Roper Technologies, Inc. (ROP)

ITEM 1. BUSINESS

All currency amounts are in millions unless specified

Our Business

Roper Technologies, Inc. (“Roper,” the “Company,” “we,” “our,” or “us”) is a diversified technology company. Roper has a proven, long-term, successful track record of compounding cash flow and increasing shareholder value. We operate market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets.

We pursue consistent and sustainable growth in revenue, earnings, and cash flow by enabling continuous improvement in the operating performance of our businesses and by acquiring businesses that offer high value-added software, services, technology-enabled products, and solutions that we believe are capable of realizing growth while maintaining high margins. We compete in many defensible niche markets and believe we are the market leader or a competitive alternative to the market leader in most of these markets.

In the last three years, we have deployed approximately $8,960 of capital toward acquisitions. In 2025, this included approximately $1,850 for the acquisition of CentralReach, a leading provider of Software-as-a-Service (“SaaS”) and AI-enabled solutions for applied behavior analysis (“ABA”) therapy clinicians, and approximately $800 for the acquisition of Subsplash, a leading provider of AI-enabled SaaS, and integrated giving solutions, for faith-based organizations. In 2024, this included approximately $1,860 for the acquisition of Procare, a leading provider of SaaS solutions and integrated payment processing for early childhood education centers, and approximately $1,600 for the acquisition of Transact Campus, a leading provider of integrated campus technology and payment solutions serving higher education, healthcare, and business campuses, which was combined with our CBORD business. In 2023, this included approximately $1,380 for the acquisition of Syntellis, a leading provider of SaaS solutions for healthcare, financial institution, and higher education providers, which was combined with our Strata business. Additionally, we deployed approximately $1,470 toward other bolt-on acquisitions to help build on the strategic position of several of our businesses.

In November 2022, Roper completed the divestiture of a majority equity stake in its industrial businesses, including its entire historical Process Technologies reportable segment and the industrial businesses within its historical Measurement & Analytical Solutions reportable segment (collectively “Indicor”), to Clayton, Dubilier & Rice, LLC (“CD&R”). Following the sale of the majority stake, Roper retained a minority equity interest in Indicor. See Note 9 of the Notes to Consolidated Financial Statements included in this Annual Report for additional information regarding Roper’s minority equity interest in Indicor.

The financial results of Indicor are reported as discontinued operations for all periods presented. Unless otherwise noted, discussion within Part I relates to continuing operations.

We were incorporated on December 17, 1981 under the laws of the State of Delaware.

Market Share, Market Expansion, and Product Development

Leadership with Technology and Products for Niche Markets – We maintain a leading position in many of our markets. We believe our market positions are attributable to the applications expertise used to create high value products and solutions for our customers, the underlying critical nature of our offerings, and the inherent customer intimacy of our chosen niche markets. Our businesses realize growth from new and existing customers in their niche markets through successfully executing go-to-market strategies, developing new products and applications, and delivering professional services. Increasingly, this includes AI-enabled products and functionality embedded within customers’ mission-critical workflows. By leveraging our deep domain expertise, proprietary data, and long-standing customer relationships, we believe these AI capabilities enhance product differentiation, and drive incremental automation and improved customer outcomes which support expanded monetization opportunities.

Diversified End Markets and Geographic Reach – We have a global presence, with sales to customers outside of the U.S. totaling $1,029.7 in 2025. Information regarding our international operations is set forth in Note 14 of the Notes to Consolidated Financial Statements included in this Annual Report.

Our Reportable Segments

Roper’s segment reporting structure is based on business model and delivery of performance obligations. The three reportable segments are as follows:

–Application Software—Aderant, CentralReach, Clinisys, Data Innovations, Deltek, Frontline, IntelliTrans, PowerPlan, Procare, Strata, Transact/CBORD, and Vertafore;

–Network Software—ConstructConnect, DAT, Foundry, iPipeline, iTradeNetwork, MHA, SHP, SoftWriters, and Subsplash;

–Technology Enabled Products—CIVCO Medical Solutions, FMI, Inovonics, IPA, Neptune, Northern Digital, rf IDEAS, and Verathon.

Financial information about our reportable segments is presented in Note 14 of the Notes to Consolidated Financial Statements included in this Annual Report.

