
Financial Highlights | |||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| (In millions, except per share data and percentages) | 2026 | 2025 | % Change (a) | 2026 | 2025 | % Change (a) | |||||||||||||||||||||||||||||
| Net Sales | $ | 536.4 | $ | 468.4 | 15% | $ | 1,503.4 | $ | 1,363.9 | 10 | % | ||||||||||||||||||||||||
| GAAP | |||||||||||||||||||||||||||||||||||
| Operating income | 88.2 | 94.3 | (6) | % | 293.2 | 257.9 | 14 | % | |||||||||||||||||||||||||||
| % of Net sales | 16.4 | % | 20.1 | % | (370) bps | 19.5 | % | 18.9 | % | 60 bps | |||||||||||||||||||||||||
| Net income | 58.4 | 69.6 | (16) | % | 215.9 | 192.0 | 12 | % | |||||||||||||||||||||||||||
| Diluted EPS | 1.51 | 1.77 | (15) | % | 5.57 | 4.87 | 14 | % | |||||||||||||||||||||||||||
| Non-GAAP | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 130.7 | $ | 118.9 | 10 | % | $ | 383.4 | $ | 336.9 | 14 | % | |||||||||||||||||||||||
| % of Net sales | 24.4 | % | 25.4 | % | (100) bps | 25.5 | % | 24.7 | % | 80 bps | |||||||||||||||||||||||||
| Adjusted operating income | 114.9 | 103.7 | 11 | % | 337.2 | 292.7 | 15 | % | |||||||||||||||||||||||||||
| % of Net sales | 21.4 | % | 22.1 | % | (70) bps | 22.4 | % | 21.5 | % | 90 bps | |||||||||||||||||||||||||
| Adjusted earnings | 80.6 | 76.2 | 6 | % | 251.2 | 218.6 | 15 | % | |||||||||||||||||||||||||||
| Adjusted diluted EPS | 2.09 | 1.94 | 8 | % | 6.48 | 5.55 | 17 | % | |||||||||||||||||||||||||||
| Free cash flow | 68.2 | 100.5 | (32) | % | 216.0 | 189.4 | 14 | % | |||||||||||||||||||||||||||
| Free cash flow conversion | 117 | % | 144 | % | 100 | % | 99 | % | |||||||||||||||||||||||||||
| Americas Segment | |||||||||||||||||||||||||||||||||||
| Net sales | $ | 338.2 | $ | 313.3 | 8 | % | $ | 1,004.9 | $ | 926.6 | 8 | % | |||||||||||||||||||||||
| GAAP operating income | 93.9 | 86.7 | 8 | % | 295.8 | 254.5 | 16 | % | |||||||||||||||||||||||||||
| % of Net sales | 27.8 | % | 27.7 | % | 10 bps | 29.4 | % | 27.5 | % | 190 bps | |||||||||||||||||||||||||
| Adjusted operating income | 96.7 | 88.7 | 9 | % | 303.9 | 260.7 | 17 | % | |||||||||||||||||||||||||||
| % of Net sales | 28.6 | % | 28.3 | % | 30 bps | 30.2 | % | 28.1 | % | 210 bps | |||||||||||||||||||||||||
| International Segment | |||||||||||||||||||||||||||||||||||
| Net sales | $ | 198.2 | $ | 155.1 | 28 | % | $ | 498.5 | $ | 437.3 | 14 | % | |||||||||||||||||||||||
| GAAP operating income | 22.9 | 22.7 | 1 | % | 58.3 | 52.3 | 11 | % | |||||||||||||||||||||||||||
| % of Net sales | 11.6 | % | 14.7 | % | (310) bps | 11.7 | % | 12.0 | % | (30) bps | |||||||||||||||||||||||||
| Adjusted operating income | 31.8 | 24.8 | 28 | % | 71.4 | 63.7 | 12 | % | |||||||||||||||||||||||||||
| % of Net sales | 16.1 | % | 16.0 | % | 10 bps | 14.3 | % | 14.6 | % | (30) bps | |||||||||||||||||||||||||
(a) Percentage change may not calculate exactly due to rounding. | |||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net sales | $ | 536,430 | $ | 468,445 | $ | 1,503,389 | $ | 1,363,900 | |||||||||||||||
| Cost of products sold | 292,199 | 250,829 | 790,287 | 732,179 | |||||||||||||||||||
| Gross profit | 244,231 | 217,616 | 713,102 | 631,721 | |||||||||||||||||||
| Selling, general and administrative | 132,377 | 102,852 | 354,133 | 308,895 | |||||||||||||||||||
| Research and development | 19,963 | 16,521 | 55,472 | 49,186 | |||||||||||||||||||
| Restructuring charges | 1,780 | 58 | 6,318 | 2,470 | |||||||||||||||||||
| Currency exchange losses, net | 1,876 | 3,875 | 3,971 | 13,237 | |||||||||||||||||||
| Operating income | 88,235 | 94,310 | 293,208 | 257,933 | |||||||||||||||||||
