What changed in this filing

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Item 1. Financial Statements

2026-05-12 compared with 2025-11-06 · 220 added, 433 removed, 306 unchanged (68% of the section changed)

1 unchanged sentence

RALLIANT CORPORATION AND SUBSIDIARIES

CONSOLIDATED AND COMBINED CONDENSED BALANCE SHEETS

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

September 26, 2025 December 31, 2024

CONSOLIDATED CONDENSED BALANCE SHEETS

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

April 3, 2026 December 31, 2025

Current assets:

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Current liabilities:

Current portion of long-term debt $ — $ 530.4

Trade accounts payable 248.8 263.7

Deferred revenue

Accrued expenses and other current liabilities 330.2 365.6

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Other long-term liabilities 404.0 409.2

Total liabilities 2,131.3 2,187.3

Commitments and contingencies (Note 9)

Common stock:

$ 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

$ 0.01 par value, 1,300.0 shares authorized;

113.1 and 112.9 issued;

and 111.9 and 112.9 outstanding, respectively

Preferred stock:

$ 0.01 par value, 10.0 million shares authorized;

$ 0.01 par value, 10.0 shares authorized;

no shares issued and outstanding

Additional paid-in capital 3,232.2 3,223.4

Retained earnings

Treasury stock, at cost ( 50.5 ) —

Accumulated deficit ( 1,306.7 ) ( 1,345.3 )

Accumulated other comprehensive loss ( 310.6 ) ( 244.9 )

Net Former Parent investment — 4,254.1

2,964.2 3,762.8

Total equity 1,565.5 1,634.3

Total liabilities and equity $ 3,696.8 $ 3,821.6

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($ 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

Three Months Ended

April 3, 2026 March 28, 2025

Sales $ 534.6 $ 481.8

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Gross profit 272.3 243.4

Operating costs:

Operating expenses:

Selling, general and administrative ( 160.5 ) ( 128.3 )

Research and development ( 43.7 ) ( 41.3 )

Gain on sale of property — — — 63.1

Operating profit 68.1 73.8

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Interest expense, net ( 14.7 ) —

( 16.3 ) — ( 16.3 ) —

Loss from divestiture — — — ( 25.6 )

Other non-operating expenses, net ( 0.5 ) ( 0.5 )

Earnings before income taxes 52.9 73.3

Income tax benefit (expense)

4.7 ( 20.0 ) ( 16.0 ) ( 59.0 )

Income tax expense ( 8.7 ) ( 9.4 )

Net earnings $ 44.2 $ 63.9

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RALLIANT CORPORATION AND SUBSIDIARIES

CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

($ in millions) (Unaudited)

Three Months Ended Nine Months Ended

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

Three Months Ended

April 3, 2026 March 28, 2025

Net earnings $ 44.2 $ 63.9

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Total other comprehensive (loss) income, net of income taxes ( 65.7 ) 86.0

Comprehensive (loss) income

$ ( 21.5 ) $ 149.9

Comprehensive income $ 27.8 $ 169.8 $ 393.0 $ 290.6

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

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($ and shares in millions) (Unaudited)

Common Stock Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Loss Net Former Parent Investment

Common Stock Additional Paid-In Capital Treasury Stock

Accumulated Deficit

Accumulated Other Comprehensive Loss Net Former Parent Investment Total Equity

Shares Outstanding Amount

Balance, December 31, 2025 112.9 $ 1.1 $ 3,223.4 $ — $ ( 1,345.3 ) $ ( 244.9 ) $ — $ 1,634.3

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

Net transfers to Former Parent

— — — — 44.2 — — 44.2

Other comprehensive income — — — — ( 65.7 ) — ( 65.7 )

Stock-based compensation — — — — — 6.5 6.5

Balance, March 28, 2025 — — — — ( 405.3 ) 4,251.9 3,846.6

Net earnings for the period — — — — — 47.6 47.6

Recapitalization 112.7 1.1 — — — ( 1.1 ) —

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

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

Dividends to common stockholders ($ 0.05 per common stock)

— — — — ( 5.6 ) — — ( 5.6 )

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

Stock-based compensation 0.2 — 13.5 — — — — 13.5

0.1 — 32.0 — — — 32.0

Common stock repurchases ( 1.2 ) — ( 50.5 ) — — — ( 50.5 )

Shares withheld for taxes — — ( 4.7 ) — — — — ( 4.7 )

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

Balance, April 3, 2026 111.9 $ 1.1 $ 3,232.2 $ ( 50.5 ) $ ( 1,306.7 ) $ ( 310.6 ) $ — $ 1,565.5

Common Stock Additional Paid-In Capital Treasury Stock

Retained Earnings Accumulated Other Comprehensive Loss Net Former Parent Investment Total Former Parent’s Equity

