ftv-20260403

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________________

FORM 10-Q

________________________________________________


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: April 3, 2026


Or
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission file number 1-37654

________________________________________________

Fortive Corporation

(Exact name of registrant as specified in its charter)

________________________________________________


Delaware						47-5654583
(State or other jurisdiction of incorporation or organization)						(I.R.S. employer identification number)


6920 Seaway Blvd
Everett,	WA	98203

(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code: (425) 446-5000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of each exchange on which registered
Common stock, par value $0.01 per share	FTV	New York Stock Exchange
3.700% Notes due 2029	FTV29	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of common stock outstanding at April 24, 2026 was 304,861,021.

FORTIVE CORPORATION

INDEX

FORM 10-Q


PART I -	FINANCIAL INFORMATION	Page
Item 1.	Financial Statements
	Consolidated Condensed Balance Sheets	4
	Consolidated Condensed Statements of Earnings	5
	Consolidated Condensed Statements of Comprehensive Income	6
	Consolidated Condensed Statements of Changes in Equity	7
	Consolidated Condensed Statements of Cash Flows	8
	Notes to Consolidated Condensed Financial Statements	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	29
PART II -	OTHER INFORMATION
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 5.	Other Information	30
Item 6.	Exhibits	31
	Signatures	32

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FORTIVE CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

($ and shares in millions, except per share amounts)


	As of
	April 3, 2026		December 31, 2025

ASSETS	(unaudited)
Current assets:
Cash and equivalents	$	356.1	$	375.5
Accounts receivable less allowance for doubtful accounts of $18.4 and $18.8, respectively	647.0		683.6
Inventories:
Finished goods	175.0		169.9
Work in process	13.9		12.3
Raw materials	116.6		109.6
Inventories	305.5		291.8
Prepaid expenses and other current assets	233.8		234.0
Current assets, discontinued operations	4.8		20.8
Total current assets	1,547.2		1,605.7

Property, plant and equipment, net of accumulated depreciation of $447.0 and $430.2, respectively	276.3		269.8
Other assets	378.6		375.5
Goodwill	7,288.5		7,298.3
Other intangible assets, net	2,093.5		2,188.4

Total assets	$	11,584.1	$	11,737.7

LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	899.8	$	899.5
Trade accounts payable	415.9		436.4
Accrued expenses and other current liabilities	869.6		910.7

Total current liabilities	2,185.3		2,246.6

Other long-term liabilities	718.1		723.5
Long-term debt	2,589.3		2,306.5



Equity:
Common stock: $0.01 par value, 2,000 shares authorized; 371.3 and 366.6 issued; 305.6 and 313.4 outstanding, respectively	3.7		3.7
Additional paid-in capital	4,225.7		4,210.0
Treasury shares, at cost	(3,734.3)		(3,229.8)
Retained earnings	5,546.5		5,428.5
Accumulated other comprehensive income	41.5		41.0
Total Fortive stockholders’ equity	6,083.1		6,453.4
Noncontrolling interests	8.3		7.7
Total stockholders’ equity	6,091.4		6,461.1
Total liabilities and equity	$	11,584.1	$	11,737.7

See the accompanying Notes to Consolidated Condensed Financial Statements.

Table of Contents

FORTIVE CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS

($ and shares in millions, except per share amounts)

(unaudited)


	Three Months Ended
		April 3, 2026		March 28, 2025
Sales:
Products and software		$	860.8	$	804.7
Services		208.6		188.4
Total sales		1,069.4		993.1

Cost of Sales:
Products and software		(281.1)		(262.6)
Services		(112.8)		(93.0)
Total cost of sales		(393.9)		(355.6)

Gross profit		675.5		637.5
Operating costs:
Selling, general and administrative		(417.3)		(408.2)
Research and development		(66.5)		(64.0)

Operating profit		191.7		165.3
Non-operating income (expense), net:
Interest expense, net		(31.6)		(32.0)

Other non-operating income, net		3.5		0.4
Earnings from continuing operations before income taxes		163.6		133.7
Income taxes		(27.2)		(21.1)
Net earnings from continuing operations		136.4		112.6
Net earnings from discontinued operations		—		59.3
Net earnings		$	136.4	$	171.9

Net earnings per common share from continuing operations:
Basic		$	0.44	$	0.33
Diluted		$	0.44	$	0.33
Net earnings per common share from discontinued operations:
Basic		$	—	$	0.17
Diluted		$	—	$	0.17
Net earnings per share:
Basic		$	0.44	$	0.50
Diluted		$	0.44	$	0.50
Average common stock and common equivalent shares outstanding:
Basic		309.6		341.1
Diluted		312.8		344.6

See the accompanying Notes to Consolidated Condensed Financial Statements.

