Fortive(FTV) - 2025 Q2 - Quarterly Results

Executive Summary & Business Outlook Fortive completed the Ralliant separation in Q2 2025, launching a new value creation plan and providing a full-year outlook Second Quarter 2025 Performance Highlights Fortive completed the Ralliant separation and launched a new value creation plan in Q2 2025, achieving strong profitability and free cash flow - Completed the Ralliant separation, commencing a new chapter for Fortive focused on accelerating profitable growth and enhancing shareholder returns[3][5] - Achieved strong profitability and free cash flow despite uncertainties from trade, healthcare, and government spending policies[3] Second Quarter 2025 Consolidated Financial Highlights (Including Precision Technologies) | Metric | Amount | Notes | | :-------------------------------- | :------- | :--- | | GAAP Diluted Net Earnings per Share | $0.49 | | | Adjusted Diluted Net Earnings per Share | $0.90 | At high end of guidance | | Revenue | $1,020 million | Down 0.4% year-over-year | | Core Revenue | | Down 0.7% | | GAAP Net Earnings | $112 million | 11.0% margin | | Adjusted EBITDA | $288 million | 28.4% margin | | First Half Share Repurchases | $345 million | | CEO Commentary CEO Olumide Soroye emphasized Q2 2025 as pivotal, with the Ralliant separation and launch of the "Fortive Accelerated Strategy" for growth and shareholder returns - Q2 2025 marked a pivotal period for Fortive, with the completion of the Ralliant separation and the launch of a new value creation plan to accelerate profitable growth and enhance shareholder returns[3] - Despite market uncertainties, the company achieved strong profitability and free cash flow, demonstrating the strength of its market-leading brands and the Fortive Business System[3] - The new leadership team will focus on executing the "Fortive Accelerated Strategy," including disciplined capital allocation and building investor trust, to create significant shareholder value in the coming years[3] Full Year 2025 Outlook Fortive anticipates full-year 2025 adjusted diluted net earnings per share from continuing operations to be between $2.50 and $2.60 Full Year 2025 Outlook (Continuing Operations) | Metric | Range | | :----------------------- | :----------- | | Adjusted Diluted Net Earnings per Share | $2.50 - $2.60 | Summary Financial Results, Fortive Continuing Operations Fortive's continuing operations saw a slight Q2 2025 revenue decrease, but GAAP net earnings and adjusted diluted EPS grew, despite a year-over-year free cash flow reduction Fortive Continuing Operations Financial Summary (Q2-25 vs Q2-24) | Metric | Q2-25 | Q2-24 | Change | | :-------------------------- | :------ | :------ | :----- | | Revenue | $1,016M | $1,020M | $(4)M | | Reported/Core Growth | (0.4)% / (0.7)% | 3.7% / 3.9% | | | GAAP Net Earnings | $112M | $112M | —% | | GAAP Net Earnings Margin | 11.0% | 11.0% | 0 bps | | Adjusted EBITDA | $288M | $291M | (1.0)% | | Adjusted EBITDA Margin | 28.4% | 28.6% | (20) bps | | GAAP Diluted Net Earnings per Share | $0.33 | $0.32 | 3.1% | | Adjusted Diluted Net Earnings per Share | $0.58 | $0.56 | 3.6% | | GAAP Operating Cash Flow | $205M | $218M | (6.0)% | | Free Cash Flow | $180M | $198M | (9.1)% | | TTM GAAP Operating Cash Flow | $1,029M | $912M | 12.8% | | TTM Free Cash Flow | $939M | $826M | 13.7% | Summary Segment Financial Results, Fortive Continuing Operations Intelligent Operating Solutions revenue remained stable with adjusted EBITDA growth, while Advanced Healthcare Solutions saw a slight revenue decrease but improved adjusted EBITDA margin Fortive Continuing Operations Segment Financial Summary (Q2-25 vs Q2-24) | Intelligent Operating Solutions | Q2-25 | Q2-24 | Change | | :---------------------------- | :------ | :------ | :----- | | Revenue | $697M | $697M | $—M | | Reported/Core Growth | 0.1% / (0.2)% | 3.8% / 3.3% | | | GAAP Operating Profit | $171M | $173M | (1.2)% | | GAAP Operating Profit Margin | 24.5% | 24.9% | (40) bps | | Adjusted EBITDA | $236M | $232M | 1.7% | | Adjusted EBITDA Margin | 33.8% | 33.3% | 50 bps | | Advanced Healthcare Solutions | Q2-25 | Q2-24 | Change | | :---------------------------- | :------ | :------ | :----- | | Revenue | $320M | $324M | $(4)M | | Reported/Core Growth | (1.3)% / (1.9)% | 3.4% / 5.0% | | | GAAP Operating