Ingersoll Rand Reports First Quarter 2026 Results

Earnings Release
April 28, 2026
Solid First-Quarter Performance; Full-Year Guidance on Track

First-Quarter 2026 Highlights

(All figures are compared to the first quarter of 2025 unless otherwise noted.)

Growth was driven by Ingersoll Rand’s core competitive advantage—Ingersoll Rand Excellence (IRX):

Reported order intake of $1.978 billion, up 5% year-over-year
Reported revenue of $1.847 billion, up 8% year-over-year
Reported net income attributable to Ingersoll Rand of $192 million, or $0.49 per share
Adjusted net income attributable to Ingersoll Rand of $305 million, or $0.77 per share, up 7% year-over-year
Adjusted EBITDA¹ was $469 million, up 2% year-over-year, with a margin of 25.4%
Reported operating cash flow was $200 million, and free cash flow¹ was $163 million
As of March 31, 2026, liquidity stood at $3.9 billion, including $1.3 billion in cash and $2.6 billion in undrawn credit facilities
Davidson, North Carolina--(BUSINESS WIRE)-- Ingersoll Rand (NYSE: IR), a global provider of critical fluid handling, life sciences, and industrial solutions, announced its first-quarter 2026 results.

Vincent Renard, Chairman and CEO of Ingersoll Rand, stated: “ “We started 2026 with strong momentum, delivering high-single-digit adjusted earnings per share¹ growth and meeting our guidance for revenue and adjusted EBITDA¹. With a robust pipeline of M&A opportunities, we are confident in achieving our annual revenue targets. Our growth engine, IRX, and our owner’s mindset will continue to support disciplined execution and the creation of sustainable value.”

First Quarter 2026 Business Segment Review

(Unless otherwise noted, all figures are compared to the first quarter of 2025.)

Industrial Technologies & Services (IT&S) Segment: Offers a broad range of products, including compressors, vacuum equipment, blowers, and air treatment solutions, as well as industrial technologies such as power tools and lifting equipment

Reported order intake was $1.558 billion, up 5% year-over-year, or down 3% on a comparable basis
Reported revenue was $1.445 billion, up 7% year-over-year, or down 2% on a comparable basis¹
Reported segment adjusted EBITDA was $386 million, down 1% year-over-year
Reported segment adjusted EBITDA margin was 26.7%, down 210 basis points
Excluding the impact of the Middle East, IT&S orders were essentially flat on a comparable basis. The company expects these Middle East orders to be made up for during the remainder of the year. Revenue was in line with expectations, resulting in an order-to-shipment ratio of 1.08. The year-over-year decline in adjusted EBITDA margin was primarily driven by the pass-through effect of lower organic volume, tariff pricing (which offset tariff costs), and ongoing investments in commercial growth.
Precision & Scientific Technologies (P&ST) Business Unit: Provides mission-critical precision liquid, gas, air, and powder handling technologies for life sciences, industrial applications, and aerospace and defense applications

Reported orders totaled $420 million, up 6% year-over-year, or 1% on an organic growth basis
Reported revenue was $403 million, up 10% year-over-year, or 4% on an organic growth basis 1
Reported segment adjusted EBITDA was $122 million, up 15% year-over-year
Reported segment adjusted EBITDA margin was 30.3%, up 120 basis points
In the first quarter, the P&ST business segment continued its momentum of organic order and revenue growth, with a book-to-bill ratio of 1.04. Driven by strong operational execution led by IRX, the adjusted EBITDA margin reached 30.3%, up 120 basis points year-over-year.
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1 Non-GAAP measure (see below for definitions and/or reconciliation)
Balance Sheet and Cash Flow

Ingersoll Rand’s financial position remains strong, with ample liquidity of $3.9 billion. On a reported basis, cash flow from operating activities was $200 million, capital expenditures were $36 million, resulting in free cash flow¹ of $163 million; compared to $256 million in cash flow from operating activities and $223 million in free cash flow¹ in the same period last year. The net debt-to-adjusted EBITDA ratio² for the first quarter was 1.7x, an increase of 0.1x compared to the same period last year.

In the first quarter of 2026, Ingersoll Rand invested $52 million in merger and acquisition activities related to the previously announced acquisition of Scinomix, Inc. The company also returned approximately $97 million to shareholders through $89 million in share repurchases and a quarterly dividend payment of $8 million in the first quarter.

In April 2026, Ingersoll Rand announced the signing of an acquisition agreement to acquire Fox s.r.l., a leading manufacturer of hydraulic and pneumatic accumulators and pulsation dampers, a move that will strengthen the company’s capabilities in the metering pump segment. The transaction is expected to close on April 30, 2026.

2026 Financial Guidance 3,4,5,6

Ingersoll Rand maintains its full-year 2026 financial guidance.