Table of Contents

FORTIVE CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

($ in millions)

(unaudited)


	Three Months Ended
	April 3, 2026		March 28, 2025
Net earnings	$	136.4	$	171.9
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments	(2.2)		70.1
Pension and post-retirement plan benefit adjustments	(0.1)		—
Hedge adjustments	2.7		—
Total other comprehensive income, net of income taxes	0.4		70.1
Comprehensive income	$	136.8	$	242.0

See the accompanying Notes to Consolidated Condensed Financial Statements.

Table of Contents

FORTIVE CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY

($ and shares in millions)

(unaudited)


	Common Stock			Additional Paid-In Capital		Treasury Shares		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests
	Shares Outstanding	Amount
Balance, December 31, 2025	313.4	$	3.7	$	4,210.0	$	(3,229.8)	$	5,428.5	$	41.1	$	7.7


Net earnings for the period	—	—		—		—		136.4		—		—
Common stock repurchases	(8.9)	—		—		(504.5)		—		—		—
Dividends to common stockholders	—	—		—		—		(18.4)		—		—
Other comprehensive income (loss)	—	—		—		—		—		0.4		—
Stock based compensation	1.6	—		40.2		—		—		—		—
Shares withheld for taxes	(0.5)	—		(24.5)		—		—		—		—
Change in noncontrolling interests	—	—		—		—		—		—		0.6
Balance, April 3, 2026	305.6	$	3.7	$	4,225.7	$	(3,734.3)	$	5,546.5	$	41.5	$	8.3


	Common Stock			Additional Paid-In Capital		Treasury Shares		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests
	Shares Outstanding	Amount
Balance, December 31, 2024	341.2	$	3.7	$	4,035.0	$	(1,612.3)	$	8,227.6	$	(465.4)	$	7.0


Net earnings for the period	—	—		—		—		171.9		—		—
Common stock repurchases	(2.5)	—		—		(203.6)		—		—		—
Dividends to common stockholders	—	—		—		—		(27.2)		—		—
Other comprehensive income (loss)	—	—		—		—		—		70.1		—
Stock based compensation	1.5	—		64.4		—		—		—		—
Shares withheld for taxes	(0.3)	—		(27.8)		—		—		—		—
Change in noncontrolling interests	—	—		—		—		—		—		(0.1)
Balance, March 28, 2025	339.9	$	3.7	$	4,071.6	$	(1,815.9)	$	8,372.3	$	(395.3)	$	6.9

See the accompanying Notes to Consolidated Condensed Financial Statements.

Table of Contents

FORTIVE CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

($ in millions)

(unaudited)


	Three Months Ended
	April 3, 2026		March 28, 2025
Cash flows from operating activities:
Net earnings	$	136.4	$	171.9
Less: net earnings from discontinued operations	—		(59.3)
Net earnings from continuing operations	136.4		112.6
Adjustments to reconcile net earnings to net cash provided by operating activities:
Amortization	93.2		91.2
Depreciation	20.4		16.8
Stock-based compensation	21.3		23.4



Change in certain assets and liabilities:
Change in accounts receivable, net	34.8		25.9
Change in inventories	(14.8)		(12.7)
Change in trade accounts payable	(19.8)		5.2
Change in prepaid expenses and other assets	(4.4)		(15.4)
Change in accrued expenses and other liabilities	(46.7)		(55.2)
Total operating cash provided by continuing operations	220.4		191.8
Total operating cash provided by discontinued operations	14.4		49.9
Net cash provided by operating activities	234.8		241.7

Cash flows from investing activities:
Purchases of property, plant and equipment	(26.6)		(21.1)



All other investing activities	(0.1)		(1.0)
Total investing cash used in continuing operations	(26.7)		(22.1)
Total investing cash used in discontinued operations	—		(4.1)
Net cash used in investing activities	(26.7)		(26.2)

Cash flows from financing activities:
Net proceeds from commercial paper borrowings	591.7		80.7
Repurchase of common shares	(500.2)		(202.6)
Payment of dividends	(18.4)		(27.2)

Repayment of borrowings (maturities greater than 90 days)	(292.9)		—

All other financing activities	(8.7)		8.1
Total financing cash used in continuing operations	(228.5)		(141.0)
Total financing cash used in discontinued operations	—		—
Net cash used in financing activities	(228.5)		(141.0)

Effect of exchange rate changes on cash and equivalents	1.0		4.3
Net change in cash and equivalents	(19.4)		78.8
Beginning balance of cash and equivalents	375.5		813.3
Ending balance of cash and equivalents	$	356.1	$	892.1

See the accompanying Notes to Consolidated Condensed Financial Statements.