| Interest expense | 13,759 | 8,416 | 29,413 | 23,368 | |||||||||||||||||||
| Other income, net | (7,478) | (6,562) | (22,538) | (18,585) | |||||||||||||||||||
| Total other expense, net | 6,281 | 1,854 | 6,875 | 4,783 | |||||||||||||||||||
| Income before income taxes | 81,954 | 92,456 | 286,333 | 253,150 | |||||||||||||||||||
| Provision for income taxes | 23,558 | 22,843 | 70,474 | 61,159 | |||||||||||||||||||
| Net income | $ | 58,396 | $ | 69,613 | $ | 215,859 | $ | 191,991 | |||||||||||||||
| Earnings per share attributable to common shareholders: | |||||||||||||||||||||||
| Basic | $ | 1.51 | $ | 1.78 | $ | 5.58 | $ | 4.89 | |||||||||||||||
| Diluted | $ | 1.51 | $ | 1.77 | $ | 5.57 | $ | 4.87 | |||||||||||||||
| Basic shares outstanding | 38,564 | 39,168 | 38,681 | 39,253 | |||||||||||||||||||
| Diluted shares outstanding | 38,647 | 39,280 | 38,776 | 39,380 | |||||||||||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 187,248 | $ | 165,067 | |||||||
Trade receivables, net | 374,211 | 306,452 | |||||||||
Inventories | 370,595 | 343,035 | |||||||||
Other current assets | 58,690 | 54,738 | |||||||||
Total current assets | 990,744 | 869,292 | |||||||||
| Property, plant and equipment, net | 282,269 | 283,063 | |||||||||
| Prepaid pension cost | 297,101 | 279,450 | |||||||||
| Goodwill | 1,044,108 | 731,592 | |||||||||
| Intangible assets, net | 558,574 | 299,127 | |||||||||
| Other noncurrent assets | 105,516 | 91,850 | |||||||||
Total assets | $ | 3,278,312 | $ | 2,554,374 | |||||||
| Liabilities and shareholders' equity | |||||||||||
Notes payable and current portion of long-term debt, net | $ | 33,098 | $ | 8,225 | |||||||
Accounts payable | 145,800 | 110,775 | |||||||||
Other current liabilities | 194,800 | 170,211 | |||||||||
Total current liabilities | 373,698 | 289,211 | |||||||||
| Long-term debt, net | 1,088,108 | 572,709 | |||||||||
| Pensions and other employee benefits | 139,464 | 143,834 | |||||||||
| Deferred tax liabilities | 172,328 | 127,540 | |||||||||
| Other noncurrent liabilities | 70,727 | 54,068 | |||||||||
| Total shareholders' equity | 1,433,987 | 1,367,012 | |||||||||
Total liabilities and shareholders' equity | $ | 3,278,312 | $ | 2,554,374 | |||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income | $ | 58,396 | $ | 69,613 | $ | 215,859 | $ | 191,991 | |||||||||||||||
| Depreciation and amortization | 23,009 | 18,585 | 60,683 | 52,935 | |||||||||||||||||||
| Change in working capital and other operating | 907 | 24,264 | (23,167) | (3,413) | |||||||||||||||||||
Cash flow from operating activities | 82,312 | 112,462 | 253,375 | 241,513 | |||||||||||||||||||
| Acquisitions, net of cash acquired | (563,087) | — | (563,087) | (187,774) | |||||||||||||||||||
| Capital expenditures | (14,128) | (11,986) | (37,388) | (52,104) | |||||||||||||||||||
| Property disposals and other investing | — | — | 36 | 19 | |||||||||||||||||||
Cash flow used in investing activities | (577,215) | (11,986) | (600,439) | (239,859) | |||||||||||||||||||
| Change in debt | 521,698 | (49,892) | 542,458 | 115,328 | |||||||||||||||||||
| Cash dividends paid | (20,834) | (20,757) | (62,248) | (61,638) | |||||||||||||||||||
| Company stock purchases under repurchase program | (12,683) | — | (88,809) | (39,995) | |||||||||||||||||||
| Other financing | (224) | (1,156) | (9,392) | (11,521) | |||||||||||||||||||
Cash flow (used in) from financing activities | 487,957 | (71,805) | 382,009 | 2,174 | |||||||||||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (5,900) | (5,690) | (12,477) | 2,002 | |||||||||||||||||||
| Change in cash, cash equivalents and restricted cash | $ | (12,846) | $ | 22,981 | $ | 22,468 | $ | 5,830 | |||||||||||||||
