SPX Technologies revenue rises 20.5% to $714.5 million in third quarter
Key Facts
SPX Technologies reported results on October 29 for the third quarter ended September 26, 2026, posting revenue of $714.5 million, up 20.5% from the same period a year earlier. Revenue was $592.8 million in the third quarter of 2025. Adjusted EPS of $2.21 topped analysts’ estimate of $2.13, while revenue exceeded the average forecast of $710.37 million. Estimates had pointed to year-over-year growth of 19.8% in revenue and 15.8% in EPS. The company, however, lowered the upper end of its full-year adjusted EPS outlook, placing the strong quarterly growth alongside slightly lower guidance for the rest of the year.
Net income under generally accepted accounting principles rose to $81.9 million, up 30.6% year over year, while EPS on the same basis increased 25.6% to $1.62. Adjusted EBITDA was $165.7 million, compared with $136.1 million a year earlier, an increase of 21.7%. Chief Executive Gene Lowe said the company delivered “strong revenue and earnings growth.” He added that the HVAC segment continued to benefit from strong demand in key markets, while Detection and Measurement delivered solid profitability. The results reflect a divergence between the two segments, with overall expansion driven mainly by HVAC growth despite lower revenue in the other segment.
The HVAC segment posted revenue of $525.0 million, up 35.5% overall from a year earlier. This included organic growth of 22.3%, along with a 13.0% contribution from acquisitions. The company attributed the organic increase to higher cooling equipment volumes amid rising data center-related demand, as well as growth in heating product volumes. It linked acquisition-driven growth to Thermolec, Crawford, Neptronic and FIS Water. Lowe said projects to expand production capacity were on track and aimed to support nearly $1.1 billion in annual data center revenue capacity at full production.
By contrast, Detection and Measurement revenue fell to $189.5 million from $205.4 million in the third quarter of 2025, with an organic decline of 7.9%. Despite the lower sales, the segment’s income margin rose to 27.8% from 25.2% a year earlier. At the group level, SPX lowered its 2026 adjusted EBITDA outlook to $625–645 million from the previous range of $630–660 million. It also updated adjusted EPS guidance to a range of $8.20–8.50 from $8.20–8.60. The company thus kept the lower end of both outlook ranges unchanged and reduced the upper ends.
Operating cash flow from continuing operations was $60.1 million in the quarter, compared with $106.8 million a year earlier. Capital expenditures rose to $40.0 million from $10.4 million in the year-ago period. This coincided with the company’s expansion of HVAC capacity to meet data center-related demand, as its capital projects continued. SPXC shares closed at $165.2 on October 28, 2026. Pre-results coverage had noted the shares were trading near their 52-week low of $155.86, compared with a high of $251.08 earlier in the year; the available closing data do not establish the stock’s direction during or after the results-announcement session.
SPX expects to file its quarterly report for the period ended September 26 with the Securities and Exchange Commission by November 5, 2026. The filing deadline follows the results announcement on October 29, and the forthcoming report will provide the period’s regular disclosure. The company’s fiscal 2026 guidance will remain within the adjusted EPS and EBITDA ranges announced with the results. The company said HVAC capacity expansions tied to data centers remained on schedule. Reaching full production remains a condition for providing the annual capacity cited by management.