SPX Technologies, Inc. reported higher full-year 2025 results for its HVAC segment and introduced full-year 2026 guidance. For 2025, the HVAC segment posted revenue of $1,518.2 million, up from $1,364.7 million in 2024, and segment income of $372.6 million versus $323.9 million a year earlier.
SPX said the 2025 HVAC revenue increase was primarily driven by higher volumes of both heating and cooling products, supported by continued strength in demand and higher throughput mainly from continued production capacity expansion. SPX also cited the impact of lower heating-product volumes in 2024 associated with unseasonably warm winter conditions in relevant end markets during the first quarter of 2024.
SPX attributed additional 2025 HVAC growth to acquisitions, citing Ingénia and Sigma & Omega. The company said HVAC segment income and segment income margin rose due to higher volumes and associated operating leverage, along with a more accretive mix and favorable project execution primarily within its cooling products business. HVAC segment income margin was 24.5% in 2025, compared with 23.7% in 2024.
For 2026, SPX guided HVAC segment revenue of $1,800 to $1,840 million and a segment income margin of 24.50% to 25.00%. In comments on 2026 activity, SPX said that in the first quarter of 2026 it added Thermolec and the air handling segment of Crawford United to its HVAC segment, and highlighted new product introductions including the launch of its Olympus Max product and investments in production capacity expansions.
“I’m proud of our team’s accomplishments over the past year,” said Gene Lowe, President and CEO. “In the first quarter of 2026, we continued our momentum with the additions of Thermolec and the air handling segment of Crawford United to our HVAC segment, significantly scaling our Electric Heat and Engineered Air Movement businesses, respectively.”
