Ingersoll Rand reported higher orders and revenue in the third quarter, with order growth outpacing sales. The industrial equipment and services company also posted higher adjusted earnings and EBITDA, though those gains were smaller when excluding benefits tied to IEEPA tariff refunds.
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Orders and revenue: Orders rose 21% to $2.345 billion, or 18% organically. Revenue increased 6% to $2.065 billion, or 4% organically. All comparisons are with the third quarter of 2025.
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Earnings: Net income attributable to Ingersoll Rand was $670 million, or $1.73 per share. Adjusted net income was $415 million, or $1.07 per share, up 24%. Excluding IEEPA tariff refunds, adjusted net income was $390 million, or $1.01 per share, up 17%.
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Profitability: Adjusted EBITDA rose 7% to $584 million, with a 28.3% margin. Excluding IEEPA tariff refunds, adjusted EBITDA was $552 million, up 1%, with a 26.7% margin.
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Cash and liquidity: Operating cash flow was $648 million and free cash flow was $623 million. At quarter-end, the company had $3.9 billion of liquidity, including $1.3 billion in cash and $2.6 billion of available credit capacity.
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Industrial Technologies and Services: This segment, which includes compressors, vacuum and blower systems, air treatment equipment, power tools and lifting equipment, recorded orders of $1.898 billion, up 25% reported and 22% organically. Revenue rose 5% to $1.620 billion, or 4% organically. Segment adjusted EBITDA increased 6% to $476 million; excluding tariff refunds, it was $451 million, up 1%.
Chief Executive Vicente Reynal cited improved demand and described activity as healthy across both shorter- and longer-cycle businesses, geographies and end markets. He also pointed to the company’s operating approach, Ingersoll Rand Execution Excellence, as a continuing focus.
What stands out: New orders grew substantially faster than revenue during the quarter. Adjusted earnings and EBITDA also increased, but the tariff-refund-excluded figures show more modest underlying growth than the headline adjusted results.