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Nordson Corporation Reports Record Fourth Quarter and Fiscal Year 2025 Results
Fourth Quarter:
•Sales were $752 million, growth of 1% over prior year
•Earnings per diluted share were $2.69
•Adjusted earnings per diluted share were $3.03, growth of 9% over prior year

Full Year:
•Record sales of $2.8 billion, growth of 4% over prior year’s record sales
•Earnings per diluted share were $8.51
•Adjusted earnings per diluted share were $10.24, growth of 5% over prior year

Fiscal 2026 Guidance:
•Fiscal 2026 forecasted sales range between $2,830 to $2,950 million and adjusted earnings in the range of $10.80 to $11.50

WESTLAKE, Ohio--(BUSINESS WIRE)--December 10, 2025--Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal fourth quarter ended October 31, 2025. Sales were $752 million, a 1% increase compared to the prior year’s fourth quarter sales of $744 million. The increase in fourth quarter 2025 sales included favorable currency translation of 2% and a 1% acquisition impact, which was partially offset by the medical contract manufacturing divestiture and an organic sales decrease of 1%.
Net income was $152 million, or earnings per diluted share of $2.69, compared to prior year’s fourth quarter net income of $122 million, or earnings per diluted share of $2.12. Adjusted net income was $171 million, up from prior year adjusted net income of $160 million. Fourth quarter 2025 adjusted earnings per diluted share were $3.03, a 9% increase compared to prior year adjusted earnings per diluted share of $2.78.
EBITDA in the fourth quarter was $256 million, or 34% of sales, an increase of 6% compared to prior year EBITDA of $241 million, or 32% of sales.
Commenting on the Company’s fiscal 2025 fourth quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “We had a strong operational finish to fiscal 2025, and I want to thank our teams for delivering value to our customers and shareholders. Adjusted earnings per share increased 9% year-over-year, which was at the high end of our fourth quarter guidance. Sales increased 1%, inclusive of the divestiture of our medical contract manufacturing business that closed on September 2, 2025. Importantly, we achieved record EBITDA margin and free cash flow conversion of 128% resulting in continued balanced capital allocation of ongoing share repurchases, dividend payments and further debt reduction.”
Fourth Quarter Segment Results
Industrial Precision Solutions sales of $362 million decreased 2% compared to the prior year fourth quarter, driven by a 4% organic sales decrease and a favorable currency impact of 2%. The organic sales decrease was driven by double-digit weakness in polymer processing systems. EBITDA in the quarter was $137 million, or 38% of sales, a 1% increase from the prior year fourth quarter EBITDA of $136 million despite slightly lower sales volume.

Medical and Fluid Solutions sales of $220 million increased 10% compared to the prior year fourth quarter. Organic sales increased 7% driven by growth in all product lines. The final acquisition impact from Atrion, net of the divested sales from the medical contract manufacturing businesses, added 2% and favorable currency added another 1%. EBITDA in the quarter was $88 million, or 40% of sales, a 380 basis point margin increase versus the prior year fourth quarter EBITDA of $72 million, or 36% of sales.

