What changed in this filing

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Item 1. Financial Statements

2025-11-06 compared with 2025-08-11 · 302 added, 211 removed, 437 unchanged (54% of the section changed)

1 unchanged sentence

RALLIANT CORPORATION AND SUBSIDIARIES

COMBINED CONDENSED BALANCE SHEETS

($ and shares in millions, except per share amounts)

June 27, 2025 December 31, 2024

CONSOLIDATED AND COMBINED CONDENSED BALANCE SHEETS

($ in millions, except per share amounts) (Unaudited)

September 26, 2025 December 31, 2024

Current assets:

15 unchanged sentences

Trade accounts payable $ 277.2 $ 254.6

Deferred revenue

Accrued expenses and other current liabilities 214.3 136.0

3 unchanged sentences

Commitments and contingencies (Note 10)

Parent’s equity:

Common stock:

$ 0.01 par value, 1,300.0 shares authorized;

112.7 shares issued and outstanding

$ 0.01 par value, as of September 26, 2025 and December 31, 2024, 1,300 million and 1,000 shares authorized, respectively;

and 112.8 million and 100 shares issued and outstanding, respectively

Preferred stock:

$ 0.01 par value, 10.0 shares authorized;

0 shares issued and outstanding

$ 0.01 par value, 10.0 million shares authorized;

no shares issued and outstanding

Additional paid-in capital

Retained earnings

Accumulated other comprehensive loss ( 249.7 ) ( 491.3 )

Net Parent investment 3,276.3 4,254.1

Total Parent’s equity 3,039.8 3,762.8

Net Former Parent investment — 4,254.1

2,964.2 3,762.8

Total liabilities and equity $ 5,265.1 $ 4,719.4

See the accompanying Notes to Combined Condensed Financial Statements.

See the accompanying Notes to Consolidated and Combined Condensed Financial Statements.

RALLIANT CORPORATION AND SUBSIDIARIES

COMBINED CONDENSED STATEMENTS OF EARNINGS

($ and shares in millions, except per share amounts)

Three Months Ended Six Months Ended

June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF EARNINGS

($ and shares in millions, except per share amounts) (Unaudited)

Three Months Ended Nine Months Ended

September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024

Sales $ 529.1 $ 531.7 $ 1,514.3 $ 1,606.6

7 unchanged sentences

Non-operating expense, net:

Interest expense, net

( 16.3 ) — ( 16.3 ) —

Loss from divestiture — — — ( 25.6 )

1 unchanged sentence

Earnings before income taxes 35.2 110.9 167.4 330.9

Income taxes expense ( 11.3 ) ( 14.4 ) ( 20.7 ) ( 39.0 )

Income tax benefit (expense)

4.7 ( 20.0 ) ( 16.0 ) ( 59.0 )

Net earnings $ 39.9 $ 90.9 $ 151.4 $ 271.9

5 unchanged sentences

Diluted 113.4 112.7 113.3 112.7

See the accompanying Notes to Combined Condensed Financial Statements.

See the accompanying Notes to Consolidated and Combined Condensed Financial Statements.

RALLIANT CORPORATION AND SUBSIDIARIES

COMBINED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

($ in millions)

Three Months Ended Six Months Ended

June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

($ in millions) (Unaudited)

Three Months Ended Nine Months Ended

September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024

Net earnings $ 39.9 $ 90.9 $ 151.4 $ 271.9

Other comprehensive income (loss), net of income taxes:

Other comprehensive (loss) income, net of income taxes:

Foreign currency translation adjustments ( 12.2 ) 78.7 240.9 18.3

Pension and post-retirement plan benefit adjustments 0.1 0.2 0.7 0.4

Total other comprehensive income (loss), net of income taxes 167.7 ( 14.2 ) 253.7 ( 60.2 )

Total other comprehensive (loss) income, net of income taxes

( 12.1 ) 78.9 241.6 18.7

Comprehensive income $ 27.8 $ 169.8 $ 393.0 $ 290.6

See the accompanying Notes to Combined Condensed Financial Statements.

See the accompanying Notes to Consolidated and Combined Condensed Financial Statements.

RALLIANT CORPORATION AND SUBSIDIARIES

COMBINED CONDENSED STATEMENTS OF CHANGES IN PARENT’S EQUITY

($ and shares in millions)

Common Stock Accumulated Other Comprehensive Loss

Net Parent Investment Total Parent’s Equity

CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CHANGES IN EQUITY

($ and shares in millions) (Unaudited)

Common Stock Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Loss Net Former Parent Investment

Shares Outstanding Amount

1 unchanged sentence

Net earnings for the period — — — — — 63.9 63.9

Net transfers to Parent — — — ( 72.6 ) ( 72.6 )

Net transfers to Former Parent

— — — — — ( 72.6 ) ( 72.6 )

Other comprehensive income — — — — 86.0 — 86.0

3 unchanged sentences

Recapitalization 112.7 1.1 — — — ( 1.1 ) —

Consideration paid to Parent in connection with the Separation — — — ( 1,150.0 ) ( 1,150.0 )

Net transfers from Parent — — — 119.8 119.8

Consideration paid to Former Parent in connection with the Separation

— — — — — ( 1,150.0 ) ( 1,150.0 )

Net transfers from Former Parent

— — — — — 119.8 119.8

Other comprehensive income

— — — — 167.7 — 167.7

Stock-based compensation — — — — — 8.1 8.1

Balance, June 27, 2025 112.7 1.1 — — ( 237.6 ) 3,276.3 3,039.8

Common Stock Accumulated Other Comprehensive Loss

Net Parent Investment Total Parent’s Equity

Net earnings for the period — — — 39.9 — — 39.9

Noncash adjustments to Former Parent's investment, net — — 3,204.3 — — ( 3,276.3 ) ( 72.0 )

Net transfers to Former Parent — — ( 57.4 ) — — — ( 57.4 )

Other comprehensive loss

— — — — ( 12.1 ) — ( 12.1 )

Dividends to common stockholders — — — ( 5.6 ) — — ( 5.6 )

Stock-based compensation

0.1 — 32.0 — — — 32.0

Shares withheld for taxes — — ( 0.4 ) — — — ( 0.4 )

Balance, September 26, 2025 112.8 $ 1.1 $ 3,178.5 $ 34.3 $ ( 249.7 ) $ — $ 2,964.2

RALLIANT CORPORATION AND SUBSIDIARIES

CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CHANGES IN EQUITY

($ and shares in millions) (Unaudited)

Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Net Former Parent Investment

Total Former Parent’s Equity

Shares Outstanding Amount

1 unchanged sentence

Net earnings for the period — — — — — 116.2 116.2

Net transfers from Parent — — — 1,657.7 1,657.7

Net transfers from Former Parent

— — — — — 1,657.7 1,657.7

Other comprehensive loss — — — — ( 46.0 ) — ( 46.0 )

2 unchanged sentences

Net earnings for the period — — — — — 64.8 64.8

Net transfers to Parent — — — ( 69.5 ) ( 69.5 )

Net transfers to Former Parent

— — — — — ( 69.5 ) ( 69.5 )

Other comprehensive loss — — — — ( 14.2 ) — ( 14.2 )

1 unchanged sentence

Balance, June 28, 2024 — — — — ( 413.4 ) 4,394.9 3,981.5

See the accompanying Notes to Combined Condensed Financial Statements.

Net earnings for the period — — — — — 90.9 90.9

Net transfers to Former Parent

— — — — — ( 153.2 ) ( 153.2 )

Other comprehensive income

— — — — 78.9 — 78.9

Stock-based compensation — — — — — 5.9 5.9

Balance, September 27, 2024 — $ — $ — $ — $ ( 334.5 ) $ 4,338.5 $ 4,004.0

See the accompanying Notes to Consolidated and Combined Condensed Financial Statements.

