Revenue growth reached 17.4% in 2026Q1, though gross margins contracted to 40.7% from 40.9% in 2024Q4, suggesting potential headwinds from product mix shifts.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.35B | 2.27B | 1.98B | 1.74B | 1.46B | 1.22B | 1.13B | 1.12B | 1.51B | 1.43B | 1.47B | 1.56B | 1.69B | 1.97B | 4.89B | 4.27B | 4.1B | 4.85B | 5.84B | 4.82B | 4.17B | 3.73B | 3.64B | 3.55B | 3.64B | 3.85B | 2.68B | 2.71B | 1.83B | 1.95B | 2.06B |
| Revenue Growth % | 17.39% | 14.17% | 13.94% | 19.19% | 19.79% | 8.1% | 0.4% | -25.72% | 6.09% | -3.16% | -5.56% | -7.99% | -13.94% | -59.78% | 14.55% | 4.25% | -15.41% | -16.99% | 21.05% | 15.71% | 11.74% | 2.49% | 2.5% | -2.44% | -5.56% | 43.84% | -1.23% | 48.59% | -6.61% | -5.35% | 88.05% |
| Cost of Goods Sold | 1.46B | 1.43B | 1.18B | 1.07B | 937M | 787.7M | 732.6M | 721.6M | 1.1B | 1.1B | 1.1B | 1.28B | 1.33B | 1.49B | 3.55B | 3.07B | 2.87B | 3.43B | 4.07B | 3.43B | 3B | 2.7B | 2.61B | 2.53B | 2.52B | 2.61B | 1.71B | 1.75B | 1.22B | 1.26B | 1.32B |
| COGS % of Revenue | - | 63.34% | 59.71% | 61.52% | 64.14% | 64.59% | 64.94% | 64.22% | 72.89% | 76.84% | 74.48% | 82.3% | 78.38% | 75.45% | 72.61% | 71.76% | 69.95% | 70.7% | 69.71% | 71.11% | 71.94% | 72.45% | 71.85% | 71.27% | 69.12% | 67.62% | 63.68% | 64.4% | 66.94% | 64.61% | 63.78% |
| Gross Profit | 884.7M | 830.3M | 799.4M | 670M | 523.9M | 431.8M | 395.5M | 402M | 410M | 330.2M | 375.8M | 275.9M | 366.4M | 483.4M | 1.34B | 1.21B | 1.23B | 1.42B | 1.77B | 1.39B | 1.17B | 1.03B | 1.02B | 1.02B | 1.12B | 1.25B | 973.1M | 965.5M | 603.4M | 691.7M | 747.9M |
| Gross Margin % | 37.66% | 36.66% | 40.29% | 38.48% | 35.86% | 35.41% | 35.06% | 35.78% | 27.11% | 23.16% | 25.52% | 17.7% | 21.62% | 24.55% | 27.39% | 28.24% | 30.05% | 29.3% | 30.29% | 28.89% | 28.06% | 27.55% | 28.15% | 28.73% | 30.88% | 32.38% | 36.32% | 35.6% | 33.06% | 35.39% | 36.22% |
| Gross Profit Growth % | - | 3.87% | 19.31% | 27.89% | 21.33% | 9.18% | -1.62% | -1.95% | 24.17% | -12.13% | 36.21% | -24.7% | -24.2% | -63.94% | 11.1% | -2.04% | -13.24% | -19.72% | 26.93% | 19.13% | 13.8% | 0.3% | 0.45% | -9.25% | -9.94% | 28.24% | 0.79% | 60.01% | -12.77% | -7.51% | 167.78% |
| Operating Expenses | 464.7M | 449.2M | 491.1M | 448.1M | 472.9M | 358.1M | 298.6M | 288M | 297.5M | 270.3M | 305.8M | 398.1M | 551.7M | 467.6M | 1.46B | 969.5M | 911.3M | 1.25B | 1.3B | 967.5M | 844.6M | 755.1M | 970.7M | 680.8M | 699.6M | 794.6M | 606.1M | 613.7M | 541.2M | 510.2M | 524.8M |
| OpEx % of Revenue | - | 19.83% | 24.75% | 25.74% | 32.37% | 29.36% | 26.47% | 25.63% | 19.67% | 18.96% | 20.77% | 25.54% | 32.56% | 23.75% | 29.92% | 22.69% | 22.23% | 25.77% | 22.2% | 20.06% | 20.27% | 20.25% | 26.67% | 19.17% | 19.22% | 20.62% | 22.63% | 22.63% | 29.65% | 26.1% | 25.41% |
| Selling, General & Admin | 464.2M | 394.7M | 414.6M | 394.4M | 355.7M | 309.6M | 272.5M | 275.8M | 289.1M | 277.2M | 286M | 387.8M | 511.2M | 443.9M | 1.12B | 897.4M | 858.2M | 959.2M | 1.13B | 937.5M | 830.5M | 742.3M | 742.1M | 630.2M | 617.2M | 672.3M | 495.2M | 508.3M | 471.8M | 444.9M | 455.6M |
