$IEX · IDEX CORP /DE/
IDEX Corporation filed its Q3 FY2026 10-Q, reporting net sales of $951.7M (+8.3% YoY), GAAP diluted EPS of $1.95, and adjusted EPS of $2.33. Gross margin expanded 60 bps to 45.1% and operating margin reached 21.9%. All three segments posted organic growth, with Health & Science Technologies leading at +13.8% YoY. The company repurchased $227M in shares year-to-date and declared a $0.73 quarterly dividend.
- Q3 net sales of $951.7M, up 8.3% YoY driven by organic growth and international sales (+14%)
- GAAP diluted EPS of $1.95 vs $1.70 a year ago; adjusted EPS of $2.33
- Gross margin expanded 60 bps YoY to 45.1%; operating margin reached 21.9%
- Health & Science Technologies segment revenue grew 13.8% YoY to $432.5M, led by Performance Pneumatic Technologies (+42%)
- Share repurchases totaled $227M in the first nine months of FY2026, with $75.7M in Q3 alone
Extended-hours trading shows IEX at $240.00, up 0.61% from the regular close of $238.54. The modest after-hours gain suggests the market had largely priced in the solid quarter, with the 8.3% organic revenue growth and margin expansion meeting rather than exceeding elevated expectations for this $17.59B industrial compounder.
IDEX's broad-based organic growth across all three segments plus 60 bps of gross margin expansion confirms the industrial compounder thesis is intact, with the $227M buyback signaling management confidence.
IDEX's 45.1% gross margin and 21.9% operating margin reinforce its positioning among premium multi-industrial compounders. The 42% surge in Performance Pneumatic Technologies suggests strong exposure to automation and fluidics demand tailwinds that peers in the sector are also capturing.
Tariffs enacted in 2025 and Q1 2026 did not materially impact results, but the filing flags ongoing trade policy uncertainty and potential new tariffs as risks. Foreign currency translation headwinds of $72.4M in OCI reflect significant international exposure.