| Three Months Ended September 30, 2026 | Consolidated | Americas | International | |||||||||||||||||||||||||||||||||||
| Dollars | Percent | Dollars | Percent | Dollars | Percent | |||||||||||||||||||||||||||||||||
Detection(a) | $ | 233,935 | 44% | $ | 130,107 | 38% | $ | 103,828 | 52% | |||||||||||||||||||||||||||||
Fire Service(b) | 173,214 | 32% | 119,179 | 35% | 54,035 | 27% | ||||||||||||||||||||||||||||||||
Industrial PPE and Other(c) | 129,281 | 24% | 88,960 | 27% | 40,321 | 21% | ||||||||||||||||||||||||||||||||
| Total | $ | 536,430 | 100% | $ | 338,246 | 100% | $ | 198,184 | 100% | |||||||||||||||||||||||||||||
| Three Months Ended September 30, 2025 | Consolidated | Americas | International | |||||||||||||||||||||||||||||||||||
| Dollars | Percent | Dollars | Percent | Dollars | Percent | |||||||||||||||||||||||||||||||||
Detection(a) | $ | 191,188 | 41% | $ | 124,111 | 40% | $ | 67,077 | 43% | |||||||||||||||||||||||||||||
Fire Service(b) | 158,654 | 34% | 109,497 | 35% | 49,157 | 32% | ||||||||||||||||||||||||||||||||
Industrial PPE and Other(c) | 118,603 | 25% | 79,742 | 25% | 38,861 | 25% | ||||||||||||||||||||||||||||||||
| Total | $ | 468,445 | 100% | $ | 313,350 | 100% | $ | 155,095 | 100% | |||||||||||||||||||||||||||||
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from the Autronica Fire and Security acquisition from July 9, 2026 onward (Americas and International). (b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core. | ||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | Consolidated | Americas | International | |||||||||||||||||||||||||||||||||||
| Dollars | Percent | Dollars | Percent | Dollars | Percent | |||||||||||||||||||||||||||||||||
Detection(a) | $ | 616,154 | 41% | $ | 392,710 | 39% | $ | 223,444 | 45% | |||||||||||||||||||||||||||||
Fire Service(b) | 494,378 | 33% | 343,514 | 34% | 150,864 | 30% | ||||||||||||||||||||||||||||||||
Industrial PPE and Other(c) | 392,857 | 26% | 268,711 | 27% | 124,146 | 25% | ||||||||||||||||||||||||||||||||
| Total | $ | 1,503,389 | 100% | $ | 1,004,935 | 100% | $ | 498,454 | 100% | |||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | Consolidated | Americas | International | |||||||||||||||||||||||||||||||||||
| Dollars | Percent | Dollars | Percent | Dollars | Percent | |||||||||||||||||||||||||||||||||
Detection(a) | $ | 546,094 | 40% | $ | 361,176 | 39% | $ | 184,918 | 42% | |||||||||||||||||||||||||||||
Fire Service(b) | 472,576 | 35% | 326,220 | 35% | 146,356 | 33% | ||||||||||||||||||||||||||||||||
Industrial PPE and Other(c) | 345,230 | 25% | 239,253 | 26% | 105,977 | 25% | ||||||||||||||||||||||||||||||||
| Total | $ | 1,363,900 | 100% | $ | 926,649 | 100% | $ | 437,251 | 100% | |||||||||||||||||||||||||||||
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from the M&C TechGroup acquisition from May 6, 2025, onward (Americas and International) and sales from the Autronica Fire and Security acquisition from July 9, 2026 onward (Americas and International). (b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core. | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2026 | |||||||||||||||||
Detection(a) | Fire Service(b) | Industrial PPE and Other(c) | Net Sales | ||||||||||||||
| GAAP reported sales change | 22% | 9% | 9% | 15% | |||||||||||||
| Currency translation effects | —% | —% | (2)% | (1)% | |||||||||||||
| Less: Acquisitions | (20)% | —% | —% | (8)% | |||||||||||||
| Organic sales change | 2% | 9% | 7% | 6% | |||||||||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||
