Flowserve Corp (FLS)

First Reserve-Backed Trillium Flow Technologies Completes Sale of Select Valves Businesses to FlowserveJune 30, 2026 4:20 PM
PR Newswire (US) STAMFORD, Conn. and HOUSTON, June 30, 2026 /PRNewswire/ -- Trillium Flow Technologies ("Trillium"), a portfolio company of First Reserve and a leading provider of highly engineered flow control products and aftermarket services, today announced the completion of the sale of select valves businesses to Flowserve Corporation (NYSE: FLS) ("Flowserve"), a leading provider of flow control products and services for the global infrastructure markets. The transaction excludes Trillium's French valves operations. The transaction marks an important milestone in Trillium's ongoing portfolio evolution, reflecting the strength and performance of its valves businesses and the teams behind them. With heritage dating back to 1843, the valves portfolio includes established brands – several with over a century of history – serving critical industries including power, water, and infrastructure worldwide.These businesses have built a strong reputation for engineering excellence, reliability, and long-term customer partnerships, with a focus on providing a specialized product portfolio which delivers differentiated technology to nuclear power generation assets globally."The sale reflects the strength, quality, and long-standing reputation of our valves team and underlying business model," said Doug Kitani, Chief Executive Officer of Trillium Flow Technologies. "We are confident these businesses are well-positioned for continued success with Flowserve, and we remain focused on thoughtfully shaping our portfolio for the future.""This successful transaction reflects the disciplined execution and collaboration demonstrated across our organization," said Kerem Yilmaz, Chief Operating Officer and Chief Financial Officer of Trillium Flow Technologies. "As we continue to execute on the strategic evolution of our portfolio, our focus has remained on supporting our teams, maintaining operational performance, and positioning these businesses for long-term success.""Today's announcement represents an important milestone in the evolution of Trillium Flow Technologies," said Jeff Quake, Managing Partner at First Reserve. "Through our partnership with the Trillium team, we have supported the development of a high-quality, industry-leading platform serving critical global infrastructure markets."Following completion of the transaction, Trillium will continue to operate as a focused and capable organization with a strong portfolio of businesses serving critical infrastructure markets globally, experienced leadership, and a continued commitment to operational excellence, innovation, and customer support.Advisors
J.P. Morgan Securities LLC served as financial advisor to Trillium Flow Technologies and First Reserve, and Freshfields served as legal advisor.About Trillium Flow Technologies
Trillium Flow Technologies is a global designer, manufacturer, and aftermarket services provider of highly engineered valves and pumps used in critical infrastructure, including nuclear, water, power, processing, minerals, and general industrial applications. Built on industry leading global brands with hundreds of years of heritage, Trillium powers its advancement through cutting-edge innovation, industry expertise, and company vision to become the most relied upon flow control solutions company in the world. For more information, visit www.trilliumflow.com.About First Reserve
First Reserve is a leading private equity firm investing across Infrastructure Solutions, Value-Added Infrastructure and Resources strategies with exposure in energy, utility, and industrial markets. Founded in 1983, First Reserve has more than 40 years of industry insight and has cultivated a differentiated network of relationships and portfolio exposure. Since inception, First Reserve has raised over $35 billion of aggregate capital and has developed operational expertise built from over 750 transactions, including platform investments and add-on acquisitions. Please visit www.firstreserve.com for further information.Contacts For Trillium
Maureen Fitzgerald
+44.7380.302532
Maureen.Fitzgerald@trilliumflow.comFor First Reserve
Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449
FirstReserve-JF@joelefrank.com View original content to download multimedia:https://www.prnewswire.com/news-releases/first-reserve-backed-trillium-flow-technologies-completes-sale-of-select-valves-businesses-to-flowserve-302815046.htmlSOURCE Trillium Flow Technologies Original: First Reserve-Backed Trillium Flow Technologies Completes Sale of Select Valves Businesses to Flowserve

Flowserve Completes Acquisition of Trillium Flow Technologies’ Valves DivisionJune 30, 2026 4:05 PM
Business Wire Strengthens Flowserve’s position as a leading flow control provider to the global nuclear and power generation markets Advances Flowserve’s 3D growth strategy through value-creating capital deployment Flowserve Corporation (NYSE: FLS) (“Flowserve” or the “Company”), a leading provider of flow control products and services for the global infrastructure markets, has closed its all-cash acquisition of Trillium Flow Technologies’ Valves Division1 (“TVD”) for $490 million plus working capital adjustments. TVD is a leading provider of highly engineered mission-critical valves and other flow control equipment used in nuclear and traditional power generation, industrial, and critical infrastructure applications. TVD’s comprehensive portfolio of brands serves a global customer base across attractive and growing end markets with a nearly 200-year legacy of engineering excellence and reliable performance. The acquisition will expand Flowserve’s reach in both conventional and emerging end markets by integrating TVD’s highly specialized valve and actuation product portfolio, differentiated power and nuclear technology, and scalable service offerings. “We are pleased to welcome the TVD team to Flowserve,” said Scott Rowe, Flowserve President and Chief Executive Officer. “We have positioned Flowserve to identify and win in growth sectors, such as nuclear, that drive sustainable and profitable long-term growth. TVD strengthens our position in the accelerating power and nuclear markets and enables us to build on the deep customer relationships we have already developed in this space. Our disciplined approach to capital allocation led to this transaction, which we expect to enhance growth and margin expansion." Flowserve will integrate TVD using the Flowserve Business System and apply its rigorous 80/20 operating principles, which are anticipated to enhance operational performance, expand margins, and better serve customers with a powerful portfolio of products, services, and aftermarket capabilities. The acquired business is expected to have adjusted EBITDA margins in the high teens, with annualized revenue of approximately $200 million after contemplating reductions from applying 80/20 principles. Flowserve looks forward to a smooth transition and strong partnership with all TVD customers, suppliers, and distributors. For more information, go to Flowserve.com/Trillium-Valves-Acquisition. 1 Transaction excludes Trillium Valves’ French operations. About Flowserve Flowserve Corporation is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the Company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the Company’s website at www.flowserve.com. Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition. The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: economic, political and other risks associated with our international operations, including military actions, trade embargoes, blockades or other closures of major trade lanes, epidemics or pandemics and changes to tariffs or trade agreements that could affect customer and supply markets, particularly North African, Latin American, Asian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; global supply chain disruptions and the current inflationary environment could adversely affect the efficiency of our manufacturing and increase the cost of providing our products to customers; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from any restructuring and realignment initiatives, our business could be adversely affected; the substantial dependence of our sales on the success of the energy, chemical, power generation and general industries; the adverse impact of volatile raw materials prices on our products and operating margins; the impact of public health emergencies, such as outbreaks of epidemics, pandemics, and contagious diseases, on our business and operations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; potential adverse effects resulting from the implementation of new tariffs and related retaliatory actions and changes to or uncertainties related to tariffs and trade agreements; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Argentina; potential adverse consequences resulting from litigation to which we are a party; expectations regarding acquisitions and the integration of acquired businesses; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; if we are not able to maintain our competitive position by successfully developing and introducing new products and integrate new technologies, including artificial intelligence and machine learning; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the United States, as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission. The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company's performance. Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP. All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement. View source version on businesswire.com: https://www.businesswire.com/news/home/20260629228443/en/ Investor Contacts: investorrelations@flowserve.com Brian Ezzell, Vice President, Investor Relations, Treasurer & Corporate Finance
Olivia Webb, Director, Investor Relations Media Contact: media@flowserve.com Original: Flowserve Completes Acquisition of Trillium Flow Technologies’ Valves Division

