AMETEK (AME) Q1 2026 earnings summary

Executive summary

• Delivered record Q1 2026 sales of $1.93B, up 11% year-over-year, with strong organic growth, acquisitions, and operational excellence initiatives.

• Achieved record operating income, orders, and backlog, with orders up 23% to $2.2B and backlog at $3.87B.

• Net income increased 13.5% to $399.4M; diluted EPS reached $1.97 (adjusted), up 13% year-over-year, above guidance.

• Raised full-year earnings guidance based on strong Q1 results and positive outlook.

• Announced acquisition of First Aviation Services to expand defense aftermarket capabilities.

Financial highlights

• Q1 sales reached $1.93B, up 11% year-over-year; organic sales up 5%, acquisitions added 5 points, FX a tailwind.

• Operating income was $517M, up 14% year-over-year; operating margin 26.8%, core margin 27.9% (+160 bps).

• Record EBITDA of $620M, up 11% year-over-year; EBITDA margin 32.1%.

• Free cash flow $426M, up 8% year-over-year; free cash flow conversion at 107%.

• Effective tax rate 19% in Q1.

Outlook and guidance

• Full-year 2026 adjusted EPS guidance raised to $7.94–$8.14, up 7–10% year-over-year.

• Q2 2026 sales expected up high single digits; adjusted EPS $1.96–$2.00, up 10–12% year-over-year.

• Free cash flow conversion expected at 110–115% of net income for 2026.

• Management expects continued benefits from operational excellence and recent acquisitions.

• Ongoing monitoring of macroeconomic and geopolitical risks, including tariffs and Middle East conflict.