10-K – 2026-02-24 – rop-20251231.htm

Treasury stock sold under employee stock purchase plan — —  18.2   —  —  0.3   18.5  
Currency translation adjustments, including tax benefit of $ 13.6
— —  —  —  ( 43.7 ) —  ( 43.7 )
Stock-based compensation — —  146.7   —  —  —  146.7  
Restricted stock activity — —  ( 43.0 ) —  —  —  ( 43.0 )
Dividends declared ($ 3.08 per share)
— —  —  ( 330.7 ) —  —  ( 330.7 )
Balances at December 31, 2024 107.3 $ 1.1   $ 3,014.6   $ 16,034.9   $ ( 166.5 ) $ ( 16.5 ) $ 18,867.6  
Net earnings — —  —  1,536.3   —  —  1,536.3  
Stock option exercises 0.4 —  115.0   —  —  —  115.0  
Treasury stock sold under employee stock purchase plan — —  19.6   —  —  2.8   22.4  
Common stock repurchased (1)
( 1.1 ) —  —  —  —  ( 502.5 ) ( 502.5 )
Equity consideration for business acquisition — —  7.2   —  —  0.1   7.3  
Currency translation adjustments, including tax provision of $ 18.4
— —  —  —  65.1   —  65.1  
Stock-based compensation — —  164.5   —  —  —  164.5  
Restricted stock activity — —  ( 28.7 ) —  —  —  ( 28.7 )
Dividends declared ($ 3.39 per share)
— —  —  ( 365.5 ) —  —  ( 365.5 )
Balances at December 31, 2025 106.6 $ 1.1   $ 3,292.2   $ 17,205.7   $ ( 101.4 ) $ ( 516.1 ) $ 19,881.5  

(1) Balance includes commissions, and excise tax required by the Inflation Reduction Act of 2022, as amended.

See accompanying notes to Consolidated Financial Statements.
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ROPER TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)

  Year ended December 31,
  2025 2024 2023
Cash flows from operating activities:      
Net earnings from continuing operations $ 1,536.3   $ 1,549.3   $ 1,368.4  
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities:      
Depreciation and amortization of property, plant and equipment 39.8   37.1   35.4  
Amortization of intangible assets 858.4   775.7   719.8  
Amortization of deferred financing costs 11.8   9.8   9.9  
Non-cash stock compensation 166.3   145.9   123.5  
Equity investments gain, net ( 25.5 ) ( 234.6 ) ( 165.4 )

Income tax provision 399.8   417.9   374.7  
Changes in operating assets and liabilities, net of acquired businesses:      
Accounts receivable ( 90.3 ) 14.4   ( 50.2 )
Unbilled receivables 9.8   ( 18.5 ) ( 7.5 )
Inventories ( 18.7 ) ( 1.9 ) ( 6.6 )
Prepaid expenses and other current assets ( 36.0 ) ( 19.5 ) ( 4.3 )
Accounts payable ( 3.9 ) ( 13.0 ) 18.2  
Other accrued liabilities 17.1   109.3   ( 1.0 )
Deferred revenue 124.7   110.7   93.9  
Cash taxes paid for gains on disposals of equity investment and business ( 30.2 ) —   ( 32.5 )
Cash income taxes paid, excluding tax associated with gains on disposals of equity investment and business ( 384.0 ) ( 483.8 ) ( 423.4 )
Other, net ( 35.1 ) ( 5.6 ) ( 15.5 )
Cash provided by operating activities from continuing operations 2,540.3   2,393.2   2,037.4  
Cash used in operating activities from discontinued operations —   —   ( 2.3 )
Cash provided by operating activities 2,540.3   2,393.2   2,035.1  

Cash flows from (used in) investing activities:      
Acquisitions of businesses, net of cash acquired ( 3,290.0 ) ( 3,612.9 ) ( 2,052.7 )
Capital expenditures ( 47.4 ) ( 66.0 ) ( 68.0 )
Capitalized software expenditures ( 57.3 ) ( 45.0 ) ( 40.0 )
Distributions from equity investment 5.1   10.8   32.5  

Proceeds from sale of equity investment —   245.6   —  
Other, net 1.6   ( 1.0 ) ( 0.1 )
Cash used in investing activities from continuing operations ( 3,388.0 ) ( 3,468.5 ) ( 2,128.3 )
Cash provided by disposition of discontinued operations —   —   2.0  

Cash used in investing activities ( 3,388.0 ) ( 3,468.5 ) ( 2,126.3 )

Cash flows from (used in) financing activities:      
Proceeds from senior notes 2,000.0   2,000.0   —  
Payments of senior notes ( 1,000.0 ) ( 500.0 ) ( 700.0 )
Borrowings (payments) under revolving line of credit, net 725.0   ( 235.0 ) 360.0  

Debt issuance costs ( 19.4 ) ( 24.6 ) —  

Cash dividends to stockholders ( 355.0 ) ( 321.9 ) ( 290.2 )
Treasury stock sales under employee stock purchase plan 22.4   18.5   15.5  
Repurchases of common stock ( 500.0 ) —   —  
Proceeds from stock-based compensation, net 88.8   88.6   115.2  

Other, net ( 38.2 ) 43.9   —  

Cash provided by (used in) financing activities 923.6   1,069.5   ( 499.5 )
(Continued)

ROPER TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
(Amounts in millions)

Year ended December 31,
2025 2024 2023
Effect of exchange rate changes on cash 33.3   ( 20.3 ) 12.2  

Net increase (decrease) in cash and cash equivalents 109.2   ( 26.1 ) ( 578.5 )

Cash and cash equivalents, beginning of year 188.2   214.3   792.8  

Cash and cash equivalents, end of year $ 297.4   $ 188.2   $ 214.3  

Supplemental disclosures:

Cash paid for interest $ 306.6   $ 239.9   $ 201.9  
Non-cash investing and financing activities:
Equity consideration for business acquisition $ 7.3   $ —   $ —  
Net assets of businesses acquired:
Fair value of assets, including goodwill $ 3,559.4   $ 3,935.4   $ 2,235.1  
Liabilities assumed ( 262.1 ) ( 322.5 ) ( 182.4 )
Cash and equity consideration transferred, net of cash acquired $ 3,297.3   $ 3,612.9   $ 2,052.7  

See accompanying notes to Consolidated Financial Statements.
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ROPER TECHNOLOGIES, INC.
Notes to Consolidated Financial Statements
Years ended December 31, 2025, 2024, and 2023
(Amounts are in millions unless specified, except per share data)

(1) Summary of Accounting Policies

Basis of Presentation – These financial statements present the consolidated information of Roper Technologies, Inc. and its subsidiaries (“Roper,” the “Company,” “we,” “our,” or “us”). All significant intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to current period presentation.

Nature of the Business – Roper is a diversified technology company. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets.

Discontinued Operations – In November 2022, the Company completed the divestiture of a majority equity stake in its industrial businesses, including its entire historical Process Technologies reportable segment and the industrial businesses within its historical Measurement & Analytical Solutions reportable segment, to Clayton, Dubilier & Rice, LLC (“CD&R”). The businesses included in this transaction were Alpha, AMOT, CCC, Cornell, Dynisco, FTI, Hansen, Hardy, Logitech, Metrix, PAC, Roper Pump, Struers, Technolog, Uson, and Viatran (collectively “Indicor”). Following the sale of the majority stake, the Company retained a minority equity interest in Indicor. This transaction is referred to herein as the “Indicor Transaction.” The Company concluded that the Indicor Transaction represented a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the financial results of Indicor are reported as discontinued operations for all periods presented. Unless otherwise noted, discussion within these Notes to Consolidated Financial Statements relates to continuing operations.

Recent Accounting Pronouncements – The Financial Accounting Standards Board (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs not listed below were assessed and either determined to be not applicable or are expected to have an immaterial impact on the Company’s Consolidated Financial Statements.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (ASU 2023-09), which expands income tax disclosure requirements, including disaggregation of rate reconciliation table categories, disaggregation of earnings before income taxes and income tax expense information, and disaggregation of income taxes paid information, among other changes. This guidance is effective for annual periods beginning after December 15, 2024. The Company adopted this update on a prospective basis for the year ended December 31, 2025. Refer to Note 7 for the inclusion of the expanded disclosures.

Recently Released Accounting Pronouncements

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (ASU 2024-03), which requires the disclosure of additional information about specific categories of costs and expenses in the notes to consolidated financial statements. This guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This ASU will likely result in additional disclosures. We are currently evaluating the provisions of this ASU.

In September 2025, the FASB issued Accounting Standards Update No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (ASU 2025-06), which updates the threshold for cost capitalization of internal-use software development costs by removing all references to project development stages and adding considerations for evaluating the probable-to-complete recognition threshold. This guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the provisions of this ASU.

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Significant Accounting Policies

Cash and Cash Equivalents – Roper considers highly liquid financial instruments with remaining maturities at acquisition of three months or less to be cash equivalents. Roper had $ 41.0 and $ 0.9 of cash equivalents at December 31, 2025 and 2024, respectively.

Contingencies – Management continually assesses the probability of any adverse judgments or outcomes to its potential contingencies. Disclosure of the contingency is made if there is at least a reasonable possibility that a loss or an additional loss may have been incurred. In the assessment of contingencies as of December 31, 2025, management concluded that there were no matters for which there was a reasonable possibility of a material loss.

Earnings per Share – Basic earnings per share was calculated using net earnings and the weighted average number of shares of common stock outstanding during the respective year. Diluted earnings per share was calculated using net earnings and the weighted average number of shares of common stock and potential common stock outstanding during the respective year. Potentially dilutive common stock consisted of stock options and restricted stock awards.

The effects of potential common stock were determined using the treasury stock method:

   Year ended December 31,
  2025 2024 2023
Basic weighted average shares outstanding 107.4 107.1 106.6
Effect of potential common stock:      
Common stock awards 0.8 0.9 0.8
Diluted weighted average shares outstanding 108.2 108.0 107.4

For the years ended December 31, 2025, 2024, and 2023, there were 0.841 , 0.419 , and 0.726 stock-based awards outstanding, respectively, that were not included in the determination of diluted earnings per share because to do so would have been antidilutive.

Equity Investment – As of December 31, 2025 and 2024, the Company held a 43.8 % and 45.5 % minority equity interest in Indicor Equity, LLC, respectively. This equity interest provides us with the ability to exercise significant influence, but not control, over the investee. We elected to apply the fair value option as we believe this is the most reasonable method to value this equity investment. The fair value of Roper’s equity investment in Indicor is estimated on a quarterly basis and the change in fair value is reported as a component of “Equity investments gain, net” in our Consolidated Statements of Earnings. See Note 9 for additional information on this investment.

Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Foreign Currency Translation and Transactions – Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar were translated at the exchange rate in effect at the balance sheet date, and revenues and expenses were translated at average exchange rates for the period in which those entities were included in Roper’s financial results. Translation adjustments are reflected within other comprehensive income. Foreign currency transaction gains and losses are recorded in our Consolidated Statements of Earnings within “Other (income) expense, net.” Foreign currency transaction gains/(losses) were not material for any periods presented.

Goodwill and Other Intangibles – Roper accounts for goodwill in a purchase business combination as the excess of the cost over the estimated fair value of net assets acquired. Business combinations can also result in the recognition of other intangible assets. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Goodwill, which is not amortized, is tested for impairment on an annual basis (or an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value). When testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines that an impairment is more likely than not, then performance of the quantitative impairment test is required. The quantitative assessment utilizes the equal weighting of both an income approach (discounted cash flow) and a market approach (consisting of a comparable public
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company earnings multiples methodology) to estimate the fair value of a reporting unit. To determine the reasonableness of the estimated fair values, the Company reviews the assumptions to ensure that neither the income approach nor the market approach provides significantly different valuations. If the estimated fair value exceeds the carrying value, no further work is required and no impairment loss is recognized. If the carrying value exceeds the estimated fair value, a non-cash impairment loss is recognized in the amount of that excess.

