The Q3 beat and raised revenue guidance confirm strong data center-driven HVAC momentum, but the narrowed/lowered adjusted EBITDA and EPS guidance midpoints signal margin pressure from growth-related costs and input cost inflation. Watch for commentary on HVAC margin trajectory and Detection & Measurement project pipeline recovery on the conference call.
Price Chart
Executive Summary
SPX Technologies reported Q3 2026 revenue of $714.5M (up 20.5% YoY) and adjusted EPS of $2.21 (up 20.1% YoY), beating consensus estimates of $706.0M and $2.09. The company raised its full-year revenue guidance to $2.745-$2.805 billion (from $2.705-$2.765 billion) but narrowed the adjusted EBITDA range to $625-$645 million (from $630-$660 million) and adjusted EPS range to $8.20-$8.50 (from $8.20-$8.60), implying a lower midpoint for both. HVAC segment revenue surged 35.5% on data center demand, while Detection & Measurement revenue declined 7.7% on lower project volumes.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $714.5M, up 20.5% YoY, above $706.0M consensus
- Adjusted EPS of $2.21, up 20.1% YoY, above $2.09 consensus
- GAAP EPS from continuing operations of $1.62, up 25.6% YoY
- Adjusted EBITDA of $165.7M, up 21.7% YoY
- Full-year revenue guidance raised to $2.745-$2.805 billion from $2.705-$2.765 billion
- Full-year adjusted EBITDA guidance narrowed to $625-$645 million from $630-$660 million (midpoint lowered from $645M to $635M)
- Full-year adjusted EPS guidance narrowed to $8.20-$8.50 from $8.20-$8.60 (midpoint lowered from $8.40 to $8.35)
- HVAC segment revenue grew 35.5% (22.3% organic) driven by data center cooling demand
- Detection & Measurement segment revenue declined 7.7% (7.9% organic) on lower project volumes
- Total debt increased to $1,334.7M from $501.6M at year-end 2025, primarily from acquisitions
- Operating cash flow from continuing operations was $60.1M, down from $106.8M in Q3 2025
Financial Impact
Revenue beat consensus by $8.5M (1.2%); adjusted EPS beat by $0.12 (5.7%); full-year revenue guidance raised by $40M at midpoint; full-year adjusted EBITDA midpoint lowered by $10M
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| HVAC | $525.0M | +35.5% |
| Detection and Measurement | $189.5M | -7.7% |
Risk Factors
- HVAC segment margin declined 140bps YoY to 23.0% due to growth-related costs and elevated input costs
- Detection & Measurement organic revenue declined 7.9% on lower project volumes in communications technologies
- Total debt more than doubled to $1.33B from $501.6M at year-end 2025, increasing financial leverage
- Operating cash flow declined to $60.1M from $106.8M in Q3 2025; free cash flow fell to $20.1M from $96.4M
- Full-year adjusted EBITDA and EPS guidance midpoints were lowered despite the Q3 beat
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000088205-26-000060 |
| Document: spxc-20261029.htm | 0000088205-26-000060 |
| Document: 0000088205-26-000060-index-headers.html | 0000088205-26-000060 |
| Document: 0000088205-26-000060-index.html | 0000088205-26-000060 |
| Document: 0000088205-26-000060.txt | 0000088205-26-000060 |
| 8-K Data (Synthetic) | 0000088205-26-000060 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 29, 2026 3d ago | Press Release | $167.26 | awaiting T+20 | awaiting T+20 | $159.95 (−4.37%) |
Sep 15, 2026 6w ago | Press Release | $178.68 $168.23 | ▼ −5.85% | ▼ −7.91% | $159.95 (−10.48%) |
Jul 27, 2026 13w ago | 8-K | $219.16 $200.90 | ▼ −8.33% | ▼ −11.63% | $159.95 (−27.02%) |
Jul 8, 2026 16w ago | Press Release | $216.63 $214.16 | ▼ −1.14% | ▼ −3.38% | $159.95 (−26.16%) |
Apr 8, 2026 29w ago | Press Release | $212.22 $207.81 | ▼ −2.08% | ▼ −10.62% | $159.95 (−24.63%) |
Feb 24, 2026 35w ago | 8-K | $226.66 $201.27 | ▼ −11.20% | ▼ −5.97% | $159.95 (−29.43%) |
US Market Status
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