Skip to content

IR · Ingersoll Rand

9 filings

10-K

IR 10-K Annual Reports

Ingersoll Rand - 9 annual reports

Filing record · 2017–202610-K910-Q298-K113

2025
Ingersoll Rand Annual Report, Year Ended Dec 31, 2025
Ingersoll Rand Inc. (NYSE: IR) reported 2025 revenues of $7.65 billion, up from $7.24 billion in 2024, with the increase driven primarily by acquisitions of $419.9 million and favorable foreign currency of $92.0 million, partially offset by lower organic revenues of $96.0 million. Net income fell to $588.8 million from $846.3 million, reflecting non-cash impairments of goodwill ($229.7 million) and other intangible assets ($43.7 million), plus a $127.1 million loss on equity method investments, which included a $120.9 million impairment of its HPS stake. Adjusted EBITDA rose to $2.09 billion from $2.02 billion, though its margin declined to 27.4% from 27.9%. Cash flow from operations was $1.36 billion and free cash flow was $1.22 billion. The company spent $1.02 billion repurchasing stock, paid $525.0 million for acquisitions, and ended the year with $1.25 billion in cash against total debt of $4.78 billion. Liquidity remained supported by $2.6 billion of unused availability under both the Revolving Credit Facility and Commercial Paper Program. By segment, Industrial Technologies and Services generated $6.06 billion in revenue with Segment Adjusted EBITDA of $1.75 billion (28.9% margin), while Precision and Science Technologies generated $1.59 billion in revenue, up 12.5%, with Segment Adjusted EBITDA of $478.0 million (30.0% margin). The company stated that as of the filing date it did not believe cybersecurity risks had materially affected it.
Feb 17, 2026
2024
Ingersoll Rand Annual Report, Year Ended Dec 31, 2024
Ingersoll Rand Inc. (NYSE: IR) reported 2024 revenues of $7,235.0 million, up from $6,876.1 million in 2023, an increase of $358.9 million or 5.2%. The growth was driven primarily by acquisitions of $471.2 million and higher pricing of $153.3 million, partially offset by lower organic volumes of $241.9 million. Gross profit rose to $3,170.0 million (43.8% of revenues versus 41.9% in 2023), and operating income increased to $1,300.1 million from $1,164.3 million. Net income attributable to Ingersoll Rand Inc. was $838.6 million, compared with $778.7 million in 2023. Adjusted EBITDA reached $2,018.1 million, or 27.9% of revenues, up from 26.0% in 2023. Free cash flow was $1,247.6 million, slightly below $1,272.0 million in 2023. The year was defined by major acquisitions, most notably ILC Dover, acquired in June 2024 for initial cash consideration of $2,349.7 million. Net cash paid in acquisitions totaled $2,958.7 million, funded substantially by $3,300.0 million of new senior notes issued in May 2024 and a new $2,600 million unsecured revolving credit facility. Total debt rose to $4,757.5 million at year-end from $2,723.6 million, and interest expense increased to $213.2 million from $156.7 million. Cash and cash equivalents were $1,541.2 million at December 31, 2024. The company also repurchased $260.7 million of common stock and paid $32.3 million in dividends. Investors should note that goodwill and other intangible assets represented $12.5 billion, or 70%, of total assets, and two Precision and Science Technologies reporting units, which include the ILC Dover goodwill, had limited impairment cushions of 5% to 16%. The company also divested its asbestos liabilities in June 2024 for a pre-tax loss of $58.8 million. Management reported that 57% of revenues came from customers outside the United States and that aftermarket revenue represented 36.4% of total revenue.
Feb 19, 2025
2023
Ingersoll Rand Annual Report, Year Ended Dec 31, 2023
