AMETEK (AME) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 sales of $2.04 billion, up 15% year-over-year, with strong organic growth and contributions from acquisitions.

• Orders reached a record $2.3 billion, up 28% year-over-year, driving backlog to $4.11 billion.

• Diluted EPS was $2.09 (adjusted), up 17% year-over-year, and GAAP diluted EPS was $1.77.

• International sales rose significantly, with strong demand in Europe and Asia and contributions from acquisitions.

• Raised full-year sales and earnings guidance, reflecting strong H1 and positive outlook.

Financial highlights

• Operating income was $544 million (adjusted), up 18% year-over-year; GAAP operating income $528.2 million.

• Operating margin (adjusted) at 26.6%, up 60 bps; EBITDA margin at 31.5%.

• Free cash flow was $452 million in Q2, up 37% year-over-year; free cash flow conversion at 111%.

• Net income for Q2 2026 was $406.9 million, up 13.5% year-over-year.

• Operating cash flow was $484 million, up 35% year-over-year.

Outlook and guidance

• Full-year 2026 sales expected to rise approximately 10% over 2025, with organic sales up mid to high single digits.

• Full-year diluted EPS guidance raised to $8.20–$8.30, up 10–12% year-over-year.

• Q3 2026 sales projected to increase high single digits; adjusted EPS expected at $2.08–$2.10, up 10–11% year-over-year.

• Indicor Instrumentation acquisition ($5.0B) expected to close in H2 2026, expanding portfolio and market reach.

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