01—Abstract
Summary
Summary of the 8-K filed February 3, 2026. Cited figures are marked; the original filing is the authoritative source.
AMETEK (NYSE: AME) reported record fourth-quarter and full-year 2025 results on February 3, 2026.
Q4 sales rose 13% year over year to a record $2.0 billiona, and GAAP diluted EPS was a record $1.73, while adjusted EPS was a record $2.01, up 7%. Full-year sales reached $7.4 billion (up 7%), GAAP diluted EPS was $6.40, and adjusted EPS was $7.43 (up 9%). Adjusted operating margin for the year was 26.2%, and the company set annual records for sales, operating profit, margin, EBITDA, and EPS.
Cash generation was strong, with Q4 free cash flow of $527.3 millionb (132% of net income) and record operating cash flow of $584.3 million. Growth was driven by organic sales gains, acquisitions (including Faro Technologies), and operating leverage, with EMG posting a sharp 240 bp margin improvement in Q4. Management guided 2026 sales up mid-to-high single digits and adjusted EPS of $7.87 to $8.07 (6% to 9% growth), with Q1 2026 sales expected up about 10% and adjusted EPS of $1.85 to $1.90.
Management cited a record backlog, improving end-market dynamics, and substantial financial flexibility for future acquisitions. Balance sheet changes are notable: goodwill rose to $7.17 billionc from $6.56 billion, and short-term debt increased to $1.21 billion from $654 million, while long-term debt fell to $1.07 billion from $1.43 billion, reflecting a reclassification toward current maturities. Total debt was roughly $2.28 billion at year-end, compared with about $2.08 billion a year earlier.
The filing also disclosed the acquisition of LKC Technologies, a Germantown, MD maker of portable ophthalmic diagnostic devices for detecting diabetic retinopathy. It will join the Electronic Instruments Group and complement the Ultra Precision Technologies Reichert business. The filing did not disclose the purchase price.
02—Key points
Key Highlights
- Q4 2025 sales hit a record $2.0 billion (+13% YoY); GAAP EPS was a record $1.73 and adjusted EPS a record $2.01 (+7%).
- Full-year 2025 sales were $7.4 billion (+7%), with adjusted EPS of $7.43 (+9%) and GAAP EPS of $6.40.
- Full-year adjusted operating margin reached 26.2%, and AMETEK set annual records for sales, operating income, margin, EBITDA, and EPS.
- Q4 free cash flow was a record $527.3 million, with 132% free cash flow conversion to net income.
- 2026 guidance: sales up mid-to-high single digits and adjusted EPS of $7.87-$8.07; Q1 2026 sales up ~10% and adjusted EPS of $1.85-$1.90.
- EMG Q4 operating margin expanded 240 bp to 22.7%, with double-digit organic growth in every division.
- Acquired LKC Technologies, a maker of portable ophthalmic diagnostic devices, to expand Reichert's eye-care portfolio; purchase price not disclosed.
03—Questions
Frequently Asked Questions
How did AMETEK perform in Q4 and full-year 2025?
Q4 2025 sales were a record $2.0 billion, up 13%, and adjusted EPS was a record $2.01, up 7%. For the full year, sales were $7.4 billion (+7%), GAAP EPS was $6.40, and adjusted EPS was $7.43 (+9%), with a 26.2% adjusted operating margin.
What is AMETEK's outlook for 2026?
Management expects 2026 sales to rise in the mid-to-high single-digit range and adjusted EPS of $7.87 to $8.07, or 6% to 9% growth. For Q1 2026, sales are expected to rise about 10% and adjusted EPS to be $1.85 to $1.90. GAAP EPS guidance for 2026 is $6.96 to $7.16.
Why did GAAP and adjusted EPS differ?
Adjusted EPS excludes after-tax acquisition-related intangible amortization ($0.91 per share for 2025) and acquisition-related costs ($0.12 per share, mainly tied to the Faro Technologies acquisition). Management argues these items do not reflect ongoing operating performance, though investors should weigh the recurring nature of acquisition-driven amortization.
What does the LKC Technologies acquisition mean for AMETEK?
LKC Technologies makes portable devices for detecting diabetic retinopathy and other eye conditions. It will join the Electronic Instruments Group and expand the Reichert ophthalmic product line. The filing does not disclose the purchase price or financial contribution, so its near-term financial impact is unclear.
Did AMETEK's balance sheet change materially?
Goodwill rose to $7.17 billion from $6.56 billion, largely reflecting acquisitions. Short-term debt increased to $1.21 billion from $654 million, while long-term debt fell to $1.07 billion from $1.43 billion, so total debt rose modestly to about $2.28 billion. Cash increased to $458 million, and management cites significant financial flexibility for future acquisitions.
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