FLS

FLOWSERVE CORP

NYSE · INDUSTRIALS · PUMPS & PUMPING EQUIPMENT

79.01

−1.34 −1.67%

USD · close Oct 30

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MKT CAP $10BP/E 27.5DIV YIELD 1.09%FCF YIELD 4.10%REV TTM $0NET INCOME $371.3M +27.3%NET DEBT $814.9M52W 64.39 – 92.04SEC XBRL · TTM TO Invalid Date

How FLS rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

35%

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617

new sentences

Dropped

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Length

+2,520

words, now 49,125

New in FY2025

Risk Factors” and the section titled “Forward-Looking Information is Subject to Risk and Uncertainty” included in this Annual Report on Form 10-K for the year ended December 31, 2025 ("Annual Report") for a discussion of the risks, uncertainties and assumptions associated with these statements.
Our product portfolio of pumps, valves, seals, automation and aftermarket services supports global infrastructure industries, including energy, chemical, power generation and general, which includes water management and pharmaceuticals, where our products and services enable customers to achieve their goals.
As of December 31, 2025, we have approximately 16,000 employees globally and a footprint of manufacturing facilities and QRCs in approximately 48 countries.
The worldwide installed base of our products is an important source of aftermarket revenue, where products are relied upon to maximize operating time of many key industrial processes.
The aftermarket business, which is primarily served by our network of 152 QRCs (some of which are shared by our two business segments) located around the globe, provides a variety of service offerings for our customers including spare parts, service solutions, product life cycle solutions and other value-added services.
Our business segments share a focus on industrial flow control technology and have a number of common customers.
Our segments also benefit from our global footprint, our economies of scale in reducing administrative and overhead costs to serve customers more cost effectively and our shared leadership for operational support functions, such as R&D, marketing, and supply chain.
The reputation of our product portfolio is built on more than 50 well-respected brand names such as Worthington, IDP, SIHI, INNOMAG, Valtek, Limitorque, Durco, Argus and Durametallic, w hich we believe to be one of the most comprehensive in the industry.
Our products and services are sold either directly or through designated channels t o more than 10,000 companies, including some of the world’s leading engineering, procurement and construction ("EPC") firms, original equipment manufacturers, distributors and end users.
One of the main focus areas of the Flowserve Business System is portfolio excellence.
The CORE program has now been implemented in all of our main product segments.
This consolidated operating model was designed to better align our go-to-market strategy with our product offerings, enable end-to-end lifecycle responsibility and accountability, and facilitate more efficient operations.
Collectively, the above realignment activities are referred to as the "2023 Realignment Programs." The activities of the 2023 Realignment Programs were identified and implemented in phases throughout 2023 and 2024 and are substantially completed.
In the fourth quarter of 2024, we launched the CORE program within the portfolio excellence category of the Flowserve Business System.
During 2025, we also initiated certain other portfolio and footprint optimization activities.
These optimization activities, together with the CORE program are referred to as the "2025 Realignment Programs," and collectively with the 2023 Realignment Programs are referred to as the "Realignment Programs." Our Markets Our products and services are used in several distinct industries: energy, chemical, power generation, and several other industries, such as water management, pharmaceuticals, mining, food and beverage, steel, and pulp and paper, that are collectively referred to as "general industries." General Industries General industries represented, in the aggregate, approximately 34% and 31% of our bookings in 2025 and 2024, respectively.
General industries comprise a variety of different businesses, including water management, pharmaceuticals, mining and ore processing, pulp and paper, food and beverage, steel, and other smaller applications.
