Flowserve Business System Delivers Strong Execution; Reaffirms Full-Year EPS Guidance

Flowserve Corporation (NYSE:FLS), a leading provider of flow control products and services for the global infrastructure markets, reported its financial results for the first quarter ended March 31, 2026.

Highlights:

First quarter bookings of $1.15 billion, including:
- Over $110 million of nuclear bookings
- $680 million of aftermarket bookings
First quarter operating margin of 11.2% decreased 30 basis points and adjusted¹ operating margin² of 15.1% expanded 230 basis points compared to the prior year period
First quarter reported EPS of $0.64 and adjusted EPS³ of $0.85
- Reported and adjusted EPS include a $0.19 benefit from recoverable IEEPA tariffs, offset by a ($0.06) impact from a taxing authority matter in Latin America and a ($0.06) headwind related to ongoing conflict in the Middle East
Reaffirmed full-year 2026 adjusted EPS guidance³ of $4.00 to $4.20
Supported Middle East customers with their critical infrastructure needs while prioritizing employee safety

Management Commentary:

"Our consistent execution of the Flowserve Business System resulted in strong margin and earnings expansion in the first quarter," said Scott Rowe, Flowserve's President and Chief Executive Officer. "I am proud of our global team's continued demonstration of discipline and resilience in a highly dynamic environment. As we navigate the effects of the Middle East conflict, our priority remains employee safety while supporting our customers to ensure mission-critical flow control assets continue to operate. "

Rowe continued, "Looking ahead to the balance of 2026, I am confident that our focus on operational excellence and consistent execution will enable us to successfully manage through the evolving environment and capitalize on near-term opportunities. The underlying fundamentals of our business and end markets are robust, and we continue to maintain a favorable outlook supported by global megatrends and confidence in our proven growth strategy. Together, these factors position us well to drive value creation for our shareholders while progressing toward our 2030 sales, earnings, and operating margin expansion targets."

Key Figures (unaudited):

(dollars in millions, except per share)	Q1 2026	Q1 2025	Change
Original Equipment Bookings	$467.9	$537.8	(13.0%)
Aftermarket Bookings	$680.3	$688.6	(1.2%)
Total Bookings	$1,148.2	$1,226.4	(6.4%)

Organic Sales⁴			(10.5%)
Acquisition/Divestiture Impact			20 bps
Foreign Exchange Impact			360 bps
Reported Sales	$1,068.3	$1,144.5	(6.7%)

Operating Margin	11.2%	11.5%	(30 bps)
Adjusted Operating Margin	15.1%	12.8%	230 bps
Earnings Per Share (EPS)	$0.64	$0.56	14.3%
Adjusted Earnings Per Share (EPS)	$0.85	$0.72	18.1%
Cash From Operations	($43.1)	($49.9)	$6.8
Backlog	$2,945.9	$2,902.9	1.5%

2026 Guidance³:

The Company updated 2026 guidance:

	Prior	Current
Organic Sales Growth	+1% to +3%	(1%) to +2%
Impact From Acquisition/Divestiture	Approx. +300 bps	Approx. +300 bps
Impact From Foreign Exchange Translation	Approx. +100 bps	Approx. +100 bps
Total Sales Growth	+5% to +7%	+3% to +6%
Adjusted EPS	$4.00 to $4.20	$4.00 to $4.20
Net Interest Expense	Approx. $80 million	Approx. $85 million
Adjusted Tax Rate	21% to 22%	21% to 22%
Capital Expenditures	$90 million to $100 million	$90 million to $100 million

Full-year 2026 guidance assumes the acquisition of Trillium Flow Technologies' Valves Division closes mid-year 2026 and, including incremental interest expense related to financing the acquisition, the acquisition will be roughly neutral to 2026 adjusted EPS. The guidance also assumes tariff rates in place as of April 2026.

Webcast and Conference Call Instructions:

Flowserve will host its conference call to discuss first quarter results on Thursday, April 30, 2026, at 10:00 a.m. Eastern Time. The call can be accessed by shareholders and other interested parties on Flowserve's Investors page.

Footnotes

¹See Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (unaudited) and Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (unaudited) tables for a detailed reconciliation of reported results to adjusted measures.

²Adjusted operating margin is calculated by dividing adjusted operating income by sales. Adjusted operating income is derived by excluding the adjusted items.

³Adjusted earnings per share (EPS) excludes realignment expenses, the impact from other specific discrete and below-the-line foreign currency effects and utilizes the then-applicable FX rates and fully diluted shares. Adjusted full-year 2026 EPS guidance excludes certain other discrete items which may arise during the year.

