Roper Technologies, Inc. (ROP)

Business

From the 2025 Annual Report on Form 10-K (fiscal year ended December 31, 2025), accession 0000882835-26-000009.

Roper Technologies sells vertical-market software and technology-enabled products. Each of its 29 business units serves a defensible niche market, where Roper believes it is the leader or the main alternative to the leader. Most revenue comes from software sold to professional, healthcare, education, insurance, government-contracting, freight, construction and other specialist customers. It is billed largely as SaaS subscriptions, term licenses and support contracts. A smaller share comes from transaction and payment fees processed through that software, and from medical, water-metering and identification hardware. Net revenues were $7,902.5 million in 2025. Customers outside the U.S. accounted for $1,029.7 million, or 13%, and no customer accounted for 10% or more of any segment or of the company.

Roper runs a decentralized model. Business-unit managers make day-to-day decisions, and the corporate center allocates capital, mainly toward acquisitions of high-margin, high-value-added software businesses. Over 2023–2025 the company deployed approximately $8,960 million on acquisitions:

• CentralReach (ABA therapy software), about $1,850 million, 2025.
• Subsplash (software and giving tools for faith-based organizations), about $800 million, 2025.
• Procare (early childhood education), about $1,860 million, 2024.
• Transact Campus, about $1,600 million, 2024, combined with CBORD.
• Syntellis, about $1,380 million, 2023, combined with Strata.
• About $1,470 million of smaller bolt-on deals.

Roper also holds a minority equity stake in Indicor, its former industrial businesses. It sold a majority of Indicor to Clayton, Dubilier & Rice (CD&R) in November 2022. The stake is carried at fair value, and gains and losses on it run through non-operating income.

The business is reported in three segments (2025 net revenues):

• Application Software, $4,483.0 million (56.7% of revenue). Mission-critical vertical software: Aderant (law firms), CentralReach (ABA therapy for autism and related care), Clinisys and Data Innovations (laboratory and diagnostic information systems), Deltek (government contractors and project-based firms), Frontline (K-12 school administration), IntelliTrans (bulk-commodity transportation management), PowerPlan (financial and compliance software for asset-intensive companies), Procare (child-care center management and payments), Strata (healthcare and higher-education financial analytics), Transact/CBORD (campus identity, commerce and payments, foodservice technology) and Vertafore (property and casualty insurance agency software).
• Network Software, $1,600.8 million (20.3%). Software platforms and electronic marketplaces that connect participants in a market: ConstructConnect (pre-construction data and bidding), DAT (U.S. and Canadian truckload freight matching, with Loadlink combined into it in 2025), Foundry (visual-effects and 3D software), iPipeline (life insurance and annuity software), iTradeNetwork (perishable-food supply chain), MHA (alternate-site healthcare group purchasing), SHP (post-acute healthcare benchmarking), SoftWriters (long-term-care pharmacy software) and Subsplash.
• Technology Enabled Products, $1,818.7 million (23.0%). Engineered products, many of them medical: CIVCO (ultrasound guidance and infection-control accessories), FMI (precision metering pumps), Inovonics (wireless sensor networks), IPA (surgical scrub and linen dispensing), Neptune (water meters with AMR/AMI and utility billing software), Northern Digital (optical and electromagnetic precision measurement), rf IDEAS (RFID credential readers) and Verathon (video laryngoscopes, bronchoscopes and bladder-volume instruments).

Visibility is high. Remaining performance obligations were $5,204.2 million at December 31, 2025, of which $3,424.6 million (backlog) was expected to convert to revenue within 12 months. The company increasingly embeds AI features in customer workflows and positions its proprietary data and domain depth as an AI advantage. Roper had about 19,400 employees at year-end 2025, of whom about 13,100 were in the U.S. Medical-device businesses are regulated by the FDA. Data-handling businesses are subject to GDPR, the CCPA, HIPAA and similar rules.

