| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 4, 2026 | 8/12 | 1 medium, 1 low flags | 1 | 0 | Call sheet → |
| Q1'26 | May 5, 2026 | 9/12 | 4 medium, 4 low flags | 3 | 1 | Call sheet → |
| Q4'25 | February 10, 2026 | 11/12 | 6 low flags | 6 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Water FY2026 organic growth expected 'up mid single digits' Full-year target, period not ended. Guidance was cut this quarter to 'low to mid-single-digit', a downward revision rather than a delivered result. |
| Q2'26 | Pending | 80-20 pilot (4 diversified industrials businesses): 'no impact in the full-year guide... minimal top line impact' with margin appreciation expected 'over time' Longer-term initiative, not due this quarter. This quarter disclosed a quantified 'few million' of H2 2026 EBITDA benefit, showing progress but the full multi-year target remains outstanding. |
| Q2'26 | Pending | Free cash flow conversion 'greater than 90%' for full year 2026 Full-year target, period not ended. Commentary this quarter upgraded language to 'much closer to 100%', a revision rather than a resolution. |
| Q2'26 | Pending | Stranded cost takeout: $30M total target over two years, with ~$10M out in 2026 Multi-year commitment, period not ended. Not mentioned anywhere in the Q2 call; actual progress not stated on the call. |
| Q2'26 | Pending | FY2026 guidance at midpoint: net sales ~$7.185B, organic growth ~4%, EBITDA ~$1.745B, EPS $2.35-$2.40 (pre-split) The year is not complete. Sales midpoint moved from $7.185B to $7.175B, while EBITDA midpoint rose from $1.745B to $1.760B. The new EPS midpoint is $7.24 on the post-split basis. These are mixed guidance revisions, not all upward. |
| Q2'26 | Exceeded | Q2 2026 guidance: net sales ~$1.8B, operating EBITDA ~$430M, adjusted EPS $0.59, organic growth ~3% Sales were about $1.8B, organic growth 4% versus about 3% guided, and EBITDA $448M versus about $430M guided. EPS requires adjustment for the reverse split before comparison. |
| Q1'26 | Delivered | Take out $30M stranded costs within first 2 years On track with $10M out this year, 'halfway there' to target. |
| Q1'26 | Pending | Diversified Industrials low single digit growth in 2026 Q1 flat organic, still targeting low single digit full year. |
| Q1'26 | Missed | Water continued growth in 2026 Down in Q1 even excluding Middle East impact. Now expects flat H1, recovery H2. |
| Q1'26 | Exceeded | Healthcare growth in mid-single digits for 2026 Q1 up high single digits, raised full year to 'mid to high single digits.' |
| Q1'26 | Pending | Free cash flow conversion greater than 90% for 2026 Q1 at 65%, reaffirmed >90% target. Seasonal pattern expected. |
| Q1'26 | Pending | Operating margins to expand 60-80 basis points in 2026 Q1 delivered 130 bps pro forma, tracking ahead of target. |
| Q1'26 | Exceeded | Full year 2026 organic sales growth about 3% Raised to 4%, though 1% is Middle East pricing so underlying 3% delivered as promised. |
| Q4'25 | Delivered | Lower corporate costs accelerating toward $95M structure Ahead of plan on corporate cost reduction |
| Q4'25 | Exceeded | Quarterly dividend and share repurchase authorization $2B authorization approved, $500M ASR already executed |
| Q4'25 | Delivered | Continue to be opportunistic on M&A in healthcare and water Completed China RO acquisition, robust healthcare pipeline mentioned |
| Q4'25 | Delivered | Medium-term targets achievable without starting in hole 2026 guidance aligns with 3-year plan trajectory |
| Q4'25 | Delivered | Healthcare and water mid-to-high single digit growth Healthcare above the average as promised |
| Q4'25 | Delivered | 2% organic growth for full year 2025 Hit exactly as guided with strong Q4 finish |
Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.
Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.