When performing the quantitative assessment, key assumptions used in the income and market approaches are updated when the analysis is performed for each reporting unit. The assumptions that have the most significant effect on the fair value calculations are the projected revenue growth rates, future operating margins, discount rates, terminal values, and earnings multiples. While the Company uses reasonable and timely information to prepare its discounted cash flow analysis, actual future cash flows or market conditions could differ significantly and could result in future impairment charges related to recorded goodwill balances.

As of the annual impairment test, Roper has 25 reporting units with individual goodwill amounts ranging from $ 17.5 to $ 3,371.9 . In 2025, the Company performed its annual impairment test in the fourth quarter for all reporting units. The Company conducted its analysis qualitatively and assessed whether it was more likely than not that the respective fair values of these reporting units were less than their carrying amounts. The Company determined that impairment of goodwill was not likely in any of its reporting units and thus was not required to perform a quantitative assessment for these reporting units.

Recently acquired reporting units generally represent a higher inherent risk of impairment, which typically decreases as the businesses are integrated into the enterprise. Negative industry or economic trends, disruptions to its business, actual results significantly below expected results, unexpected significant changes or planned changes in the use of the assets, divestitures, and market capitalization declines may have a negative effect on the fair value of Roper’s reporting units.

The following events or circumstances, although not comprehensive, would be considered to determine whether interim testing of goodwill would be required:

• a significant adverse change in legal factors or in the business climate;
• an adverse action or assessment by a regulator;
• unanticipated competition;
• a loss of key personnel;
• a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or otherwise disposed of;
• the testing for recoverability of a significant asset group within a reporting unit; and
• recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit.

Trade names that are determined to have indefinite useful economic lives are not amortized, but are separately tested for impairment during the fourth quarter of the fiscal year or on an interim basis if an event occurs that indicates the fair value is more likely than not below the carrying value. Roper first qualitatively assesses whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of an indefinite-lived trade name is less than its carrying amount. If necessary, Roper conducts a quantitative assessment using the relief-from-royalty method. This methodology assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of these assets. To the extent the Company determines a fair value, the inputs used represent a Level 3 fair value measurement in the FASB fair value hierarchy given that the inputs are unobservable. The assumptions that have the most significant effect on the fair value calculations are the royalty rates, projected revenue growth rates, discount rates, and terminal values. Each royalty rate is determined based on the profitability of the trade name to which it relates and observed market royalty rates. Revenue growth rates are determined after considering current and future economic conditions, recent sales trends, discussions with customers, planned timing of new product launches, or other variables. Trade names resulting from recent acquisitions generally represent the highest risk of impairment, which typically decreases as the businesses are integrated into Roper.

The assessment of fair value for impairment purposes requires significant judgments to be made by management. Although forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management uses to operate the underlying businesses, there is significant judgment in estimating future operating results. Changes in estimates or the application of alternative assumptions could produce significantly different results.

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The most significant identifiable intangible assets with definite useful economic lives recognized from our acquisitions are customer relationships. The fair value for customer relationships is determined as of the acquisition date using the excess earnings method. Under this methodology the fair value is determined based on the estimated future after-tax cash flows arising from the acquired customer relationships over their estimated useful lives after considering customer attrition and contributory asset charges. The assumptions that have the most significant effect on the fair value calculations are the customer attrition rates, projected customer revenue growth rates, margins, contributory asset charges, and discount rates. When testing customer relationship intangible assets for potential impairment, management considers historical customer attrition rates and projected revenues and profitability related to customers that existed at acquisition. In evaluating the amortizable life for customer relationship intangible assets, management considers historical customer attrition patterns.

Roper evaluates whether there has been an impairment of identifiable intangible assets with definite useful economic lives, or of the remaining life of such assets, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or remaining period of amortization of any asset may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount to determine if a write-down to fair value or a revision in the remaining amortization period is required.

Impairment of Long-Lived Assets – The Company determines whether there has been an impairment of long-lived assets, excluding goodwill and other intangible assets, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or life of any long-lived asset may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount to determine if a write-down to fair value or a revision to the remaining useful life is required. Future adverse changes in market conditions or poor operating results of underlying long-lived assets could result in losses or an inability to recover the carrying value of the long-lived assets that may not be reflected in the assets’ current carrying value, thereby possibly requiring an impairment charge or acceleration of depreciation or amortization expense in the future.

Income Taxes – The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions. Interest and penalties related to unrecognized tax benefits are classified as a component of income tax expense.

The Company records a valuation allowance to reduce its deferred tax assets if, based on the weight of available evidence, both positive and negative, for each respective tax jurisdiction, it is more likely than not that some portion or all of such deferred tax assets will not be realized. Available evidence which is considered in determining the amount of valuation allowance required includes, but is not limited to, the Company’s estimate of future taxable income and any applicable tax planning strategies.

Certain assets and liabilities have different bases for financial reporting and income tax purposes. Deferred income taxes have been provided for these differences at the enacted tax rates expected to be paid.

On July 4, 2025, the U.S. government enacted H.R. 1, the One Big Beautiful Bill Act (the “OBBBA”), which introduced tax reform provisions that amend, eliminate, or extend certain tax rules under the Inflation Reduction Act and the Tax Cuts and Jobs Act. Legislative changes, including the repeal of the requirement to capitalize and amortize domestic research and development (“R&D”) expenditures, provided the Company with a cash tax benefit for the year ended December 31, 2025. The legislation includes multiple effective dates and, as enacted, did not have a material impact on the Company’s 2025 annual effective tax rate. The Company continues to assess the broader impacts of the OBBBA. See Note 7 for additional information regarding income taxes.

Inventories – Inventories are valued at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. The Company writes down its inventory for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions.

Product Warranties – The Company sells certain of its products to customers with a product warranty that allows customers to return a defective product during a specified warranty period following the purchase in exchange for a replacement product, repair at no cost to the customer, or the issuance of a credit to the customer. The Company accrues its estimated exposure to warranty claims based upon current and historical product sales data, warranty costs incurred, and any other related information known to the Company.

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Property, Plant and Equipment and Depreciation and Amortization – Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows:

Buildings 20 - 30 years

Machinery and other equipment 8 - 15 years

Computer equipment and software 3 - 5 years

Leasehold improvements are depreciated over the shorter of the remaining lease term or the useful life of the asset.

Research, Development and Engineering – Research, development and engineering (“R,D&E”) costs include salaries and benefits, rents, supplies, and other costs related to products under development or improvements to existing products. R,D&E costs are expensed as incurred and are included within selling, general and administrative expenses. R,D&E expenses totaled $ 852.5 , $ 748.1 , and $ 646.1 for the years ended December 31, 2025, 2024, and 2023, respectively.

Revenue Recognition – The reported results reflect the application of ASC 606 guidance. The amount of revenue recognized reflects the consideration which the Company expects to be entitled to receive in exchange for these products and/or services. To achieve this principle, the Company applies the following five steps:

• identify the contract with the customer;
• identify the performance obligations in the contract;
• determine the transaction price;
• allocate the transaction price to performance obligations in the contract; and
• recognize revenue when or as the Company satisfies a performance obligation.

Disaggregated Revenue – We disaggregate our revenues by reportable segment into four categories: (i) recurring revenue comprised of Software-as-a-Service (“SaaS”), annual term licenses, and software post-contract support (“PCS”); (ii) reoccurring revenue comprised of transactional and volume-based fees facilitated through our software; (iii) non-recurring revenue comprised of multi-year term and perpetual software licenses, professional services associated with software products and hardware sold with our software licenses; and (iv) product revenue. See details in the tables below:

Year ended December 31, 2025
Revenue stream Application Software Network Software Technology Enabled Products Total
Software related
Recurring $ 3,282.2   $ 1,154.6   $ 46.1   $ 4,482.9  
Reoccurring 522.6   310.5   —   833.1  
Non-recurring 678.2   135.7   —   813.9  
Total Software Revenue 4,483.0   1,600.8   46.1   6,129.9  

Product Revenue —   —   1,772.6   1,772.6  
Total Revenue $ 4,483.0   $ 1,600.8   $ 1,818.7   $ 7,902.5  

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Year ended December 31, 2024
Revenue stream Application Software Network Software Technology Enabled Products Total
Software related
Recurring $ 2,880.0   $ 1,070.1   $ 26.1   $ 3,976.2  
Reoccurring 353.9   270.3   —   624.2  
Non-recurring 634.4   135.2   —   769.6  
Total Software Revenue 3,868.3   1,475.6   26.1   5,370.0  

Product Revenue —   —   1,669.2   1,669.2  
Total Revenue $ 3,868.3   $ 1,475.6   $ 1,695.3   $ 7,039.2  

Year ended December 31, 2023
Revenue stream Application Software Network Software Technology Enabled Products Total
Software related
Recurring $ 2,454.3   $ 1,039.5   $ 17.3   $ 3,511.1  
Reoccurring 137.8   263.4   —   401.2  
Non-recurring 594.8   136.5   1.5   732.8  
Total Software Revenue 3,186.9   1,439.4   18.8   4,645.1  

Product Revenue —   —   1,532.7   1,532.7  
Total Revenue $ 3,186.9   $ 1,439.4   $ 1,551.5   $ 6,177.8  

We recognize revenue over time or at a point in time depending on our evaluation of when the customer obtains control over the promised products or services. For software arrangements that include multiple performance obligations, we allocate revenue to each performance obligation based on estimates of the price that we would charge the customer for each promised product or service if it were sold on a standalone basis. Software licenses may be combined with implementation/installation services as a single performance obligation if the implementation/installation significantly modifies or customizes the functionality of the software license.

Software and related services

• Recurring – consists primarily of SaaS subscriptions and PCS which are recognized ratably over the contractual term, and annual term software licenses which are generally recognized at a point in time.

• Reoccurring – consists primarily of transactional and volume-based fees which are highly reoccurring and recognized at a point in time under a usage-based model.

• Non-recurring – consists primarily of perpetual, multi-year term software licenses, or installation/implementation services and associated hardware. Revenues from perpetual and multi-year term licenses are generally recognized at a point in time. Revenues from software implementation projects are generally recognized over time using the input method, utilizing the ratio of costs or labor hours incurred to total estimated costs or labor, as the measure of performance.

Payment for software licenses is generally required within 30 to 60 days of the transfer of control. Payment for PCS is generally required within 30 to 60 days of the commencement of the service period, which is primarily offered to customers over a one-year timeframe. Payment terms do not contain a significant financing component. Payment for implementation/installation services that are recognized over time is typically commensurate with milestones defined in the contract, or billable hours incurred.

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Products

Revenue from product sales is recognized when control transfers to the customer, which is generally when the product is shipped. Non-project-based installation and repair services are performed by certain of our businesses for which revenue is recognized upon completion.

Payment terms are generally 30 to 60 days from the transfer of control. Payment terms do not contain a significant financing component.

Accounts receivable, net – Accounts receivable, net includes amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. Accounts receivable are stated net of an allowance for doubtful accounts and sales allowances of $ 25.5 and $ 21.6 at December 31, 2025 and 2024, respectively. We make estimates of expected allowance for doubtful accounts based upon our assessment of various factors, including historical experience, the age of the accounts receivable balances, changes to customer creditworthiness, and other factors that may affect our ability to collect from customers.

Unbilled receivables – Our unbilled receivables include unbilled amounts typically resulting from sales under software milestone billings associated with multi-year term license renewals and software implementations when the input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not solely due to the passage of time. Amounts may not exceed their net realizable value.

Deferred revenue – We record deferred revenue when cash payments are received or due in advance of our performance. Our deferred revenue relates primarily to software and related services. In most cases, we recognize deferred revenue ratably over time as the SaaS or PCS performance obligation is satisfied. The non-current portion of deferred revenue is included in “Other liabilities” in our Consolidated Balance Sheets.

Our unbilled receivables and deferred revenue are reported in a net position on a contract-by-contract basis at the end of each reporting period. The net balances are classified as current or non-current based on expected timing of revenue recognition and billable milestones.