Risk factors

From Item 1A of the 2025 Form 10-K (accession 0000882835-26-000009), with the cybersecurity risk factor as updated in the Form 10-Q for the quarter ended September 30, 2026 (accession 0000882835-26-000047).

• Acquisition dependence. Roper says its future growth rate is "highly dependent" on finding, financing, clearing (including Hart-Scott-Rodino review) and integrating acquisitions. Acquired businesses may miss revenue, profit or cash-flow expectations. Diligence may not uncover all risks, including cybersecurity exposure and susceptibility to disruption from AI.
• Goodwill concentration. Goodwill was $21,341.2 million at December 31, 2025. That is more than total stockholders' equity of $19,881.5 million and about 62% of total assets of $34,577.0 million. Weaker performance at a business unit, rising discount rates, falling valuations or competing technologies could force a non-cash impairment charge.
• AI competition and dependence. Competitors, AI companies or other third parties could build AI into their products faster or better, and AI capabilities could become commoditized and erode differentiation. Roper relies on third-party models and platforms from providers such as OpenAI, Anthropic, Google and Microsoft. These providers can change terms, raise prices or discontinue services, and Roper may not be able to pass cost increases on to customers. Flawed or biased AI output could create liability, and intellectual-property protection for AI-generated material is uncertain.
• AI regulation. The EU AI Act and state laws, including in Colorado and California, may require product redesign, limit how data is used, or force Roper to withdraw AI features in some jurisdictions.
• Cybersecurity and reliance on third-party technology. Roper's products and operations depend on cloud platforms (Amazon Web Services, Google Cloud, Microsoft Azure, Oracle Cloud), on open-source components and on vendor software. Concentration in a few providers raises exposure to outages and price changes. The third-quarter 2026 update adds two risks. First, the software-development pipeline itself (source repositories, CI/CD systems, build and code-signing processes and AI coding tools) could be compromised, and an attack could spread to customer-facing products before it is detected. Second, attackers increasingly use AI to automate attacks, create deepfakes and accelerate malware development. The update also says the company has "experienced disruptions and litigation relating to the exposure of data". Management has not identified a material impact to date.
• Indebtedness. Total debt was $9,355.9 million at December 31, 2025, with about $2,644 million undrawn on the revolver. Debt could limit acquisitions, dividends and flexibility. The credit facility carries a financial-ratio covenant. A rating downgrade would raise borrowing costs, because the credit agreement steps up interest rates on a downgrade.
• The Indicor minority stake. Roper does not control Indicor, which is managed by CD&R and faces industrial-market risks unlike Roper's own. Its fair value depends on significant judgment, and declines are charged to non-operating income.
• Government and large customers. Several businesses depend on large customers or on government entities, which can end contracts without cause. Changes of administration or government shutdowns can delay or redirect government spending, which the company says has hurt businesses serving government entities and contractors.
• Privacy regulation. A growing patchwork of U.S. state privacy laws, GDPR (fines of up to 4% of global annual revenue), Quebec's updated law and the EU Data Act could raise compliance costs, restrict cloud offerings or bring fines, especially for healthcare and government-contractor customers.
• Supply, tariffs and geopolitics. Some components are single-sourced. SaaS offerings depend on a small number of cloud platforms. U.S. tariffs and retaliation (including on China, Canada, Mexico and the UK), sanctions and conflicts in Ukraine and the Middle East could disrupt supply or demand.
• Product liability. The medical and other hardware businesses face recall, product-liability and enforcement risk that insurance may not fully cover.
• Foreign exchange. Operations whose functional currency is not the U.S. dollar produced 9% of 2025 revenue, mostly in British pounds, Canadian dollars and euros.

Management's discussion of fiscal 2025

From Item 7 of the 2025 Form 10-K, accession 0000882835-26-000009.