Advanced Technology Solutions sales of $171 million decreased 4% compared to the prior year fourth quarter, driven by an organic sales decrease of 5% and a favorable currency impact of 1%. Ongoing sales strength in electronics dispense systems was more than offset by fewer deliveries of test and inspection systems, particularly x-ray systems. EBITDA in the quarter was $43 million, or 25% of sales, a decrease from the prior year fourth quarter EBITDA of $48 million, or 27% of sales.
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Fiscal 2025 Full Year Results
Sales for the fiscal year ended October 31, 2025, were a record $2.8 billion, an increase of 4% compared to the prior year. This sales growth was driven by a favorable acquisition net impact of 6%, partially offset by a 3% decrease in organic volume.
Net income was $484 million, or earnings per diluted share of $8.51, compared to prior year’s net income of $467 million, or earnings per diluted share of $8.11. Adjusted net income was $583 million, an increase from prior year adjusted net income of $561 million. Adjusted earnings per diluted share were also a record at $10.24, a 5% increase compared to prior year adjusted earnings per diluted share of $9.73.
EBITDA was $900 million, or 32% of sales, compared to prior year EBITDA of $849 million, or 32% of sales. Full-year free cash flow was $661 million, a new Company record, which was a conversion rate of 136% of net income.
Reflecting on fiscal 2025, Mr. Nagarajan continued, “Nordson’s winning team delivered strong results in line with the expectations we set at the beginning of the year. This is a significant achievement, particularly in the context of the macroeconomic environment this year. Leveraging our NBS Next growth framework, as well as our close-to-the-customer business model and differentiated products, we achieved record sales of $2.8 billion, delivered our 2025 Ascend strategy goal of $900 million in EBITDA, maintained gross margins of 55% in an evolving tariff environment and achieved a 5% year-over-year increase in adjusted earnings per share. We also continued to strengthen our portfolio and balance sheet, ending the year well positioned for growth.”
Outlook
Following four consecutive years of record-setting performance, we enter fiscal 2026 with approximately $600 million in backlog, up 5% from the prior year end, excluding backlog associated with the divested business.
Based on the combination of order entry, backlog, current exchange rates and anticipated end market expectations, we expect to deliver sales in the range of $2,830 to $2,950 million in fiscal 2026. Full year fiscal 2026 adjusted earnings are forecasted in the range of $10.80 to $11.50 per diluted share.
First quarter fiscal 2026 sales are forecasted in the range of $630 to $670 million with adjusted earnings in the range of $2.25 to $2.45 per diluted share.
Commenting on fiscal 2026 guidance, Mr. Nagarajan said, “As several of our end markets begin to inflect, we are entering the fiscal year optimistic to deliver solid growth in 2026. The implementation of the Ascend Strategy, a combination of our NBS Next growth framework, owner mindset and winning teams, positions us well to meet increasing customer demand. We also remain focused on creating value for our shareholders by deploying strategic capital for acquisitions, share repurchases, dividends and debt service.”
Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, December 11, 2025, at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com.
Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of these terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic and political conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions and the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements, including changes in tariffs by the U.S. or other nations; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflicts in Europe and the Middle East, acts of terror, natural disasters and pandemics and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release.

Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company’s direct sales model and applications expertise serve global customers through a wide variety of critical applications. Its diverse end
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market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com, linkedin/Nordson, or www.facebook.com/nordson.
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NORDSON CORPORATION
SEGMENT INFORMATION (Unaudited)
(Dollars in thousands)
Three Months EndedTwelve Months Ended
October 31, 2025October 31, 2024October 31, 2025October 31, 2024
SALES
Industrial precision solutions$361,713 $367,195 $1,331,792 $1,398,912 
Medical and fluid solutions219,502 200,223 835,385 695,452 
Advanced technology solutions170,605 177,064 624,510 595,557 
Total sales$751,820 $744,482 $2,791,687 $2,689,921 
EBITDA
Industrial precision solutions$137,420 38%$136,244 37%$493,873 37%$520,769 37%
Medical and fluid solutions87,661 40%72,264 36%311,684 37%256,553 37%
Advanced technology solutions42,756 25%47,564 27%146,589 23%129,181 22%
Corporate expenses(12,086)(14,976)(52,628)(57,335)
EBITDA (non-GAAP) (1)
$255,751 34%$241,096 32%$899,518 32%$849,168 32%
(1) Total company EBITDA is a non-GAAP measure. Refer to the reconciliation of non-GAAP measures – net income to EBITDA.

Three Months EndedTwelve Months Ended
October 31, 2025October 31, 2024October 31, 2025October 31, 2024
Depreciation and amortization
Industrial precision solutions$14,015 $12,783 $52,492 $51,187 
Medical and fluid solutions17,396 17,240 71,588 58,062 
Advanced technology solutions4,683 4,593 18,741 19,102 
Corporate expenses1,975 1,913 7,702 7,824 
Total$38,069 $36,529 $150,523 $136,175 
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NORDSON CORPORATION
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(Dollars in thousands except for per-share amounts)
Three Months EndedTwelve Months Ended
October 31, 2025October 31, 2024October 31, 2025October 31, 2024
Sales$751,820 $744,482 $2,791,687 $2,689,921 
Cost of sales328,353 341,658 1,251,903 1,203,792 
Gross profit423,467 402,824 1,539,784 1,486,129 
Gross margin %56.3 %54.1 %55.2 %55.2 %
Selling & administrative expenses208,872 223,932 815,514 812,128 
Divestiture and related charges334 — 12,545 — 
Operating profit214,261 178,892 711,725 674,001 
Interest expense - net(23,770)(27,282)(101,105)(84,011)
Other expense - net(7,592)(3,538)(12,972)(4,509)
Income before income taxes182,899 148,072 597,648 585,481 
Income taxes31,265 25,904 113,174 118,197 
Net Income$151,634 $122,168 $484,474 $467,284 
Weighted-average common shares outstanding:
Basic56,077 57,188 56,606 57,176 
Diluted56,417 57,603 56,916 57,616 
Earnings per share:
Basic earnings$2.70 $2.14 $8.56 $8.17 
Diluted earnings$2.69 $2.12 $8.51 $8.11 
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NORDSON CORPORATION
CONSOLIDATED BALANCE SHEET (Unaudited)
(Dollars in thousands)
October 31, 2025October 31, 2024
Cash and cash equivalents$108,442 $115,952 
Receivables - net587,843 594,663 
Inventories - net444,814 476,935 
Other current assets101,752 87,482 
Total current assets1,242,851  1,275,032 
Property, plant & equipment - net516,914 544,607 
Goodwill3,304,685 3,280,819 
Other assets853,231 900,508 
$5,917,681 $6,000,966 
Notes payable and debt due within one year$315,000 $103,928 
Accounts payable and accrued liabilities443,260 424,549 
Total current liabilities758,260 528,477 
Long-term debt1,681,254 2,101,197 
Other liabilities434,596 439,100 
Total shareholders' equity3,043,571 2,932,192 
$5,917,681 $6,000,966 

