SPX Technologies, Inc. (SPXC) FY2025 10-K Annual Report
SPX Technologies, Inc. (SPXC) 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.
SPX Technologies, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: diversified global supplier of engineered HVAC and detection/measurement solutions with operations in 16 countries, 4,700 employees
- • New emphasis on expanding detection and measurement products through innovative hardware and software to serve broader markets
- • Strategic acquisitions in 2025-2026 including Sigma & Omega, Thermolec, Crawford, and KTS to bolster HVAC and detection segments
- • Revenue growth: HVAC segment $1,518.2M in 2025 up from $1,364.7M in 2024; Detection segment $746.9M in 2025 up from $619.2M
- • Noteworthy: backlog growth in both segments with HVAC backlog up to $584.5M and Detection backlog at $350.3M as of year-end 2025
Management Discussion & Analysis
- • Revenue $2,265.1M in 2025, up 14.2% YoY from $1,983.9M in 2024; growth driven by acquisitions and organic growth in HVAC and Detection segments
- • Operating income $350.4M (2025) vs $308.3M (2024), income tax rate 21.8% vs 21.0%; gross margin 40.5% vs 40.3% YoY
- • HVAC segment strongest with multiple acquisitions (Ingénia, Sigma & Omega); Detection & Measurement benefited from KTS acquisition; worst performing not specified explicitly
- • Capital expenditures $62.0M in 2025 for facility expansion; $551.1M net proceeds from stock offering; amended credit facility increased to $2,025.0M total commitments
- • Management monitoring geopolitical risks, tariffs, raw material supply; expects inorganic and organic growth; cautions on uncertain long-term impact of geopolitical conflicts and tariffs on operations
Risk Factors
- • U.S. government contracting risk: potential contract termination or suspension under FAR regulations, risking fines, penalties, and loss of future contracts
- • Geopolitical exposure: 80% U.S. revenue concentration faces risks from U.S. trade sanctions, tariffs, and export controls increasing costs or limiting sales
- • Supply chain vulnerability: recent raw material price volatility (steel, aluminum, copper) and component shortages from tariffs and trade laws impacting costs and availability
- • Competitive risk: pressure from competitors with lower cost structures and government support, risking market share, notably in slow-growth, price-sensitive markets
- • Financial risk from acquisitions: goodwill impairment charges and potential inability to realize estimated cost savings from recent and future acquisitions
SPX Technologies, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$2.3B
▲ +14.2% YoY
Net Income
$244M
▲ +21.7% YoY
Operating Margin
15.5%
▼ -7bp YoY
Net Margin
10.8%
▲ +67bp YoY
ROE
10.9%
▼ -358bp YoY
Total Assets
$3.6B
▲ +32.8% YoY
EPS (Diluted)
$5.03
▲ +18.1% YoY
Operating Cash Flow
$333M
▲ +16.6% YoY
Source: XBRL data from SPX Technologies, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on SPX Technologies, Inc.
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.