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.
Cash flow from operations was $6 million in Q2 and $84 million year-to-date; free cash flow was a use of $45 million versus a source of $253 million last year.
Clean Energy and Infrastructure revenue grew 20% year-over-year with adjusted EBITDA nearly doubling and margin increasing 240 basis points.
Communications segment revenue grew 42% year-over-year with adjusted EBITDA up 55% and a 90 basis point margin improvement.
Margins improved 100 basis points year-over-year and 230 basis points sequentially in non-pipeline segments.
MasTec exceeded guidance in revenue, met EBITDA expectations, and beat EPS guidance for Q2 2025.
Non-pipeline business revenue grew 26% year-over-year with EBITDA increasing 42% from $181 million to $257 million.
Pipeline Infrastructure revenue declined 6% year-over-year with EBITDA dropping from $135 million to $62 million due to MVP project wind down last year.
Power Delivery revenue increased 20% year-over-year, slightly beating forecasts with margins as expected.
Total company backlog grew 23% year-over-year and 4% sequentially, reaching record levels with a book-to-bill ratio of 1.2x.
Total revenue was $3.54 billion, a 20% year-over-year increase and a 25% sequential increase from Q1.
Capital expenditures were $29 million, with full-year CapEx expected to be 4-5% of revenue.
Electronics & Packaging revenue was $266 million, up 5% sequentially and 16% year-over-year, fueled by growth in chemistry and chemistry equipment despite normalization in flexible PCB drilling equipment.
Free cash flow was $136 million, representing over 100% of net earnings and 14% of revenue.
Gross margin was 46.6%, slightly above midpoint guidance but impacted by tariffs estimated to reduce margin by 115 basis points.
Liquidity stood at approximately $1.3 billion, with gross debt of $4.5 billion and a net leverage ratio of 4x, slightly improved from prior quarter.
MKS reported Q2 2025 revenue of $973 million, up 4% sequentially and 10% year-over-year, exceeding the high end of guidance.
Net earnings were $119 million or $1.77 per diluted share, at the high end of guidance.
Operating income was $202 million with a 20.8% margin; adjusted EBITDA was $240 million with a 24.7% margin, both above expectations.
Semiconductor revenue was $432 million, up 5% sequentially and 17% year-over-year, driven by strong NAND upgrade activity and demand for RF power solutions.
Specialty Industrial revenue was $275 million, up 2% sequentially but down 5% year-over-year due to softness in industrial markets offset by gains in research, defense, and life sciences.
Net debt increased to $596.8 million due to share repurchases and acquisition payments; leverage ratio was 2.5x adjusted EBITDA.
Net income was $19.4 million or $1.09 per diluted share, down from $37.5 million or $2.03 per diluted share in Q2 2024, impacted by an $8.2 million noncash impairment charge.
Operating income margins improved in Healthcare (30.2% vs 29.1%) and Commercial (16.6% vs 15.3%), Education margin stable at 25%.
Operating income margins improved in Healthcare (30.2% vs 29.1%) and Commercial (16.6% vs 15.3%), stable in Education (25% vs 25.1%).
Revenues before reimbursable expenses (RBR) grew 8% over Q2 2024, reaching a record high.
Dafinchi