Flowserve Announces Results of 2026 Annual Meeting of Shareholders and Quarterly DividendMay 14, 2026 1:53 PM
Business Wire Flowserve Corporation (NYSE: FLS) (“Flowserve” or the “Company”), a leading provider of flow control products and services for the global infrastructure markets, has released the voting results of its 2026 Annual Meeting of Shareholders and announced its quarterly cash dividend. Annual Meeting Results At the virtual Annual Meeting, Flowserve’s shareholders elected Sujeet Chand, Ruby R. Chandy, John L. Garrison, Cheryl H. Johnson, Michael C. McMurray, Thomas B. Okray, R. Scott Rowe, Brian D. Savoy and Ross B. Shuster to its Board of Directors, reflecting continued shareholder support in Flowserve’s Board. Each Board member will serve an annual term expiring at the 2027 Annual Meeting of Shareholders. Gayla J. Delly, who has served on the Board for 18 years, and Kenneth I. Siegel, who has served for four years, did not stand for re-election. “On behalf of Flowserve associates around the world, I would like to thank Gayla Delly and Kenneth Siegel for their service on the Board and contributions to Flowserve,” said Scott Rowe, Flowserve President and Chief Executive Officer. “We appreciate the support of our shareholders and remain focused on advancing our strategic growth priorities and continuing to drive sustainable value for our shareholders.” The voting results for the remaining proposals were as follows: Shareholders approved an advisory vote on executive compensation, with approximately 94.1 percent voting in favor of the proposal. Shareholders ratified the appointment of PricewaterhouseCoopers LLP as Flowserve’s independent registered public accounting firm for 2026. Shareholders rejected a shareholder proposal requesting an annual advisory shareholder vote regarding the Company’s stock repurchases, with approximately 96.3 percent voting against the proposal. Final voting results on all agenda items will be available in a Current Report on Form 8-K to be filed following certification by Flowserve’s inspector of elections. Biographies for all members of the board can be found in Flowserve’s 2026 Proxy Statement or on www.flowserve.com. Dividends Declared Flowserve’s Board of Directors has authorized a quarterly cash dividend of $0.22 per share on outstanding shares of common stock. The dividend is payable July 10, 2026, to shareholders of record as of the close of business on June 26, 2026. While Flowserve currently intends to pay regular quarterly cash dividends for the foreseeable future, any future dividends at this $0.22 per share rate or otherwise will be reviewed individually and declared by the Board of Directors at its discretion. About Flowserve: Flowserve Corporation is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the Company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the Company’s web site at www.flowserve.com. Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition. The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: economic, political and other risks associated with our international operations, including military actions, trade embargoes, blockades or other closures of major trade lanes, epidemics or pandemics and changes to tariffs or trade agreements that could affect customer markets, particularly North African, Latin American, Asian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; global supply chain disruptions and the current inflationary environment could adversely affect the efficiency of our manufacturing and increase the cost of providing our products to customers; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from any restructuring and realignment initiatives, our business could be adversely affected; the substantial dependence of our sales on the success of the energy, chemical, power generation and general industries; the adverse impact of volatile raw materials prices on our products and operating margins; the impact of public health emergencies, such as outbreaks of epidemics, pandemics, and contagious diseases, on our business and operations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; potential adverse effects resulting from the implementation of new tariffs and related retaliatory actions and changes to or uncertainties related to tariffs and trade agreements; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Argentina; potential adverse consequences resulting from litigation to which we are a party; expectations regarding acquisitions and the integration of acquired businesses; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; if we are not able to maintain our competitive position by successfully developing and introducing new products and integrate new technologies, including artificial intelligence and machine learning; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the United States, as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission. All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514900341/en/ Investor Relations Contacts
Brian Ezzell, Vice President, Investor Relations, Treasurer & Corporate Finance, (469) 420-3222
Olivia Webb, Director, Investor Relations, (469) 420-3223 Media Contact: media@flowserve.com Original: Flowserve Announces Results of 2026 Annual Meeting of Shareholders and Quarterly Dividend

Flowserve Prices Senior Notes OfferingMay 5, 2026 6:07 PM
Business Wire Flowserve Corporation (NYSE: FLS) ("Flowserve" or the "Company"), a leading provider of flow control products and services for the global infrastructure markets, today announced the pricing of a public offering of $500 million of its 5.700% senior notes due 2036. The offering is expected to close on May 12, 2026, subject to customary conditions. The notes will be general senior unsecured obligations of the Company and will rank equally in right of payment with the Company's existing and future senior unsecured indebtedness. Interest will be paid semi-annually on May 15 and November 15 of each year, beginning on November 15, 2026. The Company intends to use the net proceeds from the offering of the notes to fund the purchase price for the acquisition of Trillium Flow Technologies Valves Division (the "Trillium Flow Acquisition") and any remaining proceeds for general corporate purposes, which may include the repayment of outstanding indebtedness. If (i) the Trillium Flow Acquisition is not consummated on or prior to February 4, 2027, or such later date as the parties to the purchase agreement may agree as the “Longstop Date” thereunder, or (ii) the purchase agreement related thereto is terminated without the Trillium Flow Acquisition being consummated, the Company intends to use the net proceeds from the offering of the notes, together with borrowings under its revolving credit facility or cash on hand, or a combination thereof, if necessary, to redeem all of the outstanding notes at a redemption price equal to 101% of the aggregate principal amount of such notes plus accrued and unpaid interest thereon, if any, to the redemption date. BofA Securities, Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC are acting as the joint book-running managers for the offering. Copies of the prospectus supplement and accompanying base prospectus for the offering may be obtained by contacting: BofA Securities, Inc. at 201 North Tryon Street, Charlotte, NC 28255, Attn: Prospectus Department, Email:

Flowserve to Participate in Upcoming Investor ConferencesApril 27, 2026 4:05 PM
Business Wire
Flowserve Corporation (NYSE: FLS) (“Flowserve” or the “Company”) announced today its participation in the following upcoming investor conferences:



On Tuesday, May 5, Flowserve’s Investor Relations team will participate in investor meetings at the Oppenheimer Industrial Growth Conference.



On Tuesday, May 12, Amy Schwetz, Senior Vice President and Chief Financial Officer, will participate in investor meetings as well as a fireside chat at the BofA Securities Industrials, Transportation & Airlines Key Leaders Conference that will begin at 11:05 am ET. Shareholders and other interested parties can access the live webcast on Flowserve’s Investors page. A replay of the webcast will be available after the event.



About Flowserve


Flowserve Corporation is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the Company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the Company’s website at www.flowserve.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260427860416/en/
Investor Contacts

Brian Ezzell, Vice President, Investor Relations, Treasurer & Corporate Finance (469) 420-3222

Olivia Webb, Director, Investor Relations (469) 420-3223


Media Contact: media@flowserve.com


Original: Flowserve to Participate in Upcoming Investor Conferences

Flowserve Schedules First Quarter 2026 Earnings Release and Conference CallApril 15, 2026 7:30 AM
Business Wire
Flowserve Corporation (NYSE: FLS) (“Flowserve”) will release its first quarter 2026 earnings results after the market closes on Wednesday, April 29, 2026.


Flowserve will host a conference call to discuss first quarter results the following morning, on Thursday, April 30, 2026, at 10:00 a.m. Eastern Time.


The earnings materials and webcast of the conference call can be accessed by shareholders and other interested parties on Flowserve’s Investors page.


About Flowserve


Flowserve Corporation is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the Company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the Company’s website at www.flowserve.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260415958357/en/
Investor Contacts

Brian Ezzell, Vice President, Investor Relations, Treasurer & Corporate Finance

(469) 420-3222

Olivia Webb, Director, Investor Relations

(469) 420-3223


Media Contact: media@flowserve.com


Original: Flowserve Schedules First Quarter 2026 Earnings Release and Conference Call

Flowserve Appoints Brian Savoy to Board of DirectorsMarch 16, 2026 7:30 AM
Business Wire
Flowserve Corporation (NYSE:FLS), a leading provider of flow control products and services for the global infrastructure markets, announced today that its Board of Directors has elected Brian Savoy as a member of the Board of Directors, and appointed him to the Audit Committee and Technology, Innovation and Risk Committee, effective March 16, 2026.


“We are incredibly excited to have Brian join Flowserve’s Board,” said Scott Rowe, Flowserve President and Chief Executive Officer. “His extensive leadership in the power industry, particularly with respect to nuclear, will help sharpen our focus as we continue to expand Flowserve’s position in this important growth market.”


Mr. Savoy currently serves as the Chief Financial Officer and Executive Vice President at Duke Energy, an electric power and natural gas holding company. His experience also includes serving as Duke Energy’s Chief Strategy and Commercial Officer as well as its Chief Transformation and Administrative Officer. Brian also currently serves as a board member and audit committee chair for the Electric Power Research Institute, a nonprofit organization advancing safe, reliable, and sustainable energy through research and collaboration with utilities, regulators, and policymakers.


“We believe Brian’s broad experience, financial and business transformation expertise, and his deep knowledge of the power industry will further enhance Flowserve’s focus on the Flowserve Business System and accelerating growth in priority power and industrial end markets,” said John Garrison, chairman of the Flowserve Board of Directors.


Mr. Savoy earned a Bachelor of Business Administration degree in accounting from Lamar University and is a certified public accountant.


About Flowserve: Flowserve Corporation is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the Company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s website at www.flowserve.com.


Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.


The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: global supply chain disruptions and the current inflationary environment could adversely affect the efficiency of our manufacturing and increase the cost of providing our products to customers; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from any restructuring and realignment initiatives, our business could be adversely affected; the substantial dependence of our sales on the success of the energy, chemical, power generation and general industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics and changes to tariffs or trade agreements that could affect customer markets, particularly North African, Latin American, Asian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; the impact of public health emergencies, such as outbreaks of epidemics, pandemics, and contagious diseases, on our business and operations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; potential adverse effects resulting from the implementation of new tariffs and related retaliatory actions and changes to or uncertainties related to tariffs and trade agreements; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Argentina; potential adverse consequences resulting from litigation to which we are a party; expectations regarding acquisitions and the integration of acquired businesses; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; if we are not able to maintain our competitive position by successfully developing and introducing new products and integrate new technologies, including artificial intelligence and machine learning; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the United States, as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.


