01—Abstract
Summary
Summary of the 10-Q filed August 1, 2025. Cited figures are marked; the original filing is the authoritative source.
Roper Technologies, Inc. reported net revenues of $1,943.6 milliona for the three months ended June 30, 2025, compared with $1,716.8 million in the prior-year quarter, and net earnings of $378.3 million versus $337.1 million.
For the six months, net revenues were $3,826.4 millionb and net earnings were $709.4 million. Diluted earnings per share were $3.49 for the quarter and $6.55 for the six months. Organic revenue growth was 6.7% for the quarter and 5.8% for the six months, with acquisitions contributing the remainder of the growth.
Segment results were mixed: Application Software grew 17.5% in the quarter, Network Software grew 5.8%, and Technology Enabled Products grew 10.1%. The company's balance sheet grew substantially through acquisitions during the period. Goodwill rose to $20,507.6 millionc and total assets reached $33,220.4 million at June 30, 2025.
Total debt, net of deferred financing costs, increased to $8,859.0 milliond from $7,623.0 million at December 31, 2024, primarily from borrowings under the revolving credit facility to fund the CentralReach acquisition. Net debt as a percentage of total net capital rose to 30.5% from 28.3%. Cash provided by operating activities was $932.8 million for the six months, up from $915.6 million.
Subsequent to the quarter, the company disclosed three acquisitions completed in late July 2025: Subsplash (approximately $800 million), Orchard Software (approximately $175 million), and Convoy (approximately $250 million). The filing also states that the enacted One Big Beautiful Bill Act is expected to provide a full-year 2025 cash tax benefit of approximately $150 million, with approximately $120 million expected in 2026.
02—Key points
Key Highlights
- Net revenues were $1,943.6 million in Q2 2025, up from $1,716.8 million in Q2 2024; six-month net revenues were $3,826.4 million versus $3,397.5 million.
- Net earnings were $378.3 million for Q2 2025 versus $337.1 million a year earlier; diluted EPS was $3.49 versus $3.12.
- Organic revenue growth was 6.7% for the quarter and 5.8% for the six months, with the balance of growth attributed to acquisitions and foreign exchange.
- CentralReach was acquired on April 23, 2025 for a purchase price of $1,850 million, funded with revolving credit facility borrowings and reported in the Application Software segment.
- Total debt, net of deferred financing costs, rose to $8,859.0 million from $7,623.0 million at December 31, 2024; net debt to total net capital was 30.5%, up from 28.3%.
- Backlog increased 4.4% to $2,961.3 million at June 30, 2025, led by Application Software, partly offset by a decline in Technology Enabled Products.
- Three acquisitions were completed in late July 2025 (Subsplash, Orchard Software and Convoy), with the revolving credit facility funding the transactions.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2025, Roper Technologies kept $0.19.
- Revenue$1.94B100.0%
- Cost of revenue−$598.2M30.8%
- Gross profit$1.35B69.2%
- Operating costs−$797.1M41.0%
- Operating income$548.3M28.2%
- Interest, other & tax−$170.0M8.7%
- Net income$378.3M19.5%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed August 1, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $1.94B$1.72B | +13.2% |
| Cost of Revenue | $598.20M$523.50M | +14.3% |
| Gross Profit | $1.35B$1.19B | +12.7% |
| SG&A Expenses | $797.10M$699.10M | +14.0% |
| Operating Income | $548.30M$494.20M | +10.9% |
| Net Income | $378.30M$337.10M | +12.2% |
| EPS (Basic) | $3.52$3.15 | +11.7% |
| EPS (Diluted) | $3.49$3.12 | +11.9% |
| Shares Outstanding (Basic) | 107.60M107.10M | +0.5% |
| Shares Outstanding (Diluted) | 108.40M107.90M | +0.5% |
05—Questions
Frequently Asked Questions
How did Roper's revenue and earnings perform in the second quarter of 2025?
Net revenues rose to $1,943.6 million from $1,716.8 million, and net earnings rose to $378.3 million from $337.1 million. Diluted EPS was $3.49 compared with $3.12. Organic revenue growth was 6.7% for the quarter.
What drove the growth in Application Software?
Segment net revenues grew 17.5% to $1,094.9 million, led by acquisitions of Transact and CentralReach. Organic revenue growth was 6.5%, broad-based across the segment and led by acute healthcare, property and casualty insurance, and legal markets.
How much debt does Roper carry after its recent acquisitions?
Total debt, net of deferred financing costs, was $8,859.0 million at June 30, 2025, compared with $7,623.0 million at December 31, 2024. This included $1,400.0 million outstanding under the $3,500.0 million unsecured revolving credit facility and $7,500.0 million of fixed-rate senior notes before deferred financing costs.
What tax benefit is expected from the One Big Beautiful Bill Act?
The filing states the act, enacted July 4, 2025, is expected to provide a full-year 2025 cash tax benefit of approximately $150 million and approximately $120 million in 2026, mainly from repealing the requirement to capitalize and amortize domestic R&D expenditures.
06—Continue