Ingersoll Rand Updates Full-Year Revenue Growth Outlook

The Tip Desk · October 29, 2026 · 4 min read

Third-quarter orders reached $2.35 billion, up 21%, as Industrial Technologies and Services booked a $195 million engineered infrastructure project.

Ingersoll Rand Inc. (IR), a global provider of mission-critical flow creation and life science and industrial solutions, reported third-quarter 2026 orders of $2,345 million, up 21%, or 18% organically.

Chairman and Chief Executive Officer Vicente Reynal said the company delivered strong organic orders growth and revenue performance, reflecting an improved demand environment and continued execution. He said the company saw healthy short-to-medium cycle and long-cycle business activity across geographies and end markets.

Reported revenues were $2,065 million, up 6%, or 4% organically. Adjusted net income attributable to Ingersoll Rand was $415 million, with adjusted earnings per share up 24% to $1.07. Excluding IEEPA Tariff Refunds, adjusted net income was $390 million, with adjusted earnings per share up 17% to $1.01. Reported net income attributable to the company was $670 million, or $1.73 a share.

Adjusted EBITDA was $584 million, up 7%, with a 28.3% margin. Excluding IEEPA Tariff Refunds, adjusted EBITDA was $552 million, up 1%, with a 26.7% margin.

Industrial Technologies and Services, the larger of the two reportable segments, was the source of the orders rebound. Segment orders were $1,898 million, up 25%, or 22% organically, versus $1,621 million in the second quarter, when organic orders were approximately flat. The company said organic orders growth was driven by a pickup in bookings of long-cycle projects, including a roughly $195 million order for an engineered-to-order solution for large-scale, mission-critical infrastructure, as well as continued momentum in the short-to-medium cycle business.

IT&S revenues were $1,620 million, up 5%, or 4% organically. Book-to-bill was 1.17 times. Segment adjusted EBITDA was $476 million, up 6%. Excluding IEEPA Tariff Refunds, segment adjusted EBITDA was $451 million, up 1%, and the margin was 27.8%, down 120 basis points year over year, primarily due to continued inflationary pressures, and up 100 basis points sequentially from the second quarter.

Precision and Science Technologies orders were $448 million, up 7%, or 4% organically. Revenues were $445 million, up 7%, or 6% organically, with a book-to-bill of 1.01 times. Life Sciences orders and revenue were up low double digits. Segment adjusted EBITDA was $153 million, up 20%. Excluding IEEPA Tariff Refunds, segment adjusted EBITDA was $145 million, up 14%, and the margin was 32.6%, up 180 basis points year over year and up 110 basis points sequentially from the second quarter.

Operating cash flow was $648 million and free cash flow was $623 million, compared with $296 million and $269 million in the second quarter. Liquidity was $3.9 billion as of September 30, 2026, including $1.3 billion of cash on hand and $2.6 billion of undrawn capacity. Net debt to Adjusted EBITDA leverage was 1.6 times, down 0.2 times versus the third quarter of the prior year.

The company deployed $90 million to M&A in the third quarter, including for the previously announced acquisition of Lone Star Blower, Inc., and said it expects to close on the acquisition of a U.S.-based pump manufacturer on October 30, 2026. It returned approximately $358 million to shareholders through $350 million in share repurchases and $8 million in dividends. The board authorized a $2 billion increase to the share repurchase program, incremental to $313 million remaining under the existing authorization.

Ingersoll Rand reached settlement agreements with insurance carriers and other third parties related to the ILC Dover transaction for gross recoveries of approximately $425.1 million, inclusive of a $187.5 million recovery announced in July 2026. The company collected $25.0 million in the second quarter and $162.5 million in the third quarter and expects to collect the remainder in the fourth quarter.

The company updated full-year 2026 guidance to 5.5% to 7.0% revenue growth, including about 1% from currency and about 2.5% from M&A, with organic growth of 2% to 3.5%. Adjusted EBITDA excluding third-quarter IEEPA Tariff Refunds is guided at $2,130 million to $2,190 million, and adjusted EPS excluding those refunds at $3.58 to $3.70. Free cash flow to adjusted net income conversion is expected at 100% or more including ILC Dover-related recoveries; excluding those recoveries, expected conversion remains about 95%.