IEX · Earnings call · 2026Q3T · Full report

Industrial Market Demand

IDEX CORP /DE/ · 2026-10-28 · Importance 31 · Surprise 32

FMT’s organic sales grew 4% in the third quarter, ahead of the segment’s initially planned relatively flat year, as demand broadened across industrial businesses. Management reported stabilization and indicators of future growth in agriculture and energy, with some improvement in order activity in both compared with the prior year. Agriculture preseason orders improved modestly, which management associated with lower heavy-equipment dealer inventories and better crop pricing in some areas. Chemical valves and agriculture sales remained down year over year, while chemicals continued to be particularly fatigued.

Key facts

• FMT organic sales growth stepped up to 4% in Q3 2026, ahead of the plan for a relatively flat revenue year.
• IDEX saw broadening demand in FMT industrial businesses and stabilization with indicators of future growth in agriculture and energy.
• Management reported that IDEX's daily small-volume order rates stepped up in June, continued into July, showed the same pattern in September, and continued in October.
• IDEX reported improved preseason agricultural ordering in 2026, with management citing lower heavy-equipment dealer inventories and better crop pricing in certain areas as possible drivers.
• IDEX saw terminal automation business return after an absence and was doing pipeline work through FMT, with indicators pointing to better days in energy despite uncertainty.
• IDEX identified chemicals as its most fatigued industrial area, largely because of elevated input pricing.