All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260316287598/en/
Flowserve Contacts

Investor Contacts:

Brian Ezzell, Vice President, Investor Relations, Treasurer & Corporate Finance (469) 420-3222

Olivia Webb, Director, Investor Relations (469) 420-3223


Media Contact: media@flowserve.com


Original: Flowserve Appoints Brian Savoy to Board of Directors

Flowserve Corporation Announces 5% Increase in Quarterly Cash Dividend to $0.22 Per ShareFebruary 13, 2026 7:30 AM
Business Wire
Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced that its Board of Directors has authorized a quarterly cash dividend of $0.22 per share on the Company’s outstanding shares of common stock. This represents a 5% increase to the Company’s most recent per share quarterly dividend.


The dividend is payable on April 10, 2026, to shareholders of record as of the close of business on March 27, 2026.


While Flowserve currently intends to pay regular quarterly cash dividends for the foreseeable future, any future dividends, at this $0.22 per share rate or otherwise, will be reviewed individually and declared by the Board of Directors at its discretion.


About Flowserve


Flowserve Corporation is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the Company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the Company’s website at www.flowserve.com.


Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.


The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: global supply chain disruptions and the current inflationary environment could adversely affect the efficiency of our manufacturing and increase the cost of providing our products to customers; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from any restructuring and realignment initiatives, our business could be adversely affected; the substantial dependence of our sales on the success of the energy, chemical, power generation and general industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics and changes to tariffs or trade agreements that could affect customer markets, particularly North African, Latin American, Asian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; the impact of public health emergencies, such as outbreaks of epidemics, pandemics, and contagious diseases, on our business and operations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; potential adverse effects resulting from the implementation of new tariffs and related retaliatory actions and changes to or uncertainties related to tariffs and trade agreements; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Argentina; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; if we are not able to maintain our competitive position by successfully developing and introducing new products and integrate new technologies, including artificial intelligence and machine learning; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the United States, as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.


All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260213675824/en/
Investor Contacts

Brian Ezzell, Vice President, Investor Relations, Treasurer & Corporate Finance (469) 420-3222

Olivia Webb, Director, Investor Relations (469) 420-3223


Media Contact: media@flowserve.com


Original: Flowserve Corporation Announces 5% Increase in Quarterly Cash Dividend to $0.22 Per Share

 Flowserve to Participate in Upcoming Investor ConferencesFebruary 9, 2026 4:05 PM
Business Wire
 


Flowserve Corporation (NYSE: FLS) (“Flowserve” or the “Company”) announced today its participation in the following upcoming investor conferences:



On Tuesday, February 17, Scott Rowe, President and Chief Executive Officer, will participate in investor meetings as well as a fireside chat at Citi’s 2026 Global Industrial Tech and Mobility Conference that will begin at 8:50 am ET. Shareholders and other interested parties can access the live webcast on Flowserve’s Investors page. A replay of the webcast will be available after the event.



On Thursday, February 26, Amy Schwetz, Senior Vice President and Chief Financial Officer, will participate in a fireside chat at the Gabelli 36th Annual Pump, Valve, & Water Systems Symposium that will begin at 10:00 am ET. Shareholders and other interested parties can access the live conversation on Flowserve’s Investors page.



About Flowserve


Flowserve Corporation is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the Company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the Company’s website at www.flowserve.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260209760505/en/
Investor Contacts

Brian Ezzell, Vice President, Investor Relations, Treasurer & Corporate Finance (469) 420-3222


Olivia Webb, Director, Investor Relations (469) 420-3223


Media Contact: media@flowserve.com


Original:  Flowserve to Participate in Upcoming Investor Conferences

Flowserve Expands Leadership in Nuclear and Other Power End Markets with Strategic Acquisition of Trillium Flow Technologies’ Valves DivisionFebruary 5, 2026 4:05 PM
Business Wire

Acquisition accelerates power end-market growth strategy, with complementary offerings for nuclear and traditional power generation markets



Strengthens valve and actuation product portfolio with mission-critical flow control solutions



Enhances service capabilities and expands global installed base with high aftermarket entitlement



Expected to be accretive to adjusted operating income in 2026



Flowserve Corporation (NYSE: FLS) (“Flowserve” or the “Company”), a leading provider of flow control products and services for the global infrastructure markets, has signed a definitive agreement to acquire Trillium Flow Technologies’ Valves Division1 (“TVD”), a market leading provider of highly engineered mission-critical valves used in nuclear and traditional power generation, industrial, and critical infrastructure applications for $490 million in cash (the “Transaction”). The Transaction is expected to close mid-year 2026.


TVD’s comprehensive portfolio of brands serves a global customer base across attractive and growing end markets with a nearly 200-year legacy of engineering excellence and reliable performance. The acquisition will expand Flowserve’s reach in both conventional and emerging markets by integrating TVD’s highly specialized valve and actuation product portfolio, differentiated power and nuclear technology, and scalable service offerings.


TVD’s large installed base of over 200,000 units, including assets in 115 operating nuclear reactors, generates recurring, high-margin demand for aftermarket services, replacements, and spare parts. Adding TVD’s portfolio strengthens Flowserve’s leading nuclear position—supporting more than 300 reactors worldwide—and enhances the Company’s ability to serve existing nuclear assets while delivering a broad range of flow control solutions for new traditional and small modular reactors.


“TVD’s products and capabilities are highly complementary to our portfolio and will enhance our ability to meet future demand in nuclear, traditional power, and more broadly across the industrial landscape,” said Scott Rowe, Flowserve President and Chief Executive Officer. “We see strong aftermarket potential from their global installed base that is expected to drive profitable growth. The acquisition underscores our commitment to building a more cycle-resilient business and will enhance value for shareholders, customers, and associates. We look forward to welcoming the Trillium Valves team to Flowserve.“


Transaction Details and Approvals


The purchase price of $490 million represents a multiple of approximately 12.3x TVD’s 2025 adjusted EBITDA, excluding the impact of anticipated synergies. TVD is expected to have annualized revenues of approximately $200 million with adjusted EBITDA margins in the high teens. The Company anticipates leveraging the Flowserve Business System to increase TVD’s margins over time.


The Transaction is expected to be accretive to adjusted operating income in 2026, excluding anticipated synergies.


Flowserve expects to fund the Transaction through a combination of cash on hand and additional debt. The Transaction is subject to the satisfaction of customary closing conditions and regulatory approvals.


Advisors


Goldman Sachs & Co LLC is serving as exclusive financial advisor and Baker McKenzie is serving as legal advisor to Flowserve. J.P. Morgan Securities LLC is serving as financial advisor and Freshfields is serving as legal advisor to TVD.


1 Transaction excludes Trillium Valves’ French operations.


About Flowserve


Flowserve Corporation is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the Company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the Company’s website at www.flowserve.com.


Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.


The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: global supply chain disruptions and the current inflationary environment could adversely affect the efficiency of our manufacturing and increase the cost of providing our products to customers; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from any restructuring and realignment initiatives, our business could be adversely affected; the substantial dependence of our sales on the success of the energy, chemical, power generation and general industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics and changes to tariffs or trade agreements that could affect customer markets, particularly North African, Latin American, Asian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; the impact of public health emergencies, such as outbreaks of epidemics, pandemics, and contagious diseases, on our business and operations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; potential adverse effects resulting from the implementation of new tariffs and related retaliatory actions and changes to or uncertainties related to tariffs and trade agreements; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Argentina; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; if we are not able to maintain our competitive position by successfully developing and introducing new products and integrate new technologies, including artificial intelligence and machine learning; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the United States, as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.


All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.


The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company's performance. Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260205089054/en/
Investor Contacts

Brian Ezzell, Vice President, Investor Relations, Treasurer & Corporate Finance (469) 420-3222

Olivia Webb, Director, Investor Relations (469) 420-3223


Media Contact: media@flowserve.com


Original: Flowserve Expands Leadership in Nuclear and Other Power End Markets with Strategic Acquisition of Trillium Flow Technologies’ Valves Division

Flowserve Corporation Reports Fourth Quarter and Full Year 2025 ResultsFebruary 5, 2026 4:06 PM
Business Wire
3D Growth Strategy and Flowserve Business System Deliver Strong Q4 and Full Year Results; Initiated 2026 Guidance and 2030 Financial Targets


Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, reported its financial results for the fourth quarter and full year ended December 31, 2025.


