IDEX (IEX) Q3 2026 Earnings Report
MX:IEX Q3 2026 EPS Results
- Actual EPS
- MXN 44.00
- Consensus EPS
- MXN 42.33
- Beat/Miss
- Beat by +MXN 1.66
- One Year Ago EPS
- MXN 38.33
MX:IEX Q3 2026 Revenue Results
- Actual Revenue
- MXN 17.97B
- Expected Revenue
- MXN 17.64B
- Beat/Miss
- Beat by +MXN 327.45M
- YoY Revenue Growth
- +8.31%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 28, 2026
IDEX's next earnings date is estimated for February 2, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive. The company delivered record adjusted EPS, exceeded third-quarter guidance across key measures, expanded margins, generated strong cash flow, improved leverage, and raised its full-year outlook. Growth was broadening beyond advantaged markets into industrial businesses, while the main challenges were limited to lumpy data-center order timing, flat life sciences growth due to a legacy-platform roll-off, declines in certain FMT markets, persistent inflation, and an expected seasonal fourth-quarter margin step-down.
For 2026, IDEXX raised its outlook to organic growth of 6.5% to 6.8%, up from 5% to 6%, adjusted EBITDA margin of 27.1% to 27.3%, and adjusted EPS of $8.91 to $8.96, up from $8.70 to $8.85, with double digit growth year over year at the midpoint; it continues to expect CapEx of approximately $110 million and free cash flow conversion of at least 100% for the full year, plans to maintain repurchases at around $75 million per quarter through the rest of 2026, and expects fourth quarter margins to step down sequentially due largely to fewer production days and planned maintenance shutdowns, while lower debt balances and higher interest income provide a modest tailwind. Looking further out, high-30s to 40% incrementals net of reinvestment remain the right framework, with HST growing high single digits through a cycle, industrial businesses outgrowing their markets, and high 30s to 40% incremental margins resulting in sustainable double digit earnings growth.
- Q3 Results Exceeded GuidanceThird-quarter results exceeded guidance on every key measure: organic revenue grew 8% versus the 5% to 7% range, adjusted EBITDA margin was 27.8% versus the 27% to 27.5% range, and adjusted EPS was $2.33 versus the $2.20 to $2.25 range.
- Record Earnings and Margin ExpansionAdjusted EPS reached a record $2.33, up 15% year over year. Adjusted EBITDA margin expanded 50 basis points to 27.8%, while adjusted gross margin expanded 70 basis points to 45.2%.
- Strong Year-to-Date PerformanceYear to date, organic sales increased 6%, adjusted EBITDA margin expanded 50 basis points, and adjusted EPS increased 14%.
- Record Orders and Broad-Based Order GrowthOrders totaled nearly $1 billion, growing 13% organically year over year and reaching a third-quarter record. Organic order growth occurred in all three segments, with HST orders up 21% to $468 million and FMT orders up 11% to $349 million. Book-to-bill remained above 1 times.
- Segment Revenue GrowthThird-quarter organic sales grew 13% in HST, 4% in FMT, and 6% in FSDP. Growth was driven primarily by volume with a positive price contribution.
- Advantaged Markets Driving HST GrowthData centers, semiconductors, space and defense, and water continued to lead growth. HST volumes benefited from semiconductor original equipment and consumables, data-center applications, and space and defense. The advantaged data-center, semiconductor, and space-and-defense areas now represent more than a third of the HST portfolio and have grown approximately 50% year to date.
- Strong HST Orders and Margin PerformanceHST organic orders grew 21% to a third-quarter record, while organic sales grew 13%. HST adjusted EBITDA margin expanded 110 basis points to 28.8%, driven mostly by volume leverage, with flow-through in the high 30s.
- Mott and Muon Growth Through Platform TunabilityMuon grew 20% organically year to date, driven by strength in its advantaged markets, and margins advanced further. Mott benefited from strong mix and early traction on continuous-improvement work. The company also described applications of existing capabilities in semiconductor manufacturing, data-center optical switching, and space-related RF antennas.
