Fortive Corporation (NYSE: FTV) supplies industrial instruments, safety and facility-management software, and healthcare equipment, software and services. Following the June 28, 2025 Ralliant separation, its continuing businesses comprise Intelligent Operating Solutions and Advanced Healthcare Solutions.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001659166-24-000046 | Feb 27, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001659166-25-000024 | Feb 25, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001659166-26-000007 | Feb 25, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Fortive’s continuing businesses improved during the first half of 2026, but the earnings headline needs qualification. In 2025, growth was primarily pricing-led, volumes declined and operating profit barely increased; lower interest expense and improved non-operating results supported net earnings. Subsequent quarterly results showed stronger volume growth, although additional selling days helped the first quarter. Second-quarter margin expansion also benefited from lower restructuring expense, amortization relative to sales and tariff-refund recognition. Buybacks amplified per-share earnings and exceeded continuing operating cash generation, while debt increased. Ralliant’s separation is complete, but tax and indemnification exposures remain. The resulting picture is a smaller industrial and healthcare technology company with improving continuing operations, substantial acquisition-related intangible assets and continuing dependence on capital-allocation discipline and refinancing access.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-04-03 · 10-Q · 2026-07-03 · EX-99.1 · 2026-07-29
Intelligent Operating Solutions, or IOS, combines Fluke instrumentation, connected-worker safety and facility/asset-lifecycle software, including ServiceChannel, Gordian, Accruent, Industrial Scientific and Intelex. Advanced Healthcare Solutions, or AHS, supplies sterilization, instrument tracking, biomedical testing, radiation monitoring and clinical-productivity solutions. Equipment is complemented by consumables, subscriptions, maintenance and support. The accounting categories do not reveal total recurring revenue: products and software include SaaS and equipment rentals, while the services line captures only part of the recurring relationship.
Fortive distributed Ralliant, its former Precision Technologies business, on June 28, 2025. The 2025 annual report recasts earlier results to exclude that business from continuing operations. Original 2023 and 2024 annual totals therefore describe a larger portfolio and must not be spliced into the current revenue series. Continuing 2025 sales were $4,159.1 million: IOS contributed $2,856.3 million and AHS $1,302.8 million.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-07-03
Continuing sales grew 1.9% in 2025. Management reported 2.2% favorable pricing and a 0.6% volume decline; non-GAAP core growth was 1.7%. Instrumentation weakness affected IOS, while reduced sterilization-equipment and biomedical-test demand constrained AHS. Software, gas detection and dosimetry provided offsets. Core growth excludes currency and acquisition/divestiture effects but includes prices, so it is not a pure demand measure. Rounded growth components need not reproduce the reported total exactly.
Operating profit edged up to $720.2 million from $716.3 million, while margin fell to 17.3% from 17.6%. Compensation, restructuring and separation-related costs offset pricing and productivity. Continuing earnings nevertheless rose to $532.7 million from $482.5 million, supported by lower interest expense and improved non-operating results. Diluted continuing EPS increased to $1.59 from $1.37, also helped by fewer shares. Total earnings declined because discontinued earnings fell after Ralliant’s separation.
Sources: 10-K · 2025-12-31
Continuing operating cash flow was $1,035.7 million in 2025, little changed from $1,028.5 million. Noncash amortization and compensation helped reconcile cash flow to earnings, while weaker working-capital contributions offset improved earnings-related cash generation. Capital expenditure was $105.1 million. Cash repurchases of $1,610.1 million exceeded continuing operating cash flow; Ralliant’s $1.15 billion dividend was a financing inflow, not recurring operating cash or profit. Dividends paid were $92.2 million.
That allocation pattern continued in the first half of 2026: repurchases consumed $700.3 million against $519.1 million of continuing operating cash flow, before $54.7 million of capital expenditure. Debt carrying value increased to $3,509.3 million from $3,206.0 million at year-end. July 3 cash and equivalents were $374.2 million; a separate $18.1 million dividend escrow was restricted cash. These balances do not establish which particular borrowing funded each repurchase.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-07-03
The April 30, 2026 release reported first-quarter sales growth of 7.7%, including an approximately 150-basis-point benefit from additional selling days. For the quarter ended July 3, reported growth reached 7.9% and core growth 6.7%, with management identifying 2.4% pricing and 4.3% volume growth. Operating margin rose to 19.1%, but lower restructuring, amortization relative to sales and tariff refunds explained much of the expansion. AHS’s adjusted EBITDA margin declined despite slightly better GAAP operating margin.
On July 29, management raised full-year 2026 adjusted EPS guidance to $2.95–$3.05 from the $2.90–$3.00 range reaffirmed April 30. This is conditional non-GAAP guidance, not achieved earnings; no corresponding forward-looking GAAP reconciliation was supplied. The latest supplied operating results end July 3, rather than covering the October 24, 2026 source-set cutoff.
Sources: 10-Q · 2026-04-03 · EX-99.1 · 2026-04-30 · 10-Q · 2026-07-03 · EX-99.1 · 2026-07-29
Fortive reported debt-covenant compliance at July 3 but did not disclose numerical headroom. Its undrawn revolver supports short-maturity commercial paper and is not cash. Substantial goodwill and intangibles create exposure to acquisition assumptions and impairment judgments. Healthcare regulation, limited-source components, tariffs and customer spending constrain execution. Past cyber incidents caused disruption and unauthorized access, notwithstanding management’s separate assessment of no material company-wide effect. Completed separations leave tax and indemnification exposure; neither intended tax treatment nor insurance recoveries are guaranteed.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-07-03
USD 4.1591 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.1591 bn | — |
GAAP sales, with Ralliant classified as discontinued operations in all comparative years.
Sources: 10-K · 2025-12-31
USD 4.0809 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 4.0809 bn | 4.3% |
| 2023 | USD 3.9139 bn | — |
GAAP sales, recast to exclude Ralliant.
Sources: 10-K · 2025-12-31
USD 579.2 m
FY2025 · GAAP · parent · Attribution: consolidated · Reported currency · operations: continuing_and_discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 579.2 m | — |
Reported net earnings including continuing and discontinued operations; insignificant noncontrolling earnings are recorded in SG&A.
Sources: 10-K · 2025-12-31
USD 832.9 m
FY2024 · GAAP · parent · Attribution: consolidated · Reported currency · operations: continuing_and_discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 832.9 m | -3.8% |
| 2023 | USD 865.8 m | — |
Reported net earnings including continuing and discontinued operations.
Sources: 10-K · 2025-12-31
USD 1.0832 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing_and_discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.0832 bn | -29.1% |
| 2024 | USD 1.5268 bn | 12.8% |
| 2023 | USD 1.3536 bn | — |
Net cash provided by operating activities including discontinued operations.
Sources: 10-K · 2025-12-31
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