AMETEK (NYSE: AME) Posts Record Q2 2026 Sales of $2.04B, Raises Full-Year EPS Guidance

AMETEK (NYSE: AME) reported record second-quarter 2026 results on August 4, with revenue of $2.04 billion rising 15.0% year-over-year and adjusted EPS of $2.09 beating the $2.01 analyst consensus by $0.08. The company simultaneously raised its full-year adjusted EPS guidance to a range of $8.20 to $8.30, up from the prior range of $7.94 to $8.14.

Q2 2026 Results

• Revenue: $2.04 billion, up 15.0% from $1.78 billion in Q2 2025, a quarterly record.
• Adjusted EPS: $2.09, up 16.8% from $1.79 in Q2 2025; GAAP EPS of $1.77, up 14.2% from $1.55.
• Adjusted operating income: $544.4 million, up 17.9% year-over-year; adjusted operating margin of 26.6%, expanding 60 basis points from the prior-year period.
• Operating cash flow: $483.7 million, up 35% from Q2 2025; free-cash-flow to net income conversion of 111%.
• Orders: grew 28% in the quarter, the second consecutive quarter of that growth rate, with strength across semiconductor, commercial aerospace, medtech, defense, and automation markets.

What Drove the Results

Adjusted EPS of $2.09 beat the $2.01 consensus by 3.98%, with revenue of $2.04 billion rising 15.0% year-over-year. Both segments contributed to the outperformance. The Electronic Instruments Group (EIG) generated revenue of $1.32 billion, up 14% year-over-year, with adjusted operating income rising 12% to $384.7 million and core margins expanding 40 basis points to 30.1%, driven by balanced organic growth and acquisition contributions. The Electromechanical Group (EMG) posted record revenue of $723.2 million, up 17% year-over-year, with adjusted operating income climbing 32% to a record $190.5 million and core margins expanding 290 basis points to 26.3%, led by organic growth in medtech, defense, and automation.

The GAAP adjusted EPS divergence of $0.32 per diluted share reflects non-cash, after-tax acquisition-related intangible amortization, financing fees, and integration costs. GAAP net income for the quarter was $406.9 million, up 13.5% from $358.4 million in Q2 2025.

Guidance and Outlook

For the full year 2026, management now expects overall sales to grow approximately 10% versus 2025, with adjusted EPS in the range of $8.20 to $8.30, representing 10% to 12% growth over the comparable 2025 basis. This is a meaningful step up from the prior guidance range of $7.94 to $8.14. For Q3 2026, AMETEK guided for overall sales growth in the high single digits on a percentage basis and adjusted EPS in the range of $2.08 to $2.10, implying 10% to 11% growth versus Q3 2025.

Wall Street View

Wall Street had been broadly constructive on AMETEK heading into the print, with analyst consensus tilted firmly toward Buy ratings. The Q2 beat and guidance raise provide concrete support for that positioning, particularly given the 28% order growth rate that points to sustained demand visibility into the second half of 2026.

Investor Takeaway

The combination of 28% order growth for the second consecutive quarter and a guidance raise anchored in specific EPS figures indicates that AMETEK's pipeline extends well beyond Q2's record results. The 35% year-over-year expansion in operating cash flow to $483.7 million, alongside a 111% free-cash-flow to net income conversion rate, indicates that earnings quality remains high, giving management financial flexibility to continue pursuing its acquisition-led growth strategy. Shares gained 4.22% on August 4 while the S&P 500 advanced 1.80%.