A maker of air and gas compressors, vacuum systems, blowers, power tools, and specialized pumps for industry and life sciences, selling under names like Ingersoll Rand and Gardner Denver. Its roots trace to Simon Ingersoll's 1871 steam-powered rock drill, and the name came from the 1905 merger of the Ingersoll-Sergeant and Rand Drill companies. A fun twist: Ingersoll's drill revolutionized mining, yet he never profited from it—and in 2020 the industrial arm merged with Gardner Denver to form today's company, with the leftover climate business becoming Trane Technologies.
Q2 2026 net income swung to $256.8M from a year-ago loss that included $265.8M of impairments
Margins compressed again even as the cloud lifted. rose 8.5% to $2,048.8M and was $0.66, but fell 1.6 points to 42.1% on unfavorable product mix, and of $256.8M contrasts with a Q2 2025 loss driven by one-off impairment charges. The underlying business is growing, yet margin pressure from mix and tariffs remains the open question.
Key takeaways
was $256.8M versus a $115.3M loss a year earlier, which had included $265.8M of non-cash and intangible impairments — a one-off that dropped out this quarter.
rose 8.5% to $2,048.8M, with $77.5M of , $53.4M from acquisitions, and a $30.0M foreign-currency .
contracted 160 to 42.1%, primarily from unfavorable product mix partially offset by cost measures.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 8.5% to $2.05B driven by organic growth and acquisitions, while margins compressed due to unfavorable mix.
⌄
Consolidated Q2 revenues grew 8.5% to $2,048.8M, with of $77.5M, acquisitions contributing $53.4M, and a $30.0M FX .
expanded 200 to 31.5% on higher organic and lower costs, while margin fell 180 basis points to 26.8%.
First-half was $432.3M, nearly flat , with $2.6B available under credit facilities.
What changed
Q2 2026 was 42.1%, extending the decline from the 42.9% Q1 2026 and 43.7% Q2 2025 levels flagged to watch — tariff pricing and cost measures have not reversed the slide.
reached 31.5% after the 120- Q1 expansion to 30.3%, continuing the improvement flagged after FY2024's 40-bps contraction.
Q2 2026 of $268.9M followed the Q1 drop to $163.4M; first-half of $432.3M is nearly flat against the $433.1M prior-year first half.
fell to $4,068.7M from $4,781.4M at Q2 2025, a 14.9% decline, easing the trajectory flagged under the $4.78B load.
Risk factors showed no material change from the 2025 Annual Report, with tariff and geopolitical uncertainty carried forward as prior-flagged risks.
What to watch
Q3 2026 to see if the 42.1% level holds or falls further as mix and tariff pricing move
after the 200- Q2 expansion to 31.5%
Q3 2026 after first-half of $432.3M against the $325.5M Q3 2025 figure
and under the $4,068.7M load with $1.0B swapped to floating rates if benchmark rates shift
contracted 160 to 42.1% primarily due to unfavorable product mix, partially offset by cost measures.
Industrial Technologies & Services rose 8.7% on 4.2% , but Segment margin fell 180 to 26.8%.
Precision & Science Technologies grew 7.7% with Segment margin expanding 200 to 31.5% on higher organic and lower costs.
swung to $258.0M from a loss of $113.8M last year, which had included $265.8M in and intangible asset impairments.
for the first half was $432.3M, nearly flat , and liquidity remained strong with $2.6B available under credit facilities.
Quantitative and Qualitative Disclosures About Market Risk
We manage our debt centrally, considering tax consequences and our overall financing strategies. Our exposure to interest rate risk results primarily from our fixed rate to floating rate swap contracts which are used to adjust the relative fixed rate versus floating rate proport…
⌄
We manage our debt centrally, considering tax consequences and our overall financing strategies. Our exposure to interest rate risk results primarily from our fixed rate to floating rate swap contracts which are used to adjust the relative fixed rate versus floating rate proportions of our debt portfolio.
In addition, we are exposed to foreign currency risks that arise from our global business operations. Changes in foreign currency exchange rates affect the translation of local currency balances of foreign subsidiaries, transaction gains and losses associated with intercompany loans with foreign subsidiaries and transactions denominated in currencies other than a subsidiary’s functional currency. While future changes in foreign currency exchange rates are difficult to predict, our revenues and earnings may be adversely affected if the U.S. dollar strengthens.
We seek to minimize our exposure to foreign currency risks through a combination of normal operating activities, including by conducting our international business operations primarily in their functional currencies to match expenses with revenues, and the use of cross currency interest rate swap contracts and foreign currency forward exchange contracts. In addition, to mitigate the risk arising from entering into transactions in currencies other than our functional currencies, we typically settle intercompany trading balances at least quarterly.
As of June 30, 2026, there have been no material changes to our market risk assessment previously disclosed in the 2025 Annual Report.
The information set forth in Note 18 “Contingencies” to our Condensed Consolidated Financial Statements under Part I, Item 1 “Financial Statements,” is incorporated herein by reference.
⌄
The information set forth in Note 18 “Contingencies” to our Condensed Consolidated Financial Statements under Part I, Item 1 “Financial Statements,” is incorporated herein by reference.