Fortive Corporation is a diversified technology company that provides essential products, software and services for connected workflows. Spun off from Danaher in 2016 and led by CEO Olumide Soroye, Fortive today operates two segments — Intelligent Operating Solutions (facility and asset management, environmental health and safety, and connected reliability software) and Advanced Healthcare Solutions (medical sterilization, instrument tracking and diagnostics). In June 2025 the company completed the spin-off of its Precision Technologies segment as Ralliant Corporation, sharpening its focus on higher-margin software and healthcare workflow markets.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
Total Revenues
4,159,100
4,080,900
3,913,900
Cost of Sales
1,518,000
1,461,800
1,436,800
Gross Profit
2,641,100
2,619,100
2,477,100
Research & Development Expenses
259,200
251,300
237,000
Selling, General & Administrative Expenses
1,661,700
1,651,500
1,666,100
Operating Profit
720,200
716,300
574,000
Interest Expense
(120,500)
(152,800)
(123,500)
Other Non-Operating Income (Expense)
2,500
(57,200)
(17,400)
Income Before Income Taxes (Continuing Operations)
602,200
506,300
433,100
Provision for Income Taxes
69,500
23,800
24,700
Net Income from Continuing Operations
532,700
482,500
408,400
Net Income from Discontinued Operations, Net of Tax
46,500
350,400
457,400
Net Income
579,200
832,900
865,800
Basic EPS – Continuing Operations
1.60
1.38
1.16
Diluted EPS – Continuing Operations
1.59
1.37
1.15
Basic EPS – Total
1.74
2.39
2.46
Diluted EPS – Total
1.73
2.36
2.43
Basic Weighted Average Shares Outstanding
332,000
349,200
352,500
Diluted Weighted Average Shares Outstanding
334,600
352,800
355,600
FY 2025
FY 2024
Cash and Cash Equivalents
375,500
813,300
Accounts Receivable, net
683,600
661,300
Inventories, net
291,800
269,800
Prepaid Expenses & Other Current Assets
234,000
233,600
Assets Held for Sale (Discontinued Operations)
20,800
614,300
Total Current Assets
1,605,700
2,592,300
Net Property, Plant & Equipment
269,800
232,900
Goodwill
7,298,300
7,216,000
Net Intangible Assets
2,188,400
2,530,500
Other Long-Term Assets
375,500
348,400
Non-Current Assets Held for Sale (Discontinued Operations)
—
4,096,000
Total Assets
11,737,700
17,016,100
Accounts Payable
436,400
425,400
Accrued & Other Current Liabilities
910,700
868,300
Current Portion of Long-Term Debt
899,500
376,200
Current Liabilities Held for Sale (Discontinued Operations)
—
568,500
Total Current Liabilities
2,246,600
2,238,400
Long-Term Debt
2,306,500
3,331,100
Other Long-Term Liabilities
723,500
847,200
Non-Current Liabilities Held for Sale (Discontinued Operations)
—
403,800
Total Liabilities
5,276,600
6,820,500
Common Stock
3,700
3,700
Additional Paid-in Capital
4,210,000
4,035,000
Retained Earnings
5,428,500
8,227,600
Accumulated Other Comprehensive Income (Loss)
41,000
(465,400)
Treasury Stock
(3,229,800)
(1,612,300)
Total Fortive Stockholders' Equity
6,453,400
10,188,600
Noncontrolling Interest
7,700
7,000
Total Shareholders' Equity
6,461,100
10,195,600
Total Liabilities and Shareholders' Equity
11,737,700
17,016,100
FY 2025
FY 2024
FY 2023
Net Earnings from Continuing Operations
532,700
482,500
408,400
Amortization
367,500
369,300
366,900
Depreciation
70,100
61,600
59,300
Share-Based Compensation
116,800
90,100
94,500
Loss from Equity Investments
—
39,400
17,300
Change in Deferred Income Taxes
(49,900)
(24,800)
(83,600)
Change in Accounts Receivable, net
8,700
(15,500)
(700)
Change in Inventories
(20,000)
(7,900)
7,700
Change in Trade Accounts Payable
12,400
51,100
2,200
Change in Prepaid Expenses & Other Assets
(15,600)
9,500
(65,300)
Change in Accrued Expenses & Other Liabilities
13,000
(26,800)
26,700
Operating Cash Flow from Discontinued Operations
47,500
498,300
520,200
Cash from Operating Activities
1,083,200
1,526,800
1,353,600
Capital Expenditures
(105,100)
(86,100)
(78,600)
Acquisitions, Net of Cash Acquired
(25,700)
(3,600)
(95,800)
All Other Investing Activities
11,200
900
1,400
Investing Cash Flow from Discontinued Operations
(15,800)
(1,707,200)
(22,400)
Cash from Investing Activities
(135,400)
(1,796,000)
(195,400)
Net Commercial Paper Borrowings (Repayments)
900
(596,500)
839,900
Repurchases of Common Stock
(1,610,100)
(889,600)
(272,900)
Dividends Paid
(92,200)
(111,200)
(102,000)
Proceeds from Long-Term Borrowings, net
—
1,733,500
549,300
Repayment of Long-Term Borrowings
(715,700)
(1,000,000)
(1,000,000)
Proceeds from Ralliant Dividend
1,150,000
—
—
All Other Financing Activities
40,800
71,100
18,000
Financing Cash Flow from Discontinued Operations
(160,300)
—
—
Cash from Financing Activities
(1,386,600)
(792,700)
32,300
Effect of Exchange Rate Changes on Cash
1,000
(13,600)
(10,900)
Net Change in Cash & Equivalents
(437,800)
(1,075,500)
1,179,600
Margins
Gross margin
63.5%
Operating margin
17.3%
Net margin
12.8%
What Drove the Period
On June 28, 2025, Fortive completed the tax-free spin-off of Ralliant Corporation — its Precision Technologies segment (test, measurement and sensing) — into an independent public company. Continuing Fortive now comprises two segments: Intelligent Operating Solutions and Advanced Healthcare Solutions. Accordingly, revenue, cost of sales, operating profit and net income above reflect continuing operations only, with Ralliant's results shown as a single discontinued-operations line and fiscal 2024 and 2023 recast on the same basis. Continuing-operations revenue was $4.16B in fiscal 2025 (up from $4.08B in 2024 and $3.91B in 2023), gross profit was $2.64B (63.5% gross margin), and net income from continuing operations was $532.7M. Total net income of $579.2M includes $46.5M from Ralliant through the separation date. The statement of cash flows is presented on a total-company basis, including discontinued operations through the June 2025 separation, and reconciles cash of $375.5M at year-end 2025.