Shares Outstanding Amount

Balance, December 31, 2024 — $ — $ — $ — $ — $ ( 491.3 ) $ 4,254.1 $ 3,762.8

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

Net transfers from Former Parent

— — — — — — 63.9 63.9

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

Stock-based compensation — — — — — 5.8 5.8

Balance, March 29, 2024 — — — — ( 399.2 ) 4,393.6 3,994.4

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

Net transfers to Former Parent

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Stock-based compensation — — — — — — 6.5 6.5

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

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

Balance, March 28, 2025 — $ — $ — $ — $ — $ ( 405.3 ) $ 4,251.9 $ 3,846.6

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

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($ in millions) (Unaudited)

Nine Months Ended

September 26, 2025 September 27, 2024

Three Months Ended

April 3, 2026 March 28, 2025

Cash flows from operating activities:

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Stock-based compensation 11.1 6.5

Gain on sale of property — ( 63.1 )

Loss from divestiture — 25.6

Change in accounts receivable, net 6.7 5.0

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Proceeds from sale of property — 1.5

Cash paid for acquisitions, net of cash received — ( 1,718.2 )

Cash infusion into divestiture — ( 14.0 )

Net cash used in investing activities ( 8.7 ) ( 4.1 )

Cash flows from financing activities:

Net proceeds from borrowings 1,146.8 —

Consideration paid to Former Parent in connection with separation

( 1,150.0 ) —

Net transfers (to) from Former Parent

( 10.2 ) 1,434.5

Payments of debt issuance costs

Net transfers to Former Parent

Repurchase of common shares ( 50.5 ) —

Dividends paid ( 5.6 ) —

All other financing activities 2.2 —

Net cash (used in) provided by financing activities

( 16.8 ) 1,434.5

Other financing activities ( 2.2 ) —

Net cash used in financing activities ( 59.1 ) ( 72.6 )

Effect of exchange rate changes on cash and equivalents ( 2.1 ) 4.7

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BUSINESS OVERVIEW

Ralliant Corporation (“Ralliant”, the “Company”, “its”, or “their”) is a global technology company with businesses that design, develop, manufacture, and service precision instruments and highly engineered products.

Ralliant Corporation (“Ralliant,” the “Company,” or “it”) is a global technology company with businesses that design, develop, manufacture, and service precision instruments and highly engineered products.

The Company empowers engineers with precision technologies essential for breakthrough innovation in an electrified and digital world, enabling its customers to bring advanced technologies to market faster and more efficiently.

Its strategic segments – Test and Measurement and Sensors and Safety Systems – include well-known brands with prominent positions across a range of attractive end markets.

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 “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 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 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.

Its strategic segments – Sensors and Safety Systems and Test and Measurement – include well-known brands with prominent positions across a range of attractive end markets.

Separation from Fortive Corporation

Ralliant completed its separation from Fortive Corporation (“Fortive” or the “Former Parent”) on June 28, 2025 (“the Separation”), the first day of the Company’s third fiscal quarter.

The Separation was completed on such date in the form of a pro rata distribution to Fortive shareholders of record as of the close of business on June 16, 2025 (the “Record Date”) of all of the issued and outstanding shares of Ralliant common stock held by Fortive.

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Ralliant’s common stock began “regular way” trading on the New York Stock Exchange under the ticker symbol “RAL” on June 30, 2025.

For further discussion of the Separation refer to Note 1 of the Notes to the Consolidated and Combined Financial Statements included in the Company’s 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2026 (the “Form 10-K”).

Basis of Presentation

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

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.

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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.

Related-party allocations are discussed further in Note 12.

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.

• The Consolidated Condensed Balance Sheets at April 3, 2026 and December 31, 2025 consisted of Ralliant’s consolidated balances.

• The Consolidated Condensed Statements of Earnings, Statements of Comprehensive Income, Statements of Changes in Equity, and Statements of Cash Flows for the three months ended April 3, 2026 consisted of Ralliant’s consolidated results.

The Combined Condensed Statements of Earnings, Statements of Comprehensive Income, Statements of Changes in Equity, and Statements of Cash Flows for the three months ended March 28, 2025 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.

Because the Company was part of Fortive during the three months ended March 28, 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 three months ended March 28, 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.

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

Transactions with Fortive are reflected in the accompanying combined condensed statement of changes in equity as “Net transfers to Former Parent.”

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 months ended April 3, 2026 and March 28, 2025 and the Consolidated Condensed Balance Sheets as of April 3, 2026 and December 31, 2025.

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.

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

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

In January 2024, Fortive realigned the Invetech business from the Advanced Healthcare Solutions segment to the PT segment.

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 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.

