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2025 Annual Report
Contents Introduction 02 Letter to Shareholders 03 Segment Overviews 06 2025 Highlights 07 Leadership 09 %RRYEP 6ITSVX SR *SVQ / *SV[EVH 0SSOMRK 7XEXIQIRXW ERH 6IGSRGMPMEXMSR of GAAP Measures to Non-GAAP Measures Annex A Corporate Information Back Cover Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, WLEVILSPHIVW ERH TPERIX 'YWXSQIVW PIER SR YW JSV I\GITXMSREP TIVJSVQERGI ERH HYVEFMPMX] MR QMWWMSR GVMXMGEP S[ GVIEXMSR ERH PMJI WGMIRGI ERH MRHYWXVMEP solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop GYWXSQIVW JSV PMJI XLVSYKL XLIMV HEMP] GSQQMXQIRX XS I\TIVXMWI TVSHYGXMZMX] ERH I GMIRG] *SV QSVI MRJSVQEXMSR ZMWMX www.IRCO.com.
02 Introduction Ingersoll Rand is driven by an entrepreneurial spirit and ownership mindset and is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance ERH HYVEFMPMX] MR QMWWMSR GVMXMGEP S[ GVIEXMSR and life science and industrial solutions. 3YV WYGGIWW MW QEHI TSWWMFPI F] SYV employees (and counting!). Powered by an ownership QMRHWIX ERH QSVI XLER ]IEVW SJ I\TIVXMWI [I are driving differentiated performance with purpose. Our Purpose Lean on us to help you make life better is deeply embedded in all that we do. We wake up each and every day with the goal of Making Life Better for our employees, our customers, our shareholders, and our planet. For our Employees For our Customers For our Shareholders For our Planet
03 Letter to Shareholders Dear Shareholders, 2025 strengthened Ingersoll Rand as a durable compounding business, delivering consistent growth, WXVSRK JVII GEWL S[ ERH HMWGMTPMRIH GETMXEP EPPSGEXMSR in a dynamic environment. Orders grew 9% year-over-year, ERH VIZIRYIW MRGVIEWIH *VII 'EWL *PS[ *'* I\GIIHIH FMPPMSR Additionally, we deployed $525 million into WXVEXIKMG EGUYMWMXMSRW [LMPI VIXYVRMRK QSVI XLER FMPPMSR to shareholders through dividends and share repurchases. 8LIWI VIWYPXW VI IGX SYV MHIRXMX] EW E growth compounder, a company focused on durable, long-term value creation. Our guiding principles include a culture driven by an ownership mindset, the Ingersoll Rand Execution Excellence (IRX) business system, a disciplined approach towards mergers and acquisitions (M&A), and our commitment to organic growth. These guide every decision we make, powered our achievements in 2025, and continue to shape our future. A culture of ownership and engagement Our ownership culture is a competitive advantage that directly translates into performance. When employees think and act like owners, we see stronger execution, better discipline, and higher returns on capital. Through our Ownership Works program, we align employees with shareholders by providing equity participation after one year of service, whether they joined as a new hire or through an acquisition.2 This program reinforces each person s stake in the company and recognizes the difference their work makes to our shared goals aligning their interests with shareholders. -R [I KVERXIH IUYMX] XS QSVI XLER IQTPS]IIW The Ownership Works program, now valued at approximately FMPPMSR WMRGI MXW MRGITXMSR 3 reinforces accountability, engagement, and long-term value creation. Our people remain the greatest asset in our growth journey, and we are committed to creating an environment where everyone feels valued and supported. In the past year, we continued leadership development programs and introduced new tools and capabilities powered by EVXM GMEP MRXIPPMKIRGI 8LVSYKL TVSJIWWMSREP HIZIPSTQIRX and skills-based learning, we provide opportunities for growth at every stage of our employees careers. Vicente Reynal Chairman and 'LMIJ )\IGYXMZI 3 GIV Employee engagement continues to be a priority, and the results speak for themselves. Our annual IRKEKIQIRX WYVZI] WGSVI TPEGIH YW EQSRK XLI XST of manufacturing organizations for the fourth consecutive year.4 Additionally, we continue to earn Great Place to ;SVO GIVXM GEXMSRW MR QYPXMTPI GSYRXVMIW ERH VIGIMZIH WIZIVEP GSYRXV] WTIGM G ,6 E[EVHW VI IGXMRK SYV commitment to building a workplace where people thrive. 2SR +%%4 QIEWYVI HI RMXMSRW ERH SV VIGSRGMPMEXMSRW MR %RRI\ % 2 )QTPS]IIW QYWX FI JYPP XMQI ERH LEZI SRI ]IEV SJ WIVZMGI XS FI IPMKMFPI 2SX EZEMPEFPI XS IQTPS]IIW [LS TEVXMGMTEXI MR ]IIW QYWX FI JYPP XMQI ERH L LEZI SRI ]IEV SJ WIVZMGI XS FI IPMKMFPI 2SX EZEMPEFPI XS IQTPS]IIW [LS TEVXM XLI 'SQTER] W QEREKIQIRX IUYMX] TVSKVEQ SV [LIVI TVSLMFMXIH F] PSGEP PE[ SV [ SV VIKYPEXMSR SV [L PEXMSR SV [LIVI WYGL V IVI WYG GL KVERX MW VIUYMVIH XS FI FEVKEMRIH JSV [MXL ER IQTPS]II YRMSR YRPIWW WYGL RX MW VI IH XS FI FEV IH JSV [MXL ER IQTPS YRMSR YRPIWW WYGL KVERX MW 3 EKVIIH XS EW TEVX SJ WYGL FEVKEMRMRK 6ITVIWIRXW XLI ZEPYI SJ EPP 3[RIVWLMT ;SVOW KVERXW 1IVKIV KVERXW ERH -43 KVERXW EX XLIMV VIWTIGXMZI KVERX HEXIW XLVSYKL (IGIQFIV GEPGYPEXIH T ;SVOW KVERXW 1IVKIV KVER ERXW ERH -43 KVERXW EX XLIMV VIWTIGXMZI KVERX HEXIW XLVSYKL (IGIQFIV EW XLI MRGVIEWI MR ZEPYI SJ EPP 3[RIVWLMT ;SVOW KVERXW 1IVKIV KVERXW ERH -43 KVERXW JVSQ XLIMV VIWTIGXMZI KVERX HEXI XLVSYKL (IGIQFIV %WWYQIW EPP IQTPS]IIW LEZI LIPH XLI -43 KVERXW JVSQ XLIMV VIWTIG IGXMZI KVERX HEXI XLVSYKL (IGIQFIV %WWYQIW EPP IQTPS]IIW LEZI L KVERXW EW SJ (IGIQFIV 4 )QTPS]II )RKEKIQIRX 7YVZI] JVSQ XLMVH TEVX] TVSZMHIV +PMRX [LS EHQMRMWXIVW XLI WYVZI] ERH TVSZMHIW GSQTEVEFPI IQTPS]II IRKEKIQIRX WYVZI] KYVIW H TEVX] TVSZMHIV +PMRX [LS EHQMRMWXIVW XLI WYVZI] ERH TVSZMHIW GSQTEVEFPI IQTPS]II IRKEKIQIRX WYV 1
