AMETEK (AME) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 sales of $1.78 billion, up 2.5% year-over-year, with strong core margin expansion and earnings growth despite a challenging macro environment.

• Net income rose 6.1% to $358.4 million for the quarter, with adjusted EPS up 7% to $1.78 and GAAP EPS at $1.55.

• Raised full-year 2025 sales and adjusted EPS guidance to $7.06–$7.20, reflecting strong Q2 results and the FARO Technologies acquisition.

• Book-to-bill ratio was 1.00, with backlog at $3.47 billion, near record levels.

• Operational Excellence initiatives and recent acquisitions contributed positively to results.

Financial highlights

• Q2 sales reached $1.78 billion, up 2.5% year-over-year; organic sales flat, acquisitions added 1.5 points, FX added 1 point.

• Operating income was $462 million, up 3% year-over-year; operating margin 26%, up 20 bps.

• EBITDA for the first half was $1,123.6 million, up from $1,057.5 million year-over-year.

• EPS was $1.78 (adjusted), up 7% year-over-year; GAAP EPS was $1.55.

• Operating cash flow was $359 million; free cash flow $330 million in Q2; YTD free cash flow conversion at 102% of net income.

Outlook and guidance

• Full-year 2025 sales expected to rise mid-single digits over 2024; adjusted EPS guidance raised to $7.06–$7.20, up 3–5%.

• Q3 2025 sales projected to increase mid-single digits; adjusted EPS expected at $1.72–$1.76, up 4–6% year-over-year.

• Guidance includes expected contributions from FARO acquisition.

• Management highlights ongoing risks from tariffs, trade disputes, and global economic uncertainty.