Companies: 11,222     total market cap: HK$1217.751 T
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Mettler Toledo
MTD
#886
Rank
HK$224.66 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
HK$11,213
Share price
0.58%
Change (1 day)
13.73%
Change (1 year)
๐Ÿญ Manufacturing๐Ÿ”ฌ Scientific & Technical Instruments
Categories
Mettler Toledo is a multinational manufacturer of scales and analytical instruments.
  1. Mettler Toledo
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q2

Mettler Toledo - 10-Q quarterly report FY2024 Q2


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000103764612/312024Q2FALSE19,41122,4270.010.0110,000,00010,000,0000.010.01125,000,000125,000,00044,786,01144,786,01121,683,80222,139,00923,102,20922,647,0024.24June 25, 2025125,00010.03.67December 17, 202250,00010.04.10September 19, 202350,00010.03.84September 19, 2024125,00010.03.91June 25, 202975,00010.03.19January 24, 203550,00015.01.47June 17, 2030125,00015.01.3November 6, 2034135,00015.02.83July 22, 2033125,00012.00.975June 15, 20231,250,0002.81March 27, 2037150,00015.02.91September 1, 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

(Mark One)
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026, OR
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ____________ TO ________________
Commission File Number: 1-13595
Mettler-Toledo International Inc.
_______________________________________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware13-3668641
(State or other jurisdiction of(I.R.S Employer Identification No.)
incorporation or organization)
1900 Polaris Parkway
Columbus, OH 43240
and
Im Langacher, P.O. Box MT-100
CH 8606 Greifensee, Switzerland
1-614-438-4511 and +41-44-944-22-11
________________________________________________________________________________
(Registrant's telephone number, including area code)

not applicable
______________________________________________________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valueMTDNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐     
        
Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer. ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The Registrant had 20,036,559 shares of Common Stock outstanding at June 30, 2026.



METTLER-TOLEDO INTERNATIONAL INC.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
PAGE
PART I. FINANCIAL INFORMATION
Item 1.
3
4
5
6
7
8
Item 2.
25
Item 3.
35
Item 4.
36
PART II. OTHER INFORMATION
Item 1.
37
Item 1A.
37
Item 2.
37
Item 3.
37
Item 5.
37
Item 6.
37
39


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Three months ended June 30, 2026 and 2025
(In thousands, except share data)
(unaudited)
June 30,
2026		June 30,
2025
Net sales
Products$753,003 $734,244 
Service274,311 248,977 
Total net sales1,027,314 983,221 
Cost of sales
Products253,275 289,314 
Service123,821 114,031 
Gross profit650,218 579,876 
Research and development52,989 49,285 
Selling, general and administrative263,334 247,298 
Amortization19,426 17,581 
Interest expense17,246 16,779 
Restructuring charges5,450 3,557 
Other charges (income), net2,372 (3,281)
Earnings before taxes289,401 248,657 
Provision for taxes56,502 46,309 
Net earnings$232,899 $202,348 
Basic earnings per common share:
Net earnings$11.57 $9.78 
Weighted average number of common shares20,121,564 20,687,312 
Diluted earnings per common share:
Net earnings$11.55 $9.76 
Weighted average number of common and common equivalent shares20,166,298 20,738,699 
Comprehensive income, net of tax (Note 9)$256,841 $131,806 


The accompanying notes are an integral part of these interim consolidated financial statements.
- 3 -
METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Six months ended June 30, 2026 and 2025
(In thousands, except share data)
(unaudited)
June 30,
2026		June 30,
2025
Net sales  
Products$1,437,257 $1,384,194 
Service537,184 482,771 
Total net sales1,974,441 1,866,965 
Cost of sales
Products521,863 539,088 
Service246,544 222,122 
Gross profit1,206,034 1,105,755 
Research and development104,264 95,631 
Selling, general and administrative521,660 490,097 
Amortization39,038 34,774 
Interest expense34,253 33,432 
Restructuring charges12,720 7,324 
Other charges (income), net(4,957)(6,102)
Earnings before taxes499,056 450,599 
Provision for taxes96,703 84,664 
Net earnings$402,353 $365,935 
Basic earnings per common share:
Net earnings$19.92 $17.61 
Weighted average number of common shares20,203,339 20,777,591 
Diluted earnings per common share:
Net earnings$19.87 $17.56 
Weighted average number of common and common equivalent shares20,251,532 20,836,768 
Comprehensive income, net of tax (Note 9)$440,810 $290,152 


The accompanying notes are an integral part of these interim consolidated financial statements.
- 4 -
METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED BALANCE SHEETS
As of June 30, 2026 and December 31, 2025
(In thousands, except share data)
(unaudited)
June 30,
2026		December 31,
2025
ASSETS
Current assets:  
Cash and cash equivalents$51,383 $66,888 
Trade accounts receivable, less allowances of $17,706 at June 30, 2026
and $16,857 at December 31, 2025731,480 778,243 
Inventories411,563 387,228 
Other current assets and prepaid expenses152,961 130,308 
Total current assets1,347,387 1,362,667 
Property, plant and equipment, net831,941 845,636 
Goodwill735,214 739,225 
Other intangible assets, net266,258 278,910 
Deferred tax assets, net41,268 41,380 
Other non-current assets448,876 444,828 
Total assets$3,670,944 $3,712,646 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:  
Trade accounts payable$229,801 $266,628 
Accrued and other liabilities285,517 237,482 
Accrued compensation and related items171,919 199,516 
Deferred revenue and customer prepayments257,482 229,378 
Taxes payable188,492 201,181 
Short-term borrowings and current maturities of long-term debt67,290 63,931 
Total current liabilities1,200,501 1,198,116 
Long-term debt2,044,673 2,088,241 
Deferred tax liabilities, net145,514 151,784 
Other non-current liabilities267,433 298,141 
Total liabilities3,658,121 3,736,282 
Commitments and contingencies (Note 14)
Shareholders’ equity:  
Preferred stock, $0.01 par value per share; authorized 10,000,000 shares— — 
Common stock, $0.01 par value per share; authorized 125,000,000 shares; issued 44,786,011 and 44,786,011 shares; outstanding 20,036,559 shares and 20,359,353 shares at June 30, 2026 and December 31, 2025, respectively448 448 
Additional paid-in capital947,927 936,276 
Treasury stock at cost (24,749,452 shares at June 30, 2026 and 24,426,658 shares at December 31, 2025)(10,255,168)(9,839,399)
Retained earnings9,640,316 9,238,196 
Accumulated other comprehensive loss(320,700)(359,157)
Total shareholders' equity12,823 (23,636)
Total liabilities and shareholders’ equity$3,670,944 $3,712,646 

The accompanying notes are an integral part of these interim consolidated financial statements.
- 5 -
METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Six months ended June 30, 2026 and 2025
(In thousands, except share data)
(unaudited)
 Additional Paid-in Capital  Accumulated Other Comprehensive Income (Loss) 
 Common StockTreasury StockRetained Earnings 
 SharesAmountTotal
Balance at December 31, 202420,949,461 $448 $897,025 $(9,049,925)$8,371,420 $(345,858)$(126,890)
Exercise of stock options and restricted stock units4,282 — 896 1,318 (16)— 2,198 
Repurchases of common stock(170,957)— — (218,749)— — (218,749)
Excise tax on net repurchases of common stock(2,026)(2,026)
Share-based compensation— — 5,139 — — — 5,139 
Net earnings— — — — 163,587 — 163,587 
Other comprehensive income (loss), net of tax— — — — — (5,241)(5,241)
Balance at March 31, 202520,782,786 $448 $903,060 $(9,269,382)$8,534,991 $(351,099)$(181,982)
Exercise of stock options and restricted stock units13,307 — 2,705 4,159 — — 6,864 
Repurchases of common stock(197,053)— — (218,748)— — (218,748)
Excise tax on net repurchases of common stock(2,115)(2,115)
Share-based compensation— — 5,382 — — — 5,382 
Net earnings— — — — 202,348 — 202,348 
Other comprehensive income (loss), net of tax— — — — — (70,542)(70,542)
Balance at June 30, 202520,599,040 $448 $911,147 $(9,486,086)$8,737,339 $(421,641)$(258,793)
Balance at December 31, 202520,359,353 $448 $936,276 $(9,839,399)$9,238,196 $(359,157)$(23,636)
Exercise of stock options and restricted stock units1,211 — 278 394 (52)— 620 
Repurchases of common stock(152,963)— — (206,250)— — (206,250)
Excise tax on net repurchases of common stock— — — (2,055)— — (2,055)
Share-based compensation— — 5,469 — — — 5,469 
Net earnings— — — — 169,454 — 169,454 
Other comprehensive income (loss), net of tax— — — — — 14,515 14,515 
Balance at March 31, 202620,207,601 $448 $942,023 $(10,047,310)$9,407,598 $(344,642)$(41,883)
Exercise of stock options and restricted stock units1,343 — 533 443 (181)— 795 
Repurchases of common stock(172,385)— — (206,250)— — (206,250)
Excise tax on net repurchases of common stock— — — (2,051)— — (2,051)
Share-based compensation— — 5,371 — — — 5,371 
Net earnings— — — — 232,899 — 232,899 
Other comprehensive income (loss), net of tax— — — — — 23,942 23,942 
Balance at June 30, 202620,036,559 $448 $947,927 $(10,255,168)$9,640,316 $(320,700)$12,823 