Net revenues rose 12.3% to $7,902.5 million in 2025 from $7,039.2 million in 2024. Acquisitions added 6.7 points, foreign exchange 0.2 points, and organic growth was 5.4%. Income from operations rose to $2,235.4 million from $1,996.8 million. Net earnings were $1,536.3 million against $1,549.3 million, and diluted EPS was $14.20 against $14.35. The slight decline came below the operating line:

• Interest expense rose to $325.0 million from $259.2 million on higher fixed-rate debt balances and rates.
• Equity investment gains fell to $25.5 million from $234.6 million. The 2024 figure included a $135.6 million gain on the sale of the Certinia stake and a $96.4 million Indicor fair-value increase. In 2025 the Indicor fair-value increase was $24.0 million.
• The effective tax rate fell to 20.6% from 21.2%, helped by a legal-entity restructuring benefit and lower state taxes. The company guided to an effective tax rate of about 21%–22% for 2026.

Segment results for 2025:

• Application Software: revenue up 15.9% to $4,483.0 million, led by Transact and CentralReach. Organic growth was 5.4%, driven by acute healthcare, property and casualty insurance and legal customers and partly offset by lower non-recurring revenue in government contracting. Operating margin rose to 26.8% from 26.5%, helped by Transact/CBORD integration savings.
• Network Software: revenue up 8.5% to $1,600.8 million, led by Subsplash, with 4.1% organic growth from freight match, construction and alternate-site healthcare. Media and entertainment software declined. Operating margin fell to 43.5% from 45.2% because the 2025 acquisitions (notably Subsplash's payments revenue) carry lower gross margins and higher amortization.
• Technology Enabled Products: revenue up 7.3% to $1,818.7 million, with 6.5% organic growth led by medical products (especially precision measurement) and access management. Operating margin rose to 34.5% from 33.9%.

Operating cash flow rose 6% to $2,540.3 million. Part of the increase came from a cash tax benefit of about $150 million from the One Big Beautiful Bill Act's repeal of mandatory R&D capitalization under Section 174. The remaining benefit is expected to be used over three to five years. Capital expenditures were $47.4 million and capitalized software $57.3 million, and the company expects the two combined to stay at 1.0%–1.5% of revenue. Net working capital remained negative, at minus $1,389.7 million, which the company presents as evidence of its asset-light model.

Investing in 2025 was dominated by the CentralReach, Subsplash, Convoy and Orchard Software acquisitions. To fund them, Roper issued $2,000.0 million of senior notes in August 2025 and borrowed a net $725.0 million on its revolver, while repaying $1,000.0 million of maturing notes. Total debt rose to $9,355.9 million (32.0% of total capital) from $7,669.2 million (28.9%). At year-end, debt comprised $8,500.0 million of fixed-rate senior notes at 1.40%–5.10% and $850.0 million drawn on the revolver. In October 2025 the Board authorized a $3,000.0 million share repurchase program, and Roper bought back 1.121 million shares for $500.0 million in the fourth quarter.

Current quarter: third quarter of 2026

From the Form 10-Q for the quarter ended September 30, 2026 (accession 0000882835-26-000047) and the third-quarter earnings release furnished as Exhibit 99.1 to the Form 8-K dated October 22, 2026 (accession 0000882835-26-000042). Earlier 2026 guidance is from the earnings releases furnished with the Forms 8-K dated January 27, 2026 (accession 0000882835-26-000003), April 23, 2026 (accession 0000882835-26-000015) and July 23, 2026 (accession 0000882835-26-000031).

Results. Net revenues rose 7.6% to $2,171.8 million from $2,017.5 million. Organic growth was 6.7%, acquisitions added 1.0 point and currency subtracted 0.1 point. Income from operations rose to $623.2 million from $573.0 million. Net earnings rose to $484.7 million from $398.5 million, and diluted EPS rose to $4.88 from $3.68. Two non-operating items lifted GAAP earnings:

• A $56.2 million gain on the Indicor stake, driven by valuation assumptions updated for Indicor's planned sale of its flow-control businesses.
• A lower tax rate of 15.3%, against 20.0% a year earlier. The decline came mainly from a tax benefit tied to the change in Roper's tax basis in Indicor after the Indicor Instrumentation sale.

