Roper Technologies, Inc. (ROP)

Roper Technologies reported third-quarter 2026 revenue of $2.17 billion on 22 October, up 8 percent, with organic revenue up 7 percent 2. Adjusted diluted earnings per share (DEPS) were $5.89, against $5.14 a year earlier 2. The company raised its 2026 adjusted guidance to $22.35 to $22.40 per share, from $22.15 to $22.30 2.

The quarter's largest event was a sale by Indicor, the industrial group in which Roper kept a minority stake after selling control to Clayton, Dubilier & Rice in 2022 4. On 26 August 2026 Indicor sold its instrumentation businesses to AMETEK for an enterprise value of $5,000.0 million, and Roper received $1,239.2 million of pre-tax cash 1.

A second Indicor sale is pending 1. Indicor agreed on 10 August 2026 to sell Cornell Pump and Roper Pump to Xylem for about $1,460 million, and the deal is expected to close in the fourth quarter of 2026 1. Roper expects about $600 million of pre-tax cash from it 1.

On 1 October 2026 Roper added Abhijit Dubey, chief executive of NTT DATA, Inc., to its board of directors 3.

Roper is a diversified technology company that was incorporated in Delaware on 17 December 1981 4. Today it builds vertical software, meaning programs made for one industry, and technology-enabled products for narrow markets 4.

The company's shape changed in November 2022, when it sold a majority stake in its industrial businesses, called Indicor, to Clayton, Dubilier & Rice and kept a minority stake 4. After that, growth came mostly from buying software companies 4.

Over the three years to 2025 Roper deployed about $8,960 million on acquisitions 4. Those included Syntellis in 2023 for about $1,380 million, Procare and Transact Campus in 2024 for about $1,860 million and $1,600 million, and CentralReach and Subsplash in 2025 for about $1,850 million and $800 million 4.

Revenue rose from $6,177.8 million in 2023 to $7,039.2 million in 2024 and $7,902.5 million in 2025 4. Total growth that year was 12.3 percent, of which organic growth (from existing businesses) was 5.4 percent and acquisitions added 6.7 points 4.

Application Software was the engine 4. Its revenue grew 15.9 percent to $4,483.0 million in 2025, led by the Transact and CentralReach acquisitions 4.

The buying had a cost 4. Net interest expense rose from $164.7 million in 2023 to $259.2 million in 2024 and $325.0 million in 2025 4. In 2025 Roper issued $2,000.0 million of senior notes and borrowed a net $725.0 million on its revolving credit line 4.

Operations kept paying for it 4. Cash from operating activities rose 6 percent to $2,540.3 million in 2025 4.

In 2026 the pattern shifted toward giving cash back 1. Roper's board approved a further $3,000 million of share repurchase authority in April, and the company spent $2,726.7 million on repurchases in the first nine months 1. Reuters reported on 23 April that the company also raised its profit forecast 5.

Application Software

This segment sells software that runs the daily work of one industry 4. It made 56.7 percent of 2025 revenue 4. Its businesses include Deltek for government contractors, Vertafore for insurers, Aderant for law firms, Frontline for school administration and Procare for child care centers 4.

In the third quarter of 2026 its revenue grew 6.8 percent to $1,239.7 million, and its operating margin was 28.8 percent 1. Roper credits software for project-based businesses, higher education, legal and applied behavior analysis therapy 1.

Network Software

These are marketplaces and data networks that connect buyers and sellers 4. The segment made 20.3 percent of 2025 revenue and includes DAT, a freight matching service, plus ConstructConnect, Foundry, iPipeline and Subsplash 4.

Third-quarter revenue grew 7.9 percent to $446.1 million 1. Roper named freight matching, long-term care pharmacy and construction as gains, and declines at its alternate site group purchasing business as an offset 1.

Technology Enabled Products

This segment sells devices: Neptune water meters, Verathon airway and bladder scanners, and CIVCO ultrasound accessories 4. It made 23.0 percent of 2025 revenue 4.

Third-quarter revenue grew 9.7 percent to $486.0 million, led by medical products, while the water meter business declined 1. Roper said input costs and meter mix weighed on that business 1.

People and places

Neil Hunn has been president and chief executive since August 2018 4. Jason Conley has been chief financial officer since February 2023 4. Roper had about 19,400 employees at the end of 2025 4.

The head office is leased space of 42,000 square feet in Sarasota, Florida 4.

Orders and debt

Backlog, the revenue already contracted and due within the coming year, rose 9.4 percent to $3,471.6 million at the end of September 2026 1. Most of it sits in Application Software 1.

Total debt was $9,719.7 million, of which fixed-rate senior notes were $8,500.0 million and the revolving credit facility $1,250.0 million 1. A five-year $3,500.0 million revolving facility was signed on 30 March 2026 1.

The umbrella, in words

Roper owns the businesses named above 4. In 2026 it bought Origo, a UK pension data connectivity firm folded into iPipeline, for $308.1 million, and Playground, child care software folded into Procare, for $140.0 million 1.

Roper owns 43.4 percent of the businesses historically held through Indicor, a minority equity interest 1. Large holders that reported to the SEC include WindAcre at 8.55 percent, Vanguard Capital Management at 7.63 percent and Dodge & Cox at 7.0 percent 798.

Roper now expects fourth-quarter 2026 adjusted diluted earnings per share of $5.95 to $6.00 and full-year adjusted earnings per share of $22.35 to $22.40 2. That guidance leaves out unannounced acquisitions or sales, the Cornell Pump and Roper Pump proceeds, and possible share repurchases 2.

Chief executive Neil Hunn said the company has more than $6 billion of capital deployment capacity 2. The company says it will keep allocating capital to grow free cash flow per share 2.

The sale of Cornell Pump and Roper Pump to Xylem is expected to close in the fourth quarter of 2026, subject to regulatory approvals 1. Xylem said the businesses should earn more than $260 million of revenue in 2026 6.

The company expects a 2026 effective tax rate of about 21 to 22 percent 4. Reuters reported in April that the board had authorized another $3 billion of share repurchases 5.