IDEX CORP /DE/IEX
IDEX CORP /DE/ Revenue Disclosure
Revenue
Disaggregation of Revenue
The Company has a comprehensive offering of products, including technologies, built to customers’ specifications that are sold in niche markets throughout the world. The Company disaggregates revenue from contracts with customers by reporting unit and geographical region for each segment as the Company believes it best depicts how the amount, nature, timing and uncertainty of its revenue and cash flows are affected by economic factors. Revenue, presented as Net sales on the Consolidated Statements of Income, was attributed to geographical region based on the location of the customer. The following tables present revenue disaggregated by reporting unit and geographical region.
Revenue by reporting unit for the years ended December 31, 2025, 2024 and 2023 was as follows:
| For the Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Scientific Fluidics & Optics | $ | 859.3 | $ | 706.1 | $ | 681.5 | |||||||||||
| Performance Pneumatic Technologies | 259.2 | 237.4 | 250.0 | ||||||||||||||
| Sealing Solutions | 249.6 | 232.4 | 242.3 | ||||||||||||||
| Material Processing Technologies | 127.4 | 122.2 | 120.7 | ||||||||||||||
Micropump(1) | — | — | 21.9 | ||||||||||||||
| Intersegment elimination | (4.8) | (4.1) | (2.9) | ||||||||||||||
| Health & Science Technologies | 1,490.7 | 1,294.0 | 1,313.5 | ||||||||||||||
| Pumps | 426.6 | 408.3 | 402.9 | ||||||||||||||
| Water | 351.8 | 347.8 | 345.8 | ||||||||||||||
| Energy | 205.2 | 207.6 | 209.3 | ||||||||||||||
| Agriculture | 143.3 | 146.4 | 159.6 | ||||||||||||||
| Valves | 97.1 | 123.1 | 129.5 | ||||||||||||||
| Intersegment elimination | (1.5) | (1.4) | (2.9) | ||||||||||||||
| Fluid & Metering Technologies | 1,222.5 | 1,231.8 | 1,244.2 | ||||||||||||||
| Fire & Safety | 478.4 | 467.2 | 431.9 | ||||||||||||||
| Dispensing | 147.2 | 161.3 | 167.5 | ||||||||||||||
| BAND-IT | 119.7 | 115.8 | 119.4 | ||||||||||||||
| Intersegment elimination | (1.0) | (1.3) | (2.6) | ||||||||||||||
| Fire & Safety/Diversified Products | 744.3 | 743.0 | 716.2 | ||||||||||||||
Net sales | $ | 3,457.5 | $ | 3,268.8 | $ | 3,273.9 | |||||||||||
(1) Revenue from Micropump (sold on August 3, 2023) has been included in the Company’s Consolidated Statements of Income through the date of disposition. See Note 2, “Acquisitions and Divestitures,” for further detail.
Revenue by geographical region for the years ended December 31, 2025, 2024 and 2023 was as follows:
| For the Year Ended December 31, 2025 | |||||||||||||||||||||||
| HST | FMT | FSDP | IDEX | ||||||||||||||||||||
| U.S. | $ | 695.7 | $ | 693.3 | $ | 371.8 | $ | 1,760.8 | |||||||||||||||
| North America, excluding U.S. | 24.7 | 73.0 | 32.0 | 129.7 | |||||||||||||||||||
| Europe | 448.4 | 202.6 | 195.2 | 846.2 | |||||||||||||||||||
| Asia | 292.3 | 158.1 | 112.6 | 563.0 | |||||||||||||||||||
Other(1) | 34.4 | 97.0 | 33.7 | 165.1 | |||||||||||||||||||
| Intersegment elimination | (4.8) | (1.5) | (1.0) | (7.3) | |||||||||||||||||||
Net sales | $ | 1,490.7 | $ | 1,222.5 | $ | 744.3 | $ | 3,457.5 | |||||||||||||||
| For the Year Ended December 31, 2024 | |||||||||||||||||||||||
| HST | FMT | FSDP | IDEX | ||||||||||||||||||||
| U.S. | $ | 573.7 | $ | 693.1 | $ | 354.9 | $ | 1,621.7 | |||||||||||||||
| North America, excluding U.S. | 29.9 | 68.3 | 34.2 | 132.4 | |||||||||||||||||||
| Europe | 408.0 | 210.1 | 178.4 | 796.5 | |||||||||||||||||||
| Asia | 261.4 | 169.7 | 139.9 | 571.0 | |||||||||||||||||||
Other(1) | 25.1 | 92.0 | 36.9 | 154.0 | |||||||||||||||||||
| Intersegment elimination | (4.1) | (1.4) | (1.3) | (6.8) | |||||||||||||||||||
Net sales | $ | 1,294.0 | $ | 1,231.8 | $ | 743.0 | $ | 3,268.8 | |||||||||||||||
| For the Year Ended December 31, 2023 | |||||||||||||||||||||||
| HST | FMT | FSDP | IDEX | ||||||||||||||||||||
| U.S. | $ | 575.5 | $ | 695.7 | $ | 371.9 | $ | 1,643.1 | |||||||||||||||
| North America, excluding U.S. | 22.6 | 70.3 | 33.4 | 126.3 | |||||||||||||||||||
| Europe | 439.9 | 213.8 | 166.7 | 820.4 | |||||||||||||||||||
| Asia | 249.4 | 177.6 | 108.5 | 535.5 | |||||||||||||||||||
Other(1) | 29.0 | 89.7 | 38.3 | 157.0 | |||||||||||||||||||
| Intersegment elimination | (2.9) | (2.9) | (2.6) | (8.4) | |||||||||||||||||||
Net sales | $ | 1,313.5 | $ | 1,244.2 | $ | 716.2 | $ | 3,273.9 | |||||||||||||||
(1) Other includes: South America, Middle East, Australia and Africa.
Performance Obligations
The Company’s performance obligations are satisfied either at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time comprised approximately 95% of the Company’s revenue and over time comprised approximately 5% of the Company’s revenue in all years presented.
Contract Assets and Liabilities
The timing of billings and cash collections can result in customer receivables, billings in excess of revenue recognized, advance payments or deposits. Customer receivables include both amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in Receivables – net on the Consolidated Balance Sheets.
The composition of customer receivables was as follows:
| December 31, 2025 | December 31, 2024 | ||||||||||
| Billed receivables | $ | 477.1 | $ | 443.2 | |||||||
| Unbilled receivables | 34.8 | 17.8 | |||||||||
| Total customer receivables | $ | 511.9 | $ | 461.0 | |||||||
Billings in excess of revenue recognized, advance payments and deposits represent contract liabilities and are included in deferred revenue which is classified as current or noncurrent based on when the Company expects to recognize the revenue. The current portion is included in Accrued expenses and the noncurrent portion is included in Other noncurrent liabilities on the Consolidated Balance Sheets.
The composition of deferred revenue was as follows:
| December 31, 2025 | December 31, 2024 | ||||||||||
| Deferred revenue - current | $ | 45.8 | $ | 50.7 | |||||||
| Deferred revenue - noncurrent | 22.0 | 13.2 | |||||||||
| Total deferred revenue | $ | 67.8 | $ | 63.9 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 28, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.