Q4 and FY 2025 Highlights:



Fourth quarter bookings of $1.2 billion, including 10% aftermarket growth to over $680 million



Fourth quarter operating margin of 3.5%, including one-time impact from asbestos divestiture, and adjusted1 operating margin2 of 16.8%



Fourth quarter reported and adjusted earnings per share (EPS)3 of ($0.23) and $1.11, respectively. Reported EPS includes adjusted net expense items of $1.34, comprised of the one-time impact from asbestos divestiture, among other items



Full year bookings of $4.7 billion, including approximately $400 million in nuclear awards



Full year cash from operations of $506 million driven by strong earnings and working capital management, with $365 million of cash returned to shareholders through dividends and share repurchases



2026 and Strategic Highlights:



Announced acquisition of Trillium Flow Technologies’ Valves Division4



Initiated full year 2026 guidance3, including total sales growth of 5% to 7% and adjusted EPS of $4.00 to $4.20, which at the midpoint, represents a 13% increase versus full year 2025 adjusted EPS3



Established 2030 financial targets including mid-single digit organic sales CAGR, ~20% adjusted operating margin, and double digit adjusted EPS CAGR



Management Commentary:


“We delivered outstanding financial results in the fourth quarter and for the full year 2025,” said Scott Rowe, Flowserve’s President and Chief Executive Officer. “I am incredibly proud of our global team’s dedication and strong execution of the Flowserve Business System, which has been instrumental in reaching our 2027 adjusted operating margin target two years ahead of schedule.”


Rowe continued, “With healthy end markets, a focus on expanding power generation opportunities, and the continued progress of the Flowserve Business System, we are confident in our 2026 guidance and updated long-term financial targets. We have significant operational momentum and are executing with discipline to drive greater value for our associates, customers, and shareholders.”


Acquisition of Trillium Flow Technologies’ Valves Division4:


In a separate press release issued today, the Company also announced it had signed a definitive agreement to acquire Trillium Flow Technologies’ Valves Division, a market leading provider of highly engineered mission-critical valves and actuators used in nuclear, traditional power, industrial, and critical infrastructure applications. The press release can be viewed on Flowserve’s Investors page.


Key Figures (unaudited):




(dollars in millions, except per share)







2025 Q4







2024 Q4






 






Change






 






2025






 






2024






 






Change








Original Equipment Bookings







$526.6







$557.2






 






(5.5%)






 






$2,068.5







$2,238.4






 






(7.6%)








Aftermarket Bookings






 






$682.3







$618.1






 






10.4%







$2,644.5







$2,422.4






 






9.2%








Total Bookings







$1,208.9







$1,175.3






 






2.9%







$4,713.0







$4,660.8






 






1.1%








 






 






 






 






 






 






 






 






 






 






 






 






 








Organic Sales5







 







 






 






0.8%







 







 






 






0.9%








Acquisitions Impact







 







 






 






30 bps







 







 






 






220 bps








Foreign Exchange Impact







 







 






 






240 bps







 







 






 






70 bps








Reported Sales






 






$1,222.2







$1,180.3






 






3.5%






 






$4,729.3







$4,557.8






 






3.8%








 






 






 






 






 






 






 






 






 






 






 






 






 








Operating Margin






 






3.5%







10.6%






 






(710 bps)






 






8.5%







10.1%






 






(160 bps)








Adjusted Operating Margin







16.8%







12.6%






 






420 bps







14.8%







11.8%






 






300 bps








Earnings Per Share






 






($0.23)







$0.59






 






(139.0%)






 






$2.64







$2.14






 






23.4%








Adjusted Earnings Per Share







$1.11







$0.70






 






58.6%







$3.64







$2.63






 






38.4%








Cash From Operations6






 






($0.2)







$197.3






 






($197.5)






 






$505.9







$425.3






 






$80.6








Backlog






 






$2,867.8







$2,789.6






 






2.8%







$2,867.8







$2,789.6






 






2.8%







2026 Guidance3:


The Company initiated 2026 guidance:




Organic Sales Growth






 






+1% to +3%








Impact From Acquisitions






 






Approx. +300 bps








Impact From Foreign Exchange Translation






 






Approx. +100 bps








Total Sales Growth






 






+5% to +7%








Adjusted EPS






 






$4.00 to $4.20








Net Interest Expense






 






Approx. $80 million








Adjusted Tax Rate






 






21% to 22%








Capital Expenditures






 






$90 million to $100 million







Full-year 2026 guidance assumes the acquisition of Trillium Flow Technologies’ Valves Division closes mid-year 2026 and, including incremental interest expense related to financing the acquisition, the acquisition will be roughly neutral to 2026 adjusted EPS. The guidance also assumes tariff rates in place as of February 1, 2026.


2030 Financial Targets:


The Company introduced 2030 financial targets, which include expectations for:




Organic Sales CAGR (2025-2030)






 






Mid-Single Digit Growth








Adjusted Operating Margin (by 2030)






 






~20%








Adjusted EPS CAGR (2025-2030)






 






Double-Digit Growth







Webcast and Conference Call Instructions:


Flowserve will host its conference call to discuss fourth quarter and full year results on Friday, February 6, at 10:00 a.m. Eastern Time. The call can be accessed by shareholders and other interested parties on Flowserve’s Investors page.


Footnotes




1 See Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (unaudited) and Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (unaudited) tables for a detailed reconciliation of reported results to adjusted measures.








2 Adjusted operating margin is calculated by dividing adjusted operating income by sales. Adjusted operating income is derived by excluding the adjusted items.








3 Adjusted EPS excludes realignment expenses, the impact from other specific discrete and below-the-line foreign currency effects and utilizes the then-applicable FX rates and fully diluted shares. Adjusted 2026 EPS excludes certain other discrete items which may arise during the year.








4 Transaction excludes Trillium Valves’ French operations.








5 Organic is defined as the change in Sales, as defined by U.S. GAAP, excluding the impacts of currency translation and acquisitions. The impact of currency translation is calculated by translating current year results on a monthly basis at prior year exchange rates for the same period.








6 Cash from Operations for the fourth quarter 2025 includes a ($199) million one-time impact from legacy asbestos liabilities divestiture. Cash from Operations for the full year 2025 includes the impact of a $173 million one-time merger termination fee paid to Flowserve (net of incurred transaction costs and taxes) and a ($199) million one-time impact from legacy asbestos liabilities divestiture.









CONSOLIDATED STATEMENTS OF INCOME











(Unaudited)






 











Three Months Ended December 31,








(Amounts in thousands, except per share data)






 






2025






 







 






2024






 









 










Sales






$






1,222,191






 







$






1,180,348






 








Cost of sales






 






(796,956






)







 






(808,234






)








Gross profit






 






425,235






 







 






372,114






 








Selling, general and administrative expense






 






(247,863






)







 






(251,966






)








Loss on divestiture of asbestos-related assets and liabilities






 






(140,092






)







 






-






 








Net earnings from affiliates






 






4,893






 







 






4,557






 








Operating income






 






42,173






 







 






124,705






 








Interest expense






 






(19,574






)







 






(20,481






)








Interest income






 






2,488






 







 






1,625






 








Other income (expense), net






 






(18,294






)







 






(137






)








Earnings before income taxes






 






6,793






 







 






105,712






 








Provision for income taxes






 






(28,529






)







 






(22,202






)








Net earnings, including noncontrolling interests






 






(21,736






)







 






83,510






 








Less: Net earnings attributable to noncontrolling interests






 






(7,259






)







 






(5,969






)








Net (loss) earnings attributable to Flowserve Corporation






$






(28,995






)







$






77,541






 











 








Net earnings per share attributable to Flowserve Corporation common shareholders:







 








Basic






$






(0.23






)







$






0.59






 








Diluted






 






(0.23






)







 






0.59






 











 








Weighted average shares – basic






 






127,294






 







 






131,393






 








Weighted average shares – diluted






 






128,411






 







 






132,395






 









Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited)








(Amounts in thousands, except per share data)
















 



Three Months Ended December 31, 2025






Gross Profit






Selling, General & Administrative Expense






Loss on Divestiture of Asbestos-Related Assets and Liabilities






Operating Income






Other Income (Expense), Net






Provision For (Benefit From) Income Taxes






Net Earnings (Loss)






Effective Tax Rate






Diluted EPS








Reported






$






425,235






 






$






247,863






 






$






140,092






 






$






42,173






 






$






(18,294






)






$






28,529






 






$






(28,995






)






420.1






%






(0.23






)








Reported as a percent of sales






 






34.8






%






 






20.3






%






 






11.5






%






 






3.5






%






 






-1.5






%






 






2.3






%






 






-2.4






%










Realignment charges (a)






 






14,061






 






 






(2,115






)






 






-






 






 






16,176






 






 






-






 






 






3,591






 






 






12,585






 






22.2






%






0.10






 








Acquisition related (b)(c)






 






(126






)






 






(5,181






)






 






-






 






 






5,055






 






