IDEX IEX · USD

Business Segments and Geographic InformationIDEX has three operating business segments, which are the same as our reportable business segments: HST, FMT and FSDP. The Company has determined its segments based on how financial information is reviewed by the chief operating decision maker (“CODM”) to analyze financial performance, make decisions and allocate resources.The Company’s CODM is the Chief Executive Officer. The Company’s CODM evaluates the performance of the segments and allocates resources to them based on Adjusted EBITDA. Segment Adjusted EBITDA includes intersegment revenues as well as charges allocating certain corporate overhead costs. Intersegment sales are contracted with terms equivalent to those of an arm’s-length transaction. Adjusted EBITDA is the Company’s measure of segment performance.For all segments, the CODM uses Adjusted EBITDA in the annual budgeting and forecasting process. The CODM considers Adjusted EBITDA budget and forecast-to-actual variances when making decisions about the allocation of operating and capital resources to each segment. Adjusted EBITDA is also used in determining the compensation of certain employees.The HST segment designs, produces and distributes a wide range of precision fluidics, positive displacement pumps, powder and liquid processing technologies, drying systems, micro-precision components, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, ultra-precision diamond tools, laboratory and commercial equipment and precision photonic solutions, technical ceramics and hermetic sealing products and porous material structures and flow control solutions. HST primarily serves a variety of end markets, including life sciences, industrial, semiconductor, energy, space and defense and food and beverage.The FMT segment designs, produces and distributes positive displacement pumps, valves, small volume provers, flow meters, injectors and other fluid-handling pump modules and systems and provides flow monitoring and other services. FMT primarily serves the industrial, water, energy, chemical and agriculture markets.

RevenueDisaggregation of RevenueThe 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 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 years ended December 31, 2025, 2024 and 2023 was as follows:For the Year Ended December 31,202520242023Scientific Fluidics & Optics$859.3 $706.1 $681.5 Performance Pneumatic Technologies259.2 237.4 250.0 Sealing Solutions249.6 232.4 242.3 Material Processing Technologies127.4 122.2 120.7 Micropump(1)— — 21.9 Intersegment elimination(4.8)(4.1)(2.9)Health & Science Technologies1,490.7 1,294.0 1,313.5 Pumps426.6 408.3 402.9 Water351.8 347.8 345.8 Energy205.2 207.6 209.3 Agriculture143.3 146.4 159.6 Valves97.1 123.1 129.5 Intersegment elimination(1.5)(1.4)(2.9)Fluid & Metering Technologies1,222.5 1,231.8 1,244.2 Fire & Safety478.4 467.2 431.9 Dispensing147.2 161.3 167.5 BAND-IT119.7 115.8 119.4 Intersegment elimination(1.0)(1.3)(2.6)Fire & Safety/Diversified Products744.3 743.0 716.2 Net sales$3,457.5 $3,268.8 $3,273.9 (1) Revenue from Micropump (sold on August 3, 2023) has been included in the Company’s Consolidated Statements of Income through the date of disposition. See Note 2, “Acquisitions and Divestitures,” for further detail.Revenue by geographical region for the years ended December 31, 2025, 2024 and 2023 was as follows:For the Year Ended December 31, 2025HSTFMTFSDPIDEXU.S.$695.7 $693.3 $371.8 $1,760.8 North America, excluding U.S.24.7 73.0 32.0 129.7 Europe448.4 202.6 195.2 846.2 Asia292.3 158.1 112.6 563.0 Other(1)34.4 97.0 33.7 165.1 Intersegment elimination(4.8)(1.5)(1.0)(7.3)Net sales$1,490.7 $1,222.5 $744.3 $3,457.5 For the Year Ended December 31, 2024HSTFMTFSDPIDEXU.S.$573.7 $693.1 $354.9 $1,621.7 North America, excluding U.S.29.9 68.3 34.2 132.4 Europe408.0 210.1 178.4 796.5 Asia261.4 169.7 139.9 571.0 Other(1)25.1 92.0 36.9 154.0 Intersegment elimination(4.1)(1.4)(1.3)(6.8)Net sales$1,294.0 $1,231.8 $743.

Commitments and ContingenciesWarranty costs are provided for at the time of sale. The warranty provision is based on historical costs and adjusted for specific known claims. A rollforward of the warranty reserve is as follows:202520242023Beginning balance, January 1$13.6 $9.1 $8.1 Provision for warranties8.2 5.1 5.8 Claim settlements(13.8)(4.1)(4.7)Acquisitions and divestitures6.2 3.6 (0.1)Other adjustments, including foreign currency translation0.2 (0.1)— Ending balance, December 31$14.4 $13.6 $9.1 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.