RALLIANT CORPORATION AND SUBSIDIARIES

COMBINED CONDENSED STATEMENTS OF CASH FLOWS

($ in millions)

Six Months Ended

June 27, 2025 June 28, 2024

CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CASH FLOWS

($ in millions) (Unaudited)

Nine Months Ended

September 26, 2025 September 27, 2024

Cash flows from operating activities:

20 unchanged sentences

Net proceeds from borrowings 1,146.8 —

Consideration paid to Parent in connection with Separation ( 1,150.0 ) —

Net transfers from Parent 47.3 1,588.6

Net cash provided by financing activities 44.1 1,588.6

Consideration paid to Former Parent in connection with separation

( 1,150.0 ) —

Net transfers (to) from Former Parent

( 10.2 ) 1,434.5

Dividends paid

All other financing activities 2.2 —

Net cash (used in) provided by financing activities

( 16.8 ) 1,434.5

Effect of exchange rate changes on cash and equivalents 12.7 3.9

2 unchanged sentences

Ending balance of cash and equivalents $ 264.2 $ —

See the accompanying Notes to Combined Condensed Financial Statements.

See the accompanying Notes to Consolidated and Combined Condensed Financial Statements.

RALLIANT CORPORATION AND SUBSIDIARIES

NOTES TO THE COMBINED CONDENSED FINANCIAL STATEMENTS

($ and shares in millions, except per share amounts, unless otherwise noted)

NOTES TO THE CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

($ and shares in millions, except per share amounts, unless otherwise noted) (Unaudited)

BUSINESS OVERVIEW

3 unchanged sentences

Ralliant operates through two reportable segments that are also its two operating segments (i) Test and Measurement, which provides precision test and measurement instruments, systems, software, and services, and (ii) Sensors and Safety Systems, which provides leading power grid monitoring solutions, safety systems for mission critical aero, defense, and space applications, and sensing solutions for critical environments where uptime, precision, and reliability are essential.

On May 27, 2025, the Board of Directors of Fortive Corporation (“Fortive” or the “Parent”) approved the separation of Fortive’s Precision Technologies (“PT”) operating segment through the pro rata distribution of all of the issued and outstanding common stock of Ralliant to Fortive's stockholders (the “Separation”).

On May 27, 2025, the Board of Directors of Fortive Corporation (“Fortive” or the “Former Parent”) approved the separation of Fortive’s Precision Technologies (“PT”) operating segment through the pro rata distribution of all of the issued and outstanding common stock of Ralliant to Fortive's stockholders (the “Separation”).

Ralliant’s Registration Statement on Form 10, as amended, was declared effective by the U.S.

Securities and Exchange Commission (the “SEC”) on May 30, 2025.

In connection with the Separation, on June 27, 2025, the net assets of the Ralliant businesses were contributed to Ralliant, a wholly-owned subsidiary of the Parent, and, as partial consideration for such contribution Ralliant made a cash payment to Fortive in the amount of $ 1.15 billion.

In connection with the Separation, on June 27, 2025, the net assets of the Ralliant businesses were contributed to Ralliant, a wholly-owned subsidiary of the Former Parent, and, as partial consideration for such contribution, Ralliant made a cash payment to Fortive in the amount of $ 1.15 billion.

In addition, on June 27, 2025, the 100 shares of Ralliant common stock held by Fortive were recapitalized into 112,730,036 shares of Ralliant common stock.

All per share amounts in the Combined Condensed Statements of Earnings have been retroactively adjusted to give effect to this recapitalization.

In connection with the Separation, on June 27, 2025, Fortive and Ralliant entered into a Separation and Distribution Agreement as well as various other related agreements (collectively the “Agreements”) that govern the Separation and the relationships between Fortive and Ralliant going forward, including an employee matters agreement, a tax matters agreement, a transition services agreement, an intellectual property matters agreement, a Fortive Business System (“FBS”) license agreement, and a Fort Solutions license agreement.

The Agreements provide for the allocation of assets, employees, liabilities, and obligations (including investments, property, employee benefits and tax-related assets and liabilities) between Fortive and Ralliant attributable to periods prior to, at, and after the Separation and govern certain relationships between Fortive and Ralliant after the Separation.

All per share amounts in the Consolidated and Combined Condensed Statements of Earnings have been retroactively adjusted to give effect to this recapitalization.

On June 28, 2025, the first day of the Company’s third fiscal quarter, Ralliant completed the Separation.

4 unchanged sentences

Ralliant has historically operated as part of Fortive and not as a separate, publicly-traded company.

The accompanying unaudited combined condensed financial statements have been derived from Fortive’s historical accounting records of its PT segment and are presented on a carve-out basis.

For the periods prior to the Separation, the accompanying unaudited combined condensed financial statements have been derived from Fortive’s historical accounting records of its PT segment and are presented on a carve-out basis.

All revenues and costs as well as assets and liabilities directly associated with the business activity of Ralliant are included as a component of the financial statements.

The financial statements also include allocations of certain general, administrative, sales and marketing expenses and cost of sales from Fortive’s corporate office and from other Fortive businesses to Ralliant and allocations of related assets, liabilities, and Parent investment, as applicable.

The allocations have been determined on a reasonable basis;

however, the amounts are not necessarily representative of the amounts that would have been reflected in the financial statements had Ralliant been an entity that operated independently of Fortive.

Prior to the Separation, Ralliant was dependent upon Fortive for all of its working capital and financing requirements as Fortive uses a centralized approach to cash management and financing of its operations.

Because the Company was part of Fortive for the three and six months ended June 27, 2025, only cash, cash equivalents, and borrowings clearly associated with Ralliant and related to the Separation, including the financing transactions described in Note 5, have been included in these combined condensed financial statements.

Other financial transactions relating to the business operations of the Company during the three and six months ended June 27, 2025 were accounted for through the Net Parent investment account of the Company.

Net Parent investment, which includes retained earnings, represents Fortive’s interest in the recorded net assets of Ralliant.

All significant transactions between Ralliant and Fortive have been included in the accompanying combined condensed financial statements for the three and six months ended June 27, 2025 and June 28, 2024.

Transactions with Fortive are reflected in the accompanying Combined Condensed Statements of Changes in Parent’s Equity as “Net transfers (to) from Parent” and in the accompanying Combined Condensed Balance Sheets within “Net Parent investment.”

All significant intercompany accounts and transactions between the operations comprising Ralliant have been eliminated in the accompanying Combined Condensed Statements of Earnings for the three and six months ended June 27, 2025 and June 28, 2024 and the Combined Condensed Balance Sheets as of June 27, 2025 and December 31, 2024.

The Company prepared the unaudited combined condensed financial statements included herein in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the SEC applicable for interim periods.

Following the Separation, the consolidated financial statements included the accounts of Ralliant and its wholly-owned subsidiaries and no longer included any allocations from Fortive.

• The Consolidated and Combined Statements of Earnings and Statements of Comprehensive Income for the three and nine months ended September 26, 2025 consisted of Ralliant’s consolidated results for the three months ended September 26, 2025 and the combined results of Ralliant’s businesses for the six months ended June 27, 2025.

The Combined Statements of Earnings and Statements of Comprehensive Income for the three and nine months ended September 27, 2024 consisted of the combined results of the Ralliant businesses.

• The Consolidated Balance Sheet at September 26, 2025 consisted of Ralliant’s consolidated balances, while the Combined Balance Sheet at December 31, 2024 consisted of the combined balances of the Ralliant businesses.

• The Consolidated and Combined Statements of Equity for the three and nine months ended September 26, 2025 consisted of Ralliant’s consolidated activity for the three months ended September 26, 2025 and the combined results of Ralliant’s businesses for the six months ended June 27, 2025.

The Combined Statements of Equity for the three and nine months ended September 27, 2024 consisted of the combined activity of the Ralliant businesses.

• The Consolidated and Combined Statement of Cash Flows for the nine months ended September 26, 2025 consisted of Ralliant’s consolidated results for the three months ended September 26, 2025 and the combined results of Ralliant’s businesses for the six months ended June 27, 2025.

The Combined Statement of Cash Flows for the nine months ended September 27, 2024 consisted of the combined results of the Ralliant businesses.