Application Software

Our Application Software segment had net revenues of $4,483.0 for the year ended December 31, 2025, representing 56.7% of our total net revenues. Below is a description of the products offered by businesses that comprise the Application Software segment:

Aderant – comprehensive management software and AI-enabled solutions for law and other professional services firms, including business development, calendar/docket matter management, time and billing, and case management.

CentralReach – SaaS and AI-enabled solutions enabling the workflow and administration of ABA therapy for autism spectrum disorder (“ASD”) and related disabilities care.

Clinisys – diagnostic and laboratory information management software solutions.

Data Innovations – software solutions that enable enterprise management of hospitals and independent laboratories.

Deltek – enterprise software, SaaS, and AI-enabled information solutions for government contractors, professional services firms, and other project-based businesses.

Frontline – cloud-based software for K-12 school administration, connecting solutions for human capital management, student and special programs, and business operations, with powerful analytics that empower educators.

IntelliTrans – transportation management software and services to bulk and break-bulk commodity producers.

PowerPlan – financial and compliance management software and solutions to large complex companies in asset-intensive industries.

Procare – cloud-based software and integrated payment processing for the management of early childhood education centers.

Strata – cloud-based financial analytics, performance management software, and data solutions used by healthcare providers, higher education, and financial institutions for financial planning, decision support, and continuous cost improvement.

Transact/CBORD – integrated campus technology and payment solutions, including secure access and campus identity software, commerce solutions, tuition management software and payment processing, as well as foodservice technologies, serving higher education, healthcare, K-12, and business campuses.

Vertafore – cloud-based software for the property and casualty insurance industry, including agency and distribution management, compliance, AI-enabled workflows, and data solutions.

Network Software

Our Network Software segment had net revenues of $1,600.8 for the year ended December 31, 2025, representing 20.3% of our total net revenues. Below is a description of the products offered by businesses that comprise the Network Software segment:

ConstructConnect – cloud-based data, collaboration and estimating automation software and AI-enabled solutions focused on the pre-construction phase for a network of construction contractors and building product manufacturers/distributors.

DAT – electronic marketplaces that automate broker and carrier freight capacity matching throughout the U.S. and Canada, freight tracking and financing, and AI-enabled analytics solutions. Canadian-based Loadlink was combined with DAT in 2025.

Foundry – software technologies and AI-enabled solutions used to deliver visual effects and 3D content for the entertainment and digital design industries.

iPipeline – cloud-based software and AI-enabled analytics solutions for the life insurance/annuities and financial services industries.

iTradeNetwork – electronic marketplaces and supply chain software that connect food suppliers, distributors, and vendors, primarily in the perishable food sector.

MHA – health care services and software solutions to alternate site health care markets.

SHP – data analytics and benchmarking information solutions for the post-acute healthcare provider marketplace.

SoftWriters – software solutions to pharmacies that primarily serve the long-term care marketplace.

Subsplash – AI-enabled SaaS providing digital engagement, as well as church management and integrated giving solutions for faith-based organizations.

Technology Enabled Products

Our Technology Enabled Products segment had net revenues of $1,818.7 for the year ended December 31, 2025, representing 23.0% of our total net revenues. Below is a description of the products offered by businesses that comprise the Technology Enabled Products segment:

CIVCO Medical Solutions – accessories focused on guidance and infection control for ultrasound procedures.

FMI – dispensers and metering pumps which are utilized in a broad range of applications requiring precision fluid control.

Inovonics – high-performance wireless sensor networks and solutions for a variety of applications, including life-safety and access management.

IPA – automated surgical scrub and linen dispensing equipment for healthcare providers.

Neptune – water meters, enabling water utilities to remotely monitor their customers utilizing Automatic Meter Reading (AMR), Advanced Metering Infrastructure (AMI) technologies, and cloud-based software supporting meter data management and utility billing.

Northern Digital – optical and electromagnetic precision measurement systems for medical and industrial applications.

rf IDEAS – RFID card and credential readers used in numerous identity access management applications across a variety of vertical markets.

Verathon – medical devices that enable airway management, including bronchoscopes and video laryngoscopes, and bladder volume measurement solutions for healthcare providers.