The unaudited consolidated and combined condensed financial statements included herein should be read in conjunction with the audited consolidated and combined financial statements and the notes thereto included within the Form 10-K.

During the first quarter of 2026, the Company reclassified sales by geography to better align sales to the end customer.

Prior year information has been recast to conform to current year presentation.

Such change to the Company’s reporting process is not material to the Company’s consolidated and combined financial statements.

The consolidated and combined condensed financial statements contained herein may not be indicative of future performance and the combined condensed financial statements for the three months ended March 28, 2025 do not necessarily reflect what the combined condensed statement of earnings and combined condensed statement of cash flows would have been had the Company operated as a separate business entirely during such period.

Segment Presentation

Ralliant operates through two reportable segments that are also its two operating segments 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, and Test and Measurement, which provides precision test and measurement instruments, systems, and services.

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.

All trade accounts and unbilled receivables are recorded in the Consolidated 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 nine months ended September 26, 2025 and September 27, 2024, the activity was immaterial.

Property Sale

On March 14, 2024, Ralliant sold land and certain office buildings in its Test and Measurement segment for $ 90.0 million, for which the Company received $ 20.0 million in cash proceeds and a $ 70.0 million promissory note secured by a letter of credit, with principal received in August and November 2024.

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

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

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) —Improvements to Income Tax Disclosures , which amends certain disclosure requirements related to income taxes on an annual basis.

During the three months ended April 3, 2026 and March 28, 2025, the activity was immaterial.

New Accounting Pronouncements

Issued and Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (“ASU 2023-09”), which amends certain disclosure requirements related to income taxes on an annual basis.

This standard is effective for fiscal year ending December 31, 2025, and interim periods thereafter.

This standard should be applied on a prospective basis, with retrospective application permitted.

The adoption of the standard will not impact the Company’s consolidated financial statements;

however, the Company is currently evaluating the impact of the new disclosure requirements on the notes to the consolidated financial statements.

The Company will update the applicable annual and interim disclosures to align with the new standard.

Disaggregation of Income Statement Expenses

For the year ended December 31, 2025, the Company adopted ASU 2023-09 using a prospective basis and updated the applicable annual disclosure to align with the new standard in Note 7.

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 with the first quarter of 2026, with early adoption permitted, and should be applied prospectively.

On January 1, 2026, the Company adopted the practical expedient described in ASU 2025-05 using a prospective approach and updated the allowance for credit losses recorded on the Consolidated Condensed Balance Sheet as of April 3, 2026 to align with the new standard.

The adoption did not have a material impact on the consolidated financial statements.

Issued But Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses , which amends the disclosure requirements related to certain costs and expenses on an interim and annual basis.

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This standard should be applied either on a prospective basis or retrospective basis.

The adoption of the standard will not impact the Company’s consolidated financial statements;

however, the Company is currently evaluating the impact of the new disclosure requirements on the notes to the consolidated financial statements.

The adoption of the standard is not expected to impact the Company’s consolidated and combined financial statements;

however, the Company is currently evaluating the impact of the new disclosure requirements on the notes to the consolidated and combined financial statements.

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

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.

This standard is effective for the fiscal year ending December 31, 2028 and interim periods beginning with 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

Ralliant continually evaluates potential mergers and acquisitions that align with its business portfolio strategy or expand its portfolio into a new and attractive business area.

The Company has completed a number of acquisitions that have been accounted for as purchases of businesses and resulted in the recognition of goodwill in its combined financial statements.

This goodwill arises when the purchase price for an acquired business exceeds its identifiable assets, net of liabilities.

The purchase price for acquired businesses reflect a number of factors, including the future earnings and cash flow potential of the business, the strategic fit, and resulting synergies from the complementary portfolio of the acquired business to Ralliant’s existing operations, industry expertise, and market access.

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 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.

Fortive, on behalf of, Ralliant, funded this transaction with financing activities and available cash.

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 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 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 are not reported as discontinued operations.

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

The following is a rollforward of the Company’s carrying value of goodwill by segment:

Test and Measurement Sensors and Safety Systems Total

Sensors and Safety Systems Test and Measurement Total

Balance, December 31, 2025 $ 771.1 $ 901.3 $ 1,672.4

Foreign currency translation ( 1.1 ) ( 54.0 ) ( 55.1 )

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

Balance, April 3, 2026 $ 770.0 $ 847.3 $ 1,617.3

FAIR VALUE MEASUREMENTS

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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) Total

September 26, 2025

Quoted Prices in Active Market

(Level 1) Significant Other Observable Inputs

(Level 2) Significant Unobservable Inputs

(Level 3) Total

April 3, 2026

Deferred compensation liabilities $ — $ 10.1 $ — $ 10.1

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All amounts deferred under such plan 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 Consolidated and Combined Condensed Balance Sheets.

