SPX Technologies (SPXC) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 22.9% year-over-year to $679.0 million, with 23% adjusted EBITDA growth and 22% adjusted EPS growth, driven by strong organic growth, robust demand in key end markets, and recent acquisitions including Neptronic, Thermolec, and Crawford United.

• Raised full-year 2026 guidance, with adjusted EBITDA midpoint implying 27% growth and adjusted EPS guidance raised to $8.20–$8.60, reflecting higher data center volume, improved Detection & Measurement (D&M) outlook, and the accretive Neptronic acquisition.

• Continued execution of value creation initiatives, including capacity expansions, strategic acquisitions, and integration of new businesses to strengthen the HVAC portfolio and end-market reach.

• Net income for Q2 2026 was $78.4 million, up from $52.2 million in Q2 2025, with GAAP income from continuing operations up 51% to $79.3 million.

• Active acquisition pipeline and leadership changes, including the addition of Brian Deck to the board and Eric Kaled succeeding John Swann in D&M.

Financial highlights

• Q2 2026 revenue: $679.0 million (+22.9% YoY), with 16.9% organic growth and 5.8% from acquisitions; adjusted EBITDA rose 19.8% to $151.8 million (margin 22.4%).

• Adjusted EPS increased 22.4% to $2.02; diluted EPS for Q2 2026 was $1.55 (vs. $1.10 in Q2 2025).

• Q2 operating income was $115.0 million, up 32.8% year-over-year; adjusted operating income was $147.0 million.

• Q2 adjusted free cash flow was $72.1 million; net operating cash flow from continuing operations in Q2 was $90.4 million.

• Consolidated segment income rose by $31.3 million (23%) to $167.1 million; segment margin held at 24.6%.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $2.705–$2.765 billion, up ~21% at midpoint from 2025.

• Adjusted EBITDA guidance increased to $630–$660 million, up ~27% at midpoint; margin 23.3%–23.8%.

• Adjusted EPS guidance raised to $8.20–$8.60, up ~24% at midpoint.

• Guidance reflects continued strength in data center demand, impact of Neptronic acquisition, and strong D&M segment performance.

• Backlog remains strong, with $918.8 million in HVAC and $312.4 million in D&M as of June 27, 2026.