01—Abstract
Summary
Summary of the 10-K filed February 17, 2026. Cited figures are marked; the original filing is the authoritative source.
Ingersoll Rand Inc. (NYSE: IR) reported 2025 revenues of $7.65 billiona, 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 millionb 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 billionc 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 billiond 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.
02—Key points
Key Highlights
- Revenue of $7,650.9 million in 2025, up 5.7% from $7,235.0 million, driven mainly by acquisitions of $419.9 million.
- Net income of $588.8 million, down from $846.3 million, primarily due to goodwill and intangible impairments and the equity method investment impairment.
- Goodwill impairment of $229.7 million in the Precision and Science Technologies segment, tied to the Biopharma and Aerospace & Defense reporting units.
- Adjusted EBITDA of $2,093.8 million, up from $2,018.1 million, with margin at 27.4% versus 27.9% in 2024.
- Free cash flow of $1,220.1 million, versus $1,247.6 million in 2024, as operating cash flow declined to $1,355.7 million.
- Share repurchases of $1,018.0 million in 2025, funded alongside $525.0 million of net cash paid for acquisitions.
- Total debt of $4,784.7 million at year-end, with $2.6 billion of unused revolving credit and commercial paper availability.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Ingersoll Rand kept $0.08.
- Revenue$7.65B100.0%
- Cost of revenue−$4.31B56.4%
- Gross profit$3.34B43.6%
- Operating costs−$2.19B28.6%
- Operating income$1.14B15.0%
- Interest, other & tax−$563.2M7.4%
- Net income$581.4M7.6%
Where FY2025 revenue went
$7.65B- Cost of revenue: $4.31B, 56% of revenue
- SG&A: $1.44B, 19% of revenue
- Net income: $581.4M, 7.6% of revenue
- R&D: $114.3M, 1.5% of revenue
- Other operating costs: $638.1M, 8.3% of revenue
- Interest, other & tax: $563.2M, 7.4% of revenue
Kept 7.6% as net incomeR&D $114.3M · 1.5%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 17, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $7.65B$7.24B | +5.7% |
| Cost of Revenue | $4.31B$4.07B | +6.1% |
| Gross Profit | $3.34B$3.17B | +5.2% |
| R&D Expenses | $114.30M$116.60M | −2.0% |
| SG&A Expenses | $1.44B$1.34B | +7.1% |
| Operating Income | $1.14B$1.30B | −12.0% |
| Net Income | $581.40M$838.60M | −30.7% |
| EPS (Basic) | $1.46$2.08 | −29.8% |
| EPS (Diluted) | $1.45$2.06 | −29.6% |
| Shares Outstanding (Basic) | 398.10M403.40M | −1.3% |
| Shares Outstanding (Diluted) | 401.00M407.20M | −1.5% |
05—Questions
Frequently Asked Questions
Why did net income decline significantly in 2025?
Net income fell to $588.8 million from $846.3 million mainly because of non-cash impairments: $229.7 million of goodwill, $43.7 million of other intangible assets, and a $127.1 million loss on equity method investments, which included a $120.9 million impairment of the company's retained interest in the legacy HPS upstream oil and gas business.
How did the company's acquisitions affect 2025 results?
Acquisitions contributed $419.9 million to revenues and $92.5 million to Adjusted EBITDA. Notable 2025 deals included SSI Aeration for $97.8 million and Termomeccanica Industrial Compressors (TMIC/Adicomp) for $193.2 million in cash consideration.
How much did the company return to shareholders in 2025?
The company repurchased $1,018.0 million of common stock, including $1,007.4 million under its share repurchase program, and paid cash dividends of $31.8 million, or $0.08 per share.
What is the company's debt and liquidity position?
Total debt was $4,784.7 million at December 31, 2025, against cash and cash equivalents of $1,248.8 million. The company had $2,600.0 million of unused availability under both the Revolving Credit Facility and Commercial Paper Program and stated it was in compliance with all debt covenants.
How exposed is the company to currency and tariff risks?
In 2025, 54% of revenues were denominated in currencies other than the U.S. dollar, and 58% of revenues came from customers outside the United States. The filing also cites tariffs on steel and aluminum under Section 232 and reciprocal tariffs by some countries as a source of higher material costs that could affect results.
06—Continue