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NORDSON CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(Dollars in thousands)
Twelve Months Ended
October 31, 2025October 31, 2024
Cash flows from operating activities:
Net Income$484,474 $467,284 
Depreciation and amortization150,523 136,175 
Divestiture and related charges12,545 — 
Other non-cash items14,806 5,883 
Changes in operating assets and liabilities and other    56,827 (53,149)
Net cash provided by operating activities    719,175 556,193 
Cash flows from investing activities:
Additions to property, plant and equipment(58,060)(64,410)
Sale (acquisition) of businesses, net of cash acquired    28,107 (789,996)
Other - net3,263 10,008 
Net cash used in investing activities(26,690)(844,398)
Cash flows from financing activities:
Issuance (repayment) of long-term debt(224,141)464,353 
Repayment of finance lease obligations(5,868)(6,148)
Dividends paid(179,069)(161,438)
Issuance of common shares9,014 31,067 
Purchase of treasury shares(306,367)(33,339)
Net cash provided (used) by financing activities(706,431)294,495 
Effect of exchange rate change on cash:6,436 (6,017)
Net change in cash and cash equivalents(7,510)273 
Cash and cash equivalents:
Beginning of period115,952 115,679 
End of period$108,442 $115,952 
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NORDSON CORPORATION
SALES BY GEOGRAPHIC SEGMENT (Unaudited)
(Dollars in thousands)
Three Months EndedSales Variance
October 31, 2025October 31, 2024OrganicAcquisitions / DivestituresCurrencyTotal
SALES BY SEGMENT
Industrial precision solutions$361,713 $367,195 (3.5)%— %2.0 %(1.5)%
Medical and fluid solutions219,502 200,223 7.4 %1.6 %0.6 %9.6 %
Advanced technology solutions170,605 177,064 (4.9)%— %1.3 %(3.6)%
Total sales$751,820 $744,482 (1.1)%0.6 %1.5 %1.0 %
SALES BY GEOGRAPHIC REGION
Americas330,962 323,170 2.0 %— %0.4 %2.4 %
Europe195,343 185,350 (1.0)%1.4 %5.0 %5.4 %
Asia Pacific225,515 235,962 (5.3)%0.6 %0.3 %(4.4)%
Total sales$751,820 $744,482 (1.1)%0.6 %1.5 %1.0 %
Twelve Months EndedSales Variance
October 31, 2025October 31, 2024OrganicAcquisitions / DivestituresCurrencyTotal
SALES BY SEGMENT
Industrial precision solutions$1,331,792 $1,398,912 (5.1)%— %0.3 %(4.8)%
Medical and fluid solutions835,385 695,452 (3.1)%23.0 %0.2 %20.1 %
Advanced technology solutions624,510 595,557 4.1 %— %0.8 %4.9 %
Total sales$2,791,687 $2,689,921 (2.5)%6.0 %0.3 %3.8 %
SALES BY GEOGRAPHIC REGION
Americas1,205,830 1,178,626 (6.7)%9.5 %(0.5)%2.3 %
Europe722,221 726,100 (6.7)%4.2 %2.0 %(0.5)%
Asia Pacific863,636 785,195 7.6 %2.3 %0.1 %10.0 %
Total sales$2,791,687 $2,689,921 (2.5)%6.0 %0.3 %3.8 %
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NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - NET INCOME to EBITDA (Unaudited)
(Dollars in thousands)
Three Months EndedTwelve Months Ended
October 31, 2025October 31, 2024October 31, 2025October 31, 2024
Net income$151,634 $122,168 $484,474 $467,284 
Income taxes31,265 25,904 113,174 118,197 
Interest expense - net23,770 27,282 101,105 84,011 
Other (income) expense - net7,592 3,538 12,972 4,509 
Inventory step-up amortization (1)
— 4,759 3,135 7,703 
Severance and other (1)
2,531 12,717 19,256 17,332 
Acquisition-related costs (1)
556 8,200 2,334 13,957 
Divestiture and related charges (2)
334 — 12,545 — 
Adjusted operating profit217,682 204,568 748,995 712,993 
Depreciation and amortization38,069 36,528 150,523 136,175 
EBITDA (non-GAAP) (3)
$255,751 $241,096 $899,518 $849,168 
(1) Represents non-recurring cost reduction actions as well as fees and non-cash inventory charges associated with acquisitions.
(2) Represents the loss on sale and other charges associated with the exit of the medical contract manufacturing business.
(3) EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as non-recurring cost reduction actions, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization.