⁴Organic is defined as the change in sales, as defined by U.S. GAAP, excluding the impacts of currency translation and acquisitions and divestitures. The impact of currency translation is calculated by translating current year results on a monthly basis at prior year exchange rates for the same period.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
	Three Months Ended March 31,
(Amounts in thousands, except per share data)		2026			2025

Sales	$	1,068,269		$	1,144,543
Cost of sales		(688,428	)		(775,209	)
Gross profit		379,841			369,334
Selling, general and administrative expense		(263,400	)		(243,177	)
Net earnings from affiliates		2,991			5,732
Operating income		119,432			131,889
Interest expense		(20,431	)		(19,175	)
Interest income		1,500			1,745
Other income (expense), net		6,999			(17,259	)
Earnings before income taxes		107,500			97,200
Provision for income taxes		(21,131	)		(17,743	)
Net earnings, including noncontrolling interests		86,369			79,457
Less: Net earnings attributable to noncontrolling interests		(4,688	)		(5,552	)
Net earnings attributable to Flowserve Corporation	$	81,681		$	73,905

Net earnings per share attributable to Flowserve Corporation common shareholders:
Basic	$	0.64		$	0.56
Diluted		0.64			0.56

Weighted average shares – basic		127,493			131,566
Weighted average shares – diluted		128,620			132,670

Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited)
(Amounts in thousands, except per share data)

Three Months Ended March 31, 2026	Gross Profit			Selling, General & Administrative Expense			Operating Income			Other Income (Expense), Net			Provision For (Benefit From) Income Taxes			Net Earnings (Loss)			Effective Tax Rate		Diluted EPS
Reported	$	379,841		$	263,400		$	119,432		$	6,999		$	21,131		$	81,681		19.7	%	0.64
Reported as a percent of sales		35.6	%		24.7	%		11.2	%		0.7	%		2.0	%		7.6	%
Realignment charges (a)		16,502			(12,465	)		28,967			-			4,443			24,524		15.3	%	0.19
Acquisition and divestiture related (b)(c)		-			(8,588	)		8,588			-			2,150			6,438		25.0	%	0.05
Purchase accounting step-up and intangible asset amortization (d)		1,013			(2,245	)		3,258			-			523			2,735		16.1	%	0.02
Discrete items (e)(f)(g)		31			(674	)		705			1,500			519			1,686		23.5	%	0.01
Below-the-line foreign exchange impacts (h)		-			-			-			(9,038	)		(1,601	)		(7,437	)	17.7	%	(0.06	)
Adjusted	$	397,387		$	239,428		$	160,950		$	(539	)	$	27,165		$	109,627		19.2	%	0.85
Adjusted as a percent of sales		37.2	%		22.4	%		15.1	%		-0.1	%		2.5	%		10.3	%

Note: Amounts may not calculate due to rounding
(a) Charges represent realignment costs incurred as a result of realignment programs, net of a $5,300 gain associated with a sale-leaseback transaction related to a FCD facility closure.
(b) Charge represents $7,791 of acquisition and integration related costs associated with the Greenray and Trillium Valves acquisitions.
(c) Charge represents $797 of costs associated with other strategic acquisition and divestiture activities.
(d) Charge represents amortization of acquisition related intangible assets associated with the MOGAS and Greenray acquisitions.
(e) Charge represents $277 of non-cash share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan.
(f) Charge includes $1,500 for a non-cash pension settlement accounting loss incurred in conjunction with the freeze of our US Qualified pension plan.
(g) Charge represents $428 of transaction costs related to the divestiture of our asbestos-related assets and liabilities.
(h) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site's respective functional currency.


Three Months Ended March 31, 2025	Gross Profit			Selling, General & Administrative Expense			Operating Income			Other Income (Expense), Net			Provision For (Benefit From) Income Taxes			Net Earnings (Loss)			Effective Tax Rate		Diluted EPS
Reported	$	369,334		$	243,177		$	131,889		$	(17,259	)	$	17,743		$	73,905		18.3	%	0.56
Reported as a percent of sales		32.3	%		21.2	%		11.5	%		-1.5	%		1.6	%		6.5	%
Realignment charges (a)		10,015			1,304			8,711			-			1,871			6,840		21.5	%	0.05
Acquisition related (b)		-			(1,281	)		1,281			-			301			980		23.5	%	0.01
Purchase accounting step-up and intangible asset amortization (c)		3,475			(1,300	)		4,775			-			1,361			3,414		28.5	%	0.03
Discrete items (d)(e)		33			(383	)		416			1,500			451			1,465		23.5	%	0.01
Below-the-line foreign exchange impacts (f)		-			-			-			11,373			2,445			8,928		21.5	%	0.07
Adjusted	$	382,857		$	241,517		$	147,072		$	(4,386	)	$	24,172		$	95,532		19.3	%	0.72
Adjusted as a percent of sales		33.5	%		21.1	%		12.8	%		-0.4	%		2.1	%		8.3	%