Detection(a) | Fire Service(b) | Industrial PPE and Other(c) | Net Sales | ||||||||||||||
| GAAP reported sales change | 13% | 5% | 14% | 10% | |||||||||||||
| Currency translation effects | (1)% | (2)% | (4)% | (2)% | |||||||||||||
| Less: Acquisitions | (11)% | —% | —% | (4)% | |||||||||||||
| Organic sales change | 1% | 3% | 10% | 4% | |||||||||||||
| Three Months Ended September 30, 2026 | |||||||||||||||||
Detection(a) | Fire Service(b) | Industrial PPE and Other(c) | Net Sales | ||||||||||||||
| GAAP reported sales change | 5% | 9% | 12% | 8% | |||||||||||||
| Currency translation effects | —% | —% | (3)% | (1)% | |||||||||||||
| Less: Acquisitions | (1)% | —% | —% | —% | |||||||||||||
| Organic sales change | 4% | 9% | 9% | 7% | |||||||||||||
| Nine months ended September 30, 2026 | |||||||||||||||||
Detection(a) | Fire Service(b) | Industrial PPE and Other(c) | Net Sales | ||||||||||||||
| GAAP reported sales change | 9% | 5% | 12% | 8% | |||||||||||||
| Currency translation effects | (1)% | —% | (3)% | (1)% | |||||||||||||
| Less: Acquisitions | (2)% | —% | —% | (1)% | |||||||||||||
| Organic sales change | 6% | 5% | 9% | 6% | |||||||||||||
| Three Months Ended September 30, 2026 | |||||||||||||||||
Detection(a) | Fire Service(b) | Industrial PPE and Other(c) | Net Sales | ||||||||||||||
| GAAP reported sales change | 55% | 10% | 4% | 28% | |||||||||||||
| Currency translation effects | —% | —% | (1)% | —% | |||||||||||||
| Less: Acquisitions | (59)% | —% | —% | (26)% | |||||||||||||
| Organic sales change | (4)% | 10% | 3% | 2% | |||||||||||||
| Nine months ended September 30, 2026 | |||||||||||||||||
Detection(a) | Fire Service(b) | Industrial PPE and Other(c) | Net Sales | ||||||||||||||
| GAAP reported sales change | 21% | 3% | 17% | 14% | |||||||||||||
| Currency translation effects | (2)% | (4)% | (4)% | (3)% | |||||||||||||
| Less: Acquisitions | (29)% | —% | —% | (12)% | |||||||||||||
| Organic sales change | (10)% | (1)% | 13% | (1)% | |||||||||||||
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from M&C, acquired by the Company, from May 6th, 2025, onward (Americas and International). (b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core. | |||||||||||||||||
| Three Months Ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Adjusted EBITDA from reportable segments | $ | 144,278 | $ | 128,487 | $ | 421,559 | $ | 367,651 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Depreciation and amortization | 15,784 | 14,973 | 46,252 | 43,258 | |||||||||||||||||||
| Adjusted operating income from reportable segments | 128,494 | 113,514 | 375,307 | 324,393 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Corporate expenses | 13,564 | 9,773 | 38,138 | 31,718 | |||||||||||||||||||
| Adjusted operating income | 114,930 | 103,741 | 337,169 | 292,675 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
Currency exchange losses, net | 1,876 | 3,875 | 3,971 | 13,237 | |||||||||||||||||||
Restructuring charges | 1,780 | 58 | 6,318 | 2,470 | |||||||||||||||||||
| Acquisition-related amortization | 8,072 | 3,595 | 14,841 | 9,033 | |||||||||||||||||||
Transaction and digital transformation costs (a) | 14,967 | 1,903 | 18,831 | 10,002 | |||||||||||||||||||
| GAAP operating income | 88,235 | 94,310 | 293,208 | 257,933 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Interest expense | 13,759 | 8,416 | 29,413 | 23,368 | |||||||||||||||||||
| Other income, net | (7,478) | (6,562) | (22,538) | (18,585) | |||||||||||||||||||
Income before income taxes | 81,954 | 92,456 | 286,333 | 253,150 | |||||||||||||||||||
Provision for income taxes | 23,558 | 22,843 | 70,474 | 61,159 | |||||||||||||||||||
