Electronic products manufacturer AMETEK (NYSE: AME) reported revenue ahead of Wall Street’s expectations in Q1 CY2026, with sales up 11.3% year on year to $1.93 billion. Its non-GAAP profit of $1.97 per share was 3.8% above analysts’ consensus estimates.
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AMETEK (AME) Q1 CY2026 Highlights:
- Revenue: $1.93 billion vs analyst estimates of $1.92 billion (11.3% year-on-year growth, 0.6% beat)
- Adjusted EPS: $1.97 vs analyst estimates of $1.90 (3.8% beat)
- Adjusted Operating Income: $514.9 million vs analyst estimates of $496.8 million (26.7% margin, 3.6% beat)
- Management slightly raised its full-year Adjusted EPS guidance to $8.04 at the midpoint
- Operating Margin: 26.7%, in line with the same quarter last year
- Market Capitalization: $52.2 billion
"AMETEK had an excellent start to the year. Strong organic sales growth, contributions from recent acquisitions, and outstanding operating performance led to double-digit earnings growth, record EBITDA and robust core margin expansion of 160 basis points," stated David A. Zapico, AMETEK Chairman and Chief Executive Officer.
Company Overview
Started from its humble beginnings in motor repair, AMETEK (NYSE: AME) manufactures electronic devices used in industries like aerospace, power, and healthcare.
Revenue Growth
Examining a company’s long-term performance can provide clues about its quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Luckily, AMETEK’s sales grew at an impressive 10.8% compounded annual growth rate over the last five years. Its growth beat the average industrials company and shows its offerings resonate with customers, a helpful starting point for our analysis.
We at StockStory place the most emphasis on long-term growth, but within industrials, a half-decade historical view may miss cycles, industry trends, or a company capitalizing on catalysts such as a new contract win or a successful product line. AMETEK’s recent performance shows its demand has slowed significantly as its annualized revenue growth of 6.2% over the last two years was well below its five-year trend. 
This quarter, AMETEK reported year-on-year revenue growth of 11.3%, and its $1.93 billion of revenue exceeded Wall Street’s estimates by 0.6%.
Looking ahead, sell-side analysts expect revenue to grow 6.3% over the next 12 months, similar to its two-year rate. This projection doesn't excite us and suggests its newer products and services will not lead to better top-line performance yet. At least the company is tracking well in other measures of financial health.
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Operating Margin
AMETEK has been a well-oiled machine over the last five years. It demonstrated elite profitability for an industrials business, boasting an average operating margin of 25.3%. This result isn’t too surprising as its gross margin gives it a favorable starting point.
Looking at the trend in its profitability, AMETEK’s operating margin rose by 2.3 percentage points over the last five years, as its sales growth gave it operating leverage.
This quarter, AMETEK generated an operating margin profit margin of 26.7%, in line with the same quarter last year. This indicates the company’s cost structure has recently been stable.
Earnings Per Share
We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.
AMETEK’s EPS grew at 13.8% compounded annual growth rate over the last five years, higher than its 10.8% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded.
Diving into AMETEK’s quality of earnings can give us a better understanding of its performance. As we mentioned earlier, AMETEK’s operating margin was flat this quarter but expanded by 2.3 percentage points over the last five years. On top of that, its share count shrank by 1.1%. These are positive signs for shareholders because improving profitability and share buybacks turbocharge EPS growth relative to revenue growth. 
Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business.
For AMETEK, its two-year annual EPS growth of 8.2% was lower than its five-year trend. This wasn’t great, but at least the company was successful in other measures of financial health.
In Q1, AMETEK reported adjusted EPS of $1.97, up from $1.75 in the same quarter last year. This print beat analysts’ estimates by 3.7%. Over the next 12 months, Wall Street expects AMETEK’s full-year EPS of $7.65 to grow 7.5%.
Key Takeaways from AMETEK’s Q1 Results
It was encouraging to see AMETEK beat analysts’ adjusted operating income expectations this quarter. We were also happy its revenue narrowly outperformed Wall Street’s estimates. Overall, this print had some key positives. The stock traded up 1.2% to $230.57 immediately after reporting.
Big picture, is AMETEK a buy here and now? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here (it’s free).
