Timken TKR
Timken reported $93.8 million net income for Q3 2026.
- Form
- 10-Q
- Filed
- Importance
- Notable
- Accession
- 0000098362-26-000059
- Revenue of $1.21 billion for the three months ended Sep 30, 2026.
- Net income of $93.8 million for the three months ended Sep 30, 2026.
- Diluted EPS of $1.34 for the three months ended Sep 30, 2026.
- Cash and equivalents of $410.2 million as of Sep 30, 2026.
Written from the 10-Q on EDGAR. AI can make mistakes. Check the filing.
What changed
4 changes since the June 2026 10-Q
Compared with the 10-Q 0000098362-26-000053, filed Aug 4, 2026.
EPS up 227% from Jun 30
$1.34, was $0.41.
From the filings
Before
$0.41Now
$1.34Net income up 225% from Jun 30
$93.8M, was $28.9M.
From the filings
Before
$28.9MNow
$93.8MRevenue down 3.9% from Jun 30
$1.2B, was $1.3B.
From the filings
Before
$1.3BNow
$1.2BCash up 2.8% from Jun 30
$410M, was $399M.
From the filings
Before
$399MNow
$410M
Show the redline
Section by section. Added words and removed words against the earlier filing.
Cover page 3 changes
3 unchanged paragraphs
For the quarterly period ended June September 30, 2026
23 unchanged paragraphs
Class Outstanding at July October 31, 2026
Common Shares, without par value 69,296,839 68,640,329 shares
1 unchanged paragraph
Financial statements 143 changes
2 unchanged paragraphs
June 30, Six Months Ended
September 30, Nine Months Ended
1 unchanged paragraph
Net sales $ 1,260.9 $ 1,173.4 $ 2,492.2 $ 2,313.7
Cost of products sold 861.6 813.1 1,698.9 1,594.7
Selling, general and administrative expenses 205.9 189.7 407.1 374.5
Amortization of intangible assets 20.7 19.9 41.3 38.9
Impairment and restructuring charges 87.9 2.9 91.5 13.8
Operating Income 84.8 147.8 253.4 291.8
Interest expense ( 26.2 ) ( 29.8 ) ( 50.5 ) ( 56.3 )
Interest income 2.5 3.0 4.2 5.3
Other expense, net ( 2.5 ) ( 3.4 ) ( 4.9 ) ( 3.7 )
Income Before Income Taxes 57.9 116.4 200.8 234.7
Provision for income taxes 20.7 30.7 57.7 57.6
Net Income 37.2 85.7 143.1 177.1
Less: Net income attributable to noncontrolling interest 8.3 7.2 16.0 20.3
Net Income Attributable to The Timken Company $ 28.9 $ 78.5 $ 127.1 $ 156.8
Net sales $ 1,211.4 $ 1,157.1 $ 3,703.6 $ 3,470.8
Cost of products sold 825.0 808.1 2,523.9 2,402.8
Selling, general and administrative expenses 200.1 186.4 607.2 560.9
Amortization of intangible assets 20.3 20.2 61.6 59.1
Impairment and restructuring charges 0.6 3.0 92.1 16.8
Gain on divestitures ( 0.6 ) — ( 0.6 ) —
Operating Income 166.0 139.4 419.4 431.2
Interest expense ( 25.8 ) ( 27.3 ) ( 76.3 ) ( 83.6 )
Interest income 2.9 2.4 7.1 7.7
Non-service pension and other postretirement expense ( 0.7 ) ( 1.2 1.3 ) ( 1.4 2.1 ) ( 2.4 3.7 )
Other expense, net ( 2.0 ) ( 5.7 ) ( 6.9 ) ( 9.4 )
Income Before Income Taxes 140.4 107.5 341.2 342.2
Provision for income taxes 40.7 33.2 98.4 90.8
Net Income 99.7 74.3 242.8 251.4
Less: Net income attributable to noncontrolling interest 5.9 5.0 21.9 25.3
Net Income Attributable to The Timken Company $ 93.8 $ 69.3 $ 220.9 $ 226.1
2 unchanged paragraphs
Basic earnings per share $ 0.42 $ 1.13 $ 1.83 $ 2.24
Diluted earnings per share $ 0.41 $ 1.12 $ 1.81 $ 2.23
Basic earnings per share $ 1.36 $ 0.99 $ 3.18 $ 3.24
Diluted earnings per share $ 1.34 $ 0.99 $ 3.15 $ 3.22
2 unchanged paragraphs
June 30, Six Months Ended
September 30, Nine Months Ended
1 unchanged paragraph
Net Income $ 37.2 $ 85.7 $ 143.1 $ 177.1
Net Income $ 99.7 $ 74.3 $ 242.8 $ 251.4
1 unchanged paragraph
Foreign currency translation adjustments ( 4.2 ) 143.6 ( 34.7 ) 210.7
Other comprehensive (loss) income, net of tax ( 5.1 ) 138.3 ( 36.8 ) 201.7
Comprehensive income, net of tax 32.1 224.0 106.3 378.8
Less: comprehensive income attributable to noncontrolling interest 8.4 6.8 7.5 20.5
Comprehensive income attributable to The Timken Company $ 23.7 $ 217.2 $ 98.8 $ 358.3
Foreign currency translation adjustments ( 10.9 ) ( 16.8 ) ( 45.6 ) 193.9
Pension and postretirement liability adjustments ( 1.5 ) ( 1.7 1.5 ) ( 3.0 4.5 ) ( 3.3 4.8 )
Change in fair value of derivative financial instruments 0.7 0.6 ( 3.6 ) 0.9 1.6 ( 5.7 5.1 )
Other comprehensive (loss) income, net of tax ( 11.7 ) ( 17.7 ) ( 48.5 ) 184.0
Comprehensive income, net of tax 88.0 56.6 194.3 435.4
Less: comprehensive income (loss) attributable to
noncontrolling interest 3.9 ( 1.0 ) 11.4 19.5
Comprehensive income attributable to The Timken Company $ 84.1 $ 57.6 $ 182.9 $ 415.9
2 unchanged paragraphs
Unbilled receivables 174.0 137.6
(Dollars in millions) June September 30,
Cash and cash equivalents $ 399.1 410.2 $ 364.4
Restricted cash 1.4 1.1 1.0
Accounts receivable, less allowances (2026 - $ 13.7 13.0 million; 2025 - $ 12.3 million)
Unbilled receivables 156.6 137.6
Inventories, net 1,249.1 1,254.6 1,243.3
Deferred charges and prepaid expenses 52.7 52.0 45.7
Other current assets 143.3 111.6 119.4
Total Current Assets 2,842.5 2,771.4 2,600.8
Property, Plant and Equipment, net 1,289.9 1,277.9 1,357.6
Goodwill 1,517.1 1,512.3 1,486.4
Other intangible assets, net 955.9 928.8 1,002.3
Operating lease assets 152.4 149.3 152.9
Deferred income taxes 44.9 37.7 53.2
Other non-current assets 22.9 26.7 23.6
Total Other Assets 2,693.2 2,654.8 2,718.4
Total Assets $ 6,825.6 6,704.1 $ 6,676.8
1 unchanged paragraph
Accounts payable, trade $ 371.1 349.1 $ 353.2
