SPX Technologies (SPXC) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 and full-year 2025 results, with adjusted EBITDA and adjusted EPS up 21% year-over-year, driven by robust performance in both HVAC and detection segments, strategic acquisitions, and capacity investments.

• Expanded HVAC manufacturing capacity, including new facilities in Madison, AL, and Tennessee, to support demand for engineered air movement and data center cooling products.

• Completed acquisitions of Thermelec, Air Enterprises, Rahn Industries, and Crawford United's air handling segment, enhancing HVAC capabilities and market positions.

• Introduced 2026 guidance targeting ~20% year-over-year growth in adjusted EBITDA and double-digit growth in revenue and adjusted EPS.

• Data center revenue grew to over $200 million in 2025 (~9% of total), expected to reach low double digits (~12%) of revenue in 2026, with ~50% growth.

Financial highlights

• Q4 2025 revenue grew 19.4% year-over-year to $637.3M; full-year revenue up 14.2% to $2.27B, driven by acquisitions and organic growth.

• Q4 adjusted EPS was $1.88 (+24.5% YoY); full-year adjusted EPS was $6.76 (+21.1% YoY), near the top of guidance.

• Q4 adjusted EBITDA was $142.0M (+22.3% YoY); full-year adjusted EBITDA reached $507.4M (+20.5% YoY), with margin up to 22.4%.

• Consolidated segment income rose 21% to $156 million; segment margin up 30 basis points.

• Ended year with $366 million cash, $502 million total debt, and leverage ratio of 0.3x (1x pro forma for acquisitions).

Outlook and guidance

• 2026 revenue guidance: $2.535–$2.605 billion, up from $2.265 billion in 2025.

• Adjusted EBITDA guidance: $590–$620 million, implying ~20% growth at midpoint.

• Adjusted EPS guidance: $7.60–$8.00, ~15% growth at midpoint.

• Segment income margin expected to improve to 24.6%–25.1% (from 24.2%).

• Q1 2026 expected to be similar to prior year as a percentage of full-year guidance.