Profit | $36M | $36M | —% | | GAAP Operating Profit Margin | 11.2% | 11.0% | 20 bps | | Adjusted EBITDA | $86M | $86M | —% | | Adjusted EBITDA Margin | 26.9% | 26.6% | 30 bps | Ralliant Separation Fortive completed the separation of Ralliant Corporation, its former Precision Technologies segment, in June 2025 Ralliant Separation Details Fortive completed the Ralliant Corporation separation on June 28, 2025, distributing common stock to shareholders, with Ralliant reclassified as discontinued operations from Q3 2025 - Fortive completed the separation of Ralliant Corporation, its former Precision Technologies segment, on June 28, 2025, distributing common stock to Fortive shareholders[8] - Ralliant will be classified as discontinued operations starting in Q3 2025; "continuing operations" results in this report have been retrospectively adjusted to treat the Precision Technologies segment as discontinued operations[9] Company Information Fortive provides an overview of its mission, strategic segments, operational model, investor conference call details, and contact information About Fortive Fortive innovates critical technologies for global safety and productivity, operating through Intelligent Operating Solutions and Advanced Healthcare Solutions, powered by the Fortive Business System - Fortive focuses on innovating essential technologies to ensure the world's safety and productivity[12] - The company operates through two strategic segments, Intelligent Operating Solutions and Advanced Healthcare Solutions, with leading brands in their respective markets[12] - Headquartered in Everett, Washington, Fortive employs over 10,000 people in approximately 50 countries globally, with the Fortive Business System as its core operating model, fostering a culture of continuous improvement[12] Conference Call Details Fortive will host an investor conference call on July 30, 2025, at 12:00 PM ET to discuss results and outlook, with webcast and replay available online - Fortive will host a quarterly investor conference call on July 30, 2025, at 12:00 PM ET to discuss results and outlook[10] - The conference call and accompanying slide presentation will be webcast live and available for replay under the "Events/Presentations" section of the "Investors" portion of Fortive's website[10][11] Investor Contact Investors can contact Christina Jones of Fortive Investor Relations via phone or email for further information - Investors may contact Christina Jones, Investor Relations, for more information at (425) 446-5000 or investors@fortive.com[16] Non-GAAP Financial Measures Explanation This section explains Fortive's non-GAAP financial measures, their rationale, and limitations, for a clearer view of operational performance and trends Overview and Rationale Fortive provides non-GAAP metrics like adjusted net earnings and free cash flow to supplement GAAP, aiding understanding of profitability trends and facilitating comparisons - Non-GAAP financial measures, including adjusted net earnings, adjusted diluted net earnings per share, adjusted EBITDA, free cash flow, and core revenue growth, aim to provide additional perspectives for investors to understand long-term profitability trends and operational performance[13][34][35] - These non-GAAP measures should not be considered substitutes for or superior to GAAP measures, should be read in conjunction with GAAP metrics, and may differ from similarly titled non-GAAP measures used by other companies[13][35] Adjusted Net Earnings, Adjusted Diluted Net Earnings per Share, Adjusted EBITDA, and Adjusted EBITDA Margin These non-GAAP metrics adjust GAAP net earnings and diluted EPS by excluding non-core items like acquisition amortization, separation expenses, and discrete tax charges, providing a clearer operational performance view - Adjustments include acquisition-related intangible asset amortization, acquisition/divestiture/separation-related items, discrete restructuring charges, equity investment gains/losses, gains/losses on divestitures, gains on asset sales, and charitable contribution expenses[37][41][42][43][45][46][48] - For adjusted EBITDA and adjusted EBITDA margin from continuing operations, net interest expense, depreciation expense, and income taxes are also excluded[37] - Discrete tax charges from the Ralliant separation