Short-term debt, including current portion of long-term debt 40.2 189.5 38.9
Salaries, wages and benefits 153.3 172.2 157.5
Income taxes payable 17.3 16.0 31.4
Other current liabilities 336.4 357.7 341.1
Total Current Liabilities 918.3 1,084.5 922.1
1 unchanged paragraph
Long-term debt 2,036.0 1,745.2 1,883.1
Accrued pension benefits 136.6 131.8 148.9
1 unchanged paragraph
Long-term operating lease liabilities 94.3 93.9 100.8
5 unchanged paragraphs
2 unchanged paragraphs
5 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
and 63 more changes in the filing
Note 2: Significant Accounting Policies 1 change
The Company's significant accounting policies are detailed in " Note 1 - Significant Accounting Policies" of the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
3 unchanged paragraphs
Note 3: Acquisitions and Divestitures 16 changes
On March 18, 2026, the Company acquired certain assets and assumed certain liabilities in the United States ("U.S.") and acquired 100 % of the equity of the international affiliates of Bijur Delimon International ("Bijur Delimon"), a leading global designer and manufacturer of automated lubrication systems. Founded in 1872, Bijur Delimon operates manufacturing locations in the U.S., Europe and Asia Pacific. The acquisition of Bijur Delimon expands the Company's position in automated lubrication systems. The total purchase price for this acquisition was $ 124.4 123.1 million, net of cash acquired of $ 6.8 6.7 million. subject to customary post-closing adjustments. Results for Bijur Delimon are reported in the Industrial Motion segment. The Company incurred acquisition-related costs of $ 1.2 1.9 million to complete this acquisition. Acquisition costs are recorded in selling, general and administrative ("SG&A") expenses on the Consolidated Statements of Income.
The following table presents the preliminary purchase price allocation for the Bijur Delimon acquisition as of June September 30, 2026:
Preliminary Purchase
Accounts receivable $ 13.7 13.8
1 unchanged paragraph
Property, plant and equipment 14.8 15.0
Other intangible assets 42.1 40.1
Other non-current assets 6.8 4.1
Total assets acquired $ 155.2 152.8
1 unchanged paragraph
Salaries, wages and benefits 6.6 6.5
Other current liabilities 10.7 10.2
Deferred income taxes 8.5 8.0
1 unchanged paragraph
Total liabilities assumed $ 30.8 29.7
Net assets acquired $ 124.4 123.1
2 unchanged paragraphs
Technology and know-how 13.0 12.0 14 years
Customer relationships 22.0 21.0 14 years
1 unchanged paragraph
Total intangible assets $ 42.1 40.1
Note 3: Acquisitions and Divestitures (continued) 8 changes
1 unchanged paragraph
The following table provides the major captions of assets held for sale at June 30, 2026:
Inventories, net $ 25.2
Property, plant and equipment, net 34.0
Intangible assets, net 29.2
Less: impairment charge ( 64.4 )
Assets held for sale $ 24.0
The amounts in the table above represent the preliminary purchase price allocation for Bijur Delimon. This purchase price allocation, including the residual amount allocated to goodwill, is subject to change as additional information concerning final asset and liability valuations are obtained and management completes its reassessment of the measurement period procedures based on the results of the preliminary valuation. The purchase price allocation for Bijur Delimon is preliminary as a result of the proximity of the acquisition date to June September 30, 2026, and as a result no elements of the purchase price allocation have been finalized. During the applicable measurement period, the Company will adjust assets and liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values for those assets or liabilities as of that date. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments had been completed on the acquisition date.
On April 29, 2026, the Company entered into a definitive agreement to sell certain assets of its belts business to Gates Industrial Corporation plc Ltd. ("Gates"). During the second quarter of 2026, certain assets of the belts business met the held for sale criteria, and the Company reclassified its assets accordingly. Assets held for sale of $ 24.0 million are included in other current assets on the Consolidated Balance Sheet. As a result of the carrying value of the business exceeding the estimated sales price less costs to sell, the Company recorded an impairment charge loss of $ 64.4 million for the three months ended June 30, 2026. The impairment charge is included in the impairment and restructuring charges line On September 28, 2026, the Consolidated Statements Company completed the divestiture of Income. the transaction, which is subject to customary closing conditions, is expected belts business. Due to close a reduction in certain assets of the third quarter belts business, the Company reduced the impairment loss by $ 11.0 million during the three months ended September 30, 2026. The belts business had net sales of $ 88.0 million for the nine months ended September 30, 2026 and $ 105.2 million for the twelve months ended December 31, 2025. Operating results of the belts business are were included in the Industrial Motion segment. The Company recorded proceeds of $ 26.3 million on the sale of the belts business. The Company will be providing transition services for a customary period of time.