| SG&A % of Revenue | - | 17.43% | 20.9% | 22.65% | 24.35% | 25.39% | 24.16% | 24.55% | 19.11% | 19.44% | 19.43% | 24.87% | 30.17% | 22.55% | 22.9% | 21% | 20.94% | 19.8% | 19.36% | 19.44% | 19.93% | 19.9% | 20.39% | 17.75% | 16.96% | 17.45% | 18.49% | 18.74% | 25.85% | 22.76% | 22.06% |
| Research & Development | 0 | 54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.38% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 500K | 500K | 76.5M | 53.7M | 117.2M | 48.5M | 26.1M | 12.2M | 8.4M | -6.9M | 19.8M | 10.3M | 40.5M | 23.7M | 343.4M | 72.1M | 53.1M | 289.4M | 165.9M | 30M | 14.1M | 12.8M | 228.6M | 50.6M | 82.4M | 122.3M | 110.9M | 105.4M | 69.4M | 65.3M | 69.2M |
| Operating Income | 396.5M | 381.1M | 308.3M | 221.9M | 51M | 73.7M | 96.9M | 114M | 112.5M | 59.9M | 70M | -122.2M | -185.3M | 15.8M | -123.9M | 237M | 320.3M | 171M | 472.1M | 425.6M | 324.8M | 272.5M | 53.8M | 339.1M | 424.2M | 453.3M | 367M | 351.8M | 62.2M | 181.5M | 223.1M |
| Operating Margin % | 16.88% | 16.82% | 15.54% | 12.74% | 3.49% | 6.04% | 8.59% | 10.15% | 7.44% | 4.2% | 4.75% | -7.84% | -10.94% | 0.8% | -2.53% | 5.55% | 7.81% | 3.53% | 8.09% | 8.83% | 7.79% | 7.31% | 1.48% | 9.55% | 11.66% | 11.76% | 13.7% | 12.97% | 3.41% | 9.29% | 10.8% |
| Operating Income Growth % | - | 23.61% | 38.94% | 335.1% | -30.8% | -23.94% | -15% | 1.33% | 87.81% | -14.43% | 157.28% | 34.05% | -1272.78% | 112.75% | -152.28% | -26.01% | 87.31% | -63.78% | 10.93% | 31.03% | 19.19% | 406.51% | -84.13% | -20.06% | -6.42% | 23.52% | 4.32% | 465.59% | -65.73% | -18.65% | 440.19% |
| EBITDA | 492.1M | 503.7M | 399.9M | 285.1M | 97.4M | 116M | 128.8M | 138.4M | 140.4M | 85.1M | 96.5M | -85.2M | -144.7M | 61.5M | -16.1M | 319.7M | 402.2M | 276.9M | 576.6M | 504.6M | 400M | 343.9M | 129.4M | 424.8M | 513.8M | 628.2M | 477.9M | 457.2M | 131.6M | 246.8M | 292.3M |
| EBITDA Margin % | 20.95% | 22.24% | 20.16% | 16.37% | 6.67% | 9.51% | 11.42% | 12.32% | 9.28% | 5.97% | 6.55% | -5.46% | -8.54% | 3.12% | -0.33% | 7.48% | 9.81% | 5.71% | 9.88% | 10.46% | 9.6% | 9.22% | 3.56% | 11.96% | 14.12% | 16.3% | 17.84% | 16.86% | 7.21% | 12.63% | 14.16% |
| EBITDA Growth % | 18.64% | 25.96% | 40.27% | 192.71% | -16.03% | -9.94% | -6.94% | -1.42% | 64.98% | -11.81% | 213.26% | 41.12% | -335.28% | 481.99% | -105.04% | -20.51% | 45.25% | -51.98% | 14.27% | 26.15% | 16.31% | 165.77% | -69.54% | -17.32% | -18.21% | 31.45% | 4.53% | 247.42% | -46.68% | -15.57% | 244.69% |
| D&A (Non-Cash Add-back) | 95.6M | 122.6M | 91.6M | 63.2M | 46.4M | 42.3M | 31.9M | 24.4M | 27.9M | 25.2M | 26.5M | 37M | 40.6M | 45.7M | 107.8M | 82.7M | 81.9M | 105.9M | 104.5M | 79M | 75.2M | 71.4M | 75.6M | 85.7M | 89.6M | 174.9M | 110.9M | 105.4M | 69.4M | 65.3M | 69.2M |
| EBIT | 308.8M | 381.1M | 301.1M | 213.5M | 36.4M | 83M | 97M | 109.8M | 106M | 53.2M | 54.2M | -132.3M | 275.7M | 55.4M | -65M | 217.4M | 310.5M | 188.2M | 527.3M | 425.6M | 324.8M | 272.5M | 53.8M | 339.1M | 424.2M | 453.3M | 367M | 351.8M | 62.2M | 181.5M | 223.1M |