Prior to the Separation, Ralliant was dependent upon Fortive for all of its working capital and financing requirements under Fortive’s centralized approach to cash management and financing of its operations.

Because the Company was part of Fortive during the six months ended June 27, 2025, only cash, cash equivalents, and borrowings clearly associated with Ralliant and related to the Separation have been included in these combined condensed financial statements.

Other financial transactions relating to the business operations of the Company during the six months ended June 27, 2025 were accounted for through the Net Former Parent investment account of the Company.

Net Former Parent investment, which includes retained earnings prior to the Separation, represents Fortive’s interest in the recorded net assets of Ralliant.

All significant transactions between Ralliant and Fortive have been included in the accompanying consolidated and combined condensed financial statements for the three and nine months ended September 26, 2025 and September 27, 2024.

Transactions with Fortive are reflected in the accompanying Consolidated and Combined Condensed Statements of Changes in Equity as “Net transfers (to) from Former Parent” and in the accompanying Consolidated and Combined Condensed Balance Sheets within “Net Former Parent investment.”

All significant intercompany accounts and transactions between the operations comprising Ralliant have been eliminated in the accompanying Consolidated and Combined Condensed Statements of Earnings for the three and nine months ended September 26, 2025 and September 27, 2024 and the Consolidated and Combined Condensed Balance Sheets as of September 26, 2025 and December 31, 2024.

The Company prepared the unaudited consolidated and combined condensed financial statements included herein in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the SEC applicable for interim periods.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations;

however, the Company believes the disclosures are adequate to make the information presented not misleading.

The unaudited combined condensed financial statements included herein should be read in conjunction with the audited combined financial statements and the notes thereto included within the Company’s Information Statement filed as an exhibit to the Company’s Form 10-12B/A on May 28, 2025.

In the Company’s opinion, the accompanying financial statements contain all adjustments, which consist of only normal, recurring accruals necessary to fairly present its financial position, results of operations, comprehensive income, Parent’s equity, and cash flows for the periods presented.

The combined condensed financial statements may not be indicative of future performance and do not necessarily reflect what the Combined Condensed Balance Sheets, Statements of Earnings, and Statements of Cash Flows would have been had the Company operated as a separate business during the periods presented.

The unaudited consolidated and combined condensed financial statements included herein should be read in conjunction with the audited combined financial statements and the notes thereto included within the Company’s Information Statement filed as an exhibit to the Company’s Form 10-12B/A on May 28, 2025.

In the Company’s opinion, the accompanying financial statements contain all adjustments, which consist of normal and recurring accruals necessary to fairly present its financial position, results of operations, comprehensive income, equity, and cash flows for the periods presented.

The consolidated and combined condensed financial statements may not be indicative of future performance and do not necessarily reflect what the Consolidated and Combined Condensed Balance Sheets, Statements of Earnings, and Statements of Cash Flows would have been had the Company operated as a separate business entirely during the periods presented.

Segment Realignment and Divestiture

1 unchanged sentence

In June 2024, Fortive divested and transferred ownership of Invetech, excluding the Dover Motion Business, to Invetech’s management team (the “Invetech Divestiture”).

As a result of the divestiture, in the three months ended June 28, 2024, Ralliant recorded a net realized loss of $ 25.6 million, which is identified as “Loss from divestiture” in the Combined Condensed Statements of Earnings.

The Invetech Divestiture did not represent a strategic shift with a major effect on the Ralliant’s operations and financial results, and therefore the divested businesses are not reported as discontinued operations.

As a result of the divestiture, in the nine months ended September 27, 2024, Ralliant recorded a net realized loss of $ 25.6 million, which is identified as “Loss from divestiture” in the Consolidated and Combined Condensed Statements of Earnings.

The Invetech Divestiture did not represent a strategic shift with a major effect on the Ralliant’s operations and financial results, and therefore the divested businesses were not reported as discontinued operations.

Allowances for Credit Losses

All trade accounts and unbilled receivables are recorded in the Combined Condensed Balance Sheets adjusted for any write-offs and net of allowances for credit losses.

All trade accounts and unbilled receivables are recorded in the Consolidated and Combined Condensed Balance Sheets and were adjusted for any write-offs and net of allowances for credit losses.

The allowances for credit losses represent management’s best estimate of the credit losses expected from unbilled and trade accounts receivable portfolios over the life of the underlying assets.

Additions to the allowances are charged to current period earnings, amounts determined to be uncollectible are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances.

During the three and six months ended June 27, 2025 and June 28, 2024, the activity was immaterial.

During the three and nine months ended September 26, 2025 and September 27, 2024, the activity was immaterial.

Property Sale

1 unchanged sentence

The promissory note was recorded within Prepaid expenses and other current assets.

During the six months ended June 28, 2024, the Company recorded a gain on sale of property of $ 63.1 million in the Combined Condensed Statements of Earnings.

During the nine months ended September 27, 2024, the Company recorded a gain on sale of property of $ 63.1 million in the Consolidated and Combined Condensed Statements of Earnings.

Recently Issued Accounting Standards

12 unchanged sentences

Upon adoption, the Company will update the applicable annual and interim disclosures to align with the new standard.

Credit Losses

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) — Measurement of Credit Losses for Accounts Receivable and Contract Assets , which provides all entities with a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses.

An entity may elect the practical expedient when measuring credit losses, to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset.

This standard is effective for the fiscal year ending December 31, 2026 and interim periods beginning the first quarter of 2026, with early adoption permitted, and should be applied prospectively.

If Ralliant were to elect the practical expedient, the Company does not anticipate this standard to materially impact its consolidated financial statements.

Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) — Targeted Improvements to the Accounting for Internal-Use Software , which replaces the previous stage-based model for capitalizing internal-use software development costs, with requirements where capitalization begins when management authorizes and commits to funding a project and it is probable the project will be completed and used as intended.

This standard is effective for the fiscal year ending December 31, 2028 and interim periods beginning the first quarter of 2028, with early adoption permitted.

The entity can elect to apply the new guidance through a prospective, modified transition, or retrospective approach.

The Company is currently evaluating the effects of this standard on its consolidated financial statements.

ACQUISITIONS AND DIVESTITURES

4 unchanged sentences

On January 3, 2024, Ralliant acquired EA Elektro-Automatik Holding GmbH (“EA”), a leading supplier of high-power electronic test solutions for energy storage, mobility, hydrogen, and renewable energy applications.

The acquisition of EA will bolster Ralliant’s innovative portfolio of products and services for engineers with complementary test and measurement solutions enabling the global energy transition.

The acquisition of EA bolsters Ralliant’s innovative portfolio of products and services for engineers with complementary test and measurement solutions enabling the global energy transition.

The total consideration paid was approximately $ 1.72 billion, net of acquired cash.

1 unchanged sentence

Ralliant recorded approximately $ 1.18 billion of goodwill within its Test and Measurement segment related to the EA acquisition, which is not tax deductible.

For the three and six months ended June 28, 2024, Ralliant incurred $ 0.2 million and $ 27.4 million, respectively, of pretax transaction-related costs related to the EA acquisition, which were primarily banking fees, legal fees, and amounts paid to other third-party advisers.

These costs were recorded within Selling, general, and administrative expenses in the Combined Condensed Statements of Earnings.

For the three and nine months ended September 27, 2024, Ralliant incurred $ 1.9 million and $ 29.3 million, respectively, of pretax transaction-related costs related to the EA acquisition, which were primarily banking fees, legal fees, and amounts paid to other third-party advisers.

These costs were recorded within Selling, general, and administrative expenses in the Consolidated and Combined Condensed Statements of Earnings.

In June 2024, Fortive completed the Invetech Divestiture.

As a result of the Invetech Divestiture, in the three months ended June 28, 2024, Ralliant recorded a net realized loss of $ 25.6 million, which is identified as “Loss from divestiture” in the Combined Condensed Statements of Earnings.

As a result of the Invetech Divestiture, in the nine months ended September 27, 2024, Ralliant recorded a net realized loss of $ 25.6 million, which is identified as “Loss from divestiture” in the Consolidated and Combined Condensed Statements of Earnings.

