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VeraltoVLTO

Legal name
Veralto Corporation
Sector
Energy
Industry
Instruments For Meas & Testing of Electricity & Elec Signals
Exchange
NYSE

Stock Price $VLTO

Latest filings

You are here#69 of 87 in Industrials by market cap

Filing record · 2023–202610-K310-Q108-K28

VLTO filed 3 annual reports (10-K), 10 quarterly reports (10-Q) and 28 current reports (8-K) between 2023 and 2026.

  1. Change in control8-K · Oct ’23Oct ’23
  2. Leadership change8-K · Jul ’24Jul ’24
  3. Material agreement8-K · Jun ’26Jun ’26

01—Key figures

Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026

Revenue Trend

Year-over-year comparison from 10-K annual reports

  6. $4.41B
YoY changeLargest recent move−20.9%in FY25Latest +7.3%

Latest bar from 10-KFY2026Click a bar to open its SEC filing

View full history →
All VLTO Financial Metrics58 metrics

Income Statement14

Balance Sheet26

Cash Flow13

Per Share5

02—Overview

Veralto Financial Overview 2023–2025

Updated Nov 4, 2026

Veralto's FY2025 operating cash flow jumped to $1.08 billiona from $875 million, a gain of roughly 23% on sales that grew just 6.0%. That gap is the story. This water and product-quality business turns repeatable demand into outsized cash and earnings. Net earnings rose to $940 million from $833 million, lifting diluted EPS to $3.76 from $3.34.

The long arc is steady rather than spectacular. Sales grew from $5,021 million in FY2023 to $5.50 billionb in FY2025. Core growth accelerated from 2.6% to 4.7% over the same span. Gross margin widened from 57.8% to 59.8% in FY2024, while operating margin stayed near 23%, finishing at 23.2% in FY2025. Recurring revenue rose from about 59% of sales to about 61%. The balance sheet gives it room: $2.03 billion of cash at year-end FY2025 against $2.67 billion of total debt, with a $1.5 billion revolver undrawn. The quarterly dividend climbed to $0.13 from $0.09 over the period.

Investors paid for that consistency. Shares closed FY2025 at $99.78c, a market cap of $24.8 billion. Capital allocation has since turned more aggressive. A $750 million buyback was authorized in November 2025, and the $427 million In-Situ deal closed in January 2026. Operating margin slipped to 23.8% from 24.2% in Q1 2026 as acquisition costs landed.

Recent Developments (Q2 and Q3 2026)

Growth firmed through Q3 2026. Core sales rose 5.1%, up from 1.9% in Q1 2026, led by Water Quality at 6.4%. Sales reached $1,509 milliond, up 7.5%. GAAP operating margin fell to 19.7% from 23.2% on a Danaher tax indemnification reduction and restructuring costs. Adjusted margin rose to 25.6% from 23.9%. Management raised FY2026 adjusted EPS guidance twice, to $4.49–$4.52. Veralto refinanced its $700 million 2026 notes with $725 million of 4.850% notes due 2032, and closed the $465 million Cleanwater1 deal on October 5, 2026. GlobalVision closed in April 2026.

The bull case: guidance keeps rising, and free cash flow conversion is now targeted above 105%. The bear case: at 36.7x earnings as of the October 29, 2026 report date, the stock leaves little room for error, while debt rose to $2,920 millione and tariffs and Middle East conflict add uncertainty.

What to watch: Q4 2026 core growth of 5.5%–6.5%; integration of Cleanwater1 and the pace of restructuring savings

