ITT backlog hits record as defense and energy projects drive 2026 momentum

ITT (NYSE:ITT) delivered a double-digit jump in fourth-quarter revenue on Thursday, as the industrial manufacturer effectively converted a massive $2 billion backlog of defense and pump projects into a strong finish for fiscal 2025.

The Stamford, Connecticut-based company posted fourth-quarter revenue of $1.05 billion, a 13% increase (9% organic) that surpassed analyst forecasts.

Adjusted earnings for the quarter reached $1.85 per share, representing 23% growth, driven by aggressive cost controls and high-margin contributions from the kSARIA and Svanehøj acquisitions.

For the full year, ITT delivered $3.9 billion in revenue and adjusted EPS of $6.72, anchored by a 10% surge in total orders.

The results highlight ITT's successful pivot toward secular growth markets.

The Industrial Process (IP) segment outperformed as large-scale energy transition and pump projects moved into the shipping phase, while the Connect & Control Technologies (CCT) segment benefited from a resurgence in commercial aerospace and defense connector demand.

Furthermore, the company’s cash engine accelerated significantly; full-year free cash flow hit $555 million, an 11% increase that provides ample dry powder for its "30 by 30" strategy—a plan to reach $5 billion in revenue by 2030.

Looking ahead to 2026, ITT issued a confident outlook, projecting full-year adjusted EPS in the range of $7.30 to $7.60.

The guidance includes a 10% dividend hike to approximately $0.386 per share, marking the fourth consecutive year of double-digit increases. CEO Luca Savi noted that the company enters the new year with "unprecedented visibility" thanks to its record backlog and the pending integration of the SPX FLOW acquisition, which is expected to close by the end of Q1 2026 and add roughly $1.3 billion in annualized revenue.