Ingersoll Rand Inc. (NYSE: IR) reported revenues of $6.88 billion for 2023, up $959.8 million, or 16.2%, from $5.92 billion in 2022, driven primarily by higher pricing of $397.0 million, acquisitions of $375.1 million, and higher organic volumes of $213.3 million. Gross profit rose to $2.88 billion (41.9% of revenues versus 39.3% in 2022), and operating income increased to $1.16 billion from $817.3 million. Net income attributable to Ingersoll Rand Inc. was $778.7 million, or $1.90 diluted earnings per share, compared with $604.7 million in 2022. Adjusted EBITDA rose $352.0 million to $1.79 billion, with its margin reaching 26.0% of revenues. Free cash flow from continuing operations was $1.27 billion, up from $770.8 million. The company's two segments both grew. Industrial Technologies and Services revenues rose 19.7% to $5.63 billion, with Segment Adjusted EBITDA margin of 28.2%. Precision and Science Technologies revenues rose 2.7% to $1.24 billion, with a 30.0% segment Adjusted EBITDA margin, though segment orders declined 3.5%. Acquisitions in 2023 included SPX FLOW's Air Treatment business for $519.0 million and Howden Roots for $292.5 million. Capital allocation included $263.0 million of share repurchases, $32.4 million of dividends, and $27.6 million of net debt repayments. Investors should note total debt of $2.72 billion at year-end, with interest expense rising to $156.7 million from $103.2 million, reflecting higher variable-rate interest. The company had $1.60 billion of cash and cash equivalents and $2.00 billion of unused revolving credit availability. Asbestos and silica-related litigation remains a disclosed risk, with a litigation reserve of $126.9 million and an insurance recovery receivable of $157.7 million. The company also disclosed a April 2023 cybersecurity incident that it stated did not have a material impact on results.
Feb 23, 2024
2022
Ingersoll Rand Annual Report, Year Ended Dec 31, 2022
Ingersoll Rand Inc. reported revenues of $5,916.3 million for 2022, up from $5,152.4 million in 2021, with the increase primarily attributed to higher pricing of $420.7 million, higher organic volumes of $409.4 million, and acquisitions of $225.5 million, partially offset by unfavorable foreign currency impact of $291.7 million. Operating income rose to $817.3 million from $565.7 million, and net income attributable to Ingersoll Rand Inc. was $604.7 million, compared with $562.5 million in 2021. Adjusted EBITDA increased to $1,434.8 million, or 24.3% of revenues, from $1,191.9 million, or 23.1%, and free cash flow was $770.8 million versus $563.7 million. The company ended 2022 with cash and cash equivalents of $1,613.0 million and total debt of $2,752.6 million, down from $3,440.6 million a year earlier, after principal payments on long-term debt of $655.6 million, including repayment of the Euro Term Loan on June 30, 2022. Share repurchases totaled $261.1 million, and the Revolving Credit Facility had $1,100 million of unused availability. Management highlighted that aftermarket revenue represented 35.2% of total 2022 revenue, and that the Company completed or announced several acquisitions in 2022, including the SPX FLOW Air Treatment business, which closed on January 3, 2023 for approximately $525 million in cash. Investors should also note the ongoing asbestos and silica-related litigation, for which the Company carried a reserve of $137.9 million against an insurance recovery receivable of $154.2 million, and the Adams County Case, which remains in discovery and motions. The filing notes that approximately 59% of 2022 revenues came from customers outside the United States, and that approximately 56% of revenues were denominated in currencies other than the U.S. dollar.
Feb 21, 2023
2021
Ingersoll Rand Annual Report, Year Ended Dec 31, 2021
Ingersoll Rand Inc. reported 2021 revenues of $5.15 billion, up from $3.97 billion in 2020, with the increase driven primarily by acquisitions, including the full-year inclusion of Ingersoll Rand Industrial, and organic volume growth in the Industrial Technologies and Services segment. Gross profit rose to $1.99 billion (38.6% of revenues versus 35.4% in 2020), and operating income increased to $565.7 million from $59.6 million. Net income attributable to Ingersoll Rand Inc. was $562.5 million, compared with a net loss of $33.3 million in 2020. Adjusted EBITDA reached $1.19 billion, or 23.1% of revenues, versus $878.1 million in 