Note 4: Segment Information 30 changes
The Company operates under two reportable segments: (1) Engineered Bearings and (2) Industrial Motion. The Company's Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer ("CEO"). The primary measurement used by the CODM to measure the financial performance of each segment is adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA"). The CODM considers actual and budgeted results provided on a regular basis for both segments' profit measures when making decisions about allocating capital and personnel to the segments.
1 unchanged paragraph
For the three months ended June September 30, 2026:
1 unchanged paragraph
Net sales $ 807.0 $ 453.9 $ 1,260.9
Net sales $ 771.4 $ 440.0 $ 1,211.4
4 unchanged paragraphs
Adjusted EBITDA for reportable segments $ 161.3 $ 105.6 $ 266.9
Interest expense ( 26.2 )
For the six months ended June 30, 2026:
Adjusted EBITDA for reportable segments $ 155.8 $ 87.0 $ 242.8
Unallocated corporate expense ( 19.7 18.2 )
Impairment, restructuring and reorganization charges ( 8.1 5.0 )
Acquisition-related charges ( 3.4 2.0 )
Gain on the sale of certain assets 0.6
Belts impairment, restructuring and reorganization charges ( 94.4 ) 4.0
Depreciation and amortization ( 59.7 58.9 )
Interest expense ( 25.8 )
Income before income taxes $ 57.9 140.4
For the nine months ended September 30, 2026:
1 unchanged paragraph
Net sales $ 1,613.2 $ 879.0 $ 2,492.2
Net sales $ 2,384.6 $ 1,319.0 $ 3,703.6
4 unchanged paragraphs
Adjusted EBITDA for reportable segments $ 320.3 $ 196.9 $ 517.2
Interest expense ( 50.5 )
Adjusted EBITDA for reportable segments $ 476.1 $ 283.9 $ 760.0
Unallocated corporate expense ( 39.0 57.2 )
Impairment, restructuring and reorganization charges ( 12.9 17.9 )
Acquisition-related charges ( 5.2 7.2 )
Belts impairment, restructuring and reorganization charges ( 94.4 90.4 )
Gain on the sale of certain assets 0.6
Depreciation and amortization ( 118.6 177.5 )
Interest expense ( 76.3 )
Income before income taxes $ 200.8 341.2
Note 4: Segment Information (continued) 27 changes
For the three months ended June September 30, 2025:
1 unchanged paragraph
Net sales $ 777.4 $ 396.0 $ 1,173.4
Net sales $ 765.8 $ 391.3 $ 1,157.1
4 unchanged paragraphs
Adjusted EBITDA for reportable segments $ 153.4 $ 72.6 $ 226.0
Interest expense ( 29.8 )
For the six months ended June 30, 2025:
Adjusted EBITDA for reportable segments $ 144.2 $ 74.5 $ 218.7
Unallocated corporate expense ( 17.8 17.0 )
Impairment, restructuring and reorganization charges ( 4.7 4.5 )
Gain on the sale of certain assets 0.1 0.5
CEO transition expenses ( 3.2 6.7 )
Depreciation and amortization ( 57.2 58.6 )
Interest expense ( 27.3 )
Income before income taxes $ 116.4 107.5
For the nine months ended September 30, 2025:
1 unchanged paragraph
Net sales $ 1,538.1 $ 775.6 $ 2,313.7
Net sales $ 2,303.9 $ 1,166.9 $ 3,470.8
4 unchanged paragraphs
Adjusted EBITDA for reportable segments $ 312.6 $ 139.7 $ 452.3
Interest expense ( 56.3 )
Adjusted EBITDA for reportable segments $ 456.8 $ 214.2 $ 671.0
Unallocated corporate expense ( 36.0 53.0 )
Impairment, restructuring and reorganization charges ( 7.8 12.3 )
Gain on the sale of certain assets 1.3 1.8
CEO transition expenses ( 11.8 18.5 )
Depreciation and amortization ( 112.3 170.9 )
Interest expense ( 83.6 )
Income before income taxes $ 234.7 342.2
4 unchanged paragraphs
Note 5: Revenue 32 changes
The following table presents details deemed relevant to the users of the financial statements about total revenue for the three and six nine months ended June September 30, 2026 and 2025:
1 unchanged paragraph
June September 30, 2026 June September 30, 2025
1 unchanged paragraph
United States $ 327.8 $ 229.2 $ 557.0 $ 319.7 $ 211.8 $ 531.5
United States $ 335.4 $ 227.8 $ 563.2 $ 323.1 $ 205.1 $ 528.2
1 unchanged paragraph
United States 99.5 26.6 126.1 98.3 22.0 120.3
Europe / Middle East / Africa 158.2 159.9 318.1 148.6 136.3 284.9
Asia-Pacific 221.5 38.2 259.7 210.8 25.9 236.7
Net sales $ 807.0 $ 453.9 $ 1,260.9 $ 777.4 $ 396.0 $ 1,173.4
Six Months Ended Six Months Ended
United States 96.5 27.6 124.1 91.2 23.9 115.1
Europe / Middle East / Africa 139.3 141.8 281.1 150.0 135.2 285.2
Asia-Pacific 200.2 42.8 243.0 201.5 27.1 228.6
Net sales $ 771.4 $ 440.0 $ 1,211.4 $ 765.8 $ 391.3 $ 1,157.1
Nine Months Ended Nine Months Ended
June September 30, 2026 June September 30, 2025
1 unchanged paragraph
United States $ 655.4 $ 456.3 $ 1,111.7 $ 631.2 $ 414.1 $ 1,045.3
Americas excluding the United States 193.0 51.4 244.4 186.5 43.2 229.7
Europe / Middle East / Africa 321.2 306.3 627.5 288.2 266.0 554.2
Asia-Pacific 443.6 65.0 508.6 432.2 52.3 484.5
Net sales $ 1,613.2 $ 879.0 $ 2,492.2 $ 1,538.1 $ 775.6 $ 2,313.7
Six Months Ended Six Months Ended
United States $ 990.8 $ 684.1 $ 1,674.9 $ 954.3 $ 619.2 $ 1,573.5
Americas excluding the United States 289.5 79.0 368.5 277.7 67.1 344.8
Europe / Middle East / Africa 460.5 448.1 908.6 438.2 401.2 839.4
Asia-Pacific 643.8 107.8 751.6 633.7 79.4 713.1
Net sales $ 2,384.6 $ 1,319.0 $ 3,703.6 $ 2,303.9 $ 1,166.9 $ 3,470.8
When reviewing revenue by sales channel, the Company separates net sales to original equipment manufacturers ("OEMs") from sales to distributors and end users. The following table presents the approximate percentage of revenue by sales channel for the six nine months ended June September 30, 2026 and 2025:
Nine Months Ended Nine Months Ended
Revenue by sales channel June September 30, 2026 June September 30, 2025
2 unchanged paragraphs
In addition to disaggregating revenue by segment, geography and by sales channel as shown above, the Company believes information about the timing of transfer of goods or services and type of customer is also relevant. During the six nine months ended June September 30, 2026 and 2025, approximately 9 % of total net sales were recognized over-time because of the continuous transfer of control to the customer, with the remainder recognized as of a point in time. Finally, business with the U.S. government or its contractors represented approximately 7 % of total net sales during the six nine months ended June September 30, 2026 and 2025.