04 IRX: Our operating system for success Driving sustainable growth IRX is our core operating advantage, enabling speed, transparency, and repeatability across the organization. It allows us to identify issues early, act quickly, and scale best practices across the enterprise, particularly in integrating acquisitions and driving margin expansion. Since the Merger, we have: -R QSVI XLER IQTPS]IIW TEVXMGMTEXIH in weekly execution cadences, reinforcing a culture of accountability and results.5 IRX ensures issues surface quickly and solutions happen fast, creating immediate and sustained progress. IRX is a critical element to our continued resilience and success as a growth compounder. +VS[R *'* EX E '%+6 Fueling growth through disciplined capital deployment Capital allocation remains our most important lever for long-term value creation. We follow a clear and consistent framework: 6IMRZIWX MR LMKL VIXYVR SVKERMG KVS[XL 2. Execute disciplined, programmatic M&A 3. Return excess capital to shareholders Our disciplined M&A process focuses on cultivating proprietary opportunities, typically founder-owned companies, acquired at attractive multiples and enhanced through IRX execution. We have a robust pipeline that supports our continued ability to drive programmatic M&A. Since the Merger in 2020 , we have completed EGUYMWMXMSRW ERH [IPGSQIH XLSYWERHW SJ RI[ employees using the IRX process. What we do in the VWX HE]W EJXIV EGUYMVMRK E RI[ FYWMRIWW QEXXIVW so we focus on acceleration, not just integration. IRX enables us to focus quickly and maximize cohesion and collaboration, making every acquisition count. Our capital-light business model has generated WXVSRK *'* [LMGL [I LEZI HITPS]IH MRXS 1 % share repurchases, and dividends, and we expect similar deployment in the future. 5 Management estimates. 6 On February 29, 2020, Gardner Denver Holdings, Inc. closed on the acquisition of Ingersoll Rand plc s Industrial segment (the Merger ) and changed its name to Ingersoll Rand Inc. 7 Non-GAAP QIEWYVI HI MRMXMSRW ERH SV VIGSRGMPMEXMSRW MR %RRI\ % Comparison to 2020 is based on Adjusted Free Cash Flow. 8 Management estimates. (IPMZIVIH E VIZIRYI GSQTSYRH annual growth rate (CAGR) Expanded Adjusted EBITDA margins by 590 basis points We operate in large, fragmented markets with a total EHHVIWWEFPI QEVOIX I\GIIHMRK FMPPMSR TVSZMHMRK E long runway for continued growth.8 As global demand increases for productivity-enhancing solutions that drive the cost of energy and water consumption lower, advance infrastructure applications closer to customer consumption, and accelerate healthcare innovation, the need for our market-leading technologies and innovative solutions will continue to grow. Our products are mission-critical to our customers own valuegenerating processes, which we believe establishes us an indispensable partner in their success. We talk a lot about controlling what we can control, and we hold ourselves accountable to that ethos through two key initiatives: growing recurring revenue and driving Demand Generation Excellence (DGX). In 2025, we grew recurring revenue to more than $450 million a 40% increase from 2024 moving us closer to our long-term 2023 Investor Day goal SJ FMPPMSR F] XLI IRH SJ 8LIWI WIVZMGIW ERH solutions provide predictable support and maximize uptime, creating long-term value for our customers. Our DGX capabilities, which consist of proprietary growth enablers designed to capture market share, are a critical differentiator for driving top-line growth and improving salesforce productivity. These capabilities give us greater control over our future, allowing us to shift our end-market focus to higher-growth opportunities.
 • shareholder letter icon 4/24/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/28/2023 IR Stockholder Letter
 • stockholder letter icon 4/26/2024 IR Stockholder Letter
 • stockholder letter icon 4/25/2025 IR Stockholder Letter
 • stockholder letter icon More "Industrial Machinery & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon IR Benford's Law Stock Score = 98