The accompanying notes are an integral part of these interim consolidated financial statements.
- 6 -
METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended June 30, 2026 and 2025
(In thousands)
(unaudited)
June 30,
2026		June 30,
2025
Cash flows from operating activities:  
Net earnings$402,353 $365,935 
Adjustments to reconcile net earnings to net cash provided by operating activities: 
Depreciation26,460 25,334 
Amortization39,038 34,774 
Deferred tax benefit(177)(2,840)
Share-based compensation10,840 10,521 
Proceeds from government grant6,240 — 
Increase (decrease) in cash resulting from changes in: 
Trade accounts receivable, net40,024 39,216 
Inventories(27,965)(18,062)
Other current assets(19,338)(2,326)
Trade accounts payable(37,417)(8,675)
Taxes payable(11,106)22,241 
Accruals and other21,258 (35,303)
Net cash provided by operating activities450,210 430,815 
Cash flows from investing activities:  
Purchase of property, plant and equipment(45,206)(41,132)
Acquisitions(2,242)(2,915)
Other investing activities14,158 (10,510)
Net cash used in investing activities(33,290)(54,557)
Cash flows from financing activities:  
Proceeds from borrowings955,995 1,122,578 
Repayments of borrowings(966,911)(1,063,372)
Proceeds from stock option exercises1,415 9,062 
Repurchases of common stock(412,500)(437,497)
Payments of excise tax on repurchases of common stock (7,555)— 
Acquisition contingent consideration payment(2,476)— 
Other financing activities(50)(920)
Net cash used in financing activities(432,082)(370,149)
Effect of exchange rate changes on cash and cash equivalents(343)(3,646)
Net increase (decrease) in cash and cash equivalents(15,505)2,463 
Cash and cash equivalents: 
Beginning of period66,888 59,362 
End of period$51,383 $61,825 


The accompanying notes are an integral part of these interim consolidated financial statements.
- 7 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)

1.BASIS OF PRESENTATION
Mettler-Toledo International Inc. (Mettler-Toledo or the Company) is a leading global supplier of precision instruments and services. The Company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics and food retailing applications. The Company also manufactures several related analytical instruments and provides automated chemistry solutions used in drug and chemical compound discovery and development. In addition, the Company manufactures metal detection and other end-of-line inspection systems used in production and packaging and provides solutions for use in certain process analytics applications. The Company's primary manufacturing facilities are located in China, Germany, Mexico, Switzerland, the United Kingdom and the United States. The Company's principal executive offices are located in Columbus, Ohio and Greifensee, Switzerland.
The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and include all entities in which the Company has control, which are its wholly-owned subsidiaries. The interim consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
The accompanying interim consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026. As further described in Note 14, the Company’s operating results for the three and six months ended June 30, 2026 include a one-time benefit of $52.4 million from U.S. government International Emergency Economic Powers Act ("IEEPA") tariff refunds that reduced cost of sales, offset in part by tariff-related customer refunds of $27.8 million that reduced net sales.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. These financial statements were prepared using information reasonably available as of June 30, 2026 and through the date of this report. Actual results may differ from those estimates due to uncertainty around ongoing developments related to global trade/tariffs, and the conflicts in Ukraine, Iran, and the Middle East, as well as other factors.
All intercompany transactions and balances have been eliminated.
2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Trade Accounts Receivable
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for expected credit losses represents the Company’s best estimate based on historical information, current information, and reasonable and supportable forecasts of future events and circumstances.
- 8 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
Inventories
Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required in the future.
Inventories consisted of the following:
June 30, 2026December 31, 2025
Raw materials and parts$181,705 $171,600 
Work-in-progress88,784 77,146 
Finished goods141,074 138,482 
 $411,563 $387,228 
Goodwill and Other Intangible Assets
Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair values of the assets are less than their carrying amounts.
Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period to be benefited. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangibles - Goodwill and Other" and ASC 360 "Property, Plant and Equipment."
Other intangible assets consisted of the following:
 June 30, 2026December 31, 2025
Gross
Amount		Accumulated
Amortization		Intangibles, NetGross
Amount		Accumulated
Amortization		Intangibles, Net
Customer relationships$330,138 $(142,133)$188,005 $331,229 $(133,460)$197,769 
Proven technology and patents133,411 (95,972)37,439 132,247 (93,025)39,222 
Tradenames (finite life)9,402 (7,068)2,334 8,476 (6,555)1,921 
Tradenames (indefinite life)34,783 — 34,783 35,795 — 35,795 
Other14,211 (10,514)3,697 14,285 (10,082)4,203 
 $521,945 $(255,687)$266,258 $522,032 $(243,122)$278,910 
- 9 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
The Company recognized amortization expense associated with the above intangible assets of $7.2 million and $6.6 million for the three months ended June 30, 2026 and 2025, respectively, and $14.5 million and $13.2 million for the six months ended June 30, 2026 and 2025, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated to be $28.9 million for 2026, $27.9 million for 2027, $25.4 million for 2028, $23.5 million for 2029, $22.2 million for 2030, and $19.8 million for 2031. Purchased intangible amortization was $6.9 million, $5.3 million after tax, and $6.5 million, $5.0 million after tax, for the three months ended June 30, 2026 and 2025, respectively, and $14.0 million, $10.7 million after tax, and $12.8 million, $9.9 million after tax, for the six months ended June 30, 2026 and 2025, respectively.
In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $12.2 million and $10.9 million for the three months ended June 30, 2026 and 2025, respectively, and $24.4 million and $21.4 million for the six months ended June 30, 2026 and 2025, respectively.
Revenue Recognition
Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s arrangements have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. The related provisions for estimated returns and rebates are immaterial to the interim consolidated financial statements.
Certain of the Company’s product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company's control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location.
Software is generally not considered a distinct performance obligation with the exception of a limited number of software applications. The Company primarily sells software products with the related hardware instrument as the software is embedded in the product. The Company’s products typically require no significant production, modification, or customization of the hardware or software that is essential to the functionality of the products.
Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance on a customer’s pre-defined equipment over the contract period.

- 10 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
Share-Based Compensation
The Company recognizes share-based compensation expense within selling, general, and administrative in the consolidated statements of operations and other comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recognized $5.4 million and $10.8 million of share-based compensation expense for the three and six months ended June 30, 2026, respectively, compared to $5.4 million and $10.5 million for the corresponding periods in 2025.
Research and Development
Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred.

Business Combinations and Asset Acquisitions
The Company accounts for business acquisitions under the accounting standards for business combinations using the acquisition method of accounting. The results of each acquisition are included in the Company's consolidated results as of the acquisition date. The purchase price of an acquisition is generally allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values and any consideration in excess of the net assets acquired is recognized as goodwill. The determination of the fair values of the acquired assets and assumed liabilities, including goodwill and intangible assets, requires significant judgment. Acquisition transaction costs are expensed when incurred.
In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the expected contingent payments as of the acquisition date. Subsequent changes in the fair value of the contingent consideration are recorded to other charges (income), net.

Recent Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03: Disaggregation of Income Statement Expenses, which requires disclosures about the nature of expenses presented on the face of the income statement. The Company will adopt the annual disclosure requirements prospectively in 2027 and is currently evaluating the impact of this guidance on the consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06: Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software costs. The guidance is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. The Company plans to adopt prospectively and is currently evaluating the potential impact, if any, on the consolidated financial statements.
In December 2025, the FASB issued ASU 2025-12: Codification Improvements, which updates U.S. GAAP for a broad range of topics arising from technical corrections, unintended application of the codification, clarifications, and other minor improvements. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company plans to adopt prospectively and is currently evaluating the potential impact, if any, on the consolidated financial statements.




- 11 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
3.REVENUE
The Company disaggregates revenue from contracts with customers by product, service, timing of revenue recognition and geography. As further described in Note 14, revenue for the three and six months ended June 30, 2026 includes a one-time reduction of net sales of $27.8 million for tariff-related customer refunds, which is included in the U.S. Operations segment. A summary of revenue by the Company’s reportable segments for the three and six months ended June 30, 2026 and 2025 follows:
For the three months ended June 30, 2026U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$241,276 $43,852 $151,087 $170,421 $146,367 $753,003 
Service Revenue:
Point in time81,319 9,192 46,479 11,618 41,510 190,118 
Over time29,882 3,432 29,411 5,210 16,258 84,193 
Total$352,477 $56,476 $226,977 $187,249 $204,135 $1,027,314 
For the three months ended June 30, 2025U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$271,782 $37,462 $139,573 $146,635 $138,792 $734,244 
Service Revenue:
Point in time
74,334 8,732 46,663 10,913 37,446 178,088 
Over time
26,400 3,361 25,680 4,469 10,979 70,889 
Total$372,516 $49,555 $211,916 $162,017 $187,217 $983,221 
For the six months ended June 30, 2026U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$481,234 $82,227 $290,817 $310,474 $272,505 $1,437,257 
Service Revenue:
Point in time161,517 18,144 94,547 20,231 78,511 372,950 
Over time58,273 6,864 56,996 10,067 32,034 164,234 
Total$701,024 $107,235 $442,360 $340,772 $383,050 $1,974,441 
For the six months ended June 30, 2025U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$518,849 $73,760 $264,423 $274,832 $252,330 $1,384,194 
Service Revenue:
Point in time
147,664 16,980 89,139 19,735 67,361 340,879 
Over time
51,761 6,117 48,723 8,618 26,673 141,892 
Total$718,274 $96,857 $402,285 $303,185 $346,364 $1,866,965 
- 12 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
A breakdown of net sales to external customers by geographic customer destination for the three and six months ended June 30 follows:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Americas$402,294 $414,092 $791,633 $792,008 
Europe293,737 274,103 572,423 522,078 
Asia / Rest of World331,283 295,026 610,385 552,879 
Total$1,027,314 $983,221 $1,974,441 $1,866,965 
The Company's global revenue mix by product category is laboratory (55% of sales), industrial (40% of sales) and retail (5% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global revenue mix, except the Company's Swiss Operations is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A breakdown of the Company’s sales by product category for the three and six months ended June 30 is as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Laboratory$552,553 $537,916 $1,077,134 $1,038,140 
Industrial417,697 394,628 792,337 735,828 
Retail57,064 50,677 104,970 92,997 
Total$1,027,314 $983,221 $1,974,441 $1,866,965 