On the company's adjusted (non-GAAP) basis, which excludes the Indicor impacts and acquisition amortization, adjusted diluted EPS rose 15% to $5.89 and adjusted EBITDA rose 7% to $864 million (39.8% margin).

Segments:

• Application Software: revenue up 6.8% to $1,239.7 million, with 6.2% organic growth across the project-based private-sector, higher-education, legal and ABA-therapy markets. Gross margin improved to 69.8% from 69.0%, and operating margin rose to 28.8% from 27.8%.
• Network Software: revenue up 7.9% to $446.1 million, with 4.9% organic growth from freight match, long-term-care pharmacy and construction. Declines in the alternate-site group purchasing business and in non-recurring revenue at the life insurance and annuities business partly offset that growth. Operating margin slipped to 42.5% from 43.1% as SG&A rose to 42.2% of revenue. Management attributes the higher SG&A to the 2025 acquisitions, including their amortization.
• Technology Enabled Products: revenue up 9.7% to $486.0 million, with 9.8% organic growth led by precision measurement and airway management. The water-meter business declined. Gross margin eased to 57.4% because of input-cost pressure and meter mix in water metering and a consumables-heavy medical mix. Operating margin fell to 33.1% from 33.9%.

Corporate expense rose to $84.7 million on higher stock-based compensation. Net interest expense rose to $106.7 million from $89.7 million on a larger average revolver balance and a higher average coupon on senior notes. Recurring software revenue (SaaS, term licenses and support) was $1,256.7 million in the quarter, against $1,158.9 million a year earlier. Backlog rose 9.4% to $3,471.6 million, and total remaining performance obligations were $5,430.0 million. During the quarter, the Transact Campus and CBORD trade names were rebranded under the Illumia name. The $68.8 million carrying value of those trade names was reclassified as finite-lived and is now amortized over five years.

Nine months. Revenue rose 9.1% to $6,376.0 million, with 5.8% organic growth. Net earnings rose to $2,162.1 million from $1,107.9 million, and diluted EPS rose to $21.30 from $10.23. The increase is dominated by a $1,058.7 million equity-investment gain recognized ahead of the Indicor Instrumentation closing. Operating cash flow rose 4% to $1,882.2 million.

Indicor monetization.

• Instrumentation sale (closed). On August 26, 2026, Indicor completed the sale of its instrumentation businesses to AMETEK, Inc. at an enterprise value of $5,000.0 million. Roper received $1,239.2 million of pre-tax cash at closing and expects about $33 million more on escrow release. It expects to pay about $150 million of cash income taxes on the transaction. Roper's obligation to make quarterly payments to CD&R, in cash or in Indicor equity, ended at closing.
• Flow-controls sale (pending). On August 10, 2026, Indicor agreed to sell its flow-control businesses, Cornell Pump and Roper Pump, to Xylem Inc. at an enterprise value of about $1,460 million. Closing is expected in the fourth quarter of 2026. Roper expects about $600 million of pre-tax proceeds, or an estimated $480 million after tax.
• Remaining stake. Roper's interest in Indicor was 43.4% at September 30, 2026, carried at $577.0 million.

Acquisitions. Roper completed four acquisitions in the first nine months of 2026 for a combined $488.7 million, net of cash acquired. Three of them closed in the third quarter; the earnings release lists them as bolt-ons for the iPipeline, Procare and Strata businesses:

• Origo (Project Source Bidco Limited), acquired August 26, 2026 for $308.1 million, net of cash acquired and certain liabilities assumed. It is a UK provider of connectivity software that lets pension providers, financial advisers and investment platforms exchange information securely, and it has been folded into iPipeline (Network Software).
• Playground (Carline Inc.), acquired September 14, 2026 for $140.0 million, net of cash acquired and certain liabilities assumed. It provides AI-enabled child-care management software and is being integrated into Procare (Application Software).
• A bolt-on for Strata, identified in the earnings release but not named or priced separately in the filing.

The fourth acquisition, completed in the first quarter, is not named in the quarterly report.

