SPX Technologies, Inc.

Listed Company

SPXCCIK 0000088205NYSELarge AcceleratedMetalworkg Machinery & EquipmentDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.27B

Net Income

$244.00M

Total Assets

$3.60B

Equity

$2.24B

Shares Out

49.88M

Op. Cash Flow

$333.30M

Business

SPX Technologies, Inc. is a diversified, global supplier of infrastructure equipment serving the heating, ventilation and air‑conditioning (HVAC) and detection and measurement markets. The company engineers, designs, manufactures, installs and services HVAC cooling, heating, air movement and process equipment as well as underground pipe and cable locators, inspection and rehabilitation equipment, robotic systems, transportation systems, communication technologies and aids to navigation. Its operations are organized into two reportable segments: HVAC and Detection and Measurement, each encompassing product development, manufacturing, installation and aftermarket service. SPX distributes products direct to customers and through independent manufacturers’ representatives, third‑party distributors and retailers across North America, Europe, Africa and Asia, with operations in over 15 countries.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	2,265	1,984	1,741	1,461	1,220
Cost of products sold	1,347	1,185	1,071	937	788
Selling, general and administrative	478	415	394	356	310
Selling, general and administrative intangible amortization	87	65	44	—	—
Special charges, net	1	4	800,000	400,000	—
Impairment of intangible assets	700,000	0	0	13	30
Other operating expense	500,000	8	9	75	−4
Operating income	350	308	222	51	74
Other income (expense), net	9	−9	−10	−15	9
Interest expense	−48	−46	−27	−9	—
Interest income	5	2	2	2	500,000
Loss on amendment/refinancing of senior credit agreement	−2	0	0	—	—
Income from continuing operations before income taxes	314	255	186	27	70
Income tax provision	−69	−54	−42	−7	−11
Income from continuing operations	246	202	145	20	59
Income (loss) from discontinued operations, net of tax	0	0	0	0	6
Loss on disposition of discontinued operations, net of tax	−2	−1	−55	−20	361
Loss from discontinued operations, net of tax	−2	−1	−55	−20	366
Net income	244	201	90	200,000	425
Income from continuing operations (in dollars per share)	5.13	4.37	3.18	0.44	1.3
Loss from discontinued operations (in dollars per share)	−0.03	−0.03	−1.21	−0.44	8.09
Net income per share (in dollars per share)	5.1	4.34	1.97	0	9.39
Weighted-average number of common shares outstanding basic (in shares)	48	46	46	45	45
Income from continuing operations (in dollars per share)	5.06	4.29	3.1	0.43	1.27
Loss from discontinued operations (in dollars per share)	−0.03	−0.03	−1.17	−0.43	7.88
Net income per share (in dollars per share)	5.03	4.26	1.93	0	9.15
Weighted-average number of common shares outstanding diluted (in shares)	49	47	47	46	46