The payment terms in the Company’s contracts with customers do not exceed one year and therefore contracts do not contain a significant financing component. In most cases, after appropriate credit evaluations, payments are due in arrears and are recognized as receivables. Unbilled revenue is recorded when performance obligations have been satisfied, but not yet billed to the customer. Unbilled revenue as of June 30, 2026 and December 31, 2025 was $49.0 million and $32.3 million, respectively, and is included within accounts receivable. Deferred revenue and customer prepayments are recorded when cash payments are received or due in advance of the performance obligation being satisfied. Deferred revenue primarily includes prepaid service contracts, as well as deferred installation.
Changes in the components of deferred revenue and customer prepayments during the six month periods ended June 30, 2026 and 2025 are as follows:
20262025
Beginning balances as of January 1$229,378 $204,166 
Customer pre-payments/deferred revenue444,056 363,588 
Revenue recognized(413,322)(335,082)
Foreign currency translation(2,630)11,154 
Ending balance as of June 30$257,482 $243,826 
The Company generally expenses sales commissions when incurred because the contract period is one year or less. These costs are recorded within selling, general, and administrative expenses. The value of unsatisfied performance obligations other than customer prepayments and deferred revenue associated with contracts greater than one year is immaterial.
- 13 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
4.     FINANCIAL INSTRUMENTS
The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. The Company enters into certain interest rate swap agreements in order to manage its exposure to changes in interest rates. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate swap agreements and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. For additional disclosures on derivative instruments regarding balance sheet location, fair value, and the amounts reclassified into other comprehensive income and the effective portion of the cash flow hedges, also see Note 5 and Note 9 to the interim consolidated financial statements. As also described in Note 7, the Company has designated its euro-denominated debt as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries.
Cash Flow Hedges
The Company has entered into a number of cross currency swaps designated as cash flow hedges. The agreements convert borrowings under the Company’s credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate SOFR-based interest payments, excluding the credit spread, to a fixed Swiss franc income or expense as follows:
Agreement DateAmount
Converted		Effective Swiss Franc
Interest Rate		Maturity Date
June 2021$50 million(0.59)%June 2025
December 2023$50 million1.04%November 2026
November 2023$50 million1.16%November 2026
June 2023$50 million1.55%June 2027
June 2024$50 million1.15%June 2027
June 2025$50 million(0.21)%June 2028
The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at June 30, 2026 and December 31, 2025, respectively. A derivative gain of $4.3 million based upon interest rates at June 30, 2026, is expected to be reclassified from other comprehensive income (loss) to earnings in the next twelve months. The cash flow hedges remain effective as of June 30, 2026.
Other Derivatives
The Company enters into foreign currency forward contracts in order to economically hedge short-term trade and non-trade intercompany balances largely denominated in Swiss franc, other major European currencies, and the Chinese renminbi with its foreign businesses. In accordance with U.S. GAAP, these contracts are considered “derivatives not designated as hedging instruments.” Gains or losses on these instruments are reported in current earnings. The foreign currency forward contracts are recorded at fair value in the consolidated balance sheet at June 30, 2026 and December 31, 2025, as disclosed in Note 5. The Company recognized in other charges (income) a net gain of $11.4 million and a net loss of $12.6 million during the three months ended June 30, 2026 and 2025, respectively, and a net gain of $18.6 million and a net loss of $11.3 million during the six months ended June 30, 2026 and 2025, respectively, which offset the related transaction gains (losses) associated with these contracts. At June 30, 2026 and December 31, 2025, these contracts had a notional value of $1.1 billion and $1.2 billion, respectively.    
- 14 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
5.    FAIR VALUE MEASUREMENTS
At June 30, 2026 and December 31, 2025, the Company had derivative assets totaling $4.9 million and $3.2 million respectively, and derivative liabilities totaling $28.3 million and $37.4 million, respectively. The Company has limited involvement with derivative financial instruments and therefore does not present all the required disclosures in tabular format. The fair values of the cross-currency swap agreements and foreign currency forward contracts that economically hedge short-term intercompany balances are estimated based upon inputs from current valuation information obtained from dealer quotes and priced with observable market assumptions and appropriate valuation adjustments for credit risk. The Company has evaluated the valuation methodologies used to develop the fair values by dealers in order to determine whether such valuations are representative of an exit price in the Company’s principal market. In addition, the Company uses an internally developed model to perform testing on the valuations received from brokers. The Company has also considered both its own credit risk and counterparty credit risk in determining fair value and determined these adjustments were insignificant at June 30, 2026 and December 31, 2025.
Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement consists of observable and unobservable inputs that reflect the assumptions that a market participant would use in pricing an asset or liability.

A fair value hierarchy has been established that categorizes these inputs into three levels:
Level 1:    Quoted prices in active markets for identical assets and liabilities
Level 2:    Observable inputs other than quoted prices in active markets for identical assets and liabilities
Level 3:    Unobservable inputs
The following table presents the Company's assets and liabilities, which are all categorized as Level 2, that are measured at fair value on a recurring basis. The Company does not have any assets or liabilities which are categorized as Level 1:
 June 30, 2026December 31, 2025Balance Sheet Classification
Foreign currency forward contracts not designated as hedging instruments$4,906 $3,167 Other current assets and prepaid expenses
Total derivative assets$4,906 $3,167 
Foreign currency forward contracts not designated as hedging instruments$2,865 $5,237 Accrued and other liabilities
Cash Flow Hedges:
Cross currency swap agreement24,792 14,287 Accrued and other liabilities
Cross currency swap agreement640 17,889 Other non-current liabilities
Total derivative liabilities$28,297 $37,413 
The Company had $1.4 million and $5.1 million of cash equivalents at June 30, 2026 and December 31, 2025, respectively, the fair value of which is determined using Level 2 inputs, through quoted and corroborated prices in active markets. The fair value of cash equivalents approximates cost.
The fair value of the Company's debt is less than the carrying value by approximately $187.0 million as of June 30, 2026. The fair value of the Company's fixed interest rate debt was estimated using Level 2 inputs, primarily utilizing discounted cash flow models based on estimated current rates offered for similar debt under current market conditions for the Company.
- 15 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
6.    INCOME TAXES
The Company's reported tax rate was 19.5% and 18.6% during the three months ended June 30, 2026 and 2025, respectively and 19.4% and 18.8% during the six months ended June 30, 2026 and 2025, respectively. The provision for taxes is based upon using the Company's projected annual effective tax rate of 19.0% before non-recurring discrete tax items during 2026 and 2025. The difference between the Company's projected annual effective tax rate and the reported tax rate is primarily related to the timing of excess tax benefits associated with stock option exercises, as well as the one-time tariff-related government and customer refunds.
7.    DEBT
Debt consisted of the following at June 30, 2026:
U.S. DollarOther Principal Trading CurrenciesTotal
3.91% $75 million ten-year Senior Notes due June 25, 202975,000 — 75,000 
5.45% $150 million ten-year Senior Notes due March 1, 2033150,000 — 150,000 
2.83% $125 million twelve-year Senior Notes due July 22, 2033125,000 — 125,000 
3.19% $50 million fifteen-year Senior Notes due January 24, 203550,000 — 50,000 
2.81% $150 million fifteen-year Senior Note due March 17, 2037150,000 — 150,000 
2.91% $150 million fifteen-year Senior Note due September 1, 2037150,000 — 150,000 
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030— 142,313 142,313 
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034— 153,698 153,698 
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036— 142,313 142,313 
3.80% Euro 100 million 10 1/2-year Senior Notes due July 9, 2035— 113,850 113,850 
Debt issuance costs, net(1,947)(1,657)(3,604)
Total Senior Notes698,053 550,517 1,248,570 
$1.35 billion Credit Agreement, interest at benchmark plus 87.5 basis points (a)
402,444 380,669 783,113 
Other local arrangements20,218 60,062 80,280 
Total debt1,120,715 991,248 2,111,963 
Less: current portion(7,601)(59,689)(67,290)
Total long-term debt$1,113,114 $931,559 $2,044,673 
(a) The benchmark interest rate is determined by the borrowing currency. The benchmark rates by borrowing currency are as follows: SOFR for U.S. dollars (plus a 10 basis points spread adjustment), SARON for Swiss franc, EURIBOR for Euro and SONIA for Great British pounds.

On May 30, 2024, the Company entered into a $1.35 billion Credit Agreement (the Credit Agreement), which amended its $1.25 billion Amended and Restated Credit Agreement (the Prior Credit Agreement). As of June 30, 2026, the Company had $562.7 million of additional borrowings available under its Credit Agreement, and the Company maintained $51.4 million of cash and cash equivalents.
The Credit Agreement is provided by a group of financial institutions (similar to the Company's Prior Credit Agreement) and has a maturity date of May 30, 2029. It is a revolving credit facility and is not subject to any scheduled principal payments prior to maturity. The obligations under the Credit Agreement are unsecured.
- 16 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
Borrowings under the Credit Agreement bear interest at current market rates plus a margin based on the Company’s consolidated leverage ratio. The Company must also pay facility fees that are tied to its leverage ratio. The Credit Agreement contains covenants that are similar to those contained in the Prior Credit Agreement, with which the Company was in compliance as of June 30, 2026. The Company is required to maintain (i) a ratio of net funded indebtedness to EBITDA of 3.5 to 1.0 or less, except in certain circumstances and (ii) an interest coverage ratio of 3.0 to 1.0 or greater. The Credit Agreement also places certain limitations on the Company, including limiting the ability to incur liens or indebtedness at a subsidiary level. In addition, the Credit Agreement has several events of default, with customary grace periods applicable.
In January 2025, the Company entered into an agreement to issue and sell EUR 100 million 10 1/2-year Senior Notes with a fixed interest rate of 3.8% (3.8% Euro Senior Notes) in a private placement, which will mature in July 2035. The 3.8% Euro Senior Notes are unsecured obligations of the Company, and the terms are consistent with the previous Notes as disclosed in Note 10 to the Company's consolidated financial statements for the year ended December 31, 2025. The Company used the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.
The Company has designated the EUR 125 million 1.47% Euro Senior Notes, the EUR 135 million 1.30% Euro Senior Notes, the EUR 125 million 1.06% Euro Senior Notes, and the EUR 100 million 3.80% Euro Senior Notes as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries to reduce foreign currency risk associated with the net investment. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The Company recorded in other comprehensive income (loss) related to this net investment hedge an unrealized gain of $6.0 million and unrealized loss of $44.6 million for the three months ended June 30, 2026 and 2025, respectively, and an unrealized gain of $17.2 million and unrealized loss of $63.8 million for the six month periods ended June 30, 2026 and 2025, respectively. The Company has an unrealized loss of $6.1 million recorded in accumulated other comprehensive income (loss) as of June 30, 2026.
Other Local Arrangements
In April 2018, two of the Company's non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions, which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2026.

