SPX Technologies (SPXC) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 20.5% YoY to $714.5M; adjusted EBITDA increased 21.7% to $165.7M and adjusted EPS rose 20.1% to $2.21.

• HVAC growth was led by data-center cooling demand and acquisitions; D&M revenue declined on project timing, while segment income and margin improved.

• Capacity expansion and acquisition integration progressed; FIS Water extended the HVAC cooling and water-management portfolio.

Financial highlights

• Revenue increased from $592.8M to $714.5M, comprising 11.8% organic growth, 8.5% acquisition impact and 0.2% currency impact.

• Net income was $81.9M versus $62.7M; GAAP diluted EPS was $1.62 versus $1.29, and adjusted EPS was $2.21 versus $1.84.

• Gross profit rose 16.7% to $279.5M, while gross margin declined to 39.1% from 40.4% amid HVAC growth costs and higher input costs.

• Q3 operating income was $115.3M versus $97.1M; continuing-operations income was $82.3M versus $63.1M.

Outlook and guidance

• FY26 revenue guidance increased to $2.745–$2.805B from $2.705–$2.765B; midpoint implies ~23% YoY growth.

• FY26 adjusted EBITDA guidance is $625–$645M and adjusted EPS guidance is $8.20–$8.50; EBITDA growth is expected at ~25% at the midpoint.

• HVAC revenue guidance increased to $1.995–$2.035B; segment margin guidance was revised to 23.10%–23.50% from 24.50%–25.00%.

• D&M guidance is $750–$770M revenue and 27.00%–27.50% segment margin, raised from 26.25%–26.75%.

• HVAC Q4 segment margin is expected to improve ~150 bps sequentially; management expects margins toward the high end of its medium-term target range in 2027.