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NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED NET INCOME AND EARNINGS PER SHARE (Unaudited)
(Dollars in thousands)
Three Months EndedTwelve Months Ended
October 31, 2025October 31, 2024October 31, 2025October 31, 2024
GAAP AS REPORTED
Net income$151,634 $122,168 $484,474 $467,284 
Diluted earnings per share$2.69 $2.12 $8.51 $8.11 
Shares outstanding - diluted56,417 57,603 56,916 57,616 
ADJUSTMENTS
Inventory step-up amortization (1)
$— $4,759 $3,135 $7,703 
Acquisition costs (1)
556 8,200 2,334 13,957 
Severance and other (1)
2,531 12,717 19,256 17,332 
Divestiture and related charges (2)
334 — 12,545 — 
Acquisition amortization of intangibles20,165 19,560 79,264 76,972 
Entity liquidation— — 988 — 
Interest— 908 — 908 
Total adjustments$23,586 $46,144 $117,522 $116,872 
Adjustments net of tax$19,554 $38,071 $98,259 $93,278 
EPS effect of adjustments$0.35 $0.66 $1.73 $1.62 
NON-GAAP
Adjusted net income (3)
$171,188 $160,239 $582,733 $560,562 
Adjusted earnings per share (4)
$3.03 $2.78 $10.24 $9.73 

(1) Represents non-recurring cost reduction actions as well as fees and non-cash inventory charges associated with acquisitions.
(2) Represents the loss on sale and other charges associated with the exit of the medical contract manufacturing business.
(3) Adjusted net income is a non-GAAP measure defined as net income plus tax effected adjustments and other discrete tax items.
(4) Adjusted earnings per share is a non-GAAP measure defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items.

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NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - OPERATING CASH FLOW TO FREE CASH FLOW (Unaudited)
(Dollars in thousands)
Year to Date
October 31, 2025July 31, 2025
Net cash provided by operating activities$719,175 $516,264 
Additions to property, plant and equipment(58,060)(49,002)
Free Cash Flow - Year to Date (1)
$661,115 $467,262 
Free Cash Flow - Quarter to Date (1)
$193,853  
Net Income - Year to Date$484,474 $332,840 
Free Cash Flow Conversion - Year to Date (2)
136 %140 %
Net Income - Quarter to Date$151,634 
Free Cash Flow Conversion - Quarter to Date (2)
128 %
 
Year to Date
October 31, 2024July 31, 2024
Net cash provided by operating activities$556,193 $459,812 
Additions to property, plant and equipment(64,410)(43,786)
Free Cash Flow - Year to Date (1)
$491,783 $416,026 
Free Cash Flow - Quarter to Date (1)
$75,757 
(1) Free Cash Flow is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Net cash provided by operating activities minus Additions to property, plant and equipment.
(2) Free Cash Flow Conversion is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Free Cash Flow divided by Net Income.


Management uses certain non-GAAP measures, such as adjusted net income, adjusted EPS and EBITDA, internally to make strategic decisions, forecast future results, and evaluate the Company's current performance. Given management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in the Company's core business across different time periods. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures to other companies' non-GAAP financial measures, even if they have similar names. Amounts may not add due to rounding.

Contact
Lara Mahoney
Vice President
Investor Relations & Corporate Communications
440.204.9985
Lara.Mahoney@nordson.com
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