Ametek Inc/ (AME) · Nov 3, 2026 · Earnings
Beat — Adjusted EPS $2.21 vs ~$2.11 consensus
AMETEK’s third-quarter earnings beat expectations, while new 2026 guidance rises well above the prior range after the Indicor acquisition.
AMETEK is in an acquisition-led expansion phase: it recently closed the roughly $5 billion Indicor Instrumentation deal, funded with new borrowing, while trying to preserve its long-running pattern of organic growth and margin expansion. The quarter beat on both execution and scale. Adjusted diluted EPS reached $2.21 versus a published consensus near $2.11, while revenue of $2.22 billion topped expectations near $2.12 billion; the filing also says adjusted earnings rose 17% year over year.
| Figure | Q3 2026 | Q3 2025 | Consensus / prior guide |
|---|---|---|---|
| Net sales (Financial Statements) | $2.220B (+17%) | $1.893B | ~$2.12B consensus |
| Adjusted diluted EPS (Non-GAAP reconciliation) | $2.21 (+17%) | $1.89 | ~$2.11 consensus |
| Adjusted operating margin (Non-GAAP reconciliation) | 26.8% (+60 bps) | 26.2% | 26.8% Q3 guide implied by results |
| Free cash flow (Non-GAAP reconciliation) | $527.4M (+26%) | $420.0M | — |
| FY26 adjusted diluted EPS guidance (Forecasted EPS) | $8.53–$8.57 | — | $8.20–$8.30 prior guide |
The more important surprise is the guidance reset. AMETEK raised full-year adjusted EPS guidance by roughly 4% at the midpoint, to $8.53–$8.57, above the market’s roughly $8.4 expectation. The increase reflects not just the completed Indicor contribution but also stronger underlying execution: the filing says sales growth was broad based, operating cash flow rose 27%, and free-cash-flow conversion reached 124%. 〔0〕
Both operating segments are reinforcing the same story. Electronic Instruments grew sales 16% with adjusted operating income up 15%, while Electromechanical grew sales 20% and adjusted operating income 29%; EMG’s 210-basis-point core margin expansion is particularly strong. 〔1〕
The balance sheet shows the cost of the strategy, but not a fresh deterioration in the quarter. Long-term debt rose to $6.03 billion from $1.07 billion at year-end as the Indicor transaction moved onto the balance sheet, while cash increased to $666 million. That leverage is the main execution burden, but this filing makes the acquisition look immediately accretive to growth and guidance rather than a drag on near-term results.
Bottom line: This is more than a routine earnings beat: AMETEK is converting the Indicor acquisition into faster growth while raising its profit outlook above both its prior guide and market expectations. The business story strengthens, though the larger debt load makes integration and cash generation more important from here.
Q4 results and 2027 outlook
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