Note: Amounts may not calculate due to rounding
(a) Charges represent realignment costs incurred as a result of realignment programs of which $1,500 is non-cash.
(b) Charge represents acquisition and integration related costs associated with the MOGAS acquisition.
(c) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.
(d) Charge represents $416 of non-cash share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan.
(e) Charge includes $1,500 for a non-cash pension settlement accounting loss incurred in conjunction with the freeze of our US Qualified pension plan.
(f) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site's respective functional currency.

SEGMENT INFORMATION
(Unaudited)

FLOWSERVE PUMPS DIVISION	Three Months Ended March 31,
(Amounts in millions, except percentages)		2026			2025
Bookings	$	773.9		$	852.9
Sales		744.5			783.1
Gross profit		269.9			268.5
Gross profit margin		36.3	%		34.3	%
SG&A		147.2			137.7
Segment operating income		125.8			136.5
Segment operating income as a percentage of sales		16.9	%		17.4	%

FLOW CONTROL DIVISION	Three Months Ended March 31,
(Amounts in millions, except percentages)		2026			2025
Bookings	$	374.2		$	376.0
Sales		327.6			364.1
Gross profit		108.9			100.2
Gross profit margin		33.3	%		27.5	%
SG&A		67.2			68.7
Segment operating income		41.7			31.5
Segment operating income as a percentage of sales		12.7	%		8.6	%

Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited)
(Amounts in thousands)

Flowserve Pumps Division
Three Months Ended March 31, 2026	Gross Profit			Selling, General & Administrative Expense			Operating Income			Three Months Ended March 31, 2025	Gross Profit			Selling, General & Administrative Expense			Operating Income
Reported	$	269,927		$	147,168		$	125,751		Reported	$	268,462		$	137,680		$	136,515
Reported as a percent of sales		36.3	%		19.8	%		16.9	%	Reported as a percent of sales		34.3	%		17.6	%		17.4	%
Realignment charges (a)		10,088			(4,141	)		14,229		Realignment charges (a)		2,979			998			1,981
Discrete items (b)		24			(48	)		72		Discrete items (b)		28			(125	)		153
Acquisition related (c)		-			(39	)		39		Adjusted	$	271,469		$	138,553		$	138,649
Purchase accounting step-up and intangible asset amortization (d)		1,013			(945	)		1,958		Adjusted as a percent of sales		34.7	%		17.7	%		17.7	%
Adjusted	$	281,052		$	141,995		$	142,049
Adjusted as a percent of sales		37.7	%		19.1	%		19.1	%

Flow Control Division
Three Months Ended March 31, 2026	Gross Profit			Selling, General & Administrative Expense			Operating Income			Three Months Ended March 31, 2025	Gross Profit			Selling, General & Administrative Expense			Operating Income
Reported	$	108,947		$	67,231		$	41,716		Reported	$	100,187		$	68,705		$	31,482
Reported as a percent of sales		33.3	%		20.5	%		12.7	%	Reported as a percent of sales		27.5	%		18.9	%		8.6	%
Realignment charges (a)		6,414			5,021			1,393		Realignment charges (a)		7,102			121			6,981
Discrete items (b)		5			(55	)		60		Acquisition related (c)		-			(1,281	)		1,281
Acquisition related (c)		-			(7,738	)		7,738		Purchase accounting step-up and intangible asset amortization (d)		3,475			(1,300	)		4,775
Purchase accounting step-up and intangible asset amortization (d)		-			(1,300	)		1,300		Discrete items (b)		4			(64	)		68
Adjusted	$	115,366		$	63,159		$	52,207		Adjusted	$	110,768		$	66,181		$	44,587
Adjusted as a percent of sales		35.2	%		19.3	%		15.9	%	Adjusted as a percent of sales		30.4	%		18.2	%		12.2	%