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and equivalents	364	157	99	148	388
Accounts receivable, net	357	314	280	264	223
Contract assets	65	11	17	24	29
Inventories, net	302	271	277	244	190
Other current assets	55	32	37	42	73
Total current assets	1,144	784	710	721	903
Land	27	24	18	14	14
Buildings and leasehold improvements	168	113	73	64	63
Machinery and equipment	338	308	264	233	231
Property, plant and equipment, gross	533	445	356	311	308
Accumulated depreciation	−242	−227	−215	−201	−195
Property, plant and equipment, net	291	218	141	110	113
Goodwill	1,043	835	705	455	457
Intangibles, net	868	703	681	402	416
Other assets	250	164	189	197	676
Deferred income taxes	2	2	4	3	11
Assets of DBT and Heat Transfer (includes cash and equivalents of $2.0 and $4.5 at December 31, 2025 and 2024, respectively) (Note 4)	6	8	11	43	52
TOTAL ASSETS	3,605	2,715	2,440	1,931	2,629
Accounts payable	145	128	119	125	120
Contract liabilities	116	62	74	53	45
Accrued expenses	185	171	169	148	218
Income taxes payable	10	19	5	5	42
Short-term debt	1	10	18	2	2
Current maturities of long-term debt	4	28	17	2	13
Total current liabilities	461	418	401	334	440
Long-term debt	497	577	523	243	231
Deferred and other income taxes	150	98	77	35	31
Other long-term liabilities	246	224	204	208	789
Liabilities of DBT and Heat Transfer (Note 4)	14	13	40	32	36
Total long-term liabilities	906	912	844	518	1,086
Commitments and contingent liabilities (Note 15)	—	—	—	—	—
Common stock (57,570,062 and 49,866,896 issued and outstanding at December 31, 2025, respectively, and 54,196,620 and 46,368,240 issued and outstanding at December 31, 2024, respectively)	600,000	500,000	500,000	500,000	500,000
Paid-in capital	1,938	1,374	1,354	1,338	1,334
Retained earnings	483	239	38	−52	−52
Accumulated other comprehensive income	261	224	261	258	264
Common stock in treasury (7,703,166 and 7,828,380 shares at December 31, 2025 and 2024, respectively)	−445	−452	−459	−466	—
Total stockholders' equity	2,238	1,384	1,195	1,079	1,103
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	3,605	2,715	2,440	1,931	2,629

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
(Gain) loss on change in value of equity security	−23	—	−4	—	—
Loss on change in value of equity security	—	4	—	—	—
Amortization of compensation expense related to acquisition (Refer to Note 4)	24	0	0	—	—
Impairment of intangible assets	700,000	0	0	—	—
Deferred and other income taxes	26	−15	−25	−21	−1
Depreciation and amortization	123	92	63	46	42
Pension and other employee benefits	20	15	22	3	−9
Long-term incentive compensation	17	15	13	11	13
Other, net, including allowance for doubtful accounts	3	−9	−6	500,000	4
Accounts receivable and other assets	−82	2	31	−300,000	−20
Contribution related to employee retention agreements from acquisition (Refer to Note 4)	−47	0	0	—	—
Inventories	3	9	−3	−53	−21
Accounts payable, accrued expenses and other	25	−4	7	−74	46
Cash spending on restructuring actions	−2	−2	−100,000	−400,000	−2
Net cash from continuing operations	336	313	244	−115	131
Net cash used in discontinued operations	−2	−27	−35	−22	43
Net cash from operating activities	333	286	209	−137	175
Proceeds/borrowings (repayments) related to company-owned life insurance policies, net	−24	42	700,000	4	−31
Proceeds from asset sales and other	0	4	0	0	—
Business acquisitions, net of cash acquired	−445	−292	−547	−40	−265
Capital expenditures	−92	−38	−24	−16	−10
Net cash used in continuing operations	−561	−285	−570	−52	−306
Net cash used in discontinued operations	0	0	0	−14	620
Net cash used in investing activities	−561	−285	−570	−66	314
Borrowings under senior credit facilities	978	385	869	245	210
Repayments under senior credit facilities	−1,083	−322	−573	−244	−346
Borrowings under trade receivables agreement	280	272	178	0	179
Repayments under trade receivables agreement	−289	−279	−162	0	−207
Net borrowings (repayments) under other financing arrangements	100,000	−1	−400,000	−800,000	−400,000
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options and other	−7	900,000	−1	−4	−3
Proceeds of issuance of common stock in underwritten public offering, net of offering costs of $23.9	551	0	0	—	—
Financing fees paid	−5	−3	−1	−2	0
Net cash from continuing operations	426	53	310	−40	−168
Net cash from (used in) discontinued operations	0	0	0	1	200,000
Net cash from financing activities	426	53	310	−39	−168
Change in cash and equivalents due to changes in foreign currency exchange rates	7	2	−100,000	3	7
Net change in cash and equivalents	205	57	−52	−239	328
Interest paid	42	43	26	7	11
Income tax payments, net	57	44	58	60	6
Debt assumed	100,000	1	300,000	0	400,000

Filings

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