Deferred commissions – Our incremental direct costs of obtaining a contract, which consist of sales commissions primarily for our software sales, are deferred and amortized on a straight-line basis over the period of contract performance or a longer period, depending on facts and circumstances. We classify deferred commissions as current or non-current based on the expected timing of expense recognition. Where the amortization period would have been one year or less, we expense the associated incremental direct cost as incurred. The current and non-current portions of deferred commissions are included in “Prepaid expenses and other current assets” and “Other assets,” respectively, in our Consolidated Balance Sheets. At December 31, 2025 and 2024, the current portion of deferred commissions was $ 47.4 and $ 40.5 , respectively, and the non-current portion of deferred commissions was $ 66.2 and $ 50.0 , respectively. The Company recognized $ 36.7 , $ 32.2 , and $ 29.3 of expense related to deferred commissions for the years ended December 31, 2025, 2024, and 2023, respectively.

Remaining performance obligations – Remaining performance obligations represent the transaction price of firm orders for which work has not been performed, excluding unexercised contract options. As of December 31, 2025, total remaining performance obligations were $ 5,204.2 . We expect to recognize revenues on approximately 66 % of our remaining performance obligations over the next 12 months, with the remainder of the revenue to be recognized thereafter.

Capitalized Software – The Company accounts for capitalized software under applicable accounting guidance which, among other provisions, requires capitalization of certain internal-use software costs once certain criteria are met. Overhead, general and administrative, and training costs are not capitalized. Capitalized software balances, net of accumulated amortization, were $ 131.0 and $ 116.9 at December 31, 2025 and 2024, respectively, which are included in “Other assets” in our Consolidated Balance Sheets.

Stock-Based Compensation – The Company recognizes expense for the grant date fair value of its stock-based awards on a straight-line basis (or, in the case of certain performance-based awards, on a graded basis) over the employee’s requisite service period (generally the vesting period of the award). The fair values of performance-based restricted stock awards which are subject to a market modifier were estimated using a Monte Carlo simulation model, using risk-free interest rate, expected volatility, expected dividend yield, and correlation coefficient as key assumptions. The fair values of option awards are estimated using the Black-Scholes option valuation model. The Company accounts for forfeitures of stock-based awards as they occur, with previously recognized compensation reversed in the period in which the awards are forfeited.

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(2) Business Acquisitions and Dispositions

2025 Acquisitions – Roper completed nine business acquisitions in the year ended December 31, 2025. The results of operations of the acquired businesses are included in Roper’s Consolidated Financial Statements from the date of each acquisition. Pro forma results of operations and the revenues and net earnings subsequent to each acquisition date for the 2025 acquisitions have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results.

On April 23, 2025, Roper acquired CentralReach Holdings, LLC (“CentralReach”) for a purchase price of $ 1,850 , net of cash acquired and certain liabilities assumed. Additionally, the purchase price contemplated a net present value tax benefit of approximately $ 200 , which is expected to be utilized over the subsequent 15 years. CentralReach is a leading provider of SaaS and AI-enabled solutions enabling the workflow and administration of ABA therapy for ASD and related disabilities care. The transaction was funded using borrowings under Roper’s unsecured revolving credit facility. The results of CentralReach are reported in the Application Software reportable segment.

The Company recorded $ 1,049.0 in goodwill, $ 48.0 assigned to trade names that are not subject to amortization, and $ 842.0 of other identifiable intangibles in connection with the CentralReach acquisition. The amortizable intangible assets include customer relationships of $ 776.0 ( 19 year useful life) and technology of $ 66.0 ( 6 year useful life). Including measurement period adjustments, net assets acquired also include approximately $ 84 of net deferred tax liabilities, primarily attributable to acquired intangible assets, partially offset by federal tax attributes. Approximately $ 590 of goodwill is expected to be deductible for income tax purposes.

On July 25, 2025, Roper acquired Subsplash TopCo, LLC (“Subsplash”) for a purchase price of $ 800.0 , net of cash acquired and certain liabilities assumed. Subsplash is a leading provider of AI-enabled SaaS providing digital engagement, as well as church management and integrated giving solutions for faith-based organizations. The results of Subsplash are reported in the Network Software reportable segment.

The Company recorded $ 513.9 in goodwill, $ 26.0 assigned to trade names that are not subject to amortization, and $ 365.1 of other identifiable intangibles in connection with the Subsplash acquisition. The amortizable intangible assets include customer relationships of $ 328.1 ( 17 year useful life) and technology of $ 37.0 ( 6 year useful life). Including measurement period adjustments, net assets acquired also include approximately $ 88 of net deferred tax liabilities, primarily attributable to acquired intangible assets, partially offset by federal tax attributes.

During the year ended December 31, 2025, Roper completed the following bolt-on acquisitions listed below for purchase prices totaling $ 664.4 , net of cash acquired and certain liabilities assumed.

On February 19, 2025, Roper acquired substantially all of the assets of Muni-Link, a leading provider of cloud-based utility management, billing, and customer communication software solutions for municipalities and other local governments. This acquisition has been integrated into our Neptune business and its results are reported in the Technology Enabled Products reportable segment.

On May 15, 2025, Roper acquired Outgo Inc. (“Outgo”), a provider of cloud-based freight payment software and AI-enabled factoring solutions that automate invoicing, underwriting, payments, and collections for commercial trucking. Additionally, on July 30, 2025, Roper acquired Flexport Freight Tech LLC (“Convoy”), a leading provider of automated load management and digital freight-matching technology, matching trusted brokers and carriers for commercial trucking. These acquisitions have been integrated into our DAT business and their results are reported in the Network Software reportable segment.

On July 28, 2025, Roper acquired Brickyard Topco, Inc. (“Orchard Software”), a provider of laboratory information management systems for hospitals, reference labs, physician groups, and public health entities. This acquisition has been integrated into our Clinisys business and its results are reported in the Application Software reportable segment.

In August 2025, Roper acquired Spectrum AI, Inc., as well as the legal technology assets of Zero Cognitive Systems, Inc. (“HerculesAI”). In October 2025, Roper acquired Valuation Pricing Director Limited (VPD). These acquisitions have been integrated into businesses within our Application Software reportable segment and their results are reported in the Application Software reportable segment.

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The Company recorded $ 460.9 in goodwill, $ 8.4 assigned to trade names that are not subject to amortization, and $ 210.4 of other identifiable intangibles in connection with these 2025 bolt-on acquisitions. The amortizable intangible assets include customer relationships of $ 123.8 ( 16.7 year weighted average useful life) and technology of $ 86.6 ( 7.5 year weighted average useful life). Approximately $ 273 of goodwill is expected to be deductible for income tax purposes.

2024 Acquisitions – Roper completed four business acquisitions in the year ended December 31, 2024. The results of operations of the acquired businesses are included in Roper’s Consolidated Financial Statements from the date of each acquisition. Pro forma results of operations and the revenues and net earnings subsequent to each acquisition date for the 2024 acquisitions have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results.

On February 26, 2024, Roper acquired Genesis Ultimate Holding Co., the parent company of Procare Software, LLC (“Procare”), a leading provider of SaaS and integrated payment processing for the management of early childhood education centers, for a purchase price of $ 1,860.0 , net of cash acquired and certain liabilities assumed. Additionally, the purchase price contemplated a net present value tax benefit of approximately $ 110 , which is expected to be utilized over the subsequent 13 years. The results of Procare are reported in the Application Software reportable segment.

The Company recorded $ 1,208.2 in goodwill, $ 39.0 assigned to trade names that are not subject to amortization, and $ 762.0 of other identifiable intangibles in connection with the Procare acquisition. The amortizable intangible assets include customer relationships of $ 708.0 ( 20 year useful life) and technology of $ 54.0 ( 5 year useful life). Net assets acquired also include approximately $ 122 of net deferred tax liabilities, primarily attributable to acquired intangible assets, partially offset by federal tax attributes.

On August 20, 2024, Roper acquired RCP Vega Holdings, LLC, the parent company of Transact Campus Inc. (“Transact”), a leading provider of integrated campus technology and payment solutions, including campus identity software and secure access, tuition and fees management software and payment processing, as well as point-of-sale commerce solutions. Transact serves higher education institutions, healthcare facilities, and business campuses. Roper acquired Transact for a purchase price of $ 1,607 , net of cash acquired and certain liabilities assumed. Additionally, the purchase price contemplated a net present value tax benefit of approximately $ 100 , which is expected to be utilized over the subsequent 14 years. This acquisition has been integrated with our CBORD business and its results are reported in the Application Software reportable segment.

The Company recorded $ 947.3 in goodwill, $ 41.0 assigned to trade names that are not subject to amortization, and $ 705.0 of other identifiable intangibles in connection with the Transact acquisition. The amortizable intangible assets include customer relationships of $ 656.0 ( 18 year useful life) and technology of $ 49.0 ( 6 year useful life). Including measurement period adjustments, net assets acquired also include approximately $ 74 of net deferred tax liabilities, primarily attributable to acquired intangible assets, partially offset by federal tax attributes.

During the year ended December 31, 2024, Roper completed two other bolt-on acquisitions for purchase prices totaling $ 153.1 , net of cash acquired and certain liabilities assumed.

On November 4, 2024, Roper acquired the issued and outstanding shares of Surefyre, Inc., a leading provider of cloud-based insurance software that automates the submission and underwriting processes for managing general agents, wholesalers, and carriers. This acquisition has been integrated into our Vertafore business and its results are reported in the Application Software reportable segment.

On December 17, 2024, Roper acquired the outstanding membership interests of Trucker Tools, LLC, a leader in load visibility, automated booking, and digital freight matching software solutions for commercial trucking. This acquisition has been integrated into our DAT business and its results are reported in the Network Software reportable segment.

The Company recorded $ 99.9 in goodwill, $ 3.2 assigned to trade names that are not subject to amortization, and $ 53.3 of other identifiable intangibles in connection with the other 2024 acquisitions. The amortizable intangible assets include customer relationships of $ 47.3 ( 14.5 year weighted average useful life) and technology of $ 6.0 ( 5.0 year weighted average useful life).

2023 Acquisitions – Roper completed four business acquisitions in the year ended December 31, 2023. The results of operations of the acquired businesses are included in Roper’s Consolidated Financial Statements from the date of each acquisition. Pro forma results of operations and the revenues and net earnings subsequent to each acquisition date for the 2023 acquisitions have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results.

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The largest of the 2023 acquisitions was Syntellis Parent, LLC (“Syntellis”), the parent company of Syntellis Performance Solutions, LLC, a leading provider of cloud-based performance management and data solutions for healthcare, financial institution, and higher education providers. Roper acquired the outstanding membership interests of Syntellis on August 7, 2023, for a purchase price of $ 1,381 , adjusted for cash acquired and certain liabilities assumed. Additionally, the purchase price contemplated a net present value tax benefit of approximately $ 135 , which is expected to be utilized over the subsequent 15 years. This acquisition has been integrated into our Strata business and its results are reported in the Application Software reportable segment.

The Company recorded $ 859.0 in goodwill, $ 17.0 assigned to trade names that are not subject to amortization, and $ 594.0 of other identifiable intangibles in connection with the Syntellis acquisition. The amortizable intangible assets include customer relationships of $ 529.0 ( 20 year useful life) and technology of $ 65.0 ( 7 year useful life).

During the year ended December 31, 2023, Roper completed three other bolt-on acquisitions for purchase prices totaling $ 543.5 , net of cash acquired and certain liabilities assumed.

On May 2, 2023, Roper acquired the outstanding membership interests of Promium, L.L.C., a leading provider of laboratory information management systems in the environmental and water markets. This acquisition has been integrated into our Clinisys business and its results are reported in the Application Software reportable segment.

On August 21, 2023, Roper acquired the assets of Replicon Inc., a provider of time tracking software solutions for project and services centric organizations, for a purchase price of $ 447.5 , adjusted for cash acquired and certain liabilities assumed. Additionally, the purchase price contemplated a net present value tax benefit of approximately $ 80 , which is expected to be utilized over the subsequent 15 years. This acquisition has been integrated into our Deltek business and its results are reported in the Application Software reportable segment.

On December 26, 2023, Roper acquired the issued and outstanding shares of Executive Business Services, Inc. (“ProPricer”), a leading provider of proposal pricing software solutions for government contractors and government agencies. This acquisition has been integrated into our Deltek business and its results are reported in the Application Software reportable segment.