3 unchanged sentences

Foreign currency translation 168.2 4.5 172.7

Balance, June 27, 2025 $ 2,348.0 $ 771.1 $ 3,119.1

Balance, September 26, 2025 $ 2,342.2 $ 770.5 $ 3,112.7

FAIR VALUE MEASUREMENTS

6 unchanged sentences

Financial assets and liabilities that are measured at fair value on a recurring basis were as follows:

Quoted Prices in Active Market (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

June 27, 2025

Quoted Prices in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total

September 26, 2025

Deferred compensation liabilities $ — $ 8.9 $ — $ 8.9

1 unchanged sentence

Deferred compensation liabilities $ — $ 13.0 $ — $ 13.0

Certain management employees participate in the Company’s nonqualified deferred compensation programs that permit such employees to defer a portion of their compensation, on a pretax basis, until after their termination of employment.

All amounts deferred under such plans are unfunded, unsecured obligations.

These amounts are recorded as a component of the Company’s compensation and other post-retirement benefits accruals within Other long-term liabilities in the accompanying Combined Condensed Balance Sheets.

Participants may choose among alternative earning rates for the amounts they defer, which are primarily based on investment options within Fortive’s defined contribution plans for the benefit of U.S.

employees (except that the earnings rates for amounts contributed unilaterally by the Company are entirely based on changes in the value of Fortive common stock).

Changes in the deferred compensation liability under these programs are recognized based on changes in the fair value of the participants’ accounts and are recorded within Selling, general and administrative expenses in the Combined Condensed Statements of Earnings.

Certain management employees participate in the Company’s nonqualified deferred compensation program that permits such employees to defer a portion of their compensation, on a pretax basis, until after their termination of employment.

All amounts deferred under such plan are unfunded, unsecured obligations.

Participants may choose among alternative earning rates for the amounts they defer, which are primarily based on investment options within Ralliant’s defined contribution plans for the benefit of U.S.

employees (except that the earnings rates for amounts contributed unilaterally by the Company are entirely based on changes in the value of Ralliant common stock).

As a result of the Separation, accounts held by Ralliant employees in Fortive’s deferred compensation programs referencing valuation of Fortive’s common stock were converted into accounts in Ralliant’s deferred compensation programs referencing valuation of Ralliant’s common stock, and with such accounts adjusted to maintain the economic value before and after the Separation date using the relative fair market value of the Fortive and Ralliant common stock.

1 unchanged sentence

The carrying amount and fair value of financial instruments are as follows:

June 27, 2025

September 26, 2025

Carrying Amount Fair Value

Long-term debt $ 1,148.6 $ 1,148.6

As of June 27, 2025, the Company’s long-term debt was categorized as Level 2.

As of September 26, 2025, the Company’s long-term debt was categorized as Level 2.

The Company’s fair value of long-term borrowings approximates their carrying amount due to the variable market-based interest rate.

3 unchanged sentences

However, these assets are required to be assessed for impairment, at least annually for goodwill and indefinite-lived intangible assets, whenever events or circumstances indicate that their carrying value may not be fully recoverable.

The Company evaluated events or circumstances that may indicate the carrying value of its non-financial assets may not be fully recoverable during the three and six months ended June 27, 2025 and June 28, 2024, and recorded no impairments.

The Company evaluated events or circumstances that may indicate the carrying value of its non-financial assets may not be fully recoverable as of September 26, 2025 and September 27, 2024, and recorded no impairments.

The components of the Company’s long-term debt were as follows:

Effective Interest Rate June 27, 2025 December 31, 2024

Effective Interest Rate September 26, 2025 December 31, 2024

USD Term Loan due December 2026 5.41 % $ 530.8 $ —

5 unchanged sentences

The Credit Agreement also contains an expansion option permitting Ralliant to request increases of the Credit Facilities (in any combination thereof) of up to an aggregate additional amount of $ 500.0 million from lenders that elect to make such increase available, upon the satisfaction of certain conditions.

The Company incurred $ 1.5 million of debt issuance costs associated with the Revolving Credit Facility that have been recorded as a prepaid asset within Other assets in the accompanying Combined Condensed Balance Sheets, as this facility was undrawn as of June 27, 2025.

The Company incurred $ 1.4 million of debt issuance costs associated with the Revolving Credit Facility that have been recorded as a prepaid asset within Other assets in the accompanying Consolidated and Combined Condensed Balance Sheets, as this facility was undrawn as of September 26, 2025.

Borrowings under the Credit Facilities bear interest as follows:

(1) Term SOFR Loans (as defined in the Credit Agreement) bear interest at a variable rate equal to the Adjusted Term SOFR Reference Rate (as defined in the Credit Agreement) of between 87.5 and 162.5 basis points, depending on (x) prior to receipt by Ralliant of a long-term debt credit rating, Ralliant’s Consolidated Net Leverage Ratio (as defined in the Credit Agreement) as of the last day of the immediately preceding fiscal quarter and (y) thereafter, will be determined quarterly based on changes to Ralliant’s long-term debt credit rating and the most recent quarter’s Consolidated Net Leverage Ratio, as applicable, in accordance with the Credit Agreement;

and (2) Base Rate Loans (as defined in the Credit Agreement) bear interest at a variable rate equal to (a) the highest of (i) the Overnight Rate (as defined in the Credit Agreement) plus 1/2 of 1%, (ii) PNC Bank, National Association’s “prime rate” as publicly announced from time to time and (iii) the Adjusted Term SOFR Rate (as defined in the Credit Agreement) plus 1 %, or (iv) 1.00 %, plus (b) a per annum margin of between 0 and 62.5 basis points, depending on (x) prior to receipt by Ralliant of a long-term debt credit rating, Ralliant’s Consolidated Net Leverage Ratio as of the last day of the immediately preceding fiscal quarter and (y)

thereafter, will be determined quarterly based on changes to Ralliant’s long-term debt credit rating and the most recent quarter’s Consolidated Net Leverage Ratio, as applicable, in accordance with the Credit Agreement.

(1) Term Secured Overnight Financing Rate (“SOFR”) Loans (as defined in the Credit Agreement) bear interest at a variable rate equal to the Adjusted Term SOFR Reference Rate (as defined in the Credit Agreement) of between 87.5 and 162.5 basis points, depending on (x) prior to receipt by Ralliant of a long-term debt credit rating, Ralliant’s Consolidated Net Leverage Ratio (as defined in the Credit Agreement) as of the last day of the immediately preceding fiscal quarter and (y) thereafter, will be determined quarterly based on changes to Ralliant’s long-term debt credit rating and the most recent quarter’s Consolidated Net Leverage Ratio, as applicable, in accordance with the Credit Agreement;

In no event will Term SOFR Loans bear interest at a rate lower than 0 % nor will Base Rate Loans bear interest at a rate lower than 1 %.

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provided that, there shall be at least one full fiscal quarter following the cessation of each such increase during which no such increase shall then be in effect.

The Consolidated Net Leverage Ratio will be calculated at the end of each fiscal quarter commencing with the fiscal quarter ending September 26, 2025.

The Consolidated Net Leverage Ratio is calculated at the end of each fiscal quarter commencing with the fiscal quarter ending September 26, 2025.

The Term Loans contain customary covenants.

None of these covenants are considered restrictive to Ralliant’s operations and as of September 26, 2025, Ralliant was in compliance with all of the covenants.