IR Shareholder/Stockholder Letter Transcript:

2025
Annual Report

Contents
Introduction 02
Letter to Shareholders 03
Segment Overviews 06
2025 Highlights 07
Leadership 09
     %RRYEP 6ITSVX SR *SVQ    /
*SV[EVH 0SSOMRK 7XEXIQIRXW ERH 6IGSRGMPMEXMSR 
of GAAP Measures to Non-GAAP Measures Annex A
Corporate Information Back Cover
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers,
WLEVILSPHIVW  ERH TPERIX  'YWXSQIVW PIER SR YW JSV I\GITXMSREP TIVJSVQERGI ERH HYVEFMPMX] MR QMWWMSR GVMXMGEP   S[ GVIEXMSR ERH PMJI WGMIRGI ERH MRHYWXVMEP 
solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop
GYWXSQIVW JSV PMJI XLVSYKL XLIMV HEMP] GSQQMXQIRX XS I\TIVXMWI  TVSHYGXMZMX]  ERH I  GMIRG]  *SV QSVI MRJSVQEXMSR  ZMWMX www.IRCO.com.

02
Introduction
Ingersoll Rand is driven by an entrepreneurial
spirit and ownership mindset and is dedicated
to Making Life Better for our employees,
customers, shareholders, and planet.
Customers lean on us for exceptional performance
ERH HYVEFMPMX] MR QMWWMSR GVMXMGEP   S[ GVIEXMSR 
and life science and industrial solutions.
3YV WYGGIWW MW QEHI TSWWMFPI F] SYV         
employees (and counting!). Powered by an ownership
QMRHWIX ERH QSVI XLER     ]IEVW SJ I\TIVXMWI  [I 
are driving differentiated performance with purpose.
Our Purpose
Lean on us to help you make
life better is deeply embedded
in all that we do. We wake up
each and every day with the goal
of Making Life Better for our
employees, our customers, our
shareholders, and our planet.
For our
Employees
For our
Customers
For our
Shareholders
For our
Planet

