Analysis SPXC
SPX's cooling boom is getting more expensive
SPX Technologies raised its 2026 revenue outlook but lowered adjusted profit expectations. HVAC expansion costs, higher investment and acquisitions shape the results.
Ticker Byline
SPX Technologies, Inc.
SPX Technologies supplies heating, cooling and detection equipment. Its 2026 revenue outlook rose while adjusted earnings expectations fell as HVAC expansion brought higher costs.
- Ticker
- SPXC
- Exchange
- XNYS
- SEC CIK
- 0000088205
Business
SPX Technologies, listed on the NYSE as SPXC, supplies heating, cooling, detection and measurement equipment. Data-center cooling is an important growth market within its HVAC division.
Latest financial snapshot
Quarter ended September 26, 2026, compared with the quarter ended September 27, 2025. Figures refer to continuing operations. Dollar amounts are in millions, except EPS.
| Metric | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | $714.5 | $592.8 |
| Income from continuing operations | $82.3 | $63.1 |
| Reported EPS | $1.62 | $1.29 |
| Adjusted EPS | $2.21 | $1.84 |
| Adjusted EBITDA | $165.7 | $136.1 |
| Operating cash flow | $60.1 | $106.8 |
| Capital spending | $40.0 | $10.4 |
Adjusted profit measures exclude certain costs and gains, including acquisition expenses and changes in investment values. HVAC sales grew 35.5%, including 22.3% growth from existing businesses, 13 percentage points from acquisitions and a small currency effect. Its segment profit margin declined to 23% from 24.4% as expansion and input costs rose. That segment measure leaves out certain central and other costs.
2026 expectations
The revenue forecast is $2.745 billion to $2.805 billion, raised from $2.705 billion to $2.765 billion in July. Adjusted EBITDA is now expected at $625 million to $645 million, down from $630 million to $660 million. The adjusted EPS range is $8.20 to $8.50, compared with $8.20 to $8.60 previously.
The company says its planned capacity expansion could support approximately $1.1 billion of annual data-center revenue at full production. This is a capacity figure, not revenue already achieved.
Cash, debt and acquisitions
Operating cash flow from continuing operations was $180.3 million over the first nine months, compared with $139.8 million a year earlier. The lower quarterly figure therefore differs from the cumulative trend.
At September 26, cash was $120.8 million and total debt was $1.335 billion. At December 31, 2025, the respective amounts were $366 million and $501.6 million.
SPX completed the FIS Water acquisition on September 15, 2026, for net cash consideration of $405 million, subject to final purchase-price adjustments. It used revolving credit borrowings. FIS Water joins the HVAC division, alongside other businesses acquired during 2026, and adds water-management and control products used in cooling applications.
Other completed 2026 purchases include Thermolec on January 20 for $140.5 million, Crawford United on February 6 for $299.4 million and Neptronic on July 22 for $428.4 million. These consideration figures are net of acquired cash and include the price adjustments disclosed in the quarterly report. Neptronic and FIS Water remain subject to final purchase-price adjustments.
Latest reporting