8.    SHARE REPURCHASE PROGRAM AND TREASURY STOCK
The Company has $3.2 billion of remaining availability for its share repurchase program as of June 30, 2026. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors.

The Company has purchased 33.3 million shares at an average price per share of $330.16 since the inception of the program in 2004 through June 30, 2026. During the six months ended June 30, 2026 and 2025, the Company spent $412.5 million and $437.5 million on the repurchase of 325,348 shares and 368,010 shares at an average price per share of $1,267.85 and $1,188.80, respectively. The Company also reissued 2,554 shares and 17,589 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2026 and 2025, respectively. In addition, the Company incurred $2.0 million and $2.1 million of excise tax during the three months ended June 30, 2026 and 2025, respectively, and $4.1 million of excise tax during both the six months ended June 30,
- 17 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
2026 and 2025 related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in the Company's consolidated financial statements.
9.    ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Comprehensive income (loss), net of tax consisted of the following as of June 30:        
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Net earnings$232,899 $202,348 $402,353 $365,935 
Other comprehensive income (loss), net of tax23,942 (70,542)38,457 (75,783)
Comprehensive income, net of tax$256,841 $131,806 $440,810 $290,152 

    The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2026 and 2025:
Currency Translation Adjustment, Net of TaxNet Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax		Pension and Post-Retirement Benefit Related Items,
Net of Tax		Total
Balance at December 31, 2025$(184,525)$(2,735)$(171,897)$(359,157)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements— 7,936 — 7,936 
Foreign currency translation adjustment
32,315 — 1,878 34,193 
Amounts recognized from accumulated other comprehensive income (loss), net of tax
— (7,239)3,567 (3,672)
Net change in other comprehensive income (loss), net of tax
32,315 697 5,445 38,457 
Balance at June 30, 2026$(152,210)$(2,038)$(166,452)$(320,700)
Currency Translation Adjustment, Net of TaxNet Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax		Pension and Post-Retirement Benefit Related Items,
Net of Tax		Total
Balance at December 31, 2024$(133,503)$(3,920)$(208,435)$(345,858)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements— (20,337)— (20,337)
Foreign currency translation adjustment(56,366)— (23,030)(79,396)
Amounts recognized from accumulated other comprehensive income (loss), net of tax— 17,722 6,228 23,950 
Net change in other comprehensive income (loss), net of tax(56,366)(2,615)(16,802)(75,783)
Balance at June 30, 2025$(189,869)$(6,535)$(225,237)$(421,641)

- 18 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
    The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and six month periods ended June 30:
Three Months Ended
June 30,
20262025Location of Amounts Recognized in Earnings
Effective portion of (gains) losses on cash flow hedging arrangements:
Cross currency swap agreement$(5,221)$17,844 (a)
Provision for taxes(992)3,390 Provision for taxes
Total, net of taxes$(4,229)$14,454 
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes
$2,228 $4,015 (b)
Provision for taxes445 792 Provision for taxes
Total, net of taxes$1,783 $3,223 
(a) The cross currency swap reflects an unrealized gain of $3.6 million for the three months ended June 30, 2026 recorded in other charges (income) that was offset by the underlying unrealized gain on the hedged debt. The cross currency swap also reflects a realized gain of $1.6 million recorded in interest expense for the three months ended June 30, 2026.
(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the three months ended June 30, 2026 and 2025.
Six Months Ended
June 30,
20262025Location of Amounts Recognized in Earnings
Effective portion of (gains) losses on cash flow hedging arrangements:
Cross currency swap agreement
$(8,937)$21,879 (a)
Provision for taxes(1,698)4,157 Provision for taxes
Total, net of taxes$(7,239)$17,722 
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes
$4,456 $7,760 (b)
Provision for taxes889 1,532 Provision for taxes
Total, net of taxes$3,567 $6,228 
(a) The cross currency swap reflects an unrealized gain of $5.7 million for the six months ended June 30, 2026 recorded in other charges (income) that was offset by the underlying unrealized gain on the hedged debt. The cross currency swap also reflects a realized gain of $3.3 million recorded in interest expense for the six months ended June 30, 2026.
(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the six months ended June 30, 2026 and 2025.

- 19 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
10.    EARNINGS PER COMMON SHARE
In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and six months ended June 30, relating to outstanding stock options and restricted stock units:
20262025
Three months ended44,734 51,387 
Six months ended48,193 59,177 
Outstanding options and restricted stock units to purchase or receive 83,831 and 100,446 shares of common stock for the three month period ended June 30, 2026 and 2025, respectively, have been excluded from the calculation of diluted weighted average number of common and common equivalent shares as such options and restricted stock units would be anti-dilutive. Options and restricted stock units to purchase or receive 59,718 and 92,116 shares for the six month period ended June 30, 2026 and 2025, respectively, have been excluded from the calculation of diluted weighted average of common and common equivalent shares as such options and restricted stock units would be anti-dilutive.
11.    NET PERIODIC BENEFIT COST
Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20262025202620252026202520262025
Service cost, net$144 $233 $5,364 $4,661 $— $— $5,508 $4,894 
Interest cost on projected benefit obligations
1,063 1,201 4,491 3,823 1 6 5,555 5,030 
Expected return on plan assets(1,450)(1,428)(12,374)(11,029)— — (13,824)(12,457)
Recognition of prior service cost
— — (739)(1,045)(125)(19)(864)(1,064)
Recognition of actuarial losses/(gains)
346 393 2,660 4,689 70 8 3,076 5,090 
Net periodic pension cost/(credit)
$103 $399 $(598)$1,099 $(54)$(5)$(549)$1,493 

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20262025202620252026202520262025
Service cost, net$288 $466 $10,730 $9,156 $— $— $11,018 $9,622 
Interest cost on projected benefit obligations
2,126 2,402 8,984 7,374 1 12 11,111 9,788 
Expected return on plan assets(2,901)(2,856)(24,750)(21,216)— — (27,651)(24,072)
Recognition of prior service cost— — (1,478)(2,004)(249)(38)(1,727)(2,042)
Recognition of actuarial losses/(gains)692 786 5,320 9,013 140 16 6,152 9,815 
Net periodic pension cost/(credit)$205 $798 $(1,194)$2,323 $(108)$(10)$(1,097)$3,111 

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, the Company expects to make employer contributions of approximately $29.9 million to its non-U.S. pension plans during the year ended December 31, 2026. This estimate may change based
- 20 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements.

12.    OTHER CHARGES (INCOME), NET
Other charges (income), net includes non-service pension costs (benefits), (gains) losses from foreign currency transactions and related hedging activities, interest income and other items. Non-service pension benefits were $6.0 million and $3.4 million for the three month periods ended June 30, 2026 and 2025, respectively, and $12.0 million and $6.5 million for the six month periods ended June 30, 2026 and 2025, respectively. Other charges for the three and six month periods ended June 30, 2026 also includes a net expense of $8.4 million related to additional contingent consideration associated with previous acquisitions.
13.    SEGMENT REPORTING
As disclosed in Note 18 to the Company's consolidated financial statements for the year ended December 31, 2025, the Company has determined there are five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other.
Our reportable segments comprise the structure used by our Chief Executive Officer, who is our Chief Operating Decision Maker (CODM), to make key operating decisions and assess performance. The Company evaluates performance based on segment profit for segment reporting (gross profit less research and development and selling, general, and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net, and taxes).
As further described in Note 14, the Company’s operating results for the three and six months ended June 30, 2026 include a one-time benefit of $52.4 million from U.S government IEEPA tariff refunds that reduced cost of sales, offset in part by tariff-related customer refunds of $27.8 million that reduced net sales. This is reflected in the U.S. Operations segment.
The following tables show the operations of the Company’s operating segments:
Three Months ended
June 30, 2026		U.S. OperationsSwiss OperationsWestern European OperationsChinese Operations
Other Operations(a)
Eliminations and Corporate(b)
Total
Net sales to external customers$352,477 $56,476 $226,977 $187,249 $204,135 $— $1,027,314 
Net sales to other segments40,386 210,813 49,580 87,682 10,681 (399,142)— 
Total net sales392,863 267,289 276,557 274,931 214,816 (399,142)1,027,314 
Segment cost of sales(c)
123,040 129,969 128,483 120,845 116,705 
Segment period expense(d)
140,257 68,438 99,130 51,961 64,935 
Unallocated expense / eliminations(48,798)
Segment profit$129,566 $68,882 $48,944 $102,125 $33,176 $(48,798)$333,895 