Remaining Performance Obligations:
Remaining performance obligations represent the transaction price of orders meeting the definition of a contract for which work has not been performed and excludes unexercised contract options. Performance obligations having a duration of more than one year are concentrated in contracts for certain products and services provided to the U.S. government or its contractors. The aggregate amount of the transaction price allocated to remaining performance obligations for such contracts with a duration of more than one year was approximately $ 166 million at September 30, 2026.
Note 5: Revenue (continued) 14 changes
Remaining Performance Obligations:
Remaining performance obligations represent the transaction price of orders meeting the definition of a contract for which work has not been performed and excludes unexercised contract options. Performance obligations having a duration of more than one year are concentrated in contracts for certain products and services provided to the U.S. government or its contractors. The aggregate amount of the transaction price allocated to remaining performance obligations for such contracts with a duration of more than one year was approximately $ 118 million at June 30, 2026.
1 unchanged paragraph
The following table contains a rollforward of unbilled receivables for the six nine months ended June September 30, 2026 and the twelve months ended December 31, 2025:
1 unchanged paragraph
Ending balance $ 174.0 $ 137.6
Additional unbilled revenue recognized 194.9 297.4 366.9
Less: amounts billed to customers ( 158.5 278.4 ) ( 370.1 )
Ending balance $ 156.6 $ 137.6
There were no impairment losses recorded on unbilled receivables for the six nine months ended June September 30, 2026 and the twelve months ended December 31, 2025.
The following table contains a rollforward of deferred revenue for the six nine months ended June September 30, 2026 and the twelve months ended December 31, 2025:
1 unchanged paragraph
Ending balance $ 52.3 $ 55.7
Revenue received or billed in advance of recognition 78.5 123.6 180.9
Less: revenue recognized ( 84.8 118.8 ) ( 166.6 )
Acquisitions, net of divestitures 0.9 —
Ending balance $ 61.4 $ 55.7
Note 6: Income Taxes 10 changes
1 unchanged paragraph
June 30, Six Months Ended
Provision for income taxes $ 20.7 $ 30.7 $ 57.7 $ 57.6
Effective tax rate 35.8 % 26.4 % 28.7 % 24.5 %
The effective tax rate of 35.8 % for the three months ended June 30, 2026 was higher than the effective tax rate for the three months ended June 30, 2025 primarily due to limitations in the U.S. foreign-derived intangible income deduction and foreign tax credits as a result of the agreement to sell certain assets of the belts business. The increase was also due to favorable discrete items recognized in the prior-year period related to the reversal of accruals for uncertain tax positions to account for the expiration of the statute of limitations in jurisdictions outside the U.S. These increases were partially offset by the impact of beneficial provisions effective in 2026 from the One Big Beautiful Bill Act ("OBBBA") and a lower mix of earnings in non-U.S. jurisdictions with relatively higher tax rates.
September 30, Nine Months Ended
Provision for income taxes $ 40.7 $ 33.2 $ 98.4 $ 90.8
Effective tax rate 29.0 % 30.9 % 28.8 % 26.5 %
Income tax expense for the three and six nine months ended June September 30, 2026 was calculated using forecasted multi-jurisdictional annual effective tax rates to determine a blended annual effective tax rate. The effective tax rate differs from the U.S. federal statutory rate of 21% due to the actual and projected mix of earnings in non-U.S. jurisdictions with relatively higher tax rates, U.S. state and local income taxes, and other permanent differences (net).
The effective tax rate of 29.0 % for the three months ended September 30, 2026 was lower than the effective tax rate for the three months ended September 30, 2025 primarily due to a decrease in the mix of earnings in non-U.S. jurisdictions with relatively higher tax rates.
The effective tax rate of 28.7 28.8 % for the six nine months ended June September 30, 2026 was higher than the effective tax rate for the six nine months ended June September 30, 2025 primarily due to favorable discrete items recognized in the prior-year period related to the reversal of accruals for uncertain tax positions to account for the expiration of the statute statutes of limitations in jurisdictions outside the U.S.
