FTV US S&P 500Russell 1000 Earnings call

Fortive (FTV) · Q2 2026 results and valuation

Share price: $67.89 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 29 Jul 2026 and 30 Apr 2026

Net income up 15.3% on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

+15.3%

Net income vs Q1 2026

Outlook given

Net income 157.3M vs 136.4M

Revenue +2.6%

Against the same quarter last year (Q2 2025) it is −5.6%, so the move on last quarter looks seasonal or timing-related rather than a trend.

Why Net income increased primarily due to the recognition of a $4.5 million IEEPA tariff refund benefit in GAAP earnings.

2 · How management spoke

Upbeat

More upbeat than 87% of company calls

Answers to analysts: upbeat, in line with the script.

Similar to last call.

3 · What stood out

Fortive has deployed nearly $2 billion to share repurchases since the spin-off.

Valuation

Is Fortive undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At −10.6% growth a year (3-year revenue growth), the model's fair value is $6.68 a share — the stock trades 917% above it. Today's price assumes 10.5% growth a year.

Current price

$67.89

close of 2026-11-11

Market implies growth of i

+10.5% for 10 yrs

Fair value / share

$6.68

Buy below

$5.01

Price vs fair value

Overvalued >200%

Price vs buy-below price

Overvalued >200%

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Read between the lines

Guidance

Full-year reported revenue guidance is now approximately $4.35 billion based on current exchange rates.

Source quote
“Based on current foreign exchange rates, we now expect full-year reported revenue of approximately $4.35 billion.”
Guidance

Adjusted EBITDA margins are expected to slip slightly below Q2 levels in coming quarters on slightly lower absolute revenue.

Source quote
“In each of Q3 and Q4, we are expecting Q3 adjusted EBITDA margin to be slightly below Q2 levels, driven by slightly lower revenue on an absolute basis...”
Fading

The company reports feeling quite good about what they are getting in terms of expectations and delivery for their new products and individual products.

Source quote
“In terms of what we expect and what we are delivering, and we feel quite good about what we are getting... And as you can imagine, knowing us well, we have extensive instrumentation on how we track the portfolio of new products and each individual product.”
Fading

Looking forward, Fortive's capital allocation priorities remain clear: invest in organic growth, pursue bolt-on M&A where risk-adjusted returns exceed other uses…

Source quote
“Looking forward, our capital allocation priorities remain clear: invest in organic growth, pursue bolt-on M&A where risk-adjusted returns exceed other uses... ...acquisitions that meet our rigorous strategic and financial criteria. Moving to our final pillar, building and maintaining investor trust.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Upbeat (was upbeat)

Answers to analysts Upbeat (was very upbeat)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“This strong performance was driven by adjusted gross profit growth operating leverage and discrete structural cost savings, partially offset by growth investments to support our Fortive Accelerated strategy.”

“And as we look around at innovation just generally, we are going to innovate on products that have those similar characteristics just strong innovation, which is in high demand, from...”

“ASP consumables and services had another quarter of strong growth with solid growth contributions from every major region.”

Full figures

USD · ROIC.AI fundamentals (NYSE:FTV, period end 2026-06-30)

Metric	Q2 2026period end 2026-06-30	Q1 2026period end 2026-04-03	Change	Q2 2025	YoY
Revenue	1.10B	1.07B	+2.6%	1.52B	−27.8%
Gross profit	695.3M	675.5M	+2.9%	895.7M	−22.4%
Operating income	209.9M	191.7M	+9.5%	222.2M	−5.5%
Net income	157.3M	136.4M	+15.3%	166.6M	−5.6%
EPS	0.52	0.44	+17.5%	0.49	+5.5%
P/E today 34.4	—	33.6	—	24.3	—

Topics

Most discussed now

Fortive's results and outlook discussed today are on a continuing operations basis.
Including Fortive's annual report on Form 10-K and the subsequent quarterly reports on Form 10-Q.
Fortive is pleased to see evidence that its investments in innovation commercial and recurring customer value are contributing to…
Adjusted gross margin performance was primarily driven by product mix dynamics, resulting from outsized growth in certain lower-margin…
Regarding core growth by geography, North America saw modest sequential acceleration in Q2 and continues to be Fortive's strongest…

Faded since Q1 2026

Fading Fortive feels really good about the setup and the enduring tailwind that offers for it at Fluke.
Fading Fortive's teams executed well in 2026, delivering solid performance in both segments.
Fading Fortive continues its disciplined capital allocation approach with a relentless focus on optimizing shareholder returns over the medium…
Fading Europe improved sequentially, reflecting stabilizing conditions and solid commercial execution.

Latest announcements

Official filings, newest first.

2026-09-10 Director or officer change · SEC 8-K
2026-07-29 Results of operations · SEC 8-K
2026-06-11 Shareholder vote results · SEC 8-K
2026-05-14 Material agreement; New financial obligation; Other events · SEC 8-K
2026-04-30 Results of operations · SEC 8-K
2026-03-20 Material agreement; New financial obligation · SEC 8-K
2026-02-04 Results of operations · SEC 8-K
2025-10-29 Results of operations · SEC 8-K