- 21 -
METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
Six Months ended
June 30, 2026		U.S. OperationsSwiss OperationsWestern European OperationsChinese Operations
Other Operations(a)
Eliminations and Corporate(b)
Total
Net sales to external customers$701,024 $107,235 $442,360 $340,772 $383,050 $— $1,974,441 
Net sales to other segments74,183 402,770 100,019 168,861 21,656 (767,489)— 
Total net sales775,207 510,005 542,379 509,633 404,706 (767,489)1,974,441 
Segment cost of sales(c)
282,177 248,712 246,430 224,983 217,767 
Segment period expense(d)
275,640 137,346 198,087 97,649 126,219 
Unallocated expense / eliminations(106,810)
Segment profit$217,390 $123,947 $97,862 $187,001 $60,720 $(106,810)$580,110 
(a)Other Operations includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
(c)Segment cost of sales includes variable production and other costs.
(d)Segment period expense includes certain manufacturing, field service costs, research and development, and selling, general and administrative costs.
Three Months ended
June 30, 2025		U.S. OperationsSwiss OperationsWestern European OperationsChinese Operations
Other Operations(a)
Eliminations and Corporate(b)
Total
Net sales to external customers$372,516 $49,555 $211,916 $162,017 $187,217 $— $983,221 
Net sales to other segments39,173 199,323 50,547 83,316 9,520 (381,879)— 
Total net sales411,689 248,878 262,463 245,333 196,737 (381,879)983,221 
Segment cost of sales(c)
187,249 116,806 114,982 110,991 107,634 
Segment period expense(d)
131,740 61,491 95,601 45,004 58,000 
Unallocated expense / eliminations52,309 
Segment profit$92,700 $70,581 $51,880 $89,338 $31,103 $(52,309)$283,293 

Six Months ended
June 30, 2025		U.S. OperationsSwiss OperationsWestern European OperationsChinese Operations
Other Operations(a)
Eliminations and Corporate(b)
Total
Net sales to external customers$718,274 $96,857 $402,285 $303,185 $346,364 $— $1,866,965 
Net sales to other segments73,266 375,829 95,634 160,392 17,686 (722,807)— 
Total net sales791,540 472,686 497,919 463,577 364,050 (722,807)1,866,965 
Segment cost of sales(c)
350,171 219,030 219,049 210,469 195,104 
Segment period expense(d)
264,373 122,080 183,945 87,753 113,352 
Unallocated expense / eliminations104,419 
Segment profit$176,996 $131,576 $94,925 $165,355 $55,594 $(104,419)$520,027 

(a)Other Operations includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
(c)Segment cost of sales includes variable production and other costs.
(d)Segment period expense includes certain manufacturing, field service costs, research and development, and selling, general and administrative costs.

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METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
    A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows:
 Three Months EndedSix Months Ended
 2026202520262025
Segment profit$333,895 $283,293 $580,110 $520,027 
Amortization(19,426)(17,581)(39,038)(34,774)
Interest expense(17,246)(16,779)(34,253)(33,432)
Restructuring charges(5,450)(3,557)(12,720)(7,324)
Other income, net(2,372)3,281 4,957 6,102 
Earnings before taxes$289,401 $248,657 $499,056 $450,599 

The following tables show the additional disclosures for the Company’s reportable segments:
Three Months ended
June 30, 2026		U.S. OperationsSwiss OperationsWestern European OperationsChinese Operations
Other Operations(a)
Eliminations and Corporate(b)
Total
Depreciation$4,418 $1,758 $1,496 $2,368 $1,586 $1,674 $13,300 
Total assets$4,484,213 $4,124,208 $1,742,841 $1,159,390 $532,821 $(8,372,529)$3,670,944 
Purchase of property, plant, and equipment$(3,822)$(1,261)$(1,870)$(8,130)$(2,789)$(9,920)$(27,792)
Goodwill$568,684 $28,873 $104,626 $653 $32,378 $— $735,214 
Six Months ended
June 30, 2026		U.S. OperationsSwiss OperationsWestern European OperationsChinese Operations
Other Operations(a)
Eliminations and Corporate(b)
Total
Depreciation$8,718 $3,527 $2,985 $4,707 $3,166 $3,357 $26,460 
Purchase of property, plant, and equipment$(6,145)$(2,760)$(3,176)$(9,689)$(4,870)$(18,566)$(45,206)
(a)Other Operations includes reporting units in Southeast Asia, Latin America, Eastern Europe, and other countries.
(b)Eliminations and Corporate includes the elimination of intersegment transactions as well as certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
Three Months ended
June 30, 2025		U.S. OperationsSwiss OperationsWestern European OperationsChinese Operations
Other Operations(a)
Eliminations and Corporate(b)
Total
Depreciation$4,150 $1,681 $1,472 $2,331 $1,636 $1,600 $12,870 
Total assets$4,201,913 $4,465,399 $1,644,299 $1,005,376 $442,946 $(8,359,468)$3,400,465 
Purchase of property, plant, and equipment$(3,506)$(1,579)$(1,232)$(2,658)$(1,393)$(13,509)$(23,877)
Goodwill$532,394 $28,920 $108,380 $611 $13,817 $— $684,122 
Six Months ended
June 30, 2025		U.S. OperationsSwiss OperationsWestern European OperationsChinese Operations
Other Operations(a)
Eliminations and Corporate(b)
Total
Depreciation$8,321 $3,346 $2,800 $4,659 $3,117 $3,091 $25,334 
Purchase of property, plant, and equipment$(5,804)$(2,282)$(2,429)$(4,375)$(2,702)$(23,540)$(41,132)
(a)Other Operations includes reporting units in Southeast Asia, Latin America, Eastern Europe, and other countries.
(b)Eliminations and Corporate includes the elimination of intersegment transactions as well as certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.


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METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)

14.    COMMITMENTS AND CONTINGENCIES
In February 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). During the three months ended June 30, 2026, the Company received refunds, including interest, from the U.S. Customs and Border Protection of $42.9 million and concluded the remaining $9.5 million of refunds were realizable and such amounts have been subsequently received. The $9.5 million refund receivable is included in other current assets and prepaid expenses in the interim consolidated balance sheet as of June 30, 2026. This has resulted in a one-time gross benefit of $52.4 million that has reduced cost of sales for the three and six months ended June 30, 2026. In addition, the Company committed to refund approximately $27.8 million to customers, which reduced net sales for the three and six months ended June 30, 2026. This is included in accrued and other liabilities on the interim consolidated balance sheet as of June 30, 2026. The Company anticipates distributing tariff-related refunds to customers during the third quarter of 2026.
The Company is also party to various legal proceedings, including certain environmental matters, incidental to the normal course of business. Management does not expect that any of such proceedings, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.
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Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Unaudited Interim Consolidated Financial Statements included herein.
General
Our interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026.
Changes in local currencies exclude the effect of currency exchange rate fluctuations. Local currency amounts are determined by translating current and previous year consolidated financial information at an index utilizing historical currency exchange rates. We believe local currency information provides a helpful assessment of business performance and a useful measure of results between periods. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. We present non-GAAP financial measures in reporting our financial results to provide investors with an additional analytical tool to evaluate our operating results.
We also include in the discussion below disclosures of immaterial qualitative factors that are not quantified. Although the impact of such factors is not considered material, we believe these disclosures can be useful in evaluating our operating results.
Results of Operations – Consolidated
The following tables set forth certain items from our interim consolidated statements of operations and comprehensive income for the three and six month periods ended June 30, 2026 and 2025 (amounts in thousands).
 Three months ended June 30,Six months ended June 30,
 2026202520262025
 (unaudited)%(unaudited)%(unaudited)%(unaudited)%
Net sales$1,027,314 100.0 $983,221 100.0 $1,974,441 100.0 $1,866,965 100.0 
Cost of sales377,096 36.7 403,345 41.0 768,407 38.9 761,210 40.8 
Gross profit650,218 63.3 579,876 59.0 1,206,034 61.1 1,105,755 59.2 
Research and development52,989 5.2 49,285 5.0 104,264 5.3 95,631 5.1 
Selling, general and administrative263,334 25.6 247,298 25.2 521,660 26.4 490,097 26.3 
Amortization19,426 1.9 17,581 1.8 39,038 2.0 34,774 1.8 
Interest expense17,246 1.7 16,779 1.7 34,253 1.7 33,432 1.8 
Restructuring charges5,450 0.5 3,557 0.3 12,720 0.6 7,324 0.4 
Other charges (income), net2,372 0.2 (3,281)(0.3)(4,957)(0.2)(6,102)(0.3)
Earnings before taxes289,401 28.2 248,657 25.3 499,056 25.3 450,599 24.1 
Provision for taxes56,502 5.5 46,309 4.7 96,703 4.9 84,664 4.5 
Net earnings$232,899 22.7 $202,348 20.6 $402,353 20.4 $365,935 19.6 
Note: As further described below, our operating results for the three and six months ended June 30, 2026 include a one-time benefit of $52.4 million from IEEPA tariff-related refunds that reduced cost of sales, offset in part by related customer refunds of $27.8 million that reduced net sales.
Recent developments in global trade disputes/tariffs
In 2025, the U.S. government enacted incremental tariff rates on U.S. imports from certain foreign countries. In response to the U.S. tariffs, the Chinese government implemented an additional tariff on imports from the U.S. We estimate that we incurred costs before mitigation actions from the 2025 incremental tariffs of approximately $50 million in 2025, and we implemented various actions to fully offset the effect of the current incremental tariffs in 2026. At
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the beginning of 2026, incremental tariffs rates were 15% on imports from Switzerland, 25% on non-USMCA imports from Mexico, 30% on imports from China, 15% on imports from the European Union, and 10% on imports from the United Kingdom.
In February 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). During the three months ended June 30, 2026, we received refunds, including interest, from the U.S. Customs and Border Protection of $42.9 million and concluded the remaining $9.5 million of refunds due were realizable and such amounts have been subsequently received. This resulted in a one-time gross benefit of $52.4 million that reduced cost of sales for the three and six months ended June 30, 2026. In addition, we committed to issue $27.8 million to customers for tariff-related refunds, which reduced net sales for the three and six months ended June 30, 2026. We anticipate distributing refunds to our customers during the third quarter of 2026.
Following the U.S. Supreme Court’s decision in February 2026, the U.S. government effectively replaced IEEPA tariffs with a temporary Section 122 tariff that included a 10% tariff on imports from most countries that expired near the end of July 2026. In April 2026, the U.S. government also issued an update to the definition of Section 232 tariffs, which is not expected to have a significant effect on our ongoing tariff obligations.
On July 23, 2026, the U.S. government imposed new Section 301 tariffs to effectively replace the expired Section 122 tariffs. The new Section 301 tariffs include a 12.5% rate on imports from Switzerland and China, and a 10% rate on imports from the European Union, United Kingdom, and non-USMCA imports from Mexico. The U.S. government has also discussed the potential of additional tariffs on certain countries, as well as a potential ending of USMCA on imports from Mexico that are currently not subject to tariffs. Any additional changes to tariff rates in the future could adversely impact our financial results.
Global trade disputes/tariffs create economic uncertainty in our end markets and the overall global economic environment and market conditions may change quickly.
Recent developments in Iran
In February 2026, tensions between the U.S. and Iran escalated to an armed conflict (the “Iran War”) that has expanded to include much of the Middle East region. This has led to transportation restrictions in the region, resulting in volatility in global energy markets, commodities pricing, transportation costs, and foreign currency exchange rates. While we do not have significant direct exposure to the Middle East, recent events have increased global economic uncertainty and may affect customer demand in certain markets and contribute to higher global inflation.
While it is difficult to estimate the impact of the Iran War on the global economy, including increased inflation and higher energy and transportation costs, the Iran War could adversely impact our financial results and presents several risks to our business as further described in Part I, Item 1A, “Risk Factors” of our Annual Report for the year ended December 31, 2025. Uncertainties remain related to the Iran War and the resulting impact on the global economy, and market conditions can change quickly.
Net sales
Net sales were $1.0 billion and $983.2 million for the three months ended June 30, 2026, and 2025, respectively, and $2.0 billion and $1.9 billion for the six months ended June 30, 2026, and 2025, respectively. Sales in U.S. dollars increased 4% for the three months and increased 6% for the six months ended June 30, 2026, respectively. Excluding the effect of currency exchange fluctuations, or in local currencies, net sales increased 6% for the three months and 4% for the six months ended June 30, 2026, respectively, before the previously described one-time tariff-related customer refunds. Organic local currency net sales, which exclude acquisitions and the one-time tariff-related customer refunds, increased 4% for the three months and 3% for the six months ended June 30, 2026, respectively.
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Market conditions have improved, and we continue to benefit from the execution of our global sales and marketing programs, our innovative product portfolio, and investments in our field organization, particularly surrounding digital tools and techniques. However, ongoing developments in Iran and the Middle East, as well as global trade disputes/tariffs, create uncertainty in our end markets and the global economic environment and market conditions may change quickly. The ongoing developments related to global trade disputes/tariffs, Ukraine, and the conflicts in Iran and the Middle East also present several risks to our business as further described in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. These topics could adversely impact our financial results in future periods.
Net sales by geographic destination for the three months ended June 30, 2026 in U.S. dollars decreased 3% in the Americas, and increased 7% in Europe and 12% Asia/Rest of World. In local currencies, our net sales by geographic destination decreased 3% in the Americas and increased 4% in Europe and 10% in Asia/Rest of World. Local currency net sales by geographic destination increased 3% in the Americas, 4% in Europe, and 10% in Asia/Rest of World before the effect of one-time tariff-related customer refunds. Organic local currency net sales by geographic destination increased 1% in the Americas, 4% in Europe, and 9% in Asia/Rest of World. Organic local currency net sales in Asia/Rest of World includes an increase of 9% in China during the three months ended June 30, 2026.
Net sales by geographic destination for the six months ended June 30, 2026 in U.S. dollars were flat in the Americas and increased 10% in both Europe and Asia/Rest of World. Local currency net sales by geographic destination increased 3% in the Americas, 3% in Europe, and 8% in Asia/Rest of World before the effect of one-time tariff-related customer refunds. Organic local currency net sales by geographic destination were flat in the Americas and increased 3% in Europe and 6% in Asia/Rest of World. Organic local currency net sales in Asia/Rest of World includes an increase of 7% in China during the six months ended June 30, 2026. A discussion of sales by operating segment is included below.
As described in Note 18 to our consolidated financial statements for the year ended December 31, 2025, our net sales comprise product sales of precision instruments and related services. Service revenues are primarily derived from repair and other services, including regulatory compliance qualification, calibration, certification, preventative maintenance, and spare parts.
Net sales of products increased 3% and 4% in U.S. dollars for the three and six months ended June 30, 2026, respectively. Local currency product net sales increased 4% and 3% for the three and six months ended June 30, 2026, respectively, before the one-time tariff-related customer refunds. Organic local currency product net sales increased 3% and 2% for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025.
Service net sales (including spare parts) increased 10% and 11% in U.S. dollars for the three and six months ended June 30, 2026, respectively. Local currency service net sales increased 9% and 8% for the three and six months ended June 30, 2026, respectively, before the one-time tariff-related customer refunds. Organic local currency service net sales increased 7% and 6% for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025.
Net sales of our laboratory products and services, which represented approximately 55% of our total net sales, increased 3% and 4% in U.S. dollars for the three and six months ended June 30, 2026, respectively. Local currency laboratory net sales increased 5% and 3% for the three and six months ended June 30, 2026, respectively, before the one-time tariff-related customer refunds. Organic local currency laboratory net sales increased 4% and 2% for the three and six months ended June 30, 2026, respectively. The Organic local currency increase in laboratory net sales for the three and six months ended June 30, 2026 includes strong growth in process analytics, laboratory balances, and analytical instruments.
Net sales of our industrial products and services, which represented approximately 40% of our total net sales, increased 6% and 8% in U.S. dollars for the three and six months ended June 30, 2026, respectively. Local currency industrial net sales increased 6% and 5% for the three and six months ended June 30, 2026, respectively, before the one-time tariff-related customer refunds.
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Organic local currency industrial net sales increased 3% for both the three and six months ended June 30, 2026. The Organic local currency increase in industrial net sales for the three and six months ended June 30, 2026 includes growth in most product categories, with good core industrial growth during the three months ended June 30, 2026.
Net sales of our food retailing products and services, which represented approximately 5% of our total net sales, increased 13% in U.S. dollars for both the three and six months ended June 30, 2026. Local currency food retailing net sales increased 11% and 9% for the three and six months ended June 30, 2026, respectively, before the one-time tariff-related customer refunds. The local currency increase in food retail net sales for the three and six months ended June 30, 2026 includes strong project activity in Europe and Asia/Rest of World, partially offset by a decline in the Americas.
Gross profit
Gross profit as a percentage of net sales was 63.3% and 59.0% for the three months ended June 30, 2026 and 2025, respectively, and 61.1% and 59.2% for the six months ended June 30, 2026 and 2025, respectively. Excluding the effect of both the one-time tariff-related U.S. government and customer refunds, gross profit as a percentage of net sales was 59.3% and 59.0% for the three and six months ended June 30, 2026, respectively.
Gross profit as a percentage of net sales for products was 66.4% and 60.6% for the three months ended June 30, 2026 and 2025, respectively, and 63.7% and 61.1% for the six months ended June 30, 2026 and 2025, respectively. Excluding the effect of both the one-time tariff-related U.S. government and customer refunds, gross profit as a percentage of product net sales was 61.7% and 61.3% for the three and six months ended June 30, 2026, respectively.
Gross profit as a percentage of net sales for services (including spare parts) was 54.9% and 54.2% for the three months ended June 30, 2026 and 2025, respectively, and 54.1% and 54.0% for the six months ended June 30, 2026 and 2025, respectively. Excluding the effect of both the one-time tariff-related U.S. government and customer refunds, gross profit as a percentage of service net sales was 52.5% and 52.9% for the three and six months ended June 30, 2026, respectively.
Excluding the effect of the one-time tariff-related U.S. government and customer refunds, the increase in gross profit as a percentage of net sales for the three months ended June 30, 2026 primarily reflects favorable price realization, lower tariff costs, and benefits from our SternDrive program, partially offset by unfavorable foreign currency and higher transportation costs.
Research and development and selling, general, and administrative expenses
Research and development expenses as a percentage of net sales was 5.2% and 5.0% for the three months ended June 30, 2026 and 2025, respectively, and was 5.3% and 5.1% for the six months ended June 30, 2026 and 2025, respectively. Research and development expenses increased 8% in U.S. dollars and 3% in local currencies for the three months ended June 30, 2026, and increased 9% in U.S. dollars and 2% in local currencies for the six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025.
Selling, general, and administrative expenses as a percentage of net sales were 25.6% and 25.2% for the three months ended June 30, 2026 and 2025, respectively, and were 26.4% and 26.3% for the six months ended June 30, 2026 and 2025, respectively. Selling, general, and administrative expenses increased 6% in U.S. dollars and 4% in local currencies for the three months ended June 30, 2026, and increased 6% in U.S. dollars and 2% in local currencies for the six months ended June 30, 2026. The local currency increase for the three and six months ended June 30, 2026 includes sales and marketing investments, offset in part by our cost savings initiatives.
Amortization, interest expense, restructuring charges, other charges (income), net and taxes
Amortization expense was $19.4 million and $17.6 million for the three months ended June 30, 2026 and 2025, respectively, and $39.0 million and $34.8 million for the six months ended June 30, 2026 and 2025, respectively.
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Interest expense was $17.2 million and $16.8 million for the three months ended June 30, 2026 and 2025, respectively, and $34.3 million and $33.4 million for the six months ended June 30, 2026 and 2025, respectively.
Restructuring charges were $5.5 million and $3.6 million for the three months ended June 30, 2026 and 2025, respectively, and $12.7 million and $7.3 million for the six months ended June 30, 2026 and 2025, respectively. Restructuring expenses are primarily comprised of employee-related costs.
Other charges (income), net includes non-service pension costs (benefits), net (gains) losses from foreign currency transactions and hedging activities, interest income and other items. Non-service pension benefits were $6.0 million and $3.4 million for the three months ended June 30, 2026 and 2025, respectively, and $12.0 million and $6.5 million for the six months ended June 30, 2026 and 2025, respectively. Other charges also includes a net expense of $8.4 million related to additional contingent consideration associated with previous acquisitions for the three and six months ended June 30, 2026.
Our reported tax rate was 19.5% and 18.6% during the three months ended June 30, 2026 and 2025, respectively, and 19.4% and 18.8% during the six months ended June 30, 2026 and 2025, respectively. The provision for taxes is based upon our projected annual effective tax rate of 19.0% before non-recurring discrete tax items for the periods ended June 30, 2026 and 2025. The difference between our projected annual effective tax rate and the reported tax rate is related to the timing of excess tax benefits associated with stock option exercises, as well as the one-time tariff related U.S. government and customer refunds.
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Results of Operations – by Operating Segment
The following is a discussion of the financial results of our operating segments. We currently have five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other Operations. A more detailed description of these segments is outlined in Note 18 to our consolidated financial statements for the year ended December 31, 2025.
U.S. Operations (amounts in thousands)
 Three months ended June 30,Six months ended June 30,
 20262025%20262025%
Net sales to external customers$352,477 $372,516 (5)%$701,024 $718,274 (2)%
Net sales to other segments40,386 39,173 3%74,183 73,266 1%
Segment net sales392,863 411,689 (5)%775,207 791,540 (2)%
Segment cost of sales123,040 187,249 (34)%282,177 350,171 (19)%
Segment period expense140,257 131,740 6%275,640 264,373 4%
Segment profit$129,566 $92,700 40%$217,390 $176,996 23%