The Company recorded $ 330.6 in goodwill, $ 15.4 assigned to trade names that are not subject to amortization, and $ 229.1 of other identifiable intangibles in connection with the other 2023 acquisitions. The amortizable intangible assets include customer relationships of $ 209.4 ( 16.9 year weighted average useful life) and technology of $ 19.7 ( 5.0 year weighted average useful life).

On August 4, 2023, Roper acquired an 18.2 % limited partnership minority interest in CI Ultimate Holdings, L.P., the parent entity of Certinia Inc., a leading provider of professional services automation software, for $ 125.0 . Roper completed the sale of its equity investment in Certinia in November 2024 for cash proceeds of $ 245.6 . The sale resulted in a pretax gain of $ 135.6 , which is reported within “Equity investments gain, net” in our Consolidated Statement of Earnings. In addition, we recognized income tax expense of $ 30.2 in connection with the sale, which is included within “Income taxes” in our Consolidated Statement of Earnings.

(3) Inventories

The components of inventories at December 31 were as follows:

  2025 2024
Raw materials and supplies $ 71.8   $ 65.5  
Work in process 29.3   32.1  
Finished products 51.9   34.4  
Inventory reserves ( 11.3 ) ( 11.2 )
Inventories, net $ 141.7   $ 120.8  

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(4) Property, Plant and Equipment

The components of property, plant and equipment at December 31 were as follows:

  2025 2024
Land $ 0.8   $ 1.0  
Buildings and leasehold improvements 60.9   59.4  
Machinery and other equipment 186.7   177.6  
Computer equipment 123.4   114.1  
Software 71.4   75.6  
Property, plant and equipment, gross 443.2   427.7  
Accumulated depreciation ( 286.3 ) ( 278.0 )
Property, plant and equipment, net $ 156.9   $ 149.7  

Depreciation and amortization expense related to property, plant and equipment was $ 39.8 , $ 37.1 , and $ 35.4 for the years ended December 31, 2025, 2024, and 2023, respectively.

(5) Goodwill and Other Intangible Assets

The carrying value of goodwill by segment was as follows:

  Application Software Network Software Technology Enabled Products Total
Balances at December 31, 2023 $ 12,563.4   $ 3,624.6   $ 930.8   $ 17,118.8  
Goodwill acquired 2,167.6   87.8   —   2,255.4  
Currency translation adjustments ( 11.0 ) ( 6.0 ) ( 1.9 ) ( 18.9 )
Reclassifications and other ( 42.4 ) —   —   ( 42.4 )
Balances at December 31, 2024 $ 14,677.6   $ 3,706.4   $ 928.9   $ 19,312.9  
Goodwill acquired 1,247.4   702.9   73.5   2,023.8  
Currency translation adjustments 28.9   14.9   1.2   45.0  
Reclassifications and other ( 36.7 ) ( 4.1 ) 0.3   ( 40.5 )
Balances at December 31, 2025 $ 15,917.2   $ 4,420.1   $ 1,003.9   $ 21,341.2  

Reclassifications and other relates to purchase accounting adjustments for completed acquisitions, composed primarily of purchase accounting adjustments that decrease goodwill and deferred tax liabilities, for both the years ended December 31, 2025 and 2024, respectively.

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Other intangible assets were comprised of:

  Cost Accumulated amortization Net book value
Assets subject to amortization:      
Customer related intangibles $ 11,303.7   $ ( 3,457.0 ) $ 7,846.7  
Unpatented technology 851.7   ( 454.7 ) 397.0  

Patents and other protective rights 9.2   ( 1.9 ) 7.3  

Assets not subject to amortization:      
Trade names 808.6   —  808.6  
Balances at December 31, 2024 $ 12,973.2   $ ( 3,913.6 ) $ 9,059.6  

Assets subject to amortization:      
Customer related intangibles $ 12,301.5   $ ( 3,894.6 ) $ 8,406.9  
Unpatented technology 880.3   ( 425.6 ) 454.7  

Patents and other protective rights 9.1   ( 2.3 ) 6.8  

Assets not subject to amortization:      
Trade names 895.8   —  895.8  
Balances at December 31, 2025 $ 14,086.7   $ ( 4,322.5 ) $ 9,764.2  

Amortization expense of other intangible assets was $ 815.4 , $ 745.2 , and $ 698.4 during the years ended December 31, 2025, 2024, and 2023, respectively. Amortization expense is expected to be $ 833.0 in 2026, $ 791.0 in 2027, $ 751.0 in 2028, $ 680.0 in 2029, and $ 671.0 in 2030.

(6) Other Accrued Liabilities

Other accrued liabilities at December 31 were as follows:

  2025 2024
Interest $ 89.5   $ 64.6  
Customer deposits 51.5   50.9  
Accrued dividends 101.8   91.3  
Rebates 103.6   92.2  
Operating lease liabilities 48.3   46.2  
Sales and other taxes payable 33.5   30.1  

Other 214.1   170.9  
Other accrued liabilities $ 642.3   $ 546.2  

(7) Income Taxes

Earnings before income taxes for the years ended December 31, 2025, 2024, and 2023 consisted of the following components:

  2025 2024 2023
United States $ 1,588.2   $ 1,701.7   $ 1,480.3  
Other 347.9   265.5   262.8  
Earnings before income taxes $ 1,936.1   $ 1,967.2   $ 1,743.1  

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Components of income tax expense for the years ended December 31, 2025, 2024, and 2023 were as follows:

  2025 2024 2023
Current:      
Federal $ 67.7   $ 317.8   $ 352.6  
State 70.4   101.7   80.7  
Foreign 91.0   78.0   69.9  
Deferred:      
Federal 188.5   ( 42.8 ) ( 94.1 )
State ( 8.3 ) ( 15.9 ) ( 27.7 )
Foreign ( 9.5 ) ( 20.9 ) ( 6.7 )
Income tax expense $ 399.8   $ 417.9   $ 374.7  

The Company adopted ASU 2023-09 on a prospective basis beginning with the 2025 annual reporting period. Reconciliations between the U.S. federal statutory income tax rate and the effective income tax rate for the year ended December 31, 2025 were as follows:

  2025
Amount Percent
Federal statutory tax expense and rate $ 406.6   21.0   %
State and local income tax, net of federal income tax effect (1)
52.3   2.7  
Foreign tax effects:
Other foreign jurisdictions 11.6   0.6  

Effect of cross-border tax laws:
Other 2.0   0.1  
Tax credits:
R&D tax credits ( 32.0 ) ( 1.7 )
Other credits ( 6.9 ) ( 0.4 )

Nontaxable or nondeductible items:
Stock-based compensation ( 14.8 ) ( 0.8 )
Legal entity restructuring ( 25.8 ) ( 1.3 )
Other 10.4   0.6  
Changes in unrecognized tax benefits ( 3.6 ) ( 0.2 )
Income tax expense and effective tax rate $ 399.8   20.6   %

(1) Taxes in California, Illinois, Massachusetts, Minnesota, New York, Pennsylvania, and Tennessee made up the majority of the tax effect in this category for 2025.

Reconciliations between the U.S. federal statutory income tax rate and the effective income tax rate for the years ended December 31, 2024 and 2023 were as follows:

  2024 2023
Federal statutory tax rate 21.0   % 21.0   %
Foreign operations, net 0.6   0.5  
R&D tax credits ( 2.0 ) ( 1.9 )
State taxes, net of federal benefit 3.6   3.5  
Stock-based compensation ( 1.0 ) ( 1.5 )
Changes in valuation allowances ( 1.4 ) ( 0.4 )

Other, net 0.4   0.3  
Effective tax rate 21.2   % 21.5   %

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The amount of cash income taxes paid (net of refunds received), disaggregated by individual jurisdiction in which income taxes paid (net of refunds received) was greater than or equal to 5% of total income taxes paid (net of refunds received), during the year ended December 31, 2025 was as follows:

  2025
Federal (1)
$ 238.1  
State 92.4  
Foreign:
Canada 39.3  

Other 44.4  
Total cash income taxes paid $ 414.2  

(1) Includes $ 45.7 of cash paid for transferable tax credits purchased during the year ended December 31, 2025.

Total cash income taxes paid (net of refunds received) during the years ended December 31, 2024 and 2023 was $ 483.8 and $ 455.9 , respectively.

The deferred income tax balance sheet accounts arise from temporary differences between the amounts of assets and liabilities recognized for financial reporting and tax purposes.

Components of deferred tax assets and liabilities at December 31 were as follows:

  2025 2024
Deferred tax assets:    
Reserves and accrued expenses $ 250.4   $ 243.6  
Net operating loss carryforwards 104.5   94.6  
R&D credits 17.1   12.6  
Capitalized R&D expenditures 165.5   271.1  
Interest expense limitation carryforwards 49.3   49.3  

Lease liabilities 53.5   50.8  

Valuation allowances ( 10.9 ) ( 8.9 )
Total deferred tax assets $ 629.4   $ 713.1  
Deferred tax liabilities:    
Reserves and accrued expenses $ 10.4   $ 13.1  
Amortizable intangible assets 2,109.3   1,985.2  
Plant and equipment 14.7   11.8  
Accrued tax on unremitted foreign earnings 12.6   9.7  
Right-of-use assets 50.7   48.7  
Outside basis difference in Indicor 241.5   221.1  
Total deferred tax liabilities $ 2,439.2   $ 2,289.6  

As of December 31, 2025, the Company has $ 57.8 of tax-effected U.S. federal net operating loss carryforwards and $ 49.8 of tax-effected state net operating loss carryforwards without regard for federal benefit of state. The majority of the net operating loss carryforwards are subject to limitation under the Internal Revenue Code of 1986, as amended (“IRC”) Section 382. As of December 31, 2025, the Company has $ 7.3 of tax-effected foreign net operating loss carryforwards, certain of which are subject to limitation. Additionally, as of December 31, 2025, the Company has $ 49.3 of IRC Section 163(j) interest expense limitation carryforwards which have an indefinite carryforward period.

On July 4, 2025, the OBBBA was enacted, which introduced tax reform provisions, including the repeal of the requirement to capitalize and amortize domestic R&D expenditures as previously required under IRC Section 174. The legislation includes multiple effective dates and the Company has recognized the financial effects of the OBBBA provisions to the extent they are applicable through the year ended December 31, 2025.

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As of December 31, 2025, the Company has a $ 165.5 deferred tax asset related to R&D expenditures capitalized under the IRC. The Company amortizes foreign R&D costs for tax purposes over 15 years for R&D performed outside of the U.S.

The Company has a deferred tax liability of $ 241.5 in outside basis difference as of December 31, 2025 associated with the retained minority equity interest in Indicor. See Note 9 for additional information on this minority equity interest.

As of December 31, 2025, the Company determined that total valuation allowances of $ 10.9 were necessary to reduce U.S. federal and state deferred tax assets by $ 7.2 and foreign deferred tax assets by $ 3.7 , where it was more likely than not that all such deferred tax assets will not be realized. As of December 31, 2025, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company’s estimate of future taxable income and any applicable tax planning strategies within various tax jurisdictions.

The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions.

Reconciliations of the beginning and ending amounts of unrecognized tax benefits are as follows:

  2025 2024 2023
Beginning balances $ 27.9   $ 35.6   $ 29.0  
Additions for tax positions of prior periods 3.6   1.2   4.3  
Additions for tax positions of the current period 0.7   0.9   4.3  

Reductions for tax positions of prior periods —   ( 3.5 ) —  
Reductions attributable to lapses of applicable statutes of limitations ( 7.8 ) ( 5.1 ) ( 2.0 )
Reductions attributable to settlements with taxing authorities —   ( 1.2 ) —  
Ending balances $ 24.4   $ 27.9   $ 35.6  

As of December 31, 2025, the total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $ 24.4 . Interest and penalties related to unrecognized tax benefits were $ 0.7 in 2025 and are classified as a component of income tax expense. Accrued interest and penalties were $ 8.5 at December 31, 2025 and $ 7.8 at December 31, 2024. During the next twelve months, it is reasonably possible that the unrecognized tax benefits may decrease by a net amount of $ 6.0 , mainly due to anticipated statute of limitations lapses in various jurisdictions.

The Company and its subsidiaries are subject to examinations for U.S. federal income tax as well as income tax in various state, city, and foreign jurisdictions. The Company’s federal income tax returns for 2022 through the current period remain open to examination and the relevant state, city, and foreign statutes vary. The Company does not expect the assessment of any significant additional tax in excess of amounts reserved.

