Capital expenditures were $9 million, primarily for plant modernizations and capacity expansions.
Cash from operating activities was $55.5 million; cash and restricted cash decreased by $6.9 million to $368.4 million.
Factory-Built Housing segment revenue was $535.7 million, up 17% year-over-year, driven by a 14.7% increase in homes sold and a 1.9% increase in average revenue per home.
Financial Services segment revenue was $21.2 million, up 8.2% year-over-year, driven by higher insurance premium rates and improved underwriting.
Gross margin improved to 23.3% from 21.7% year-over-year, with Financial Services gross margin increasing significantly from negative 0.6% to 40.9%.
Net income was $51.6 million, up from $34.4 million last year, with diluted EPS of $6.42 versus $4.11 in the prior year quarter.
Operating profit increased about 50% compared to both last quarter and a year ago.
Revenue for Q1 fiscal 2026 was $556.9 million, up 16.6% year-over-year and 9.5% compared to the prior year quarter.
Selling, general and administrative expenses increased to $69.1 million or 12.4% of net revenue, mainly due to higher bonuses and commissions.
Stock repurchases totaled $50 million this quarter, with 16.6% of shares repurchased since fiscal 2021.
Adjusted gross margin declined 10 basis points due to Mott acquisition dilution, unfavorable mix, and volume deleverage, partially offset by price/cost and operational productivity.
Free cash flow increased 25% year-over-year to $147 million, representing 94% conversion versus adjusted net income.
In Q2 2025, IDEX delivered strong financial performance with revenue toward the midpoint of guidance, adjusted EBITDA margin at 27.4%, and adjusted EPS outperforming expectations.
Liquidity remained strong at approximately $1.1 billion, with $568 million in cash and $541 million in undrawn revolver capacity after debt repayments.
Organic orders grew 2% and organic sales increased 1% year-over-year, supported by positive pricing and favorable results in aerospace, defense, data centers, pharmaceuticals, and North American fire OEMs.
Platform optimization and delayering initiatives delivered $14 million in savings in Q2, on track for $62 million full year savings.
Aspen Aerogels reported Q2 2025 revenue of $78 million, a 34% year-over-year decline but flat quarter-over-quarter, with an annual run rate of approximately $312 million.
Debt was reduced by $6.5 million, ending the quarter with $168 million in cash and equivalents and $308.8 million in shareholders' equity.
Energy Industrial segment revenue declined 38% year-over-year to $22.8 million due to distributor inventory rebalancing and project delays, especially in the Subsea market.
EV Thermal Barrier segment revenue was $55.2 million, down 32% year-over-year but up 14% quarter-over-quarter, driven by stabilized and increased GM production volumes.
Gross profit margin was 32% with gross profit of $25.3 million, down 51% year-over-year; Energy Industrial margins held at 36%, and EV Thermal Barrier margins improved to 31%, up 8 points quarter-over-quarter.
Net loss was $9.1 million or $0.11 per diluted share, with adjusted EBITDA of $9.7 million, exceeding guidance by 38% and nearly doubling quarter-over-quarter despite slightly lower revenues.
Operating cash flow was $3.9 million positive, with $12.9 million in CapEx, including $3.6 million for Plant 2 obligations, which are largely completed.
Industrial and Commercial segment NOI decreased 15% due to tenant evictions, lease expirations, and 50% vacancy in the Perryman warehouse.
Mining and Royalty segment revenues and NOI increased 12% and 21%, respectively, compared to Q2 2024.
Multifamily segment NOI increased slightly, with 94% apartment occupancy and 83% retail occupancy; The Verge contributed $733,000 in NOI this quarter.
Net income for Q2 2025 decreased 72% to $600,000 ($0.03 per share) compared to $2 million ($0.11 per share) in Q2 2024, mainly due to legal expenses and lower interest income.
Pro rata NOI increased 5% year-over-year to $9.7 million, driven by multifamily and mining royalty segments.
Aerospace segment posted 10% order growth on a rolling 12-month basis and backlog expansion of 16% year-over-year.
Data center market showed exceptional growth with orders up approximately 55% and sales up 50% versus Q2 2024.
Eaton posted record quarterly revenue of $7 billion in Q2 2025, with adjusted EPS of $2.95, up 8% year-over-year, hitting the high end of guidance.
Electrical Americas backlog grew 17% year-over-year to $11.4 billion, with orders accelerating to +2% on a trailing 12-month basis from -4% last quarter.
Organic sales growth was 8% overall, driven by strong performance in Electrical Americas (12%), Electrical Global (7% organic plus 2% FX), and Aerospace (11%).
Segment margins expanded by 20 basis points to 23.9%, with Electrical Americas operating margin at 29.5%, Electrical Global at 20.1%, Aerospace at 22.2%, Vehicle at 17%, and eMobility operating loss of $10 million.
Vehicle segment declined 8% organically due to weakness in North America truck market, while eMobility revenue decreased 4% with an operating loss.
Dafinchi