Net income | $ | 58,396 | $ | 69,613 | $ | 215,859 | $ | 191,991 | |||||||||||||||
(a) Transaction and digital transformation costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures as well as costs associated with strategic digital transformation efforts. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
Net income | $ | 58,396 | $ | 69,613 | (16)% | $ | 215,859 | $ | 191,991 | 12% | |||||||||||||||||||||||||
| Currency exchange losses, net | 1,876 | 3,875 | 3,971 | 13,237 | |||||||||||||||||||||||||||||||
Restructuring charges | 1,780 | 58 | 6,318 | 2,470 | |||||||||||||||||||||||||||||||
| Acquisition-related amortization | 8,072 | 3,595 | 14,841 | 9,033 | |||||||||||||||||||||||||||||||
Transaction and digital transformation costs (a) | 14,967 | 1,903 | 18,831 | 10,002 | |||||||||||||||||||||||||||||||
Asset related losses | 249 | 97 | 637 | 989 | |||||||||||||||||||||||||||||||
| Pension settlement | — | — | — | 721 | |||||||||||||||||||||||||||||||
Income tax expense on adjustments | (4,693) | (2,949) | (9,301) | (9,885) | |||||||||||||||||||||||||||||||
Adjusted earnings | $ | 80,647 | $ | 76,192 | 6% | $ | 251,156 | $ | 218,558 | 15% | |||||||||||||||||||||||||
Adjusted diluted earnings per share | $ | 2.09 | $ | 1.94 | 8% | $ | 6.48 | $ | 5.55 | 17% | |||||||||||||||||||||||||
| Diluted shares outstanding | 38,647 | 39,280 | 38,776 | 39,380 | |||||||||||||||||||||||||||||||
(a) Transaction and digital transformation costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures as well as costs associated with strategic digital transformation efforts. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. | |||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Cash flow from operating activities | $ | 82,312 | $ | 112,462 | $ | 253,375 | $ | 241,513 | |||||||||||||||||||||
| Capital expenditures | (14,128) | (11,986) | (37,388) | (52,104) | |||||||||||||||||||||||||
| Free cash flow | $ | 68,184 | $ | 100,476 | $ | 215,987 | $ | 189,409 | |||||||||||||||||||||
| Net Income | $ | 58,396 | $ | 69,613 | $ | 215,859 | $ | 191,991 | |||||||||||||||||||||
| Free cash flow conversion | 117 | % | 144 | % | 100 | % | 99 | % | |||||||||||||||||||||
| Twelve Months Ended September 30, | ||||||||
| 2026 | ||||||||
| Operating income | $ | 407,093 | ||||||
| Depreciation and amortization | 60,328 | |||||||
| Currency exchange losses, net | 6,535 | |||||||
| Restructuring charges | 7,745 | |||||||
| Acquisition-related amortization | 18,423 | |||||||
Transaction and digital transformation costs (a) | 19,296 | |||||||
Autronica estimated adjusted EBITDA contribution (b) | 24,000 | |||||||
| Adjusted EBITDA | $ | 543,420 | ||||||
| Total end-of-period debt | 1,121,206 | |||||||
| Debt to adjusted EBITDA | 2.1 | |||||||
| Total end-of-period debt | $ | 1,121,206 | ||||||
| Total end-of-period cash and cash equivalents | 187,248 | |||||||
| Net debt | $ | 933,958 | ||||||
| Net debt to adjusted EBITDA | 1.7 | |||||||
(a) Transaction and digital transformation costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures as well as costs associated with strategic digital transformation efforts. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. | ||||||||
(b) Adjusted EBITDA includes Autronica estimates for nine months preceding MSA's ownership. The estimate was developed using information disclosed in MSA's Form 8-K filed on May 5, 2026. Pro forma Adjusted EBITDA is derived from Autronica's estimated 2025 revenue of approximately $160 million and estimated Adjusted EBITDA margin of approximately 20%. These amounts are unaudited and based on preliminary estimates. | ||||||||