Fortive (FTV) FY2025 10-K Annual Report
Fortive (FTV) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Fortive FY2025 10-K Analysis
Business Overview
- • Spun off Precision Technologies segment as Ralliant Corporation on June 28, 2025, tax-free spin-off, narrowing Fortive to two segments: Intelligent Operating Solutions and Advanced Healthcare Solutions
- • Core model: design, develop, manufacture, and market instrumentation, software, and services for industrial safety/productivity and healthcare workflow optimization
- • Post-separation workforce of 10,000+ across ~50 countries, reflecting materially smaller footprint than pre-spin Fortive
- • FBS operating system explicitly upgraded with AI and machine learning capabilities to accelerate innovation and commercial growth
- • "Fortive Accelerated" strategy formally named as guiding framework, emphasizing profitable organic growth, disciplined capital allocation, and investor trust as three distinct pillars
Management Discussion & Analysis
- • Revenue $4.16B, up 1.9% YoY; core revenue growth 1.7%, driven by 2.2% pricing offset by 0.6% volume decline
- • Operating margin 17.3% vs 17.6% in 2024; gross margin 63.5% vs 64.2%; -100bps from Separation-related stock comp, -55bps restructuring
- • Best segment IOS: sales $2.86B (+2.3% YoY), operating margin 25.8% vs 25.3%; AHS weakest: sales $1.30B (+1.2%), margin 10.6% vs 10.8%
- • Operating cash flow $1.04B; capex $105M; buybacks $1.61B (30M shares); dividends $92M; received $1.15B Ralliant dividend from PT Separation
- • Key risks: IEEPA tariff ruling uncertainty, OBBBA-driven US government spending cuts, FX volatility, Pillar Two tax rules; FX could boost 2026 sales ~0.8%
Risk Factors
- • IEEPA Ruling by Supreme Court invalidates prior tariffs; uncertainty over reimposition affects ~44% of sales derived outside the US
- • Long-term debt ~$3.2B as of Dec 31, 2025; covenant includes debt-to-EBITDA ratio with acceleration risk on default
- • Goodwill and intangible assets ~$9.5B on balance sheet; impairment risk from market declines or integration failures
- • Triple leadership transition in 2025–2026: CEO, CFO, and Chief People Officer all replaced amid post-Ralliant separation
- • US federal government sales ~$417M in 2025; contracts subject to termination at government convenience and FCA liability
Fortive FY2025 Key Financial MetricsXBRL
Revenue
$4.2B
▼ -33.3% YoY
Net Income
$579M
▼ -30.5% YoY
Gross Margin
63.5%
▲ +363bp YoY
Operating Margin
17.3%
▼ -205bp YoY
Net Margin
13.9%
▲ +56bp YoY
ROE
9.0%
▲ +80bp YoY
Total Assets
$11.7B
▼ -31.0% YoY
EPS (Diluted)
$1.73
▼ -26.7% YoY
Operating Cash Flow
$1.1B
▼ -29.1% YoY
Source: XBRL data from Fortive FY2025 10-K filing on SEC EDGAR. All figures in USD.
Other Fortive Annual Reports
Get deeper insights on Fortive
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.