| Net Interest Income | -33.9M | -46.3M | -43.6M | -25.5M | -7.6M | -12.6M | -18.2M | -19.4M | -20M | -15.8M | -14M | -20.7M | -20.1M | -62.7M | -108.1M | -91.4M | -81.6M | -84.6M | -105.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5M | 4.8M | 2.1M | 1.7M | 1.7M | 500K | 200K | 1.6M | 1.5M | 1.3M | 800K | 1.3M | 3.5M | 3.2M | 6.3M | 5.6M | 5.4M | 7.5M | 10.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 29.4M | 51.1M | 45.7M | 27.2M | 9.3M | 13.1M | 18.4M | 21M | 21.5M | 17.1M | 14.8M | 22M | 23.6M | 65.9M | 114.4M | 97.1M | 86.9M | 92.1M | 116M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -62.9M | -67M | -52.9M | -35.6M | -23.9M | -3.8M | -18.3M | -25.2M | -28M | -23.8M | -30.6M | -32.1M | 437.4M | -26.3M | -55.5M | -116.6M | -96.7M | -74.9M | -60.8M | -35.8M | -41.3M | -166.4M | -136.6M | -140.4M | -160.5M | -108.7M | -31.4M | -57M | -107.1M | 71.3M | -700K |
| Pretax Income | 333.6M | 314.1M | 255.4M | 186.3M | 27.1M | 69.9M | 78.6M | 88.8M | 84.5M | 36.1M | 39.4M | -154.3M | 252.1M | -10.5M | -179.4M | 120.4M | 223.6M | 96.1M | 411.3M | 389.8M | 283.5M | 106.1M | -82.8M | 198.7M | 263.7M | 344.6M | 335.6M | 294.8M | -44.9M | 252.8M | 222.4M |
| Pretax Margin % | 14.2% | 13.87% | 12.87% | 10.7% | 1.85% | 5.73% | 6.97% | 7.9% | 5.59% | 2.53% | 2.68% | -9.9% | 14.88% | -0.53% | -3.67% | 2.82% | 5.46% | 1.98% | 7.05% | 8.08% | 6.8% | 2.84% | -2.28% | 5.6% | 7.25% | 8.94% | 12.53% | 10.87% | -2.46% | 12.93% | 10.77% |
| Income Tax | 49.4M | 68.6M | 53.6M | 41.6M | 7.3M | 10.9M | 4.8M | 12.5M | 2.6M | -47.9M | 9.1M | -2.7M | 137.5M | -20M | -14.2M | -12.3M | 45.6M | 47.1M | 152.4M | 89.5M | 57.8M | 71.4M | -24.8M | 97.8M | 136M | 154.7M | 137.3M | 187.3M | -3.2M | 121.8M | 89M |
| Effective Tax Rate % | 14.81% | 21.84% | 20.99% | 22.33% | 26.94% | 15.59% | 6.11% | 14.08% | 3.08% | -132.69% | 23.1% | 1.75% | 54.54% | 190.48% | 7.92% | -10.22% | 20.39% | 49.01% | 37.05% | 22.96% | 20.39% | 67.3% | 29.95% | 49.22% | 51.57% | 44.89% | 40.91% | 63.53% | 7.13% | 48.18% | 40.02% |
| Net Income | 253.7M | 245.5M | 200.5M | 89.9M | 200K | 425.4M | 99M | 70.9M | 81.2M | 89.3M | -85.3M | -82.7M | 393.4M | 209.9M | 180.4M | 171.2M | 205.6M | 31.7M | 247.9M | 294.2M | 170.7M | 1.09B | -17.1M | 236M | 127.4M | 173M | 189.5M | 101.5M | -41.7M | 129.6M | 133.4M |
| Net Margin % | 10.8% | 10.84% | 10.11% | 5.16% | 0.01% | 34.88% | 8.78% | 6.31% | 5.37% | 6.26% | -5.79% | -5.3% | 23.22% | 10.66% | 3.69% | 4.01% | 5.02% | 0.65% | 4.25% | 6.1% | 4.1% | 29.22% | -0.47% | 6.65% | 3.5% | 4.49% | 7.07% | 3.74% | -2.28% | 6.63% | 6.46% |
| Net Income Growth % | 24.85% | 22.44% | 123.03% | 44850% | -99.95% | 329.7% | 39.63% | -12.68% | -9.07% | 204.69% | -3.14% | -121.02% | 87.42% | 16.35% | 5.37% | -16.73% | 548.58% | -87.21% | -15.74% | 72.35% | -84.34% | 6474.27% | -107.25% | 85.24% | -26.36% | -8.71% | 86.7% | 343.41% | -132.18% | -2.85% | 2616.98% |
| Net Income (Continuing) | 253.7M | 245.5M | 201.8M | 144.7M | 19.8M | 59M | 73.8M | 76.3M | 81.9M | 84M | 30.3M | -151.6M | 114.6M | 9.5M | -165.2M | 132.7M | 178M | 49M | 258.9M | 300.3M | 225.7M | 34.7M | -58M | 135.2M | 164.3M | 189.9M | 198.3M | 107.5M | -41.7M | 131M | 133.4M |
