The quarter was close to expectations, not a clean beat. Adjusted EPS of $2.74 was modestly above the published consensus of about $2.72, but revenue of $2.19 billion came in below roughly $2.21 billion expected.
| Metric | Q2 2026 | Q2 2025 | Versus expectation |
|---|---|---|---|
| Revenue | $2.190B | $2.050B | ~$2.21B consensus |
| Organic revenue growth | 4.8% | 4.8% | — |
| Adjusted diluted EPS | $2.74 | $2.44 | ~$2.72 consensus |
| GAAP diluted EPS | $2.31 | $2.03 | — |
| Total bookings | $2.464B | $2.009B | — |
| Adjusted segment EBITDA margin | 25.9% | 25.1% | — |
Demand breadth and margins were the real positives. All five segments posted positive organic growth, while total bookings jumped 22% year over year and exceeded revenue, implying better near-term order visibility. Adjusted segment EBITDA margin expanded to 25.9% from 25.1%, showing that operating leverage more than offset input-cost pressure. (Revenue Growth Factors) (Bookings) (Adjusted Segment EBITDA)
The top-line miss keeps the result from qualifying as a broad earnings beat. Organic growth was 4.8%, essentially the same as the company’s reported 5% headline figure, but the revenue outcome still lagged consensus. Growth was concentrated in Clean Energy & Fueling and Climate & Sustainability Technologies, while Pumps & Process Solutions was nearly flat organically and Imaging & Identification declined slightly year to date. (Revenue Growth Factors) (Segment results)
The guidance raise was largely an update, not a major upside reset. Full-year adjusted EPS guidance increased to $10.55–$10.75 from the prior $10.45–$10.65 range, but the new midpoint of $10.65 was virtually equal to the published consensus of about $10.64. (Adjusted EPS Guidance Reconciliation)
Net read: operationally solid, expectation-wise mixed. Strong bookings, broader segment growth, and better margins support the second half, but the revenue miss and guidance midpoint that barely exceeds consensus leave the filing closer to in line than a material upside surprise. Cash generation also improved year to date, with free cash flow of $319.6 million versus $260.7 million a year earlier. (Quarterly Free Cash Flow)
Read the original 8-K on SEC EDGAR ↗