- FMT Growth and Improving Industrial DemandFMT organic sales grew 4%, ahead of the plan for a relatively flat revenue year. Demand broadened across industrial businesses, while indicators in agriculture and energy stabilized or improved. FMT adjusted EBITDA margin expanded 20 basis points to 33.9% as productivity and volume leverage offset mix headwinds.
- Municipal and Intelligent Water MomentumThe intelligent water platform grew at a high-single-digit rate in the third quarter. The company showcased the integration of flow monitoring, robotic pipe inspection, AI-enabled software, and rehabilitation tools through the iDx cloud platform to provide municipalities with diagnostic analytics.
- FSDP Growth and Margin ExpansionFSDP organic sales grew 6%, with all three businesses growing. BAND-IT led growth on strong aerospace demand, and dispensing returned to growth as comparisons became easier in the second half. FSDP adjusted EBITDA margin expanded 140 basis points to 28.5%, driven by productivity, volume leverage, and mix.
- Positive Price-Cost ManagementPrice cost was positive on a dollar basis again in the quarter. Targeted pricing and productivity kept the company ahead of inflation, and pricing represented approximately 2% of overall top-line growth in 2026.
- Strong Cash Flow and LiquidityFree cash flow was $214 million, up 14%, representing 124% conversion. The company ended the quarter with more than $1.2 billion of liquidity.
- Improved Leverage and Shareholder ReturnsGross leverage improved to 1.8 times from 2.1 times a year ago, supported by strong cash flow and earnings growth. The company paid $54 million in dividends and repurchased $75 million of shares during the quarter.
- Raised 2026 GuidanceThe company raised its 2026 organic growth outlook to 6.5% to 6.8% from 5% to 6%, tightened its adjusted EBITDA margin expectation to 27.1% to 27.3%, and raised adjusted EPS guidance to $8.91 to $8.96 from $8.70 to $8.85. The midpoint represents double-digit year-over-year growth.
- Cash Flow and Capital Investment OutlookThe company continues to expect approximately $110 million of capital expenditures and free cash flow conversion of at least 100% for the full year. It plans to maintain share repurchases at approximately $75 million per quarter through the rest of 2026, with flexibility to repurchase more based on leverage, bolt-on M&A, and portfolio decisions.
- Active Bolt-On M&A PipelineThe M&A pipeline remains active and focused on bolt-ons that attach to existing growth platforms. Management said proprietary discussions are occurring aggressively, particularly around technologies, capabilities, and access points that can expand the company's platform tunability.
- Durable Growth Strategy and Incremental MarginsManagement said its strategy is working and expects HST to grow at a high-single-digit rate through a cycle, with industrial businesses outgrowing their markets. The company continues to view high-30s to 40% incrementals net of reinvestment as the appropriate framework.
- Life Sciences Innovation PipelineManagement said innovation activity across life sciences customers has been healthy for well over a year, with products at various stages of development and launch. The company also described AI as a potentially significant opportunity to accelerate analysis, decision-making, and regulatory processes.
MX:IEX Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 02, 2027 | 2026 (Q4) | 43.37- | 39.65 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 42.3344.00 | 38.33 | 14.78% (+5.66) | |
| Jul 29, 2026 | 2026 (Q2) | 39.7843.81 | 39.09 | 12.08% (+4.72) | |
| Apr 29, 2026 | 2026 (Q1) | 33.4037.76 | 33.04 | 14.29% (+4.72) | |
| Feb 04, 2026 | 2025 (Q4) | 38.5439.65 | 38.52 | 2.94% (+1.13) | |
| Oct 29, 2025 | 2025 (Q3) | 36.4438.33 | 35.88 | 6.84% (+2.45) | |
| Jul 30, 2025 | 2025 (Q2) | 37.5839.09 | 38.9 | 0.49% (+0.19) | |
| May 01, 2025 | 2025 (Q1) | 30.9933.04 | 35.5 | -6.91% (-2.45) | |
| Feb 04, 2025 | 2024 (Q4) | 38.1838.52 | 34.55 | 11.48% (+3.97) | |
| Oct 29, 2024 | 2024 (Q3) | 35.6335.88 | 40.03 | -10.38% (-4.15) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
