The revenue beat and raised full-year revenue guidance are positive, but the narrowed adjusted EBITDA and EPS guidance ranges suggest margin pressure from growth-related costs and input cost inflation. Monitor the Q4 2026 earnings call for updates on HVAC capacity expansion timing and D&M revenue stabilization.
Price Chart
Executive Summary
SPX Technologies reported Q3 2026 adjusted EPS of $2.21, beating the $2.09 consensus by 5.7%, and revenue of $714.5M, above the $706.0M consensus. Revenue grew 20.5% YoY driven by HVAC (+35.5% on data center demand and acquisitions), while Detection & Measurement revenue declined 7.7%. The company raised its full-year revenue guidance to $2.745-$2.805B (from $2.705-$2.765B) but narrowed adjusted EBITDA guidance to $625-$645M (from $630-$660M) and adjusted EPS to $8.20-$8.50 (from $8.20-$8.60).
Key Financial Metrics
Key Facts
- Q3 2026 revenue $714.5M, up 20.5% YoY, above $706.0M consensus
- Q3 2026 adjusted EPS $2.21, up 20.1% YoY, above $2.09 consensus (beat by 5.7%)
- GAAP EPS from continuing operations $1.62, up 25.6% YoY
- HVAC segment revenue $525.0M, up 35.5% YoY (organic +22.3%, inorganic +13.0%)
- Detection & Measurement revenue $189.5M, down 7.7% YoY (organic -7.9%)
- Adjusted EBITDA $165.7M, up 21.7% YoY; margin 23.2% vs 23.0%
- Full-year 2026 revenue guidance raised to $2.745-$2.805B (prior $2.705-$2.765B)
- Full-year 2026 adjusted EBITDA guidance narrowed to $625-$645M (prior $630-$660M)
- Full-year 2026 adjusted EPS guidance narrowed to $8.20-$8.50 (prior $8.20-$8.60)
- Net operating cash flow from continuing operations $60.1M vs $106.8M in Q3 2025
- Total debt $1.3347B vs $501.6M at year-end 2025; cash $120.8M vs $366.0M
- Acquisition of FIS Water completed in the quarter
Financial Impact
Revenue beat consensus by $8.5M; adjusted EPS beat by $0.12; guidance raised for revenue but narrowed for EBITDA and EPS; HVAC growth strong, D&M declined
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 due to growth-related costs and elevated input costs
- Detection & Measurement revenue declined 7.7% YoY on lower project volumes in communications technologies
- Net operating cash flow declined to $60.1M from $106.8M in Q3 2025
- Total debt increased to $1.3347B from $501.6M at year-end 2025 due to acquisition financing
- Guidance for adjusted EBITDA and EPS was narrowed, not raised, implying potential headwinds
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3391826 |
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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