The Company intends to distribute substantially all historical unremitted foreign earnings up to the amount of excess foreign cash, as well as substantially all future foreign earnings that can be repatriated without incremental U.S. federal tax cost. Any remaining outside basis differences relating to the Company’s investment in foreign subsidiaries are not expected to be material and are expected to be reinvested indefinitely.

(8) Long-Term Debt

On July 21, 2022, the Company entered into a five-year unsecured credit facility (the “Credit Agreement”) among Roper, the financial institutions from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A. and Wells Fargo Bank, N.A., as syndication agents, and Mizuho Bank, Ltd., MUFG Bank, Ltd., PNC Bank, National Association, TD Bank, N.A., Truist Bank, and U.S. Bank, National Association, as documentation agents, which replaced the previous $ 3,000.0 unsecured credit facility, dated as of September 2, 2020, as amended. The Credit Agreement comprises a five-year $ 3,500.0 revolving credit facility, which includes availability of up to $ 150.0 for letters of credit. The Company may also, subject to compliance with specified conditions, request additional term loans or revolving credit commitments in an aggregate amount not to exceed $ 500.0 .

Loans under the Credit Agreement can be borrowed as term Secured Overnight Financing Rate (“SOFR”) loans or Alternate Base Rate (“ABR”) Loans, at the Company’s option. Each term SOFR loan will bear interest at a rate per annum equal to the applicable Adjusted Term SOFR rate plus a spread ranging from 0.795 % to 1.300 %, as determined by the Company’s senior unsecured long-term debt rating at such time. Based on the Company’s current rating, the spread for SOFR loans would be
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0.910 %. Each ABR Loan will bear interest at a rate per annum equal to the Alternate Base Rate plus a spread ranging from 0.000 % to 0.300 %, as determined by the Company’s senior unsecured long-term debt rating at such time. Based on the Company’s current rating, the spread for ABR Loans would be 0.000 %.

Amounts outstanding under the Credit Agreement may be accelerated upon the occurrence of customary events of default. The Credit Agreement requires the Company to maintain a Total Debt to Total Capital Ratio of 0.65 to 1.00, or less. Borrowings under the Credit Agreement are prepayable at Roper’s option at any time in whole or in part without premium or penalty.

At December 31, 2025 and 2024, there were $ 850.0 and $ 125.0 of borrowings outstanding under the Credit Agreement, respectively. The Company was in compliance with its debt covenants throughout the years ended December 31, 2025 and 2024.

On August 12, 2025, the Company completed a public offering of $ 500.0 aggregate principal amount of 4.25 % senior unsecured notes due September 15, 2028 (“2028 Notes”), $ 500.0 aggregate principal amount of 4.45 % senior unsecured notes due September 15, 2030 (“2030 Notes”), and $ 1,000.0 aggregate principal amount 5.10 % senior unsecured notes due September 15, 2035 (“2035 Notes” and, collectively with the 2028 Notes and 2030 Notes, the “Notes”). The net proceeds were used to repay a portion of the borrowings outstanding under our unsecured credit facility associated with our 2025 acquisitions, as well as to repay a portion of the senior notes due September 15, 2025.

Each series of Notes bears interest at a fixed rate. Interest on the Notes will be payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2026.

On August 21, 2024, the Company completed a public offering of $ 500.0 aggregate principal amount of 4.50 % senior unsecured notes due October 15, 2029 (“2029 Notes”), $ 500.0 aggregate principal amount of 4.75 % senior unsecured notes due February 15, 2032 (“2032 Notes”), and $ 1,000.0 aggregate principal amount 4.90 % senior unsecured notes due October 15, 2034 (“2034 Notes”). The net proceeds were used to repay a portion of the borrowings outstanding under our unsecured credit facility, including borrowings incurred on August 20, 2024 to fund the purchase price of the Transact acquisition, as well as to repay a portion of the senior notes due September 15, 2024.

The 2029 Notes and 2034 Notes bear interest at a fixed rate, payable semi-annually in arrears on April 15 and October 15 of each year, beginning April 15, 2025. The 2032 Notes bear interest at a fixed rate, payable semi-annually in arrears on February 15 and August 15 of each year, beginning February 15, 2025.

On June 22, 2020, the Company completed a public offering of $ 600.0 aggregate principal amount of 2.00 % senior unsecured notes due June 30, 2030 (“Existing 2030 Notes”). The Existing 2030 Notes bear interest at a fixed rate, payable semi-annually in arrears on June 30 and December 30 of each year, beginning December 30, 2020.

On September 1, 2020, the Company completed a public offering of $ 300.0 aggregate principal amount of 0.45 % fixed-rate senior unsecured notes due August 15, 2022, $ 700.0 aggregate principal amount of 1.00 % senior unsecured notes due September 15, 2025, $ 700.0 aggregate principal amount of 1.40 % senior unsecured notes due September 15, 2027 (“2027 Notes”), and $ 1,000.0 aggregate principal amount of 1.75 % senior unsecured notes due February 15, 2031 (“2031 Notes”).

The 2031 Notes bear interest at a fixed rate, payable semi-annually in arrears on February 15 and August 15 of each year, beginning February 15, 2021. The 2027 Notes bear interest at a fixed rate, payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2021.

On August 26, 2019, the Company completed a public offering of $ 500.0 aggregate principal amount of 2.35 % fixed-rate senior unsecured notes due September 15, 2024 and $ 700.0 aggregate principal amount of 2.95 % senior unsecured notes due September 15, 2029 (“Existing 2029 Notes”). The Existing 2029 Notes bear interest at a fixed rate, payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2020.

On August 28, 2018, the Company completed a public offering of $ 700.0 aggregate principal amount of 3.65 % fixed-rate senior unsecured notes due September 15, 2023 and $ 800.0 aggregate principal amount of 4.20 % senior unsecured notes due September 15, 2028 (“Existing 2028 Notes”). The Existing 2028 Notes bear interest at a fixed rate, payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2019.

On December 19, 2016, the Company completed a public offering of $ 700.0 aggregate principal amount of 3.80 % senior unsecured notes due December 15, 2026. The notes bear interest at a fixed rate, payable semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2017.
56

On December 7, 2015, the Company completed a public offering of $ 300.0 aggregate principal amount of 3.85 % senior unsecured notes due December 15, 2025.

Roper may redeem some or all of each outstanding series of senior notes at any time or from time to time, at 100 % of their principal amount, plus a make-whole premium based on a spread to U.S. Treasury securities. Roper is also entitled to redeem some or all of each outstanding series of senior notes at 100 % of their principal amount plus accrued and unpaid interest, on or after applicable dates in advance of maturity.

On September 15, 2025, $ 700.0 of 1.00 % senior notes due 2025 were repaid at maturity using borrowings under our unsecured credit facility as well as a portion of the net proceeds from the issuance of the Notes.

On December 15, 2025, $ 300.0 of 3.85 % senior notes due 2025 were repaid at maturity using borrowings under our unsecured credit facility.

On September 15, 2024, $ 500.0 of 2.35 % senior notes due 2024 were repaid at maturity using borrowings under our unsecured credit facility as well as a portion of the net proceeds from the August 2024 issuance of senior unsecured notes.

On September 15, 2023, $ 700.0 of 3.65 % senior notes due 2023 were repaid at maturity using borrowings under our unsecured credit facility.

The Company’s senior notes are unsecured senior obligations of the Company and rank equally in right of payment with all of Roper’s existing and future unsecured senior indebtedness. The notes are effectively subordinated in right of payment to any of its existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The notes are not guaranteed by any of Roper’s subsidiaries and are effectively subordinated to all existing and future indebtedness and other liabilities of Roper’s subsidiaries.

Total debt at December 31 consisted of the following:

  2025 2024
Unsecured revolving credit facility $ 850.0   $ 125.0  
$ 300 3.850 % senior notes due 2025
—   300.0  
$ 700 1.000 % senior notes due 2025
—   700.0  
$ 700 3.800 % senior notes due 2026
700.0   700.0  
$ 700 1.400 % senior notes due 2027
700.0   700.0  
$ 800 4.200 % senior notes due 2028
800.0   800.0  
$ 500 4.250 % senior notes due 2028
500.0   —  
$ 500 4.500 % senior notes due 2029
500.0   500.0  
$ 700 2.950 % senior notes due 2029
700.0   700.0  
$ 600 2.000 % senior notes due 2030
600.0   600.0  
$ 500 4.450 % senior notes due 2030
500.0   —  
$ 1,000 1.750 % senior notes due 2031
1,000.0   1,000.0  
$ 500 4.750 % senior notes due 2032
500.0   500.0  
$ 1,000 4.900 % senior notes due 2034
1,000.0   1,000.0  
$ 1,000 5.100 % senior notes due 2035
1,000.0   —  
Other debt 5.9   44.2  
Less: Deferred financing costs ( 54.9 ) ( 46.2 )
Total debt, net of deferred financing costs 9,301.0   7,623.0  
Less: Current portion, net of deferred financing costs ( 705.2 ) ( 1,043.1 )
Long-term debt, net of deferred financing costs $ 8,595.8   $ 6,579.9  

The interest rate on borrowings under the unsecured credit facility is calculated based upon various recognized indices plus a margin as defined in the Credit Agreement. At December 31, 2025, Roper had $ 8.1 of outstanding letters of credit.

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Future maturities of total debt during each of the next five years ending December 31 and thereafter are as follows:

2026 $ 705.8  
2027 1,550.1  
2028 1,300.0  
2029 1,200.0  
2030 1,100.0  
Thereafter 3,500.0  
Total debt $ 9,355.9  

(9) Fair Value

Financial assets and liabilities are valued using market prices on active markets (Level 1), less active markets (Level 2), and little or no market activity (Level 3). Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

Debt – As of December 31, 2025 and 2024, the total estimated fair value of Roper’s fixed-rate senior notes was $ 8,287.4 and $ 7,005.2 , respectively. The fair values of the senior notes are based on the trading prices of each series of notes, which the Company has determined to be Level 2 in the FASB fair value hierarchy.

Indicor Equity Investment – In November 2022, Roper completed the divestiture of a majority 51 % equity stake in Indicor to CD&R. In connection with the Indicor Transaction, the Company initially retained a 49 % equity interest in Indicor valued at $ 535.0 as of the transaction close date. This initial valuation was based on the implied equity value associated with the sale price of the 51 % equity interest in Indicor to CD&R for approximately $ 829 , inclusive of the Unit Adjustment received by CD&R as discussed below. During 2023, we revised our valuation methodology to utilize the market multiple approach consisting of comparable guideline public companies revenue and earnings multiples to estimate the fair value of this investment, net of the Unit Adjustment discussed below. Our valuation methodology was updated in 2023 given the passage of time since the transaction date and in consideration of observable market data, including Indicor’s divestiture of its CCC business unit to Honeywell International Inc. on June 30, 2023 for approximately $ 670 .

As part of this investment, Roper is required to make quarterly payments (“Unit Adjustment”), to CD&R, either (i) in cash, with total payments of approximately $ 29 per year on a pretax basis, or (ii) in-kind through the transfer of Roper’s equity interests in Indicor to CD&R, of approximately 1.7 % ownership interest on an annual basis. Roper intends to continue making these quarterly payments in-kind. Roper’s valuation of the Unit Adjustment is based on an expected investment horizon of 5 years from the date of the Indicor Transaction. The Company’s obligation to make such quarterly payments will cease upon the earlier of:

• Indicor achieving $ 425.0  of earnings before interest, taxes, depreciation, and amortization in any three twelve-month periods, whether or not consecutive; or
• Upon the initial public offering of Indicor.

In the event of a sale of Indicor, CD&R would be entitled to a liquidation preference equal to its initial investment of approximately $ 829 , plus any Unit Adjustment paid in-kind. Management’s valuation as of December 31, 2025 assumes the expected exit of the Indicor equity investment is an initial public offering which is not subject to the liquidation preference. Roper’s approval is required prior to a sale of Indicor for a value that would trigger the liquidation preference. As of December 31, 2025, management does not expect a liquidation preference associated with the investment to negatively impact the realization of cash upon any disposition.