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).

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 Consolidated and Combined Condensed Statements of Earnings.

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.

Non-recurring Fair Value Measurements

Certain non-financial assets, primarily property, plant, and equipment, goodwill, and intangible assets, are not required to be measured at fair value on a recurring basis and are reported at their carrying value.

However, these assets are required to be assessed for impairment, at least annually for goodwill and other indefinite-lived intangible assets, or 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 months ended April 3, 2026 and March 28, 2025, and recorded no impairments.

Fair Value of Financial Instruments

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

September 26, 2025

Carrying Amount Fair Value

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

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

As of April 3, 2026 and December 31, 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.

The fair value of cash and equivalents, trade accounts receivable, net, and trade accounts payable, approximates their carrying amount due to the short-term maturities of these instruments.

Non-recurring Fair Value Measurements

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 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 September 26, 2025 December 31, 2024

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

Effective Interest Rate April 3, 2026 December 31, 2025

USD Term Loan due March 2029

4.95 % $ 550.0 $ 530.8

USD Term Loan due June 2028 4.83 % 600.0 619.2

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Long-term debt, carrying value $ 1,148.3 $ 1,148.8

On May 15, 2025 (the “Closing Date”), the Company en tered into a credit agreement (“Credit Agreement”), with a syndicate of banks, consisting of an eighteen month , $ 600.0 million senior unsecured delayed-draw term loan facility (the “ Eighteen-Month Term Loan”), a three-year , $ 700.0 million senior unsecured delayed-draw term loan facility (the “ Three-Year Term Loan”, and together with the Eighteen-Month Term Loan, the “Term Loans”) and a three-year $ 750.0 million senior unsecured multi-currency revolving credit facility, including a $ 25.0 million sublimit for swingline loans and a $ 75.0 million sublimit for the issuance of letters of credit (the “Revolving Credit Facility” and, together with the Term Loans, the “Credit Facilities”).

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 $ 1.4 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 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;

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.

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 %.

The Company is obligated to pay an annual facility fee for the Revolving Credit Facility of between 90 and 200 basis points, varying according to its long-term debt credit rating.

Borrowings under the Credit Agreement are prepayable at the Company’s option at any time in whole or in part without premium or penalty.

Term Loans may not be reborrowed once repaid.

Amounts borrowed under the Revolving Credit Facility may be repaid and reborrowed from time to time prior to the maturity date of the Revolving Credit Facility.

The Credit Agreement requires Ralliant to maintain a Consolidated Net Leverage Ratio, as defined by the Credit Agreement, of 3.50 to 1.00 or less;

provided that, not more than two times after the Closing Date of the Credit Agreement, the maximum Consolidated Net Leverage Ratio may be increased to 4.00 to 1.00 in connection with any permitted acquisition by Ralliant occurring after the Closing Date with aggregate consideration (including, without duplication, the assumption or incurrence of indebtedness in connection with such acquisition) equal to or in excess of $ 100.0 million, which such increase shall be applicable for the fiscal quarter in which such acquisition is consummated and the three consecutive quarters thereafter;

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 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.

current portion of long-term debt, carrying value — 530.4

Long-term debt, net of current maturities $ 1,148.3 $ 618.4

Amendment to Credit Agreement

On March 30, 2026, Ralliant entered into Amendment No.

2 (the “Second Amendment”) to the Credit Agreement dated as of May 15, 2025 (the “Credit Agreement”).

The Second Amendment, among other things, (i) refinanced the $ 530.8 million then outstanding under the term loan due December 2026 with a $ 550.0 million term loan due March 2029 that includes an applicable borrowing rate thereunder that is 12.5 basis points higher than that of the previous rate;

(ii) reduced the amount outstanding under the then outstanding term loan due June 2028 from $ 619.2 million to $ 600.0 million, and decreased the applicable borrowing rate thereunder by 12.5 basis points;

and (iii) removed the 85 % cap on netting cash and cash equivalents outside of the United States for purposes of calculating the Company’s consolidated net leverage ratio.

Ralliant incurred immaterial debt issuance costs associated with the Second Amendment.

All other material terms of the Credit Agreement, as previously amended by Amendment No.

1 thereto, remain unchanged.

Refer to Note 9 in the Company’s Notes to the Consolidated and Combined Financial Statements included in the Form 10-K for additional details.

The term loans under the Credit Agreement contain customary covenants.

None of these covenants are considered restrictive to Ralliant’s operations.

As of April 3, 2026, Ralliant was in compliance with all of the covenants under the Credit Agreement, as amended.

