AMETEK Posts Record Q2: Sales +15%, Orders +28%, Backlog Hits $4.1B; $5B Indicor Deal on Track
AME sits 41% above its 52-week low of $179.235.
Summary
AMETEK reported record Q2 2026 results with sales of $2.04B (+15% YoY), adjusted EPS of $2.09 (+17%), and orders up 28%. Backlog reached a record $4.1B. The company also secured financing for the pending $5B Indicor acquisition.
Key Events · Earnings and Guidance · AME
-
Record Q2 Sales and Orders
Q2 sales rose 15% to $2.04B, with 10% organic growth. Orders surged 28% to $2.28B, driving backlog to a record $4.11B, up 14.8% from year-end 2025.
-
Strong Profitability and Cash Flow
Adjusted EPS grew 17% to $2.09. Operating cash flow reached $935M for H1 2026, up 20.4% YoY, and free cash flow was $878M. Net debt-to-capital improved to 12.0% from 14.7% at year-end.
-
$5B Indicor Acquisition Financing Secured
AMETEK amended its revolving credit facility to $3.5B and arranged a $4.0B term loan to fund the pending $5.0B Indicor acquisition, expected to close in H2 2026. Bridge commitments were terminated.
-
Acquisitions and Integration on Track
The company completed the acquisitions of LKC Technologies and First Aviation Services for $424.5M net cash. Integration costs of $17.8M were incurred in H1, with margins expanding excluding these costs.
Analysis · AME · Industrial Applications And Services
Broad-based strength drove a standout quarter for AMETEK. Sales climbed 15% to a record $2.04 billion, fueled by 10% organic growth and contributions from recent acquisitions. Orders surged 28%, pushing backlog to an all-time high of $4.1 billion — a powerful leading indicator for the second half. Excluding acquisition-related costs, margins expanded, reflecting strong operational execution. The balance sheet is in excellent shape: operating cash flow jumped 20% to $935 million, free cash flow reached $878 million, and net debt-to-capital fell to 12%. Financing for the transformative $5 billion Indicor acquisition was also finalized, replacing bridge loans with a $3.5 billion revolver and a $4 billion term loan. With record results, a fortified balance sheet, and a major acquisition on the horizon, AMETEK is firing on all cylinders.
At the time of this filing, AME was trading at $252.39 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $57.8B. The 52-week trading range was $179.24 to $257.40. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.