2020. Results were significantly affected by discontinued operations: the company sold a majority interest in its High Pressure Solutions business and its Specialty Vehicle Technologies (Club Car) segment, with SVT generating a $298.3 million pre-tax gain and HPS a $207.7 million pre-tax loss. The balance sheet remained substantial, with total assets of $15.15 billion, goodwill and other intangibles representing 65% of total assets, and total indebtedness of $3.44 billion against cash and cash equivalents of $2.11 billion at year-end. Cash flow from continuing operations was $627.8 million, and free cash flow was $563.7 million. The company repurchased $736.8 million of treasury stock during 2021 and paid $8.2 million in dividends, with a $750.0 million repurchase program authorized in August 2021. Investors should note ongoing asbestos and silica-related litigation with a reserve of $136.9 million, and the company's significant exposure to currency movements, with about 59% of revenues denominated in currencies other than the U.S. dollar. The company operates two reportable segments, Industrial Technologies and Services (revenues of $4.16 billion) and Precision and Science Technologies (revenues of $991.4 million). The 2021 acquisitions of Seepex, Tuthill's vacuum and blower and pump businesses, Maximus Solutions, and Air Dimensions added to the Precision and Science Technologies portfolio.
Feb 25, 2022
2020
Ingersoll Rand Annual Report, Year Ended Dec 31, 2020
Ingersoll Rand Inc. (formerly Gardner Denver Holdings, Inc.) completed its merger with the Industrial business of Ingersoll-Rand plc on February 29, 2020, which transformed the company's scale: 2020 revenues were $4,910.2 million, up from $2,451.9 million in 2019, while the company reported a net loss attributable to Ingersoll Rand Inc. of $33.3 million, compared with net income of $159.1 million in 2019. Operating income fell to $85.7 million from $275.3 million, largely reflecting $395.8 million of intangible amortization, $217.2 million of other operating expense (including $92.9 million of restructuring charges), and $111.1 million of interest expense. Adjusted EBITDA rose to $1,017.6 million from $561.7 million, and cash flow from operations was $914.3 million, giving free cash flow of $865.6 million. Balance sheet changes were significant. Total assets reached $16,058.6 million and total debt was $3,899.5 million at year-end 2020, against cash of $1,750.9 million. Goodwill and other intangible assets represented $11.0 billion, or 69%, of total assets, which the filing flags as an impairment risk; the company recorded a $19.9 million tradename impairment in 2020. The company did not pay dividends in 2020 or 2019 and does not intend to pay cash dividends in the foreseeable future. Subsequent events matter for investors. On February 14, 2021, the company agreed to sell its High Pressure Solutions business to American Industrial Partners for $300 million in cash at close while retaining a 45% ownership interest, with the company expecting to recognize a loss of between $195 million and $235 million upon classification as held for sale. The company also completed the acquisition of Tuthill Vacuum and Blower Systems for approximately $184 million on January 31, 2021.
Feb 26, 2021
2019
Ingersoll Rand Annual Report, Year Ended Dec 31, 2019
Gardner Denver Holdings, Inc. reported 2019 revenues of $2,451.9 million, down from $2,689.8 million in 2018, with net income of $159.1 million versus $269.4 million a year earlier. Diluted EPS was $0.76 compared with $1.29. The decline was driven mainly by lower revenue from upstream energy-exposed markets, which fell $235.6 million, and an unfavorable currency impact of $65.2 million. Operating income dropped to $275.3 million from $443.0 million, and Adjusted EBITDA fell to $564.8 million from $681.8 million. Free cash flow was $300.1 million, compared with $392.3 million in 2018. The Energy segment was the weakest performer, with revenue down 22.4% to $870.2 million and Segment Adjusted EBITDA down 33.4% to $225.1 million. Industrials