03—Filings

Recent SEC Filings

  1. 8-KVeralto 8-K Report, Financial Results (Oct 29, 2026)Veralto Corporation (NYSE: VLTO) reported results for the third quarter ended October 2, 2026, in a press release furnished as Exhibit 99.1 to this Form 8-K under Item 2.02. Sales rose 7.5% year-over-year to $1,509 million, with non-GAAP core sales growth of 5.1%. Operating profit margin was 19.7% on a GAAP basis and 25.6% on a non-GAAP adjusted basis. Net earnings were $253 million, or $1.03 per diluted share, while non-GAAP adjusted net earnings were $290 million, or $1.18 per diluted share. Operating cash flow was $323 million and non-GAAP free cash flow was $304 million. Year to date, the company deployed $1.1 billion on four strategic acquisitions (In-Situ, GlobalVision, Alfaa UV and Cleanwater1, which closed October 5, 2026) and repurchased $550 million of shares, or 2.4% of outstanding shares. Management raised its full-year 2026 guidance: non-GAAP core sales growth is now 4.2% to 4.5%, adjusted operating margin is expected to expand about 50 basis points, and adjusted diluted EPS is now $4.49 to $4.52, up from $4.35 to $4.43. Free cash flow conversion guidance was raised to greater than 105% of GAAP net earnings. For the fourth quarter, management expects core sales growth of 5.5% to 6.5% and adjusted diluted EPS of $1.13 to $1.16. The quarter's GAAP results included a $39 million reduction of tax indemnification tied to a settled tax audit for pre-separation periods, along with $22 million of restructuring costs related to the 2026 Cost Optimization Program. Management attributed the core sales growth to Water Quality, which grew 6.4% in core sales, while Product Quality and Innovation grew 3.2%.
  2. 8-KVeralto 8-K Report, Financial Results (Jul 28, 2026)Veralto Corporation (NYSE: VLTO) reported second quarter 2026 results for the quarter ended July 3, 2026, per Exhibit 99.1 press release furnished under Item 2.02. Sales increased 7.6% year-over-year to $1,474 million, with non-GAAP core sales growth of 4.2%, led by Water Quality at 5.7% core growth and Product Quality and Innovation (PQI) at 2.0%. GAAP net earnings were $241 million, or $0.98 per diluted share, versus $222 million, or $0.89 per diluted share, a year earlier. Non-GAAP adjusted net earnings were $274 million, or $1.11 per diluted share, and results include benefits of approximately $0.05 per share from recoveries of tariffs previously collected under the International Emergency Economic Powers Act (IEEPA). Operating cash flow was $340 million and non-GAAP free cash flow was $328 million, compared with $339 million and $323 million in the prior-year quarter. GAAP operating profit margin was 21.4%, and adjusted operating profit margin was 24.6%. Management cited bolt-on acquisitions, including In-Situ, GlobalVision and Alfaa UV, along with opportunistic share repurchases. For guidance, Veralto raised full-year 2026 non-GAAP core sales growth to 4.0% to 4.5% (from 3.0% to 4.5%) and raised adjusted diluted EPS guidance to $4.35 to $4.43 (from $4.20 to $4.28). For the third quarter, it expects core sales growth of 4.0% to 5.0% and adjusted diluted EPS of $1.06 to $1.09. Management expects second-half total core sales growth to accelerate to approximately 5% to 6%.
  3. 8-KVeralto 8-K Report, Material Agreement (Jun 1, 2026)Veralto Corporation (VLTO) issued $725,000,000 aggregate principal amount of 4.850% Senior Notes due 2032 on June 1, 2026, in an underwritten offering registered under its Form S-3ASR filed October 24, 2024. The notes mature January 15, 2032, with semi-annual interest payable January 15 and July 15, beginning January 15, 2027. The Company received net proceeds of approximately $718.8 million after the underwriting discount and estimated offering expenses, and intends to use them for general corporate purposes, which may include refinancing outstanding indebtedness, working capital, capital expenditures and other obligations. The notes are general unsecured, unsubordinated obligations that rank equally with the Company's existing and future unsecured senior debt. They are effectively subordinated to secured debt to the extent of the collateral value and structurally subordinated to all liabilities of the Company's subsidiaries. The indenture, with Deutsche Bank Trust Company Americas as trustee, restricts secured debt liens, sale and leaseback transactions, and certain consolidations, mergers or asset transfers. Investors should note the redemption terms: before December 15, 2031, the Company may redeem the notes at the greater of par or a make-whole price based on the Treasury Rate plus 15 basis points, and on or after that date at 100% of principal plus accrued interest. Holders may require repurchase at 101% of principal plus accrued interest upon a change of control triggering event. The offering was underwritten by BofA Securities, Citigroup Global Markets and J.P. Morgan Securities under an underwriting agreement dated May 27, 2026.
  4. 8-KVeralto 8-K Report, Shareholder Vote Results (May 14, 2026)Veralto Corporation (VLTO) held its 2026 annual meeting of shareholders on May 13, 2026, and filed this Current Report on Form 8-K under Item 5.07 to disclose the results of the shareholder votes. Shareholders elected four Class III directors, Jennifer L. Honeycutt, Linda Filler, Heath A. Mitts, and Thomas L. Williams, each to a one-year term expiring at the 2027 annual meeting. Honeycutt received the most votes in favor, at 213,266,768, while the other three nominees each received roughly 208 million votes in favor. Shareholders also ratified Ernst & Young LLP as the Company's independent registered public accounting firm for the year ending December 31, 2026, with 221,833,179 votes for, 1,608,856 against, and 750,335 abstaining. In a non-binding advisory vote, shareholders approved the named executive officer compensation, with 198,758,419 votes for, 15,819,308 against, and 292,194 abstaining, and 9,322,449 broker non-votes. The filing's only exhibit is a cover page interactive data file formatted as inline XBRL.
  5. 8-KVeralto 8-K Report, Financial Results (Apr 28, 2026)Veralto Corporation (NYSE: VLTO) reported first quarter 2026 results for the quarter ended April 3, 2026, as furnished in Exhibit 99.1 under Item 2.02. Sales increased 6.7% year-over-year to $1,422 million, with non-GAAP core sales growth of 1.9%. GAAP net earnings were $254 million, or $1.02 per diluted share, compared with $225 million, or $0.90 per diluted share, in the prior-year period. Non-GAAP adjusted net earnings were $266 million, or $1.07 per diluted share, and operating cash flow was $182 million, with non-GAAP free cash flow of $170 million. The company deployed roughly $1 billion year-to-date on strategic acquisitions and share repurchases, including completed acquisitions of In-Situ and GlobalVision for about $620 million and $300 million of repurchases. Veralto also initiated a cost optimization program, expecting a charge of $85 to $105 million and annual savings of $65 to $75 million by 2028. Management raised full-year 2026 adjusted diluted EPS guidance to $4.20 to $4.28 from $4.10 to $4.20, and expects non-GAAP core sales growth of 3.0% to 4.5% for the year and second-quarter core sales growth of 3.0% to 4.0%. For the second quarter, guidance calls for adjusted diluted EPS of $0.96 to $1.00 and an adjusted operating profit margin of approximately 23.5%. Management stated that it expects core sales growth to accelerate as the year progresses and that the balance sheet provides flexibility for further acquisitions and share repurchases.
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04—See also

Related Companies

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