| Discontinued Operations | 0 | 0 | -1.3M | -54.8M | -19.6M | 366.4M | 25.2M | -11M | -700K | 5.3M | -97.9M | 34.6M | 269.3M | 202.8M | 348.4M | 43.5M | 24.8M | -32.8M | 13.9M | -6.1M | -55M | 1.06B | 64.5M | 100.8M | 111.7M | -16.9M | 0 | 0 | 0 | 2.3M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -37.1M | 3.2M | 14M | 11.3M | 10M | 6.3M | 10.7M | 17.5M | 10.4M | 3.5M | 1.9M | 3.9M | 2.4M | 11.7M | 25M | 28.2M | 0 | 0 | 1.8M | 0 |
| EPS (Diluted) | 5.02 | 5.06 | 4.29 | 1.93 | 0.00 | 9.15 | 2.12 | 1.58 | 1.82 | 2.03 | -2.05 | -2.03 | 9.25 | 4.57 | 5.18 | 3.54 | 4.08 | 0.64 | 4.59 | 5.22 | 2.83 | 15.10 | -0.23 | 2.84 | 1.53 | 1.07 | 2.99 | 0.82 | -0.97 | 1.54 | -1.60 |
| EPS Growth % | 18.75% | 17.95% | 122.28% | - | -99.95% | 331.6% | 34.18% | -13.19% | -10.34% | 199.02% | -0.99% | -121.95% | 102.41% | -11.78% | 46.33% | -13.24% | 537.5% | -86.06% | -12.07% | 84.45% | -81.26% | 6665.22% | -108.1% | 85.62% | 42.99% | -64.21% | 264.63% | 184.54% | -162.99% | 196.25% | -700% |
| EPS (Basic) | - | 5.13 | 4.37 | 1.97 | 0.01 | 9.39 | 2.18 | 1.61 | 1.89 | 2.11 | -2.05 | -2.03 | 9.38 | 4.63 | 5.18 | 3.58 | 4.14 | 0.64 | 4.67 | 5.36 | 2.93 | 15.33 | -0.23 | 3.07 | 1.56 | 1.19 | 3.08 | 0.83 | -0.97 | 1.54 | -1.60 |
| Diluted Shares Outstanding | 50.52M | 48.51M | 47.08M | 46.61M | 46.22M | 46.49M | 45.77M | 44.96M | 44.66M | 43.91M | 42.16M | 40.73M | 43.03M | 46.01M | 50.03M | 50.95M | 50.35M | 49.8M | 54.06M | 56.31M | 60.72M | 72.19M | 74.35M | 83.1M | 83.27M | 71.99M | 63.5M | 62.51M | 62.2M | 25.06M | 29.75M |
| Basic Shares Outstanding | 49.92M | 47.83M | 46.19M | 45.55M | 45.34M | 45.29M | 44.63M | 43.94M | 43.05M | 42.41M | 41.61M | 40.73M | 42.4M | 45.38M | 50.03M | 50.5M | 49.72M | 49.36M | 53.05M | 54.84M | 58.25M | 71.08M | 74.35M | 76.87M | 81.67M | 70.42M | 61.59M | 61.84M | 61.17M | 25.06M | 29.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 15.33% | 16.53% | 35.25% | 31.19% | 25.44% | 158.68% | 21.94% | 19.2% | 35.09% | 6.72% | - | - | - | - | - | - | - | 1.08% | 4.12% |
Cyclical construction demand exposure
As indicated by recent quarterly filings, SPXC achieved a revenue growth rate of 17.4% in 2026Q1, demonstrating a resilient top-line trajectory that appears to be supported by both non-discretionary infrastructure replacement cycles and the successful integration of specialized bolt-on acquisitions within the Detection and Measurement segment.
The company's ability to sustain double-digit growth suggests that its niche industrial solutions are successfully capturing demand in data center and utility infrastructure markets. Investors should monitor whether this growth remains organic or if it becomes increasingly reliant on inorganic contributions, which could complicate long-term performance visibility.
Based on the provided financial data, SPXC's gross margin contracted to 36.66% in the most recent period, reflecting potential headwinds from input cost volatility or shifts in product mix that may challenge the company's historical ability to maintain premium pricing power in its HVAC segment.