Note: Amounts may not calculate due to rounding										Note: Amounts may not calculate due to rounding
(a) Charges represent realignment costs incurred as a result of realignment programs, net of a $5,300 gain associated with a sale-leaseback transaction related to a FCD facility closure.										(a) Charges represent realignment costs incurred as a result of realignment programs of which $1,500 is non-cash.
(b) Charge represents non-cash share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan.										(b) Charge represents share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan.
(c) Charge represents acquisition and integration related costs associated with the Greenray and Trillium Valves acquisitions within FPD and FCD, respectively.										(c) Charge represents acquisition and integration-related costs associated with the MOGAS acquisition.
(d) Charge represents amortization of acquisition related intangible assets associated with the Greenray and MOGAS acquisitions within FPD and FCD, respectively.										(d) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.


Segment Results
(Unaudited)

Flowserve Pumps Division

(dollars in millions)	Q1 2026	Q1 2025	Change
Organic Bookings			(13.6%)
Acquisition / Divestiture Impact			0.3%
FX Impact (a)			4.0%
Total Bookings (b)	$774	$853	(9.3%)

Organic Sales			(9.5%)
Acquisition / Divestiture Impact			0.3%
FX Impact (a)			4.3%
Reported Sales (b)	$745	$783	(4.9%)

Gross Margin	36.3%	34.3%	200 bps
Adjusted Gross Margin (c)	37.7%	34.7%	300 bps
Operating Margin	16.9%	17.4%	(50 bps)
Adjusted Operating Margin (d)	19.1%	17.7%	140 bps
Backlog (b)	$2,076	$2,019	2.8%


Flowserve Control Division

(dollars in millions)	Q1 2026	Q1 2025	Change
Organic Bookings			(2.9%)
Acquisition / Divestiture Impact			0.0%
FX Impact (a)			2.4%
Total Bookings (b)	$374	$376	(0.5%)

Organic Sales			(12.1%)
Acquisition / Divestiture Impact			0.0%
FX Impact (a)			2.1%
Reported Sales (b)	$328	$364	(10.0%)

Gross Margin	33.3%	27.5%	580 bps
Adjusted Gross Margin (c)	35.2%	30.4%	480 bps
Operating Margin	12.7%	8.6%	410 bps
Adjusted Operating Margin (d)	15.9%	12.2%	370 bps
Backlog (b)	$876	$889	(1.5%)

(a) Foreign exchange (FX) impact reflects a year-over-year change in foreign currency translation.
(b) Bookings, sales, and backlog do not include interdivision eliminations.
(c) Adjusted gross margin is a non‑GAAP financial measure. Adjusted gross margin is calculated by dividing adjusted gross profit by sales. Adjusted gross profit is derived by excluding realignment charges and other specific discrete items. See the Segment Reconciliation of Non‑GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (unaudited).
(d) Adjusted operating margin excludes realignment charges and other specific discrete items.

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
	March 31,			December 31,
(Amounts in thousands, except par value)		2026			2025

ASSETS
Current assets:
Cash and cash equivalents	$	792,354		$	760,183
Accounts receivable, net of allowance for expected credit losses of $84,394 and $83,094, respectively		958,985			1,029,095
Contract assets, net of allowance for expected credit losses of $6,331 and $6,028, respectively		357,487			322,472
Inventories		809,583			789,898
Prepaid expenses and other		136,204			141,237
Total current assets		3,054,613			3,042,885
Property, plant and equipment, net of accumulated depreciation of $1,219,307 and $1,224,912, respectively		559,223			566,751
Operating lease right-of-use assets, net		165,222			166,031
Goodwill		1,381,437			1,391,988
Deferred taxes		156,422			156,250
Other intangible assets, net		194,442			198,475
Other assets, net of allowance of expected credit losses of $66,091 and $66,047, respectively		221,801			185,820
Total assets	$	5,733,160		$	5,708,200

