ftv-20250328

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________________

FORM 10-Q

________________________________________________


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 28, 2025


Or
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission file number 1-37654

________________________________________________

Fortive Corporation

(Exact name of registrant as specified in its charter)

________________________________________________


Delaware						47-5654583
(State or other jurisdiction of incorporation or organization)						(I.R.S. employer identification number)


6920 Seaway Blvd
Everett,	WA	98203

(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code: (425) 446-5000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of each exchange on which registered
Common stock, par value $0.01 per share	FTV	New York Stock Exchange
3.700% Notes due 2026	FTV26A	New York Stock Exchange
3.700% Notes due 2029	FTV29	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of common stock outstanding at April 28, 2025 was 339,882,279.

FORTIVE CORPORATION

INDEX

FORM 10-Q


PART I -	FINANCIAL INFORMATION	Page
Item 1.	Financial Statements
	Consolidated Condensed Balance Sheets	4
	Consolidated Condensed Statements of Earnings	5
	Consolidated Condensed Statements of Comprehensive Income	6
	Consolidated Condensed Statements of Changes in Equity	7
	Consolidated Condensed Statements of Cash Flows	8
	Notes to Consolidated Condensed Financial Statements	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	35
PART II -	OTHER INFORMATION
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 5.	Other Information	36
Item 6.	Exhibits	37
	Signatures	38

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FORTIVE CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

($ and shares in millions, except per share amounts)


	As of
	March 28, 2025		December 31, 2024
	(unaudited)
ASSETS
Current assets:
Cash and equivalents	$	892.1	$	813.3
Accounts receivable less allowance for doubtful accounts of $29.4 and $30.7, respectively	929.3		945.4
Inventories:
Finished goods	234.1		220.1
Work in process	108.8		105.4
Raw materials	225.1		219.3
Inventories	568.0		544.8
Prepaid expenses and other current assets	314.7		288.8

Total current assets	2,704.1		2,592.3

Property, plant and equipment, net of accumulated depreciation of $841.4 and $828.6, respectively	433.9		433.1
Other assets	495.8		494.7
Goodwill	10,244.7		10,156.0
Other intangible assets, net	3,258.5		3,340.0

Total assets	$	17,137.0	$	17,016.1

LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	933.8	$	376.2
Trade accounts payable	669.3		677.4
Accrued expenses and other current liabilities	1,122.6		1,184.8

Total current liabilities	2,725.7		2,238.4

Other long-term liabilities	1,238.9		1,251.0
Long-term debt	2,929.1		3,331.1

Commitments and Contingencies (Note 9)

Equity:
Common stock: $0.01 par value, 2,000.0 shares authorized; 368.2 and 366.6 issued; 339.9 and 341.2 outstanding, respectively	3.7		3.7
Additional paid-in capital	4,071.6		4,035.0
Treasury shares, at cost	(1,815.9)		(1,612.3)
Retained earnings	8,372.3		8,227.6
Accumulated other comprehensive loss	(395.3)		(465.4)
Total Fortive stockholders’ equity	10,236.4		10,188.6
Noncontrolling interests	6.9		7.0
Total stockholders’ equity	10,243.3		10,195.6
Total liabilities and equity	$	17,137.0	$	17,016.1

See the accompanying Notes to Consolidated Condensed Financial Statements.

Table of Contents

FORTIVE CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS

($ and shares in millions, except per share amounts)

(unaudited)


	Three Months Ended
		March 28, 2025		March 29, 2024
Sales of products and software		$	1,248.4	$	1,299.9
Sales of services		225.8		224.6
Total sales		1,474.2		1,524.5

Cost of product and software sales		(475.7)		(492.0)
Cost of service sales		(117.6)		(128.3)
Total cost of sales		(593.3)		(620.3)

Gross profit		880.9		904.2
Operating costs:
Selling, general and administrative		(542.2)		(561.0)
Research and development		(105.1)		(104.1)
Gain on sale of property		—		63.1
Operating profit		233.6		302.2
Non-operating income (expense), net:
Interest expense, net		(32.0)		(44.0)

Other non-operating expense, net		(0.2)		(24.2)
Earnings before income taxes		201.4		234.0
Income taxes		(29.5)		(26.6)
Net earnings		$	171.9	$	207.4









Net earnings per share:
Basic		$	0.50	$	0.59
Diluted		$	0.50	$	0.58
Average common stock and common equivalent shares outstanding:
Basic		341.1		351.7
Diluted		344.6		356.0

See the accompanying Notes to Consolidated Condensed Financial Statements.

Table of Contents

FORTIVE CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

($ in millions)

(unaudited)


	Three Months Ended
		March 28, 2025		March 29, 2024
Net earnings		$	171.9	$	207.4
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments		70.1		(76.5)
Pension adjustments		—		0.1
Total other comprehensive income (loss), net of income taxes		70.1		(76.4)
Comprehensive income		$	242.0	$	131.0

See the accompanying Notes to Consolidated Condensed Financial Statements.

Table of Contents

FORTIVE CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY

($ and shares in millions)

(unaudited)


	Common Stock			Additional Paid-In Capital		Treasury Shares		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests
	Shares Outstanding	Amount		Additional Paid-In Capital		Treasury Shares		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests
Balance, December 31, 2024	341.2	$	3.7	$	4,035.0	$	(1,612.3)	$	8,227.6	$	(465.4)	$	7.0

SEC Form 10-Q filed by Fortive Corporation