Materials and Suppliers

We believe most materials and supplies we use are readily available from numerous sources and suppliers throughout the world. However, some components and sub-assemblies are currently available from only a limited number of suppliers for which we regularly investigate and identify alternative sources where possible. We also believe these conditions affect our competitors.

Remaining Performance Obligations and Backlog

Remaining performance obligations represent the transaction price of firm orders for which work has not been performed, excluding unexercised contract options. As of December 31, 2025 and 2024, total remaining performance obligations were $5,204.2 and $4,754.9, respectively.

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Financial statements

data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

From 10-Q filed 2026-05-01 (period ending 2026-03-31).

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025 (“Annual Report”) as filed on February 24, 2026 with the U.S. Securities and Exchange Commission (“SEC”) and the Notes to Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q (“Quarterly Report”).

Information About Forward-Looking Statements

This report includes “forward-looking statements” within the meaning of the federal securities laws. In addition, we, or our executive officers on our behalf, may from time to time make forward-looking statements in reports and other documents we file with the SEC or in connection with oral statements made to the press, potential investors, or others. All statements that are not historical facts are “forward-looking statements.” Forward-looking statements may be indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “believes,” “intends,” and similar words and phrases. These statements reflect management’s current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in any forward-looking statement.

Examples of forward-looking statements in this report include but are not limited to statements regarding operating results, the success of our operating plans, our expectations regarding our ability to generate cash and reduce debt and associated interest expense, profit and cash flow expectations, the prospects for newly acquired businesses to be integrated and contribute to future growth, and our expectations regarding growth through acquisitions. Important assumptions relating to the forward-looking statements include, among others, demand for our products, the cost, timing, and success of product upgrades and new product introductions, raw materials costs, expected pricing levels, expected outcomes of pending litigation, competitive conditions, and general economic conditions. These assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the forward-looking statements are reasonable, our expectations may prove to be incorrect. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include but are not limited to:

•general economic conditions;

•difficulty making acquisitions, including receiving the necessary regulatory approvals (including clearance under the Hart-Scott-Rodino Act in the United States (“U.S.”) and similar antitrust regulations in foreign countries), and successfully integrating acquired businesses;

•any unforeseen liabilities associated with future acquisitions;

•information technology (IT) system failures, data security breaches, network disruptions, and cybersecurity events, including any litigation arising therefrom;

•failure to comply with new data privacy laws and regulations, including any litigation arising therefrom;

•risks and costs associated with our international sales and operations;

•volatile interest rates;

•limitations on our business imposed by our indebtedness;

•product liability, litigation, and insurance risks;

•future competition;

•reduction of business with large customers;

•risks associated with government contracts;

•changes in the supply of, or price for, labor, energy, raw materials, parts, and components, including as a result of inflation or potential supply chain constraints;

•potential write-offs of our goodwill and other intangible assets;

•our ability to successfully develop new products;

•risks associated with the use of artificial intelligence (“AI”), including our ability to develop, deploy, and use AI in our platforms and offerings;

•failure to protect our intellectual property;

•unfavorable changes in foreign exchange rates;

•risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs (including repeal or non-renewal of the United States-Mexico-Canada Agreement);

•increased warranty exposure;

•environmental compliance costs and liabilities;

•the effect of, or change in, government regulations (including tax);

•the impacts of any U.S. government shutdowns;

•economic disruption caused by armed conflicts (such as the conflicts in Ukraine and the Middle East), terrorist attacks, health crises, or other unforeseen geopolitical events; and

•the factors discussed in other reports we file with the SEC from time to time.

You should not place undue reliance on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update any of these statements in light of new information or future events.

Overview

Roper is a diversified technology company. Roper has a proven, long-term, successful track record of compounding cash flow and increasing shareholder value. We operate market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets.

We pursue consistent and sustainable growth in revenue, earnings, and cash flow by enabling continuous improvement in the operating performance of our businesses and by acquiring other businesses that offer high value-added software, services, technology-enabled products, and solutions that we believe are capable of realizing growth while maintaining high margins.

Critical Accounting Policies

There were no material changes during the three months ended March 31, 2026 to the items that we disclosed as our critical accounting policies and estimates in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report.

