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Business Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Business Segment Information | Business Segment Information We identify our two operating businesses, Sealing Technologies and Advanced Surface Technologies, as reportable segments. Factors considered in determining our reportable segments include the economic similarity of the businesses, the nature of products sold, or solutions provided, the production processes and the types of customers. Our President and Chief Executive Officer, who we have identified as our Chief Operating Decision Maker ("CODM"), regularly evaluates the individual performance of both operating segments by reviewing segment earnings before interest, income taxes, depreciation, amortization, and other selected items ("Adjusted Segment EBITDA"), which is segment revenue reduced by operating expenses and other costs identifiable with the segment, excluding acquisition expenses, restructuring costs, amortization of the fair value adjustment to acquisition date inventory, and depreciation and amortization. Adjusted Segment EBITDA is not defined under GAAP and may not be comparable to similarly titled measures used by other companies. The CODM assesses Adjusted Segment EBITDA in comparison to prior periods, previously forecasted results and anticipated/experienced market trends in determining how to allocate operating and capital resources between the operating segments. The only significant segment expense categories reviewed by the CODM are cost of sales and selling, general, and administrative costs. Our Sealing Technologies segment engineers and manufactures value-added products and solutions that safeguard a variety of critical environments, including: metallic, non-metallic and composite material gaskets; dynamic seals; compression packing; elastomeric components; custom-engineered mechanical seals used in diverse applications; hydraulic components; test, measurement and sensing applications; sanitary gaskets; hoses and fittings for hygienic process industries; fluid transfer products for the pharmaceutical and biopharmaceutical industries; and commercial vehicle solutions used in wheel-end and suspension components that customers rely upon to ensure safety on our roadways. These products are used in a variety of markets, including chemical and petrochemical processing, nuclear energy, hydrogen, natural gas, food and biopharmaceutical processing, primary metal manufacturing, mining, water and waste treatment, commercial vehicle, aerospace (including commercial space), medical, filtration and semiconductor fabrication. In all these industries, the performance and durability of our proprietary products and solutions are vital for the safety and environmental protection of our customers’ processes. Many of our products and solutions are used in highly demanding applications, often in harsh environments, where the cost of failure is extremely high relative to the cost of our offerings to our customers. These environments include those where extreme temperatures, extreme pressures, corrosive agents, strict tolerances, or worn equipment create challenges for product performance. Sealing Technologies offers customers widely recognized applied engineering, innovation, process know- how and enduring reliability, driving a lasting aftermarket for many of our products and solutions. Our Advanced Surface Technologies ("AST") segment applies proprietary technologies, processes, and capabilities to deliver a highly differentiated suite of products and solutions for challenging applications in high-growth markets. The segment’s products and solutions are used in demanding environments requiring performance, precision and repeatability, with a low tolerance for failure. AST’s products and solutions include: (i) cleaning, coating, testing, refurbishment and verification for critical components and assemblies used in semiconductor manufacturing equipment, with meaningful exposures to state-of- the-art advanced node chip applications; (ii) designing, manufacturing and selling specialized optical filters and proprietary thin-film coatings for the most challenging applications in the industrial technology, life sciences, and semiconductor markets; (iii) engineering and manufacturing complex front-end wafer processing sub-systems and new and refurbished electrostatic chuck pedestals for the semiconductor equipment industry; and (iv) engineering and manufacturing edge-welded metal bellows for the semiconductor equipment industry and critical applications in the space, aerospace and defense markets. In many instances, AST capabilities drive products and solutions that enable the performance of our customers’ high-value processes through an entire life cycle. The accounting policies of the reportable segments are the same as those for Enpro. Segment operating results and other financial data for the quarters and six months ended September 30, 2025 and 2024, with 2024 recast to reflect the revised segment reporting requirements, were as follows:
| Quarter Ended September 30, 2025
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Sales from external customers | $ | 178.2 |  |  | $ | 108.4 |  |  | $ | 286.6 |
Intersegment sales | — |  |  | 0.1 |  |  | 0.1 |
| 178.2 |  |  | 108.5 |  |  | 286.7 |
Reconciliation of sales |  |  |  |  |
Elimination of intersegment sales |  |  |  |  | (0.1) |
Total consolidated sales |  |  |  |  | 286.6 |
Cost of sales | (90.0) |  |  | (76.6) |  |  |
Selling, General, and Administrative | (42.0) |  |  | (26.8) |  |  |
Other Operating 1 | (0.2) |  |  | — |  |  |
Adjusting Items: |  |  |  |  |
Acquisition expenses | 2.7 |  |  | — |  |  |
Restructuring expense | 0.2 |  |  | — |  |  |
Depreciation and amortization expense | 8.5 |  |  | 16.7 |  |  |
Adjusted Segment EBITDA | $ | 57.4 |  |  | $ | 21.8 |  |  | $ | 79.2 |
| Quarter Ended September 30, 2024
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Sales from external customers | $ | 168.6 |  |  | $ | 92.3 |  |  | $ | 260.9 |
Intersegment sales | — |  |  | 0.2 |  |  | 0.2 |
| 168.6 |  |  | 92.5 |  |  | 261.1 |
Reconciliation of sales |  |  |  |  |
Elimination of intersegment sales |  |  |  |  | (0.2) |
Total consolidated sales |  |  |  |  | 260.9 |
Cost of sales | (86.9) |  |  | (64.0) |  |  |
Selling, General, and Administrative | (35.2) |  |  | (26.2) |  |  |
Other Operating 1 | (1.0) |  |  | (3.5) |  |  |
Adjusting Items: |  |  |  |  |
Acquisition expenses | 0.3 |  |  | — |  |  |
Restructuring and impairment expense | 1.0 |  |  | 3.5 |  |  |
Depreciation and amortization expense | 8.3 |  |  | 16.9 |  |  |
Adjusted Segment EBITDA | $ | 55.1 |  |  | $ | 19.2 |  |  | $ | 74.3 |
| Nine Months Ended September 30, 2025
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Sales from external customers | $ | 545.3 |  |  | $ | 302.6 |  |  | $ | 847.9 |
Intersegment sales | — |  |  | 0.6 |  |  | 0.6 |
| 545.3 |  |  | 303.2 |  |  | 848.5 |
Reconciliation of sales |  |  |  |  |
Elimination of intersegment sales |  |  |  |  | (0.6) |
Total consolidated sales |  |  |  |  | 847.9 |
Cost of sales | (275.1) |  |  | (210.4) |  |  |
Selling, General, and Administrative | (119.0) |  |  | (81.3) |  |  |
Other Operating 1 | 0.2 |  |  | (0.9) |  |  |
Adjusting Items: |  |  |  |  |
Acquisition expenses | 3.2 |  |  | — |  |  |
Restructuring expense, net | (0.2) |  |  | 0.9 |  |  |
Depreciation and amortization expense | 25.0 |  |  | 50.6 |  |  |
Adjusted Segment EBITDA | $ | 179.4 |  |  | $ | 62.1 |  |  | $ | 241.5 |
| Nine Months Ended September 30, 2024
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Sales from external customers | $ | 524.2 |  |  | $ | 266.1 |  |  | $ | 790.3 |
Intersegment sales | — |  |  | 0.5 |  |  | 0.5 |
| 524.2 |  |  | 266.6 |  |  | 790.8 |
Reconciliation of sales |  |  |  |  |
Elimination of intersegment sales |  |  |  |  | (0.5) |
Total consolidated sales |  |  |  |  | 790.3 |
Cost of sales | (271.8) |  |  | (183.5) |  |  |
Selling, General, and Administrative | (108.9) |  |  | (78.0) |  |  |
Other Operating 1 | (2.0) |  |  | (3.5) |  |  |
Adjusting Items: |  |  |  |  |
Acquisition expenses | 5.5 |  |  | — |  |  |
Restructuring and impairment expense | 2.0 |  |  | 3.5 |  |  |
Depreciation and amortization expense | 24.5 |  |  | 50.5 |  |  |
Adjusted Segment EBITDA | $ | 173.5 |  |  | $ | 55.6 |  |  | $ | 229.1 |
1 Other Operating consists primarily of restructuring related expense, net, which includes income related to gains on the sale of fixed assets as a result of restructuring actions.
| Quarters Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Reconciliation of Income Before Income Taxes to Adjusted Segment EBITDA |  |  |  |  |  |  |
Income before income taxes | $ | 32.1 |  |  | $ | 24.0 |  |  | $ | 99.9 |  |  | $ | 74.7 |
Acquisition expenses | 2.7 |  |  | 0.3 |  |  | 3.2 |  |  | 3.8 |
Amortization of fair value adjustment to acquisition date inventory | — |  |  | — |  |  | — |  |  | 1.7 |
Restructuring and impairment expense, net | 0.2 |  |  | 4.4 |  |  | 0.7 |  |  | 5.5 |
Depreciation and amortization expense | 25.2 |  |  | 25.2 |  |  | 75.6 |  |  | 75.0 |
Corporate expenses | 10.2 |  |  | 10.3 |  |  | 33.6 |  |  | 33.0 |
Interest expense, net | 6.4 |  |  | 9.0 |  |  | 21.9 |  |  | 26.7 |
Other expense, net | 2.4 |  |  | 1.1 |  |  | 6.6 |  |  | 8.7 |
Adjusted Segment EBITDA | $ | 79.2 |  |  | $ | 74.3 |  |  | $ | 241.5 |  |  | $ | 229.1 |
In the table above, corporate expenses include general corporate administrative costs. Expenses not directly attributable to the segments, corporate expenses, net interest expense, and income taxes are not included in the computation of Adjusted Segment EBITDA.