Capital allocation and balance sheet.

• Buybacks. In April 2026 the Board added $3,000.0 million to the repurchase authorization. Over the nine months Roper repurchased 7.865 million shares for $2,724.1 million, an average of $346.34 per share. It bought back no shares in the third quarter, and $2,775.9 million of authorization remained at September 30, 2026. Shares outstanding fell to 99.0 million from 106.6 million at year-end.
• Credit facility. On March 30, 2026, Roper replaced its credit facility with a new five-year, $3,500.0 million unsecured revolving facility, expandable by up to $1,000.0 million.
• Debt and liquidity. Net revolver borrowings of $400.0 million brought total debt to $9,719.7 million, including $1,250.0 million drawn on the revolver. Net debt to total net capital rose to 32.9% from 31.2%. Net working capital was minus $1,520.8 million, compared with minus $1,389.7 million at year-end. The change mainly reflects income taxes payable on the Indicor Instrumentation sale.

Guidance. With the third-quarter release, Roper raised full-year 2026 adjusted diluted EPS guidance to $22.35–$22.40 from $22.15–$22.30. Guidance has risen each quarter, from an initial range of $21.30–$21.55 set in January. Corresponding GAAP diluted EPS guidance is $25.60–$25.65. Fourth-quarter adjusted diluted EPS guidance is $5.95–$6.00. The guidance excludes unannounced acquisitions or divestitures, proceeds from the pending Indicor flow-controls sale, and any further share repurchases. At the second-quarter update the company raised its full-year 2026 outlook to total revenue growth of 8%+ and organic growth of about 6%. The third-quarter release did not restate revenue guidance. Management said Roper had more than $6 billion of capital-deployment capacity. It also highlighted AI product launches at PowerPlan, Strata and Vertafore and a shift toward agentic development processes.

Subsequent events

From the Form 10-Q for the quarter ended September 30, 2026 (accession 0000882835-26-000047), the Form 8-K dated October 1, 2026 (accession 0000882835-26-000039) and the Form 8-K dated October 22, 2026 (accession 0000882835-26-000042).

The quarterly report, filed November 2, 2026, contains no subsequent-events note. It discloses no acquisition, divestiture, borrowing or note issuance completed after September 30, 2026, and neither do the two October 2026 Forms 8-K. Developments after the quarter end:

• New director. Abhijit Dubey joined the Board effective October 1, 2026, having been elected on September 29, 2026. He is Chief Executive Officer and Chief AI Officer of NTT DATA, Inc.
• Raised guidance. On October 22, 2026 the company reported third-quarter results and raised its full-year 2026 adjusted diluted EPS guidance to $22.35–$22.40, as described above.
• Indicor flow-controls sale. As of the November 2, 2026 quarterly report, the sale of Cornell Pump and Roper Pump to Xylem Inc. had not closed and was still expected to close in the fourth quarter of 2026. Roper expects about $600 million of pre-tax proceeds.

Filings that contain financial statements

Roper furnishes each quarterly earnings release as Exhibit 99.1 to a Form 8-K. Each contains condensed consolidated statements of earnings and cash flows and a condensed balance sheet (unaudited), plus non-GAAP reconciliations:

• Form 8-K filed October 22, 2026, accession 0000882835-26-000042: third quarter ended September 30, 2026 (balance sheet at September 30, 2026 and December 31, 2025; statements of earnings; statements of cash flows).
• Form 8-K filed July 23, 2026, accession 0000882835-26-000031: second quarter ended June 30, 2026 (statements of earnings and cash flows; balance sheet).
• Form 8-K filed April 23, 2026, accession 0000882835-26-000015: first quarter ended March 31, 2026 (statements of earnings and cash flows; balance sheet).
• Form 8-K filed January 27, 2026, accession 0000882835-26-000003: fourth quarter and full year ended December 31, 2025 (statements of earnings and cash flows; balance sheet).