 






-






 






 






1,189






 






 






3,866






 






23.5






%






0.03






 








Purchase accounting step-up and intangible asset amortization (d)






 






438






 






 






(1,300






)






 






-






 






 






1,738






 






 






-






 






 






409






 






 






1,329






 






23.5






%






0.01






 








Discrete items (e)(f)






 






15






 






 






(296






)






 






-






 






 






311






 






 






8,564






 






 






206






 






 






8,669






 






2.3






%






0.07






 








Loss on asbestos divestiture (g)






 






-






 






 






-






 






 






(140,092






)






 






140,092






 






 






-






 






 






2,644






 






 






137,448






 






1.9






%






1.07






 








Below-the-line foreign exchange impacts (h)






 






-






 






 






-






 






 






-






 






 






-






 






 






7,096






 






 






(1,156






)






 






8,252






 






-16.3






%






0.06






 








Adjusted






$






439,623






 






$






238,971






 






$






-






 






$






205,543






 






$






(2,634






)






$






35,411






 






$






143,154






 






19.1






%






1.11






 








Adjusted as a percent of sales






 






36.0






%






 






19.6






%






 






0.0






%






 






16.8






%






 






-0.2






%






 






2.9






%






 






11.7






%


















 



Note: Amounts may not calculate due to rounding









(a) Charges represent realignment costs incurred as a result of realignment programs, net of a $6,888 gain associated with the divestiture of a pump product line.








(b) Charge represents $3,315 of acquisition and integration related costs associated with the MOGAS acquisition.








(c) Charge represents $1,740 of costs associated with merger and acquisition activity.








(d) Charge represents amortization of acquisition related intangible assets associated with the MOGAS acquisition.








(e) Charge represents non-cash share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan.








(f) Charge includes $641 for a non-cash pension settlement accounting loss incurred in conjunction with the freeze of our US Qualified pension plan and $7,923 for a non-cash pension settlement accounting loss incurred in conjunction with a United Kingdom based pension plan.








(g) Charge represents the one-time loss associated with the divestiture of our asbestos-related assets and liabilities including $199,000 of cash funded to the divested entity and $8,335 of transaction costs incurred.








(h) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site’s respective functional currency.
















 











 



Three Months Ended December 31, 2024






Gross Profit






Selling, General & Administrative Expense






Operating Income






Other Income (Expense), Net






Provision For (Benefit From) Income Taxes






Net Earnings (Loss)






Effective Tax Rate






Diluted EPS









Reported






$






372,114






 






$






251,966






 






$






124,705






 






$






(138






)






$






22,202






 






$






77,541






 






 






21.0






%






0.59






 









Reported as a percent of sales






 






31.5






%






 






21.3






%






 






10.6






%






 






0.0






%






 






1.9






%






 






6.6






%











Realignment charges (a)






 






11,569






 






 






(1,570






)






 






13,139






 






 






-






 






 






2,849






 






 






10,290






 






 






21.7






%






0.08






 









Acquisition related (b)






 






-






 






 






(7,150






)






 






7,150






 






 






-






 






 






1,682






 






 






5,468






 






 






23.5






%






0.04






 









Purchase accounting step-up and intangible asset amortization (c)






 






3,067






 






 






(1,033






)






 






4,100






 






 






-






 






 






1,300






 






 






2,800






 






 






31.7






%






0.02






 









Below-the-line foreign exchange impacts (d)






 






-






 






 






-






 






 






-






 






 






(4,370






)






 






(1,423






)






 






(2,947






)






 






32.6






%






(0.02






)









Adjusted






$






386,750






 






$






242,213






 






$






149,094






 






$






(4,508






)






$






26,610






 






$






93,152






 






 






21.2






%






0.70






 









Adjusted as a percent of sales






 






32.8






%






 






20.5






%






 






12.6






%






 






-0.4






%






 






2.3






%






 






7.9






%



















 



Note: Amounts may not calculate due to rounding








(a) Charges represent realignment costs incurred as a result of realignment programs of which $8,600 is non-cash.








(b) Charge represents acquisition and integration related costs associated with the MOGAS acquisition.








(c) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.








(d) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site’s respective functional currency.









SEGMENT INFORMATION











(Unaudited)






 











 










FLOWSERVE PUMPS DIVISION






Three Months Ended December 31,








(Amounts in millions, except percentages)






 






2025






 







 






2024






 








Bookings






$






883.6






 







$






816.4






 








Sales






 






833.0






 







 






794.9






 








Gross profit






 






305.2






 







 






255.7






 








Gross profit margin






 






36.6






%







 






32.2






%








SG&A






 






143.4






 







 






131.4






 








Segment operating income






 






166.8






 







 






129.1






 








Segment operating income as a percentage of sales






 






20.0






%







 






16.2






%









 










FLOW CONTROL DIVISION






Three Months Ended December 31,








(Amounts in millions, except percentages)






 






2025






 







 






2024






 








Bookings






$






330.3






 







$






363.4






 








Sales






 






391.5






 







 






387.9






 








Gross profit






 






123.5






 







 






118.5






 








Gross profit margin






 






31.5






%







 






30.5






%








SG&A






 






59.5






 







 






73.9






 








Segment operating income






 






64.0






 







 






44.6






 








Segment operating income as a percentage of sales






 






16.3






%







 






11.5






%









Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited)








(Amounts in thousands)
















 



Flowserve Pumps Division

















Three Months Ended December 31, 2025






Gross Profit






Selling, General & Administrative Expense






Operating Income








Three Months Ended December 31, 2024






Gross Profit






Selling, General & Administrative Expense






Operating Income








Reported






$






305,245






 






$






143,380






 






$






166,757






 








Reported






$






255,710






 






$






131,402






 






$






129,069






 








Reported as a percent of sales






 






36.6






%






 






17.2






%






 






20.0






%








Reported as a percent of sales






 






32.2






%






 






16.5






%






 






16.2






%








Realignment charges (a)






 






4,120






 






 






(3,092






)






 






7,212






 








Realignment charges (a)






 






9,890






 






 






(41






)






 






9,931






 








Discrete items (b)






 






9






 






 






(36






)






 






45






 








Adjusted






$






265,600






 






$






131,361






 






$






139,000






 








Acquisition related (c)






 






-






 






 






(740






)






 






740






 








Adjusted as a percent of sales






 






33.4






%






 






16.5






%






 






17.5






%








Adjusted






$






309,374






 






$






139,512






 






$






174,754






 














Adjusted as a percent of sales






 






37.1






%






 






16.7






%






 






21.0






%






















 



Flow Control Division

















Three Months Ended December 31, 2025






Gross Profit






Selling, General & Administrative Expense






Operating Income








Three Months Ended December 31, 2024






Gross Profit






Selling, General & Administrative Expense






Operating Income








Reported






$






123,529






 






$






59,537






 






$






63,992






 








Reported






$






118,503






 






$






73,859






 






$






44,592






 








Reported as a percent of sales






 






31.5






%






 






15.2






%






 






16.3






%








Reported as a percent of sales






 






30.5






%






 






19.0






%






 






11.5






%








Realignment charges (a)






 






9,417






 






 






1,313






 






 






8,104






 








Realignment charges (a)






 






1,679






 






 






(1,655






)






 






3,334






 








Acquisition related (d)






 






(126






)






 






(3,441






)






 






3,315






 








Acquisition related (b)






 






-






 






 






(7,150






)






 






7,150






 








Purchase accounting step-up and intangible asset amortization (e)






 






438






 






 






(1,300






)






 






1,738






 








Purchase accounting step-up and intangible asset amortization (c)






 






3,067






 






 






(1,033






)






 






4,100






 








Discrete items (b)






 






5






 






 






(86






)






 






91






 








Adjusted






$






123,249






 






$






64,021






 






$






59,176






 








Adjusted






$






133,263






 






$






56,023






 






$






77,240






 








Adjusted as a percent of sales






 






31.8






%






 






16.5






%






 






15.3






%








Adjusted as a percent of sales






 






34.0






%






 






14.3






%






 






19.7






%






















 



Note: Amounts may not calculate due to rounding








Note: Amounts may not calculate due to rounding








(a) Charges represent realignment costs incurred as a result of realignment programs, net of a $6,888 gain associated with the divestiture of a pump product line.








(a) Charges represent realignment costs incurred as a result of realignment programs of which $8,600 is non-cash.








(b) Charge represents non-cash share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan.








(b) Charge represents acquisition and integration-related costs associated with the MOGAS acquisition.








(c) Charge represents costs associated with merger and acquisition activity.








(c) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.








(d) Charge represents acquisition and integration-related costs associated with the MOGAS acquisition.











(e) Charge represents amortization of acquisition related intangible assets associated with the MOGAS acquisition.