The assessment of fair value for this equity investment requires significant judgments to be made by management. Although our assumptions are considered reasonable and are consistent with the plans and estimates, there is significant judgment applied in determining fair value. Changes in estimates or the application of alternative assumptions could produce significantly different results. The fair value of the investment reflects management’s estimate of assumptions that market participants would use in pricing the equity interest, which the Company has determined to be Level 3 in the FASB fair value hierarchy.

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The following table provides a reconciliation of the fair value for our equity investment in Indicor measured using Level 3 inputs:

Year ended December 31,
2025 2024
Beginning balance $ 772.3   $ 675.9  
Change in fair value 24.0   96.4  
Ending balance $ 796.3   $ 772.3  

The Company received $ 5.1 , $ 10.8 , and $ 32.5 of dividend distributions from Indicor during the years ended December 31, 2025, 2024, and 2023, respectively, which are reported within “Equity investments gain, net” in our Consolidated Statements of Earnings. These dividend distributions were intended to offset certain cash taxes payable associated with Roper’s ownership stake and were contemplated in the determination of the fair value for the equity investment in Indicor.

(10) Retirement and Other Benefit Plans

Roper maintains three defined contribution retirement plans under the provisions of Section 401(k) of the IRC covering substantially all U.S. employees. Roper partially matches employee contributions. Costs related to all such plans were $ 51.9 , $ 44.2 , and $ 39.1 for 2025, 2024, and 2023, respectively.

(11) Stock-Based Compensation

The Roper Technologies, Inc. 2021 Incentive Plan (“2021 Plan”) is a stock-based compensation plan used to grant incentive stock options, nonqualified stock options, restricted stock and restricted stock units (collectively “restricted stock awards”), stock appreciation rights, or equivalent instruments to Roper’s employees, officers, directors, and consultants. The 2021 Plan was approved by shareholders at the Annual Meeting of Shareholders on June 14, 2021. The 2021 Plan replaces the Roper Technologies, Inc. 2016 Incentive Plan, as amended (“2016 Plan”), and no additional grants will be made from the 2016 Plan. At December 31, 2025, 4.293 shares were available to grant under the 2021 Plan.

Under the Roper Technologies, Inc. Employee Stock Purchase Plan, as amended and restated (“ESPP”), employees in the U.S. and Canada are allowed to designate up to 10 % of eligible earnings to purchase Roper’s common stock at a 10 % discount on the lower of the closing price of the stock on the first and last day of each quarterly offering period. Common stock sold to employees pursuant to the ESPP may be either treasury stock, stock purchased on the open market, or newly issued shares.

Stock-based compensation expense is not allocated to our reportable segments, which are described further in Note 14. Stock-based compensation expense for the years ended December 31, 2025, 2024, and 2023, included as a component of “Selling, general and administrative expenses,” was as follows:

  2025 2024 2023
Stock-based compensation $ 166.3   $ 145.9   $ 123.5  
Tax benefit recognized in net earnings $ 24.7   $ 24.8   $ 20.4  

Stock Options – Stock options are granted at prices not less than 100 % of market value of the underlying stock at the date of grant. Stock options typically vest over a period of three years from the grant date and expire 10 years after the grant date. The Company recorded $ 40.4 , $ 37.6 , and $ 38.0 of compensation expense relating to outstanding options during 2025, 2024, and 2023, respectively, as a component of corporate general and administrative expenses.

The Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company’s common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected life of the award.

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The weighted-average fair value of options granted in 2025, 2024, and 2023 were calculated using the following weighted average assumptions:

  2025 2024 2023
Weighted-average fair value ($) 177.50   173.21   130.23  
Risk-free interest rate (%) 4.07   4.15   3.76  
Expected option life (years) 5.75 5.73 5.61
Expected volatility (%) 25.12   25.54   26.05  
Expected dividend yield (%) 0.54   0.51   0.63  

The following table summarizes stock option activities, with respect to the Company’s share-based compensation plans, for the years ended December 31, 2025 and 2024:

  Number of options Weighted-average exercise price Weighted-average remaining contractual term (years) Aggregate intrinsic value
Outstanding at December 31, 2023 2.688   $ 340.89      
Granted 0.286   $ 553.79      
Exercised ( 0.422 ) $ 298.04      
Canceled ( 0.072 ) $ 468.72      
Outstanding at December 31, 2024 2.480   $ 368.57   5.37 $ 384.4  
Granted 0.306   $ 578.30      
Exercised ( 0.370 ) $ 311.02      
Canceled ( 0.067 ) $ 523.60      
Outstanding at December 31, 2025 2.349   $ 400.46   5.23 $ 172.4  
Exercisable at December 31, 2025 1.646   $ 344.14   3.90 $ 169.5  

At December 31, 2025, there was $ 59.1 of total unrecognized compensation expense related to nonvested options granted under the Company’s stock-based compensation plans. That cost is expected to be recognized over a weighted average period of  1.97 years. The total intrinsic value of options exercised in 2025, 2024, and 2023 was $ 86.5 , $ 108.9 , and $ 133.7 , respectively. Cash received from option exercises under all plans in 2025, 2024, and 2023 was $ 115.0 , $ 125.7 , and $ 146.5 , respectively.

Restricted Stock Awards – During 2025 and 2024, the Company granted 0.476 and 0.402 shares, respectively, of restricted stock awards to certain employee and director participants under its compensation plans. These awards were granted at the fair market value of the share on the date of grant. Restricted stock awards granted generally vest over a period of one to five years . The Company recorded $ 122.7 , $ 105.7 , and $ 83.3 of compensation expense related to outstanding shares of restricted stock awards held by employees and directors during 2025, 2024, and 2023, respectively.

Restricted stock awards include 0.074 and 0.072 performance-based restricted stock awards granted to certain members of the Roper senior leadership team during 2025 and 2024, respectively, that include the ability to earn up to 200 % of the number of restricted stock awards originally granted contingent upon Roper’s performance over a three-year period, which are subject to a market modifier based on the Company’s ranking of total shareholder return relative to the other companies within the Standard & Poor’s 500 Stock Index.

The Company uses a Monte Carlo simulation model to estimate the fair value of its performance-based restricted stock awards which are subject to a market modifier. The expected volatility is measured using daily logarithmic changes in the Company’s historical stock prices over the most recent period equal to the expected term. The expected term is the term remaining from the grant date to the end of the performance period.

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The fair values of performance-based restricted stock awards which are subject to a market modifier, granted in 2025 and 2024, were determined using the following weighted average assumptions:

  2025 2024
Weighted-average grant date fair value ($) 663.42   563.00  
Risk-free interest rate (%) 3.97   4.30  
Expected term (years) 2.82 2.80
Expected volatility (%) 19.69   20.12  
Expected dividend yield (%) 0.56   0.50  

The following table summarizes the Company’s restricted stock award activity during 2025 and 2024:

  Number of shares Weighted-average grant date fair value
Nonvested at December 31, 2023 0.440   $ 431.96  
Granted 0.402   $ 552.94  
Vested ( 0.229 ) $ 445.87  
Forfeited ( 0.058 ) $ 522.46  
Nonvested at December 31, 2024 0.555   $ 515.77  
Granted 0.476   $ 581.56  
Vested ( 0.157 ) $ 498.46  
Forfeited ( 0.091 ) $ 555.10  
Nonvested at December 31, 2025 0.783   $ 553.96  

At December 31, 2025, there was $ 155.1 of total unrecognized compensation expense related to nonvested restricted stock awards granted to both employees and directors under the Company’s compensation plans. That cost is expected to be recognized over a weighted average period of  1.88 years. The total grant date fair value of restricted stock awards vested during 2025, 2024, and 2023 was $ 78.0 , $ 102.2 , and $ 82.2 , respectively.

Employee Stock Purchase Plan – During 2025, 2024, and 2023, participants of the ESPP purchased 0.049 , 0.038 , and 0.038 shares, respectively, of Roper’s common stock for total consideration of $ 22.4 , $ 18.5 , and $ 15.5 , respectively. All of these shares were purchased from Roper’s treasury shares.

(12) Stockholders’ Equity

In October 2025, the Company’s Board of Directors approved a share repurchase program for the repurchase of up to $ 3,000.0 of the Company’s common stock. Shares of common stock may be repurchased from time to time through open market purchases or privately negotiated transactions, including under plans complying with Rule 10b5-1 under the Exchange Act, and subject to market conditions, applicable legal requirements, and other relevant factors. The repurchase program does not have a fixed expiration date, does not obligate the Company to acquire any specific number of shares, and may be suspended at any time at the Company’s discretion. The timing, manner, price, and amount of any repurchases will be determined by the Company in its discretion and will depend on a variety of factors, including price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.

During the year ended December 31, 2025, the Company repurchased 1.121 shares of its common stock for an aggregate purchase price of $ 500.0 and an average price paid per share of $ 445.87 , excluding broker commissions and excise tax. All repurchases were made in open market transactions and there are no current plans to retire repurchased shares. As of December 31, 2025, $ 2,500.0 of the originally authorized amount under the share repurchase program remained available for future repurchases.

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From January 1, 2026 to February 20, 2026, the Company repurchased 3.723 shares of its common stock in open market transactions for an aggregate purchase price of $ 1,313.5 and an average price paid per share of $ 352.80 , excluding broker commissions and excise tax. As of February 20, 2026, $ 1,186.5 of the originally authorized amount under the share repurchase program remained available for future repurchases.

(13) Contingencies

Roper, in the ordinary course of business, is party to various pending or threatened legal actions, including product liability, intellectual property, antitrust, data privacy, and employment practices that, in general, are of a nature consistent with those over the past several years. After analyzing the Company’s contingent liabilities on a gross basis and, based upon past experience with resolution of such legal claims and the availability and limits of the primary, excess, and umbrella liability insurance coverages with respect to pending claims, management believes that adequate provision has been made to cover any potential liability not covered by insurance, and that the ultimate liability, if any, arising from these actions should not have a material adverse effect on Roper’s consolidated financial position, results of operations, or cash flows. However, no assurances can be given in this regard.

In January 2025, Roper’s subsidiary, PowerPlan, Inc., settled a legal matter for $ 24.0 on a pretax basis ($ 17.7 after taxes).

As of December 31, 2025, Roper had $ 42.6 of outstanding surety bonds. Certain contracts require Roper to provide a surety bond as a guarantee of its performance of contractual obligations.

(14) Segment and Geographic Area Information

Our businesses are reported in three segments classified based on business model and delivery of performance obligations. The segments are: Application Software, Network Software, and Technology Enabled Products. The three reportable segments are as follows:

–Application Software —Aderant, CentralReach, Clinisys, Data Innovations, Deltek, Frontline, IntelliTrans, PowerPlan, Procare, Strata, Transact/CBORD, and Vertafore;

–Network Software —ConstructConnect, DAT, Foundry, iPipeline, iTradeNetwork, MHA, SHP, SoftWriters, and Subsplash;

–Technology Enabled Products —CIVCO Medical Solutions, FMI, Inovonics, IPA, Neptune, Northern Digital, rf IDEAS, and Verathon.

The Company’s chief operating decision maker (“CODM”) is a group that consists of the Chief Executive Officer and the Board of Directors. The CODM uses operating profit to measure segment performance to evaluate resource allocation, primarily related to capital deployment towards business acquisitions, as such decisions are made by our Chief Executive Officer and Board of Directors collectively.

There were no material transactions between Roper’s reportable segments during 2025, 2024, and 2023. Operating profit by reportable segment is defined as net revenues less operating costs and expenses. These costs and expenses do not include unallocated corporate general and administrative expenses or enterprise-wide stock-based compensation. Items below “Income from operations” in Roper’s Consolidated Statements of Earnings are not allocated to reportable segments.

Corporate assets are principally comprised of cash and cash equivalents, income taxes receivable, deferred tax assets, deferred compensation assets, an equity investment, and property and equipment.