Earnings and guidance

• October 22, 2026 - third quarter 2026 results (0000882835-26-000042). Revenue rose 8% to $2.17 billion (organic +7%, acquisitions +1%). GAAP net earnings rose 22% to $485 million; adjusted net earnings rose 5% to $586 million; adjusted EBITDA rose 7% to $864 million (39.8% margin, down 40 basis points). GAAP diluted EPS was $4.88 (up 33%) and adjusted diluted EPS $5.89 (up 15%). Full-year 2026 adjusted diluted EPS guidance was raised to $22.35 - $22.40 from $22.15 - $22.30; fourth-quarter adjusted diluted EPS is expected at $5.95 - $6.00. Guidance excludes unannounced acquisitions or divestitures, proceeds from Indicor's pending sale of its Cornell Pump and Roper Pump businesses, and potential share repurchases.
• July 23, 2026 - second quarter 2026 results (0000882835-26-000031). Revenue rose 9% to $2.11 billion (organic +5%, acquisitions +3%). GAAP diluted EPS rose 233% to $11.62 (GAAP net earnings $1,168 million versus $378 million a year earlier, driven by the fair-value gain on the Indicor equity investment); adjusted diluted EPS rose 10% to $5.38. Operating cash flow rose 16% to $469 million and adjusted free cash flow rose 11% to $447 million. Full-year adjusted diluted EPS guidance was raised to $22.15 - $22.30 from $21.80 - $22.05; revenue growth outlook raised to 8%+ (from about 8%) and organic growth to about 6% (from 5% - 6%).
• April 23, 2026 - first quarter 2026 results (0000882835-26-000015). Revenue rose 11% to $2.10 billion (organic +6%, acquisitions +5%). GAAP net earnings rose 54% to $509 million; adjusted diluted EPS rose 8% to $5.16. Operating cash flow was $592 million and free cash flow $562 million. Full-year adjusted diluted EPS guidance was raised to $21.80 - $22.05 from $21.30 - $21.55.
• January 27, 2026 - fourth quarter and full-year 2025 results; initial 2026 guidance (0000882835-26-000003). Full-year 2025 revenue rose 12% to $7.90 billion (organic +5%); GAAP net earnings fell 1% to $1.54 billion; adjusted EBITDA rose 11% to $3.14 billion. 2026 guidance was initiated at adjusted diluted EPS of $21.30 - $21.55, total revenue growth of about 8% and organic growth of 5% - 6%.
• October 23, 2025 - third quarter 2025 results and new repurchase program (0000882835-25-000041). Revenue rose 14% to $2.02 billion; the release (0000882835-25-000041) announced that the Board authorized the repurchase of up to $3 billion of common stock.

M&A and the Indicor investment

• Indicor Instrumentation sale - closed August 26, 2026. Roper's 43.4%-owned equity investment, Indicor, completed the sale of its instrumentation businesses to AMETEK, Inc. at an enterprise value of $5.0 billion; Roper received pre-tax cash proceeds of $1,239.2 million and expects about $33 million more on escrow release. The third quarter release states Roper received $1.2 billion of proceeds. No separate Form 8-K reported this; the facts appear in the earnings release (0000882835-26-000042) and the quarterly report on Form 10-Q filed November 2, 2026 (0000882835-26-000047).
• Indicor Flow Controls sale - signed, not closed. On August 10, 2026 Indicor agreed to sell Cornell Pump and Roper Pump to Xylem Inc. at an enterprise value of about $1.46 billion, subject to customary conditions including regulatory approvals, expected to close in the fourth quarter of 2026. Roper expects pre-tax cash proceeds of about $600 million (about $480 million after income taxes). Source: Form 10-Q (0000882835-26-000047).
• Bolt-on acquisitions - closed. The third quarter release states Roper deployed $436 million toward three bolt-on acquisitions for its iPipeline, Procare and Strata businesses. The Form 10-Q reports that on August 26, 2026 Roper acquired Project Source Bidco Limited ("Origo"), a UK pension-connectivity software provider integrated into iPipeline, for $308.1 million, and on September 14, 2026 acquired Carline Inc. ("Playground"), AI-enabled child care management software integrated into Procare, for $140.0 million (both net of cash acquired and certain liabilities assumed). For the nine months ended September 30, 2026, Roper completed four acquisitions totaling $488.7 million. (0000882835-26-000042; 0000882835-26-000047.)

