA but does not currently expect a material impact on the Company’s financial statements.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the Condensed Consolidated Financial Statements and related notes in this quarterly report. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. The Company’s actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under Item 1A, “Risk Factors” in the Company’s most recent annual report on Form 10-K and under the heading “Cautionary Statement Under the Private Securities Litigation Reform Act” discussed elsewhere in this quarterly report.
This discussion includes certain non-GAAP financial measures that have been defined and reconciled to the most directly comparable financial measure prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) under the headings “Non-GAAP Disclosures” and “Free Cash Flow.” This discussion also includes Operating working capital, which has been defined under the heading “Liquidity and Capital Resources.” The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP. The financial results prepared in accordance with U.S. GAAP and the reconciliations from these results should be carefully evaluated.
Overview
IDEX is an applied solutions provider specializing in the manufacturing of health and science technologies, fluid and metering technologies, and fire, safety and other diversified products built to customers’ specifications. IDEX’s products are sold in niche markets across a wide range of industries throughout the world. Accordingly, IDEX’s businesses are affected by levels of industrial activity and economic conditions in the U.S. and in other countries where it does business, as well as by the relationship of the U.S. dollar to other currencies. Levels of capacity utilization and capital spending in certain markets and overall industrial activity are important factors that influence the demand for IDEX’s products.
Highlights
(All comparisons are against the same period in 2024 unless otherwise noted)
Three Months Ended June 30, 2025
•Record reported Net sales of $865.4 million increased 7% overall and increased 1% organically*
•Reported diluted earnings per common share (“EPS”) attributable to IDEX of $1.74 decreased 6%
•Adjusted diluted EPS attributable to IDEX* of $2.07 was relatively flat
*These are non-GAAP measures. See the definitions of these non-GAAP measures and reconciliations to their most directly comparable GAAP financial measures under the heading “Non-GAAP Disclosures.”
During the second quarter of 2025, the Company delivered strong operating performance, despite persistent macroeconomic uncertainty. Strong price/cost execution helped mitigate the impact of volume pressure driven by ongoing tariff related uncertainty in the market. Operating results during the quarter also benefited from the acquisition of Mott Corporation and its subsidiaries (“Mott”). Diluted EPS declined year-over-year reflecting higher amortization expense and interest costs related to the financing of the acquisition of Mott during the third quarter of 2024. Adjusted diluted EPS was relatively flat compared to the same prior year period.
While overall order trends were favorable coming into the second quarter, industrial day rates declined late in the quarter and hesitation around larger order commitments increased, reflecting the continued macroeconomic uncertainty, with some customers ordering with greater caution and delaying larger commitments to improve their production capacity or capabilities. The Company has taken actions, such as increasing price, reducing costs and implementing supply chain strategies to mitigate the impact of tariffs and geopolitical uncertainty. However, the landscape continues to evolve. The Company will continue to take such actions and believes it is well positioned given the criticality of our solutions, which generally constitute a relatively small part of the bill of materials. IDEX businesses also generally operate locally with teams that are well equipped to adapt with agility. However, IDEX cannot be certain these strategies will entirely mitigate macroeconomic shifts, including if demand otherwise decreases. The Company remains focused on optimizing its business portfolio and expects its strong cash generation and balance sheet will continue to enable opportunistic capital deployment to generate shareholder value sustainably in the long run.
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Results of Operations
The following is a discussion and analysis of the Company’s results of operations for the three and six months ended June 30, 2025 compared with the three and six months ended June 30, 2024.

| Three Months Ended June 30, |  | Change |  | Six Months Ended June 30, |  | Change
(In millions, except per share amounts) | 2025 |  | 2024 |  | $ |  | % / bps |  | 2025 |  | 2024 |  | $ |  | % / bps
Domestic sales | $ | 435.8 |  | $ | 407.5 |  | $ | 28.3 |  |  | 7 | % |  | $ | 855.2 |  | $ | 805.1 |  | $ | 50.1 |  |  | 6 | %
International sales | 429.6 |  | 399.7 |  | 29.9 |  |  | 7 | % |  | 824.5 |  | 802.6 |  | 21.9 |  |  | 3 | %
Net sales | 865.4 |  | 807.2 |  | 58.2 |  |  | 7 | % |  | 1,679.7 |  | 1,607.7 |  | 72.0 |  |  | 4 | %
Cost of sales | 473.2 |  | 440.4 |  | 32.8 |  |  | 7 | % |  | 918.6 |  | 883.5 |  | 35.1 |  |  | 4 | %
Gross profit | 392.2 |  | 366.8 |  | 25.4 |  |  | 7 | % |  | 761.1 |  | 724.2 |  | 36.9 |  |  | 5 | %
Gross margin | 45.3 | % |  | 45.4 | % |  | n/a |  | (10) bps |  | 45.3 | % |  | 45.0 | % |  | n/a |  | 30 bps
Selling, general and administrative expenses | 203.6 |  | 182.8 |  | 20.8 |  |  | 11 | % |  | 413.0 |  | 377.9 |  | 35.1 |  |  | 9 | %
Restructuring expenses and asset impairments | 0.7 |  | 1.3 |  | (0.6) |  |  | (46 | %) |  | 18.2 |  | 2.4 |  | 15.8 |  |  | NM
Operating income | 187.9 |  | 182.7 |  | 5.2 |  |  | 3 | % |  | 329.9 |  | 343.9 |  | (14.0) |  |  | (4 | %)
Gain on sale of business | — |  | (4.6) |  | 4.6 |  |  | (100 | %) |  | — |  | (4.6) |  | 4.6 |  |  | (100 | %)
Other expense (income) – net | 2.4 |  | — |  | 2.4 |  |  | NM |  | 3.8 |  | (2.7) |  | 6.5 |  |  | (241 | %)
Interest expense – net | 15.6 |  | 8.1 |  | 7.5 |  |  | 93 | % |  | 31.7 |  | 17.5 |  | 14.2 |  |  | 81 | %
Income before income taxes | 169.9 |  | 179.2 |  | (9.3) |  |  | (5 | %) |  | 294.4 |  | 333.7 |  | (39.3) |  |  | (12 | %)
Provision for income taxes | 38.8 |  | 38.0 |  | 0.8 |  |  | 2 | % |  | 67.9 |  | 71.2 |  | (3.3) |  |  | (5 | %)
Effective tax rate | 22.9 | % |  | 21.2 | % |  | n/a |  | 170 bps |  | 23.1 | % |  | 21.4 | % |  | n/a |  | 170 bps
Net income attributable to IDEX | $ | 131.6 |  | $ | 141.3 |  | $ | (9.7) |  |  | (7 | %) |  | $ | 227.1 |  | $ | 262.7 |  | $ | (35.6) |  |  | (14 | %)
Diluted earnings per common share attributable to IDEX | $ | 1.74 |  | $ | 1.86 |  | $ | (0.12) |  |  | (6 | %) |  | $ | 3.00 |  | $ | 3.46 |  | $ | (0.46) |  |  | (13 | %)
NM - Not Meaningful