While the company has historically demonstrated an ability to pass through commodity costs, the recent margin compression suggests that competitive pressures or supply chain inefficiencies may be limiting pricing flexibility. This trend warrants further investigation into whether the current margin profile represents a structural reset or a temporary cyclical trough.
According to reported income statements, SPXC has demonstrated improved operating leverage, with operating margins reaching 15.5% in 2026Q1, suggesting that management is successfully scaling its corporate overhead while simultaneously investing in the technological capabilities required to maintain its competitive moat in the detection and measurement space.
The ability to expand operating margins despite top-line fluctuations indicates a disciplined approach to SG&A management. This operational efficiency appears to be a key driver of earnings growth, though investors should assess if further margin expansion is sustainable without compromising necessary R&D investment.
As reported in financial statements, SPXC's net income remains supported by consistent operational performance, with stock-based compensation remaining relatively contained at $4.9 million in 2025Q4, which suggests that management is not overly reliant on equity-based dilution to incentivize performance or mask core operational costs.
The absence of significant non-operating distortions in recent quarters points to a high quality of earnings, reflecting a focus on core industrial profitability. However, the lumpy nature of project-based revenue recognition in the HVAC segment may continue to create quarterly volatility that could obscure the underlying earnings trend.
Based on an analysis of the company's cost structure, short-sellers may focus on the potential for margin compression if residential boiler demand weakens, as the company's reliance on construction-linked infrastructure spending could lead to a valuation re-rating if growth rates decelerate from current double-digit levels.
While the company is currently positioned as a technology-led infrastructure provider, its exposure to interest-rate-sensitive housing and commercial construction markets remains a significant risk factor. Investors should be cautious of the possibility that the market is currently overestimating the defensive nature of these revenue streams.
Quick answers to the most common questions about buying SPXC stock.
For fiscal year 2025, SPX Technologies, Inc. (SPXC) reported total revenue of $2.27B. This represents a 9.7% increase compared to $2.06B in 1996.
SPX Technologies, Inc. (SPXC) is profitable, generating $245.5M in net income for the fiscal year ending 2025 with a net profit margin of 10.8%.
SPX Technologies, Inc. (SPXC) reported an operating income of $381.1M, resulting in an operating profit margin of 16.8%. This margin reflects the operational efficiency of the business before interest and taxes.
SPX Technologies, Inc. (SPXC) generated $830.3M in gross profit for the year, representing a gross profit margin of 36.7%. This demonstrates the company's core pricing power and production efficiency.