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Jun 28, 2025
SPX Q2 2025 Earnings Report
SPX reported strong second quarter results with revenue and profit growth across both HVAC and Detection & Measurement segments.
Key Takeaways
In Q2 2025, SPX achieved 10.2% revenue growth and 16.2% higher income from continuing operations. Both operating income and adjusted EBITDA improved significantly, driven by solid demand, strong execution, and accretive acquisitions. The company raised its full-year guidance.
Revenue rose to $552.4 million, up 10.2% from Q2 2024.
GAAP EPS grew to $1.10, while adjusted EPS increased to $1.65.
Adjusted EBITDA increased to $126.7 million, with a margin of 22.9%.
The HVAC and Detection & Measurement segments posted strong income and margin gains.
Revenue by Segment
Forward Guidance
SPX raised its full-year 2025 guidance for revenue, adjusted EBITDA, and adjusted EPS, reflecting continued strength in both segments and successful integration of acquisitions.
Positive Outlook
- Raised full-year 2025 revenue guidance to $2.225–$2.275 billion.
- Raised adjusted EBITDA guidance to $485–$510 million.
- Raised adjusted EPS guidance to $6.35–$6.65.
- Strong margin expansion expected in HVAC and Detection segments.
- Ongoing growth initiatives and new product introductions driving outlook.
Challenges Ahead
- Net operating cash flow declined YoY in Q2.
- HVAC organic growth slowed to 0.7%.
- Slight margin compression in Detection & Measurement segment.
- Higher acquisition-related costs impacted cash flow.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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