Mettler-Toledo International supplies precision instruments, software, consumables and services for laboratory research, quality control, industrial production, product inspection, logistics and food retailing. Its products are sold in more than 140 countries.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001037646-24-000007 | Feb 9, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001037646-25-000012 | Feb 7, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001037646-26-000011 | Feb 6, 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.
Mettler-Toledo combines specialized instruments with an expanding service business, but recent earnings require separating operating progress from shipment timing, tax benefits, tariff refunds and a shrinking share count. In 2025, revenue reached $4.03 billion while consolidated segment profit slipped; tariffs and investment spending constrained the benefit from higher sales. The subsequent second quarter of 2026 showed stronger organic growth, particularly in Asia, but a one-time tariff-refund benefit substantially lifted reported margins. First-half operating cash flow increased, whereas adjusted free cash flow declined. Repurchases remain a major cash use alongside acquisitions and investment, with substantial debt and relatively modest cash balances. The supplied disclosures support improving demand, not a uniform recovery or assured tariff mitigation. The June 2026 10-Q also identifies indirect Iran War risks through transportation restrictions, energy and commodity-price volatility, transportation costs, exchange rates, inflation and customer demand, despite no significant direct Middle East exposure; management says the global economic impact is difficult to estimate and financial results could be adversely affected. Forecasts remain conditional, and unused borrowing capacity is not cash.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
Laboratory products and related services represented approximately 56% of 2025 revenue, industrial 39% and retail 5%. Instruments range from balances and pipettes to process analytics and contamination-inspection systems. Software is generally embedded in equipment. Service reached $1.019 billion, approximately one-quarter of sales, supporting calibration, compliance and uptime. However, only $286.4 million of service revenue was recognized over time; the remainder included completed services and spare parts. No end-customer exceeded 1% of sales, but shared exposure to customer research and capital-spending cycles remains significant.
Sources: 10-K · 2025-12-31
Revenue increased to $4.026 billion in 2025 from $3.872 billion in 2024. Management estimated 4% local-currency growth excluding acquisitions and the earlier shipment disruption, compared with flat sales on that basis in 2024. Service and product inspection were stronger than several laboratory markets. Gross margin nevertheless declined to 59.4% from 60.1%, reflecting tariffs, business mix and the prior-year shipment recovery, partly offset by pricing and productivity. Higher sales and marketing spending also weighed on conversion. Consolidated segment profit declined to $1.193 billion. Net earnings edged up to $869.2 million, helped by lower interest and restructuring costs and other income; diluted EPS rose to $42.05 partly because fewer shares were outstanding on average.
Sources: 10-K · 2025-12-31
2025 operating cash flow was $955.8 million, below $968.3 million in 2024. Management cited higher incentive payments, partly offset by lower cash taxes. Capital expenditure used $107.1 million, repurchases approximately $800 million and initial acquisition payments $93.8 million. Repurchases and acquisitions therefore exceeded operating cash remaining after capex, before other cash sources and uses. These are cash-allocation comparisons, not profit measures. Historically, the company has paid no common dividend. Repurchase authorization permits future purchases but does not commit cash or guarantee execution.
Sources: 10-K · 2025-12-31
At June 30, 2026, cash was $51.4 million and debt carrying value was $2.112 billion. The company reported $562.7 million of additional availability under its $1.35 billion revolver, which matures May 30, 2029. That availability is borrowing capacity, not cash. Covenant compliance was reported at June 30, but actual ratios and numerical headroom were not disclosed. First-half repurchases of $412.5 million exceeded operating cash flow after $45.2 million of capex, before other uses. Book equity returned to a small positive balance; its thinness principally reflects accumulated repurchases rather than accumulated operating losses.
Sources: 10-Q · 2026-06-30
Second-quarter 2026 revenue was $1.027 billion and net earnings were $232.9 million. Organic local-currency sales, excluding acquisitions and customer tariff refunds, increased 4%; first-half growth was 3%. A $52.4 million government tariff-refund benefit was partly offset by $27.8 million of customer refunds, producing a single $24.6 million net pretax benefit. Excluding both components, second-quarter gross margin was 59.3%, rather than the reported 63.3%. First-half operating cash flow increased to $450.2 million, including tariff and grant receipts, while adjusted free cash flow declined to $366.7 million from $408.7 million. On July 30, management raised full-year adjusted EPS guidance to $47.15–$47.50 and forecast 4%–5% local-currency sales growth excluding customer refunds. These are forecasts, not achieved results. Separately, the July 31 10-Q reports that U.S.–Iran tensions escalated into armed conflict in February 2026, termed the “Iran War,” and expanded across much of the Middle East. The issuer links this development to regional transportation restrictions and volatility in energy markets, commodity prices, transportation costs and exchange rates, with potential customer-demand and inflation effects despite no significant direct Middle East exposure. It says the global economic impact is difficult to estimate, financial results could be adversely affected and market conditions can change quickly. This is the issuer's disclosed assessment, not independent geopolitical verification or a quantified realized loss.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
Chinese Operations accounted for 16% of external sales, 29% of total segment profit and approximately 29% of production in 2025. Exposure therefore includes manufacturing and funding restrictions, not just customer demand. Many products depend on single manufacturing locations, while the standardized ERP increases reliance on one system. Tariff mitigation through pricing and supply-chain changes may protect margins but can weaken competitiveness. Backlog generally covers only one to two months. The June 2026 10-Q separately describes the February 2026 escalation of U.S.–Iran tensions into the “Iran War” and its expansion across much of the Middle East. According to the issuer, resulting regional transportation restrictions caused volatility in global energy markets, commodity prices, transportation costs and foreign exchange rates. Although the company reports no significant direct Middle East exposure, it warns that increased global economic uncertainty may affect customer demand in certain markets and contribute to higher global inflation. Management says the global economic impact, including higher energy and transportation costs, is difficult to estimate and could adversely affect financial results; uncertainty persists and market conditions can change quickly. These are issuer-attributed risks, not independently verified geopolitical conclusions or quantified realized losses. These dependencies limit the certainty of recovery even as recent demand improves; management's market-leadership and productivity explanations are not independent evidence of future market-share gains.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
USD 4.026399 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.026399 bn | 4.0% |
| 2024 | USD 3.872361 bn | 2.2% |
| 2023 | USD 3.788309 bn | — |
Consolidated product and service revenue after intercompany eliminations.
Sources: 10-K · 2025-12-31
USD 869.193 m
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 869.193 m | 0.7% |
| 2024 | USD 863.14 m | 9.4% |
| 2023 | USD 788.778 m | — |
Consolidated net earnings after income taxes; consolidated subsidiaries are wholly owned.
Sources: 10-K · 2025-12-31
USD 965.874 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 965.874 m | — |
GAAP operating cash flow; includes $4.4 million of PendoTECH contingent consideration above the acquisition-date accrual.
Sources: 10-K · 2025-12-31
USD 955.772 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 955.772 m | -1.3% |
| 2024 | USD 968.346 m | — |
GAAP operating cash flow, including working-capital movements and operating-classified taxes and interest.
Sources: 10-K · 2025-12-31
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