Highlights

  • Second quarter 2026 revenue rose 22.9% to $679.0 million, with organic growth of 16.9 points and acquisitions adding 5.8.
  • Net income reached $78.4 million, or $1.55 per diluted share, versus $52.2 million, or $1.10, a year earlier.
  • HVAC backlog climbed to $918.8 million from $539.5 million, while Detection and Measurement backlog eased to $312.4 million.
  • SPX closed the roughly $430.0 million Neptronic purchase on July 22, funded by $340.0 million of revolver borrowings and cash.

SPX Technologies, Inc. (NYSE:SPXC) shares were trading near their 52-week low at USD 168.04 on October 21, 2026, up 2.31%. The industrial company acquired Crawford United and Thermolec earlier in 2026, completed the Neptronic purchase on July 22, and filed its report for the quarter ended June 27, 2026 on July 31.

Based in Charlotte, North Carolina, SPX is a Delaware corporation. Its fiscal year ends December 31, and it reports two segments. HVAC engineers and makes package and process cooling equipment, engineered air movement and handling solutions, and hydronic and electrical heating products for industrial, institutional, commercial and residential markets, including data centers and power generation. Detection and Measurement makes underground pipe and cable locators, inspection and rehabilitation equipment, robotic systems, transportation systems, communication technologies and aids to navigation.

Revenue, Earnings and Segment Margins

Revenue for the quarter was $679.0 million, up from $552.4 million. Organic growth contributed 16.9 percentage points, acquisitions 5.8 and currency 0.2. For six months, revenue was $1,245.8 million, up 20.4%. Gross profit rose 19.2% to $272.8 million, but gross margin eased to 40.2% from 41.4%. Operating income increased to $115.0 million from $86.6 million, income from continuing operations was $79.3 million versus $52.5 million, and net income was $78.4 million. Six-month net income was $138.3 million, or $2.73 per diluted share, and included a $7.0 million loss on disposition of discontinued operations tied to the March sale of non-core Crawford United businesses for $60.0 million.

HVAC revenue rose 27.6% to $480.6 million, helped by higher cooling equipment volumes tied to data center demand, added capacity and heating product volumes. Segment income grew 14.6% to $109.8 million, yet margin fell to 22.8% from 25.4% as the company cited start-up costs and inefficiencies from capacity expansion, net tariff and inflation headwinds, and a more favorable mix and project execution in the prior-year period.

Detection and Measurement revenue grew 12.9% to $198.4 million, led by aids to navigation and communication technologies projects. Segment income rose 43.3% to $57.3 million at a 28.9% margin versus 22.8%. Management said project volumes can vary from period to period.

Acquisitions, Debt and Liquidity

SPX paid $140.2 million net for Thermolec on January 20 and $299.4 million net for Crawford United on February 6, which was funded partly by revolver borrowings. The Neptronic deal followed after quarter end. Debt rose to $614.7 million at June 27 from $501.6 million at year-end, comprising a $499.2 million term loan, $40.0 million of revolving loans and $73.0 million under a trade receivables financing arrangement. Cash and equivalents fell to $166.4 million from $364.0 million. The company had $1,457.3 million of available revolver capacity before the Neptronic borrowing and said it complied with all covenants. Cash from operating activities of continuing operations was $120.2 million for six months versus $33.0 million.

The report also flags tariff uncertainty. After the Supreme Court ruling of February 20, 2026 invalidating tariffs imposed under the International Emergency Economic Powers Act, the government announced intentions to use other laws, and SPX said the future tariff impact could be material. It does not expect tariff refund amounts to be material. Recorded liabilities for legal, environmental and similar claims, mostly environmental remediation, totaled $44.9 million.

What the Filing Says About the Outlook

The 10-Q contains no numerical revenue or earnings guidance. It notes that the businesses tend to be stronger in the second half of the year, with heating businesses stronger in the third and fourth quarters. The company spent $27.4 million in the first half on capacity expansion in cooling and air handling, and it expects to keep using debt and equity markets as needed for acquisitions and general purposes. Neptronic results will be reported in HVAC from the acquisition date. The filing does not address the share price.