Note 7: Earnings Per Share 16 changes
June 30, Six Months Ended
Net income attributable to The Timken Company $ 28.9 $ 78.5 $ 127.1 $ 156.8
The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the three and six nine months ended June September 30, 2026 and 2025:
September 30, Nine Months Ended
Net income attributable to The Timken Company $ 93.8 $ 69.3 $ 220.9 $ 226.1
1 unchanged paragraph
basic 69,468,880 69,751,965 69,531,059 69,877,737
basic 69,194,568 69,650,093 69,409,887 69,810,153
2 unchanged paragraphs
stock method 621,551 323,119 621,708 406,110
stock method 635,228 457,098 626,215 423,106
1 unchanged paragraph
assuming dilution of stock options and awards 70,090,431 70,075,084 70,152,767 70,283,847
Basic earnings per share $ 0.42 $ 1.13 $ 1.83 $ 2.24
Diluted earnings per share $ 0.41 $ 1.12 $ 1.81 $ 2.23
assuming dilution of stock options and awards 69,829,796 70,107,191 70,036,102 70,233,259
Basic earnings per share $ 1.36 $ 0.99 $ 3.18 $ 3.24
Diluted earnings per share $ 1.34 $ 0.99 $ 3.15 $ 3.22
The dilutive effect of performance-based restricted stock units is taken into account once they have met minimum performance thresholds. The dilutive effect of stock options includes all outstanding stock options except stock options that are considered antidilutive. Stock options are antidilutive when the exercise price exceeds the average market price of the Company's common shares during the periods presented. There were no antidilutive stock options outstanding during the three and six nine months ended June September 30, 2026 and 2025. There were no antidilutive stock awards, including performance-based restricted stock units and restricted stock units, outstanding during the three months ended June September 30, 2026, and there were 1,191 794 antidilutive stock awards outstanding during the six nine months ended June September 30, 2026. In addition, there were 91,425 58,460 and 70,595 66,550 antidilutive stock awards, including performance-based restricted stock units and restricted stock units, outstanding during the three and six nine months ended June September 30, 2025, respectively.
Note 8: Inventories 9 changes
The components of inventories at June September 30, 2026 and December 31, 2025 were as follows:
Manufacturing supplies $ 47.4 47.2 $ 44.0
1 unchanged paragraph
Finished products 617.8 634.5
Work in process 515.8 518.9 509.6
Finished products 623.9 634.5
Subtotal 1,340.3 1,349.3 1,335.2
Allowance for obsolete and surplus inventory ( 91.2 94.7 ) ( 91.9 )
Total inventories, net $ 1,249.1 1,254.6 $ 1,243.3
1 unchanged paragraph
The LIFO reserve as of June September 30, 2026 and December 31, 2025 was $ 329.1 339.4 million and $ 312.0 million, respectively. An actual valuation of the inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on current inventory levels and costs. Because these calculations are subject to many factors beyond management's control, annual results may differ from interim results as they are subject to the final year-end LIFO inventory valuation.
Note 9: Goodwill and Other Intangible Assets 15 changes
2 unchanged paragraphs
The changes in the carrying amount of goodwill for the six nine months ended June September 30, 2026 were as follows:
2 unchanged paragraphs
Acquisitions — 52.0 52.0
Ending balance $ 699.9 $ 817.2 $ 1,517.1
Acquisitions — 53.5 53.5
Foreign currency translation adjustments and other changes ( 4.0 5.1 ) ( 17.3 22.5 ) ( 21.3 27.6 )
Ending balance $ 698.8 $ 813.5 $ 1,512.3
The acquisition of Bijur Delimon added goodwill of $ 52.0 53.5 million in 2026. Goodwill arising from this acquisition is attributed to the expected synergies, including future cost savings, and other benefits expected to be generated by combining the companies. The Company is still evaluating the tax deductibility of goodwill from the Bijur Delimon acquisition, but it expects goodwill to be deductible for tax purposes in the U.S.
The following table displays intangible assets as of June September 30, 2026 and December 31, 2025:
Balance at June September 30, 2026 Balance at December 31, 2025
1 unchanged paragraph
Customer relationships $ 828.2 823.6 $ ( 319.1 330.0 ) $ 509.1 493.6 $ 863.0 $ ( 321.9 ) $ 541.1
Technology and know-how 383.2 380.9 ( 154.2 159.9 ) 229.0 221.0 392.3 ( 152.6 ) 239.7
Trade names 157.6 156.6 ( 25.9 27.9 ) 131.7 128.7 116.6 ( 23.6 ) 93.0
Capitalized software 309.6 310.3 ( 285.7 287.0 ) 23.9 23.3 312.0 ( 284.9 ) 27.1
4 unchanged paragraphs
Total intangible assets $ 1,742.7 1,735.5 $ ( 786.8 806.7 ) $ 955.9 928.8 $ 1,787.0 $ ( 784.7 ) $ 1,002.3
Amortization expense for intangible assets was $ 45.5 68.0 million and $ 42.9 65.3 million for the six nine months ended June September 30, 2026 and 2025, respectively. Amortization expense for intangible assets is projected to be approximately $ 88 89 million in 2026; $ 85 84 million in 2027; $ 82 million in 2028; $ 79 million in 2029; and $ 77 million in 2030.
Note 10: Other Current Liabilities 14 changes
Sales rebates $ 58.7 $ 60.8
Deferred revenue 52.3 55.7
The following table displays other current liabilities as of June September 30, 2026 and December 31, 2025:
Deferred revenue $ 61.4 $ 55.7
Sales rebates 60.6 60.8
Operating lease liabilities 33.1 34.0 33.1
Taxes other than income and payroll taxes 32.4 29.1 21.4
Freight and duties 22.3 24.5 25.4
Unprocessed invoices 20.3 20.1 18.4
Professional fees 15.9 15.2 16.0
Product warranty 13.6 13.8 17.9
Restructuring 15.3 13.3 11.1
Current derivative liability 2.7 2.6 1.8
Total other current liabilities $ 336.4 357.7 $ 341.1
Note 11: Financing Arrangements 13 changes
Variable-rate Accounts Receivable Facility with an interest rate of 4.66 % at June 30, 2026
Short-term debt at June September 30, 2026 and December 31, 2025 was as follows:
Borrowings under lines of credit for certain of the Company's foreign subsidiaries with various banks with interest rates ranging from 2.85 3.15 % to 5.62 5.88 % at June September 30, 2026 and 2.59 % to 2.68 % at December 31, 2025
Short-term debt $ 26.3 10.8 $ 24.5
Lines of credit for certain of the Company's foreign subsidiaries provide for short-term borrowings. Most of these lines of credit are uncommitted. At June September 30, 2026, the Company's foreign subsidiaries had borrowings outstanding of $ 26.3 10.8 million and bank guarantees of $ 7.2 5.4 million.
