Quarterly guidance

Quarterly guidance
No explicit formal next-quarter numerical guidance was provided, though management expects sequential margin improvement in Q4 similar to prior quarters.

Annual guidance

Revenue growth
Expected to be in the range of 5.5% and 7%.
Organic revenue growth
Expected between 2% to 3.5% for the year.
Adjusted EBITDA
Expected to be $2.13 billion to $2.19 billion, excluding Q3 IEEPA tariff refunds.
Adjusted EPS
Expected to be $3.58 to $3.70, excluding Q3 IEEPA tariff refunds.

Outlook

Demand environment
Demand continues to improve across both short- and long-cycle activity on a global basis.
Price-cost equation
Price-cost is expected to continue improving through the balance of the year and into 2027.
China market
Pricing pressures in China are largely stabilizing, with expectations to lap these headwinds by the first half of next year.
M&A pipeline
M&A remains the top priority for capital deployment, supported by a healthy funnel of over 200 companies.