Net Sales
Net sales for both the three and six months ended June 30, 2025 increased as compared to the same prior year periods as a result of contributions from the acquisition of Mott. Organic sales for the same periods increased 1% and were flat, respectively, which reflected positive price and targeted growth initiatives in the Company’s Health & Science Technologies and Fire & Safety/Diversified Products segments. These increases were partially and fully offset by lower volumes during the three and six months ended June 30, 2025, respectively, primarily within the Fluid & Metering Technologies segment.
Gross Profit and Gross Margin
Gross profit and Gross margin for both the three and six months ended June 30, 2025 were positively impacted by price/cost and operational productivity improvements, and were negatively impacted by volume deleverage and unfavorable mix. Platform optimization savings resulting from restructuring actions taken during 2025 mitigated increases in other employee-related costs. Gross profit for both the three and six months ended June 30, 2025 was also positively impacted by the Mott acquisition, net of divestitures, while Gross margin for both the three and six months ended June 30, 2025 was negatively impacted by the Mott acquisition, net of divestitures.
Selling, General and Administrative Expenses
Selling, general and administrative expenses for both the three and six months ended June 30, 2025 increased by $16.9 million and $33.5 million from acquisitions, net of divestitures, including amortization, respectively, as well as higher employee-related costs and increased professional services spending as compared to the same prior year periods. These increases were partially offset by lower discretionary spending.
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Restructuring Expenses and Asset Impairments
Restructuring expenses and asset impairments primarily relate to severance expense for restructuring actions taken during the respective periods presented. Severance costs during the six months ended June 30, 2025 were incurred in conjunction with organizational changes, primarily designed to connect scalable groups of businesses, which resulted in a reduction of headcount. Additionally, the Company eliminated certain management layers in select areas. For additional information regarding restructuring expenses and asset impairments, refer to Note 10, “Restructuring Expenses and Asset Impairments,” in the Notes to Condensed Consolidated Financial Statements.
Gain on Sale of Business
During the three and six months ended June 30, 2024, the Company completed the sale of Alfa Valvole, Srl (“Alfa Valvole”) for proceeds of $45.5 million, net of cash remitted, resulting in an initial gain on the sale of $4.6 million, net of a release of cumulative foreign currency translation losses of $5.5 million. For additional information regarding the divestiture of Alfa Valvole, refer to Note 2, “Acquisitions and Divestitures,” in the Notes to Condensed Consolidated Financial Statements.
Other Expense (Income) – Net
Other expense (income) – net during the three and six months ended June 30, 2025 primarily reflects the impact of foreign currency transactions.
Interest Expense – Net
Interest expense – net for the three and six months ended June 30, 2025 increased primarily due to the impact of higher debt outstanding used to finance the acquisition of Mott, partially offset by reductions in interest expense related to the payoff of the Company’s Term Facility in 2024.
Income Taxes
The effective tax rate was 22.9% and 23.1% for the three and six months ended June 30, 2025, respectively, as compared to 21.2% and 21.4% during the same periods in 2024, respectively. The increase in the effective tax rate for the three and six months ended June 30, 2025 was primarily due to a more favorable net impact of discrete one-time tax items in the prior year periods as compared to the current year periods. Additionally, the effective tax rate for the three and six months ended June 30, 2025 was unfavorably impacted by state tax law changes enacted in June 2025, foreign tax differentials related to increased tax rates and the mix of earnings in higher tax rate jurisdictions. For additional information, refer to Note 16, “Income Taxes”, in the Notes to Condensed Consolidated Financial Statements.
In October 2021, members of the Organization for Economic Co-operation and Development (“OECD”)and G20 Inclusive Framework on Base Erosion and Profit Shifting agreed to a two-pillar solution to address the tax challenges associated with the digitalization of the economy. In December 2021, the OECD released the Pillar Two Model Rules (“Pillar Two”), which define the global minimum tax and call for the taxation of large corporations at a minimum rate of 15%. While it is uncertain whether the United States will enact legislation to adopt Pillar Two, certain countries in which we operate have enacted legislation, and other countries are in the process of introducing draft legislation to implement the minimum tax directive. Many aspects of Pillar Two became effective January 1, 2025; however, nearly all of the jurisdictions in which IDEX operates have an effective tax rate above the 15% threshold. Therefore, the Company does not expect a material impact from the Pillar Two income tax rules. We are continuing to monitor legislative developments and evaluate financial results for changes in the expected impact.
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Results of Reportable Business Segments
The Company has three reportable segments: Health & Science Technologies (“HST”), Fluid & Metering Technologies (“FMT”) and Fire & Safety/Diversified Products (“FSDP”). For a detailed description of the operations within each segment, refer to Note 13, “Business Segments and Geographic Information,” in the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Management’s measurements of segment performance are Net sales, adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) and Adjusted EBITDA margin.
The table below illustrates the share of Net sales and Adjusted EBITDA contributed by each segment on the basis of total segments (not total Company) for the three and six months ended June 30, 2025.