Long-term debt at June September 30, 2026 and December 31, 2025 was as follows:
Variable-rate Senior Credit Facility, with an average interest rate of 4.79 5.10 % for
U.S. dollars and 3.03 3.23 % for Euros at June September 30, 2026, and 2.91 % for Euros at December 31, 2025
1 unchanged paragraph
Variable-rate Term Loan (1) , maturing originally due to mature on December 5, 2027, with an interest rate of 4.87 % at June 30, 2026 and 4.94 % at December 31, 2025
1 unchanged paragraph
May 2028, with interest rates ranging from 6.74 % to 7.76 7.61 %
4 unchanged paragraphs
Total debt $ 2,049.9 1,923.9 $ 1,897.5
Less: current maturities 13.9 178.7 14.4
Long-term debt $ 2,036.0 1,745.2 $ 1,883.1
1 unchanged paragraph
Note 11: Financing Arrangements (continued) 7 changes
On July 2, 2026, the Company entered into a Sixth Amended and Restated Credit Agreement (the "Amended Credit Agreement"), which provides for a $ 1.2 billion unsecured revolving credit facility ("New Senior Credit Facility") that will mature on July 2, 2031, with two potential one-year extension options subject to customary terms and conditions. Upon entering into the Amended Credit Agreement, the Company paid the remaining balance of the 2027 Term Loan utilizing borrowings under the New Senior Credit Facility.
On December 5, 2025, the Company renewed the Amended and Restated Asset Securitization Agreement (the "Accounts Receivable Facility"). The $ 100 million Accounts Receivable Facility matures on November 30, 2028. On September 17, 2026, the Company exercised the accordion feature within the Accounts Receivable Facility, increasing the availability under the facility from $ 100 million to $ 125 million. Under the terms of the Accounts Receivable Facility, the Company sells, on an ongoing basis, certain domestic trade receivables to Timken Receivables Corporation, a wholly-owned consolidated subsidiary that, in turn, uses the trade receivables to secure borrowings that are funded through a vehicle that issues commercial paper in the short-term market. Borrowings under the Accounts Receivable Facility may be limited by certain borrowing base limitations; however, availability under the Accounts Receivable Facility was not reduced by any such borrowing base limitations at June September 30, 2026. As of June September 30, 2026, there were $ 80 million in no outstanding borrowings under the Accounts Receivable Facility; which reduced however, the Company issued standby letters of credit of $ 22.9 million under the Accounts Receivable Facility, reducing the availability to $ 20 102.1 million. The cost of this facility, which is the prevailing commercial paper rate plus facility fees, is considered a financing cost and is included in interest expense in the Consolidated Statements of Income.
On December 5, 2022, July 2, 2026, the Company entered into the Fifth Sixth Amended and Restated Credit Agreement (the "Amended Credit Agreement"), which is comprised of provides for a $ 750 million 1.2 billion unsecured revolving credit facility ("Senior Credit Facility") that will mature on July 2, 2031, with two potential one-year extension options subject to customary terms and a conditions. Upon entering into the Amended Credit Agreement, the Company paid the remaining balance of $ 85 million on the $ 400 million unsecured term loan facility ("2027 Term Loan"), that each which was set to mature on December 5, 2027, utilizing the Senior Credit Facility. The interest rates under the Amended Credit Agreement are based on Secured Overnight Financing Rate ("SOFR") for U.S. dollar borrowings and Euro Interbank Offered Rate ("EURIBOR") for Euro borrowings. At June September 30, 2026, the Senior Credit Facility had $ 118.4 169.0 million in outstanding borrowings, which reduced the availability to $ 631.6 million. Payments in 2025 and 2024 have reduced the 2027 Term Loan to $ 85 million at June 30, 2026. 1.03 billion. The Amended Credit Agreement has two financial covenants: a consolidated net leverage ratio and a consolidated interest coverage ratio.
At June September 30, 2026, the Company was in full compliance with all applicable covenants on its outstanding debt.
In the ordinary course of business, the Company utilizes standby letters of credit issued by financial institutions to guarantee certain obligations, most of which relate to certain insurance contracts and indirect taxes. At June September 30, 2026, outstanding letters of credit totaled $ 69.4 65.5 million, most with expiration dates within 12 months. These outstanding letters of credit include $ 22.9 million issued under the Accounts Receivable Facility, as mentioned above.
The maturities of long-term debt (including $ 6.3 6.1 million of finance leases) subsequent to June September 30, 2026 are as follows:
The table above excludes $ 12.7 11.7 million of unamortized discounts and fees that are netted against long-term debt and $ 0.5 0.4 million of imputed interest netted against finance leases at June September 30, 2026.
Note 12: Supply Chain Financing 5 changes
1 unchanged paragraph
The following table is a rollforward of the outstanding obligations for the Company's supplier finance program for the six nine months ended June September 30, 2026 and twelve months ended December 31, 2025:
1 unchanged paragraph
Invoices confirmed 56.8 99.6
Invoices confirmed 87.0 99.6
Confirmed invoices paid ( 54.3 84.5 ) ( 95.2 )
1 unchanged paragraph
The obligations outstanding at June September 30, 2026 and December 31, 2025 were included in accounts payable, trade on the Consolidated Balance Sheets.
Note 13: Contingencies (continued) 7 changes
The Company had total environmental accruals of $ 4.5 million and $ 4.6 million for various known environmental matters that are probable and reasonably estimable at June September 30, 2026 and December 31, 2025, respectively, which includes the Lovejoy matter described above. These accruals were recorded based upon the best estimate of costs to be incurred considering the progress made in determining the magnitude of remediation costs, the timing and extent of remedial actions required by governmental authorities and the amount of the Company's liability in proportion to other responsible parties. The ultimate resolution of these matters could result in actual costs that exceed amounts accrued.
1 unchanged paragraph
In addition to the contingencies above, the Company provides limited warranties on certain of its products. The balances at the end of each respective period represent the best estimates of costs for existing and future claims for products that are still under warranty. The balances as of June September 30, 2026 and December 31, 2025 primarily related to accruals for products sold into the automotive and wind energy sectors. sector. Accrual estimates are based on actual claims and expected trends that continue to mature. In addition, the Company continues to evaluate other claims raised by certain customers with respect to the performance of bearings sold into the wind energy and automotive sectors. sector. Management believes that the outcome of these claims will not have a material effect on the Company's consolidated financial position or liquidity; however, the effect of a change in our assessment may be material to the results of operations of any particular period in which such change occurs.
