MTD Filings — Mettler-Toledo International Inc. - FilingSpy
MTD
Mettler-Toledo International Inc.
A maker of precision weighing and measuring instruments used in laboratories, food production, and chemical plants. The company was born in 1989 when Swiss Mettler Instruments, founded in 1945 by Dr. Erhard Mettler, merged with the American Toledo Scale Company, founded in 1901 in Toledo, Ohio. Its name pairs the two founders' legacies, and its roots trace to Mettler's invention of the single-pan analytical balance, which made lab weighing faster and easier.
Q2 2026 gross margin rose 4.3pt to 63.3% on a one-time $52.4M tariff refund
A one-time tariff refund lifted to its highest in the reported series. rose 4.5% to $1,027.3M and rose 18.3% to $11.55, with the margin gain driven by a $52.4M IEEPA refund that added 4.3 points. The underlying business held flat on margin while buybacks and tariff uncertainty continue.
Key takeaways
rose 4.3pt to 63.3% from 59.0% a year earlier, primarily from a one-time $52.4M ; excluding it, adjusted gross margin was 59.3%, up slightly on price and lower tariffs.
rose 4.5% to $1,027.3M and 8.5% from Q1, with up 4% after excluding a $27.8M customer refund tied to tariff recoveries.
rose 18.3% to $11.55 and rose 15.1% to $232.9M, while rose 16.4% to $289.4M.
Section summaries
Management's Discussion and Analysis
Q2 2026 net sales rose 4% to $1.03B; gross margin hit 63.3% aided by a $52.4M IEEPA tariff refund.
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Reported grew 4% to $1.03B in Q2, but organic local-currency sales rose 4% after excluding a $27.8M customer refund tied to tariff recoveries.
surged to 63.3% from 59.0% primarily due to a one-time $52.4M tariff refund; excluding this, adjusted gross margin was 59.3%, up slightly on price and lower tariffs.
Chinese Operations profit grew 14% in Q2 on industrial sales and margin initiatives, and U.S. Operations profit rose 40% including the net tariff benefit.
was $450.2M for H1 2026 including $42.9M in tariff refunds; the company spent $412.5M on in the half.
New Section 301 tariffs of 10-12.5% replaced expired Section 122 tariffs in July 2026, and the Iran War adds global economic uncertainty flagged as a risk update.
What changed
Q2 2026 at 63.3% reversed the prior four-quarter decline from 60.0% (Q3 2025) through 58.7% (Q1 2026), settling the watch item on whether tariff-offset actions took effect — they did via refund, not operations.
Chinese Operations local-currency sales were not separately stated this quarter, but profit rose 14%, addressing the multi-year decline watch item with profit turning up.
H1 of $450.2M compared to $430.8M a year earlier, normalizing after the Q1 tax-timing drop to $139.8M and settling the cash-flow watch.
of $412.5M in H1 2026 continue against the $2.75B November 2025 authorization, with equity at $12.8M versus -$23.6M at FY2025 end.
Risk factors updated: Iran War and trade disputes added as new uncertainty versus the 2025 10-K's U.S.-China and Red Sea list; no other material changes.
What to watch
Q3 2026 to see if it holds near 59.3% ex-refund as new Section 301 tariffs flow through.
Chinese Operations local-currency sales in Q3 to confirm the profit gain reflects demand bottoming.
Pace of remaining 2026 buybacks against equity at $12.8M and the $2.75B authorization.
Q3 to confirm H1 $450.2M pace holds as tariff refunds normalize.
Chinese Operations led profit growth, up 14% in Q2 on strong industrial product sales and margin initiatives, while U.S. Operations profit jumped 40% including the net tariff benefit.
was $450.2M for H1 2026, including $42.9M in tariff refunds; the company spent $412.5M on share repurchases.
New (10-12.5%) replaced expired Section 122 tariffs in July 2026, and the Iran War adds global economic uncertainty that may pressure future demand and costs.
Quantitative and Qualitative Disclosures About Market Risk
As of June 30, 2026, there was no material change in the information provided under Item 7A in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. - 35 -
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As of June 30, 2026, there was no material change in the information provided under Item 7A in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
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For the three and six months ended June 30, 2026 there were no material changes from risk factors disclosed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
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For the three and six months ended June 30, 2026 there were no material changes from risk factors disclosed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.