ACCUMULATED OTHER COMPREHENSIVE INCOME

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The changes in Accumulated Other Comprehensive Income (Loss) (“AOCI”) by component are summarized below:

Foreign currency translation adjustments

Pension & post-retirement plan benefit adjustments (a)

For the Three Months Ended June 27, 2025:

Balance, March 28, 2025 $ ( 388.7 ) $ ( 16.6 ) $ ( 405.3 )

Foreign currency translation adjustments Pension & post-retirement plan benefit adjustments (a)

For the Three Months Ended September 26, 2025:

Balance, June 27, 2025 $ ( 221.4 ) $ ( 16.2 ) $ ( 237.6 )

Other comprehensive income before reclassifications:

Increase 183.8 — 183.8

( 12.0 ) — ( 12.0 )

Income tax impact ( 0.2 ) — ( 0.2 )

Other comprehensive income before reclassifications, net of income tax expense 167.3 — 167.3

Other comprehensive loss before reclassifications, net of income tax expense

( 12.2 ) — ( 12.2 )

Amounts reclassified from AOCI into income:

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Amounts reclassified from AOCI into income, net of income tax expense — 0.1 0.1

Net current period other comprehensive income 167.3 0.4 167.7

Net current period other comprehensive (loss) income

( 12.2 ) 0.1 ( 12.1 )

Balance, September 26, 2025 $ ( 233.6 ) $ ( 16.1 ) $ ( 249.7 )

For the Three Months Ended September 27, 2024:

Balance, June 28, 2024 $ ( 398.8 ) $ ( 14.6 ) $ ( 413.4 )

For the Three Months Ended June 28, 2024:

Balance, March 29, 2024 $ ( 384.6 ) $ ( 14.6 ) $ ( 399.2 )

Other comprehensive loss before reclassifications:

Decrease ( 19.9 ) — ( 19.9 )

Other comprehensive income before reclassifications:

Income tax impact — — —

Other comprehensive loss before reclassifications, net of income tax expense ( 21.2 ) — ( 21.2 )

Other comprehensive income before reclassifications, net of income tax expense

Amounts reclassified from AOCI into income:

Increase 7.0 (c)

Increase — 0.2 (b)

Income tax impact — — —

Amounts reclassified from AOCI into income, net of income tax expense — 0.2 0.2

Net current period other comprehensive loss ( 14.2 ) — ( 14.2 )

Balance, June 28, 2024 $ ( 398.8 ) $ ( 14.6 ) $ ( 413.4 )

Net current period other comprehensive income

78.7 0.2 78.9

Balance, September 27, 2024 $ ( 320.1 ) $ ( 14.4 ) $ ( 334.5 )

(a) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans.

(b) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 9 in the Company’s Notes to the Combined Financial Statements included in the Company’s Information Statement filed as an exhibit to the Company’s Form 10-12B/A on May 28, 2025 for additional details).

Refer to Note 2 for additional details.

Foreign currency translation adjustments

Pension & post-retirement plan benefit adjustments (a) Total

For the Six Months Ended June 27, 2025:

Foreign currency translation adjustments Pension & post-retirement plan benefit adjustments (a) Total

For the Nine Months Ended September 26, 2025:

Balance, December 31, 2024 $ ( 474.5 ) $ ( 16.8 ) $ ( 491.3 )

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Net current period other comprehensive income 240.9 0.7 241.6

Balance, June 27, 2025 $ ( 221.4 ) $ ( 16.2 ) $ ( 237.6 )

For the Six Months Ended June 28, 2024:

Balance, September 26, 2025 $ ( 233.6 ) $ ( 16.1 ) $ ( 249.7 )

For the Nine Months Ended September 27, 2024:

Balance, December 31, 2023 $ ( 338.4 ) $ ( 14.8 ) $ ( 353.2 )

Other comprehensive loss before reclassifications:

Decrease ( 66.1 ) — ( 66.1 )

Income tax impact ( 1.3 ) — ( 1.3 )

Other comprehensive loss before reclassifications, net of income tax expense ( 67.4 ) — ( 67.4 )

Other comprehensive income before reclassifications, net of income tax expense

Amounts reclassified from AOCI into income:

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Amounts reclassified from AOCI into income, net of income tax expense 7.0 0.4 7.4

Net current period other comprehensive (loss) income ( 60.4 ) 0.2 ( 60.2 )

Balance, June 28, 2024 $ ( 398.8 ) $ ( 14.6 ) $ ( 413.4 )

Net current period other comprehensive income

18.3 0.4 18.7

Balance, September 27, 2024 $ ( 320.1 ) $ ( 14.4 ) $ ( 334.5 )

(a) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans.

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The Company classifies deferred revenue as current or noncurrent based on the timing of when it expects to recognize revenue.

The current portion of the deferred revenue is recorded within Accrued expenses and other current liabilities and the noncurrent portion of deferred revenue is recorded within Other long-term liabilities in the accompanying Combined Condensed Balance Sheets.

The noncurrent portion of deferred revenue is recorded within Other long-term liabilities in the accompanying Consolidated and Combined Condensed Balance Sheets.

The Company’s contract liabilities consisted of the following:

June 27, 2025 December 31, 2024

September 26, 2025 December 31, 2024

Deferred revenue - current $ 165.1 $ 143.1

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Total contract liabilities $ 204.9 $ 178.9

In the three and six months ended June 27, 2025, the Company recognized $ 17.6 million and $ 55.8 million, respectively, of revenue related to its contract liabilities at December 31, 2024.

The change in the Company’s contract liabilities from December 31, 2024 to June 27, 2025 was primarily due to revenue recognized as products were delivered to customers.

In the three and nine months ended September 26, 2025, the Company recognized $ 21.8 million and $ 77.6 million, respectively, of revenue related to its contract liabilities at December 31, 2024.

The change in the Company’s contract liabilities from December 31, 2024 to September 26, 2025 was primarily due to revenue recognized as products were delivered to customers.

Remaining Performance Obligations — Ralliant’s remaining performance obligations represent the transaction price of firm, non-cancelable orders, for which work has not yet been performed.

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The aggregate remaining performance obligations by segment were:

June 27, 2025

September 26, 2025

Test and Measurement $ 59.5

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The Company disaggregates revenue from contracts with customers by geographic locations and end markets for each of its segments as the Company believes it best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors.

Disaggregation of revenue for the three months ended June 27, 2025 was:

As of the three and nine months ended September 26, 2025 and September 27, 2024, no other country had material sales.

Disaggregation of revenue for the three months ended September 26, 2025 was:

Total Test and Measurement

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Western Europe

70.2 33.8 36.4

All other 104.1 51.9 52.2

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Total $ 529.1 $ 203.1 $ 326.0

Disaggregation of revenue for the three months ended June 28, 2024 was:

Disaggregation of revenue for the three months ended September 27, 2024 was:

Total Test and Measurement

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Total $ 531.7 $ 236.6 $ 295.1

Disaggregation of revenue for the six months ended June 27, 2025 was:

Disaggregation of revenue for the nine months ended September 26, 2025 was:

Total Test and Measurement

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Total $ 1,514.3 $ 584.1 $ 930.2

Disaggregation of revenue for the six months ended June 28, 2024 was:

Disaggregation of revenue for the nine months ended September 27, 2024 was:

Total Test and Measurement

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Total $ 1,606.6 $ 707.2 $ 899.4

Ralliant’s effective tax rates were 19.2 % and 15.7 % for the three and six months ended June 27, 2025, respectively, compared with 18.2 % and 17.7 % for the three and six months ended June 28, 2024, respectively.

The increase in the effective tax rate for the three months ended June 27, 2025 compared with the three months ended June 28, 2024 was primarily related to changes in valuation allowances recorded in the three months ended June 27, 2025.

The decrease in the effective tax rate for the six months ended June 27, 2025 compared with six months ended June 28, 2024 was primarily related to the impact of credits and deductions provided by law, including those associated with state income taxes, and changes in the Company’s uncertain tax position reserves.

Ralliant’s effective tax rate for the three and six months ended June 27, 2025 differs from the U.S.

federal statutory rate of 21% due primarily to the impact of credits and deductions provided by law.

Ralliant’s effective tax rates were ( 13.4 )% and 9.6 % for the three and nine months ended September 26, 2025, respectively, compared with 18.0 % and 17.8 % for the three and nine months ended September 27, 2024, respectively.

The decrease in the effective tax rate for the three months ended September 26, 2025 compared with the three months ended September 27, 2024 was primarily attributable to the enactment of the German corporate tax rate change and its impact on deferred taxes, as well as the effects of various tax credits and deductions provided by law, including those associated with state income taxes, and changes in the Company’s uncertain tax position reserves.

