$ITT

ITT Corp

CIK:0000216228|SEC Filings

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Income Statement [Abstract]
Revenue	$ 1,473.1	$ 972.4	$ 2,685.0	$ 1,885.4
Cost of revenue	963.0	621.6	1,746.1	1,211.5
Gross profit	510.1	350.8	938.9	673.9
General and administrative expenses	143.9	85.5	297.9	170.6
Sales and marketing expenses	87.5	51.4	161.2	99.1
Research and development expenses	35.8	27.2	68.9	52.6
Intangible amortization	62.6	11.6	89.3	25.6
Operating income	180.3	175.1	321.6	326.0
Interest expense	49.7	12.6	74.5	21.9
Interest income	(3.8)	(2.4)	(14.2)	(4.1)
Other non-operating (income) expense, net	(0.8)	0.7	(2.7)	(0.3)
Income before income tax expense	135.2	164.2	264.0	308.5
Income tax expense	48.7	42.5	98.1	77.7
Net income	86.5	121.7	165.9	230.8
Less: Income attributable to noncontrolling interests	1.6	0.7	3.0	1.4
Net income attributable to ITT Inc.	$ 84.9	$ 121.0	$ 162.9	$ 229.4
Earnings per share attributable to ITT Inc.:
Basic	$ 0.95	$ 1.53	$ 1.85	$ 2.87
Diluted	$ 0.95	$ 1.52	$ 1.84	$ 2.85
Weighted average common shares – basic	89.4	79.0	87.9	80.0
Weighted average common shares – diluted	89.8	79.4	88.4	80.4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025
Operating Activities
Net income attributable to ITT Inc.	$ 162.9	$ 229.4
Adjustments to income from continuing operations:
Depreciation and amortization	149.6	72.7
Equity-based compensation	20.1	17.2
Other non-cash charges, net	23.7	14.2
Changes in assets and liabilities:
Change in receivables	(114.0)	(51.6)
Change in inventories	(1.1)	(11.9)
Change in contract assets	(8.7)	(6.0)
Change in contract liabilities	(8.8)	34.8
Change in accounts payable	42.6	(9.3)
Change in accrued expenses	(8.4)	(8.4)
Change in income taxes	(9.8)	(4.6)
Other, net	(17.0)	(9.4)
Net Cash – Operating Activities	231.1	267.1
Investing Activities
Acquisitions, net of cash acquired	(3,542.7)	(0.2)
Capital expenditures	(55.2)	(53.2)
Other, net	(0.1)	(3.6)
Net Cash – Investing Activities	(3,598.0)	(57.0)
Financing Activities
Commercial paper, net borrowings	506.1	(25.8)
Long-term debt issued, net of debt issuance costs	2,868.3	748.8
Long-term debt repayments	(957.3)	(360.5)
Share repurchases under repurchase plan	(104.9)	(500.8)
Payments for taxes related to net share settlement of stock incentive plans	(20.2)	(13.4)
Dividends paid	(69.5)	(56.2)
Other, net	(2.1)	(0.7)
Net Cash – Financing Activities	2,220.4	(208.6)
Exchange rate effects on cash and cash equivalents	(4.7)	27.5
Net cash – operating activities of discontinued operations	(0.3)	(0.1)
Net change in cash and cash equivalents	(1,151.5)	28.9
Cash and cash equivalents – beginning of year (includes restricted cash of $0.8 and $0.7, respectively)	1,743.7	440.0
Cash and Cash Equivalents – End of Period (includes restricted cash of $1.4 and $1.0, respectively)	592.2	468.9
Supplemental Disclosures of Cash Flow and Non-Cash Information:
Cash paid for interest	53.6	20.9
Cash paid for income taxes, net of refunds received	92.2	69.2
Capital expenditures included in current liabilities	14.8	16.4
Equity value of common stock issued to acquire SPX FLOW	$ 777.2	$ 0.0

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Jul. 04, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 590.8	$ 1,742.9
Receivables, net	1,070.2	756.1
Inventories	932.3	671.9
Other current assets	254.1	183.4
Total current assets	2,847.4	3,354.3
Non-current assets:
Plant, property and equipment, net	796.1	627.0
Goodwill	3,873.6	1,511.2
Other intangible assets, net	3,076.4	432.6
Other non-current assets	442.8	385.3
Total non-current assets	8,188.9	2,956.1
Total assets	11,036.3	6,310.4
Current liabilities:
Short-term borrowings	858.4	261.3
Accounts payable	630.3	465.0
Accrued and other current liabilities	765.6	572.0
Total current liabilities	2,254.3	1,298.3
Non-current liabilities:
Non-current portion of long-term debt	2,869.8	521.5
Postretirement benefits	149.7	120.0
Other non-current liabilities	952.9	279.3
Total non-current liabilities	3,972.4	920.8
Total liabilities	6,226.7	2,219.1
Common stock: [Abstract]
Issued and outstanding – 89.4 shares and 85.9 shares, respectively	89.4	85.9
Capital in excess of par value	1,987.7	1,313.9
Retained earnings	3,079.8	2,987.1
Accumulated other comprehensive loss:
Postretirement benefits	(1.6)	0.0
Cumulative translation adjustments	(354.8)	(302.5)
Total accumulated other comprehensive loss	(356.4)	(302.5)
Total ITT Inc. shareholders’ equity	4,800.5	4,084.4
Noncontrolling interests	9.1	6.9
Total shareholders’ equity	4,809.6	4,091.3
Total liabilities and shareholders’ equity	$ 11,036.3	$ 6,310.4