$PNR

PENTAIR plc

CIK:0000077360|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 932.6	$ 1,123.1	$ 1,969.3	$ 2,133.5
Cost of goods sold	537.6	666.5	1,140.9	1,273.6
Gross profit	395.0	456.6	828.4	859.9
Selling, general and administrative	204.8	213.8	403.7	390.4
Research and development	23.7	25.1	48.2	48.7
Operating income	166.5	217.7	376.5	420.8
Other expense
Loss on sale of business	0.0	26.3	0.0	26.3
Net interest expense	19.4	17.9	39.5	37.6
Other expense	0.2	1.0	0.7	1.5
Income from continuing operations before income taxes	146.9	172.5	336.3	355.4
Provision for income taxes	18.3	24.0	46.9	52.0
Net income from continuing operations	128.6	148.5	289.4	303.4
Income from discontinued operations, net of tax	0.0	0.0	11.6	0.0
Net income	128.6	148.5	301.0	303.4
Comprehensive income, net of tax
Net income	128.6	148.5	301.0	303.4
Changes in cumulative translation adjustment	0.0	60.1	(12.0)	84.7
Changes in market value of derivative financial instruments, net of tax	(1.4)	(60.6)	17.2	(82.2)
Comprehensive income	$ 127.2	$ 148.0	$ 306.2	$ 305.9
Basic
Continuing operations (in dollars per share)	$ 0.80	$ 0.90	$ 1.79	$ 1.84
Discontinued operations (in dollars per share)	0	0	0.07	0
Basic earnings per ordinary share (in dollars per share)	0.80	0.90	1.86	1.84
Diluted
Continuing operations (in dollars per share)	0.80	0.90	1.78	1.83
Discontinued operations (in dollars per share)	0	0	0.07	0
Diluted earnings per ordinary share (in dollars per share)	$ 0.80	$ 0.90	$ 1.85	$ 1.83
Weighted average ordinary shares outstanding
Basic (shares)	160.8	164.5	161.7	164.7
Diluted (shares)	161.6	165.7	162.6	166.0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 301.0	$ 303.4
Income from discontinued operations, net of tax	(11.6)	0.0
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities
Equity income of unconsolidated subsidiaries	(1.0)	(0.4)
Depreciation	29.4	29.4
Amortization	31.4	28.5
Deferred income taxes	(2.1)	18.5
Loss on sale of business	0.0	26.3
Share-based compensation	19.5	21.2
Asset impairment and write-offs	0.0	47.0
Changes in assets and liabilities, net of effects of business acquisitions
Accounts receivable	187.0	33.4
Inventories	(36.7)	(9.9)
Other current assets	(23.9)	(27.3)
Accounts payable	18.3	39.4
Employee compensation and benefits	(22.9)	(18.9)
Other current liabilities	16.2	66.6
Other non-current assets and liabilities	(0.2)	10.5
Net cash provided by operating activities	504.4	567.7
Investing activities
Capital expenditures	(37.4)	(27.7)
Purchase of investments	0.0	(18.0)
Proceeds from sale of property and equipment	0.2	0.1
Other	(1.5)	0.2
Net cash used for investing activities	(38.7)	(45.4)
Financing activities
Net repayments of short-term borrowings	0.0	(9.2)
Net borrowings of revolving long-term debt	42.3	9.9
Proceeds from long-term debt	500.0	0.0
Repayments of long-term debt	(575.0)	(250.0)
Debt issuance costs	(1.2)	(2.1)
Payment of contingent consideration	(3.6)	0.0
Shares issued to employees, net of shares withheld	(8.9)	(10.6)
Repurchases of ordinary shares	(348.2)	(125.0)
Dividends paid	(87.5)	(82.4)
Net cash used for financing activities	(482.1)	(469.4)
Effect of exchange rate changes on cash and cash equivalents	6.6	(28.6)
Change in cash and cash equivalents	(9.8)	24.3
Cash and cash equivalents, beginning of period	101.6	118.7
Cash and cash equivalents, end of period	$ 91.8	$ 143.0

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 91.8	$ 101.6
Accounts receivable, net of allowances of $5.4 and $6.8, respectively	482.7	673.2
Inventories	666.1	632.6
Other current assets	156.2	134.4
Total current assets	1,396.8	1,541.8
Property, plant and equipment, net	380.9	376.8
Other assets
Goodwill	3,518.3	3,538.1
Intangibles, net	1,040.6	1,073.3
Other non-current assets	375.6	338.8
Total other assets	4,934.5	4,950.2
Total assets	6,712.2	6,868.8
Current liabilities
Accounts payable	316.6	301.5
Employee compensation and benefits	96.3	120.1
Other current liabilities	549.8	537.7
Total current liabilities	962.7	959.3
Other liabilities
Long-term debt	1,606.0	1,638.6
Pension and other post-retirement compensation and benefits	57.4	58.8
Deferred tax liabilities	44.3	47.5
Other non-current liabilities	292.5	295.4
Total liabilities	2,962.9	2,999.6
Equity
Ordinary shares $0.01 par value, 426.0 authorized, 159.6 and 163.2 issued at June 30, 2026 and December 31, 2025, respectively	1.6	1.7
Additional paid-in capital	973.8	1,313.1
Retained earnings	3,036.9	2,822.6
Accumulated other comprehensive loss	(263.0)	(268.2)
Total equity	3,749.3	3,869.2
Total liabilities and equity	$ 6,712.2	$ 6,868.8