rop-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-12273

ROPER TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)


Delaware		51-0263969
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

6496 University Parkway
Sarasota,	Florida	34240
(Address of principal executive offices)		(Zip Code)

(941) 556-2601

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange On Which Registered

Common Stock, $0.01 Par Value

ROP

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


☒	Large accelerated filer	☐	Accelerated filer

☐	Non-accelerated filer	☐	Smaller reporting company

		☐	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The number of shares outstanding of the registrant’s common stock as of July 25, 2025 was 107,613,824.

ROPER TECHNOLOGIES, INC.

REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025

TABLE OF CONTENTS


		Page
PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (unaudited):

	Condensed Consolidated Statements of Earnings	3

	Condensed Consolidated Statements of Comprehensive Income	4

	Condensed Consolidated Balance Sheets	5

	Condensed Consolidated Statements of Cash Flows	6

	Condensed Consolidated Statements of Changes in Stockholders ’ Equity	7

	Notes to Condensed Consolidated Financial Statements	8

Item 2.	Management ’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25

Item 4.	Controls and Procedures	25

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	26

Item 1A.	Risk Factors	26

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26

Item 5.	Other Information	26

Item 6.	Exhibits	27

	Signatures	28

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Roper Technologies, Inc.

Condensed Consolidated Statements of Earnings (unaudited)

(in millions, except per share data)


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Net revenues	$	1,943.6	$	1,716.8	$	3,826.4	$	3,397.5
Cost of sales	598.2		523.5		1,187.3		1,023.2
Gross profit	1,345.4		1,193.3		2,639.1		2,374.3

Selling, general and administrative expenses	797.1		699.1		1,565.0		1,398.8
Income from operations	548.3		494.2		1,074.1		975.5

Interest expense, net	79.1		67.5		142.0		120.7
Equity investments (gain) loss, net	(16.6)		0.8		27.8		(56.2)
Other expense, net	0.5		0.6		1.0		1.8


Earnings before income taxes	485.3		425.3		903.3		909.2

Income taxes	107.0		88.2		193.9		190.1







Net earnings	$	378.3	$	337.1	$	709.4	$	719.1









Net earnings per share:
Basic	$	3.52	$	3.15	$	6.60	$	6.72
Diluted	$	3.49	$	3.12	$	6.55	$	6.66

Weighted average common shares outstanding:
Basic	107.6		107.1		107.5		107.0
Diluted	108.4		107.9		108.3		107.9

See accompanying notes to Condensed Consolidated Financial Statements.

Roper Technologies, Inc.

Condensed Consolidated Statements of Comprehensive Income (unaudited)

(in millions)


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Net earnings	$	378.3	$	337.1	$	709.4	$	719.1

Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	42.7		(0.9)		62.4		(20.0)
Total other comprehensive income (loss), net of tax	42.7		(0.9)		62.4		(20.0)

Comprehensive income	$	421.0	$	336.2	$	771.8	$	699.1

See accompanying notes to Condensed Consolidated Financial Statements.

Roper Technologies, Inc.

Condensed Consolidated Balance Sheets (unaudited)

(in millions)


	June 30, 2025		December 31, 2024
ASSETS:

Cash and cash equivalents	$	242.4	$	188.2
Accounts receivable, net	868.8		885.1
Inventories, net	132.2		120.8
Income taxes receivable	50.0		25.6
Unbilled receivables	140.0		127.3
Prepaid expenses and other current assets	220.9		195.7

Total current assets	1,654.3		1,542.7

Property, plant and equipment, net	156.5		149.7
Goodwill	20,507.6		19,312.9
Other intangible assets, net	9,627.4		9,059.6
Deferred taxes	54.6		54.1
Equity investment	739.7		772.3
Other assets	480.3		443.4

Total assets	$	33,220.4	$	31,334.7

LIABILITIES AND STOCKHOLDERS’ EQUITY:

Accounts payable	$	159.4	$	148.1
Accrued compensation	213.8		289.0
Deferred revenue	1,618.1		1,737.4
Other accrued liabilities	520.3		546.2
Income taxes payable	53.1		68.4
Current portion of long-term debt, net	999.8		1,043.1

Total current liabilities	3,564.5		3,832.2

Long-term debt, net of current portion	7,859.2		6,579.9
Deferred taxes	1,706.0		1,630.6
Other liabilities	456.8		424.4

Total liabilities	13,586.5		12,467.1

Commitments and contingencies (Note 9)

Common stock	1.1		1.1
Additional paid-in capital	3,187.1		3,014.6
Retained earnings	16,565.9		16,034.9
Accumulated other comprehensive loss	(104.1)		(166.5)
Treasury stock	(16.1)		(16.5)
Total stockholders’ equity	19,633.9		18,867.6
Total liabilities and stockholders’ equity	$	33,220.4	$	31,334.7

See accompanying notes to Condensed Consolidated Financial Statements.

