SPX Technologies, Inc. reported significant financial growth in its latest quarterly filing, with revenues reaching $679.0 million for the three months ended June 27, 2026, a 22.9% increase from $552.4 million in the same period last year. For the first half of 2026, revenues totaled $1,245.8 million, up 20.4% from $1,035.0 million in the prior year. The company's operating income also saw a notable rise, increasing to $115.0 million for the second quarter and $202.7 million for the first half, compared to $86.6 million and $153.2 million, respectively, in 2025.
The growth in revenue was attributed to both organic and inorganic factors. Organic revenue growth was driven by increased demand in the HVAC and Detection and Measurement segments, while acquisitions, including Sigma & Omega, Crawford, and Thermolec, contributed to the inorganic growth. The company reported a net income of $78.4 million for the second quarter, up from $52.2 million a year earlier, and $138.3 million for the first half, compared to $103.4 million in 2025. Basic income per share rose to $1.57 for the second quarter and $2.77 for the first half, reflecting a strong performance.
SPX Technologies has also made strategic moves through several acquisitions, including the recent purchase of Neptronic Inc. for approximately $430.0 million, which specializes in HVAC solutions. This acquisition, along with others completed in 2025 and early 2026, has expanded the company's product offerings and market reach. The company reported a backlog of $918.8 million in its HVAC segment as of June 27, 2026, indicating strong future demand.
Operationally, SPX Technologies has seen an increase in its employee headcount, reflecting growth in its business segments. The company reported a total of 50,675 diluted shares outstanding as of June 27, 2026, compared to 47,396 a year earlier. The company’s cash and equivalents decreased to $166.4 million from $364.0 million at the end of 2025, primarily due to cash used in acquisitions and capital expenditures. The company’s total assets increased to $3,939.3 million, up from $3,604.6 million at the end of 2025, driven by the acquisitions and growth in operational capacity.
Looking ahead, SPX Technologies remains optimistic about its growth trajectory, bolstered by its recent acquisitions and strong demand across its segments. The company anticipates continued revenue growth driven by both organic expansion and strategic acquisitions, while also managing costs associated with inflation and tariffs. The management's focus on operational efficiency and market expansion is expected to support its financial performance in the coming quarters.
About SPX Technologies, Inc.
SPX Technologies, Inc. is a global provider of infrastructure equipment serving the HVAC and detection and measurement markets. It offers engineered products including cooling systems, air movement solutions, and navigation aids, primarily to industrial, commercial, and utility customers worldwide. The company focuses on innovation, strategic acquisitions, and operational efficiency to maintain competitive advantages in diverse, cyclical markets.
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