Nathan Jones

There was a lot of inflation, and I assume that there's a lot of metal in a lot of their products as well. And a fair amount of that kind of growth was probably driven by price as well

You guys said you're expecting steel prices to be up 10%. Can you just clarify what that means? Is that like average 2026 over average 2025, or are you expecting steel price to increase from where ...

It sounded a little bit to me like lean outside the 4 walls is somewhere that you see an opportunity

it would seem that maybe there's some margin upside there from price versus what you're seeing from tariffs

Just any more color you can give us on what you're expecting from that in 2025, kind of how you've addressed that in the guidance

Maybe you can talk a little bit more about the pieces of that, that you -- where you're not seeing some improvement and maybe what you think is required to get those businesses going in the right d...

You've seen good positive growth for the last 3 quarters and the incremental margins have been in the low 30s

Maybe you could talk about what you're looking to accomplish with that in 2026

Should we expect a continuation of that in 2026, and what's the plan for share repurchase 2026

Is part of the plan here to be more of a serial repurchaser of stock going forward

I think there are opportunities for you guys to take some more cost out of those businesses, maybe combining some rooftops

We are starting to get a bit more clarity on trade and tariffs. Maybe you can just talk about that as a catalyst for getting some more decision-making going on that front

You have cut the guidance -- full year margin guidance by 100 basis points, which kind of implies 200 basis points in the back half

I'm hoping you could just go into a little more detail and explain the rationale behind it and what you think the benefits are going to be

kind of implies that market has not seen tariff impacts or pricing impacts yet. Is that fair?

start off with the back on the Q1 guide and specifically the $40 million projects that shipped in the fourth quarter

Any color on how you're expecting that you know, minus 3% to 4% to play out across the segments

Can you talk about any changes you've seen there

how rising energy prices or high energy prices impacted the business back there

does the guide actually anticipate volumes turning positive

Can you talk about what that is telling you in various regions

has that alleviated at all? Or do you still see that as a headwind

Can you talk about any changes that you've seen there in aggregate for the business

accelerated depreciation that's in the BBB

any kind of color you can give us on if there are larger bolt-ons out there that you could use to build that more rapidly

Do these things start to impact customers' go, no-go decisions on projects, because the return metrics for their investments

fiscal stimulus announcements in Europe and Germany specifically, you probably get to more of that

Is that kind of uncertainty around what U.S. policy impact might be in places like Europe, China, Canada, Mexico

What do you need to see as a catalyst to get these decisions made and get these projects moving forward at a better rate

tight capacity on engineering, site preparations, those kinds of things holding back some of those projects moving forward

many years ago, probably up to nearly a decade ago, the OEM margins on at least some of the components that went into the gas turbine business were pretty low

Can you talk about kind of the impact you're expecting eighty-twenty to have in 2026 on organic growth? Is it a headwind? Is it a tailwind?

Can you talk about how you've approached pricing for, you know, kind of normal 2026 price increases, whether you pulled back a little bit on that

I'd be very interested to hear a little bit more about the 8020 focus on Quad 1 and what kind of growth initiatives you're putting in there.

You're obviously into the prebuy season, and that gives you, you know, some visibility into what your customers are expecting in 2026.

I wanted to ask a question on a bit more of the longer cycle, more CapEx-driven businesses, which I think probably mostly sit in flow

Are there places where you see either risks or opportunities given an advantaged or disadvantaged supply chain relative to your competitors?

Are there already plans enacted to move more of that supply chain out of China? Can you get the whole lot out of China?

Can you talk about what would get you to the low end of that range, what would get you to the high end of that range?

Is there incremental profitability that drops through from that, that contributes to the margin expansion and that maybe offset some price that maybe you don't take?

it's 3.3% of price in PQI. I assume that's obviously skewed to North America given the tariff environment. So there's a pretty heavy pricing in PQI there. Maybe you could just talk a little bit mor...

6 months ago when tariffs had just been announced, you were pretty excited about the potential for Veralto to use the disruption from tariffs to gain market share. I'm wondering if 6 months later, ...

Can you talk about how you view that as an opportunity for increased spending by water utilities in the U.K.

can you update us on your thoughts around where you believe Veralto is competitively advantaged?

are there places where you see this as an opportunity to either use that better positioning to gain market share

Just wondering if you can comment on is that's structurally high now or is it a one-off this year

When comparing the margin expansion in '24 with '25, ramped up R&D investments to 40 basis points

Maybe a little bit more color on what the cause of those pushing out are, if you have any insights there.

You guys have talked you know, up to 10% of revenue being you know, a candidate potential candidate for divestiture.

You had seen customers looking to destock inventory on the water side in the first half, which I think you anticipated coming to an end about midyear.

Investors are concerned that funding for utilities under the Trump administration is going to decline.

can you talk about how you've changed the internal organization of the company at and what impact you're looking for

are there parts of the portfolio where tariffs leave you either better or worse off relative to competitors?

Are you able to comment on the potential to see opportunities to do some more restructuring in '26 or '27

I think you said $75 million that you'll realize in benefits in 2025, which is about 90 basis points of margin expansion