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Selected financial information by reportable segment for 2025, 2024, and 2023 was as follows:

  Application Software Network Software Technology Enabled Products Corporate Total
2025        
Net revenues $ 4,483.0   $ 1,600.8   $ 1,818.7   $ —   $ 7,902.5  
Cost of sales 1,413.3   255.0   762.2   —   2,430.5  
Selling, general and administrative expenses 1,866.6   650.0   429.8   290.2   3,236.6  
Operating profit $ 1,203.1   $ 695.8   $ 626.7   $ ( 290.2 ) $ 2,235.4  
         
Depreciation and other amortization expense $ 702.2   $ 169.6   $ 23.1   $ 3.3   $ 898.2  

Total assets $ 25,372.6   $ 6,458.7   $ 1,666.0   $ 1,079.7   $ 34,577.0  

Capital expenditures $ 22.0   $ 9.0   $ 11.4   $ 5.0   $ 47.4  
Capitalized software expenditures $ 57.3   $ —   $ —   $ —   $ 57.3  

2024          
Net revenues $ 3,868.3   $ 1,475.6   $ 1,695.3   $ —   $ 7,039.2  
Cost of sales 1,220.7   220.8   719.4   —   2,160.9  
Selling, general and administrative expenses 1,624.2   588.3   401.6   267.4   2,881.5  
Operating profit $ 1,023.4   $ 666.5   $ 574.3   $ ( 267.4 ) $ 1,996.8  

Depreciation and other amortization expense $ 628.8   $ 161.0   $ 21.7   $ 1.3   $ 812.8  
     

Total assets $ 23,600.9   $ 5,348.0   $ 1,498.1   $ 887.7   $ 31,334.7  

Capital expenditures $ 17.8   $ 4.8   $ 11.7   $ 31.7   $ 66.0  
Capitalized software expenditures $ 43.7   $ 1.3   $ —   $ —   $ 45.0  

2023          
Net revenues $ 3,186.9   $ 1,439.4   $ 1,551.5   $ —   $ 6,177.8  
Cost of sales 991.1   213.8   665.7   —   1,870.6  
Selling, general and administrative expenses 1,375.0   593.2   367.1   226.7   2,562.0  
Operating profit $ 820.8   $ 632.4   $ 518.7   $ ( 226.7 ) $ 1,745.2  
     
Depreciation and other amortization expense $ 563.0   $ 162.5   $ 29.1   $ 0.6   $ 755.2  

Total assets $ 20,350.9   $ 5,363.8   $ 1,485.6   $ 967.2   $ 28,167.5  

Capital expenditures $ 20.1   $ 6.4   $ 13.8   $ 27.7   $ 68.0  
Capitalized software expenditures $ 39.5   $ 0.5   $ —   $ —   $ 40.0  

Summarized long-lived assets information for Roper’s U.S. and foreign operations (principally in Canada, Europe, and Asia) for 2025, 2024, and 2023 was as follows:

  2025 2024 2023

United States $ 340.0   $ 303.4   $ 251.1  

Non-U.S. 32.6   23.9   20.1  

Total long-lived assets $ 372.6   $ 327.3   $ 271.2  

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Sales to customers outside of the U.S. accounted for a significant portion of Roper’s net revenues. Sales are attributed to geographic areas based upon the location where the product is ultimately delivered. Roper’s net revenues for the years ended December 31, 2025, 2024, and 2023 are shown below by region, except for the U.S. and Canada, which are presented separately:

  2025 2024 2023
United States $ 6,872.8   $ 6,063.3   $ 5,304.4  
Canada 291.7   288.3   254.6  
Europe 541.4   495.1   453.2  
Asia 71.1   74.1   75.1  
Rest of the world 125.5   118.4   90.5  
Total net revenues $ 7,902.5   $ 7,039.2   $ 6,177.8  

(15) Concentration of Risk

Financial instruments which potentially subject the Company to credit risk consist primarily of cash and cash equivalents, accounts receivable, and unbilled receivables.

The Company maintains cash and cash equivalents with various major financial institutions around the world. The Company limits the amount of credit exposure with any one financial institution and believes that no significant concentration of credit risk exists with respect to cash and cash equivalent balances.

Accounts receivable and unbilled receivables subject the Company to the potential for credit risk with customers. To reduce credit risk, the Company performs ongoing evaluations of its customers’ financial condition.

(16)   Contract Balances

Contract balances at December 31 are set forth in the following table:

Balance sheet account 2025 2024 Change
Unbilled receivables $ 124.0   $ 127.3   $ ( 3.3 )
Deferred revenue – current ( 1,906.8 ) ( 1,737.4 ) ( 169.4 )
Deferred revenue – non-current ( 170.8 ) ( 154.7 ) ( 16.1 )
Net contract assets/(liabilities) $ ( 1,953.6 ) $ ( 1,764.8 ) $ ( 188.8 )

The change in our net contract assets/(liabilities) from December 31, 2024 to December 31, 2025 was primarily due to the timing of payments and invoicing as well as growth related to SaaS and PCS renewals.

Revenue recognized during the years ended December 31, 2025 and 2024 that was included in the deferred revenue balance on December 31, 2024 and 2023 was $ 1,716.9 and $ 1,546.5 , respectively. In order to determine revenues recognized in the period from contract liabilities, we allocate revenue to the individual deferred revenue balance outstanding at the beginning of the year until the revenue exceeds that balance.

Impairment losses recognized on our accounts receivable and unbilled receivables were immaterial in each of the years ended December 31, 2025, 2024, and 2023, respectively.

(17) Leases

The Company’s operating leases are primarily for real property in support of our business operations. Although many of our leases contain renewal options, we generally are not reasonably certain to exercise these options at the commencement date. Accordingly, renewal options are generally not included in the lease term for determining the right-of-use (“ROU”) asset and lease liability at commencement. Variable lease payments generally depend on an inflation-based index and such payments are not included in the original estimate of the lease liability. These variable lease payments are not material.

64

For the years ended December 31, 2025, 2024, and 2023, the Company recognized $ 60.1 , $ 53.9 , and $ 50.6 of operating lease expense, respectively.

The following table presents the supplemental cash flow information related to the Company’s operating leases for the years ended December 31:

2025 2024 2023
Operating cash flows used for operating leases $ 59.0   $ 53.6   $ 50.6  
Right-of-use assets obtained in exchange for operating lease obligations $ 77.5   $ 52.4   $ 29.6  

The following table presents the lease balances within the Consolidated Balance Sheets related to the Company’s operating leases as of December 31:

Lease assets and liabilities Balance sheet account 2025 2024
ASSETS:
Operating lease ROU assets Other assets $ 220.0   $ 189.4  

LIABILITIES:
Current operating lease liabilities Other accrued liabilities 48.3   46.2  
Operating lease liabilities Other liabilities 185.2   154.8  
Total operating lease liabilities $ 233.5   $ 201.0  

Future minimum lease payments under non-cancellable leases were as follows:

2026 $ 56.1  
2027 49.7  
2028 40.6  
2029 31.3  
2030 23.9  
Thereafter 65.5  
Total operating lease payments 267.1  
Less: Imputed interest ( 33.6 )
Total operating lease liabilities $ 233.5  

Weighted average remaining lease term – operating leases (years) 6.6
Weighted average discount rate (%) 4.3  

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ITEM 9.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A.     CONTROLS AND PROCEDURES

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework in Internal Control—Integrated Framework, our management concluded that our internal control over financial reporting was effective as of December 31, 2025. Our internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included herein.

Our management excluded the nine acquisitions completed during 2025 from its assessment of internal control over financial reporting as of December 31, 2025. These acquisitions are wholly-owned subsidiaries whose total assets (excluding goodwill and other identifiable intangibles, which are included within the scope of the assessment) represent less than 1%, and whose aggregate total revenues represent approximately 3%, of the related Consolidated Financial Statement amounts as of and for the year ended December 31, 2025.

Evaluation of Disclosure Controls and Procedures

As required by SEC rules, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. This evaluation was carried out under the supervision and with the participation of our management, including our principal executive officer and principal financial officer. Based on this evaluation, we have concluded that our disclosure controls and procedures were effective as of December 31, 2025.

Disclosure controls and procedures are our controls and other procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act are accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the fourth quarter of 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B.     OTHER INFORMATION

During the three months ended December 31, 2025, no director or officer of the Company adopted , modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

ITEM 9C.     DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

None.

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PART III

Except as otherwise indicated, the following information required by the Instructions to Form 10-K is incorporated herein by reference from the sections of the Roper Proxy Statement for the annual meeting of shareholders (“2026 Proxy Statement”), which we anticipate filing with the SEC within 120 days after the end of the fiscal year to which this report relates, as specified below:

ITEM 10.    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information about our directors required by this  Item 10 - Directors, Executive Officers and Corporate Governance  is contained in the 2026 Proxy Statement under the caption “Proposal 1: Election of Directors.”

Information regarding our audit committee is contained in the 2026 Proxy Statement under the captions “Corporate Governance” and “Board Committees and Meetings.”

If applicable, information required under this Item with respect to compliance with Section 16(a) of the Exchange Act will be included in the Proxy Statement under the caption “Delinquent Section 16(a) Reports,” which information is incorporated by reference.

Information required under this Item with respect to executive officers of the Company is included as a supplemental item at the end of Part I of this report.

Code of Ethics

Roper has a code of ethics for directors, officers (including the Company’s principal executive officer, principal financial officer, and principal accounting officer), and employees. The Code of Ethics is available on the Company’s website at www.ropertech.com/code-of-ethics. The Company posts any amendments to its Code of Ethics or waivers of its Code of Ethics (to the extent applicable to the Company’s directors, executive officers, or senior financial officers) at the same location on the Company’s website. In addition, copies of the Code of Ethics may be obtained in print without charge upon written request by any stockholder to the Company’s Corporate Secretary at 6496 University Parkway, Sarasota, Florida 34240.

Securities Transaction Compliance Program

Roper has adopted a securities transaction compliance program applicable to its directors, officers and employees, and has implemented procedures for Roper, governing the purchase, sale, and other disposition of Roper’s securities. Roper believes its insider trading policy and procedures are reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing standards applicable to Roper. A copy of the Roper Technologies, Inc. Securities Transaction Compliance Program is filed as Exhibit 19.1 to this Annual Report.

ITEM 11.     EXECUTIVE COMPENSATION

The information required by this  Item 11 - Executive Compensation  is contained in the 2026 Proxy Statement under the captions “Compensation Discussion and Analysis,” “Executive Compensation,” “Director Compensation,” “Compensation Committee Report,” and “Compensation Committee Interlocks and Insider Participation.”

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ITEM 12.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

(All share amounts are in millions)

Other than as set forth below, the information required by this  Item 12 - Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters  and not otherwise set forth below is contained in the 2026 Proxy Statement under the caption “Beneficial Ownership.”

Securities Authorized for Issuance under Equity Compensation Plans

The following table provides information as of December 31, 2025 regarding compensation plans (including individual compensation arrangements) under which our equity securities are authorized for issuance:

Plan Category (a)
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (b)
Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (c)
Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Securities Reflected in Column (a))
Equity Compensation Plans Approved by Shareholders (1)

Stock options 2.349  $ 400.46 
Restricted stock awards (2)
0.783  — 
Subtotal 3.132  4.293 
Equity Compensation Plans Not Approved by Shareholders —  —  — 
Total 3.132  $ —  4.293 

(1) Consists of the Amended and Restated 2006 Incentive Plan, the 2016 Incentive Plan, as amended, and the 2021 Incentive Plan. No additional awards may be granted under the 2006 Incentive Plan or the 2016 Incentive Plan.
(2) The weighted-average exercise price is not applicable to restricted stock awards.

ITEM 13.     CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by this  Item 13 - Certain Relationships and Related Transactions, and Director Independence  is contained in the 2026 Proxy Statement under the captions “Director Independence” and “Review and Approval of Related Person Transactions.”

ITEM 14.     PRINCIPAL ACCOUNTANT FEES AND SERVICES
 
The information required by this  Item 14 - Principal Accountant Fees and Services  is contained in the 2026 Proxy Statement under the captions “Proposal 3: Ratification of the Appointment of PricewaterhouseCoopers LLP as our Independent Registered Public Accounting Firm for the Year Ending December 31, 2026” and “Independent Public Accountant’s Fees.”

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PART IV

ITEM 15.     EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) The following documents are filed as a part of this Annual Report.

