IEX · Earnings call · 2026Q3T · Full report

Advantaged Market Demand

IDEX CORP /DE/ · 2026-10-28 · Importance 32 · Surprise 24

Management identified data centers, semiconductor, space and defense, and water as leading growth markets, with demand and orders inflecting noticeably in 2026. Data-center solutions address thermal management for clean, behind-the-meter power generation and reliability of liquid-cooling systems; management expects demand to remain healthy. Semiconductor demand is strong across filtration, sealing, optics, and thermal management, and about half of the semiconductor business is tied to consumables. Space-launch capacity is reaching an inflection point, while optical solutions and bespoke filtration support growing space and defense applications.

Key facts

• IDEX said aggregate capacity in rapidly growing markets, especially data centers, is a potential governor on ultimate expansion rates that it is monitoring.
• IDEX expects demand in the data-center market to remain healthy.
• IDEX's space-and-defense specifications, once established, can support revenue streams for decades.
• Space launch and lift capacity is reaching an inflection point, supporting more robust growth in the years ahead for IDEX's bespoke filtration solutions.
• IDEX said current noise in pockets of its fast-growing markets was not caused by the company and was not materially disruptive to it.
• IDEX's water business includes municipal water and a high-purity business tied closely to semiconductors; management said both were growing well and semiconductor was particularly strong.