The following is a rollforward of the consolidated product warranty accrual for the six nine months ended June September 30, 2026 and twelve months ended December 31, 2025:
1 unchanged paragraph
Payments ( 8.2 ) ( 5.5 )
Payments ( 9.3 ) ( 5.5 )
Ending balance $ 13.6 13.8 $ 17.9
The product warranty accrual at June September 30, 2026 and December 31, 2025 was included in other current liabilities on the Consolidated Balance Sheets.
Note 14: Equity 30 changes
The following tables present the changes in the components of equity for the three and six nine months ended June September 30, 2026 and 2025, respectively:
2 unchanged paragraphs
Balance at March 31, 2026 $ 3,367.9 $ 40.7 $ 1,310.0 $ 2,751.8 $ ( 119.6 ) $ ( 775.2 ) $ 160.2
Net income 37.2 28.9 8.3
Foreign currency translation adjustment ( 4.2 ) ( 4.3 ) 0.1
Balance at June 30, 2026 $ 3,363.1 $ 40.7 $ 1,319.3 $ 2,755.7 $ ( 124.8 ) $ ( 796.4 ) $ 168.6
Net income 99.7 93.8 5.9
Foreign currency translation adjustment ( 10.9 ) ( 8.9 ) ( 2.0 )
3 unchanged paragraphs
instruments, net of reclassifications 0.6 0.6 0.7 0.7
Dividends declared to noncontrolling interest ( 0.9 ) ( 0.9 )
1 unchanged paragraph
Stock-based compensation expense 6.9 6.9 6.1 6.1
Stock purchased at fair market value ( 20.0 63.8 ) ( 20.0 63.8 )
Stock option exercise activity 2.4 2.4 0.7 0.7
1 unchanged paragraph
Balance at June 30, 2026 $ 3,363.1 $ 40.7 $ 1,319.3 $ 2,755.7 $ ( 124.8 ) $ ( 796.4 ) $ 168.6
stock-based compensation ( 1.2 1.9 ) ( 1.2 1.9 )
Balance at September 30, 2026 $ 3,366.4 $ 40.7 $ 1,326.1 $ 2,824.6 $ ( 134.5 ) $ ( 862.1 ) $ 171.6
3 unchanged paragraphs
Net income 143.1 127.1 16.0
Foreign currency translation adjustment ( 34.7 ) ( 26.2 ) ( 8.5 )
Net income 242.8 220.9 21.9
Foreign currency translation adjustment ( 45.6 ) ( 35.1 ) ( 10.5 )
3 unchanged paragraphs
Dividends - $ 0.71 per share
instruments, net of reclassifications 0.9 0.9 1.6 1.6
Dividends - $ 1.07 per share
Dividends declared to noncontrolling interest ( 0.9 ) ( 0.9 )
Stock-based compensation expense 14.5 14.5 20.6 20.6
Stock purchased at fair market value ( 48.0 111.8 ) ( 48.0 111.8 )
Stock option exercise activity 5.3 5.3 6.0 6.0
1 unchanged paragraph
stock-based compensation ( 10.4 ) ( 10.4 )
Balance at June 30, 2026 $ 3,363.1 $ 40.7 $ 1,319.3 $ 2,755.7 $ ( 124.8 ) $ ( 796.4 ) $ 168.6
stock-based compensation ( 12.3 ) ( 12.3 )
Balance at September 30, 2026 $ 3,366.4 $ 40.7 $ 1,326.1 $ 2,824.6 $ ( 134.5 ) $ ( 862.1 ) $ 171.6
Note 14: Equity (continued) 27 changes
2 unchanged paragraphs
Balance at March 31, 2025 $ 3,089.0 $ 40.7 $ 1,277.1 $ 2,542.0 $ ( 238.9 ) $ ( 703.2 ) $ 171.3
Net income 85.7 78.5 7.2
Foreign currency translation adjustment 143.6 144.0 ( 0.4 )
Balance at June 30, 2025 $ 3,272.8 $ 40.7 $ 1,284.2 $ 2,596.1 $ ( 100.2 ) $ ( 726.1 ) $ 178.1
Net income 74.3 69.3 5.0
Foreign currency translation adjustment ( 16.8 ) ( 10.8 ) ( 6.0 )
3 unchanged paragraphs
instruments, net of reclassifications ( 3.6 ) ( 3.6 ) 0.6 0.6
Dividends declared to noncontrolling interest ( 15.0 ) ( 15.0 )
1 unchanged paragraph
Stock purchased at fair market value ( 22.6 ) ( 22.6 )
Stock-based compensation expense 6.9 6.9 6.3 6.3
Stock option exercise activity 0.2 0.2 0.6 0.6
1 unchanged paragraph
Balance at June 30, 2025 $ 3,272.8 $ 40.7 $ 1,284.2 $ 2,596.1 $ ( 100.2 ) $ ( 726.1 ) $ 178.1
stock-based compensation ( 0.3 0.1 ) ( 0.3 0.1 )
Balance at September 30, 2025 $ 3,296.8 $ 40.7 $ 1,291.1 $ 2,641.0 $ ( 111.9 ) $ ( 726.2 ) $ 162.1
3 unchanged paragraphs
Net income 177.1 156.8 20.3
Foreign currency translation adjustment 210.7 210.5 0.2
Net income 251.4 226.1 25.3
Foreign currency translation adjustment 193.9 199.7 ( 5.8 )
3 unchanged paragraphs
Dividends - $ 0.69 per share
instruments, net of reclassifications ( 5.7 5.1 ) ( 5.7 5.1 )
Dividends declared to noncontrolling interest ( 15.0 ) ( 15.0 )
Dividends - $ 1.04 per share
Stock-based compensation expense 14.4 14.4 20.7 20.7
1 unchanged paragraph
Stock option exercise activity 0.5 0.5 1.1 1.1
1 unchanged paragraph
Balance at June 30, 2025 $ 3,272.8 $ 40.7 $ 1,284.2 $ 2,596.1 $ ( 100.2 ) $ ( 726.1 ) $ 178.1
stock-based compensation ( 9.8 9.9 ) ( 9.8 9.9 )
Balance at September 30, 2025 $ 3,296.8 $ 40.7 $ 1,291.1 $ 2,641.0 $ ( 111.9 ) $ ( 726.2 ) $ 162.1
Note 15: Impairment and Restructuring Charges 35 changes
1 unchanged paragraph
Engineered Bearings Industrial Motion Unallocated Corporate Total
Impairment charges $ — $ 79.0 $ — $ 79.0
Severance and related benefit costs 5.4 3.0 — 8.4
Exit costs 0.4 0.1 — 0.5
Total $ 5.8 $ 82.1 $ — $ 87.9
For the six months ended June 30, 2026:
For the three months ended June September 30, 2026:
1 unchanged paragraph
Impairment charges $ — $ 79.0 $ — $ 79.0
Severance and related benefit costs 7.9 3.5 0.5 11.9
Exit costs 0.3 0.3 — 0.6