ACCUMULATED OTHER COMPREHENSIVE INCOME

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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 )

For the Three Months Ended April 3, 2026:

Balance, December 31, 2025 $ ( 229.8 ) $ ( 15.1 ) $ ( 244.9 )

Other comprehensive income before reclassifications:

( 12.0 ) — ( 12.0 )

Decrease ( 68.5 ) — ( 68.5 )

Income tax impact 2.6 — 2.6

Other comprehensive loss before reclassifications, net of income tax expense ( 65.9 ) — ( 65.9 )

( 12.2 ) — ( 12.2 )

Amounts reclassified from AOCI into income:

Increase — 0.2 (b)

Income tax impact — ( 0.1 ) ( 0.1 )

Increase — 0.2 0.2

Income tax impact — — (c)

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

Net current period other comprehensive (loss) income ( 65.9 ) 0.2 ( 65.7 )

( 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 )

Other comprehensive income before reclassifications:

Income tax impact — — —

Other comprehensive income before reclassifications, net of income tax expense

Amounts reclassified from AOCI into income:

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 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).

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

For the Nine Months Ended September 26, 2025:

Balance, April 3, 2026 $ ( 295.7 ) $ ( 14.9 ) $ ( 310.6 )

For the Three Months Ended March 28, 2025:

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

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Increase — 0.2 (b)

Income tax impact — ( 0.2 ) ( 0.2 )

Amounts reclassified from AOCI into income, net of income tax expense — 0.7 0.7

Net current period other comprehensive income 240.9 0.7 241.6

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:

Income tax impact ( 1.3 ) — ( 1.3 )

Other comprehensive income before reclassifications, net of income tax expense

Amounts reclassified from AOCI into income:

Increase 7.0 (c)

Income tax impact — ( 0.1 ) ( 0.1 )

Income tax impact — — (c)

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

Net current period other comprehensive income 85.8 0.2 86.0

18.3 0.4 18.7

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

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

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

Refer to Note 2 for additional details.

(b) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 10 in the Company’s Notes to the Consolidated and Combined Financial Statements included in the Form 10-K for additional details).

Ralliant derives revenue primarily from the sale of products, with additional revenue from the sale of services.

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

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

The Company’s contract liabilities consisted of the following:

September 26, 2025 December 31, 2024

April 3, 2026 December 31, 2025

Deferred revenue - current $ 159.8 $ 154.6

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Total contract liabilities $ 199.7 $ 193.3

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.

In the three months ended April 3, 2026, the Company recognized $ 44.4 million of revenue related to its contract liabilities at December 31, 2025.

The change in the Company’s contract liabilities from December 31, 2025 to April 3, 2026 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:

September 26, 2025

April 3, 2026

Test and Measurement $ 54.2

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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.

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

Sensors and Safety Systems

For the three months ended April 3, 2026 and March 28, 2025, no country other than those presented had material sales individually.

Disaggregation of revenue for the three months ended April 3, 2026 was:

Total Sensors and Safety Systems

Test and Measurement

United States $ 286.0 $ 203.4 $ 82.6

China 78.4 30.8 47.6

Western Europe

70.2 33.8 36.4

All other 170.2 90.2 80.0

Total $ 534.6 $ 324.4 $ 210.2

Diversified electronics $ 91.0 $ 91.0 $ —

Communications 60.7 60.7 —

Semiconductors 51.4 51.4 —

Industrial manufacturing $ 108.7 $ 108.7 $ —

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Other 49.2 49.2 —

Total $ 529.1 $ 203.1 $ 326.0

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

Total Test and Measurement

Sensors and Safety Systems

United States $ 274.5 $ 90.9 $ 183.6

China 75.5 50.6 24.9

Western Europe 74.8 39.9 34.9

All other 106.9 55.2 51.7

Total $ 531.7 $ 236.6 $ 295.1

Diversified electronics 110.8 — 110.8

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Semiconductors 36.2 — 36.2

Industrial manufacturing 102.2 — 102.2

Defense and space 79.3 — 79.3

Utilities 69.1 — 69.1

Other 44.5 — 44.5

Total $ 534.6 $ 324.4 $ 210.2

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

Total Test and Measurement

Sensors and Safety Systems

Disaggregation of revenue for the three months ended March 28, 2025 was:

Total Sensors and Safety Systems

Test and Measurement

United States $ 244.2 $ 179.5 $ 64.7

China 72.4 28.3 44.1

Western Europe 197.4 91.6 105.8

All other 165.2 85.5 79.7

Total $ 481.8 $ 293.3 $ 188.5

Diversified electronics $ 284.0 $ 284.0 $ —

Communications 171.6 171.6 —

Semiconductors 128.5 128.5 —

Industrial manufacturing $ 101.3 $ 101.3 $ —

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Other 43.9 43.9 —

Total $ 1,514.3 $ 584.1 $ 930.2

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

Total Test and Measurement

Sensors and Safety Systems

United States $ 814.7 $ 246.7 $ 568.0

China 243.9 164.3 79.6

Western Europe 246.3 138.5 107.8

All other 301.7 157.7 144.0

Total $ 1,606.6 $ 707.2 $ 899.4

Diversified electronics 96.1 — 96.1

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Semiconductors 38.5 — 38.5

Industrial manufacturing 306.3 — 306.3

Defense and space 244.9 — 244.9

Utilities 197.6 — 197.6

Other 150.6 — 150.6

Total $ 481.8 $ 293.3 $ 188.5

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.