are also excluded as they are non-recurring and do not reflect current or future cash tax obligations[49] Core Revenue Growth Core revenue growth is a non-GAAP metric that excludes acquisition/divestiture and currency impacts to measure year-over-year revenue change and identify underlying business trends - Core revenue growth is calculated by excluding the impact of acquisitions or divestitures and foreign currency translation to identify underlying business growth trends[52][53] - Excluding these items helps assess business trends and facilitate long-term performance comparisons, as they are outside management's control and highly volatile[53] Free Cash Flow Free cash flow is a non-GAAP metric, defined as operating cash flow minus capital expenditures, used to assess the company's ability to generate cash and fund operations without external financing - Free cash flow is defined as net cash provided by GAAP operating activities less capital expenditures[54] - This metric helps assess the company's ability to generate cash, fund acquisitions and investments, and repay debt without relying on external financing[55] - Free cash flow has limitations as a liquidity measure because it excludes certain necessary or committed expenditures, such as debt repayment requirements[55] Forward-Looking Statements This section outlines forward-looking statements, highlighting potential risks and uncertainties that could cause actual results to differ materially Forward-Looking Statements Disclaimer This report contains forward-looking statements on future financial performance and market conditions, which may differ materially due to economic instability, trade policies, and other risks - Forward-looking statements in this report pertain to expected financial performance, trade policy impacts, global economic conditions, the Ralliant separation's effects, and capital allocation strategies[14] - Actual results may differ materially due to various factors, including economic instability, market volatility, trade policies, supply chain constraints, competition, regulatory changes, acquisition integration risks, and geopolitical events[14][15] - Fortive undertakes no obligation to update or revise any forward-looking statements[15] Consolidated Financial Statements (GAAP) This section presents Fortive's consolidated GAAP financial statements, including earnings, balance sheets, and cash flows, reflecting overall company performance Consolidated Condensed Statements of Earnings Fortive's total sales in Q2 and the first half of 2025 decreased year-over-year, with net earnings and earnings per share also showing a downward trend Consolidated Condensed Statements of Earnings (Q2 2025 vs Q2 2024) | Metric | June 27, 2025 (Three Months) | June 28, 2024 (Three Months) | | :-------------------------- | :----------------------- | :----------------------- | | Sales | $1,518.8M | $1,552.4M | | Operating Profit | $222.2M | $301.8M | | Net Earnings | $166.6M | $195.1M | | Diluted Net Earnings per Share | $0.49 | $0.55 | Consolidated Condensed Statements of Earnings (First Half 2025 vs First Half 2024) | Metric | June 27, 2025 (Six Months) | June 28, 2024 (Six Months) | | :-------------------------- | :----------------------- | :----------------------- | | Sales | $2,993.0M | $3,076.9M | | Operating Profit | $455.8M | $604.0M | | Net Earnings | $338.5M | $402.5M | | Diluted Net Earnings per Share | $0.99 | $1.13 | Segment Information In Q2 2025, Precision Technologies saw significant declines in sales and operating profit, while other segments remained relatively stable or slightly decreased Segment Sales (Q2 2025 vs Q2 2024) | Segment | June 27, 2025 | June 28, 2024 | | :-------------------------- | :------------- | :------------- | | Intelligent Operating Solutions | $675.7M | $677.0M | | Precision Technologies | $523.6M | $551.8M | | Advanced Healthcare Solutions | $319.5M | $323.6M | | Total | $1,518.8M | $1,552.4M | Segment Operating Profit (Q2 2025 vs Q2 2024) | Segment | June 27, 2025 | June 28, 2024 | | :-------------------------- | :------------- | :------------- | | Intelligent Operating Solutions | $166.7M | $173.2M | | Precision Technologies | $93.2M | $115.3M | | Advanced Healthcare Solutions | $39.1M | $40.2M | | Total | $222.2M | $301.8M | Segment Operating Margin (Q2 2025 vs Q2 2024) | Segment | June 27, 2025 | June 28, 2024 | | :-------------------------- | :------------- | :------------- | | Intelligent Operating Solutions | 24.7% | 25.6% | | Precision Technologies | 17.8% | 20.9% | | Advanced Healthcare Solutions | 12.2% | 12.4% | | Total | 14.6% | 19.4% | Consolidated Condensed Balance Sheets As of June 27, 2025, Fortive's total assets and liabilities increased, with a significant rise in cash and equivalents and a reduction in long-term debt Consolidated Condensed Balance Sheets (As of June 27, 2025 vs December 31, 2024) | Metric | June 27, 2025 | December 31, 2024 | | :-------------------------- | :------------- | :------------- | | Assets | | | | Cash and Equivalents | $1,832.7M | $813.3M | | Total Current Assets | $3,683.4M | $2,592.3M | | Goodwill | $10,403.7M | $10,156.0M | | Total Assets | $18,244.2M | $17,016.1M | | Liabilities and Equity | | | | Current Portion of Long-Term Debt | $1,905.7M | $376.2M | | Total Current Liabilities | $3,745.6M | $2,238.4M | | Long-Term Debt | $2,906.5M | $3,331.1M | | Total Shareholders' Equity | $10,389.2M | $10,195.6M | | Total Liabilities and Equity | $18,244.2M | $17,016.1M | Consolidated Condensed Statements of Cash Flows In H1 2025, Fortive's operating cash flow slightly decreased, but financing cash flow turned positive due to borrowings and distributions, significantly increasing cash and equivalents Consolidated Condensed Statements of Cash Flows (First Half 2025 vs First Half 2024) | Metric | June 27, 2025 (Six Months) | June 28, 2024 (Six Months) | | :-------------------------- | :----------------------- | :----------------------- | | Net Cash Provided by Operating Activities | $552.9M | $565.6M | | Net Cash Used in Investing Activities | $(50.8)M | $(1,782.2)M | | Net Cash Provided by (Used in) Financing Activities | $509.3M | $(15.1)M | | Net Change in Cash and Equivalents | $1,019.4M | $(1,244.7)M | | Cash and Equivalents, End of Period | $1,832.7M | $644.1M | Financial Measures Reflecting Ralliant as Discontinued Operations This section presents Fortive's financial results with Ralliant reclassified as discontinued operations, offering a clearer view of continuing business performance Basis of Presentation This section presents Fortive's financial information on a continuing operations basis, with Ralliant classified as discontinued operations, retrospectively reflected in future filings - This section presents Fortive's financial information on a continuing operations basis, with Ralliant classified as discontinued operations[26] - Reporting of discontinued operations will be retrospectively reflected in future company filings but will not revise or restate any historical financial statements previously filed with the SEC[26] Unaudited Consolidated Condensed Statement of Earnings (Continuing Operations) After reclassifying Ralliant, Fortive's continuing operations achieved stable sales in Q2 and H1 2025, with growth in net earnings and diluted EPS Unaudited Consolidated Condensed Statement of Earnings (Continuing Operations, Q2 2025 vs Q2 2024) | Metric | June 27, 2025 (Three Months) | June 28, 2024 (Three Months) | | :-------------------------- | :----------------------- | :----------------------- | | Sales | $1,016.4M | $1,020.2M | | Net Earnings from Continuing Operations | $111.6M | $112.0M | | Diluted Net Earnings per Share from Continuing Operations | $0.33 | $0.32 | | Net Earnings from Discontinued Operations | $55.0M | $83.1M | | Total Net Earnings | $166.6M | $195.1M | Unaudited Consolidated Condensed Statement of Earnings (Continuing Operations, First Half 2025 vs First Half 2024) | Metric | June 27, 2025 (Six Months) | June 28, 2024 (Six Months) | | :-------------------------- | :----------------------- | :----------------------- | | Sales | $2,009.5M | $2,004.4M | | Net Earnings from Continuing Operations | $224.2M | $177.8M | | Diluted Net Earnings per Share from Continuing Operations | $0.65 | $0.50 | | Net Earnings from Discontinued Operations | $114.3M | $224.7M | | Total Net Earnings | $338.5M | $402.5M | Segment Information (Continuing Operations) Under continuing operations, Intelligent Operating Solutions achieved sales and operating profit growth in Q2 and H1 2025, while Advanced Healthcare Solutions saw slight declines Segment Sales (Continuing Operations, Q2 2025 vs Q2 2024) | Segment | June 27, 2025 | June 28, 2024 | | :-------------------------- | :------------- | :------------- | | Intelligent Operating Solutions | $696.9M | $696.6M | | Advanced Healthcare Solutions | $319.5M | $323.6M | | Total | $1,016.4M | $1,020.2M | Segment Operating Profit (Continuing Operations, Q2 2025 vs Q2 2024) | Segment | June 27, 2025 | June 28, 2024 | | :-------------------------- | :------------- | :------------- | | Intelligent Operating Solutions | $170.8M | $173.4M | | Advanced Healthcare Solutions | $35.8M | $35.7M | | Total | $169.8M | $182.3M | Segment Operating Margin (Continuing Operations, Q2 2025 vs Q2 2024) | Segment | June 27, 2025 | June 28, 2024 | | :-------------------------- | :------------- | :------------- | | Intelligent Operating Solutions | 24.5% | 24.9% | | Advanced Healthcare Solutions | 11.2% | 11.0% | | Total | 16.7% | 17.9% | Unaudited Consolidated Condensed Balance Sheet (Continuing Operations) After reclassifying Ralliant, Fortive's continuing operations balance sheet shows a significant increase in cash and equivalents and a substantial reduction in long-term debt Unaudited Consolidated Condensed Balance Sheet (Continuing Operations, As of June 27, 2025 vs December 31, 2024) | Metric | June 27, 2025 | December 31, 2024 | | :-------------------------- | :------------- | :------------- | | Assets | | | | Cash and Equivalents | $1,827.4M | $808.1M | | Current Assets of Discontinued Operations | $650.9M | $619.5M | | Total Assets | $18,244.2M | $17,016.1M | | Liabilities and Equity | | | | Current Portion of Long-Term Debt | $1,905.7M | $376.2M | | Current Liabilities of Discontinued Operations | $538.1M | $568.5M | | Long-Term Debt | $1,758.1M | $3,331.1M | | Long-Term Liabilities of Discontinued Operations | $1,579.7M | $403.8M | | Total Shareholders' Equity | $10,389.2M | $10,195.6M | | Total Liabilities and Equity | $18,244.2M | $17,016.1M | Unaudited Consolidated Condensed Statement of Cash Flows (Continuing Operations) After reclassifying Ralliant, Fortive's continuing operations in H1 2025 maintained stable operating cash flow, reduced investing outflows, and saw financing cash flow turn positive, increasing cash and equivalents Unaudited Consolidated Condensed Statement of Cash Flows (Continuing Operations, First Half 2025 vs First Half 2024) | Metric | June 27, 2025 (Six Months) | June 28, 2024 (Six Months) | | :-------------------------- | :----------------------- | :----------------------- | | Operating Cash Flow from Continuing Operations | $396.8M | $396.1M | | Operating Cash Flow from Discontinued Operations | $156.1M | $169.5M | | Investing Cash Outflow from Continuing Operations | $(35.1)M | $(46.5)M | | Investing Cash Outflow from Discontinued Operations | $(15.7)M | $(1,735.7)M | | Financing Cash Flow from Continuing Operations | $512.5M | $(15.1)M | | Financing Cash Flow from Discontinued Operations | $(3.2)M | $—M | | Net Change in Cash and Equivalents | $1,019.4M | $(1,244.7)M | | Cash and Equivalents, End of Period | $1,832.7M | $644.1M | Reconciliation of GAAP to Non-GAAP Financial Measures This section provides detailed reconciliations of GAAP to non-GAAP financial measures, offering transparency into adjustments for clearer business performance Total Fortive – Adjusted Net Earnings and Adjusted Diluted Net Earnings Per Share Total Fortive's adjusted net earnings and diluted EPS are reconciled by excluding non-recurring items like acquisition amortization, separation expenses, and discrete tax charges Total Fortive – Adjusted Net Earnings and Adjusted Diluted Net Earnings Per Share (Q2 2025 vs Q2 2024) | Metric | June 27, 2025 (Three Months) | June 28, 2024 (Three Months) | | :------------------------------------------------ | :----------------------- | :----------------------- | | Net Earnings (GAAP) | $166.6M | $195.1M | | Diluted Net Earnings per Share (GAAP) | $0.49 | $0.55 | | Total Adjustments (Pre-Tax) | $162.8M | $149.7M | | Tax Impact | $(24.9)M | $(15.7)M | | Ralliant Separation Discrete Tax Charges | $1.9M | $—M | | Adjusted Net Earnings (Non-GAAP) | $306.4M | $329.1M | | Adjusted Diluted Net Earnings per Share (Non-GAAP) | $0.90 | $0.93 | Core Revenue Growth Reflecting Ralliant as Discontinued Operations After reclassifying