01—Abstract
Summary
Summary of the 10-K filed February 24, 2026. Cited figures are marked; the original filing is the authoritative source.
Roper Technologies, Inc. (Nasdaq: ROP) reported 2025 net revenues of $7,902.5 milliona, up from $7,039.2 million in 2024, with organic revenue growth of 5.4% and acquisitions contributing 6.7 points of growth.
Net earnings from continuing operations were $1,536.3 millionb, down from $1,549.3 million, and diluted EPS was $14.20 versus $14.35 in 2024. Income from operations rose to $2,235.4 million, while interest expense, net, increased to $325.0 million from $259.2 million, reflecting higher fixed-rate debt. Operating cash flow was $2,540.3 million, up from $2,393.2 million.
The company deployed significant capital toward acquisitions in 2025, most notably CentralReach (approximately $1,850 millionc) and Subsplash (approximately $800 million), and total debt, excluding unamortized issuance costs, rose to $9,355.9 million from $7,669.2 million. Goodwill of $21,341.2 million represented roughly 62% of total assets of $34,577.0 million, and the filing states that management does not expect impairment in any reporting unit based on its 2025 qualitative assessment. Management also repurchased $500.0 million of stock in the fourth quarter and, from January 1 to February 20, 2026, repurchased a further $1,313.5 million, leaving $1,186.5 million available under the $3,000.0 million program.
The Board raised the quarterly dividend to $0.91d per share from $0.825. The filing describes a decentralized, three-segment structure: Application Software ($4,483.0 million, 56.7% of revenue), Network Software ($1,600.8 million, 20.3%), and Technology Enabled Products ($1,818.7 million, 23.0%).
Backlog rose 10.3% to $3,424.6 million. The company also notes the Indicor minority equity stake, valued at $796.3 million, and a 2025 cash tax benefit of approximately $150 million from the OBBBA's repeal of Section 174 capitalization.
02—Key points
Key Highlights
- Net revenues rose 12.3% to $7,902.5 million in 2025, with organic growth of 5.4% and acquisitions contributing 6.7 points.
- Diluted EPS from continuing operations was $14.20 versus $14.35 in 2024, while income from operations increased to $2,235.4 million from $1,996.8 million.
- Interest expense, net, increased to $325.0 million from $259.2 million, and total debt rose to $9,355.9 million from $7,669.2 million after $2,000.0 million of senior notes were issued.
- Operating cash flow increased to $2,540.3 million from $2,393.2 million, aided by a cash tax benefit tied to the OBBBA.
- Acquisitions in 2025 included CentralReach (approximately $1,850 million) and Subsplash (approximately $800 million), and goodwill reached $21,341.2 million, about 62% of total assets.
- Share repurchases totaled $500.0 million in Q4 2025 and $1,313.5 million from January 1 to February 20, 2026, and the quarterly dividend was raised 10% to $0.91 per share.
- Backlog increased 10.3% to $3,424.6 million, led by Application Software backlog of $2,533.2 million.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Roper Technologies kept $0.19.
- Revenue$7.90B100.0%
- Cost of revenue−$2.43B30.8%
- Gross profit$5.47B69.2%
- Operating costs−$3.24B41.0%
- Operating income$2.24B28.3%
- Interest, other & tax−$699.4M8.9%
- Net income$1.54B19.4%
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 24, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $7.90B$7.04B | +12.3% |
| Cost of Revenue | $2.43B$2.16B | +12.5% |
| Gross Profit | $5.47B$4.88B | +12.2% |
| R&D Expenses | $852.50M$748.10M | +14.0% |
| SG&A Expenses | $3.24B$2.88B | +12.3% |
| Operating Income | $2.24B$2.00B | +11.9% |
| Net Income | $1.54B$1.55B | −0.8% |
| EPS (Basic) | $14.30$14.47 | −1.2% |
| EPS (Diluted) | $14.20$14.35 | −1.0% |
| Shares Outstanding (Basic) | 107.40M107.10M | +0.3% |
| Shares Outstanding (Diluted) | 108.20M108.00M | +0.2% |
05—Questions
Frequently Asked Questions
How did Roper's revenue and profitability change in 2025?
Net revenues increased 12.3% to $7,902.5 million, and income from operations rose to $2,235.4 million from $1,996.8 million. Net earnings from continuing operations were $1,536.3 million, slightly below $1,549.3 million in 2024, as higher interest expense and lower equity investment gains offset operating gains. Diluted EPS was $14.20 compared with $14.35.
What acquisitions did Roper complete in 2025?
The filing describes the April 2025 acquisition of CentralReach for a purchase price of $1,850 million and the July 2025 acquisition of Subsplash for $800.0 million. Roper also completed nine acquisitions in total during 2025, including Convoy, Outgo, and Orchard Software, which were bolt-on acquisitions totaling $664.4 million.
How is Roper's debt position and capital return changing?
Total debt excluding unamortized issuance costs increased to $9,355.9 million at December 31, 2025, from $7,669.2 million, after a $2,000.0 million senior notes issuance and $725.0 million of net revolver borrowings. The Board authorized a $3,000.0 million share repurchase program in October 2025, of which $1,186.5 million remained available as of February 20, 2026. The quarterly dividend increased to $0.91 per share from $0.825.
What risks does the filing highlight regarding goodwill and the Indicor investment?
Goodwill totaled $21,341.2 million against total stockholders' equity of $19,881.5 million, and the filing notes that a write-off of a significant portion of goodwill would negatively affect results. Roper's minority stake in Indicor is carried at $796.3 million under the fair value option, and a hypothetical 10% decrease in its value would result in a non-cash charge of approximately $79.6 million.
06—Continue