Research · Sep 3, 2026
[IR] Ingersoll Rand Thesis 2026: Acquisitions and Recurring Revenue Define Compounding Strategy
Ingersoll Rand FY25 revenue $7.65B (+6%); op income $1.42B (+9%); NI $581M (-31%); EPS $1.45 (impairments + tariffs). Recurring revenue >$450M with $1.1B backlog. $525M deployed in 16 M&A deals (~$275M annualized inorganic revenue); 9 deals LOI 2026 (Synomics Jan 2026). PST adj EBITDA margin 30.4% (+280bp). FY26 guide: revenue +2.5-4.5%, adj EBITDA $2.13-2.19B, adj EPS $3.45-$3.57 (+5% midpoint).