| Three Months Ended June 30, 2025 |  | Six Months Ended June 30, 2025
| HST |  | FMT |  | FSDP |  | Total |  | HST |  | FMT |  | FSDP |  | Total
Net sales as a percent of total | 42 | % |  | 36 | % |  | 22 | % |  | 100 | % |  | 42 | % |  | 36 | % |  | 22 | % |  | 100 | %
Adjusted EBITDA(1) | 36 | % |  | 42 | % |  | 22 | % |  | 100 | % |  | 37 | % |  | 41 | % |  | 22 | % |  | 100 | %

(1) Segment Adjusted EBITDA excludes the impact of unallocated corporate costs of $22.9 million and $51.8 million for the three and six months ended June 30, 2025, respectively.
Health & Science Technologies Segment

| Three Months Ended June 30, |  | Components of Change
(In millions) | 2025 |  | 2024 |  | Change |  | Organic |  | Acq/Div(1) |  | Foreign Currency |  | Total
Domestic sales | $ | 166.3 |  | $ | 141.8 |  | 17% |  |  |  |  |  |  |  |
International sales | 199.0 |  | 162.0 |  | 23% |  |  |  |  |  |  |  |
Net sales | $ | 365.3 |  | $ | 303.8 |  | 20% |  | 4% |  | 15% |  | 1% |  | 20%
Adjusted EBITDA | 95.0 |  | 84.2 |  | 13% |  | 2% |  | 9% |  | 2% |  | 13%
Adjusted EBITDA margin | 26.0 | % |  | 27.7 | % |  | (170) bps |  | (40) bps |  | (130) bps |  | — |  | (170) bps

| Six Months Ended June 30, |  | Components of Change
(In millions) | 2025 |  | 2024 |  | Change |  | Organic |  | Acq/Div(1) |  | Foreign Currency |  | Total
Domestic sales | $ | 321.4 |  | $ | 280.7 |  | 14% |  |  |  |  |  |  |  |
International sales | 385.4 |  | 333.2 |  | 16% |  |  |  |  |  |  |  |
Net sales | $ | 706.8 |  | $ | 613.9 |  | 15% |  | 1% |  | 14% |  | — |  | 15%
Adjusted EBITDA | 182.4 |  | 165.6 |  | 10% |  | 1% |  | 9% |  | — |  | 10%
Adjusted EBITDA margin | 25.8 | % |  | 27.0 | % |  | (120) bps |  | (10) bps |  | (110) bps |  | — |  | (120) bps

(1) Acquisitions include Mott, acquired in September 2024.
•Organic sales for the three and six months ended June 30, 2025 were positively impacted by positive price, targeted growth initiatives and favorable volumes in the Company’s aerospace/defense businesses, and negatively impacted by lower volumes within the Company’s semiconductor, automotive and industrial businesses. Our pharmaceutical businesses delivered favorable volumes during the three months ended June 30, 2025, but were flat during the six months ended June 30, 2025.
•Adjusted EBITDA margin for the three months ended June 30, 2025 decreased primarily due to the Mott acquisition and unfavorable mix. Operational productivity improvements and platform optimization savings offset increases in other employee-related costs, including higher variable compensation. Adjusted EBITDA margin for the six months ended June 30, 2025 decreased primarily due to the Mott acquisition. Volume deleverage was offset by net
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productivity improvements. Operational productivity improvements and platform optimization savings more than offset increases in other employee-related costs, including higher variable compensation.
Fluid & Metering Technologies Segment

| Three Months Ended June 30, |  | Components of Change
(In millions) | 2025 |  | 2024 |  | Change |  | Organic |  | Acq/Div(1) |  | Foreign Currency |  | Total
Domestic sales | $ | 175.7 |  | $ | 181.2 |  | (3%) |  |  |  |  |  |  |  |
International sales | 135.2 |  | 138.2 |  | (2%) |  |  |  |  |  |  |  |
Net sales | $ | 310.9 |  | $ | 319.4 |  | (3%) |  | (2%) |  | (2%) |  | 1% |  | (3%)
Adjusted EBITDA | 108.7 |  | 107.7 |  | 1% |  | 1% |  | (1%) |  | 1% |  | 1%
Adjusted EBITDA margin | 35.0 | % |  | 33.7 | % |  | 130 bps |  | 110 bps |  | 20 bps |  | — |  | 130 bps