03
Letter to Shareholders
Dear Shareholders,
2025 strengthened Ingersoll Rand as a durable
compounding business, delivering consistent growth,
WXVSRK JVII GEWL   S[  ERH HMWGMTPMRIH GETMXEP EPPSGEXMSR 
in a dynamic environment. Orders grew 9% year-over-year,
ERH VIZIRYIW MRGVIEWIH     *VII 'EWL *PS[  *'*  I\GIIHIH 
     FMPPMSR   Additionally, we deployed $525 million into
WXVEXIKMG EGUYMWMXMSRW [LMPI VIXYVRMRK QSVI XLER    FMPPMSR 
to shareholders through dividends and share repurchases.
8LIWI VIWYPXW VI  IGX SYV MHIRXMX] EW E 
growth compounder, a company focused
on durable, long-term value creation. Our
guiding principles include a culture driven
by an ownership mindset, the Ingersoll Rand
Execution Excellence (IRX)   business system,
a disciplined approach towards mergers and
acquisitions (M&A), and our commitment to
organic growth. These guide every decision
we make, powered our achievements in
2025, and continue to shape our future.
A culture of ownership and engagement
Our ownership culture is a competitive advantage that
directly translates into performance. When employees
think and act like owners, we see stronger execution,
better discipline, and higher returns on capital. Through
our Ownership Works program, we align employees
with shareholders by providing equity participation after
one year of service, whether they joined as a new hire
or through an acquisition.2 This program reinforces
each person   s stake in the company and recognizes
the difference their work makes to our shared goals
    aligning their interests with shareholders.
-R       [I KVERXIH IUYMX] XS QSVI XLER       IQTPS]IIW  
The Ownership Works program, now valued at approximately
   FMPPMSR WMRGI MXW MRGITXMSR 3 reinforces accountability,
engagement, and long-term value creation.
Our people remain the greatest asset in our growth
journey, and we are committed to creating an environment
where everyone feels valued and supported. In the past
year, we continued leadership development programs
and introduced new tools and capabilities powered by
EVXM  GMEP MRXIPPMKIRGI  8LVSYKL TVSJIWWMSREP HIZIPSTQIRX 
and skills-based learning, we provide opportunities
for growth at every stage of our employees    careers.
Vicente Reynal
Chairman and
'LMIJ )\IGYXMZI 3  GIV
Employee engagement continues to be a priority,
and the results speak for themselves. Our annual
IRKEKIQIRX WYVZI] WGSVI TPEGIH YW EQSRK XLI XST     
of manufacturing organizations for the fourth consecutive
year.4 Additionally, we continue to earn Great Place to
;SVO GIVXM  GEXMSRW MR QYPXMTPI GSYRXVMIW ERH VIGIMZIH 
WIZIVEP GSYRXV] WTIGM  G ,6 E[EVHW  VI  IGXMRK SYV 
commitment to building a workplace where people thrive.
2SR +%%4 QIEWYVI  HI  RMXMSRW ERH SV VIGSRGMPMEXMSRW MR %RRI\ %   2 )QTPS]IIW QYWX FI JYPP XMQI ERH LEZI SRI ]IEV SJ WIVZMGI XS FI IPMKMFPI  2SX EZEMPEFPI XS IQTPS]IIW [LS TEVXMGMTEXI MR 
]IIW QYWX FI JYPP XMQI ERH L
LEZI SRI ]IEV SJ WIVZMGI XS FI IPMKMFPI  2SX EZEMPEFPI XS IQTPS]IIW [LS TEVXM
XLI 'SQTER]  W QEREKIQIRX IUYMX] TVSKVEQ SV [LIVI TVSLMFMXIH F] PSGEP PE[ SV 
[ SV VIKYPEXMSR SV [L
PEXMSR SV [LIVI WYGL
V
IVI WYG
GL KVERX MW VIUYMVIH XS FI FEVKEMRIH JSV [MXL ER IQTPS]II YRMSR YRPIWW WYGL 
RX MW VI
IH XS FI FEV
IH JSV [MXL ER IQTPS
YRMSR YRPIWW WYGL KVERX MW
3
EKVIIH XS EW TEVX SJ WYGL FEVKEMRMRK   6ITVIWIRXW XLI ZEPYI SJ EPP 3[RIVWLMT ;SVOW KVERXW  1IVKIV KVERXW  ERH -43 KVERXW EX XLIMV VIWTIGXMZI KVERX HEXIW XLVSYKL (IGIQFIV          GEPGYPEXIH
T ;SVOW KVERXW  1IVKIV KVER
ERXW  ERH -43 KVERXW EX XLIMV VIWTIGXMZI KVERX HEXIW XLVSYKL (IGIQFIV        
EW XLI MRGVIEWI MR ZEPYI SJ EPP 3[RIVWLMT ;SVOW KVERXW  1IVKIV KVERXW  ERH -43 KVERXW JVSQ XLIMV VIWTIGXMZI KVERX HEXI XLVSYKL (IGIQFIV           %WWYQIW EPP IQTPS]IIW LEZI LIPH XLI
-43 KVERXW JVSQ XLIMV VIWTIG
IGXMZI KVERX HEXI XLVSYKL (IGIQFIV           %WWYQIW EPP IQTPS]IIW LEZI L
KVERXW EW SJ (IGIQFIV           4 )QTPS]II )RKEKIQIRX 7YVZI] JVSQ XLMVH TEVX] TVSZMHIV +PMRX  [LS EHQMRMWXIVW XLI WYVZI] ERH TVSZMHIW GSQTEVEFPI IQTPS]II IRKEKIQIRX WYVZI]   KYVIW 
H TEVX] TVSZMHIV +PMRX  [LS EHQMRMWXIVW XLI WYVZI] ERH TVSZMHIW GSQTEVEFPI IQTPS]II IRKEKIQIRX WYV
1