Ralliant’s effective tax rate was 16.5 % for the three months ended April 3, 2026 compared with 12.8 % for the three months ended March 28, 2025.

The increase in the effective tax rate for the three months ended April 3, 2026 compared with the three months ended March 28, 2025 was primarily attributable to the effects of various tax credits and deductions provided by law, including those associated with state income taxes, U.S.

international taxes, non-deductible executive compensation, and changes in the Company’s uncertain tax position reserves.

Ralliant’s effective tax rate for the three months ended April 3, 2026 differs from the U.S.

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

STOCK-BASED COMPENSATION

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:

The Ralliant Corporation 2025 Stock Incentive Plan (the “Stock Plan”) provides for the 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.

For a full description of the Stock Plan, refer to the disclosures in Note 15 of the Notes to the Consolidated and Combined Financial Statements included in the Form 10-K.

Changes with respect to Stock Awards granted under the Stock Plan are described below.

Stock Awards Granted

Ralliant granted PSUs under the Stock Plan for the first time during the three months ended April 3, 2026.

PSUs are subject to both market and performance-based conditions.

For awards granted after the Separation under the Stock Plan, the fair values of RSUs and PSUs subject to performance-based conditions were measured using the closing price of Ralliant’s common stock on the date of grant.

The fair value of the market-based portion of PSUs was determined using a Monte Carlo pricing model.

PSUs are entitled to dividend equivalent rights, which are subject to the same performance and vesting conditions as the underlying awards.

Dividend equivalent rights do not carry voting rights, and shares underlying PSUs are not considered issued or outstanding until the awards vest and shares are issued.

For RSUs granted prior to 2026, the grant-date fair value was adjusted for the absence of dividend rights during the vesting period.

Beginning in 2026, RSUs are entitled to dividend equivalent rights during the vesting period, which are subject to the same vesting conditions as the underlying awards;

accordingly, the fair value of RSUs granted in 2026 and thereafter is not adjusted for dividends forgone prior to vesting.

No stock options were granted during the three months ended April 3, 2026.

Under the Stock Plan, the Company granted the following Stock Awards during the three months ended April 3, 2026:

Number of awards 0.6

Weighted-average fair value

Stock Options:

Fair value per share

Number of awards 0.2

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

Weighted-average fair value per share

The estimated fair value for the market-based portion of PSUs was calculated using a Monte Carlo pricing model based on the following assumptions for those granted in the three months ended April 3, 2026:

Risk-free interest rate 3.3 %

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.

Volatility (a)

Dividend yield

(a) 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 Expense

Ralliant recognizes compensation expense for stock-based awards over the requisite service period, which is generally the vesting period, but may be shorter if an employee becomes retirement eligible prior to the end of the stated vesting period.

Ralliant estimates pre-vesting forfeitures at the time of grant based on historical experience and revises those estimates in subsequent periods as actual forfeitures experience differs.

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

PSUs provide for the issuance of shares of Ralliant’s common stock at no cost to the holder and vest between 0 % and 200 % of the target number of shares based on achievement of specified performance conditions.

PSUs granted in 2026 vest based on achievement of a combination of an internal growth metric and relative total stockholder return compared with the Standard & Poor’s 400 Mid Cap Index, each measured over a three-year performance period.

PSUs will vest following the end of the performance period based on achievement and certification of the performance conditions.

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:

Pretax compensation expense $ 13.3 $ 4.2 $ 24.7 $ 12.4

Income tax benefit ( 2.4 ) ( 0.7 ) ( 4.4 ) ( 2.1 )

Stock Award expense, net of income taxes 10.9 3.5 20.3 10.3

Stock options:

Pretax compensation expense 18.0 1.8 21.2 5.3

Income tax benefit ( 3.1 ) ( 0.3 ) ( 3.6 ) ( 0.9 )

Stock option expense, net of income taxes 14.9 1.5 17.6 4.4

Total stock-based compensation:

Pretax compensation expense 31.3 6.0 45.9 17.7

Income tax benefit ( 5.5 ) ( 1.0 ) ( 8.0 ) ( 3.0 )

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 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

Stock options 42.4

Total unrecognized compensation cost $ 53.3

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 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 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 its 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.

