Research · Sep 3, 2026
[VLTO] Veralto Thesis 2026: First Full Year as Independent Company Delivers Above-Plan Growth
Veralto Corporation FY25 (post-Danaher spinoff structural compounding year) revenue $5.50B (+6%); op income $1.28B (+6%); NI $940M (+13%); EPS $3.76; adj EPS $3.90 (+10%). Core sales +4.7%. FCF >$1B. Q4 Water Quality sales $846M (+4.3% YoY); core +1.4% (3 fewer shipping days); FY core +4.7% / adj op profit +9.4% / margin +80bp. Q4 PQI sales $550M (+3% YoY); core +1.8% (price +3% / volume -1.2%); FY core +4.8% / adj op margin 26.5%. North America +5.3% core / Western Europe +3.8% core / High-growth markets +5.1% core. AQUAFIDES + In-Situ acquired (water analytics expansion into environmental + hydrology). New ammonia analyzer + AI-enabled packaging + color software launched. FY26 guide: core sales growth low to mid-single; total sales growth mid to high-single (incl M&A + FX); adj op margin ~25bp YoY improvement; adj EPS $4.10-$4.20 (+5-8% mid-to-high single-digit). Q1 FY26: core flat to low single; total mid-high single; adj op margin ~24.5%; adj EPS $0.97-$1.01.