Roper Technologies, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

(in millions)


	Six months ended June 30,
	2025		2024
Cash flows from operating activities:
Net earnings	$	709.4	$	719.1
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	19.6		18.5
Amortization of intangible assets	417.2		377.2
Amortization of deferred financing costs	5.5		4.5
Non-cash stock compensation	82.7		73.3
Equity investments (gain) loss, net	27.8		(56.2)

Income tax provision	193.9		190.1
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	37.4		96.7
Unbilled receivables	(9.7)		(17.7)
Inventories	(9.6)		(11.0)
Prepaid expenses and other current assets	(22.9)		(30.7)
Accounts payable	7.0		4.5
Other accrued liabilities	(115.4)		(47.3)
Deferred revenue	(132.7)		(122.6)
Cash taxes paid for gain on disposal of equity investment	(30.2)		—
Cash income taxes paid, excluding tax associated with gain on disposal of equity investment	(233.7)		(284.3)
Other, net	(13.5)		1.5


Cash provided by operating activities	932.8		915.6

Cash flows from (used in) investing activities:
Acquisitions of businesses, net of cash acquired	(2,005.2)		(1,858.3)
Capital expenditures	(26.0)		(15.9)
Capitalized software expenditures	(26.8)		(20.5)


Distributions from equity investment	5.1		8.4
Other	1.6		(1.1)



Cash used in investing activities	(2,051.3)		(1,887.4)

Cash flows from (used in) financing activities:


Borrowings under revolving line of credit, net	1,275.0		1,090.0


Cash dividends to stockholders	(177.2)		(160.6)
Proceeds from stock-based compensation, net	73.8		75.9
Treasury stock sales	12.5		10.3

Other, net	(43.9)		(0.2)


Cash provided by financing activities	1,140.2		1,015.4

Effect of exchange rate changes on cash	32.5		(6.4)

Net increase in cash and cash equivalents	54.2		37.2

Cash and cash equivalents, beginning of period	188.2		214.3

Cash and cash equivalents, end of period	$	242.4	$	251.5

Non-cash investing and financing activities:
Equity consideration for business acquisition	$	7.3	$	—

See accompanying notes to Condensed Consolidated Financial Statements.

Roper Technologies, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

(in millions, except per share data)


	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total stockholders’ equity
Balances at March 31, 2025	$	1.1	$	3,108.7	$	16,276.9	$	(146.8)	$	(16.3)	$	19,223.6

Net earnings	—		—		378.3		—		—		378.3
Stock option exercises	—		24.0		—		—		—		24.0
Treasury stock sold	—		5.2		—		—		0.1		5.3
Equity consideration for business acquisition	—		7.2		—		—		0.1		7.3
Currency translation adjustments	—		—		—		42.7		—		42.7
Stock-based compensation	—		43.1		—		—		—		43.1
Restricted stock activity	—		(1.1)		—		—		—		(1.1)
Dividends declared ($0.825 per share)	—		—		(89.3)		—		—		(89.3)
Balances at June 30, 2025	$	1.1	$	3,187.1	$	16,565.9	$	(104.1)	$	(16.1)	$	19,633.9

Balances at December 31, 2024	$	1.1	$	3,014.6	$	16,034.9	$	(166.5)	$	(16.5)	$	18,867.6

Net earnings	—		—		709.4		—		—		709.4
Stock option exercises	—		91.4		—		—		—		91.4

Treasury stock sold	—		12.2		—		—		0.3		12.5
Equity consideration for business acquisition	—		7.2		—		—		0.1		7.3
Currency translation adjustments	—		—		—		62.4		—		62.4
Stock-based compensation	—		81.2		—		—		—		81.2
Restricted stock activity	—		(19.5)		—		—		—		(19.5)
Dividends declared ($1.65 per share)	—		—		(178.4)		—		—		(178.4)
Balances at June 30, 2025	$	1.1	$	3,187.1	$	16,565.9	$	(104.1)	$	(16.1)	$	19,633.9

Balances at March 31, 2024	$	1.1	$	2,837.1	$	15,118.0	$	(141.9)	$	(16.7)	$	17,797.6

Net earnings	—		—		337.1		—		—		337.1
Stock option exercises	—		42.6		—		—		—		42.6
Treasury stock sold	—		4.4		—		—		0.1		4.5
Currency translation adjustments	—		—

SEC Form 10-Q filed by Roper Technologies Inc.