Capital actions

• Share repurchases. The Board authorized a $3 billion repurchase program in October 2025 and an additional $3 billion in April 2026 (announced April 23, 2026, 0000882835-26-000015). In the first quarter Roper repurchased 4.3 million shares for $1.5 billion (0000882835-26-000015) and in the second quarter 3.6 million shares for $1.2 billion (0000882835-26-000031). For the nine months ended September 30, 2026 it repurchased 7.865 million shares for $2,724.1 million (average $346.34); no repurchases were made in the third quarter, and $2,775.9 million of authorization remained at September 30, 2026 (Form 10-Q, 0000882835-26-000047).
• New credit facility - March 30, 2026 (Form 8-K filed April 1, 2026, 0001193125-26-138072). Roper entered a new five-year $3.50 billion unsecured revolving credit facility (JPMorgan Chase Bank, N.A. as administrative agent), replacing its $3.50 billion facility dated July 21, 2022; $2.0 billion of principal was outstanding under the prior facility at termination. Term SOFR loans bear a spread of 0.795% - 1.300% (0.920% at the current rating); the facility requires a Total Debt to Total Capital ratio of 0.65 to 1.00 or less.
• Senior notes - August 12, 2025 (0001193125-25-178683). Roper issued $2.0 billion of senior unsecured notes: $500 million of 4.250% notes due 2028, $500 million of 4.450% notes due 2030 and $1.0 billion of 5.100% notes due 2035.

Governance

• October 1, 2026 - new director (0000882835-26-000039). The Board elected Abhijit Dubey, Chief Executive Officer and Chief AI Officer of NTT DATA, Inc., as a director effective October 1, 2026, for a term expiring at the 2027 annual meeting.
• May 19, 2026 - annual meeting (0001193125-26-230480). Shareholders elected all nine nominees, approved an amendment to the 2021 Incentive Plan adding 14,150,000 shares, and approved an amended and restated Employee Stock Purchase Plan (adding 1,000,000 shares; maximum payroll deduction raised from 10% to 15% and purchase discount from 10% to 15%). A shareholder proposal for a strategic review of a proposed spin-off of the Application Software and Network Software segments was not approved (536,956 for; 88,537,496 against; 510,953 abstentions).
• August 10, 2026 - 401(k) blackout notice (0001193125-26-342309). Because recordkeeping for the 401(k) plans moves from Vanguard to Fidelity effective October 2, 2026, a blackout period was scheduled from September 25, 2026 to the week of October 18, 2026; directors and executive officers are restricted from trading Roper equity securities during it.
• April 14, 2025 (0000882835-25-000013) and June 11, 2025 (0001193125-25-139176). Director Christopher Wright, on the Board since 1991, gave notice of retirement effective at the June 10, 2025 annual meeting, reducing the Board to nine; the 2025 annual meeting results were reported June 11, 2025.

About this file

ROP annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

ROP quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

ROP year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

ROP trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. FY2025 (10-K, accession 0000882835-26-000009) plus the nine months ended September 30, 2026, less the nine months ended September 30, 2025 (both from the Q3 2026 10-Q, accession 0000882835-26-000047)

