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