| Six Months Ended June 30, |  | Components of Change
(In millions) | 2025 |  | 2024 |  | Change |  | Organic |  | Acq/Div(1) |  | Foreign Currency |  | Total
Domestic sales | $ | 344.5 |  | $ | 353.8 |  | (3%) |  |  |  |  |  |  |  |
International sales | 256.9 |  | 279.3 |  | (8%) |  |  |  |  |  |  |  |
Net sales | $ | 601.4 |  | $ | 633.1 |  | (5%) |  | (3%) |  | (2%) |  | — |  | (5%)
Adjusted EBITDA | 204.0 |  | 213.1 |  | (4%) |  | (3%) |  | (1%) |  | — |  | (4%)
Adjusted EBITDA margin | 33.9 | % |  | 33.7 | % |  | 20 bps |  | — |  | 20 bps |  | — |  | 20 bps

(1) Divestitures included Alfa Valvole sold in June 2024.
•Organic sales for the three and six months ended June 30, 2025 were negatively impacted by lower volumes in several end markets, including the Company’s chemical, water, energy, agriculture and semiconductor businesses, partially offset by positive price.
•Adjusted EBITDA margin for the three and six months ended June 30, 2025 reflected positive price/cost and net productivity improvements, resulting from operational productivity improvements and platform optimization savings, which more than offset increases in other employee-related costs. The three and six months ended June 30, 2025 also reflected the accretive impact of the Alfa Valvole divestiture. These increases were partly and fully offset by volume deleverage during the three and six months ended June 30, 2025, respectively.
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Fire & Safety/Diversified Products Segment

| Three Months Ended June 30, |  | Components of Change
(In millions) | 2025 |  | 2024 |  | Change |  | Organic |  | Acq/Div |  | Foreign Currency |  | Total
Domestic sales | $ | 93.8 |  | $ | 84.5 |  | 11% |  |  |  |  |  |  |  |
International sales | 97.7 |  | 100.9 |  | (3%) |  |  |  |  |  |  |  |
Net sales | $ | 191.5 |  | $ | 185.4 |  | 3% |  | 2% |  | — |  | 1% |  | 3%
Adjusted EBITDA | 56.4 |  | 53.8 |  | 5% |  | 3% |  | — |  | 2% |  | 5%
Adjusted EBITDA margin | 29.4 | % |  | 29.0 | % |  | 40 bps |  | 40 bps |  | — |  | — |  | 40 bps

| Six Months Ended June 30, |  | Components of Change
(In millions) | 2025 |  | 2024 |  | Change |  | Organic |  | Acq/Div |  | Foreign Currency |  | Total
Domestic sales | $ | 189.3 |  | $ | 170.6 |  | 11% |  |  |  |  |  |  |  |
International sales | 186.5 |  | 192.8 |  | (3%) |  |  |  |  |  |  |  |
Net sales | $ | 375.8 |  | $ | 363.4 |  | 3% |  | 3% |  | — |  | — |  | 3%
Adjusted EBITDA | 110.6 |  | 105.2 |  | 5% |  | 5% |  | — |  | — |  | 5%
Adjusted EBITDA margin | 29.4 | % |  | 28.9 | % |  | 50 bps |  | 50 bps |  | — |  | — |  | 50 bps

•Organic sales for the three and six months ended June 30, 2025 increased as a result of positive price, strong North America Fire OEM demand and targeted growth initiatives in the Company’s Fire and Safety businesses, partially offset by lower volumes due to the timing of Dispensing projects in emerging markets.
•Adjusted EBITDA margin increased for the three and six months ended June 30, 2025 primarily due to positive price/cost, which more than offset unfavorable productivity and mix. The three months ended June 30, 2025 also reflected volume deleverage, while the six months ended June 30, 2025 benefited from volume leverage.
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Liquidity and Capital Resources
Liquidity
Based on management’s current expectations and currently available information, the Company believes current cash, cash from operations and cash available under the Revolving Facility will be sufficient to meet its cash requirements, including planned capital expenditures, interest and principal payments on all borrowings, pension and postretirement funding requirements, share repurchases and quarterly dividend payments to holders of the Company’s common stock for the foreseeable future. Additionally, in the event that suitable businesses are available for acquisition upon acceptable terms, the Company may obtain all or a portion of the financing for these acquisitions through the incurrence of additional borrowings. The Company believes that additional borrowings through various financing alternatives remain available, if required.
Select key liquidity metrics at June 30, 2025 are as follows:

(In millions) |  | June 30, 2025
Working capital |  | $ | 1,086.7 |
Current ratio |  | 3.1 to 1
Cash and cash equivalents |  | $ | 568.2 |
Cash held outside of the United States |  | 504.6 |
Revolving Facility capacity |  | $ | 800.0 |
Borrowings |  | 256.6 |
Letters of credit |  | 2.8 |
Revolving Facility availability |  | $ | 540.6 |

Operating Working Capital
Operating working capital, calculated as Receivables – net plus Inventories – net minus Trade accounts payable, is used by management as a measurement of operational results as well as the short-term liquidity of the Company. The following table details Operating working capital as of June 30, 2025 and December 31, 2024:

(In millions) |  | June 30, 2025 |  | December 31, 2024 |  | Change |  | Organic Change
Receivables – net |  | $ | 476.1 |  |  | $ | 465.9 |  |  | $ | 10.2 |  |  | $ | (1.6) |
Inventories – net |  | 487.8 |  |  | 429.7 |  | 58.1 |  | 45.6 |
Less: Trade accounts payable |  | 204.2 |  |  | 197.8 |  |  | 6.4 |  |  | (0.9) |
Operating working capital |  | $ | 759.7 |  |  | $ | 697.8 |  |  | $ | 61.9 |  |  | $ | 44.9 |

Acquisitions and foreign currency translation increased Operating working capital by $17.0 million during the six months ended June 30, 2025. Apart from these items, the primary driver of the change in operating working capital was inventories, which increased early in the year to support planned production.
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Cash Flow Summary
The following table is derived from the Condensed Consolidated Statements of Cash Flows:

|  | Six Months Ended June 30,
(In millions) |  | 2025 |  | 2024 |  | Change
Net cash flows provided by (used in): |  |  |  |  |  |
Operating activities |  | $ | 267.4 |  |  | $ | 290.2 |  |  | $ | (22.8) |
Investing activities |  | (24.5) |  |  | 11.7 |  |  | (36.2) |
Financing activities |  | (349.2) |  |  | (118.2) |  |  | (231.0) |

Operating Activities
Operating cash flows decreased $22.8 million in the six months ended June 30, 2025 as compared to the same prior year period primarily due to higher investments in operating working capital driven by higher inventory purchases early in the year to support planned production, higher severance payments made in conjunction with the organizational changes during 2025 and higher interest payments on the 4.950% Senior Notes borrowed during the third quarter of 2024 to fund the acquisition of Mott. The decreases were partly offset by higher sales.
Investing Activities
Investing cash flows decreased $36.2 million in the six months ended June 30, 2025 as compared to the prior year period driven by the absence of proceeds of $45.5 million received in the prior year from the sale of Alfa Valvole in June 2024. This decrease was partly offset by lower capital expenditures during the six months ended June 30, 2025, which decreased $6.8 million as compared to the prior year period and $4.2 million of funds received during the current year in connection with the finalization of the Mott purchase price, as compared to $1.6 million of funds received in connection with the finalization of the STC Material Solutions purchase price during the prior year.
Financing Activities
Financing cash flows decreased $231.0 million during the six months ended June 30, 2025 as compared to the prior year period primarily due to $100.0 million of share repurchases, an increase of $75.0 million in repayments on long-term borrowings and $42.7 million of higher net payments on the Revolving Facility. The six months ended June 30, 2025 also included lower proceeds from stock option exercises, net of shares withheld for taxes, which decreased $8.1 million, and higher dividends paid to shareholders, which increased $5.2 million, as compared to the prior year period.
Free Cash Flow
The Company believes free cash flow, a non-GAAP measure, is an important measure of performance because it provides a measurement of cash generated from operations that is available for payment obligations such as operating cash requirements, planned capital expenditures, interest and principal payments on all borrowings, pension and postretirement funding requirements and quarterly dividend payments to holders of the Company’s common stock as well as for funding acquisitions and share repurchases. Free cash flow is calculated as cash flows provided by operating activities less capital expenditures.
The following table reconciles cash flows provided by operating activities to free cash flow:

|  | Six Months Ended June 30,
(In millions) |  | 2025 |  | 2024
Cash flows provided by operating activities |  | $ | 267.4 |  |  | $ | 290.2 |
Less: capital expenditures |  | 29.1 |  |  | 35.9 |
Free cash flow |  | $ | 238.3 |  |  | $ | 254.3 |