The decrease in the effective tax rate for the nine months ended September 26, 2025 compared with nine months ended September 27, 2024 was primarily attributable to the impact of the German corporate tax rate change on deferred taxes.

Ralliant’s effective tax rate for the three and nine months ended September 26, 2025 differs from the U.S.

federal statutory rate of 21% due primarily to the impact of tax rate changes and credits and deductions provided by law.

STOCK-BASED COMPENSATION

As of June 27, 2025, Ralliant had no stock-based compensation plans;

however, certain of its employee were eligible to participate in Fortive’s 2016 Stock Incentive Plan (the “Fortive Stock Plan”) which provides for the grant of stock appreciation rights, restricted stock units (“RSUs”) and performance stock units (“PSUs”) (collectively, “Stock Awards”), stock options, or any other stock-based award.

All grants of stock options and Stock Awards were made under the Fortive Stock Plan.

For a full description of Fortive’s stock-based compensation programs in which certain Ralliant employees participate, reference is made to Note 13 to the Combined Financial Statements in the Company’s Information Statement filed as an exhibit to the Company’s Form 10-12B/A on May 28, 2025.

Stock-based compensation has been recognized as a component of Selling, general and administrative expenses in the Combined Condensed Statements of Earnings based on the portion of the awards that are ultimately expected to vest.

The following summarizes the components of the Company’s stock-based compensation expense under the Fortive Stock Plan:

Three Months Ended Six Months Ended

June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

Prior to the Separation, Ralliant had no stock-based compensation plans;

however, certain of its employee were eligible to participate in Fortive’s 2016 Stock Incentive Plan (the “Fortive Stock Plan”) which provided grants of stock appreciation rights, restricted stock units (“RSUs”) and performance stock units (“PSUs”) (collectively, “Stock Awards”), stock options, or any other stock-based awards.

All grants of stock options and Stock Awards prior to separation were made under the Fortive Stock Plan.

For a full description of Fortive’s stock-based compensation programs in which certain Ralliant employees participate, reference is made to Note 13 of the Combined Financial Statements in the Company’s Information Statement filed as an exhibit to the Company’s Form 10-12B/A on May 28, 2025.

In connection with the Separation, the Company established the Ralliant Corporation 2025 Stock Incentive Plan (the “Ralliant Stock Plan”).

The outstanding equity awards of Fortive held by Ralliant employees were replaced with awards of Ralliant common stock under the Ralliant Stock Plan using a conversion factor using Fortive’s pre-spin close price and Ralliant’s the three-day volume-weighted average price as of July 2, 2025.

The three-day volume-weighted average price was used to maintain the economic value before and after the Separation date using the ratio of the Ralliant common stock fair market value relative to the Fortive common stock fair market value prior to the Separation.

Ralliant issued 3.8 million shares from the conversion of the Fortive equity awards.

The terms of the equity awards, such as the award period, exercisability, and vesting schedule, as applicable, generally remained unchanged.

For the three months ended September 26, 2025, the incremental stock-based compensation expense recorded as a result of this equity award conversion was $ 22.4 million pretax, and $ 4.1 million income tax benefit.

Post Separation and under the Ralliant Stock Plan, the Company granted the following RSUs and Stock Options during the three months ended September 26, 2025:

Three Months Ended

Time-based RSUs:

Number of awards

Weighted-average fair value

Stock Options:

Number of awards 221,805

Weighted-average fair value $ 19.1

As of September 26, 2025, 7.7 million shares of common stock were reserved for issuance under the Ralliant Stock Plan.

The fair value of RSUs was calculated using the closing price of Ralliant common stock on the date of grant.

RSUs are adjusted for the impact of RSUs not having dividend rights prior to vesting.

The fair value of the stock options granted was calculated using a Black-Scholes Merton (“Black-Scholes”) option pricing model.

Ralliant recognizes compensation expense for these awards over the requisite service period (which is generally the vesting period but may be shorter than the vesting period, for example, if the employee becomes retirement eligible before the end of the vesting period), and estimates pre-vesting forfeitures at the time of grant by analyzing historical data, and revises those estimates in subsequent periods if actual forfeitures differ from those estimates.

Ultimately, the total expense recognized over the vesting period will equal the grant date fair value of awards that actually vest.

The fair value of each option granted during the three months ended September 26, 2025 was estimated on the date of grant by applying the Black-Scholes option-pricing valuation model.

Three Months Ended

Risk-free interest rate

4.0 % — 4.1 %

Expected term

5.9 years — 6.8 years

Expected volatility

39.9 % — 40.3 %

Expected dividend yield

(1) The risk-free interest rate is based on the yield in effect at grant for zero-coupon U.S.

Treasury notes with maturities equivalent to the expected term of the stock options.

(2) The expected term represents the period of time options granted are expected to be outstanding.

Expected term is the midpoint of the average time to vest.

(3) Expected volatility is the measure of the amount by which the stock price has fluctuated or is expected to fluctuate.

As the Company does not have sufficient historical data, peer volatility was used instead, which was calculated using an average of the expected term-matching lookback volatilities of peer companies as of the grant date.

(4) The expected dividend yield is calculated using a $ 0.05 estimated quarterly dividend and the average stock price of Ralliant over its trading history as of the grant date, annualized and continuously compounded.

Stock-based compensation has been recognized as a component of Selling, general and administrative expenses in the Consolidated and Combined Condensed Statements of Earnings based on the portion of the awards that are ultimately expected to vest.

The following summarizes the components of the Company’s stock-based compensation expense:

Three Months Ended Nine Months Ended

September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024

Stock Awards:

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Total stock-based compensation expense, net of income taxes $ 25.8 $ 5.0 $ 37.9 $ 14.7

The following summarizes the unrecognized stock-based compensation expense for the Stock Awards and stock options as of June 27, 2025.

The following summarizes the unrecognized stock-based compensation expense for the Stock Awards and stock options as of September 26, 2025.

This stock-based compensation expense is expected to be recognized over a weighted-average period of approximately two years , representing the remaining service period related to the awards.

Future stock-based compensation amounts will be adjusted for any changes in estimated forfeitures.

September 26, 2025

Stock Awards $ 10.9

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Total unrecognized compensation cost $ 53.3

Ralliant Post Separation

In connection with the Separation, the Company established the Ralliant Corporation 2025 Stock Incentive Plan (the “Ralliant Stock Plan”).

The outstanding equity awards of Fortive held by Ralliant employees were converted into or replaced with awards of Ralliant common stock under the Ralliant Stock Plan based on the three-day volume-weighted average price as of July 2, 2025, to maintain the economic value before and after the Separation date using the ratio of the Ralliant common stock fair market value relative to the Fortive common stock fair market value prior to the Separation.

The incremental stock-based compensation expense to be recorded as a result of this equity award conversion will be approximately $ 22 million.

For each equity award holder, the intent was to maintain the economic value of the equity awards before and after the Separation.

The terms of the equity awards, such as the award period, exercisability and vesting schedule, as applicable, generally continue unchanged.

Other than converted or replacement equity awards of Ralliant issued in replacement of Fortive’s RSUs and stock options, the terms of the converted or replacement equity awards of Ralliant (e.g., vesting date and expiration date) continued unchanged.

As of June 28, 2025, 12 million shares of common stock were reserved for issuance under the Ralliant Stock Incentive Plan.

COMMITMENTS AND CONTINGENCIES

Legal Proceedings

Ralliant is, from time to time, subject to a variety of litigation and other proceedings incidental to Ralliant’s business, including lawsuits involving claims for damages arising out of the use of our products and services, claims relating to intellectual property matters, employment matters, commercial disputes, and personal injury as well as regulatory investigations or enforcement.

Ralliant is, from time to time, subject to a variety of litigation and other proceedings incidental to Ralliant’s business, including lawsuits involving claims for damages arising out of the use of the Company’s products and services, claims relating to intellectual property matters, employment matters, commercial disputes, and personal injury as well as regulatory investigations or enforcement.

