SPX Technologies Posts Strong 2025 Results, Guides for Continued Growth
Event summary
- SPX Technologies reported Q4 2025 revenue of $637.3 million, up 19.4% YoY, with full-year 2025 revenue reaching $2.265 billion, up 14.2% YoY.
- Adjusted EBITDA grew 22.3% YoY in Q4 2025 to $142.0 million, while full-year 2025 Adjusted EBITDA increased 20.5% to $507.4 million.
- The company acquired Thermolec and the air handling segment of Crawford United in Q1 2026, scaling its Electric Heat and Engineered Air Movement businesses.
- SPX Technologies guided for 2026 revenue of $2.535 to $2.605 billion, representing ~13% YoY growth at the midpoint.
- Adjusted EBITDA is expected to grow approximately 20% YoY to $590-$620 million, with Adjusted EPS ranging from $7.60 to $8.00.
The big picture
SPX Technologies' strong 2025 performance reflects its strategic focus on acquisitions and operational improvements. The company's guidance for 2026 suggests confidence in sustained growth, driven by increased production capacity and a robust pipeline of acquisition opportunities. The HVAC and detection and measurement markets remain key growth drivers, with SPX well-positioned to capitalize on industry trends.
What we're watching
- Acquisition Integration
- The successful integration of recent acquisitions like Thermolec and Crawford United will be critical to sustaining growth momentum in the HVAC segment.
- Operational Leverage
- The company's ability to maintain high margins through operational efficiency and higher throughput will be a key factor in meeting its 2026 guidance.
- Market Demand
- Continued strength in demand across key end markets, particularly in heating and cooling products, will influence SPX's revenue growth and profitability.
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