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Cash Requirements
Micro-LAM Acquisition
On July 29, 2025, the Company acquired Micro-LAM, Inc. (“Micro-LAM”) for cash consideration of $90.0 million, subject to customary adjustments, plus a potential earnout of up to $12.0 million of additional cash consideration based upon the achievement of certain financial performance metrics over a two-year period. The acquisition was funded using additional borrowings under the Company’s Revolving Facility in July 2025. Micro-LAM is an advanced optics manufacturer of laser-assisted machining, ultra-precision diamond tools and custom optics that is complementary to the Company’s Optics Technologies solutions. Micro-LAM will operate in the Company’s Health & Science Technologies segment.
Capital Expenditures
Capital expenditures generally include machinery and equipment that support growth and improved productivity, tooling, business system technology, replacement of equipment and investments in new facilities. The Company believes it has s ufficient operating cash flows to continue to meet current obligations and invest in planned capital expenditures. Cash flows from operations were more than adequate to fund capital expenditures of $29.1 million and $35.9 million in the first six months of 2025 and 2024, respectively.
Share Repurchases
During the six months ended June 30, 2025, the Company repurchased 0.5 million shares at a cost of $100.0 million. There were no share repurchases during the six months ended June 30, 2024. As of June 30, 2025, the amount of share repurchase authorization remaining was $439.7 million, excluding fees, commissions, excise taxes and other expenses related to such common stock repurchases. For additional information regarding the Company’s share repurchase program, refer to Note 12, “Share Repurchases,” in the Notes to Condensed Con solidated Financial Statements.
Dividends
Total dividend payments to common shareholders were $105.9 million during the six months ended June 30, 2025 compared with $100.7 million during the six months ended June 30, 2024.
Covenants
The key financial covenants that the Company is required to maintain in connection with the Revolving Facility and the 5.13% Senior Notes, are a minimum interest coverage ratio of 3.0 to 1 and a maximum leverage ratio of 3.50 to 1. At June 30, 2025, the Company was in compliance with these financial covenants, as the Company’s interest coverage ratio was 12.94 to 1 for covenant calculation purposes and the leverage ratio was 2.08 to 1. There are no financial covenants relating to the 2.625% Senior Notes, the 3.00% Senior Notes or the 4.950% Senior Notes; however, all are subject to cross-acceleration provisions.
Credit Ratings
The Company’s credit ratings, which were independently developed by the following credit agencies, are detailed below:
•S&P Global Ratings reaffirmed the Company’s corporate credit rating of BBB (stable outlook) in September 2024.
•Moody’s Investors Service affirmed the Company’s corporate credit rating of Baa2 (stable outlook) in August 2024.
•Fitch Ratings reaffirmed the Company’s corporate credit rating of BBB+ (stable outlook) in June 2024.
Off-Balance Sheet Arrangements
The Company had $27.8 million of letters of credit as of June 30, 2025, primarily issued as security for insurance and other performance obligations. Of the $27.8 million of letters of credit, only $2.8 million reduced the Company’s borrowing capacity under the Revolving Facility as of June 30, 2025. The Company has restricted cash of $1.8 million as of June 30, 2025, which represents cash held as collateral for standby letters of credit issued by Mott and is required to keep the balance in a separate account for the duration of the letters of credit. During the second quarter of 2025, $16.3 million of the $18.1 million restricted cash at December 31, 2024 was released from restriction as the related standby letters of credit expired, $2.0 million of which
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have been replaced during the second quarter of 2025 under other existing facilities that do not reduce the Company’s borrowing capacity.
Except as disclosed above, the Company has no off-balance sheet arrangements that currently have or are reasonably likely to have a material effect on the Company’s consolidated financial condition, changes in financial condition, results of operations, liquidity, capital expenditures or capital resources.
Critical Accounting Estimates
There have been no changes to the Company’s critical accounting estimates described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
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Non-GAAP Disclosures
Set forth below are reconciliations of Organic sales, Adjusted gross profit, Adjusted gross margin, Adjusted net income attributable to IDEX, Adjusted diluted EPS attributable to IDEX, Consolidated Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) and Consolidated Adjusted EBITDA margin to their respective most directly comparable U.S. GAAP measure. Management uses these metrics to measure performance of the Company since they exclude items that are not reflective of ongoing operations, as identified in the reconciliations below. Management also supplements its U.S. GAAP financial statements with adjusted information to provide investors with greater insight, transparency and a more comprehensive understanding of the information used by management in its financial and operational decision making.
Management uses Adjusted EBITDA as its measure of segment performance, and believes it is a useful indicator of the strength and performance of the Company and its segments’ ongoing business operations, as well as a way for investors to evaluate and compare operating performance and value companies within the Company’s industry. Management believes that Adjusted EBITDA margin is useful for the same reason as Adjusted EBITDA. The definition of Adjusted EBITDA used here may differ from that used by other companies.
This report also references free cash flow. This non-GAAP measure is discussed and reconciled to its most directly comparable GAAP measure in the section above titled “Free Cash Flow.”
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP. Due to rounding, numbers presented throughout this and other documents may not add up or recalculate precisely. The financial results prepared in accordance with U.S. GAAP and the reconciliations from these results should be carefully evaluated.

1. Reconciliations of the Change in Net Sales to Organic Sales |  |  |  |  |  |  |
| HST |  | FMT |  | FSDP |  | IDEX
| Three Months Ended June 30, 2025
Change in net sales | 20 | % |  | (3 | %) |  | 3 | % |  | 7 | %
Less: |  |  |  |  |  |  |
Net impact from acquisitions/divestitures(1) | 15 | % |  | (2 | %) |  | — | % |  | 5 | %
Impact from foreign currency(2) | 1 | % |  | 1 | % |  | 1 | % |  | 1 | %
Change in organic net sales | 4 | % |  | (2 | %) |  | 2 | % |  | 1 | %
| Six Months Ended June 30, 2025
Change in net sales | 15 | % |  | (5 | %) |  | 3 | % |  | 4 | %
Less: |  |  |  |  |  |  |
Net impact from acquisitions/divestitures(1) | 14 | % |  | (2 | %) |  | — | % |  | 4 | %
Impact from foreign currency(2) | — | % |  | — | % |  | — | % |  | — | %
Change in organic sales | 1 | % |  | (3 | %) |  | 3 | % |  | — | %

(1) Represents the sales from acquired or divested businesses during the first 12 months of ownership or prior to divestiture.
(2) The portion of sales attributable to foreign currency translation is calculated as the difference between (a) the period-to-period change in organic sales, and (b) the period-to-period change in organic sales after applying prior period foreign exchange rates to the current year period.
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2. Reconciliations of Reported-to-Adjusted Gross Profit and Gross Margin (in millions)
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Gross profit | $ | 392.2 |  | $ | 366.8 |  | $ | 761.1 |  | $ | 724.2
Fair value inventory step-up charges | — |  | — |  | — |  | 2.5
Adjusted gross profit | $ | 392.2 |  | $ | 366.8 |  | $ | 761.1 |  | $ | 726.7
Net sales | $ | 865.4 |  | $ | 807.2 |  | $ | 1,679.7 |  | $ | 1,607.7
Gross margin | 45.3 | % |  | 45.4 | % |  | 45.3 | % |  | 45.0 | %
Adjusted gross margin | 45.3 | % |  | 45.4 | % |  | 45.3 | % |  | 45.2 | %

3. Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except for per share amounts)
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Reported net income attributable to IDEX | $ | 131.6 |  |  | $ | 141.3 |  |  | $ | 227.1 |  |  | $ | 262.7 |
Fair value inventory step-up charges | — |  |  | — |  |  | — |  |  | 2.5 |
Tax impact on fair value inventory step-up charges | — |  |  | — |  |  | — |  |  | (0.5) |
Restructuring expenses and asset impairments(1) | 0.4 |  |  | 1.3 |  |  | 17.9 |  |  | 2.4 |
Tax impact on restructuring expenses and asset impairments | (0.2) |  |  | (0.3) |  |  | (4.3) |  |  | (0.6) |
Gain on sale of business | — |  |  | (4.6) |  |  | — |  |  | (4.6) |
Tax impact on gain of sale of business | — |  |  | — |  |  | — |  |  | — |
Acquisition-related intangible asset amortization | 32.0 |  |  | 23.9 |  |  | 63.5 |  |  | 48.5 |
Tax impact on acquisition-related intangible asset amortization | (7.3) |  |  | (5.5) |  |  | (14.7) |  |  | (11.1) |
Adjusted net income attributable to IDEX | $ | 156.5 |  |  | $ | 156.1 |  |  | $ | 289.5 |  |  | $ | 299.3 |
Reported diluted EPS attributable to IDEX | $ | 1.74 |  |  | $ | 1.86 |  |  | $ | 3.00 |  |  | $ | 3.46 |
Fair value inventory step-up charges | — |  |  | — |  |  | — |  |  | 0.03 |
Tax impact on fair value inventory step-up charges | — |  |  | — |  |  | — |  |  | (0.01) |
Restructuring expenses and asset impairments(1) | 0.01 |  |  | 0.02 |  |  | 0.24 |  |  | 0.03 |
Tax impact on restructuring expenses and asset impairments | — |  |  | — |  |  | (0.06) |  |  | (0.01) |
Gain on sale of business | — |  |  | (0.06) |  |  | — |  |  | (0.06) |
Tax impact on gain of sale of business | — |  |  | — |  |  | — |  |  | — |
Acquisition-related intangible asset amortization | 0.42 |  |  | 0.31 |  |  | 0.83 |  |  | 0.64 |
Tax impact on acquisition-related intangible asset amortization | (0.10) |  |  | (0.07) |  |  | (0.19) |  |  | (0.14) |
Adjusted diluted EPS attributable to IDEX | $ | 2.07 |  |  | $ | 2.06 |  |  | $ | 3.82 |  |  | $ | 3.94 |
Diluted weighted average shares outstanding | 75.5 |  |  | 75.9 |  |  | 75.7 |  |  | 75.9 |

(1) This adjustment represents the amount of Restructuring expenses and asset impairments attributable to IDEX. Restructuring expenses and asset impairments of $0.7 million and $18.2 million on the Condensed Consolidated Statements of Income during the three and six months ended June 30, 2025, respectively, included charges of $0.6 million recognized by the Company’s joint venture, $0.3 million of which was attributable to noncontrolling interest.
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4. Reconciliations of Net Income to Adjusted EBITDA (in millions)
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Reported net income | $ | 131.1 |  | $ | 141.2 |  | $ | 226.5 |  | $ | 262.5
Provision for income taxes | 38.8 |  | 38.0 |  | 67.9 |  | 71.2
Interest expense – net | 15.6 |  | 8.1 |  | 31.7 |  | 17.5
Gain on sale of business | — |  | (4.6) |  | — |  | (4.6)
Depreciation | 19.0 |  | 16.3 |  | 37.4 |  | 32.5
Amortization | 32.0 |  | 23.9 |  | 63.5 |  | 48.5
Fair value inventory step-up charges | — |  | — |  | — |  | 2.5
Restructuring expenses and asset impairments | 0.7 |  | 1.3 |  | 18.2 |  | 2.4
Adjusted EBITDA | $ | 237.2 |  | $ | 224.2 |  | $ | 445.2 |  | $ | 432.5
Adjusted EBITDA Components |  |  |  |  |  |  |
HST | $ | 95.0 |  | $ | 84.2 |  | $ | 182.4 |  | $ | 165.6
FMT | 108.7 |  | 107.7 |  | 204.0 |  | 213.1
FSDP | 56.4 |  | 53.8 |  | 110.6 |  | 105.2
Corporate and other | (22.9) |  | (21.5) |  | (51.8) |  | (51.4)
Total Adjusted EBITDA | $ | 237.2 |  | $ | 224.2 |  | $ | 445.2 |  | $ | 432.5
Net sales | $ | 865.4 |  | $ | 807.2 |  | $ | 1,679.7 |  | $ | 1,607.7
Net income margin | 15.1 | % |  | 17.5 | % |  | 13.5 | % |  | 16.3 | %
Adjusted EBITDA margin | 27.4 | % |  | 27.8 | % |  | 26.5 | % |  | 26.9 | %