Recently Issued Accounting Standards

Information regarding new accounting pronouncements can be found in Note 2 of the Notes to Condensed Consolidated Financial Statements.

Results of Operations

All currency amounts are in millions, percentages are of net revenues

Percentages may not sum due to rounding.

The following table sets forth selected information for the periods indicated:

	Three months ended March 31,
		2026			2025
Net revenues:
Application Software		$	1,191.5		$	1,068.2
Network Software		427.6			375.9
Technology Enabled Products		476.2			438.7
Total		$	2,095.3		$	1,882.8
Gross margin:
Application Software		69.0		%	67.5		%
Network Software		84.3		%	84.0		%
Technology Enabled Products		56.9		%	58.7		%
Total		69.4		%	68.7		%
Selling, general and administrative expenses:
Application Software		(42.2)		%	(41.6)		%
Network Software		(43.6)		%	(39.6)		%
Technology Enabled Products		(24.4)		%	(23.6)		%
Total		(38.5)		%	(37.0)		%
Segment operating margin:
Application Software		26.8		%	25.9		%
Network Software		40.6		%	44.3		%
Technology Enabled Products		32.4		%	35.0		%
Total		30.9		%	31.7		%
Corporate administrative expenses *		(3.7)		%	(3.8)		%
Income from operations		27.2		%	27.9		%
Interest expense, net		(4.7)		%	(3.3)		%
Equity investment gain (loss), net		8.0		%	(2.4)		%
Other expense, net		(0.1)		%	—		%
Earnings before income taxes		30.3		%	22.2		%
Income taxes		(6.0)		%	(4.6)		%
Net earnings		24.3		%	17.6		%

* Includes unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation.

Three Months Ended March 31, 2026 compared to the Three Months Ended March 31, 2025

Net revenues for the three months ended March 31, 2026 were $2,095.3 as compared to $1,882.8 for the three months ended March 31, 2025, an increase of 11.3%. The components of revenue growth for the three months ended March 31, 2026 were as follows:

	Application Software		Network Software		Technology Enabled Products		Roper
Total Revenue Growth	11.5	%	13.8	%	8.5	%	11.3	%
Less: Impacts of:
Acquisitions	5.6		8.1		0.6		4.9
Foreign Exchange	0.7		0.5		0.8		0.8
Organic Revenue Growth	5.2	%	5.2	%	7.1	%	5.6	%

In our Application Software segment, net revenues in the first quarter of 2026 grew 11.5% to $1,191.5 as compared to $1,068.2 in the first quarter of 2025, led by contributions from 2025 acquisitions, most notably CentralReach. The growth of 5.2% in organic revenues was broad-based across the segment, led by our application software businesses serving the legal, project-based private sector, higher education, and property and casualty insurance markets. Gross margin increased to 69.0% in the first quarter of 2026 as compared to 67.5% in the first quarter of 2025 due primarily to improved leverage on higher organic revenues as well as revenue mix. SG&A expenses as a percentage of net revenues increased to 42.2% in the first quarter of 2026 as compared to 41.6% in the first quarter of 2025 due primarily to higher amortization of acquired intangibles from the 2025 acquisition of CentralReach, partially offset by operating leverage on higher organic revenues. As a result, operating margin was 26.8% in the first quarter of 2026 as compared to 25.9% in the first quarter of 2025.

In our Network Software segment, net revenues in the first quarter of 2026 grew 13.8% to $427.6 as compared to $375.9 in the first quarter of 2025, led by contributions from 2025 acquisitions, most notably Subsplash. The growth of 5.2% in organic revenues was broad-based across the segment, led by our network software businesses serving the freight match, construction, and alternate site healthcare markets. Gross margin increased to 84.3% in the first quarter of 2026 as compared to 84.0% in the first quarter of 2025 due primarily to lower amortization associated with fully amortized acquired intangibles and improved leverage on higher organic revenues, partially offset by margin profiles associated with our 2025 acquisitions, most notably payments revenue mix from Subsplash and the Convoy platform within our freight match software business. SG&A expenses as a percentage of net revenues increased to 43.6% in the first quarter of 2026 as compared to 39.6% in the first quarter of 2025 due primarily to SG&A profiles associated with our 2025 acquisitions, including higher amortization of acquired intangibles. As a result, operating margin was 40.6% in the first quarter of 2026 as compared to 44.3% in the first quarter of 2025.

