Short answer
SPX Technologies, Inc. (SPXC) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $2.3B (+14.2% year over year) and net income of $244M.
- Top risk flagged: U.S. government contracting risk: potential contract termination or suspension under FAR regulations, risking fines, penalties, and loss of future contracts
FY2025 key financial metrics · XBRL
- Revenue
- $2.3B
- +14.2% YoY
- Net income
- $244M
- +21.7% YoY
- Operating margin
- 15.5%
- −0.1 pp YoY
- EPS (diluted)
- $5.03
- +18.1% YoY
- ROE
- 10.9%
- −3.6 pp YoY
- Operating cash flow
- $333M
- +16.6% YoY
Source: XBRL data from the SPX Technologies, Inc. (SPXC) FY2025 10-K on SEC EDGAR. USD.
SPX Technologies, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.