Income TaxesPretax income for 2025, 2024 and 2023 was taxed in the following jurisdictions:202520242023U.S.$375.5 $377.9 $534.1 Foreign257.1 261.4 226.2 Total$632.6 $639.3 $760.3 The provision (benefit) for income taxes for 2025, 2024 and 2023 was as follows:202520242023CurrentU.S.$47.4 $69.0 $103.8 State and local10.9 11.6 13.7 Foreign79.0 73.5 61.9 Total current137.3 154.1 179.4 DeferredU.S.26.1 (2.6)(11.1)State and local1.9 (2.1)1.7 Foreign(15.2)(14.7)(5.3)Total deferred12.8 (19.4)(14.7)Total provision for income taxes$150.1 $134.7 $164.7 Deferred tax assets (liabilities) at December 31, 2025 and 2024 were:December 31, 2025December 31, 2024Allowances and accruals$23.7 $21.7 Employee and retiree benefit plans19.8 19.4 Inventories17.3 13.9 Foreign tax credit and other carryforwards30.4 20.8 Lease liabilities27.8 26.4 Right of use assets(26.7)(25.1)Depreciation and amortization(353.8)(311.6)Taxes on undistributed foreign earnings(17.4)(14.9)Other0.8 1.0 Total gross deferred tax liabilities(278.1)(248.4)Valuation allowance(23.7)(17.3)Total deferred tax liabilities, net of valuation allowances$(301.8)$(265.7) The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2025 and 2024 were:December 31, 2025December 31, 2024Noncurrent deferred tax asset - Other noncurrent assets$1.2 $1.5 Noncurrent deferred tax liabilities - Deferred income taxes(303.0)(267.2)Net deferred tax liabilities$(301.8)$(265.7)The Company had prepaid income taxes, recorded within Other current assets on the Consolidated Balance Sheets, of $20.2 million and $18.3 million as of December 31, 2025 and 2024, respectively.As further described in Note 1, “Significant Accounting Policies,” the Company has elected to prospectively adopt the guidance in ASU 2023-09, Improvements to Income Tax Disclosures. The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate for the year ended December 31, 2025 in accordance with ASU 2023-09:2025U.S. Federal statutory tax rate$132.8 21.0%State and local income taxes, net of federal income tax effect(1)10.1 1.6%Foreign tax effects11.0 1.7%Effect of cross-border tax laws2.6 0.4%Tax creditsForeign tax credit(2)(10.4)(1.6%)Other(3.8)(0.6%)Changes in valuation allowances(2)4.5 0.7%Nontaxable or nondeductible items3.4 0.5%Changes in unrecognized tax benefits0.4 0.1%Other adjustments(0.5)(0.

Share-Based CompensationThe Company maintains a share-based compensation plan for executives, non-employee directors and certain key employees that authorize the granting of restricted stock, performance share units and stock options and other types of awards consistent with the purpose of the plan. A total of 9.9 million shares of the Company’s common stock have been authorized for issuance under the Company’s share-based compensation plan. As of December 31, 2025, 9.4 million shares of the Company’s common stock were available for future issuance. The Company typically grants equity awards annually at its regularly scheduled first quarter meeting of the Company’s Board of Directors based on the recommendation from the Compensation Committee of the Company’s Board of Directors.Stock OptionsStock options granted under the Company’s plan are generally non-qualified and are granted with an exercise price equal to the market price of the Company’s common 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 during December 31, 2025, 2024 and 2023 were as follows: Years Ended December 31, 202520242023Weighted average fair value of grants$46.74$63.61$59.77Dividend yield1.41%1.09%1.09%Volatility23.06%26.66%27.14%Risk-free interest rate4.28%4.31%4.15%Expected life (in years)4.704.604.50The assumptions were determined as follows:•The Company estimated volatility using its historical share price performance over the expected life of the option.•The Company uses historical data to estimate the expected life of the option based on IDEX’s own exercise and cancellation history adjusted for current vesting schedules. •The risk-free interest rate is based on the U.S. Treasury yield curve commensurate with the expected life of the option. The Company presents the spot rate used in the Black Scholes valuation model.•The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the contractual life of the option.