In our Technology Enabled Products segment, net revenues in the first quarter of 2026 grew 8.5% to $476.2 as compared to $438.7 in the first quarter of 2025. The growth of 7.1% in organic revenues was led by our medical products businesses, highlighted by our precision measurement and airway management businesses. These increases were partially offset by a decline in our water meter technology business. Gross margin decreased to 56.9% in the first quarter of 2026 as compared to 58.7% in the first quarter of 2025 due primarily to revenue mix within our medical products businesses weighted more towards consumables and input cost pressures at our water meter technology business. SG&A expenses as a percentage of net revenues increased to 24.4% in the first quarter of 2026 as compared to 23.6% in the first quarter of 2025 due primarily to reduced operating leverage associated with our water meter technology business. The resulting operating margin was 32.4% in the first quarter of 2026 as compared to 35.0% in the first quarter of 2025.

Corporate expenses increased to $77.8 in the first quarter of 2026 as compared to $71.3 in the first quarter of 2025. The dollar increase was due primarily to higher stock-based compensation expense, partially offset by a reduction in fees for professional services. As a percentage of net revenues, corporate expenses decreased to 3.7% of net revenues in the first quarter of 2026 as compared to 3.8% of net revenues in the first quarter of 2025.

Interest expense, net, increased to $99.3 for the first quarter of 2026 as compared to $62.9 for the first quarter of 2025 due primarily to higher average debt balances and a higher weighted-average interest rate on our senior notes.

Equity investment activity, net, was a gain of $167.3 in the first quarter of 2026 due to an increase in the fair value of our equity investment in Indicor. Equity investment activity, net, was a loss of $44.4 in the first quarter of 2025 due primarily to a decrease in the fair value of our equity investment in Indicor. Changes in the fair value of our Indicor equity investment are primarily due to Indicor’s financial performance as well as fluctuations in the equity values of comparable guideline public companies.

Income taxes as a percentage of pretax earnings decreased to 19.9% for the first quarter of 2026 as compared to 20.8% for the first quarter of 2025, due primarily to favorable rate impact from the recognition of a net tax benefit associated with legal entity restructuring, partially offset by a reduction in stock-based compensation tax benefits.

Backlog is equal to our remaining performance obligations expected to be recognized as revenue within the next 12 months as discussed in Note 13 of the Notes to Condensed Consolidated Financial Statements. Backlog increased 11.8% to $3,392.1 at March 31, 2026 as compared to $3,033.8 at March 31, 2025 due primarily to acquisitions and organic growth in our software segments.

	Backlog as of March 31,
	2026		2025
Application Software	$	2,448.1	$	2,174.1
Network Software	620.6		548.5
Technology Enabled Products	323.4		311.2
Total	$	3,392.1	$	3,033.8

Financial Condition, Liquidity, and Capital Resources

All currency amounts are in millions, except per share data

Selected cash flows for the three months ended March 31, 2026 and 2025 were as follows:

	Three months ended March 31,
Cash provided by (used in):	2026		2025
Operating activities	$	592.1	$	528.7
Investing activities	$	(56.1)	$	(146.8)
Financing activities	$	(444.7)	$	(207.8)

Operating activities

Net cash provided by operating activities increased by 12% to $592.1 in the three months ended March 31, 2026 as compared to $528.7 in the three months ended March 31, 2025 due primarily to higher net earnings before non-cash expenses, and more cash provided by net working capital primarily related to changes in the balances of accounts receivable, accrued compensation, and accounts payable, partially offset by changes in the balances of deferred revenue and accrued interest.

Investing activities

Cash used in investing activities during the three months ended March 31, 2026 was primarily for a business acquisition, capitalized software expenditures, and capital expenditures. Cash used in investing activities during the three months ended March 31, 2025 was primarily for the acquisition of Muni-Link.

Financing activities

Cash used in financing activities during the three months ended March 31, 2026 primarily consisted of repurchases of our common stock as well as dividend payments, partially offset by net borrowings under our unsecured revolving credit facility. Cash used in financing activities during the three months ended March 31, 2025 was primarily for net repayments on our unsecured revolving credit facility and dividend payments.