The timing of revenue, Adjusted EBITDA, and Adjusted EPS recognition remains consistent with prior years.
The Company does not expect the following factors to have a material impact on its full-year guidance:
Recent changes to Section 232 tariffs.
The current conflict in the Middle East.
Providing a reconciliation of non-GAAP measures related to the 2026 full-year guidance would entail an unreasonable amount of work, and certain amounts required for such a reconciliation—including net income (loss) and the timing and magnitude of amounts related to acquisition-related expenses, restructuring and other business transformation costs, foreign exchange gains and losses, and other amounts in historical data adjustments—are currently unavailable. For the same reasons, we are unable to assess the potential material impact of this missing information, which could have an unpredictable and potentially significant effect on our future GAAP financial results.

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2 Calculated as the ratio of net debt to adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the past twelve months (LTM)

3 All revenue outlook comments are expressed as percentages and are based on growth rates compared to 2025

4 Non-GAAP measures (see definitions and/or reconciliation tables below)

5 Based on exchange rates as of March 2026; excludes the impact of exchange rates on mergers and acquisitions (M&A)

6 Reflects all completed, closed, and signed M&A transactions as of April 28, 2026

Conference Call

Ingersoll Rand will host a live earnings conference call on Wednesday, April 29, 2026, at 8:00 a.m. Eastern Time to discuss first-quarter results. To participate in the call, please dial 1-888-330-3073 (U.S. and Canada) or 1-646-960-0683 (International) and enter access code 8970061. You may listen to a live audio webcast of the call via the “Events & Presentations” section of Ingersoll Rand’s Investor Relations website (https://investors.irco.com). Materials will be posted in this section prior to the call. A replay of the webcast will be available on Ingersoll Rand’s Investor Relations website following the call.

Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, including Ingersoll Rand Company’s (“the Company” or “Ingersoll Rand”) expectations regarding its business performance, financial results, liquidity, and capital resources, as well as other non-historical statements. Such forward-looking statements are typically identified by words such as “believe,” “anticipate,” “expect,” “forecast,” “estimate,” “project,” “outlook,” “target,” “strive,” “seek,” “forecast,” “intend,” “strategy,” “plan,” “may,” “can,” “should,” “will,” “would,” “is expected to,” “is on track,” “will continue,” “may result in,” “guidance,” or the negative forms, variations, or similar terms typically used to identify forward-looking statements. All statements other than historical facts are forward-looking statements.

These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially from current expectations. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may differ materially from those indicated or anticipated by these forward-looking statements. The inclusion of such statements should not be construed as a commitment that the relevant plans, estimates, or expectations will be realized. Important factors that could cause actual results to differ materially from the aforementioned plans, estimates, or expectations include, but are not limited to: (1) adverse effects on our operations and financial performance resulting from geopolitical tensions, natural disasters, catastrophes, global pandemics, cybersecurity incidents, or other events beyond our control; (2) unexpected costs, expenses, or expenditures arising from completed and proposed business combinations; (3) uncertainty regarding the Company’s projected financial performance; (4) the failure of completed and proposed business combinations to achieve anticipated benefits; (5) the Company’s ability to implement its business strategies; (6) difficulties and delays in realizing revenue and cost synergies; (7) the Company’s inability to retain or recruit key personnel; (8) evolving legal, regulatory, and tax regimes; (9) changes in general economic and/or industry-specific conditions; (10) actions by third parties (including government agencies); and (11) other risk factors detailed in Ingersoll-Rand’s most recent Form 10-K annual report filed with the U.S. Securities and Exchange Commission (“SEC”), which may be updated from time to time in its periodic filings with the SEC, available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exhaustive.

Any forward-looking statements reflect only the situation as of the date of this press release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Readers should not place undue reliance on any such forward-looking statements.

About Ingersoll-Rand Company

Ingersoll-Rand Company (NYSE: IR) is driven by an entrepreneurial spirit and a sense of ownership, committed to creating a better life for our employees, customers, shareholders, and the planet. In the fields of mission-critical fluid handling, life sciences, and industrial solutions, customers trust us to deliver exceptional performance and durability. Backed by more than 80 respected brands, our products and services excel in the most complex and demanding environments. Our employees are dedicated to building lifelong partnerships with our customers through the daily application of their expertise, productivity, and efficiency.

Non-GAAP Financial Measures

In addition to the Generally Accepted Accounting Principles (GAAP) financial measures included in the consolidated financial statements, Ingersoll Rand reviews several non-GAAP financial measures, including “Organic Revenue Growth Rate/(Decline Rate),” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” “Adjusted Net Income,” “Adjusted Net Income Attributable to Ingersoll Rand, Inc.,” “Adjusted Diluted EPS,” “Free Cash Flow,” and “Free Cash Flow Margin.”

Ingersoll Rand believes that Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Attributable to Ingersoll Rand, Inc., and Adjusted Diluted EPS are useful supplemental measures that assist management and investors in evaluating the Company’s operating performance, as these measures exclude certain items of an exceptional nature or those whose fluctuations over time may not correspond to changes in Ingersoll Rand’s business operations. Ingersoll Rand believes that organic revenue growth/(decline) is a useful supplementary metric that assists management and investors in evaluating the Company’s operating performance, as this metric excludes the impact of foreign exchange and acquisitions on revenue growth. Adjusted EBITDA refers to net income before interest, taxes, depreciation, amortization, and certain non-cash, non-recurring, and other adjustments. Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue. Adjusted net income is defined as net income including interest, depreciation, and amortization of non-acquisition-related intangible assets, excluding the items used to calculate adjusted EBITDA, and further adjusted for the tax effects of these exclusions. Ingersoll Rand’s share of adjusted net income is defined as adjusted net income less net income attributable to non-controlling interests. Adjusted diluted earnings per share is defined as adjusted net income divided by the adjusted diluted weighted-average number of shares outstanding. Organic revenue growth/(decline) is defined as reported revenue growth net of the effects of foreign exchange and acquisitions. Ingersoll Rand believes that the adjustments applied in presenting Adjusted EBITDA, Adjusted Net Income, and Ingersoll Rand’s share of Adjusted Net Income are appropriate and are intended to provide investors with supplemental information regarding certain significant non-cash items and non-recurring items that the Company does not expect to continue at the same level in the future. The growth/decline metric is defined as the change in Adjusted EBITDA compared to the same period of the prior year, divided by the change in revenue compared to the same period of the prior year.

Ingersoll Rand uses free cash flow and free cash flow margin to assess the liquidity of its operations. Ingersoll Rand defines free cash flow as cash flow from operating activities less capital expenditures. Free cash flow margin is defined as free cash flow divided by revenue. Ingersoll Rand believes that free cash flow and free cash flow margin are useful supplemental financial measures for management and investors to evaluate the Company’s ability to pursue business opportunities, make investments, and repay debt. Free cash flow is not a liquidity measure under U.S. Generally Accepted Accounting Principles (GAAP) and should not be considered a substitute for cash flow from operating activities.

Ingersoll Rand’s management and Board of Directors regularly use these measures as tools to evaluate the Company’s operating and financial performance and to determine annual discretionary compensation. These measures are provided for supplementary purposes only and should not be considered a substitute for or superior to comparable measures under U.S. Generally Accepted Accounting Principles (GAAP). In addition, Ingersoll Rand believes that organic revenue growth/(decline), adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income attributable to Ingersoll Rand, adjusted diluted earnings per share, incremental/decremental growth, free cash flow, and free cash flow margin are metrics commonly used by investors and other stakeholders in evaluating issuers. Many issuers also disclose adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income attributable to Ingersoll Rand, adjusted diluted earnings per share, free cash flow, and free cash flow margin when reporting their results to aid in the understanding of their operating and financial performance and liquidity position.

Organic revenue growth/(decline), adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income attributable to Ingersoll Rand, adjusted diluted earnings per share, free cash flow, and free cash flow margin should not be considered as substitutes for revenue growth, net income, diluted earnings per share, or any other performance metric derived in accordance with U.S. Generally Accepted Accounting Principles (GAAP), nor should they be considered a substitute for cash flow from operating activities as a measure of the Company’s liquidity. Organic revenue growth/ (decline), adjusted EBITDA, adjusted EBITDA margin, adjusted net income, Ingersoll Rand’s share of adjusted net income, adjusted diluted earnings per share, free cash flow, and free cash flow margin have limitations as analytical tools. You should not view these metrics in isolation, nor should you use them as substitutes for analyzing Ingersoll Rand’s performance as reported under U.S. Generally Accepted Accounting Principles (GAAP).

The table below presents a reconciliation of organic revenue growth/(decline), adjusted EBITDA, adjusted EBITDA margin, adjusted net income, Ingersoll Rand’s share of adjusted net income, adjusted diluted earnings per share, free cash flow, and free cash flow margin to the most comparable U.S. Generally Accepted Accounting Principles (GAAP) financial measures for the historical period.

Because providing a reconciliation of non-GAAP measures to full-year 2026 guidance would require an unreasonable amount of work, such a reconciliation is not provided. This is because certain amounts required for such a reconciliation—including net income (loss) and the timing and magnitude of amounts related to acquisition-related expenses, restructuring and other business transformation costs, foreign exchange gains and losses, and other amounts in historical data adjustments—are not available. For the same reason, we are unable to assess the material impact that this missing information may have, which could have an unpredictable and potentially significant effect on our future GAAP financial results.

Due to rounding, the sum of the figures presented in this press release may not exactly match the totals provided, and percentages may not accurately reflect absolute values.