01—Abstract
Summary
Summary of the 10-Q filed October 31, 2025. Cited figures are marked; the original filing is the authoritative source.
Roper Technologies, Inc. reported third-quarter 2025 net revenues of $2,017.5 milliona, up from $1,764.6 million a year earlier, with net earnings of $398.5 million (diluted EPS of $3.68, versus $3.40).
For the nine months ended September 30, 2025, net revenues were $5,843.9 millionb and net earnings were $1,107.9 million. Organic revenue growth was 6.0% for the quarter and 5.8% for the nine months, with acquisitions contributing 8.0% and 7.3% respectively. Segment operating margins were 32.3% for the quarter, and income from operations was $573.0 million for the quarter.
Backlog increased 4.9% to $3,174.0 millionc. Cash provided by operating activities rose to $1,802.3 million for the nine months, from $1,671.0 million. During the period the company acquired CentralReach for $1,850 million, Subsplash for $800.0 million, and several bolt-on businesses totaling $648.5 million, funded largely by borrowings.
Total debt, net of deferred financing costs, increased to $9,454.1 milliond from $7,623.0 million at December 31, 2024, and net debt to total net capital was 31.4% versus 28.3%. The company issued $2,000.0 million of senior notes in August 2025 and repaid $700.0 million of 2025 notes at maturity.
Subsequent to quarter end, in October 2025, the board approved a share repurchase program of up to $3,000.0 million of common stock with no fixed expiration. The filing notes that the OBBBA tax legislation 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 rose to $2,017.5 million in Q3 2025 from $1,764.6 million, with organic growth of 6.0% and acquisitions contributing 8.0%.
- Net earnings were $398.5 million in Q3 2025 versus $367.9 million, and diluted EPS was $3.68 versus $3.40.
- Nine-month net earnings were $1,107.9 million on net revenues of $5,843.9 million, compared with $1,087.0 million and $5,162.1 million a year earlier.
- Acquisitions of CentralReach ($1,850 million) and Subsplash ($800.0 million) were the largest transactions in 2025, alongside several bolt-on deals.
- Total debt rose to $9,454.1 million from $7,623.0 million at year-end 2024, and net debt to total net capital increased to 31.4% from 28.3%.
- Backlog increased 4.9% to $3,174.0 million at September 30, 2025.
- In October 2025, the board approved a share repurchase program of up to $3,000.0 million.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Roper Technologies kept $0.20.
- Revenue$2.02B100.0%
- Cost of revenue−$614.5M30.5%
- Gross profit$1.40B69.5%
- Operating costs−$830.0M41.1%
- Operating income$573.0M28.4%
- Interest, other & tax−$174.5M8.6%
- Net income$398.5M19.8%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 31, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $2.02B$1.76B | +14.3% |
| Cost of Revenue | $614.50M$542.90M | +13.2% |
| Gross Profit | $1.40B$1.22B | +14.8% |
| SG&A Expenses | $830.00M$725.10M | +14.5% |
| Operating Income | $573.00M$496.60M | +15.4% |
| Net Income | $398.50M$367.90M | +8.3% |
| EPS (Basic) | $3.70$3.43 | +7.9% |
| EPS (Diluted) | $3.68$3.40 | +8.2% |
| Shares Outstanding (Basic) | 107.60M107.20M | +0.4% |
| Shares Outstanding (Diluted) | 108.40M108.10M | +0.3% |
05—Questions
Frequently Asked Questions
What drove the increase in revenue this quarter?
Net revenues grew 14.3% to $2,017.5 million, with acquisitions contributing 8.0 percentage points and organic growth of 6.0%. Application Software grew 17.9%, led by Transact and CentralReach, and Network Software grew 12.6%, led by Subsplash.
How did the company fund its 2025 acquisitions and debt activity?
CentralReach was funded using borrowings under the unsecured revolving credit facility. In August 2025 Roper issued $2,000.0 million of senior notes, with proceeds used to repay part of the revolver and $700.0 million of 2025 notes repaid at maturity in September.
What is the new share repurchase program?
In October 2025 the board approved a program to repurchase up to $3,000.0 million of common stock through open market or privately negotiated transactions. It has no fixed expiration and may be suspended at the company's discretion.
How did the One Big Beautiful Bill Act affect the company?
The legislation repealed the requirement to capitalize and amortize domestic R&D expenditures, giving a cash tax benefit. The filing expects a full-year 2025 cash tax benefit of about $150 million and about $120 million in 2026, and it increased the third-quarter effective tax rate by about 3.1%.
06—Continue