| Quarters Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in millions) |  | (in millions)
Net Sales by Geographic Area |  |  |  |  |  |  |
United States | $ | 160.8 |  |  | $ | 148.1 |  |  | $ | 478.6 |  |  | $ | 456.7 |
Europe | 36.9 |  |  | 35.5 |  |  | 119.9 |  |  | 113.3 |
Rest of world | 88.9 |  |  | 77.3 |  |  | 249.4 |  |  | 220.3 |
Total | $ | 286.6 |  |  | $ | 260.9 |  |  | $ | 847.9 |  |  | $ | 790.3 |
Net sales are attributed to countries based on location of the customer. Revenue by End Market Due to the diversified nature of our business and the differentiated portfolio of products and solutions that we offer, we sell into a number of end markets. Underlying economic conditions within these markets are a major driver of our segments' sales performance. Below is a summary of our third-party sales by major end market with which we did business for the quarters and nine months ended September 30, 2025 and September 30, 2024:
| Quarter Ended September 30, 2025
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 17.6 |  |  | $ | 4.4 |  |  | $ | 22.0 |
Commercial vehicle | 44.2 |  |  | — |  |  | 44.2 |
Food and pharmaceutical | 18.4 |  |  | — |  |  | 18.4 |
General industrial | 65.6 |  |  | 7.2 |  |  | 72.8 |
Oil and gas | 14.8 |  |  | 2.1 |  |  | 16.9 |
Power generation | 16.0 |  |  | — |  |  | 16.0 |
Semiconductors | 1.6 |  |  | 94.7 |  |  | 96.3 |
Total third-party sales | $ | 178.2 |  |  | $ | 108.4 |  |  | $ | 286.6 |
| Quarter Ended September 30, 2024
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 16.1 |  |  | $ | 4.7 |  |  | $ | 20.8 |
Commercial Vehicle | 41.1 |  |  | — |  |  | 41.1 |
Food and pharmaceutical | 16.6 |  |  | — |  |  | 16.6 |
General industrial | 64.6 |  |  | 5.8 |  |  | 70.4 |
Oil and gas | 13.1 |  |  | 1.3 |  |  | 14.4 |
Power generation | 15.5 |  |  | — |  |  | 15.5 |
Semiconductors | 1.6 |  |  | 80.5 |  |  | 82.1 |
Total third-party sales | $ | 168.6 |  |  | $ | 92.3 |  |  | $ | 260.9 |
| Nine Months Ended September 30, 2025
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 55.8 |  |  | $ | 12.0 |  |  | $ | 67.8 |
Commercial vehicle | 129.5 |  |  | — |  |  | 129.5 |
Food and pharmaceutical | 56.1 |  |  | — |  |  | 56.1 |
General industrial | 201.2 |  |  | 20.6 |  |  | 221.8 |
Oil and gas | 45.6 |  |  | 5.2 |  |  | 50.8 |
Power generation | 51.4 |  |  | — |  |  | 51.4 |
Semiconductors | 5.7 |  |  | 264.8 |  |  | 270.5 |
Total third-party sales | $ | 545.3 |  |  | $ | 302.6 |  |  | $ | 847.9 |
| Nine Months Ended September 30, 2024
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 44.2 |  |  | $ | 9.3 |  |  | $ | 53.5 |
Commercial vehicle | 134.0 |  |  | — |  |  | 134.0 |
Food and pharmaceutical | 51.6 |  |  | — |  |  | 51.6 |
General industrial | 195.1 |  |  | 18.3 |  |  | 213.4 |
Oil and gas | 40.2 |  |  | 4.3 |  |  | 44.5 |
Power generation | 52.9 |  |  | — |  |  | 52.9 |
Semiconductors | 6.2 |  |  | 234.2 |  |  | 240.4 |
Total third-party sales | $ | 524.2 |  |  | $ | 266.1 |  |  | $ | 790.3 |
In 2025, we refined our end market classification and moved sales previously reported as chemical and material processing to be included in the general industrial market.
| Quarters Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in millions) |  |  |  |
Capital Expenditures |  |  |  |  |  |  |
Sealing Technologies | $ | 5.6 |  |  | $ | 2.8 |  |  | $ | 12.4 |  |  | $ | 7.8 |
Advanced Surface Technologies | 6.3 |  |  | 2.9 |  |  | 17.4 |  |  | 11.0 |
Total capital expenditures | $ | 11.9 |  |  | $ | 5.7 |  |  | $ | 29.8 |  |  | $ | 18.8 |
Depreciation and Amortization Expense |  |  |  |  |  |  |
Sealing Technologies | $ | 8.5 |  |  | $ | 8.3 |  |  | $ | 25.0 |  |  | $ | 24.5 |
Advanced Surface Technologies | 16.7 |  |  | 16.9 |  |  | 50.6 |  |  | 50.5 |
Total depreciation and amortization | $ | 25.2 |  |  | $ | 25.2 |  |  | $ | 75.6 |  |  | $ | 75.0 |
Segment assets are as follows:
| September 30, 2025 |  | December 31, 2024
| (in millions)
Assets |  |  |
Sealing Technologies | $ | 916.6 |  |  | $ | 883.9 |
Advanced Surface Technologies | 1,301.1 |  |  | 1,330.6 |
Corporate | 181.1 |  |  | 277.0 |
| $ | 2,398.8 |  |  | $ | 2,491.5 |
Corporate assets include all of our cash and cash equivalents

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- Definition The entire disclosure for reporting segments including data and tables. 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