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VLTO · Veralto

3 filings

10-K

VLTO 10-K Annual Reports

Veralto - 3 annual reports

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

2025
Veralto Annual Report, Year Ended Dec 31, 2025
Veralto Corporation (NYSE: VLTO) reported 2025 sales of $5.50 billion, up from $5.19 billion in 2024, with core sales growth of 4.7% and currency exchange rates adding 1.2% to reported sales. Operating profit rose to $1.28 billion from $1.21 billion, while the operating profit margin was 23.2% versus 23.3% in 2024. Net earnings were $940 million, or $3.76 per diluted share, compared with $833 million, or $3.34 per diluted share, in 2024. The Water Quality segment generated $3.32 billion in sales and a 25.4% operating margin, and the Product Quality & Innovation segment generated $2.18 billion in sales and a 25.2% operating margin. Approximately 61% of total sales were recurring. Cash flow and balance sheet were strong. Net cash provided by operating activities was $1.08 billion, up from $875 million, and cash and cash equivalents reached $2.03 billion at year end. Total debt was $2.67 billion, including a $700 million note due in September 2026. The company paid $109 million in dividends during 2025 and raised its quarterly dividend to $0.13 per share from $0.11. The Board approved a $750 million share repurchase program in November 2025, but no shares were repurchased during 2025. On January 22, 2026, the company completed the acquisition of In-Situ, Inc. for approximately $427 million in cash, net of cash acquired, which will be included in the Water Quality segment. The filing identifies tariffs, trade policy, competition, and foreign currency as the principal risks. Approximately 56% of 2025 sales came from customers outside the United States. Management concluded that internal control over financial reporting was effective as of December 31, 2025, and Ernst & Young LLP issued an unqualified opinion. The auditor's critical audit matter was goodwill impairment, and no impairment was recorded in 2025.
Feb 20, 2026
2024
Veralto Annual Report, Year Ended Dec 31, 2024
Veralto Corporation (NYSE: VLTO) reported 2024 sales of $5.19 billion, up 3.4% from $5.02 billion in 2023, with core sales growth of 3.7%. Gross profit margin rose to 59.8% from 57.8%, and operating profit reached $1.21 billion, or a 23.3% operating margin versus 22.7% in 2023. Net earnings were $833 million, or $3.34 per diluted share, compared with $839 million, or $3.40 per diluted share, in 2023. Management attributed the earnings decline to higher operating expenses, standalone public company costs and post-separation interest expense, which rose to $113 million from $30 million. The company operates through two segments: Water Quality (sales of $3.14 billion, operating profit margin of 24.5%) and Product Quality & Innovation (sales of $2.06 billion, operating profit margin of 25.7%). Recurring revenue was $3.15 billion, or about 61% of sales according to the Business section. Balance sheet and cash flow highlights: cash and equivalents rose to $1.10 billion, long-term debt was $2.60 billion, and operating cash flow was $875 million, down $88 million from 2023. Cash paid for acquisitions was $363 million, mainly for TraceGains, acquired in October 2024 for approximately $349 million net of cash acquired. The company paid $89 million in dividends in 2024. In December 2024 the Board raised the quarterly dividend to $0.11 per share from $0.09. For 2025, management expects continued growth in Water Quality, led by industrial water treatment in North America and partly offset by weakness in China, and continued growth in Product Quality & Innovation, driven by improved consumer packaged goods demand.
Feb 25, 2025
2023
Veralto Annual Report, Year Ended Dec 31, 2023
Veralto Corporation (NYSE: VLTO) filed this Form 10-K for fiscal 2023 following its separation from Danaher, completed on September 30, 2023, through a pro rata distribution to Danaher stockholders. The Company operates through two segments: Water Quality (Hach, Trojan Technologies, ChemTreat), which generated $3,039 million of 2023 sales, and Product Quality & Innovation (Videojet, Linx, Esko, X-Rite, Pantone), which generated $1,982 million. Total 2023 sales were $5,021 million, up 3.1% from $4,870 million in 2022, with core sales up 2.6%. Recurring sales were approximately 59% of total sales. Gross profit margin rose to 57.8% from 56.7%, while operating profit margin was 22.7% versus 22.8% in 2022. Net earnings were $839 million, or $3.40 per diluted share, compared with $845 million, or $3.43, in 2022. The balance sheet changed materially with the separation. The Company issued approximately $2.1 billion of U.S. dollar senior unsecured notes and €500 million of euro notes, and paid $2.6 billion to Danaher as consideration for the contributed net assets. Long-term debt was $2,629 million at December 31, 2023, cash and equivalents were $762 million, and the company has a $1.5 billion revolving Credit Facility that was undrawn at year-end. Operating cash flow was $963 million. The Company declared its first quarterly dividend of $0.09 per share, paid January 31, 2024. The Company also disclosed a $15 million impairment of an equity method investment and interest expense of $30 million for 2023. The filing's outlook for 2024 expects continued growth in North America, Western Europe and Latin America in Water Quality, partly offset by weakness in China, and stabilization in the consumer packaged goods market in Product Quality & Innovation with modest recovery in the second half of 2024. Investors should weigh the company's new leverage and its continuing indemnification obligations to Danaher against its recurring revenue base and cash generation.
Feb 28, 2024