Total net sales and net sales to external customers decreased 5% and 2% for the three and six months ended June 30, 2026, respectively, compared with the corresponding periods in 2025. Organic total net sales and Organic net sales to external customers increased 5% and 1% for the three and six months ended June 30, 2026, respectively. Organic net sales to external customers for the three and six months ended June 30, 2026 includes strong growth in process analytics, analytical instruments, and laboratory balances, offset in part by a significant decline in food retail project activity.
Segment profit increased $36.9 million and $40.4 million for the three and six months ended June 30, 2026, compared to the corresponding periods in 2025. Segment profit during the three and six months ended June 30, 2026 includes a net benefit of $24.6 million related to one-time tariff-related refunds. Excluding the net tariff refund benefit, segment profit during the three and six months ended June 30, 2026 includes benefits from our margin expansion initiatives and lower tariff rates.
Swiss Operations (amounts in thousands)
 Three months ended June 30,Six months ended June 30,
 20262025
%1)
20262025
%1)
Net sales to external customers$56,476 $49,555 14%$107,235 $96,857 11%
Net sales to other segments210,813 199,323 6%402,770 375,829 7%
Segment net sales267,289 248,878 7%510,005 472,686 8%
Segment cost of sales129,969 116,806 11%248,712 219,030 14%
Segment period expense68,438 61,491 11%137,346 122,080 13%
Segment profit$68,882 $70,581 (2)%$123,947 $131,576 (6)%
1)Represents U.S. dollar growth (decline).
    
Total net sales increased 7% in U.S. dollars and 3% in local currency for the three months ended June 30, 2026, and increased 8% in U.S. dollars and decreased 1% in local currency for the six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. Net sales to external customers increased 14% in U.S. dollars and 11% in local currency for the three months ended June 30, 2026 and increased 11% in U.S. dollars and 5% in local currency for the six months ended June 30, 2026, compared to the corresponding periods in 2025. Net sales to external
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customers for the three and six months ended June 30, 2026 includes growth in most product categories, especially laboratory products.
Segment profit decreased $1.7 million and $7.6 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. Segment profit during the three and six months ended June 30, 2026 was negatively impacted by unfavorable foreign currency translation and inter-segment sales mix.
Western European Operations (amounts in thousands)
 Three months ended June 30,Six months ended June 30,
 20262025
%1)
20262025
%1)
Net sales to external customers$226,977 $211,916 7%$442,360 $402,285 10%
Net sales to other segments49,580 50,547 (2)%100,019 95,634 5%
Segment net sales276,557 262,463 5%542,379 497,919 9%
Segment cost of sales128,483 114,982 12%246,430 219,049 12%
Segment period expense99,130 95,601 4%198,087 183,945 8%
Segment profit$48,944 $51,880 (6)%$97,862 $94,925 3%
1)Represents U.S. dollar growth (decline).

Total net sales increased 5% in U.S. dollars and 3% in local currencies for the three months ended June 30, 2026 and increased 9% in U.S. dollars and 2% in local currencies for the six months ended June 30, 2026, compared to the corresponding periods in 2025. Net sales to external customers increased 7% in U.S. dollars and 4% in local currencies for the three months ended June 30, 2026, and increased 10% in U.S. dollars and 3% in local currencies for the six months ended June 30, 2026, compared to the corresponding periods in 2025. Net sales to external customers for the three and six months ended June 30, 2026 includes growth in most product categories, especially food retailing.
Segment profit decreased $2.9 million and increased $2.9 million for the three and six month periods ended June 30, 2026, respectively, compared to the corresponding periods in 2025. The decrease in segment profit during the three months ended June 30, 2026 includes unfavorable inter-segment sales mix and higher transportation costs, offset in part by higher sales.
Chinese Operations (amounts in thousands)
 Three months ended June 30,Six months ended June 30,
 20262025
%1)
20262025
%1)
Net sales to external customers$187,249 $162,017 16%$340,772 $303,185 12%
Net sales to other segments87,682 83,316 5%168,861 160,392 5%
Segment net sales274,931 245,333 12%509,633 463,577 10%
Segment cost of sales120,845 110,991 9%224,983 210,469 7%
Segment period expense51,961 45,004 15%97,649 87,753 11%
Segment profit$102,125 $89,338 14%$187,001 $165,355 13%
1)Represents U.S. dollar growth (decline).

Total net sales increased 12% in U.S. dollars and 6% in local currency for the three months ended June 30, 2026 and increased 10% in U.S. dollars and 4% local currency for the six months ended June 30, 2026, compared to the corresponding periods in 2025. Net sales to external customers increased 16% in U.S. dollars and 9% in local currency by origin for the three months ended June 30, 2026 and increased 12% in U.S. dollars and 7% in local currency during the six months ended June 30, 2026, compared to the corresponding periods in 2025. Net sales to external
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customers for the three and six months ended June 30, 2026 includes particularly strong growth in industrial products.
Segment profit increased $12.8 million and $21.6 million for the three and six month periods ended June 30, 2026, respectively, compared to the corresponding periods in 2025. The increase in segment profit during the three and six months ended June 30, 2026 includes higher net sales and benefits from our margin expansion initiatives, as well as favorable foreign currency translation.
Other (amounts in thousands)
 Three months ended June 30,Six months ended June 30,
 20262025
%1)
20262025
%1)
Net sales to external customers$204,135 $187,217 9%$383,050 $346,364 11%
Net sales to other segments10,681 9,520 12%21,656 17,686 22%
Segment net sales214,816 196,737 9%404,706 364,050 11%
Segment cost of sales116,705 107,634 8%217,767 195,104 12%
Segment period expense64,935 58,000 12%126,219 113,352 11%
Segment profit$33,176 $31,103 7%$60,720 $55,594 9%
1)Represents U.S. dollar growth (decline).

