SPX Technologies (SPXC) Q1 2026 earnings summary

Executive summary

• Revenue grew 17.4% year-over-year to $566.8 million, driven by 7.4% organic growth and strong contributions from recent acquisitions in HVAC and Detection & Measurement.

• Adjusted EBITDA increased 22.9% to $126.1 million, and Adjusted EPS rose 22% to $1.69.

• Full-year 2026 guidance was raised for revenue, Adjusted EBITDA, and Adjusted EPS, reflecting robust demand and successful acquisitions.

• Major acquisitions (Thermolec, Crawford United, Sigma & Omega, KTS) expanded product offerings and market reach.

• Capacity expansions and new product introductions are progressing on schedule, supporting future growth.

Financial highlights

• Q1 2026 revenue was $566.8M, up from $482.6M in Q1 2025, with 7.4% organic growth and 9.0% from acquisitions.

• Adjusted EBITDA reached $126.1M (22.2% margin), up from $102.6M (21.3% margin) last year.

• Adjusted EPS was $1.69, up from $1.38 in Q1 2025.

• Operating income rose to $87.7M, up 31.7% year-over-year.

• Adjusted free cash flow was $15.8M; cash on hand at quarter-end was $158M; total debt was $674M.

Outlook and guidance

• 2026 revenue guidance raised to $2.575–$2.645B, Adjusted EBITDA to $600–$625M, and Adjusted EPS to $7.75–$8.15.

• Segment income margin guidance: HVAC 24.25–24.75%, Detection & Measurement 25.50–26.00%.

• Guidance reflects a $0.05–$0.10 headwind from Section 232 tariffs, mainly impacting Q2 HVAC results.

• 2026 outlook implies 21% Adjusted EBITDA growth; strong demand expected to persist in core end markets.

• No expected tariff impact in 2027; capacity expansions to unlock significant incremental revenue, especially in data centers.