General industry activity levels increased in 2025 for the third consecutive year, primarily due to customers' increased repair and maintenance budgets and the demand for fresh water, water treatment and re-use, desalination and flood control considerations that impact the water management component of this industry group.
Energy The energy industry represented approximately 33% and 37% of our bookings in 2025 and 2024, respectively.
Customer repair and maintenance spending improved during 2025 supported by strong asset utilization, while short cycle investments continued at a reduced level to support global demand.
The outlook for the energy industry is dependent on the overall macroeconomic environment, including fuel demand, demand growth from both mature markets and developing geographies as well as changes in the regulatory environment.
We currently expect continued growth in our business, including increased investment related to energy security and decarbonization efforts in 2026.
Chemical The chemical industry represented approximately 19% of our bookings in both 2025 and 2024.
The chemical industry is comprised of petrochemical and specialty chemical products.
Customer spending in 2025 remained resilient for the fourth consecutive year following the pandemic's negative impact on demand for chemical products in 2020.
Bookings levels increased modestly in 2025 as customers increased their repair and maintenance budgets and lowered project work.
An increase in spending would drive greater demand for petrochemical and specialty chemical products supporting improved levels of capital investment.
Power Generation The power generation industry represented approximately 14% and 13% of our bookings in 2025 and 2024, respectively.
In 2025, energy security concerns drove continued investment in the power generation industry, including nuclear new build and life extensions as well as traditional thermal power sources.
As countries around the world look for opportunities to gain additional energy independence and satisfy increasing energy demands, nuclear power remains an important contributor to the global energy mix and is a key factor in our Diversification strategy.
Due to our extensive history and proven product portfolio, we believe we are well positioned to take advantage of this ongoing source of aftermarket and new project opportunities.
We believe the long-term fundamentals for the power generation industry remain solid positive based on projected increases in demand for electricity driven by the continued use and proliferation of artificial intelligence systems and machine learning, global population growth, growth of urbanization in developing markets and the increased use of electricity driven transportation.
Outlook for 2026 We have seen growth from the end markets we serve and continue to focus on our strategic plan that takes a balanced approach to integrating both short-term and long-term initiatives and aims to accelerate growth through three key areas: diversification, decarbonization, and digitization, the "3D Strategy." Our strategy is expected to deliver sustainable growth, while the Flowserve Business System is expected to unlock gains in organizational and operational efficiency.
The current macroeconomic environment is dynamic and uncertainty exists given the current geopolitical climate and continued trade policy actions, including higher import tariffs in a number of countries in which we operate, the potential implementation of modified or new tariffs and related retaliatory actions.
We plan to leverage our global footprint, expansive manufacturing network, flexible supply chain and ability to incorporate tariff impacts into pricing decisions to minimize the economic impact of this uncertainty to our business.
We will continue to monitor and manage macroeconomic trends and uncertainties, including inflationary and recessionary pressures resulting from the ongoing tariffs and geopolitical climate; however, with our strong backlog, improved execution and recent acquisitions activity, we expect to deliver annual revenue growth in 2026.
Our bookings were $4.7 billion during the year ended December 31, 2025.
Assuming a positive general macroeconomic environment and continued supportive environments in our end markets, we expect full-year bookings growth in 2026.
On December 31, 2025, we had $992.7 million of fixed-rate Senior Notes outstanding.
We expect our interest expense in 2026 will be relatively consistent with amounts incurred in 2025.