Total $ 8.2 $ 82.8 $ 0.5 $ 91.5
For the three months ended June 30, 2025:
Impairment charges $ — $ ( 11.0 ) $ — $ ( 11.0 )
Severance and related benefit costs 2.6 3.5 — 6.1
Exit costs 0.5 5.0 — 5.5
Total $ 3.1 $ ( 2.5 ) $ — $ 0.6
For the nine months ended September 30, 2026:
1 unchanged paragraph
Severance and related benefit costs $ 0.9 $ 1.8 $ — $ 2.7
Exit costs — 0.2 — 0.2
Total $ 0.9 $ 2.0 $ — $ 2.9
For the six months ended June 30, 2025:
Impairment charges $ — $ 68.0 $ — $ 68.0
Severance and related benefit costs 10.4 7.0 0.6 18.0
Exit costs 0.8 5.3 — 6.1
Total $ 11.2 $ 80.3 $ 0.6 $ 92.1
For the three months ended September 30, 2025:
1 unchanged paragraph
Severance and related benefit costs $ 1.5 $ 2.5 $ 9.4 $ 13.4
Severance and related benefit costs $ 2.0 $ 0.6 $ — $ 2.6
1 unchanged paragraph
Total $ 1.5 $ 2.9 $ 9.4 $ 13.8
Total $ 2.4 $ 0.6 $ — $ 3.0
For the nine months ended September 30, 2025:
Engineered Bearings Industrial Motion Unallocated Corporate Total
Severance and related benefit costs $ 3.5 $ 3.1 $ 9.4 $ 16.0
Exit costs 0.4 0.4 — 0.8
Total $ 3.9 $ 3.5 $ 9.4 $ 16.8
2 unchanged paragraphs
Note 15: Impairment and Restructuring Charges (continued) 9 changes
1 unchanged paragraph
On May 14, 2025, September 10, 2026, the Company announced the closure of its bearing manufacturing plant in Heilbronn, Germany. Morgantown, North Carolina. The closure of this facility is expected to be completed by the end of 2026 the second quarter of 2027 and affect approximately 50 90 employees. The Company expects to incur approximately $ 12 5 million to $ 15 6 million of pretax costs in total related to this closure. During the three months and six nine months ended June September 30, 2026, the Company recorded severance and related benefits of $ 0.6 million and $ 3.1 2.0 million respectively, related to this closure. The Company has incurred cumulative pretax costs related to this closure of $ 11.7 2.2 million as of June September 30, 2026, including rationalization costs recorded in cost of products sold.
1 unchanged paragraph
1 unchanged paragraph
and 8 more changes in the filing
Note 16: Retirement Benefit Plans 22 changes
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
and 22 more changes in the filing
Note 17: Other Postretirement Benefit Plans 8 changes
1 unchanged paragraph
and 8 more changes in the filing
Note 18: Accumulated Other Comprehensive Income (Loss) 29 changes
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
2 unchanged paragraphs
3 unchanged paragraphs
2 unchanged paragraphs
1 unchanged paragraph
2 unchanged paragraphs
and 29 more changes in the filing
Note 18: Accumulated Other Comprehensive Income (Loss) (continued) 37 changes
1 unchanged paragraph
1 unchanged paragraph
3 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
and 37 more changes in the filing
Note 19: Fair Value 12 changes
4 unchanged paragraphs
1 unchanged paragraph
10 unchanged paragraphs
and 12 more changes in the filing
Note 19: Fair Value (continued) 4 changes
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
and 4 more changes in the filing
Note 20: Derivative Instruments and Hedging Activities 1 change
3 unchanged paragraphs
and 1 more change in the filing
Note 20: Derivative Instruments and Hedging Activities (continued) 13 changes
1 unchanged paragraph
1 unchanged paragraph
7 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
and 13 more changes in the filing
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in millions, except per share data) 314 changes
2 unchanged paragraphs
5 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
4 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
3 unchanged paragraphs
7 unchanged paragraphs
1 unchanged paragraph
3 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
5 unchanged paragraphs
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
4 unchanged paragraphs
1 unchanged paragraph
3 unchanged paragraphs
1 unchanged paragraph
and 314 more changes in the filing
Controls and procedures 2 changes
3 unchanged paragraphs
1 unchanged paragraph
and 2 more changes in the filing
Legal proceedings 1 change
and 1 more change in the filing
Unregistered sales of stock 4 changes
1 unchanged paragraph
2 unchanged paragraphs
and 4 more changes in the filing
Other information 1 change
and 1 more change in the filing
Exhibits 7 changes
1 unchanged paragraph
3 unchanged paragraphs
2 unchanged paragraphs
2 unchanged paragraphs
2 unchanged paragraphs
and 7 more changes in the filing
Unchanged: MD&A, Notes to the financial statements, Note 1: Basis of Presentation, Note 13: Contingencies, Forward-looking statements, Market risk, Risk factors
Compared by code from the two filings' text and XBRL. Not advice.
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