Adjustments

Notes

• Roper Technologies is presented on a standard operating-company template (revenue, cost of sales, gross profit, SG&A, operating income, net earnings, EPS; cash, debt, assets, equity; operating cash flow, capital spending, free cash flow), with revenue and operating profit for its three reportable segments: Application Software, Network Software and Technology Enabled Products.
• Sources: the FY2025 Form 10-K (accession 0000882835-26-000009) for fiscal years 2023 to 2025, and the Q3 2026 Form 10-Q (accession 0000882835-26-000047) for the quarters ended September 30, 2026 and 2025, the nine-month periods, and the September 30, 2026 balance sheet. Both filings print amounts in millions of US dollars and share counts in millions; every figure here is restated in actual dollars and actual shares.
• The 10-K presents three years of earnings and cash flows but only two year-end balance sheets, so FY2023 carries no balance sheet. The September 30, 2026 balance sheet is attached to the Q3 FY2026 quarter; the 10-Q's December 31, 2025 comparative balance sheet matches the FY2025 10-K and is recorded under FY2025.
• equity_investment_gain_net is shown with a gain as a positive number. The statements print this line as "Equity investment (gain) loss, net" in the expense layout, where a gain appears in parentheses. The nine months ended September 30, 2025 show a loss of $14.9 million, recorded here as a negative figure.
• The equity investment is Roper's minority stake in Indicor, carried at fair value. Its nine-month 2026 gain of $1,058.7 million drives most of the rise in 2026 net earnings and pre-tax earnings. On August 26, 2026, Indicor completed the sale of its instrumentation businesses to AMETEK, Inc., and Roper received $1,239.2 million of pre-tax cash proceeds, recorded under investing activities (10-Q note 10).
• other_expense_net follows the statement's "Other (income) expense, net" line: a positive figure is net expense and a negative figure is net other income.
• free_cash_flow here is operating cash flow less capital expenditures on property, plant and equipment. Capitalized software expenditures are reported separately and are not deducted. This is not the company's non-GAAP "adjusted free cash flow" from its earnings releases, which is defined differently.
• total_debt is the filing's "Total debt, net of deferred financing costs" (10-K long-term debt note; 10-Q MD&A debt table). In each period it equals the balance sheet's current portion of long-term debt plus long-term debt.
• shares_outstanding is the period-end count of common shares outstanding, as stated in the balance sheet's common stock caption, which rounds to 0.1 million. The Q3 2026 10-Q cover reports 99,036,429 shares outstanding as of October 28, 2026.
• dividends_declared_per_share is taken from the statements of stockholders' equity. cash_dividends_paid is the cash flow statement figure.
• FY2023 net earnings of $1,384.2 million include $15.8 million from discontinued operations. Diluted EPS from continuing operations was $12.74, against total diluted EPS of $12.89. FY2023 operating cash flow of $2,035.1 million is the total, including $2.3 million used by discontinued operations. FY2024 and FY2025 have no discontinued operations.
• Segment operating profit excludes unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation, which are shown as corporate_unallocated_expenses. Segment operating profit less these expenses equals consolidated income from operations in every period shown.
• During the first nine months of 2026 Roper repurchased 7.865 million shares for $2,724.1 million (average $346.34 per share, before excise tax and commissions). No shares were repurchased in the third quarter (10-Q note 6). As a result, diluted weighted average shares fell to 99.4 million in Q3 2026 from 108.4 million in Q3 2025.
• The trailing twelve months to September 30, 2026 are derived as FY2025 (10-K) plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025 (both from the 10-Q). Per-share amounts and share counts are not derived for this period.
• Quarterly entries carry no cash flow block, because the 10-Q presents cash flows only for the nine-month periods. Cash flows are reported in the year_to_date block.

Uncertainties

• No three-month cash flow figures are given for Q3 2026 or Q3 2025. The 10-Q prints only nine-month cash flows, and the Q3 2026 earnings release (accession 0000882835-26-000042) does not include a quarterly cash flow statement either. Deriving the quarter would need the six-month figures from the Q2 2026 10-Q, which is not among the filings used here.
• The 10-Q states that certain prior-period amounts were reclassified to conform to the current presentation. The trailing-twelve-month figures combine FY2025 amounts from the 10-K with nine-month amounts from the 10-Q. If a reclassification touched one of those lines, a trailing-twelve-month figure could differ slightly from a fully consistent basis; none of the lines used shows an obvious inconsistency.

Company details

Fiscal period

Source filings