Free cash flow was a record $596 million, up 14% year-over-year, with net debt leverage ratio improving to 1.2x from 1.6x a year ago.
Inflation impact was approximately $37 million, including $15 million tariff impact, offset by $20 million transformation savings.
Pentair delivered a record Q2 with sales up 2% to $1.1 billion, adjusted operating income up 9% to $297 million, return on sales expanding 170 basis points to 26.4%, and adjusted EPS rising 14% to $1.39.
Pool segment sales grew 9%, Flow sales were flat, and Water Solutions sales declined 4%.
The company repurchased $75 million of shares in Q2 and $125 million year-to-date.
EPS was $4.72, down 35 cents from last year, with 25 cents of headwinds including pension amortization and legal payment impacts.
Financial services operating earnings were $68.2 million, down 2.8% from $70.2 million last year.
Gross margin was 50.5%, down 10 basis points, with 50 basis points unfavorable currency offset by RCI initiatives.
Operating income before financial services was $259.1 million, down 7.6% from last year, impacted by a $11.2 million nonrecurring legal benefit in 2024.
Operating income margin was 22%, down 180 basis points from last year, reflecting investments in product, brand, and people.
Segment results: Commercial & Industrial sales declined 7.6% organically; Tools Group sales up 1.6% organically; RSNI sales up 2.3% organically with margin improvement.
Snap-on reported second quarter sales of $1,179.4 million, flat year-over-year, with organic sales down 0.7% excluding $8.6 million favorable currency impact.
Adjusted diluted earnings per share increased 18.2% to $0.39.
Adjusted EBITDA increased by 17.7% with a margin expansion of 30 basis points to 13.7%.
Adjusted free cash flow for the first half of 2025 was $186 million, up $52 million year-over-year, with a 40% free cash flow conversion rate.
APi Group reported record second quarter results with net revenues increasing by 15% to $2 billion, including 8.3% organic growth driven by strong project revenue growth, pricing improvements, and growth in inspection, service and monitoring revenues.
Net debt to adjusted EBITDA ratio was approximately 2.2x at quarter end.
Safety Services segment revenues grew 15.8% to $1.36 billion with 5.6% organic growth and an 80 basis point increase in segment earnings margin to 17%.
Specialty Services segment delivered 13.3% organic revenue growth to $629 million but experienced a 350 basis point decrease in adjusted gross margin to 18.1%, with segment earnings margin down 190 basis points to 11.3%.
Adjusted diluted earnings per share, excluding strategic initiative impacts, were $0.41 for Q2 2025.
Adjusted diluted earnings per share for the first half of 2025 were $0.87, compared to $0.87 in the same period of 2024.
Adjusted diluted earnings per share for the first half of 2025 were $0.87, compared to $0.87 in the same period of 2024 (or $0.94 excluding a 2024 reduction in force expense).
Cash and short-term investments totaled $101 million as of June 28, 2025, with no debt and a current ratio of 4.0:1.
Declared a $0.16 per share quarterly dividend for Q3 2025, approximately 40% of adjusted diluted earnings.
For Q2 2024, net sales were $130.8 million and diluted earnings were $0.47 per share.
For the first half of 2025, net sales totaled $268.2 million with a loss of $0.57 per share.
Generated $25.9 million cash from operations in the first half of 2025; capital expenditures were $6.7 million.
Generated $25.9 million cash from operations in the first half of 2025; capital expenditures were $6.7 million with expected increases in H2 2025.
Net sales for Q2 2025 were $132.5 million with a diluted loss of $1.05 per share.
Returned $23 million to shareholders in H1 2025 through dividends and share repurchases.
Returned $23 million to shareholders in the first half of 2025 through dividends and share repurchases.
Stockholders' equity was $289.3 million, equating to a book value of $17.82 per share.
Engineered Materials segment EBITDA was $1 million below prior year, Latex Binders $9 million below, and Polymer Solutions $11 million below prior year.
First half 2025 volumes were 13% below prior year, with significant declines in Latex Binders, paper and board, automotive applications, and polystyrene.
Second quarter 2025 adjusted EBITDA was $42 million, below guidance due to unfavorable raw material timing, lack of seasonal demand pickup, and lower equity earnings at Americas Styrenics.
Second quarter free cash flow was negative $3 million, in line with guidance, with total liquidity at $399 million at quarter end.
Dafinchi