(1) Consolidated Financial Statements: The following Consolidated Financial Statements are included in Part II, Item 8 of this
report.

Consolidated Balance Sheets as of December 31, 2025 and 2024

Consolidated Statements of Earnings for the Years ended December 31, 2025, 2024, and 2023

Consolidated Statements of Comprehensive Income for the Years ended December 31, 2025, 2024, and 2023

Consolidated Statements of Stockholders’ Equity for the Years ended December 31, 2025, 2024, and 2023

Consolidated Statements of Cash Flows for the Years ended December 31, 2025, 2024, and 2023

Notes to Consolidated Financial Statements

(b) Exhibits

Exhibit No. Description of Exhibit
(a) 2.1 Equity Purchase Agreement by and among RIPIC Holdco Inc., Roper International Holding, Inc., RIPIC Equity LLC, CD&R Tree Delaware Holdings, L.P. AND, solely for purposes of section 6.25, Roper Technologies, Inc. dated as of May 29, 2022.*

(b) 3.1 Amended and Restated Certificate of Incorporation effective as of June 13, 2023.

(c) 3.2 Amended and Restated By-Laws.

(d) 4.1 Indenture between Registrant and Wells Fargo Bank, dated as of August 4, 2008.

(e) 4.2 Indenture between Registrant and Wells Fargo Bank, dated as of November 26, 2018.

(f) 4.3 Form of Note.

(g) 4.4 Form of 4.200% Senior Notes due 2028.

(h) 4.5 Form of 3.800% Senior Notes due 2026.

(i) 4.6 Form of 2.950% Senior Notes due 2029.

(j) 4.7 Form of 2.000% Senior Notes due 2030.

(k) 4.8 Form of 1.400% Senior Notes due 2027.

(k) 4.9 Form of 1.750% Senior Notes due 2031.

(l) 4.10 Form of 4.500% Senior Notes due 2029.

(l) 4.11 Form of 4.750% Senior Notes due 2032.

(l) 4.12 Form of 4.900% Senior Notes due 2034.

(m) 4.13 Form of 4.250% Senior Notes due 2028.

(m) 4.14 Form of 4.450% Senior Notes due 2030.

(m) 4.15 Form of 5.100% Senior Notes due 2035.

(n) 4.16 Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 .

(o) 10.1 Employee Stock Purchase Plan, as Amended and Restated. †

10.2 Non-Qualified Retirement Plan, as Amended and Restated , filed herewith . †

(p) 10.3 Credit Agreement dated as of July 21, 2022, among Roper, the foreign subsidiary borrowers from time to time party thereto, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A. and Wells Fargo Bank, N.A., as syndication agents, and Mizuho Bank, Ltd., MUFG Bank, Ltd., PNC Bank, National Association, TD Bank, N.A., Truist Bank and U.S. Bank, National Association, as documentation agents.

(q) 10.4 Amended and Restated 2006 Incentive Plan. †

(r) 10.5 Form of Non-Statutory Stock Option Agreement, under the 2006 Incentive Plan. †

(s) 10.6 Offer Letter to John K. Stipancich. †

(t) 10.7 Form of D irector and O fficer Indemnification Agreement. †

(u) 10.8 2016 Incentive Plan. †

(v) 10.9 Amendment No. 1 to the 2016 Incentive Plan. †

(w) 10.10 Form of Non-Statutory Stock Option Agreement, under the 2016 Incentive Plan. †

(x) 10.11 Offer Letter to Neil Hunn. †

(y) 10.12 Long-Term Incentive Opportunity Agreement for Neil Hunn. †

(z) 10.13 2021 Incentive Plan. †

(z) 10.14 Form of Performance-Based Restricted Stock Award Agreement, under the 2021 Incentive Plan. †

(z) 10.15 Form of Non-Statutory Stock Option Award Agreement, under the 2021 Incentive Plan. †

(z) 10.16 Form of Time-Based Restricted Stock Award Agreement, under the 2021 Incentive Plan. †

(aa) 10.17 Form of Performance Share Unit Award Agreement, under the 2021 Incentive Plan. †

(bb) 10.18 Form of Time-Based Restricted Stock Unit Award Agreement, for use commencing in 2024 under the 2021 Incentive Plan. †

(bb) 10.19 Form of Executive Officer Performance Share Unit Award Agreement, for use commencing in 2024 under the 2021 Incentive Plan. †

(bb) 10.20 Form of Senior Management Performance Share Unit Award Agreement, for use commencing in 2024 under the 2021 Incentive Plan. †

(cc) 10.21 Form of Non-Statutory Stock Option Award Agreement, for use commencing in 2025 under the 2021 Incentive Plan. †

(cc) 10.22 Form of Time-Based Restricted Stock Unit Award Agreement, for use commencing in 202 5 under the 2021 Incentive Plan. †

(cc) 10.23 Form of Executive Officer Performance Share Unit Award Agreement, for use commencing in 2025 under the 2021 Incentive Plan. †

(cc) 10.24 Form of Senior Management Performance Share Unit Award Agreement, for use commencing in 2025 under the 2021 Incentive Plan. †

(dd) 10.25 Roper Technologies, Inc. Director Compensation Plan. †

(dd) 10.26 Form of Non-Employee Director Restricted Stock Unit Award Agreement, under the 2021 Incentive Plan (included in Exhibit 10.2 5 ). †

(dd) 10.27 Form of Non-Employee Director Restricted Stock Award Agreement, under the 2021 Incentive Plan (included in Exhibit 10.2 5 ). †

(ee) 10.28 First Amendment to Roper Technologies, Inc. Director Compensation Plan . †

(ee) 10.29 Form of Non-Employee Director Unrestricted Stock Unit Award Agreement. †

(ff) 10.30 Second Amendment to Roper Technologies, Inc. Director Compensation Plan . †

(ff) 10.31 Form of Non-Employee Director Deferred Restricted Stock Unit Award Agreement. †

19.1 Roper Technologies, Inc. Securities Transaction Compliance Program, filed herewith.

21.1 List of Subsidiaries, filed herewith.

23.1 Consent of Independent Registered Public Accountants, filed herewith.

31.1 Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer, filed herewith.

31.2 Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer, filed herewith.

32.1 Section 1350 Certification of the Chief Executive and Chief Financial Officers, furnished herewith.

(gg) 97.1 Roper Technologies, Inc. Compensation Clawback Policy. †

101.INS Inline XBRL Instance Document, furnished herewith.
101.SCH Inline XBRL Taxonomy Extension Schema Document, furnished herewith.
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document, furnished herewith.
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document, furnished herewith.
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document, furnished herewith.
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document, furnished herewith.
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
† Management contract or compensatory plan or arrangement.
* The related exhibits and schedules are not being filed herewith. The Company agrees to furnish supplementally a copy of any such exhibits and schedules to the Securities and Exchange Commission upon request.
a) Incorporated herein by reference to Exhibit 2.1 to the Company’s Quarterly Report on Form 10-Q filed August 3, 2022 (file no. 1-12273).
b) Incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed June 14, 2023 (file no. 1-12273).
c) Incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed November 7, 2024 (file no. 1-12273).
d) Incorporated herein by reference to Exhibit 4.2 to the Company’s Quarterly Report on Form 10-Q filed November 7, 2008 (file no. 1-12273).
e) Incorporated herein by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-3ASR filed November 26, 2018 (file no. 333-228532).
f) Incorporated herein by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-3ASR filed November 25, 2015 (file no. 333-208200).
g) Incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed August 28, 2018 (file no. 1-12273).
h) Incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed December 19, 2016 (file no. 1-12273).
i) Incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed August 26, 2019 (file no. 1-12273).
j) Incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed June 22, 2020 (file no. 1-12273).
k) Incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed September 1, 2020 (file no. 1-12273).
l) Incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed August 21, 2024 (file no. 1-12273).
m) Incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed August 12, 2025 (file no. 1-12273).
n) Incorporated herein by reference to Exhibit 4.15 to the Company’s Annual Report on Form 10-K filed February 24, 2025 (file no. 1-12273).
o) Incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed August 1, 2024 (file no. 1-12273).
p) Incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed July 22, 2022 (file no. 1-12273).
q) Incorporated herein by reference to Appendix A to the Company’s Definitive Proxy Statement on Schedule 14A filed April 30, 2012 (file no. 1-12273).
r) Incorporated herein by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed December 6, 2006 (file no. 1-12273).
s) Incorporated herein by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K filed February 27, 2017 (file no. 1-12273).
t) Incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed November 5, 2018 (file no. 1-12273).
u) Incorporated herein by reference to Appendix B to the Company’s Definitive Proxy Statement on Schedule 14A filed April 26, 2016 (file no. 1-12273).
v) Incorporated herein by reference to Exhibit 10.20 to the Company’s Annual Report on Form 10-K filed February 27, 2017 (file no. 1-12273).
w) Incorporated herein by reference to Exhibit 10.16 to the Company’s Annual Report on Form 10-K filed February 25, 2019 (file no. 1-12273).
x) Incorporated herein by reference to Exhibit 10.22 to the Company’s Annual Report on Form 10-K filed February 23, 2018 (file no. 1-12273).
y) Incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed November 26, 2019 (file no. 1-12273).
z) Incorporated herein by reference to Exhibits 10.1, 10.2, 10.3, and 10.4 to the Company’s Current Report on Form 8-K filed June 14, 2021 (file no. 1-12273).
aa) Incorporated herein by reference to Exhibit 10.22 to the Company’s Annual Report on Form 10-K filed February 22, 2024 (file no. 1-12273).
bb) Incorporated herein by reference to Exhibits 10.1, 10.2, and 10.3 to the Company’s Quarterly Report on Form 10-Q filed May 3, 2024 (file no. 1-12273).
cc) Incorporated herein by reference to Exhibits 10.1, 10.2, 10.3, and 10.4 to the Company’s Quarterly Report on Form 10-Q filed May 2, 2025 (file no. 1-12273).
dd) Incorporated herein by reference to Exhibits 10.5, 10.6, and 10.7 to the Company’s Quarterly Report on Form 10-Q filed August 5, 2021 (file no. 1-12273).
ee) Incorporated herein by reference to Exhibits 10.1 and 10.2 to the Company’s Quarterly Report on Form 10-Q filed August 1, 2025 (file no. 1-12273).
ff) Incorporated herein by reference to Exhibits 10.1 and 10.2 to the Company’s Quarterly Report on Form 10-Q filed October 31, 2025 (file no. 1-12273).
gg) Incorporated herein by reference to Exhibit 97.1 to the Company’s Annual Report on Form 10-K filed February 22, 2024 (file no. 1-12273).

ITEM 16.     FORM 10-K SUMMARY

None.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized .

ROPER TECHNOLOGIES, INC.
(Registrant)
By: /s/ L. Neil Hunn February 24, 2026
  L. Neil Hunn, President and Chief Executive Officer  

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ L. NEIL HUNN   President and Chief Executive Officer February 24, 2026
L. Neil Hunn   (Principal Executive Officer)  
       
/s/ JASON P. CONLEY   Executive Vice President and Chief Financial Officer February 24, 2026
Jason P. Conley   (Principal Financial Officer)  
       
/s/ BRANDON CROSS   Vice President and Corporate Controller February 24, 2026
Brandon Cross   (Principal Accounting Officer)  
       
/s/ AMY WOODS BRINKLEY Chair of the Board of Directors February 24, 2026
Amy Woods Brinkley
   
/s/ SHELLYE L. ARCHAMBEAU   Director February 24, 2026
Shellye L. Archambeau  
   
/s/ IRENE M. ESTEVES   Director February 24, 2026
Irene M. Esteves      
       
/s/ ROBERT D. JOHNSON   Director February 24, 2026
Robert D. Johnson      
   
/s/ THOMAS P. JOYCE, JR. Director February 24, 2026
Thomas P. Joyce, Jr.

/s/ JOHN F. MURPHY Director February 24, 2026
John F. Murphy
   
/s/ LAURA G. THATCHER   Director February 24, 2026
Laura G. Thatcher      
       
/s/ RICHARD F. WALLMAN   Director February 24, 2026
Richard F. Wallman      

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