revenue was roughly flat at $1,301.3 million, while Segment Adjusted EBITDA rose 2.9% to $296.6 million. Medical revenue grew 5.7% to $280.4 million, and its Segment Adjusted EBITDA increased 12.5% to $84.4 million. The company ended 2019 with total debt of $1,611.4 million and cash of $505.5 million. Fourth-quarter orders fell in Energy (down 36.3%) and Industrials (down 4.6%). The filing is dominated by a pending merger with the industrial segment of Ingersoll-Rand plc, expected to close on February 29, 2020. Under the Merger Agreement, Gardner Denver will issue shares so that Ingersoll Rand Industrial stockholders own at least 50.1% of the fully diluted common stock, and Ingersoll Rand will receive approximately $1.9 billion in cash funded by new debt. The combined company is expected to be renamed Ingersoll Rand and trade on the NYSE under the ticker "IR". The filing also notes a potential termination fee of approximately $176 million.
Feb 26, 2020
2018
Ingersoll Rand Annual Report, Year Ended Dec 31, 2018
Gardner Denver Holdings, Inc. reported 2018 revenues of $2,689.8 million, up from $2,375.4 million in 2017, with net income of $269.4 million compared with $18.5 million in 2017 (which was affected by large stock-based compensation and Tax Act items). Operating income rose to $443.0 million from $109.1 million, and Adjusted EBITDA increased to $681.8 million from $561.5 million. The filing states that the Energy segment generated about 42% of consolidated revenues in 2018, while about 56% of revenues came from customers outside the United States. Cash flow from operations was $444.5 million in 2018 versus $200.5 million in 2017, and free cash flow was $392.3 million. Total debt was reduced to $1,672.1 million from $2,040.2 million, with $337.6 million of long-term debt principal repaid in 2018. The company acquired four businesses in 2018, including Runtech and MP Pumps, for total cash consideration of $186.3 million net of cash acquired, and it authorized a $250.0 million share repurchase program running through July 31, 2020. The company did not pay dividends in 2018 or 2017. The filing also highlights key risks: exposure to volatile oil and gas prices affecting the Energy segment, about 52% of revenues denominated in non-U.S. dollar currencies, and a $105.8 million asbestos-related litigation reserve, with an insurance recovery receivable of $103.0 million. Goodwill and other intangible assets totaled $2,657.9 million, or 59% of total assets.
Feb 27, 2019
2017
Ingersoll Rand Annual Report, Year Ended Dec 31, 2017
Gardner Denver Holdings, Inc. reported 2017 revenues of $2,375.4 million, up from $1,939.4 million in 2016, with net income of $18.5 million (net income attributable to Gardner Denver Holdings, Inc. of $18.4 million) compared with a net loss of $31.3 million in 2016. Results were driven by upstream energy recovery: Energy segment revenues rose to $1,014.5 million from $628.4 million, and Adjusted EBITDA increased to $561.5 million from $400.7 million. The company completed its initial public offering in May 2017, raising proceeds used to repay $851.8 million of long-term debt, and total debt fell to $2,040.2 million at year-end from $2,778.3 million. Net income was held down by $194.5 million of non-cash stock-based compensation charges tied to the IPO, a $84.5 million loss on debt extinguishment, and a $95.3 million net discrete tax benefit from the Tax Cuts and Jobs Act. The Industrials segment generated $1,130.7 million in revenue and $242.7 million of Segment Adjusted EBITDA, while Energy produced $296.1 million and Medical $62.4 million. Aftermarket parts and services represented 41% of total company revenue in 2017. Management noted that the company expects continued growth in U.S. land rig count and drilled-but-uncompleted wells, and that fourth-quarter 2017 orders rose 25% in Industrials, 62% in Energy, and 29% in Medical. The company acquired Runtech Systems Oy on February 8, 2018 for approximately $93 million in cash and does not intend to pay cash dividends in the foreseeable future.
Feb 16, 2018