CONSOLIDATED STATEMENTS OF INCOME








(Unaudited)






 













Year Ended December 31,








(Amounts in thousands, except per share data)






 






2025






 







 






2024






 







 






2023






 









 












Sales






$






4,729,260






 







$






4,557,806






 







$






4,320,577






 








Cost of sales






 






(3,147,823






)







 






(3,123,560






)







 






(3,043,749






)








Gross profit






 






1,581,437






 







 






1,434,246






 







 






1,276,828






 








Selling, general and administrative expense






 






(1,062,100






)







 






(978,037






)







 






(961,169






)








Loss on sale of business






 






-






 







 






(12,981






)







 






-






 








Loss on divestiture of asbestos-related assets and liabilities






 






(140,092






)







 






-






 







 






-






 








Net earnings from affiliates






 






20,679






 







 






19,051






 







 






17,894






 








Operating income






 






399,924






 







 






462,279






 







 






333,553






 








Interest expense






 






(77,740






)







 






(69,301






)







 






(66,924






)








Interest income






 






7,551






 







 






5,371






 







 






6,991






 








Other income (expense), net






 






195,663






 







 






(12,194






)







 






(49,870






)








Earnings before income taxes






 






525,398






 







 






386,155






 







 






223,750






 








Provision for income taxes






 






(155,596






)







 






(84,929






)







 






(18,562






)








Net earnings, including noncontrolling interests






 






369,802






 







 






301,226






 







 






205,188






 








Less: Net earnings attributable to noncontrolling interests






 






(23,555






)







 






(18,467






)







 






(18,445






)








Net earnings attributable to Flowserve Corporation






$






346,247






 







$






282,759






 







$






186,743






 









 







 







 








Net earnings per share attributable to Flowserve Corporation common shareholders:






 







 







 








Basic






 






2.66






 







$






2.15






 







$






1.42






 








Diluted






 






2.64






 







 






2.14






 







 






1.42






 











 







 








Weighted average shares – basic






 






130,005






 







 






131,488






 







 






131,117






 








Weighted average shares – diluted






 






130,979






 







 






132,356






 







 






131,931






 









Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited)








(Amounts in thousands, except per share data)
















 



Twelve Months Ended December 31, 2025






Gross Profit






Selling, General & Administrative Expense






Loss on Divestiture of Asbestos-Related Assets and Liabilities






Operating Income






Other Income (Expense), Net






Provision For (Benefit From) Income Taxes






Net Earnings (Loss)






Effective Tax Rate






Diluted EPS








Reported






$






1,581,437






 






$






1,062,100






 






$






140,092






 






$






399,924






 






$






195,663






 






$






155,596






 






$






346,247






 






29.6






%






2.64






 








Reported as a percent of sales






 






33.4






%






 






22.5






%






 






3.0






%






 






8.5






%






 






4.1






%






 






3.3






%






 






7.3






%










Realignment charges (a)






 






54,660






 






 






(3,595






)






 






-






 






 






58,255






 






 






-






 






 






13,687






 






 






44,568






 






23.5






%






0.34






 








Acquisition related (b)(c)






 






635






 






 






(13,895






)






 






-






 






 






14,530






 






 






-






 






 






3,417






 






 






11,113






 






23.5






%






0.08






 








Purchase accounting step-up and intangible asset amortization (d)






 






9,180






 






 






(5,200






)






 






-






 






 






14,380






 






 






-






 






 






4,138






 






 






10,242






 






28.8






%






0.08






 








Discrete items (e)(f)(g)






 






121






 






 






(31,412






)






 






-






 






 






31,533






 






 






13,064






 






 






8,609






 






 






35,988






 






19.3






%






0.27






 








Merger transaction costs (h)






 






-






 






 






(41,197






)






 






-






 






 






41,197






 






 






-






 






 






9,534






 






 






31,663






 






23.1






%






0.24






 








Merger termination payment (i)






 






-






 






 






-






 






 






-






 






 






-






 






 






(266,000






)






 






(60,957






)






 






(205,043






)






22.9






%






(1.57






)








Discrete tax items (j)






 






-






 






 






-






 






 






-






 






 






-






 






 






-






 






 






(24,860






)






 






24,860






 






0.0






%






0.19






 








Loss on asbestos divestiture (k)






 






-






 






 






-






 






 






(140,092






)






 






140,092






 






 






-






 






 






2,644






 






 






137,448






 






1.9






%






1.05






 








Below-the-line foreign exchange impacts (l)






 






-






 






 






-






 






 






-






 






 






-






 






 






43,893






 






 






4,821






 






 






39,072






 






11.0






%






0.30






 








Adjusted






$






1,646,033






 






$






966,801






 






$






-






 






$






699,911






 






$






(13,380






)






$






116,629






 






$






476,158






 






18.9






%






3.64






 








Adjusted as a percent of sales






 






34.8






%






 






20.4






%






 






0.0






%






 






14.8






%






 






-0.3






%






 






2.5






%






 






10.1






%


















 



Note: Amounts may not calculate due to rounding








(a) Charges represent realignment costs incurred as a result of realignment programs of which $5,300 is non-cash and net of a $6,888 gain associated with the divestiture of a pump product line.








(b) Charge represents $12,790 of acquisition and integration related costs associated with the MOGAS acquisition.








(c) Charge represents $1,740 of costs associated with merger and acquisition activity.








(d) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.








(e) Charge represents non-cash share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan.








(f) Charge includes $5,141 for a non-cash pension settlement accounting loss incurred in conjunction with the freeze of our US Qualified pension plan and $7,923 for a non-cash pension settlement accounting loss incurred in conjunction with a United Kingdom based pension plan.








(g) Charge of $30,100 represents the Q3 2025 non-cash adjustment to our estimated liability for incurred by not reported asbestos claims based on an annual actuarial study.








(h) Charge represents transaction costs incurred associated with the terminated Chart Industries merger.








(i) Amount represents the Chart Industries merger termination fee paid to Flowserve.








(j) Amount represents a one-time tax charge related to enactment of the One Big Beautiful Bill Act during Q3 2025.








(k) Charge represents the one-time loss associated with the divestiture of our asbestos-related assets and liabilities including $199,000 of cash funded to the divested entity and $8,335 of transaction costs incurred.








(l) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site’s respective functional currency.
















 











 



Twelve Months Ended December 31, 2024






Gross Profit






Selling, General & Administrative Expense






Loss on Sale of Business






Operating Income






Other Income (Expense), Net






Provision For (Benefit From) Income Taxes






Net Earnings (Loss)






Effective Tax Rate






Diluted EPS








Reported






$






1,434,246






 






$






978,037






 






$






12,981






 






$






462,279






 






$






(12,194






)






$






84,929






 






$






282,759






 






22.0






%






2.14






 








Reported as a percent of sales






 






31.5






%






 






21.5






%






 






0.3






%






 






10.1






%






 






-0.3






%






 






1.9






%






 






6.2






%










Realignment charges (a)






 






31,576






 






 






(4,939






)






 






(12,981






)






 






49,496






 






 






-






 






 






4,884






 






 






44,612






 






9.9






%






0.34






 








Discrete items (b)(c)(d)






 






2,700






 






 






(7,500






)






 






-






 






 






10,200






 






 






-






 






 






2,869






 






 






7,331






 






28.1






%






0.06






 








Acquisition related (e)






 






-






 






 






(9,944






)






 






-






 






 






9,944






 






 






-






 






 






2,340






 






 






7,604






 






23.5






%






0.06






 








Discrete asset write-downs (f)(g)






 






-






 






 






(1,795






)






 






-






 






 






1,795






 






 






3,567






 






 






1,342






 






 






4,020






 






25.0






%






0.03






 








Purchase accounting step-up and intangible asset amortization (h)






 






3,067






 






 






(1,033






)






 






-






 






 






4,100






 






 






-






 






 






1,300






 






 






2,800






 






31.7






%






0.02






 








Below-the-line foreign exchange impacts (i)






 






-






 






 






-






 






 






-






 






 






-






 






 






(2,302






)






 






(1,912






)






 






(390






)






83.1






%






(0.00






)








Adjusted






$






1,471,589






 






$






952,826






 






$






-






 






$






537,814






 






$






(10,929






)






$






95,752






 






$






348,736






 






20.7






%






2.63






 








Adjusted as a percent of sales






 






32.3






%






 






20.9






%






 






0.0






%






 






11.8






%






 






-0.2






%






 






2.1






%






 






7.7






%


















 



Note: Amounts may not calculate due to rounding








(a) Charges represent realignment costs incurred as a result of realignment programs of which $33,700 is non-cash.








(b) Charge represents a reduction to reserves of $2,000 associated with our ongoing financial exposure in Russia that were adjusted for Non-GAAP measures when established in 2022.








(c) Charge represents a one-time $5,000 discretionary cash transition benefit provided to certain employees in conjunction with the freeze of our US Qualified pension plan.








