Ingersoll Rand beats Q3 expectations as orders surge and lifts buyback authorization
Strong industrial orders and cash generation supported higher full-year guidance, while tariff refunds amplified reported profitability.
Ingersoll Rand reported third-quarter 2026 revenue of $2.065 billion, up 6% from a year earlier, while reported orders rose 21% to $2.345 billion. Adjusted EPS was $1.07, up 24%, and adjusted EBITDA increased 7% to $584 million.
Operating cash flow was $648 million, compared with $355 million in the prior-year quarter, and free cash flow was $623 million versus $326 million. The release said the comparison benefited from reported items including IEEPA tariff refunds; excluding those refunds, adjusted EBITDA was $552 million, up 1%, with a 26.7% margin.
Liquidity stood at $3.9 billion at September 30, including $1.3 billion of cash and $2.6 billion of undrawn credit capacity. Net debt to adjusted EBITDA was 1.6 times, down 0.2 times from the prior-year quarter, indicating lower leverage on the company’s stated measure.
The board authorized an additional $2 billion for share repurchases, on top of $313 million remaining under the previous authorization. In the quarter, the company returned about $358 million to shareholders and spent $90 million on acquisitions, including Lone Star Blower.
Sources
Quarterly revenue, Ingersoll Rand
Margins by quarter
Twelve quarters of figures
| Quarter | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7B | $1.8B | $1.7B | $1.8B | $1.9B | $1.9B | $1.7B | $1.9B | $2.0B | $2.1B | $1.8B | $2.0B |
| Revenue growth | 14.7% | 12.2% | 2.5% | 7.0% | 7.0% | 4.2% | 2.8% | 4.6% | 5.1% | 10.1% | 7.6% | 8.5% |
| Gross margin | 42.5% | 42.9% | 44.7% | 43.9% | 43.8% | 43.0% | 44.6% | 43.7% | 43.7% | 42.6% | 42.9% | 42.1% |
| Operating margin | 18.3% | 18.3% | 17.6% | 15.1% | 19.2% | 20.0% | 17.6% | 4.1% | 19.2% | 18.7% | 15.7% | 18.6% |
| Net income | $208M | $230M | $202M | $185M | $222M | $230M | $187M | −$115M | $244M | $266M | $192M | $257M |
| Diluted EPS | $0.51 | $0.56 | $0.50 | $0.45 | $0.54 | $0.57 | $0.46 | −$0.29 | $0.61 | $0.67 | $0.49 | $0.66 |
| Cash from operations | $397M | $581M | $162M | $305M | $404M | $526M | $256M | $246M | $355M | $499M | $200M | $296M |
| Capital expenditure | $28.6M | $29.6M | $62.3M | $21.8M | $29.7M | $35.3M | $33.7M | $35.3M | $29.1M | $37.5M | $36.3M | $27.0M |
| Free cash flow | $369M | $552M | $99.3M | $283M | $374M | $491M | $223M | $210M | $326M | $462M | $163M | $269M |
| Dividends and buybacks | $8.2M | $138M | $81.0M | $70.6M | $70.8M | $70.6M | $18.1M | $509M | $201M | $323M | $97.3M | $257M |
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or Ingersoll Rand.
