Fortive (FTV) official guidance

We expect full year adjusted EBITDA margin expansion around the midpoint of the 50 to 100 basis points range outlined in our medium-term financial framework.

We expect FX and M&A combined to be about a 50 basis point tailwind to reported revenue in Q4, and we continue to expect a Q4 effective tax rate in the low double-digit range.

Finally, we are raising our full year 2026 adjusted EPS guidance to $3.10-$3.14, up 15% year-over-year at the midpoint, reflecting our strong year-to-date performance and continued confidence in the trajectory of the business.

We expect full year net interest expense of approximately $145 million.

We expect FX and M&A combined to be about a 50 basis point tailwind to reported revenue in Q4, and we continue to expect a Q4 effective tax rate in the low double-digit range.

In terms of the full year, based on current foreign exchange rates, we now expect full year reported revenue just north of $4.4 billion and full year core growth just north of 5%.

At the segment level, this translates into a 100 basis point headwind to core growth in IOS and a 300 basis point headwind in AHS.

At the segment level, this translates into a 100 basis point headwind to core growth in IOS and a 300 basis point headwind in AHS.

In terms of the full year, based on current foreign exchange rates, we now expect full year reported revenue just north of $4.4 billion and full year core growth just north of 5%.

This will drive about a $15 million-$20 million headwind to reported revenue and a 150 basis point headwind to core growth in the fourth quarter.

This will drive about a $15 million-$20 million headwind to reported revenue and a 150 basis point headwind to core growth in the fourth quarter.

We are expecting Q3 adjusted EBITDA margins to be slightly below Q2 levels, driven by slightly lower revenue on an absolute basis and the impact of modest strategic growth investments.

I think first of all, we continue to operate the business in accordance with the 50-100 basis point EBITDA margin expansion framework on an annualized basis. I would expect that for this year. Again, it's part of the framework, so we'll run it through next year as well.

We now expect a Q3 effective tax rate in the mid-teens and Q4 in the low double-digit range, and full-year net interest expense of about $140 million.

From a bottom-line perspective, as we look forward to the balance of the year, as has historically been the case, we expect adjusted EPS delivery to be weighted towards the fourth quarter, with Q3 EPS up very slightly year-over-year, as we said last quarter, broadly consistent with what we saw in the first quarter of this year.

From a bottom-line perspective, as we look forward to the balance of the year, as has historically been the case, we expect adjusted EPS delivery to be weighted towards the fourth quarter, with Q3 EPS up very slightly year-over-year, as we said last quarter, broadly consistent with what we saw in the first quarter of this year.

We expect FX and M&A combined to be about a 50 basis point tailwind to reported revenue in each of Q3 and Q4.

In terms of the shape of the balance of the year, we expect Q3 reported revenue as a percent of total to be broadly in line with historical patterns, while Q4 will be a smaller than usual percentage due to there being four fewer selling days in the quarter versus prior year.

In terms of the shape of the balance of the year, we expect Q3 reported revenue as a percent of total to be broadly in line with historical patterns, while Q4 will be a smaller than usual percentage due to there being four fewer selling days in the quarter versus prior year.

Again, I think just to reiterate, we are very confident in our medium-term financial framework, and that calls to 50 basis points-100 basis points of EBITDA margin expansion over the course of this year and next year, each year.