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	520,392		$	554,243
Accrued liabilities		499,611			587,475
Contract liabilities		269,165			274,669
Debt due within one year		52,972			49,868
Operating lease liabilities		35,466			35,630
Total current liabilities		1,377,606			1,501,885
Long-term debt due after one year		1,662,000			1,525,210
Operating lease liabilities		139,887			149,565
Retirement obligations and other liabilities		273,415			277,216
Shareholders' equity:
Preferred shares, $1.00 par value		-			-
Shares authorized – 1,000, no shares issued
Common shares, $1.25 par value		220,991			220,991
Shares authorized – 305,000
Shares issued – 176,793 and 176,793, respectively
Capital in excess of par value		486,518			508,890
Retained earnings		4,315,243			4,261,977
Treasury shares, at cost – 49,215 and 49,763 shares, respectively		(2,218,764	)		(2,231,685	)
Deferred compensation obligation		6,676			6,629
Accumulated other comprehensive loss		(598,359	)		(575,405	)
Total Flowserve Corporation shareholders' equity		2,212,305			2,191,397
Noncontrolling interests		67,947			62,927
Total equity		2,280,252			2,254,324
Total liabilities and equity	$	5,733,160		$	5,708,200

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Three Months Ended March 31,
(Amounts in thousands)		2026			2025

Cash flows – Operating activities:
Net earnings, including noncontrolling interests	$	86,369		$	79,457
Adjustments to reconcile net earnings to net cash (used) provided by operating activities:
Depreciation		20,329			18,831
Amortization of intangible and other assets		3,731			5,571
Stock-based compensation		10,716			8,656
Foreign currency, asset write downs and other non-cash adjustments		(14,525	)		(7,350	)
Change in assets and liabilities:
Accounts receivable, net		63,517			(50,679	)
Inventories		(24,604	)		8,804
Contract assets, net		(38,454	)		(9,447	)
Prepaid expenses and other assets, net		(8,940	)		6,669
Accounts payable		(32,385	)		(16,861	)
Contract liabilities		(3,722	)		(3,648	)
Accrued liabilities		(110,074	)		(89,467	)
Retirement obligations and other liabilities		5,027			(5,448	)
Net deferred taxes		(65	)		4,978
Net cash flows (used) by operating activities		(43,080	)		(49,934	)
Cash flows – Investing activities:
Capital expenditures		(16,899	)		(11,738	)
Proceeds from disposal of assets		9,719			462
Net cash flows (used) by investing activities		(7,180	)		(11,276	)
Cash flows – Financing activities:
Payments on term loan		(9,375	)		(9,375	)
Proceeds under revolving credit facility		150,000			-
Proceeds under other financing arrangements		391			150
Payments under other financing arrangements		(2,610	)		(101	)
Repurchases of common shares		-			(21,088	)
Payments related to tax withholding for stock-based compensation		(22,635	)		(11,063	)
Payments of dividends		(26,722	)		(27,617	)
Contingent consideration payment related to acquired business		-			(15,000	)
Other		(529	)		(138	)
Net cash flows (used) provided by financing activities		88,520			(84,232	)
Effect of exchange rate changes on cash and cash equivalents		(6,089	)		10,805
Net change in cash and cash equivalents		32,171			(134,637	)
Cash and cash equivalents at beginning of period		760,183			675,441
Cash and cash equivalents at end of period	$	792,354		$	540,804

About Flowserve:

Flowserve Corporation is one of the world's leading providers of fluid motion and control products and services. Operating in more than 50 countries, the Company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the Company's website at www.flowserve.com.

Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: economic, political and other risks associated with our international operations, including military actions, trade embargoes, blockades or other closures of major trade lanes, epidemics or pandemics and changes to tariffs or trade agreements that could affect customer markets, particularly North African, Latin American, Asian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; global supply chain disruptions and the current inflationary environment could adversely affect the efficiency of our manufacturing and increase the cost of providing our products to customers; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers' ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from any restructuring and realignment initiatives, our business could be adversely affected; the substantial dependence of our sales on the success of the energy, chemical, power generation and general industries; the adverse impact of volatile raw materials prices on our products and operating margins; the impact of public health emergencies, such as outbreaks of epidemics, pandemics, and contagious diseases, on our business and operations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; potential adverse effects resulting from the implementation of new tariffs and related retaliatory actions and changes to or uncertainties related to tariffs and trade agreements; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Argentina; potential adverse consequences resulting from litigation to which we are a party; expectations regarding acquisitions and the integration of acquired businesses; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; if we are not able to maintain our competitive position by successfully developing and introducing new products and integrate new technologies, including artificial intelligence and machine learning; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the United States, as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company's performance. Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company's reported results prepared in accordance with GAAP.

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Flowserve Contacts

Investor Contacts:

Brian Ezzell, Vice President, Investor Relations, Treasurer & Corporate Finance (469) 420-3222

Olivia Webb, Director, Investor Relations (469) 420-3223

Media Contact: media@flowserve.com

Flowserve Corporation Reports First Quarter 2026 Results