Table of Contents

FORTIVE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

NOTE 1. BUSINESS OVERVIEW

Fortive Corporation (“Fortive,” “the Company,” “we,” “us,” or “our”) innovates essential technologies to keep our world safe and productive. Our strategic segments - Intelligent Operating Solutions (“IOS”) and Advanced Healthcare Solutions (“AHS”) - include iconic inventor brands with leading positions in their markets. Our businesses design, develop, manufacture, and market products, software, and services, building upon leading brand names, innovative technologies, and strong market positions. Our research and development, manufacturing, sales, distribution, service, and administrative facilities are located in approximately 50 countries around the world.

We prepared the unaudited consolidated condensed financial statements included herein in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) applicable for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations; however, we believe the disclosures are adequate to make the information presented not misleading. The unaudited consolidated condensed financial statements included herein should be read in conjunction with the audited annual consolidated financial statements as of and for the year ended December 31, 2025 and the footnotes (“Notes”) thereto included within our 2025 Annual Report on Form 10-K. Certain of our operations have been presented as discontinued operations. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale, are sold, or spun-off.

In our opinion, the accompanying financial statements contain all adjustments, which consist of only normal, recurring accruals necessary to fairly present our financial position, results of operations, comprehensive income, stockholders’ equity, and cash flows for the periods presented. The results of operations for the three months ended April 3, 2026, are not necessarily indicative of the results for the full year.

Segment Presentation

We operate and report our results in two segments, Intelligent Operating Solutions and Advanced Healthcare Solutions, each of which is further described below.

The IOS segment provides advanced instrumentation, software and services to tens of thousands of customers enabling their mission-critical workflows. These offerings include professional instruments used in applications including maintenance, repair, measurement and condition monitoring, facility and asset lifecycle software applications, connected worker safety and compliance solutions across a range of vertical end markets, including manufacturing, process industries, healthcare, utilities and power, communications and electronics, among others. Typical users of these safety, productivity and sustainability solutions include electrical engineers, electricians, electronic technicians, EHS professionals, network technicians, facility managers, first-responders, and maintenance professionals.

The AHS segment supplies critical workflow solutions enabling healthcare providers to deliver exceptional patient care more efficiently. Our offerings include instrument sterilization solutions, instrument tracking, biomedical test tools, radiation detection and safety monitoring, and end-to-end clinical productivity software and solutions. Our healthcare offerings help ensure critical safety standards are met, instruments and operating rooms are working at peak performance, and complex procedures are followed accurately in these mission-critical healthcare environments.

Precision Technologies Separation

On June 28, 2025 (the “Distribution Date”), the Company completed the separation (the “Separation” or the “PT Separation”) of its former Precision Technologies segment by distributing to Fortive shareholders on a pro rata basis all of the issued and outstanding common stock of Ralliant Corporation (“Ralliant”), the entity incorporated to hold the PT businesses. The accounting requirements for reporting Ralliant as a discontinued operation were met when the Separation was completed. Accordingly, the accompanying consolidated condensed financial statements for all periods presented reflect this business as a discontinued operation. Unless otherwise indicated, all amounts in this quarterly report refer to continuing operations. Refer to Note 2 for additional information.

Table of Contents

Accumulated Other Comprehensive Loss

We designate the 3.7% Euro-denominated senior unsecured notes due 2029 as a net investment hedge on our investment in applicable foreign operations. As such, the after-tax foreign currency transaction gains and losses on the debt were deferred in the foreign currency translation component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. Any amounts deferred in AOCI will remain until the hedged investment is sold or substantially liquidated.

We recognized after-tax foreign currency transaction gains of $12.1 million and losses of $57.0 million during the three-month periods ended April 3, 2026 and March 28, 2025, respectively, on the debt that was deferred in the foreign currency translation component of AOCI as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. We recorded no ineffectiveness from our net investment hedges during the three-month periods ended April 3, 2026 and March 28, 2025. During the three-month periods ended April 3, 2026 and March 28, 2025, the foreign currency transaction impacts associated with Euro-denominated notes not designated as a net investment hedge were immaterial.

The changes in AOCI by component are summarized below ($ in millions):


	Foreign currency translation adjustments		Pension & post-retirement plan benefit adjustments (a)			Hedge adjustments(d)		Total
For the Three Months Ended April 3, 2026:
Balance, December 31, 2025	$	58.8	$	(17.7)		$	—	$	41.1



Other comprehensive income (loss) before reclassifications, net of income taxes	(2.2)		—			2.7		0.5



Amounts reclassified from AOCI into income, net of income taxes	—		(0.1)		(b)	—		(0.1)
Net current period other comprehensive income (loss), net of income taxes

SEC Form 10-Q filed by Fortive Corporation