Some of these lawsuits may include claims for punitive and consequential as well as compensatory damages.

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 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.

Based upon Ralliant’s experience, current information, and applicable law, Ralliant does not believe that any currently pending legal proceedings or 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 14 of the Notes to the Consolidated and Combined Financial Statements included in the Form 10-K.

Warranty Costs

The Company generally accrues estimated warranty costs at the time of sale.

Ralliant generally accrues estimated warranty costs at the time of sale.

In general, manufactured products are warranted against defects in material and workmanship when properly used for their intended purpose, installed correctly, and appropriately maintained.

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

During the three months ended April 3, 2026 and March 28, 2025, warranty related activity was immaterial.

Operating lease costs for each period are presented as follows:

Three Months Ended Nine Months Ended

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

Three Months Ended

April 3, 2026 March 28, 2025

Operating lease costs $ 5.0 $ 5.0

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

September 26, 2025 December 31, 2024

April 3, 2026 December 31, 2025

Right-of-use (“ROU”) assets (a)

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$ 77.9 $ 74.2

(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

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

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

The increase in ROU assets and operating lease liabilities was primarily related to the commencement of the corporate headquarters lease during the three months ended April 3, 2026.

Three Months Ended

April 3, 2026 March 28, 2025

Cash paid for operating leases $ 4.6 $ 4.0

ROU assets obtained in exchange for operating lease obligations $ 9.9 $ 0.4

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.

CAPITAL STOCK AND NET EARNINGS PER SHARE

Capital Stock

Under Ralliant’s amended and restated certificate of incorporation, as of June 27, 2025, Ralliant’s authorized capital stock consists of 1,300.0 million common shares with par value $ 0.01 per share and 10.0 million preferred shares with par value $ 0.01 per share.

On June 27, 2025, the 100 shares of Ralliant common stock held by Fortive were recapitalized into 112.7 million shares of Ralliant common stock held by Fortive.

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 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.

Ralliant’s Board of Directors (the “Board”) is authorized to issue shares of preferred stock in one or more series and has discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.

The Board’s authority to issue preferred stock with voting rights or conversion rights that, if exercised, could adversely affect the voting power of the holders of common stock, could potentially discourage attempts by third parties to obtain control of Ralliant through certain types of takeover practices.

For additional information, see “Description of Capital Stock” in the Company’s Information Statement filed as an exhibit to the Company’s Form 10-12B/A on May 28, 2025.

NET EARNINGS PER SHARE

Net Earnings per Common Share

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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.

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.

Anti-dilutive options excluded from the diluted EPS calculation for the three months ended April 3, 2026 were 0.6 million.

For the three months ended March 28, 2025, there were no anti-dilutive options.

The total number of shares outstanding at the time of the Separation was 112.7 million and is utilized for the calculation of both basic and diluted EPS for all periods prior to the Separation.

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

Three Months Ended

April 3, 2026 March 28, 2025

Net earnings $ 44.2 $ 63.9

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Net earnings per common share - Diluted $ 0.39 $ 0.57

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

Share Repurchase Authorization

On June 28, 2025, the Company's Board of Directors approved a share repurchase authorization of up to $ 200.0 million of the Company’s common stock.

The timing and amount of share repurchases will be determined by the Company based on its evaluation of market conditions and other factors.

On June 28, 2025, the Company’s Board of Directors (the “Board”) approved a share repurchase authorization of up to $ 200.0 million of the Company’s common stock.

During the three months ended April 3, 2026, the Company repurchased 1.2 million shares of its common stock at an average price of $ 42.40 per share for a total cost of $ 50.5 million (including $ 0.5 million in taxes and fees), leaving $ 150.0 million remaining under the share repurchase authorization.

Share repurchases are recorded within Treasury stock, at cost, in the Consolidated Condensed Balance Sheets.

On May 8, 2026, the Board raised the share repurchase authorization to $ 500.0 million.

The share repurchase authorization has no expiration date, does not obligate the Company to acquire any particular amount of shares, and may be suspended or discontinued at any time.

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 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.

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

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

Other factors including products and services, end markets served, and business cycle were also considered in determining the formation of operating segments.

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Operating profit represents total revenue, less cost of sales, and operating expenses.

Operating expenses generally include selling, general, and administrative expenses, and research and development expenses.

Operating expenses generally include Selling, general, and administrative expenses and Research and development expenses, which are the significant expense categories regularly provided to the CODM.

Depreciation expense is recorded within both Cost of sales and Selling, general, and administrative expenses.

Amortization expense is recorded within Selling, general, and administrative expenses.