04
IRX: Our operating system for success
Driving sustainable growth
IRX is our core operating advantage, enabling speed,
transparency, and repeatability across the organization.
It allows us to identify issues early, act quickly, and
scale best practices across the enterprise, particularly
in integrating acquisitions and driving margin expansion.
Since the Merger, we have:
-R       QSVI XLER       IQTPS]IIW TEVXMGMTEXIH 
in weekly execution cadences, reinforcing a culture
of accountability and results.5 IRX ensures issues
surface quickly and solutions happen fast,
creating immediate and sustained progress.
IRX is a critical element to our continued resilience
and success as a growth compounder.
   +VS[R *'* EX E     '%+6 
Fueling growth through
disciplined capital deployment
Capital allocation remains our most important
lever for long-term value creation. We follow
a clear and consistent framework:
   6IMRZIWX MR LMKL VIXYVR SVKERMG KVS[XL 
2. Execute disciplined, programmatic M&A
3. Return excess capital to shareholders
Our disciplined M&A process focuses on
cultivating proprietary opportunities, typically
founder-owned companies, acquired at attractive
multiples and enhanced through IRX execution.
We have a robust pipeline that supports our
continued ability to drive programmatic M&A.
Since the Merger in 2020 , we have completed
   EGUYMWMXMSRW ERH [IPGSQIH XLSYWERHW SJ RI[ 
employees using the IRX process. What we do in the
  VWX     HE]W EJXIV EGUYMVMRK E RI[ FYWMRIWW QEXXIVW  
so we focus on acceleration, not just integration.
IRX enables us to focus quickly and maximize cohesion
and collaboration, making every acquisition count.

Our capital-light business model has generated
WXVSRK *'*  [LMGL [I LEZI HITPS]IH MRXS 1 %  
share repurchases, and dividends, and we
expect similar deployment in the future.
5
Management estimates. 6 On February 29, 2020, Gardner Denver Holdings, Inc.
closed on the acquisition of Ingersoll Rand plc   s Industrial segment
(the    Merger   ) and changed its name to Ingersoll Rand Inc. 7 Non-GAAP QIEWYVI
HI MRMXMSRW ERH SV VIGSRGMPMEXMSRW MR %RRI\ %   Comparison to 2020 is based on
Adjusted Free Cash Flow. 8 Management estimates.
   (IPMZIVIH E     VIZIRYI GSQTSYRH 
annual growth rate (CAGR)
    Expanded Adjusted EBITDA margins by 590 basis points 
We operate in large, fragmented markets with a total
EHHVIWWEFPI QEVOIX I\GIIHMRK     FMPPMSR  TVSZMHMRK E 
long runway for continued growth.8 As global demand
increases for productivity-enhancing solutions that
drive the cost of energy and water consumption lower,
advance infrastructure applications closer to customer
consumption, and accelerate healthcare innovation,
the need for our market-leading technologies and
innovative solutions will continue to grow. Our products
are mission-critical to our customers    own valuegenerating processes, which we believe establishes
us an indispensable partner in their success.
We talk a lot about controlling what we can control,
and we hold ourselves accountable to that ethos
through two key initiatives: growing recurring revenue
and driving Demand Generation Excellence (DGX).
In 2025, we grew recurring revenue to more than
$450 million     a 40% increase from 2024     moving
us closer to our long-term 2023 Investor Day goal
SJ    FMPPMSR F] XLI IRH SJ       8LIWI WIVZMGIW ERH 
solutions provide predictable support and maximize
uptime, creating long-term value for our customers.
Our DGX capabilities, which consist of proprietary
growth enablers designed to capture market share, are
a critical differentiator for driving top-line growth and
improving salesforce productivity. These capabilities give
us greater control over our future, allowing us to shift
our end-market focus to higher-growth opportunities.


shareholder letter icon 4/24/2026 Letter Continued (Full PDF)
 

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