SPXCMEDIUM SIGNALOPERATIONAL10-K

SPXC completed two strategic acquisitions (Sigma Omega in April 2025 and Thermolec in January 2026) while adding new risk disclosures focused on tariff impacts and trade tensions.

The acquisitions signal active portfolio expansion in the HVAC segment, which should drive organic growth and market share gains. However, the company has heightened concerns about tariff-related cost pressures on raw materials and commodities that may not be recoverable through pricing, indicating potential margin compression risks ahead.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

SPXC delivered solid operational performance with revenue growing 14.2% to $2.3B and net income advancing 21.7% to $244M, while operating cash flow strengthened 16.6% to $333M. The balance sheet reflects the impact of acquisitions with total assets expanding 32.8% to $3.6B and stockholders' equity growing substantially to $2.2B, while total debt decreased 13.9% to $497M. The financial profile shows a company successfully integrating acquisitions while maintaining strong cash generation and improving its capital structure.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+61.6%
$1.4B→$2.2B

Equity base grew 61.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+45.8%
$784.3M→$1.1B

Current assets grew 45.8% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+32.8%
$2.7B→$3.6B

Asset base grew 32.8% — expansion through organic growth, acquisitions, or capital deployment.

Net Income
P&L
+21.7%
$200.5M→$244.0M

Net income grew 21.7% — bottom-line growth signals improving overall business health.

R&D Expense
P&L
+17.6%
$45.9M→$54.0M

R&D investment increased 17.6% — signals commitment to future product development, though near-term margin impact.

Operating Cash Flow
Cash Flow
+16.6%
$285.9M→$333.3M

Operating cash flow grew 16.6% — strong conversion of earnings to cash, healthy business fundamentals.

SG&A Expense
P&L
+15.2%
$414.6M→$477.6M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Revenue
P&L
+14.2%
$2.0B→$2.3B

Revenue growing 14.2% — solid top-line momentum, watch margins for quality of growth.

Total Debt
Balance Sheet
-13.9%
$577.0M→$496.7M

Debt reduced 13.9% — deleveraging strengthens balance sheet and reduces financial risk.

Accounts Receivable
Balance Sheet
+13.9%
$313.6M→$357.2M

Receivables grew 13.9% — monitor days sales outstanding for collection efficiency.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
Particular risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, include the following: cyclical changes and specific industry events in our markets; changes in anticipated capital investment and maintenance expenditures by customers; changes in economic conditions in relevant global and North American markets, including as a result of the imposition, or threat of imposition of tariffs, including any new or increased tariffs announced by the U.S.
government and any retaliatory tariffs announced in response thereto, and other trade barriers, international trade tensions or geopolitical conflicts; availability, limitations or cost increases of raw materials and/or commodities, including as a result of new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties that cannot be recovered in product pricing; the impact of competition on profit margins and our ability to maintain or increase market share; risks with respect to our contracts with the U.S.
Our common stock has been listed on the New York Stock Exchange since 1972.
On April 15, 2025, we completed the acquisition of Sigma Heating and Cooling and Omega Heat Pump ( Sigma Omega ), which specializes in highly engineered hydronic heating and cooling equipment, including vertical stack heat pumps and fan coils, institutional heating products, and both air-cooled and water-cooled commercial self-contained units.
The post-acquisition operating results of Sigma Omega are reflected within our HVAC reportable segment.
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REMOVED
All the forward-looking statements are qualified in their entirety by reference to the risks and uncertainties discussed in this filing, including under the heading Risk Factors, and any subsequent filing with the U.S.
Its common stock had been listed on the New York Stock Exchange since 1972.
Based on a review of our portfolio of businesses, and the belief that a recovery within the power generation markets was unlikely in the foreseeable future, we decided in 2015 that our strategic focus would be on our (i) scalable growth businesses that serve the heating, ventilation and cooling ( HVAC ) and detection and measurement markets and (ii) power transformers and process cooling systems businesses.
As a result, we subsequently significantly reduced our exposure to the power generation markets.
This reduction included the wind-down of the SPX Heat Transfer Business ( Heat Transfer ), completed during the fourth quarter of 2020, and the wind-down of our South African subsidiary, DBT Technologies (PTY) LTD ( DBT ) in 2021 when we substantially ceased all operations.
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