Net working capital

Net working capital (total current assets, excluding cash, less total current liabilities, excluding debt) was negative $1,332.8 at March 31, 2026 as compared to negative $1,389.7 at December 31, 2025. The change in net working capital was primarily driven by a decrease in deferred revenue predominantly due to the timing of SaaS renewals associated with our Frontline business, the timing of payments associated with incentive compensation and interest payments on our senior notes, partially offset by a decrease in accounts receivable and changes in tax-related balances.

Debt

Total debt consisted of the following:

	As of March 31, 2026
Fixed-rate senior notes	$	8,500.0
Unsecured revolving credit facility	2,000.0
Other debt	16.1
Less: Deferred financing costs	(52.1)
Total debt, net of deferred financing costs	10,464.0
Less: Current portion, net of deferred financing costs	(715.6)
Long-term debt, net of deferred financing costs	$	9,748.4

On March 30, 2026, we entered into the Credit Agreement, which replaced the previous $3,500.0 unsecured credit facility, dated as of July 21, 2022. The Credit Agreement comprises a five-year $3,500.0 unsecured revolving credit facility, which includes availability of up to $150.0 for letters of credit. Loans under the unsecured credit facility are available in dollars, and letters of credit will be available in dollars and other currencies to be agreed. We may also, subject to compliance with specified conditions, request additional term loans or revolving credit commitments in an aggregate amount not to exceed $1,000.0.

The interest rate on borrowings under the new $3,500.0 unsecured revolving credit facility is calculated based upon various recognized indices plus a margin as defined in the Credit Agreement. At March 31, 2026, we had $7.1 of outstanding letters of credit.

We expect existing cash balances, together with cash generated by our operations and amounts available under our credit facility, will be sufficient to fund our operating requirements for the foreseeable future.

We were in compliance with all debt covenants related to our new and previous unsecured credit facilities throughout their respective periods of effectiveness during the three months ended March 31, 2026.

Total debt, net of deferred financing costs was $10,464.0 at March 31, 2026 as compared to $9,301.0 at December 31, 2025. Our total debt increased at March 31, 2026 as compared to December 31, 2025 due primarily to net borrowings of $1,150.0 on our unsecured revolving credit facility. Our leverage is presented in the following table:

	March 31, 2026			December 31, 2025
Total debt, net of deferred financing costs	$	10,464.0		$	9,301.0
Less: Cash and cash equivalents	(382.9)			(297.4)
Net debt	10,081.1			9,003.6
Stockholders’ equity	18,818.0			19,881.5
Total net capital	$	28,899.1		$	28,885.1
Net debt / Total net capital	34.9		%	31.2		%

Foreign cash, and cash equivalents

In relation to our total cash and cash equivalents, amounts held at our foreign subsidiaries represented 51.9% or $198.8 at March 31, 2026 as compared to 57.6% or $171.2 at December 31, 2025. The increase in foreign cash and cash equivalents was primarily due to cash generated at our foreign subsidiaries during the three months ended March 31, 2026, partially offset by

cash repatriation of $40.0. We intend to repatriate substantially all historical and future foreign earnings that can be repatriated without incremental U.S. federal tax cost.

Capitalized expenditures

Capital expenditures were $14.3 for the three months ended March 31, 2026 as compared to $9.5 for the three months ended March 31, 2025. Capitalized software expenditures were $15.4 for the three months ended March 31, 2026 as compared to $12.4 for the three months ended March 31, 2025. We expect the aggregate of capital expenditures and capitalized software expenditures for 2026 to be comparable to prior years as a percentage of net revenues.

Tax legislation

On July 4, 2025, the U.S. government enacted H.R. 1, the One Big Beautiful Bill Act (the “OBBBA”), which introduced tax reform provisions that amend, eliminate, or extend certain tax rules under the Inflation Reduction Act and the Tax Cuts and Jobs Act. Legislative changes include the repeal of the requirement to capitalize and amortize domestic research and development expenditures under Internal Revenue Code Section 174. The legislation includes multiple effective dates and, as enacted, did not have a material impact on our effective tax rate in the first quarter of 2026 and is not expected to have a significant impact on our annual effective tax rate in full year 2026 or thereafter. We continue to assess the broader impacts of the OBBBA.