(d) Charge represents the $7,200 strategic acquisition of intellectual property related to certain liquefied natural gas technology.








(e) Charge represents acquisition and integration related costs associated with the MOGAS acquisition.








(f) Charge represents a $1,795 non-cash write-down of a software asset.








(g) Charge represents a $3,567 non-cash write-down of a debt investment.








(h) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.








(i) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site’s respective functional currency.









SEGMENT INFORMATION











(Unaudited)






 











 










FLOWSERVE PUMPS DIVISION






Year Ended December 31,








(Amounts in millions, except percentages)






 






2025






 







 






2024






 








Bookings






$






3,273.3






 







$






3,304.3






 








Sales






 






3,235.3






 







 






3,158.6






 








Gross profit






 






1,138.7






 







 






1,017.0






 








Gross profit margin






 






35.2






%







 






32.2






%








SG&A






 






558.5






 







 






556.2






 








Segment operating income






 






600.9






 







 






480.2






 








Segment operating income as a percentage of sales






 






18.6






%







 






15.2






%









 










FLOW CONTROL DIVISION






Year Ended December 31,








(Amounts in millions, except percentages)






 






2025






 







 






2024






 








Bookings






$






1,454.3






 







$






1,370.7






 








Sales






 






1,504.5






 







 






1,409.3






 








Gross profit






 






445.7






 







 






424.0






 








Gross profit margin






 






29.6






%







 






30.1






%








SG&A






 






266.0






 







 






252.7






 








Loss on sale of business






 






-






 







 






(13.0






)








Segment operating income






 






179.7






 







 






158.3






 








Segment operating income as a percentage of sales






 






11.9






%







 






11.2






%









Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited)








(Amounts in thousands)



























 



Flowserve Pumps Division


















Twelve Months Ended December 31, 2025






Gross Profit






Selling, General & Administrative Expense






Operating Income








Twelve Months Ended December 31, 2024






Gross Profit






Selling, General & Administrative Expense






Operating Income









Reported






$






1,138,712






 






$






558,507






 






$






600,884






 








Reported






$






1,017,048






 






$






556,225






 






$






480,216






 









Reported as a percent of sales






 






35.2






%






 






17.3






%






 






18.6






%








Reported as a percent of sales






 






32.2






%






 






17.6






%






 






15.2






%









Realignment charges (a)






 






30,614






 






 






(3,932






)






 






34,546






 








Realignment charges (a)






 






30,727






 






 






(1,078






)






 






31,805






 









Discrete items (b)






 






96






 






 






(323






)






 






419






 








Discrete items (b)(c)(d)






 






1,700






 






 






(6,000






)






 






7,700






 









Acquisition related (c)






 






-






 






 






(740






)






 






740






 








Adjusted






$






1,049,475






 






$






549,147






 






$






519,721






 









Adjusted






$






1,169,422






 






$






553,512






 






$






636,589






 








Adjusted as a percent of sales






 






33.2






%






 






17.4






%






 






16.5






%









Adjusted as a percent of sales






 






36.1






%






 






17.1






%






 






19.7






%
























 



Flow Control Division


















Twelve Months Ended December 31, 2025






Gross Profit






Selling, General & Administrative Expense






Operating Income








Twelve Months Ended December 31, 2024






Gross Profit






Selling, General & Administrative Expense






Loss on Sale of Business






Operating Income








Reported






$






445,660






 






$






265,973






 






$






179,687






 








Reported






$






423,973






 






$






252,675






 






$






12,981






 






$






158,265






 








Reported as a percent of sales






 






29.6






%






 






17.7






%






 






11.9






%








Reported as a percent of sales






 






30.1






%






 






17.9






%






 






0.9






%






 






11.2






%








Realignment charges (a)






 






24,121






 






 






2,544






 






 






21,577






 








Realignment charges (a)






 






1,077






 






 






(3,095






)






 






(12,981






)






 






17,153






 








Acquisition related (d)






 






635






 






 






(12,155






)






 






12,790






 








Discrete item (b)






 






800






 






 






(400






)






 






-






 






 






1,200






 








Purchase accounting step-up and intangible asset amortization (e)






 






9,180






 






 






(5,200






)






 






14,380






 








Acquisition related (e)






 






-






 






 






(9,944






)






 






-






 






 






9,944






 








Discrete items (b)






 






19






 






 






(294






)






 






313






 








Purchase accounting step-up and intangible asset amortization (f)






 






3,067






 






 






(1,033






)






 






-






 






 






4,100






 








Adjusted






$






479,615






 






$






250,868






 






$






228,747






 








Adjusted






$






428,917






 






$






238,203






 






$






-






 






$






190,662






 








Adjusted as a percent of sales






 






31.9






%






 






16.7






%






 






15.2






%








Adjusted as a percent of sales






 






30.4






%






 






16.9






%






 






0.0






%






 






13.5






%

















 



Note: Amounts may not calculate due to rounding








Note: Amounts may not calculate due to rounding









(a) Charges represent realignment costs incurred as a result of realignment programs of which $5,300 is non-cash and net of a $6,888 gain associated with the divestiture of a pump product line.








(a) Charges represent realignment costs incurred as a result of realignment programs of which $33,700 is non-cash.








(b) Charge represents non-cash share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to three-year cliff vesting, provided to certain employees in conjunction with the freeze of our US Qualified pension plan.








(b) Charge represents a one-time $3,700 discretionary cash transition benefit provided to certain employees in conjunction with the freeze of our US Qualified pension plan.








(c) Charge represents costs associated with merger and acquisition activity.








(c) Charge represents a reduction to reserves of $2,000 associated with our ongoing financial exposure in Russia that were adjusted for Non-GAAP measures when established in 2022.








(d) Charge represents acquisition and integration-related costs associated with the MOGAS acquisition.








(d) Charge represents the $7,200 strategic acquisition of intellectual property related to certain liquefied natural gas technology.








(e) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.








(e) Charge represents acquisition and integration related costs associated with the MOGAS acquisition.














(f) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.





















 



Fourth Quarter and Full Year 2025 - Segment Results








(dollars in millions, comparison vs. 2024 fourth quarter and full year, unaudited)





















 






FPD







FCD











4th Qtr







Full Year







4th Qtr







Full Year








Bookings








$






883.6






 








$






3,273.3






 








$






330.3






 








$






1,454.3






 









- vs. prior year







 






67.2






 






8.2






%







 






-31.0






 






-0.9






%







 






-33.2






 






-9.1






%







 






83.6






 






6.1






%








- on constant currency






 






43.6






 






5.3






%







 






-60.0






 






-1.8






%







 






-36.5






 






-10.0






%







 






80.9






 






5.9






%




















 



Sales








$






833.0






 








$






3,235.3






 








$






391.5






 








$






1,504.5






 









- vs. prior year







 






38.1






 






4.8






%







 






76.8






 






2.4






%







 






3.6






 






0.9






%







 






95.2






 






6.8






%








- on constant currency






 






14.4






 






1.8






%







 






50.7






 






1.6






%







 






-0.9






 






-0.2






%







 






90.0






 






6.4






%




















 



Gross Profit







$






305.2






 








$






1,138.7






 








$






123.5






 








$






445.7






 









- vs. prior year







 






19.4






%








 






12.0






%








 






4.2






%








 






5.1






%





















 



Gross Margin (% of sales)






 






36.6






%








 






35.2






%








 






31.5






%








 






29.6






%









- vs. prior year (in basis points)






440 bps








300 bps








100 bps








(50) bps





















 



Operating Income







$






166.8






 








$






600.9






 








$






64.0






 








$






179.7






 









- vs. prior year







 






37.7






 






29.2






%







 






120.7






 






25.1






%







 






19.4






 






43.5






%







 






21.4






 






13.5






%








- on constant currency






 






31.2






 






24.2






%







 






111.7






 






23.3






%







 






19.5






 






43.8






%







 






22.6






 






14.3






%




















 



Operating Margin (% of sales)






 






20.0






%








 






18.6






%








 






16.3






%








 






11.9






%









- vs. prior year (in basis points)






380 bps








340 bps








480 bps








70 bps


















 






 






 






 






 








Adjusted Operating Income *






$






174.8






 








$






636.6






 








$






77.2






 






 






 






$






228.7






 






 








- vs. prior year







 






35.8






 






25.7






%







 






116.9






 






22.5






%







 






18.1






 






30.5






%






 






 






38.1






 






20.0






%








- on constant currency






 






29.3






 






21.1






%







 






107.9






 






20.8






%







 






18.2






 






30.7






%






 






 






39.3






 






20.6






%

















 







 






 






 








Adj. Oper. Margin (% of sales)*






 






21.0






%








 






19.7






%








 






19.7






%






 






 






 






15.2






%






 








- vs. prior year (in basis points)