Total net sales increased 9% in U.S. dollars and 10% in local currency for the three months ended June 30, 2026 and increased 11% in U.S. dollars and 10% in local currency for the six months ended June 30, 2026, compared to the corresponding periods in 2025. Net sales to external customers increased 9% in U.S. dollars and 10% in local currencies for the three months ended June 30, 2026 and increased 11% in U.S. dollars and 9% in local currencies for the six months ended June 30, 2026, compared to the corresponding periods in 2025. Local currency net sales to external customers excluding acquisitions increased 5% and 4% for the three and six months ended June 30, 2026, respectively. Net sales to external customers for the three and six months ended June 30, 2026 includes strong growth in process analytics, laboratory balances and analytical instruments, as well as core industrial.
Segment profit increased $2.1 million and $5.1 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. The increase in segment profit for the three and six months ended June 30, 2026 is primarily related to increased sales and benefits from our margin expansion initiatives, offset in part by unfavorable foreign currency translation.
Liquidity and Capital Resources
Liquidity is our ability to generate sufficient cash flows from operating activities to meet our obligations and commitments. In addition, liquidity includes available borrowings under our Credit Agreement, the ability to obtain appropriate financing and our cash and cash equivalent balances. Currently, our liquidity needs are primarily driven by working capital requirements, capital expenditures, share repurchases and acquisitions. Global market conditions can be uncertain, and our ability to generate cash flows could be reduced by a deterioration in global markets.
We currently believe that cash flows from operating activities, together with liquidity available under our Credit Agreement, local working capital facilities, and cash balances, will be sufficient to fund currently anticipated working capital needs and spending requirements for at least the foreseeable future.
Cash provided by operating activities totaled $450.2 million during the six months ended June 30, 2026, compared to $430.8 million in the corresponding period in 2025 and includes a benefit of $42.9 million related to one-time tariff related U.S. government refunds. Excluding the
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one-time tariff related U.S. government refunds, the decrease for the six months ended June 30, 2026 is primarily related to the timing of tax payments.
Capital expenditures are made primarily for investments in information systems and technology, machinery, equipment and the purchase and expansion of facilities. Our capital expenditures totaled $45.2 million for the six months ended June 30, 2026 compared to $41.1 million in the corresponding period in 2025.
In December 2025, we entered into an agreement with the government of Xuhui, China to increase production automation and capacity and improve logistics. We will receive proceeds of approximately $31 million, of which approximately $18 million is expected to offset future purchases of property, plant, and equipment and approximately $13 million is expected to offset future operating expenses. We expect to receive proceeds and make payments related to the agreement through 2030. We have received cumulative proceeds of $12.4 million, including $6.2 million during the six months ended June 30, 2026. No proceeds were received during the three months ended June 30, 2026. We have cumulatively incurred $0.9 million, including $0.3 million of capital expenditures and $0.6 million of operating expense, related to the agreement during the three months ended June 30, 2026. Proceeds are recorded in accrued and other liabilities and will be reduced as amounts related to the agreement are paid.
We continue to explore potential acquisitions. In connection with any acquisition, we may incur additional indebtedness.
Cash flows used in financing activities are primarily comprised of share repurchases. In accordance with our share repurchase program, we spent $412.5 million and $437.5 million on the repurchase of 325,348 shares and 368,010 shares, during the six months ended June 30, 2026 and 2025, respectively.
Senior Notes and Credit Facility Agreement
Our debt consisted of the following at June 30, 2026:
U.S. DollarOther Principal Trading CurrenciesTotal
3.91% $75 million ten-year Senior Notes due June 25, 202975,000 — 75,000 
5.45% $150 million ten-year Senior Notes due March 1, 2033150,000 — 150,000 
2.83% $125 million twelve-year Senior Notes due July 22, 2033125,000 — 125,000 
3.19% $50 million fifteen-year Senior Notes due January 24, 203550,000 — 50,000 
2.81% $150 million fifteen-year Senior Note due March 17, 2037150,000 — 150,000 
2.91% $150 million fifteen-year Senior Note due September 1, 2037150,000 — 150,000 
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030— 142,313 142,313 
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034— 153,698 153,698 
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036— 142,313 142,313 
3.80% Euro 100 million 10 1/2-year Senior Notes due July 9, 2035— 113,850 113,850 
Debt issuance costs, net(1,947)(1,657)(3,604)
Total Senior Notes698,053 550,517 1,248,570 
$1.35 billion Credit Agreement, interest at benchmark plus 87.5 basis points (a)
402,444 380,669 783,113 
Other local arrangements20,218 60,062 80,280 
Total debt1,120,715 991,248 2,111,963 
Less: current portion(7,601)(59,689)(67,290)
Total long-term debt$1,113,114 $931,559 $2,044,673 
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(a) The benchmark interest rate is determined by the borrowing currency. The benchmark rates by borrowing currency are as follows: SOFR for U.S. dollars (plus a 10 basis points spread adjustment), SARON for Swiss franc, EURIBOR for Euro and SONIA for Great British pounds.    

As of June 30, 2026, we had $562.7 million of additional borrowings available under our Credit Agreement, and we maintained $51.4 million of cash and cash equivalents.
Changes in exchange rates between the currencies in which we generate cash flows and the currencies in which our borrowings are denominated affect our liquidity. In addition, because we borrow in a variety of currencies, our debt balances fluctuate due to changes in exchange rates. Further, we do not have any downgrade triggers relating to ratings from rating agencies that would accelerate the maturity dates of our debt. We were in compliance with our debt covenants as of June 30, 2026.
In January 2025, we entered into an agreement to issue and sell EUR 100 million 10 1/2-year Senior Notes with a fixed interest rate of 3.8% (3.8% Euro Senior Notes) in a private placement, which will mature in July 2035. The 3.8% Euro Senior Notes are unsecured obligations of the Company and the terms are consistent with the previous Notes as disclosed in Note 10 to our consolidated financial statements for the year ended December 31, 2025. We used the proceeds from the sale of the Notes to refinance existing indebtedness and for other general corporate purposes.
Other Local Arrangements
In April 2018, two of our non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2026.
Share Repurchase Program
We have $3.2 billion of remaining availability for our share repurchase program as of June 30, 2026. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors.
We have purchased 33.3 million shares at an average price per share of $330.16 since the inception of the program in 2004 through June 30, 2026. During the six months ended June 30, 2026 and 2025, we spent $412.5 million and $437.5 million on the repurchase of 325,348 and 368,010 shares at an average price per share of $1,267.85 and $1,188.80, respectively. We also reissued 2,554 shares and 17,589 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2026 and 2025, respectively. In addition, we incurred $2.0 million and $2.1 million of excise tax during the three months ended June 30, 2026 and 2025, respectively, and $4.1 million of excise tax during both the six months ended June 30, 2026 and 2025 related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in our consolidated financial statements.
Effect of Currency on Results of Operations
Our earnings are affected by changing exchange rates. We are most sensitive to changes in the exchange rates between the Swiss franc, euro, Chinese renminbi, and U.S. dollar. We have more Swiss franc expenses than we do Swiss franc sales because we develop and manufacture products in Switzerland that we sell globally, and have a number of corporate functions located in Switzerland. When the Swiss franc strengthens against our other trading currencies, particularly the U.S. dollar and euro, our earnings decrease. We also have significantly more sales in the euro than we do expenses. When the euro weakens against the U.S. dollar and Swiss franc, our earnings also decrease. We estimate a 1% strengthening of the Swiss franc against the euro would reduce our earnings before tax by approximately $2.8 million to $3.1 million annually.
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We also conduct business in many geographies throughout the world, including Asia Pacific, the United Kingdom, Eastern Europe, Latin America, and Canada. Fluctuations in these currency exchange rates against the U.S. dollar can also affect our operating results. The most significant of these currency exposures is the Chinese renminbi. The impact on our earnings before tax of the Chinese renminbi weakening 1% against the U.S. dollar is a reduction of approximately $2.2 million to $2.6 million annually.
In addition to the effects of exchange rate movements on operating profits, our debt levels can fluctuate due to changes in exchange rates, particularly between the U.S. dollar, the Swiss franc and the euro. Based on our outstanding debt at June 30, 2026, we estimate that a 5% weakening of the U.S. dollar against the currencies in which our debt is denominated would result in an increase of approximately $52.3 million in the reported U.S. dollar value of our debt.
Forward-Looking Statements Disclaimer
You should not rely on forward-looking statements to predict our actual results. Our actual results or performance may be materially different than reflected in forward-looking statements because of various risks and uncertainties, including statements about expected revenue growth, inflation, ongoing developments related to global trade disputes/tariffs, and the conflicts in Ukraine and the Middle East. You can identify forward-looking statements by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” or “continue.”
We make forward-looking statements about future events or our future financial performance, including earnings and sales growth, earnings per share, strategic plans and contingency plans, growth opportunities or economic downturns, our ability to respond to changes in market conditions, planned research and development efforts and product introductions, adequacy of facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, customer demand, our competitive position, pricing, capital expenditures, cash flow, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions, the impact of inflation, ongoing developments related to global trade disputes/tariffs, and the conflicts in Ukraine, Iran, and the Middle East on our business.
Our forward-looking statements may not be accurate or complete, and we do not intend to update or revise them in light of actual results. New risks also periodically arise. Please consider the risks and factors that could cause our results to differ materially from what is described in our forward-looking statements, including ongoing developments related to global trade disputes/tariffs, inflation, and the ongoing conflicts in Ukraine, Iran, and the Middle East. See in particular “Factors Affecting Our Future Operating Results” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025 and other reports filed with the SEC from time to time.

Item 3.Quantitative and Qualitative Disclosures About Market Risk
As of June 30, 2026, there was no material change in the information provided under Item 7A in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
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Item 4.Controls and Procedures
Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer, have concluded that these disclosure controls and procedures are effective. There were no changes in our internal control over financial reporting during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION

Item 1.Legal Proceedings. None
Item 1A.Risk Factors.
For the three and six months ended June 30, 2026 there were no material changes from risk factors disclosed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Issuer Purchases of Equity Securities
 (a)(b)(c)(d)
Total Number of
Shares Purchased		Average Price Paid
per Share		Total Number of
Shares Purchased as Part of Publicly Announced Program		Approximate Dollar
Value (in thousands) of Shares that may yet be Purchased under the Program
April 1 to April 30, 202653,895 $1,296.95 53,895 $3,382,289 
May 1 to May 31, 202661,321 $1,139.92 61,321 $3,312,387 
June 1 to June 30, 202657,169 $1,162.28 57,169 $3,245,939 
Total172,385 $1,196.43 172,385 $3,245,939 
The Company has $3.2 billion of remaining availability as of June 30, 2026. The Company has purchased 33.3 million shares at an average price per share of $330.16 since the inception of the program through June 30, 2026.
During the six months ended June 30, 2026 and 2025, the Company spent $412.5 million and $437.5 million on the repurchase of 325,348 and 368,010 shares at an average price per share of $1,267.85 and $1,188.80, respectively. The Company also reissued 2,554 shares and 17,589 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2026 and 2025, respectively. In addition, the Company incurred $2.0 million and $2.1 million of excise tax during the three months ended June 30, 2026 and 2025, respectively, and $4.1 million of excise tax during both the six months ended June 30, 2026 and 2025 related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in the Company's consolidated financial statements.
Item 3.Defaults Upon Senior Securities. None
Item 5.    Other information. None
Item 6.    Exhibits. See Exhibit Index.

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Table of Contents
EXHIBIT INDEX
Exhibit No. Description
 
    
 
 
101.INS*XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*XBRL Taxonomy Extension Schema Document
101.CAL*XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*XBRL Taxonomy Extension Label Linkbase Document
101.PRE*XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF*XBRL Taxonomy Extension Definition Linkbase Document
_______________________
*    Filed herewith
- 38 -
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
    
Mettler-Toledo International Inc.
Date:July 31, 2026By:  /s/ Shawn P. Vadala
 
  Shawn P. Vadala
  Chief Financial Officer 

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