AME · Earnings call · 2026Q2T · Full report

Free Cash Flow and Liquidity

AMETEK INC/ · 2026-08-04 · Importance 80 · Surprise 56 · No source text

Second-quarter operating cash flow increased 35% to $484 million, while free cash flow rose 37% to $452 million. Free cash flow conversion was 111% of net income in the quarter, and management continues to expect 2026 conversion of 110% to 115%. Total debt declined to $2.0 billion at June 30 from $2.3 billion at year-end 2025, while cash and cash equivalents totaled $495 million. AMETEK renewed its revolving credit facility, increasing capacity to $3.5 billion and extending maturity to June 2031; after the Indicor closing, management expects approximately $2.5 billion of cash and available credit facilities.

Key facts

• AMETEK renewed its committed revolving credit facility, increasing the revolver size to $3.5 billion and extending the maturity until June 2031.
• Following the closing of the Indicor acquisition, AMETEK expects to have approximately $2.5 billion of cash and available credit facilities to support growth initiatives and strategic acquisitions.
• Free cash flow in the quarter was $452 million, up 37% with free cash flow to net income conversion of 111%.
• Operating cash flow was $484 million in the second quarter, up 35% versus the second quarter of 2025.
• Total debt at June 30 was $2 billion, down from $2.3 billion at the end of 2025.
• Operating working capital in the second quarter was 16.4% of sales, an improvement of 220 basis points versus 18.6% in last year's second quarter.
• Cash and cash equivalents at quarter end were $495 million.
• At the end of the second quarter, gross debt-to-EBITDA ratio was 0.8x and net debt-to-EBITDA ratio was 0.6x.

Impact estimates