350 bps








320 bps








440 bps






 






 






170 bps






 




















 






 








Backlog








$






2,044.8






 











$






828.6






 
























 



* Adjusted Operating Income and Adjusted Operating Margin exclude realignment charges and other specific discrete items









CONSOLIDATED BALANCE SHEETS






 










(Unaudited)






 











December 31,







December 31,








(Amounts in thousands, except par value)






 






2025






 







 






2024






 









 










ASSETS






 










Current assets:






 










Cash and cash equivalents






$






760,183






 







$






675,441






 








Accounts receivable, net of allowance for expected credit losses of $83,094 and $79,059, respectively






 






1,029,095






 







 






976,739






 








Contract assets, net






 






322,472






 







 






298,906






 








Inventories






 






789,898






 







 






837,254






 








Prepaid expenses and other






 






141,237






 







 






116,157






 








Total current assets






 






3,042,885






 







 






2,904,497






 








Property, plant and equipment, net






 






566,751






 







 






539,703






 








Operating lease right-of-use assets, net






 






166,031






 







 






159,400






 








Goodwill






 






1,391,988






 







 






1,286,295






 








Deferred taxes






 






156,250






 







 






221,742






 








Other intangible assets, net






 






198,475






 







 






188,604






 








Other assets, net






 






185,820






 







 






200,580






 








Total assets






$






5,708,200






 







$






5,500,821






 









 










LIABILITIES AND EQUITY






 










Current liabilities:






 










Accounts payable






$






554,243






 







$






545,310






 








Accrued liabilities






 






587,475






 







 






561,486






 








Contract liabilities






 






274,669






 







 






283,670






 








Debt due within one year






 






49,868






 







 






44,059






 








Operating lease liabilities






 






35,630






 







 






33,559






 








Total current liabilities






 






1,501,885






 







 






1,468,084






 








Long-term debt due after one year






 






1,525,210






 







 






1,460,132






 








Operating lease liabilities






 






149,565






 







 






149,838






 








Retirement obligations and other liabilities






 






277,216






 







 






371,055






 








Shareholders’ equity:






 







 








Preferred shares, $1.00 par value






 







 








Shares authorized – 1,000, no shares issued






 







 








Common shares, $1.25 par value






 






220,991






 







 






220,991






 








Shares authorized – 305,000






 







 








Shares issued – 176,793 and 176,793, respectively






 







 








Capital in excess of par value






 






508,890






 







 






502,045






 








Retained earnings






 






4,261,977






 







 






4,025,750






 








Treasury shares, at cost – 49,763 and 45,688 shares, respectively






 






(2,231,685






)







 






(2,007,869






)








Deferred compensation obligation






 






6,629






 







 






8,172






 








Accumulated other comprehensive loss






 






(575,405






)







 






(741,424






)








Total Flowserve Corporation shareholders' equity






 






2,191,397






 







 






2,007,665






 








Noncontrolling interests






 






62,927






 







 






44,047






 








Total equity






 






2,254,324






 







 






2,051,712






 








Total liabilities and equity






$






5,708,200






 







$






5,500,821






 









 











CONSOLIDATED STATEMENTS OF CASH FLOWS













(Unaudited)






 













Year Ended December 31,








(Amounts in thousands)






 






2025






 







 






2024






 







 






2023






 









 












Cash flows – Operating activities:






 












Net earnings, including noncontrolling interests






$






369,802






 







$






301,226






 







$






205,188






 








Adjustments to reconcile net earnings to net cash provided by operating activities






 






-






 







 







 








Depreciation






 






79,236






 







 






75,849






 







 






73,464






 








Amortization of intangible and other assets






 






16,218






 







 






9,749






 







 






10,283






 








Loss on sale of business






 






-






 







 






12,981






 







 






-






 








Loss on sale of asbestos-related assets and liabilities






 






140,092






 







 






-






 







 






-






 








Contribution to divest asbestos-related assets and liabilities






 






(199,000






)







 






-






 







 






-






 








Stock-based compensation






 






38,263






 







 






30,474






 







 






27,808






 








Foreign currency, asset write downs and other non-cash adjustments






 






(15,226






)







 






24,172






 







 






(17,331






)








Change in assets and liabilities, net of businesses acquired:













Accounts receivable, net






 






691






 







 






(82,188






)







 






4,744






 








Inventories






 






86,678






 







 






38,872






 







 






(59,831






)








Contract assets, net






 






(13,279






)







 






(18,513






)







 






(41,149






)








Prepaid expenses and other assets, net






 






(56,489






)







 






15,116






 







 






7,825






 








Accounts payable






 






(28,852






)







 






(12,336






)







 






53,065






 








Contract liabilities






 






(23,502






)







 






(6,070






)







 






26,837






 








Accrued liabilities






 






25,210






 







 






49,578






 







 






59,213






 








Retirement obligations and other






 






38,088






 







 






1,456






 







 






38,497






 








Net deferred taxes






 






47,954






 







 






(15,058






)







 






(62,841






)








Net cash flows provided by operating activities






 






505,884






 







 






425,308






 







 






325,772






 








Cash flows – Investing activities:








 







 








Capital expenditures






 






(70,927






)







 






(81,019






)







 






(67,359






)








Payments for acquisitions, net of cash acquired






 






(65,881






)







 






(305,924






)







 






-






 








Proceeds from disposal of assets






 






11,551






 







 






2,244






 







 






2,057






 








Payments for disposition of business






 






-






 







 






(2,555






)







 






-






 








Net affiliate investment activity






 






96






 







 






40






 







 






(3,278






)








Net cash flows used by investing activities






 






(125,161






)







 






(387,214






)







 






(68,580






)








Cash flows – Financing activities:













Payments on term loan






 






(37,500






)







 






(95,375






)







 






(40,000






)








Proceeds from term loan






 






-






 







 






366,000






 







 






-






 








Proceeds under revolving credit facility






 






200,000






 







 






100,000






 







 






280,000






 








Payments under revolving credit facility






 






(100,000






)







 






(100,000






)







 






(280,000






)








Proceeds under other financing arrangements






 






15,309






 







 






1,437






 







 






1,114






 








Payments under other financing arrangements






 






(5,888






)







 






(1,455






)







 






(2,604






)








Payments related to tax withholding for stock-based compensation






 






(11,754






)







 






(9,581






)







 






(6,245






)








Repurchases of common shares






 






(254,860






)







 






(20,070






)







 






-






 








Payments of dividends






 






(109,639






)







 






(110,440






)







 






(104,955






)








Contingent consideration payment related to acquired business






 






(15,000






)







 






-






 







 






-






 








Other






 






(7,596






)







 






(13,021






)







 






(324






)








Net cash flows provided (used) provided by financing activities






 






(326,928






)







 






117,495






 







 






(153,014






)








Effect of exchange rate changes on cash






 






30,947






 







 






(25,826






)







 






6,529






 








Net change in cash and cash equivalents






 






84,742






 







 






129,763






 







 






110,707






 








Cash and cash equivalents at beginning of period






 






675,441






 







 






545,678






 







 






434,971






 








Cash and cash equivalents at end of period






$






760,183






 







$






675,441






 







$






545,678






 








Supplemental Cash Flow Information:













Income taxes paid (net of refunds)






$






92,327






 







$






81,172






 







$






119,275






 








Interest paid






 






75,472






 







 






66,809






 







 






64,865






 








Non-Cash Investing and Financing Activities:













Contingent liabilities incurred related to acquired business, but not paid






$






674






 







$






15,000






 







$






-






 







About Flowserve:


Flowserve Corporation is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the Company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the Company’s website at www.flowserve.com.


Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.


The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: global supply chain disruptions and the current inflationary environment could adversely affect the efficiency of our manufacturing and increase the cost of providing our products to customers; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from any restructuring and realignment initiatives, our business could be adversely affected; the substantial dependence of our sales on the success of the energy, chemical, power generation and general industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics and changes to tariffs or trade agreements that could affect customer markets, particularly North African, Latin American, Asian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; the impact of public health emergencies, such as outbreaks of epidemics, pandemics, and contagious diseases, on our business and operations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; potential adverse effects resulting from the implementation of new tariffs and related retaliatory actions and changes to or uncertainties related to tariffs and trade agreements; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Argentina; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; if we are not able to maintain our competitive position by successfully developing and introducing new products and integrate new technologies, including artificial intelligence and machine learning; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the United States, as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.


All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.


The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company's performance. Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260205296401/en/
Flowserve Contacts

Investor Contacts:

Brian Ezzell, Vice President, Investor Relations, Treasurer & Corporate Finance (469) 420-3222

Olivia Webb, Director, Investor Relations (469) 420-3223


Media Contact: media@flowserve.com


Original: Flowserve Corporation Reports Fourth Quarter and Full Year 2025 Results