Short answer
Fortive (FTV) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $4.2B (−33.3% year over year) and net income of $579M.
- Top risk flagged: IEEPA Ruling by Supreme Court invalidates prior tariffs; uncertainty over reimposition affects ~44% of sales derived outside the US
FY2025 key financial metrics · XBRL
- Revenue
- $4.2B
- −33.3% YoY
- Net income
- $579M
- −30.5% YoY
- Operating margin
- 17.3%
- −2.0 pp YoY
- Gross margin
- 63.5%
- +3.6 pp YoY
- EPS (diluted)
- $1.73
- −26.7% YoY
- ROE
- 9.0%
- +0.8 pp YoY
- Operating cash flow
- $1.1B
- −29.1% YoY
Source: XBRL data from the Fortive (FTV) FY2025 10-K on SEC EDGAR. USD.
Fortive FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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