Ralliant, Fortive's continuing operations reported -0.7% core revenue growth in Q2 2025, reflecting business performance post-separation and currency impacts Core Revenue Growth (Reflecting Ralliant as Discontinued Operations, Q2 2025 vs Q2 2024) | Metric | June 27, 2025 vs Prior Year Period | June 28, 2024 vs Prior Year Period | | :-------------------------- | :-------------------------- | :-------------------------- | | Total Revenue Growth (GAAP) | (0.4)% | 3.7% | | Impact of Divestitures | 0.4% | (0.8)% | | Impact of Currency | (0.7)% | 1.0% | | Core Revenue Growth (Non-GAAP) | (0.7)% | 3.9% | EBITDA and Adjusted EBITDA Margin Reflecting Ralliant as Discontinued Operations After reclassifying Ralliant, Fortive's continuing operations reported adjusted EBITDA of $288.4 million and an adjusted EBITDA margin of 28.4% in Q2 2025 EBITDA and Adjusted EBITDA Margin (Reflecting Ralliant as Discontinued Operations, Q2 2025 vs Q2 2024) | Metric | June 27, 2025 (Three Months) | June 28, 2024 (Three Months) | | :------------------------------------------------ | :----------------------- | :----------------------- | | Revenue (GAAP) | $1,016.4M | $1,020.2M | | Net Earnings from Continuing Operations (GAAP) | $111.6M | $112.0M | | EBITDA from Continuing Operations (Non-GAAP) | $280.9M | $281.4M | | Total Adjustments (Pre-Tax) | $8.1M | $9.9M | | Adjusted EBITDA from Continuing Operations (Non-GAAP) | $288.4M | $291.3M | | Net Earnings Margin from Continuing Operations | 11.0% | 11.0% | | Adjusted EBITDA Margin from Continuing Operations (Non-GAAP) | 28.4% | 28.6% | Continuing Operations: Segment Adjusted EBITDA, Segment Adjusted EBITDA Margin Intelligent Operating Solutions reported adjusted EBITDA of $235.7 million and 33.8% margin, while Advanced Healthcare Solutions reported $86.1 million and 26.9% margin in Q2 2025 Continuing Operations: Segment Adjusted EBITDA, Segment Adjusted EBITDA Margin (Q2 2025 vs Q2 2024) | Intelligent Operating Solutions | June 27, 2025 | June 28, 2024 | | :---------------------------- | :------------- | :------------- | | Revenue (GAAP) | $696.9M | $696.6M | | Operating Profit (GAAP) | $170.8M | $173.4M | | Adjusted EBITDA (Non-GAAP) | $235.7M | $232.0M | | Adjusted EBITDA Margin (Non-GAAP) | 33.8% | 33.3% | | Advanced Healthcare Solutions | June 27, 2025 | June 28, 2024 | | :---------------------------- | :------------- | :------------- | | Revenue (GAAP) | $319.5M | $323.6M | | Operating Profit (GAAP) | $35.8M | $35.7M | | Adjusted EBITDA (Non-GAAP) | $86.1M | $86.1M | | Adjusted EBITDA Margin (Non-GAAP) | 26.9% | 26.6% | Adjusted Net Earnings from Continuing Operations and Adjusted Diluted Net Earnings Per Share from Continuing Operations After reclassifying Ralliant, Fortive's continuing operations reported adjusted net earnings of $197.8 million and adjusted diluted EPS of $0.58 in Q2 2025 Adjusted Net Earnings from Continuing Operations and Adjusted Diluted Net Earnings Per Share from Continuing Operations (Q2 2025 vs Q2 2024) | Metric | June 27, 2025 (Three Months) | June 28, 2024 (Three Months) | | :------------------------------------------------ | :----------------------- | :----------------------- | | Net Earnings from Continuing Operations (GAAP) | $111.6M | $112.0M | | Diluted Net Earnings per Share from Continuing Operations (GAAP) | $0.33 | $0.32 | | Total Adjustments (Pre-Tax) | $99.1M | $102.4M | | Tax Impact | $(12.9)M | $(15.8)M | | Adjusted Net Earnings from Continuing Operations (Non-GAAP) | $197.8M | $198.6M | | Adjusted Diluted Net Earnings per Share from Continuing Operations (Non-GAAP) | $0.58 | $0.56 | Free Cash Flow from Continuing Operations - Trailing Twelve Months Fortive's continuing operations generated $938.9 million in free cash flow for the trailing twelve months ended June 27, 2025, a 13.7% increase year-over-year Free Cash Flow from Continuing Operations – Trailing Twelve Months (As of June 27, 2025 vs June 28, 2024) | Metric | As of June 27, 2025 (Trailing Twelve Months) | As of June 28, 2024 (Trailing Twelve Months) | | :------------------------------------------------ | :--------------------------------- | :--------------------------------- | | Operating Cash Flow (GAAP) | $1,029.2M | $912.3M | | Less: Capital Expenditures (GAAP) | $(90.3)M | $(85.9)M | | Free Cash Flow (Non-GAAP) | $938.9M | $826.4M |