Ralliant may also become subject to lawsuits as a result of past or future acquisitions or as a result of liabilities retained from, or representations, warranties, or indemnities provided in connection with divested businesses.

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Based upon Ralliant’s experience, current information and applicable law, Ralliant does not believe that these proceedings and claims will have a material adverse effect on Ralliant’s financial position, results of operations, or cash flows.

There have been no material changes to the disclosures in Note 12 in the Notes to the Combined Financial Statements included in the Company’s Information Statement filed as an exhibit to the Company’s Form 10-12B/A on May 28, 2025.

There have been no material changes to the disclosures in Note 12 of the Notes to the Combined Financial Statements included in the Company’s Information Statement filed as an exhibit to the Company’s Form 10-12B/A on May 28, 2025.

Warranty Costs

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The accrued warranty liability is reviewed on a quarterly basis and may be adjusted as additional information regarding expected warranty costs becomes known.

During the three and six months ended June 27, 2025 and June 28, 2024, warranty related activity was immaterial.

During the three and nine months ended September 26, 2025 and September 27, 2024, warranty related activity was immaterial.

Operating lease costs for each period are presented as follows:

Three Months Ended Six Months Ended

June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

Three Months Ended Nine Months Ended

September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024

Operating lease costs $ 5.1 $ 3.9 $ 15.3 $ 12.2

Supplemental balance sheet and cash flow information related to operating leases for each period is presented as follows:

June 27, 2025 December 31, 2024

September 26, 2025 December 31, 2024

Right-of-use (“ROU”) assets (a)

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$ 71.8 $ 71.7

(a) ROU assets are recorded in the Combined Condensed Balance Sheets within Other assets.

(b) Operating lease liabilities are recorded in the Combined Condensed Balance Sheets within Accrued expenses and other current liabilities, and Other long-term liabilities.

Six Months Ended

June 27, 2025 June 28, 2024

(a) ROU assets are recorded in the Consolidated and Combined Condensed Balance Sheets within Other assets.

(b) Operating lease liabilities are recorded in the Consolidated and Combined Condensed Balance Sheets within Accrued expenses and other current liabilities, and Other long-term liabilities.

Nine Months Ended

September 26, 2025 September 27, 2024

Cash paid for operating leases $ 13.0 $ 10.8

ROU assets obtained in exchange for operating lease obligations $ 4.1 $ 27.1

The Company has entered into a 10-year lease agreement for its corporate headquarters that has not yet commenced as of June 27, 2025.

The Company has entered into a 10-year lease agreement for its corporate headquarters that has not yet commenced as of September 26, 2025.

The estimated average annual lease payments under this agreement are $ 1.3 million.

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On June 28, 2025, Fortive distributed all of Ralliant’s issued and outstanding common stock to Fortive’s stockholders on a pro rata basis as discussed in Note 1.

No preferred shares were issued or outstanding on June 27, 2025.

No preferred shares were issued or outstanding on September 26, 2025.

Each share of Ralliant common stock entitled the holder to one vote on all matters to be voted upon by common stockholders.

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Diluted EPS is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of shares under stock-based compensation plans under the treasury stock method, except where the inclusion of such shares would have an anti-dilutive impact.

The total number of shares outstanding on June 27, 2025 was 112.7 million, which is being utilized for the calculation of both basic and diluted earnings per share for the three and six months ended June 27, 2025 and June 28, 2024, as no Ralliant common stock equivalents were outstanding prior to June 28, 2025.

In addition, since the Company was incorporated on September 26, 2024, there were no shares of the Company outstanding as of June 28, 2024.

Anti-dilutive options excluded from the diluted EPS calculation for the three and nine months ended September 26, 2025 were 1.5 million and 1.2 million, respectively.

For the three and nine months ended September 27, 2024, there were no anti-dilutive options.

Information related to the calculation of net earnings per share of common stock is summarized as follows:

Three Months Ended Nine Months Ended

September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024

Net earnings $ 39.9 $ 90.9 $ 151.4 $ 271.9

Weighted average common shares outstanding used in basic earnings per share 112.8 112.7 112.8 112.7

Incremental common shares from:

Assumed exercise of dilutive options and vesting of dilutive Stock Awards 0.6 — 0.5 —

Weighted average common shares outstanding used in diluted earnings per share 113.4 112.7 113.3 112.7

Net earnings per common share - Basic $ 0.35 $ 0.81 $ 1.34 $ 2.41

Net earnings per common share - Diluted $ 0.35 $ 0.81 $ 1.34 $ 2.41

In the third quarter of 2025, the quarterly dividend paid on common stock was $ 0.05 per share.

Share Repurchase Authorization

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The share repurchase authorization is consistent with the Company's capital allocation strategy to prioritize returning capital to shareholders.

As of September 26, 2025, there have been no repurchases under the Share Repurchase Authorization.

SEGMENT INFORMATION

Ralliant reports its results in two business segments consisting of Test and Measurement and Sensors and Safety Systems.

Ralliant reports its results in two reportable segments that are also its two operating segments, consisting of Test and Measurement and Sensors and Safety Systems.

Ralliant’s operating segments were determined based primarily on how the chief operating decision maker (“CODM”) views and evaluates the Company’s operations and identification of segment managers.

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The Sensors and Safety Systems segment also provides premium sensing products encompassing liquid level, flow, and pressure sensors, motion sensors and components, and hygienic sensors.

Segment results for the three months ended June 27, 2025 were:

Segment results for the three months ended September 26, 2025 were:

Total Test and Measurement Sensors and Safety Systems Unallocated Corporate Costs and Other (a)

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Non-operating income (expense), net

Other non-operating expense, net — 0.1 ( 0.1 ) —

Interest (expense) income, net

( 16.3 ) ( 0.4 ) 0.8 ( 16.7 )

Other non-operating expenses, net

( 0.5 ) — — ( 0.5 )

Earnings (loss) before income taxes $ 35.2 $ ( 2.1 ) $ 90.9 $ ( 53.6 )

Depreciation and amortization expenses $ ( 30.0 ) $ ( 26.2 ) $ ( 3.4 ) $ ( 0.4 )

Capital expenditure $ ( 11.6 ) $ ( 7.1 ) $ ( 4.5 ) $ —

(a) Amounts primarily related to standalone public company costs.

Segment results for the three months ended June 28, 2024 were:

Capital expenditures

$ ( 12.0 ) $ ( 1.0 ) $ ( 4.5 ) $ ( 6.5 )

(a) Amounts primarily related to the stock-based compensation modification and standalone public company costs.

Segment results for the three months ended September 27, 2024 were:

Total Test and Measurement Sensors and Safety Systems Unallocated Corporate Costs and Other

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Operating expenses ( 168.6 ) ( 113.8 ) ( 54.7 ) ( 0.1 )

Operating profit 105.2 24.6 80.5 0.1

Operating profit (loss)

111.2 29.3 82.0 ( 0.1 )

Non-operating expense, net

Loss from divestiture ( 25.6 ) — ( 25.6 ) —

Other non-operating expense, net ( 0.4 ) ( 0.2 ) ( 0.2 ) —

Other non-operating (expenses) income, net

( 0.3 ) ( 0.2 ) ( 0.2 ) 0.1

Earnings before income taxes $ 110.9 $ 29.1 $ 81.8 $ —

Depreciation and amortization expenses $ ( 28.1 ) $ ( 24.5 ) $ ( 3.6 ) $ —

Capital expenditure $ ( 9.6 ) $ ( 7.2 ) $ ( 2.4 ) $ —

Segment results for the six months ended June 27, 2025 were:

Capital expenditures

$ ( 6.1 ) $ ( 3.3 ) $ ( 2.8 ) $ —

Segment results for the nine months ended September 26, 2025 were:

Total Test and Measurement Sensors and Safety Systems Unallocated Corporate Costs and Other (a)

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Non-operating expense, net

Other non-operating expense, net ( 0.5 ) ( 0.2 ) ( 0.3 ) —

Interest (expense) income, net

( 16.3 ) ( 0.4 ) 0.8 ( 16.7 )

Other non-operating expenses, net

( 1.1 ) ( 0.2 ) ( 0.4 ) ( 0.5 )

Earnings (loss) before income taxes $ 167.4 $ ( 28.5 ) $ 257.1 $ ( 61.2 )

Depreciation and amortization expenses $ ( 85.5 ) $ ( 74.8 ) $ ( 10.3 ) $ ( 0.4 )

Capital expenditure $ ( 17.2 ) $ ( 10.0 ) $ ( 7.2 ) $ —

(a) Amounts primarily related to standalone public company costs.

