SPX Technologies, Inc. reported fourth‑quarter 2025 results on February 24, 2026, with revenue of $637.3 million, up 19.4% from $533.7 million in Q4 2024. Adjusted earnings per share rose to $1.88, a 25% increase from $1.51 in the prior year and beating the consensus estimate of $1.86 by $0.02.
Adjusted EBITDA grew 22% year‑over‑year, and the company achieved a 50‑basis‑point expansion in adjusted operating margin. The improvement was driven by a higher mix of high‑margin HVAC and data‑center cooling contracts and the contribution of recent acquisitions such as KTS and Sigma & Omega, which added revenue and improved operational leverage.
Revenue growth was led by the HVAC and Detection & Measurement segments. HVAC benefited from the addition of Thermolec and the air‑handling segment of Crawford United in the first quarter of 2026, and from the launch of the Olympus Max product. The data‑center cooling market is expected to account for roughly 12% of total revenue in 2026, with a projected 50% sales growth in that segment.
Management guided for full‑year 2026 revenue of $2.535 billion to $2.605 billion, a midpoint of $2.57 billion, and adjusted EPS of $7.60 to $8.00, both above analyst consensus. Gene Lowe said, "I'm very pleased with our fourth quarter and full‑year 2025 results, including Adjusted EBITDA and Adjusted EPS growth in excess of 20%. We continue to see healthy demand across our key end markets, execute well operationally, and realize strong contributions from recent acquisitions." He added, "Looking ahead, we remain optimistic in the strength of customer demand and our operational momentum. In 2026, we anticipate another year of double‑digit growth in Adjusted EBITDA and Adjusted EPS at the midpoint of our guidance range. With a solid demand backdrop and a robust pipeline of attractive acquisition opportunities, I remain highly confident in our ability to continue driving value for years to come."
The company noted a near‑term headwind in the Detection & Measurement segment, where a $20 million project was shifted into 2025, and ongoing HVAC capacity expansion investments that may compress margins in the short term. Despite these challenges, the firm’s strategic focus on mission‑critical solutions and disciplined capital deployment positions it for sustained long‑term growth.
Mark Carano, CFO, added, "Year-over-year, adjusted EPS grew by 25% to $1.88. Full year adjusted EPS grew by 21% to $6.76 or towards the upper end of our guidance range of $6.65 to $6.80." He also noted that total company revenues increased 19.4% year-over-year, driven by the acquisitions of KTS and Sigma & Omega as well as organic growth.
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