Share repurchase program

During the three months ended March 31, 2026, we repurchased 4.274 shares of our common stock for an aggregate purchase price of $1,500.0 and an average price paid per share of $350.99, excluding excise tax and broker commissions. As of March 31, 2026, $1,000.0 of the originally authorized amount remained available for future repurchases under the share repurchase program.

From April 1, 2026 through April 30, 2026, we repurchased 1.498 shares of our common stock for an aggregate purchase price of $528.4 and an average price paid per share of $352.87, excluding excise tax and broker commissions.

In April 2026, our Board approved an additional $3,000.0 in share repurchase authorization under the program. As of April 30, 2026, total share repurchase authorization of $3,471.6 remained available for future repurchases under the program.

Outlook

Current geopolitical and economic uncertainties, including inflation, tariffs and changes in trade policy, supply chain disruptions, and labor shortages, could adversely affect our business prospects. An armed conflict (such as the ongoing conflicts in Ukraine and the Middle East), significant terrorist attack, other global conflict, widespread cybersecurity event or information technology system failure, or public health crisis could cause changes in world economies that would adversely affect us. It is impossible to isolate each of these potential factor’s future effects on current economic conditions or any of our businesses. It is also impossible to predict with any reasonable degree of certainty what or when any additional events may occur that also would similarly disrupt the economy and have an adverse impact on our businesses.

We believe that internally generated cash flows and the remaining availability under our unsecured credit facility will be adequate to finance our normal operating requirements. We maintain an active acquisition program; however, future acquisitions will be dependent on numerous factors and it is not feasible to reasonably estimate if or when any such acquisitions will occur and what the impact will be on our business, financial condition, and results of operations. Such acquisitions may be financed by the use of existing credit agreements, future cash flows from operations, future divestitures, the proceeds from the issuance of new debt or equity securities, or any combination of these methods, the terms and availability of which will be subject to market and economic conditions generally.

We anticipate that our businesses will generate positive cash flows from operating activities, and that these cash flows will permit the reduction of currently outstanding debt in accordance with the repayment schedule. However, the rate at which we can reduce our debt (and reduce the associated interest expense) will be affected by, among other things, the financing and operating requirements of any new acquisitions, the financial performance of our existing companies, any allocation of capital toward share repurchases, the impact of the aforementioned geopolitical and economic uncertainties, and the financial markets generally. None of these factors can be predicted with certainty.

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Held by

holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

Holder	Type	ETF	MF	Position ($)	% of holder	Δ % of holder	Holder AUM

Next expected filings

~2026-08-01 10-Q expected by 2026-08-09 (in 51 days)
~2026-10-31 10-Q expected by 2026-11-08 (in 142 days)
~2027-02-26 10-K expected by 2027-03-03 (in 260 days)
~2027-05-01 10-Q expected by 2027-05-09 (in 324 days)

Predicted from historical filing cadence; not an SEC commitment.

Recent SEC filings

2026-05-19 8-K Officer/Director Change; Shareholder Vote Results; Financial Statements and Exhibits
2026-05-19 S-8 Employee Benefit Plan Registration
2026-05-01 10-Q Quarterly Report
2026-04-23 8-K Earnings Release; Financial Statements and Exhibits
2026-04-07 DEF 14A Proxy Statement
2026-04-01 8-K Material Agreement Entered; Material Agreement Terminated; Material Financial Obligation; Financial Statements and Exhibits
2026-02-24 10-K Annual Report
2026-01-27 8-K Earnings Release; Financial Statements and Exhibits
2025-10-31 10-Q Quarterly Report
2025-10-23 8-K Earnings Release; Financial Statements and Exhibits
2025-08-12 8-K Material Financial Obligation; Other Events; Financial Statements and Exhibits
2025-08-01 10-Q Quarterly Report
2025-07-21 8-K Earnings Release; Financial Statements and Exhibits
2025-05-02 10-Q Quarterly Report
2025-04-28 8-K Earnings Release; Financial Statements and Exhibits

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