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Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes with respect to market risks disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Item 4. Controls and Procedures
The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
As required by SEC Rule 13a-15(b), the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2025.
There has been no change in the Company’s internal control over financial reporting during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company and its subsidiaries are party to legal proceedings incidental to the operation of their businesses as described in Note 15 in Part I, Item 1, “Commitments and Contingencies,” in the Notes to Condensed Consolidated Financial Statements and such disclosure is incorporated by reference into this Item 1. “Legal Proceedings.”
The Company’s threshold for disclosing material environmental legal proceedings involving a government authority where potential monetary sanctions are involved is $1.0 million.
In addition, the Company and eight of its subsidiaries are presently named as defendants in a number of lawsuits claiming various asbestos-related personal injuries, allegedly as a result of exposure to products manufactured with components that contained asbestos. These components were acquired from third party suppliers and were not manufactured by the Company or any of the defendant subsidiaries. To date, the majority of the Company’s settlements and legal costs, except for costs of coordination, administration, insurance investigation and a portion of defense costs, have been covered in full by insurance, subject to applicable deductibles. However, the Company cannot predict whether and to what extent insurance will be available to continue to cover these settlements and legal costs, or how insurers may respond to claims that are tendered to them. Asbestos-related claims have been filed in jurisdictions throughout the United States and the United Kingdom. Most of the claims resolved to date have been dismissed without payment. The balance of the claims have been settled for various immaterial amounts. Only one case has been tried, resulting in a verdict for the Company’s business unit. No provision has been made in the financial statements of the Company, other than for insurance deductibles in the ordinary course, and the Company does not currently believe the asbestos-related claims will have a material adverse effect on the Company’s business, financial position, results of operations or cash flows.
Item 1A. Risk Factors
There have been no material changes with respect to risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information about the Company’s purchases of its common stock during the quarter ended June 30, 2025:

Period | Total Number of Shares Purchased |  | Average Price Paid per Share(1) |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Approximate Dollar Value that May Yet be Purchased Under the Plans or Programs(2)
April 1, 2025 to April 30, 2025 | — |  |  | $ | — |  |  | — |  |  | $ | 489,689,272 |
May 1, 2025 to May 31, 2025 | 268,586 |  |  | 186.16 |  |  | 268,586 |  |  | 439,689,289 |
June 1, 2025 to June 30, 2025 | — |  |  | — |  |  | — |  |  | 439,689,289 |
Total | 268,586 |  |  | $ | 186.16 |  |  | 268,586 |  |  | $ | 439,689,289 |

(1)Excludes commissions and the 1% excise tax imposed by the Inflation Reduction Act of 2022.
(2)On March 17, 2020, the Company’s Board of Directors (the “Board”) approved an increase of $500.0 million in the authorized level of repurchases of common stock. This approval is in addition to the prior repurchase authorization of the Board of $300.0 million on December 1, 2015. These authorizations have no expiration date and exclude fees, commissions, excise taxes and other expenses related to such common stock repurchases.
Item 5. Other Information
Amendment and Restatement of Bylaws
On and effective July 28, 2025, the Board adopted amended and restated bylaws of the Company (the bylaws, as so amended and restated, the “Amended and Restated Bylaws”). The Amended and Restated Bylaws, among other things:
•Align the Company’s bylaws with developments in Delaware law and current practice;
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•Enhance procedures with respect to stockholder nominations of directors and submissions of stockholder proposals (other than proposals to be included in the Company’s proxy statement pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended) at meetings of stockholders or by written consent;
•In some cases, limit, and, in other cases, specify additional types of information and representations that a proposing or nominating stockholder or a stockholder’s proposed director nominees must provide to the Company;
•Clarify that the number of nominees a stockholder may include in a nomination notice or nominate for election may not exceed the number of directors to be elected at the applicable meeting and that no stockholder may make additional or substitute nominations following the expiration of the time period for providing a nomination notice;
•Require that to be eligible for election or appointment as a director, a person make himself or herself available to be interviewed by the Board (or any Board committee or other subset of the Board) within 10 days following the date of any reasonable request therefor from the Board or any Board committee;
•Authorize the Chief Executive Officer, rather than the President, of the Company to designate the duties and powers of officers other than the Chief Executive Officer and President; and
•Implement non-substantive, technical, clarifying and conforming changes, including in furtherance of gender neutrality.
The foregoing summary of the amendments effected by the Amended and Restated Bylaws does not purport to be complete and is qualified in its entirety by reference to the complete text of the Amended and Restated Bylaws, which are filed as Exhibit 3.1 hereto and are incorporated herein by reference.
Rule 10b5-1 Trading Plans
During the quarter ended June 30, 2025, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended.
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Item 6. Exhibits

Exhibit Number |  | Description
3.1* |  | Amended and Restated Bylaws of IDEX Corporat ion, effective as of July 28, 2025
31.1* |  | Certification of Chief Executive Officer Pursuant to Section 302 of Sarbanes Oxley Act of 2002
31.2* |  | Certification of Chief Financial Officer Pursuant to Section 302 of Sarbanes Oxley Act of 2002
32.1* |  | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350
32.2* |  | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350
101* |  | The following financial information from IDEX Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 formatted in Inline eXtensible Business Reporting Language (iXBRL) includes: (i) the Cover Page, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Balance Sheets, (v) the Condensed Consolidated Statements of Equity, (vi) the Condensed Consolidated Statements of Cash Flows, and (vii) Notes to Condensed Consolidated Financial Statements.
104* |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
* Filed herewith.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| IDEX Corporation
| By: | /s/ AKHIL MAHENDRA
|  | Akhil Mahendra
|  | Interim Chief Financial Officer and Vice President, Corporate Development

Date: July 30, 2025
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