Goodwill impairment, when incurred, is also separately disclosed by segment.

The identifiable assets by segment are those used in each segment’s operations.

Inter-segment amounts are not significant and are eliminated in the combined totals.

Inter-segment amounts are not significant and are eliminated in the consolidated and combined totals.

Unallocated costs and other costs are not considered part of the Company’s evaluation of reportable segment operating performance.

The Test and Measurement segment provides precision test and measurement instruments, systems, software, and services.

Through its portfolio of industry leading solutions, including oscilloscopes, probes, source measuring units, semiconductor test systems, high-power bi-directional power supplies, and measurement analysis software packages, the Test and Measurement segment empowers scientists, engineers, and technicians to create and realize technological advances with greater efficiency, speed, and accuracy.

The Sensors and Safety Systems segment 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.

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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 September 26, 2025 were:

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

The Test and Measurement segment provides precision test and measurement instruments, systems, and services.

Segment results for the three months ended April 3, 2026 were:

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

Sales $ 534.6 $ 324.4 $ 210.2 $ —

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Interest (expense) income, net ( 14.7 ) ( 0.1 ) 0.3 ( 14.9 )

( 16.3 ) ( 0.4 ) 0.8 ( 16.7 )

Other non-operating expenses, net ( 0.5 ) — — ( 0.5 )

( 0.5 ) — — ( 0.5 )

Earnings (loss) before income taxes $ 52.9 $ 88.6 $ ( 2.9 ) $ ( 32.8 )

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Capital expenditures $ ( 8.7 ) $ ( 5.2 ) $ ( 2.4 ) $ ( 1.1 )

$ ( 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

Sales $ 531.7 $ 236.6 $ 295.1 $ —

Cost of sales ( 251.9 ) ( 93.5 ) ( 158.4 ) —

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

Operating profit (loss)

111.2 29.3 82.0 ( 0.1 )

Non-operating expense, net

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 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)

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

Segment results for the three months ended March 28, 2025 were:

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

Sales $ 481.8 $ 293.3 $ 188.5 $ —

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Non-operating expense, net

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 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

Sales $ 1,606.6 $ 707.2 $ 899.4 $ —

Cost of sales ( 776.2 ) ( 288.1 ) ( 488.1 ) —

Operating expenses ( 536.0 ) ( 370.6 ) ( 165.4 ) —

Gain from sale of property (a)

63.1 63.1 — —

Operating profit 357.5 111.6 245.9 —

Non-operating expense, net

Loss from divestiture ( 25.6 ) — ( 25.6 ) —

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

( 1.0 ) ( 0.5 ) ( 0.6 ) 0.1

Earnings before income taxes $ 73.3 $ 86.8 $ ( 12.2 ) $ ( 1.3 )

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Capital expenditures $ ( 5.6 ) $ ( 2.7 ) $ ( 2.9 ) $ —

$ ( 19.8 ) $ ( 12.0 ) $ ( 7.8 ) $ —

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

Segment Assets:

September 26, 2025 December 31, 2024

Test and measurement $ 3,633.7 $ 3,447.7

April 3, 2026 December 31, 2025

Sensors and Safety Systems $ 1,319.5 $ 1,306.4

Test and Measurement 2,058.0 2,149.3

Total segment assets 3,377.5 3,455.7

Total assets $ 3,696.8 $ 3,821.6

(a) Other represents corporate assets which consist primarily of net deferred income tax assets.

(a) Other represents corporate assets which consist primarily of cash and income tax assets.

RELATED-PARTY TRANSACTIONS

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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 were not material during the three and nine months ended September 26, 2025 and September 27, 2024.

Such Agreements are described further in the Form 10-K.

Tax Matters Agreement

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 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.

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 in the three months ended September 26, 2025.

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

Pursuant to the terms of the Tax Matters Agreement, Ralliant is required to reimburse Fortive or pay taxing authorities directly for an amount contractually agreed with Fortive of approximately $ 51.0 million, of which substantially all was paid in 2025.

During the three months ended April 3, 2026, $ 0.8 million of tax transaction costs was paid.

Transition Services 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.

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 months ended April 3, 2026.

Allocations of Expenses Prior to the Separation

Prior to the Separation, certain shared costs were allocated to Ralliant by Fortive, and were reflected as expenses in the Combined Condensed Statement of Earnings.

For a full description of these related party expenses, refer to Note 18 in the Form 10-K.

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

Three Months Ended

March 28, 2025

Allocated corporate expenses

Directly attributable expenses:

Insurance programs expenses

Medical insurance programs expenses

Deferred compensation program expenses

Total related party expenses $ 28.3

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

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

Ralliant’s sales to and purchases from Fortive were not material during the three months ended April 3, 2026 and March 28, 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