LeasesThe Company has commitments under operating leases for certain office facilities, warehouses, manufacturing plants, equipment (which includes both office and plant equipment) and vehicles used in its operations. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company’s finance leases are immaterial.Certain leases include one or more options to renew. The exercise of lease renewal options is at the Company’s sole discretion. The Company does not include renewal periods in any of the leases’ terms until the renewal is executed as they are generally not reasonably certain of being exercised. The Company does not have any material purchase options.Certain of the Company’s lease agreements contain provisions for future rent increases or have rental payments that are adjusted periodically for inflation or based on usage. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.The Company does not have any significant leases that have not yet commenced.Supplemental balance sheet information related to leases as of December 31, 2025 and 2024 was as follows:Balance Sheet CaptionDecember 31, 2025December 31, 2024Right-of-Use (“ROU”) Assets:Building ROU assets - net Other noncurrent assets$109.5 $114.4 Equipment ROU assets - netOther noncurrent assets10.2 10.8 Total ROU assets - net$119.7 $125.2 Lease Liabilities:Current lease liabilitiesAccrued expenses$27.8 $26.1 Noncurrent lease liabilitiesOther noncurrent liabilities94.1 101.6 Total lease liabilities$121.9 $127.7 The components of lease cost for the years ended December 31, 2025, 2024 and 2023 were as follows:202520242023Fixed lease cost(1)$36.6 $34.7 $33.0 Variable lease cost4.2 3.1 2.7 Total lease expense$40.8 $37.8 $35.7 (1) Includes short-term leases, which are immaterial.Supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023 was as follows:202520242023Cash paid for amounts included in the measurement of lease liabilities$33.1 $34.6 $33.6 Right-of-use assets obtained in exchange for new lease liabilities17.4 19.1 29.0 Other supplemental information related to leases as of December 31, 2025 and 2024 was as follows:Lease Term and Discount RateDecember 31, 2025December 31, 2024Weighted-average remaining lease term (years):Building and equipment5.716.

Acquisitions and DivestituresAll of the Company’s acquisitions of businesses have been accounted for under 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 Company’s Consolidated Balance Sheets from their respective dates of acquisition. The results of operations of businesses acquired have been included in the Company’s 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 Company’s 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. 2025 AcquisitionsMicro-LAM, Inc.On July 29, 2025, the Company acquired Micro-LAM, Inc. (“Micro-LAM”) in a stock acquisition. 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. Headquartered in Portage, Michigan, Micro-LAM operates in the Company’s Scientific Fluidics & Optics reporting unit within the Company’s HST segment. Micro-LAM was acquired for cash consideration of $80.4 million, net of cash acquired of $0.3 million, plus a potential earnout of up to $12.0 million of additional cash consideration based upon the achievement of certain financial performance targets over a two-year period.

Risk Management and Strategy.The Company’s cybersecurity program is designed to be aligned to the Cybersecurity Framework published by the National Institute of Standards and Technology (“NIST CSF”). While we use the NIST CSF as a guide, this does not imply that we meet any particular standards, specifications or requirements. We conduct regular internal and external assessments of our information security and cybersecurity programs, including periodic external audits for company-wide compliance with our program as well as specific business unit alignment, as required, with U.S. federal acquisition regulations and UK Cyber Essentials certifications. An external penetration test is performed annually against the Company’s network, in addition to our regular internal vulnerability scans. The Company’s internal Incident Response Policy sets forth specific protocols for cyber or data incident detection, response and recovery. This process includes the assembly of a response team consisting of internal and, as required, external technical and legal experts upon the event of a cyberattack or incident. The Company reviews and updates this process regularly, including by engaging in tabletop exercises to simulate cybersecurity and data breach incidents. The Company maintains global cybersecurity insurance coverage that is reviewed annually for adequacy against operations and information systems.The Company has implemented a number of measures to mitigate cybersecurity risk in its operations, including annual cybersecurity awareness training for employees, regular internal phishing exercises, technical security controls, maintenance of certain backup and protective systems, physical and system securities measures, and data security protocols. Once fully integrated, all of our businesses have access to a “cyber risk dashboard” that monitors various risk indicators. The cyber risk dashboard is monitored by our business units. The Company’s internal auditors periodically review and audit various processes and controls throughout the organization related to cybersecurity readiness.The Company also has certain processes in place to manage cyber risks associated with third-party service providers which include various technical as well as contractual measures. For more information on cybersecurity risks and how they affect our business, operating results and financial condition, please refer to Item 1A.