Roper (ROP) Q2 2026: GAAP EPS $11.62 on $835M Indicor Gain, Core Pretax Up 0.9%
Roper Technologies reported net earnings of $1,168.5 million in the second quarter of 2026 against $378.3 million a year earlier, and diluted earnings per share of $11.62 against $3.49 — but the quarter carries an $835.2 million equity investment gain against $16.6 million a year earlier, and $828.6 million of that is a non-cash fair value mark-up on a minority stake the company does not operate. Roper's own adjusted measure, which excludes the Indicor mark and purchase-accounting amortization, was $5.38 per share, up 10% and above the $5.25–$5.30 guide. Strip the Indicor revaluation out of both periods and pretax earnings were $473.3 million versus $469.2 million, an increase of 0.9%, because a 40.8% jump in net interest expense to $111.4 million consumed essentially all of the 6.6% growth in operating profit. What actually moved per-share economics was the buyback: Roper repurchased 7.865 million shares for $2,724.1 million in the first half at an average of $346.34, cutting diluted shares outstanding 7.2% to 100.6 million. For a serial acquirer whose premium has always rested on redeploying cash into vertical software businesses, the more consequential disclosure is that acquisition spending fell to $27.5 million in the first half from $2,005.2 million a year ago — even as roughly $1.1 billion of after-tax Indicor proceeds is due to land in the second half.
Balance sheet and income statement figures are from Roper's Q2 2026 Form 10-Q filed July 31, 2026, in millions of U.S. dollars unless otherwise noted. Adjusted EPS, guidance, free cash flow and backlog figures are from Roper's Q2 2026 earnings release and call of the same date. Operating income figures derived from segment disclosures were cross-checked against Roper's SEC XBRL filing data.
1. Consolidated Balance Sheet
1-1. Key asset movements
| Item | Dec 31, 2025 ($M) | Jun 30, 2026 ($M) | Change |
|---|---|---|---|
| Cash and cash equivalents | 297.4 | 364.9 | +22.7% |
| Accounts receivable, net | 1,001.0 | 927.2 | −7.4% |
| Unbilled receivables | 124.0 | 153.8 | +24.0% |
| Inventories, net | 141.7 | 145.4 | +2.6% |
| Property, plant and equipment, net | 156.9 | 158.7 | +1.1% |
| Goodwill | 21,341.2 | 21,330.7 | −0.05% |
| Other intangible assets, net | 9,764.2 | 9,347.3 | −4.3% |
| Equity investment (Indicor) | 796.3 | 1,792.2 | +125.1% |
| Total assets | 34,577.0 | 35,169.5 | +1.7% |
Total assets grew $592.5 million, while the Indicor revaluation alone added $995.9 million — meaning every other asset in aggregate shrank by roughly $403 million, led by a $416.9 million decline in intangibles and a $73.8 million drop in receivables. Goodwill was essentially unchanged at $21,330.7 million — $17.6 million acquired, offset by currency and other adjustments — which is the balance-sheet signature of an acquisition program on pause. Other intangibles fell $416.9 million as $415.8 million of first-half amortization ran ahead of what little was added.