and 577 more.

Gone since FY2024

Risk Factors” and the section titled “Forward-Looking Information is Subject to Risk and Uncertainty” included in this Annual Report on Form 10-K for the year ended December 31, 2024 ("Annual Report") for a discussion of the risks, uncertainties and assumptions associated with these statements.
Our product portfolio of pumps, valves, seals, automation and aftermarket services supports global infrastructure industries, including oil and gas, chemical, power generation including nuclear plants and water management, as well as general industrial markets where our products and services enable customers to achieve their goals.
As of December 31, 2024, we have approximately 16,000 employees globally and a footprint of manufacturing facilities and QRCs in approximately 50 countries.
The worldwide installed base of our products is an important source of aftermarket revenue, where products are relied upon to maximize the operating time of many key industrial processes.
The aftermarket business, which is primarily served by our network of 157 QRCs (some of which are shared by our two business segments) located around the globe, provides a variety of service offerings for our customers including spare parts, service solutions, product life cycle solutions and other value-added services.
Our business segments share a focus on industrial flow control technology and have a high number of common customers.
Our segments also benefit from our global footprint, our economies of scale in reducing administrative and overhead costs to serve customers more cost effectively and our shared leadership for operational support functions, such as research and development, marketing and supply chain.
The reputation of our product portfolio is built on more than 50 well-respected brand names such as Worthington, IDP, SIHI, INNOMAG, Valtek, Limitorque, Durco and Argus, which we believe to be one of the most comprehensive in the industry.
Our products and services are sold either directly or through designated channels to more than 10,000 customers, including some of the world’s leading engineering, procurement and construction ("EPC") firms, original equipment manufacturers, distributors and end users.
Another main focus area of the Flowserve Business System is portfolio excellence.
This consolidated operating model was designed to better align our go-to-market strategy with our product offerings, enable end-to-end lifecycle responsibility and accountability, and to facilitate more efficient operations.
Additionally, we committed to an estimated $50 million in cost reduction efforts beginning in 2023.
Collectively, the above realignment activities are referred to as the "2023 Realignment Programs." The activities of the 2023 Realignment Programs were identified and implemented in phases throughout 2023 and 2024.
In the fourth quarter of 2024, we launched the CORE program within the portfolio excellence category of the Flowserve Business System, referred to as the "CORE Realignment Program." Together with the 2023 Realignment Programs, all realignment activities are referred to as the "2023 and CORE Realignment Programs." Our Markets Our products and services are used in several distinct industries: oil and gas, chemical, power generation, water management, and several other industries, such as mining, food and beverage, steel, and pulp and paper, that are collectively referred to as "general industries." Oil and Gas The oil and gas industry represented approximately 37% and 38% of our bookings in 2024 and 2023, respectively.
Customer repair and maintenance spending improved during 2024 supported by strong asset utilization, while larger project activity and short cycle investments continued in order to support global demand.
The outlook for the oil and gas industry is dependent on the overall macroeconomic environment, including fuel demand, demand growth from both mature markets and developing geographies as well as changes in the regulatory environment.
We currently expect continued growth in our business, including increased investment related to energy security and decarbonization efforts in 2025.
General Industries General industries represented, in the aggregate, approximately 26% of our bookings in both 2024 and 2023, respectively.
General industries comprise a variety of different businesses, including mining and ore processing, pulp and paper, food and beverage and other smaller applications, none of which individually represented more than 5% of total bookings in 2024 and 2023.
General industry activity levels increased in 2024 for the second consecutive year, primarily due to customers' increased repair and maintenance budgets.
Chemical The chemical industry represented approximately 19% and 21% of our bookings in 2024 and 2023, respectively.
The chemical industry is comprised of petrochemical, specialty chemical and pharmaceutical products.
Customer spending in 2024 remained resilient for the fourth consecutive year following the pandemic's negative impact on demand for chemical products in 2020.
Customers' repair and maintenance budgets increased in 2024 and 2023, and bookings levels returned to roughly pre-pandemic levels.
An increase in spending would drive greater demand for petrochemical, specialty chemical and pharmaceutical products supporting improved levels of capital investment.
Power Generation The power generation industry represented approximately 13% and 11% of our bookings in 2024 and 2023, respectively.
In 2024, energy security concerns drove continued investment in the power generation industry, including nuclear new build and life extensions as well as traditional thermal power sources.
As countries around the world look for opportunities to gain additional energy independence, nuclear power remains an important contributor to the global energy mix and is a key factor in our Diversification strategy.
Due to our extensive history, we believe we are well positioned to take advantage of this ongoing source of aftermarket and new project opportunities.
We believe the long-term fundamentals for the power generation industry remain solid based on projected increases in demand for electricity driven by the continued use and proliferation of artificial intelligence systems and machine learning, global population growth, growth of urbanization in developing markets and the increased use of electricity driven transportation.
Water Management The water management industry represented approximately 5% and 4% of our bookings in 2024 and 2023, respectively.
Water management industry activity levels increased in 2024.
Worldwide demand for fresh water, water treatment and re-use, desalination and flood control are expected to create requirements for new facilities or for upgrades of existing systems, many of which require products that we offer, particularly pumps.
We expect capital and aftermarket spending to rise in developed and emerging markets with governments and private industry providing funding for critical projects.
The proportion of people living in regions that find it difficult to meet water requirements is expected to increase significantly in the coming years.
We believe that the persistent demand for fresh water during all economic cycles supports continued investments, especially in North America and developing regions.
Outlook for 2025 We have seen growth from the end-markets we serve and continue to focus on our strategic plan that takes a balanced approach to integrating both short-term and long-term initiatives and aims to accelerate growth through three key areas: diversification, decarbonization, and digitization, the "3D Strategy." Our sales volume is expected to deliver sustainable and healthy growth, while the Flowserve Business System is expected to unlock gains in organizational and operational efficiency.
With our strong backlog, improved market environment and recent acquisition of MOGAS, we expect to deliver annual revenue growth in 2025.
Our bookings were $4.7 billion during 2024.
Assuming a positive general macroeconomic environment and continued supportive environments in our end markets, we expect full-year bookings growth in 2025.

and 506 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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