Segment results for the six months ended June 28, 2024 were:

Capital expenditures

$ ( 29.2 ) $ ( 11.0 ) $ ( 11.7 ) $ ( 6.5 )

(a) Amounts primarily related to the stock-based compensation modification and standalone public company costs.

Segment results for the nine months ended September 27, 2024 were:

Total Test and Measurement Sensors and Safety Systems Unallocated Corporate Costs and Other

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Loss from divestiture ( 25.6 ) — ( 25.6 ) —

Other non-operating expense, net ( 0.7 ) ( 0.3 ) ( 0.4 ) —

Other non-operating (expenses) income, net

( 1.0 ) ( 0.5 ) ( 0.6 ) 0.1

Earnings before income taxes $ 330.9 $ 111.1 $ 219.7 $ 0.1

Depreciation and amortization expenses $ ( 86.3 ) $ ( 75.1 ) $ ( 11.2 ) $ —

Capital expenditure $ ( 13.7 ) $ ( 8.7 ) $ ( 5.0 ) $ —

Capital expenditures

$ ( 19.8 ) $ ( 12.0 ) $ ( 7.8 ) $ —

(a) Refer to Note 1 for further detail on Gain on sale of property.

Segment Assets:

June 27, 2025 December 31, 2024

September 26, 2025 December 31, 2024

Test and measurement $ 3,633.7 $ 3,447.7

4 unchanged sentences

RELATED-PARTY TRANSACTIONS

Allocations of Expenses Prior to the Distribution

Ralliant has historically operated as part of Fortive and not as a separate, publicly-traded company.

Certain shared costs have been allocated to Ralliant by Fortive, and are reflected as expenses in these financial statements.

Management considers the allocation methodologies used to be reasonable and appropriate reflections of the related expenses attributable to Ralliant for purposes of the carved-out financial statements;

however, the expenses reflected in the accompanying combined condensed financial statements may not be indicative of the actual expenses that would have been incurred during the periods presented if Ralliant had operated as a separate business or the expenses that will be incurred in the future by Ralliant.

For a full description of the Company’s related party transactions, see Note 15 in the Notes to the Combined Financial Statements included in the Company’s Information Statement filed as an exhibit to the Company’s Form 10-12B/A on May 28, 2025.

The amounts of related party expenses allocated to Ralliant from Fortive and its non-Ralliant subsidiaries were as follows:

Three Months Ended Six Months Ended

June 27, 2025 June 27, 2024 June 27, 2025 June 27, 2024

Allocated corporate expenses

$ 10.1 $ 10.9 $ 20.3 $ 20.4

Directly attributable expenses:

Insurance programs expenses

1.8 1.7 3.6 3.3

Medical insurance programs expenses

14.9 14.9 30.5 31.7

Deferred compensation program expenses

0.6 0.2 1.3 0.6

Total related party expenses $ 27.4 $ 27.7 $ 55.7 $ 56.0

The Agreements provide for the allocation of assets, employees, liabilities, and obligations (including investments, property, employee benefits, and tax-related assets and liabilities) between Fortive and Ralliant attributable to periods prior to, at, and after the Separation and govern certain relationships between Fortive and Ralliant after the Separation.

Such Agreements are described further in the Company’s Information Statement filed as an exhibit to the Company’s Form 10-12B/A on May 28, 2025.

Revenue and Other Transactions Entered into in the Ordinary Course of Business

Certain of Ralliant’s revenue transactions related to contracts entered into in the ordinary course of business with Fortive and its affiliates.

Ralliant’s sales to and purchases from Fortive and its non-Ralliant subsidiaries were not material during the three and six months ended June 27, 2025 and June 28, 2024.

Ralliant’s sales to and purchases from Fortive were not material during the three and nine months ended September 26, 2025 and September 27, 2024.

Tax Matters Agreement

In connection with the Separation, the Company entered into a Tax Matters Agreement with Fortive, that governs the parties’ respective rights, responsibilities and obligations with respect to taxes, including responsibility for tax liabilities, entitlement to tax refunds and other tax benefits, allocation of tax attributes, preparation and filing of tax returns, control of audits and other tax proceedings and other matters relating to taxes.

Pursuant to the terms of the Tax Matters Agreement, Ralliant expects to reimburse Fortive or pay taxing authorities directly for an amount asserted by Fortive to be approximately $ 50 million, with $ 16 million paid in July 2025, for certain tax transaction costs recognized upon Separation.

In connection with the Separation, the Company entered into the Tax Matters Agreement with Fortive, that governs the parties’ respective rights, responsibilities and obligations with respect to taxes, including responsibility for tax liabilities, entitlement to tax refunds and other tax benefits, allocation of tax attributes, preparation and filing of tax returns, control of audits and other tax proceedings and other matters relating to taxes.

Pursuant to the terms of the Tax Matters Agreement, Ralliant will reimburse Fortive or pay taxing authorities directly for an amount contractually agreed with Fortive of approximately $ 51.0 million for certain tax transaction costs recognized upon Separation.

Of the approximately $ 51.0 million tax transaction costs, $ 16.0 million was paid in the three months ended September 26, 2025 and $ 35.0 million was accrued as payable to Fortive as of September 26, 2025, of which $ 25.9 million was subsequently paid on September 29, 2025.

The $ 51.0 million tax transactions costs, were recognized in the three months ended September 26, 2025 and were recorded as an offset to Additional paid-in capital as the items represent a settlement with the Former Parent in accordance with the Tax Matters Agreement.

Separation and Distribution Agreement - Cash Adjustment

Pursuant to the terms of the Separation and Distribution Agreement, the Company is subject to cash adjustment provisions, with payment of such adjustments to be made within five business days of the determination of the applicable final cash balance.

Pursuant to the adjustment provisions, if Ralliant’s aggregate cash balance at the time of the Separation, excluding any cash in certain restricted jurisdictions, is determined to have been greater than the reference cash balance of $ 150 million, Ralliant is obligated to pay Fortive the excess.

Subsequent to the Separation, Fortive notified Ralliant the aggregate cash balance exceeded such reference cash balance by approximately $ 41 million and Ralliant paid Fortive in accordance with the terms of the Separation and Distribution Agreement.

Pursuant to the terms of the Separation and Distribution Agreement, the Company was subject to cash adjustment provisions, with payment of such adjustments to be made within five business days of the determination of the applicable final cash balance.

Pursuant to the adjustment provisions, Ralliant’s aggregate cash balance at the time of the Separation, excluding any cash in certain restricted jurisdictions, was determined to have been greater than the reference cash balance of $ 150 million, and therefore, Ralliant was obligated to pay Fortive the excess.

The offset to the cash reimbursement was a reduction to Additional paid-in capital resulting from the cash settlement with the Former Parent.

Transition Services Agreement

In connection with the Separation, the Company entered into a transition services agreement with Fortive, pursuant to which Fortive and the Company will provide to each other certain specified services on a temporary basis, including various information technology, financial and administrative services.

The charges for the transition services are based on arm’s length terms.

The cost of these services are negotiated between the Company and Fortive as set forth in the transition services agreement.

No material charges have been incurred under this agreement.

In connection with the Separation, the Company entered into the Transition Services Agreement with Fortive, pursuant to which Fortive and the Company will provide to each other certain specified services on a temporary basis, including various information technology, financial, and administrative services.

The cost of these services are negotiated between the Company and Fortive as set forth in the Transition Services Agreement and were immaterial during the three and nine months ended September 26, 2025.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements