SPX Technologies Raises 2026 Outlook After 17.4% Q1 Revenue Surge
SPXC•SPX Technologies reported first-quarter revenue of $566.8 million, up 17.4%, GAAP EPS of $1.27 and adjusted EPS of $1.69, rising 15.5% and 22.5% respectively. It raised 2026 guidance to revenue of $2.575–2.645 billion, adjusted EBITDA of $600–625 million and adjusted EPS of $7.75–8.15, citing acquisitions and capacity expansions.
1. First Quarter Financial Results
SPX Technologies delivered Q1 revenue of $566.8 million, a 17.4% increase over last year, with GAAP income from continuing operations of $64.4 million. GAAP EPS rose to $1.27 and adjusted EPS climbed 22.5% to $1.69, while adjusted EBITDA reached $126.1 million, up 22.9%.
2. Upward Guidance Revision
Reflecting its strong start, the company lifted full-year 2026 guidance to revenue of $2.575–2.645 billion, adjusted EBITDA of $600–625 million and adjusted EPS of $7.75–8.15. At the midpoint, these represent year-on-year increases of approximately 15% in revenue, 21% in EBITDA and 18% in EPS.
3. Segment Performance Details
The HVAC segment saw 22.0% revenue growth to $394.0 million driven by recent acquisitions and higher data center cooling volumes, though margins dipped 40 basis points due to startup costs for capacity expansion. Detection & Measurement revenues rose 8.3% to $172.8 million with a 410 basis-point margin improvement from a favorable product mix and higher software-as-a-service sales.
4. Balance Sheet and Investments
Operating cash flow from continuing operations turned positive at $29.8 million versus a $10.4 million outflow last year, while capital expenditures climbed to $18.5 million. Total debt increased to $674.0 million as SPX funds capacity expansion investments to support sustained growth.
