Ingersoll Rand Inc.

What they do

The company designs, manufactures and services air and gas compression and treatment equipment, vacuum and blower products, fluid transfer equipment, loading systems, power tools and lifting equipment, and precision liquid, gas, air and powder handling technologies. It operates two reporting segments: Industrial Technologies and Services (ITS) and Precision and Science Technologies (PST). Products are sold into life sciences, food and beverage, clean energy, industrial manufacturing, infrastructure and water/wastewater treatment, with over 60 key manufacturing facilities and over 50 service and repair centers across six continents and over 21,000 employees as of December 31, 2025. Aftermarket parts, consumables and services represented 36.5% of total company revenue in 2025.

Revenue drivers

• Industrial Technologies and Services (ITS) — Broad compressor, vacuum, blower, air treatment, power tool and lifting equipment portfolio sold under Ingersoll Rand, Gardner Denver, Nash, CompAir and Elmo Rietschle brands. In Q2 2026, ITS reported orders of $1,621 million and revenues of $1,622 million, the larger of the two segments.
• Precision and Science Technologies (PST) — Mission-critical precision liquid, gas, air and powder handling technologies for life sciences, industrial, and aerospace and defense applications. Q2 2026 reported orders were $422 million and revenues $427 million, with segment Adjusted EBITDA margin of 31.5%.
• Aftermarket parts, consumables and services — Recurring revenue from a large installed base, representing 36.5% of total company revenue in 2025.

Recent performance

For Q2 2026, Ingersoll Rand reported orders of $2,043 million, up 5%, and revenues of $2,049 million, up 9%. Reported net income attributable to Ingersoll Rand Inc. was $257 million, or $0.66 per share; adjusted net income was $339 million, or $0.86 per share, up 7%. Adjusted EBITDA was $520 million, up 2%, at a 25.4% margin. ITS revenue rose 9% (4% organic) and PST revenue rose 8% (4% organic). Operating cash flow was $296 million and free cash flow was $269 million, compared with $246 million and $210 million in the prior-year period.

Strategy

Management cites Ingersoll Rand Execution Excellence (IRX) as its competitive differentiator and is focused on organic growth, margin execution and deploying capital to M&A. The company signed the acquisition of Fai Filtri s.r.l., a manufacturer of high-performance industrial filters, expected to close in Q4 2026, and expects to close an additional U.S. acquisition. In Q2 2026 it deployed $110 million to M&A, including the acquisition of Fox s.r.l., and returned approximately $248 million to shareholders through $240 million of share repurchases and $8 million of dividends. It maintained liquidity of $3.8 billion and net debt to Adjusted EBITDA leverage of 1.7x, and received a one-notch Moody's upgrade to Baa1 in June 2026.

Risks

• International exposure — For the year ended December 31, 2025, 58% of revenues came from customers outside the United States, exposing results to economic, political, regulatory and currency risks in those jurisdictions.
• Tariff and trade policy uncertainty — The company flags that changes in U.S. tariff policy or reciprocal tariffs by foreign governments remain uncertain and could impact financial results.
• Cyclical end-market demand — Its products are sold into industries that are cyclical, and weakness in demand from a contracting global economy could reduce revenues and profitability.
• Input cost and supply dependence — Large or rapid increases in raw material and component costs, or reduced availability or dependence on particular suppliers, could materially affect operating results.

Outlook

Management said order momentum continues to build and expressed confidence in delivering on full-year commitments while staying agile and driving durable, long-term growth. ITS expects healthy compressor activity, particularly in North America, with timing of long-cycle blower and vacuum project orders in Europe and ongoing Middle East impacts. PST management highlighted strong demand in life sciences and precision technologies. The company ended Q2 2026 with $3.8 billion of liquidity, including $1.2 billion of cash and $2.6 billion of undrawn credit capacity.