Ingersoll Rand Inc. (IR)

Ingersoll Rand reported third-quarter 2026 revenue of $2,065 million on 29 October, up 6 percent, with orders of $2,345 million, up 21 percent 1.

Net income attributable to the company was $670 million, or $1.73 per share, against $415 million on the company's adjusted measure 1.

The company also reported settlements with insurers and other parties over the ILC Dover purchase, worth about $425.1 million gross, and $32.3 million of refunds of import tariffs that the US Supreme Court ruled unauthorized 12.

On 30 October the company named two internal group presidents, said senior vice president Mike Weatherred will retire, and said its board approved a new employment agreement for chief executive Vicente Reynal 4.

The agreement carries performance stock units that vest in full only if adjusted earnings per share grows at a 10 percent compound yearly rate over five years 3.

The business took its present form on 29 February 2020, when Gardner Denver Holdings merged with the industrial arm of Ingersoll-Rand plc and took the Ingersoll Rand name 6.

Revenue for 2020, as first reported, was $4,910.2 million, double the $2,451.9 million of 2019 6.

The company said acquisitions, including $2,934.9 million from the merged business, drove the rise, while COVID-19 cut volumes in two segments 6.

In 2023 revenue rose 16.2 percent to $6,876.1 million from $5,916.3 million, helped by higher pricing of $397.0 million, acquisitions of $375.1 million and higher organic volumes of $213.3 million 7.

On 3 January 2023 it bought the air treatment business of SPX FLOW for cash of $519.0 million, adding dryers and filters that clean compressed air 5.

The largest deal came on 3 June 2024, when it completed the purchase of ILC Dover for initial cash consideration of $2,349.7 million, plus contingent consideration of up to $75.0 million 5.

It paid for part of it with $3,300.0 million of senior notes issued on 10 May 2024, which also lifted its interest cost 5.

Revenue for 2024 was $7,235.0 million 5.

Revenue for 2025 was $7,650.9 million, up $415.9 million, as acquisitions added $419.9 million and currency added $92.0 million, while organic revenue fell $96.0 million 5.

Net income attributable to the company fell to $581.4 million from $838.6 million, mostly on write-downs, including $229.7 million of goodwill tied to units bought with ILC Dover 5.

The company tied the Biopharma charge mainly to a higher discount rate and lower market multiples, and the Aerospace & Defense charge to less business from a significant customer 5.

That year it also spent $1,018.0 million repurchasing its own shares and paid dividends of $31.8 million 5.

Industrial Technologies and Services

This larger segment makes compressors, which squeeze air or gas to power tools and processes, plus vacuum pumps, blowers, power tools and lifting equipment 5.

It sells mainly under the Ingersoll Rand, Gardner Denver, Nash, CompAir and Elmo Rietschle names 5.

In the third quarter it had revenue of $1,620 million, up 5 percent, and orders of $1,898 million, up 25 percent, including a roughly $195 million order for a mission-critical infrastructure project 1.

Parts, consumables and repairs for the installed base made up 36.5 percent of company revenue in 2025, because a compressor needs service through its life of 10 to 12 years 5.

Named rivals include Atlas Copco, Flowserve, IDEX, Kaeser Compressors, Kaishan and Elgi 5.

Precision and Science Technologies

This segment makes precision pumps, gas boosters and liquid handling systems, plus life science tools such as single-use powder and liquid systems under the ILC Dover and Flexan brands 5.

ILC Dover also makes space suits and inflatable habitats 5.

In the third quarter the segment had revenue of $445 million, up 7 percent, and an adjusted EBITDA margin of 34.3 percent, with life sciences orders and revenue up low double digits 1.

Named rivals include Dover, Graco, IDEX, Sartorius, Thermo Fisher Scientific and Watson-Marlow 5.

Plants, people and problems

The filing counts 172 significant properties, 71 of them for manufacturing, of which 120 are leased and 52 owned, and a leased headquarters in Davidson, North Carolina 5.

It had over 21,000 employees at the end of 2025, about 6,100 of them in the United States 5.

Vicente Reynal is chairman and chief executive, and Scott Watson and Shaun Carlson were promoted to run the two business groups on 30 October 2026 4.

Margin in the larger segment, excluding tariff refunds, was down 120 basis points on a year earlier, which the company blamed mainly on continued inflationary pressures 1.

The umbrella, in words

The company sells under more than 90 brands, led by Ingersoll Rand and Gardner Denver 5.

Its subsidiaries are listed in Exhibit 21 of the annual report, including Adicomp in Italy and Air Dimensions in the United States 8.

It owns ILC Dover outright, bought in 2024, and owns Lone Star Blower, bought on 3 August 2026 for cash of $88.9 million 52.

No holder controls it on the record read here: Capital World Investors reported 8.1 percent of the shares, as an investment adviser, in a Schedule 13G/A, a filing for passive holders 9.

The company updated its guidance on 29 October for 2026 and expects revenue growth of 5.5 percent to 7.0 percent 1.

It expects adjusted EBITDA, which strips out interest, tax, depreciation and one-off items, of $2,130 million to $2,190 million, and adjusted earnings per share of $3.58 to $3.70, both excluding third-quarter tariff refunds 1.

It expects free cash flow of 100 percent or more of adjusted net income, with the remaining insurance recoveries on ILC Dover due to be collected in the fourth quarter 1.

The board added $2 billion to the share repurchase authorization, on top of $313 million left under the earlier one, with no expiry date 1.

The company expected to close the purchase of a US-based pump maker on 30 October 2026 1.

Reynal's new performance stock units, 226,098 in all, are expected to be granted on 23 November 2026, and measured over 1 January 2027 to 31 December 2031 3.

Weatherred agreed to serve in an advisory role through May 2028 3.