SPX Technologies Inc. (NYSE: SPXC), founded in 1911, is an industrial company that designs and manufactures advanced engineered solutions for HVAC, power generation, and process applications. Its revenue is generated from diversified products such as centrifugal compressors and precision filtration systems along with strong aftermarket services. Under the leadership of CEO Gary P. McGann, the company holds an estimated 10-12% market share in key segments and competes robustly through technological innovation and service excellence. With strategic investments in digital solutions and market expansion, SPX Technologies is positioning itself for sustainable future growth.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
2,265,100
1,983,900
1,741,200
1,460,900
Cost of Sales
1,347,400
1,184,500
1,071,200
937,000
Gross Profit
917,700
799,400
670,000
523,900
Selling, General & Administrative Expenses
477,600
414,600
394,400
355,700
Depreciation & Amortization Expenses
87,400
64,500
43,900
28,500
Other Operating Expenses
2,300
12,000
9,800
88,700
Operating Profit
350,400
308,300
221,900
51,000
Interest and Investment Income
4,800
2,100
1,700
1,700
Interest Expense
(48,100)
(45,700)
(27,200)
(9,300)
Non-Operating Income
7,000
(9,300)
(10,100)
(16,300)
Total Non-Operating Income
(36,300)
(52,900)
(35,600)
(23,900)
Income Before Provision for Income Taxes
314,100
255,400
186,300
27,100
Provision for Income Taxes
68,600
53,600
41,600
7,300
Consolidated Net Income
245,500
201,800
144,700
19,800
Net Income Attributable to Discontinued Operations
(3,000)
(2,600)
(109,600)
(39,200)
Net Income Attributable to Common Shareholders
244,000
200,500
89,900
200
Basic EPS
5.10
4.34
1.97
0.00
Diluted EPS
5.03
4.26
1.93
0.00
Basic Weighted Average Shares Outstanding
47,830
46,187
45,545
45,345
Diluted Weighted Average Shares Outstanding
48,511
47,078
46,612
46,221
Shares Outstanding
49,867
46,368
45,675
45,292
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
364,000
156,900
99,400
147,800
Total Cash and Cash Equivalents
364,000
156,900
99,400
147,800
Accounts Receivable
422,200
324,900
296,400
287,400
Total Trade Receivables
422,200
324,900
296,400
287,400
Inventories
302,200
271,000
276,700
244,000
Other Current Assets
55,300
31,500
37,100
41,900
Total Current Assets
1,143,700
784,300
709,600
721,100
Net Property, Plant & Equipment
290,800
218,000
140,500
109,900
Net Intangible Assets
868,200
703,000
680,800
401,600
Goodwill
1,043,400
834,500
704,800
455,300
Other Long-Term Assets
258,500
174,700
204,000
243,000
Total Assets
3,604,600
2,714,500
2,439,700
1,930,900
Accounts Payable
145,200
128,100
118,700
124,500
Accrued Expenses
185,200
170,800
168,500
148,000
Short-Term Debt
1,400
10,100
17,900
1,800
Current Portion of Long-Term Debt
3,500
27,600
17,300
2,000
Unearned Revenue
115,800
62,300
73,500
52,800
Other Current Liabilities
10,000
19,400
5,300
4,700
Total Current Liabilities
461,100
418,300
401,200
333,800
Long-Term Debt
496,700
577,000
523,100
243,000
Other Long-Term Liabilities
409,300
334,800
320,800
274,900
Total Long-Term Liabilities
906,000
911,800
843,900
517,900
Total Liabilities
1,367,100
1,330,100
1,245,100
851,700
Common Stock
600
500
500
500
Treasury Stock
(444,600)
(452,000)
(458,900)
(465,500)
Additional Paid-in Capital
1,938,200
1,373,500
1,353,600
1,338,300
Accumulated Other Comprehensive Income
260,500
223,600
261,100
257,500
Retained Earnings
482,800
238,800
38,300
(51,600)
Total Common Shareholders' Equity
2,237,500
1,384,400
1,194,600
1,079,200
Total Shareholders' Equity
2,237,500
1,384,400
1,194,600
1,079,200
Total Liabilities and Shareholders' Equity
3,604,600
2,714,500
2,439,700
1,930,900
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
244,000
200,500
89,900
200
Depreciation & Amortization
122,600
91,600
63,200
46,400
Share-Based Compensation Expense
16,700
15,000
13,400
10,900
Other Adjustments
51,900
(1,900)
(66,700)
(84,100)
Changes in Trade Receivables
(81,800)
2,100
30,600
(300)
Changes in Inventories
2,800
9,100
(3,100)
(53,400)
Changes in Accounts Payable
24,700
(4,300)
7,000
(73,700)
Changes in Other Operating Activities
(50,600)
(28,800)
(35,400)
(22,000)
Cash from Operating Activities
333,300
285,900
208,500
(136,800)
Capital Expenditure
(92,100)
(38,000)
(23,900)
(15,900)
Proceeds from Sale of Property, Plant & Equipment
—
3,600
—
—
Payments for Business Acquisitions
(445,000)
(292,000)
(547,000)
(40,000)
Other Investing Activities
(23,900)
41,900
700
(10,200)
Cash from Investing Activities
(561,000)
(284,500)
(570,200)
(66,100)
Issuance of Short-Term Debt
1,258,000
656,800
1,047,100
245,000
Repayments of Short-Term Debt
(1,371,600)
(600,800)
(734,500)
(243,700)
Net Issuance / (Repayments) of Short-Term Debt
(113,600)
56,000
312,600
1,300
Issuance of Common Shares
551,100
—
—
—
Repurchases of Common Shares
—
—
—
(33,700)
Net Issuance / (Repurchases) of Common Shares
551,100
—
—
(33,700)
Other Financing Activities
(12,000)
(2,900)
(3,000)
(6,500)
Cash from Financing Activities
425,500
53,100
309,600
(38,900)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
6,800
2,000
(100)
2,900
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash