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ITT Inc. (NYSE: ITT) Q2 2025 Form 10-Q highlights

• Revenue rose 7.3% YoY to $972.4 m; six-month revenue +3.8% to $1.89 bn.
• Gross margin widened 70 bp to 35.7%; operating income $175.1 m (+9.6%) lifted operating margin to 18.0%.
• Diluted EPS $1.52 (+4.8%); YTD EPS $2.85 (+1.8%). Higher ETR (25.9% vs 21.5%) contained net-income growth.
• Segment mix: Motion Technologies 鈥�5% revenue; Industrial Process +8%; Connect & Control Technologies +31%. All segments posted higher margins (MT 19.5%, IP 21.5%, CCT 17.8%).
• Backlog $1.90 bn; ~$1.1 bn targeted for 2H-25 conversion.
• Operating cash flow up 24% to $267 m; cap-ex $53 m (2.8% of sales).
• Balance sheet: cash $468 m; total debt $1.07 bn (vs $0.66 bn FY-24) after drawing a $750 m two-year term loan. Net leverage remains within 3.5脳 covenant.
• Shareholder returns: $501 m buybacks (3.7 m shares) and $56 m dividends; $475 m capacity left under $1 bn program.
• Accounting change to FIFO added $16 m to retained earnings.
• Restructuring charges YTD $9.7 m; interest expense +70% YoY to $12.6 m.

Outlook: Management emphasizes margin expansion and deleveraging; no quantitative guidance provided.

Air Products & Chemicals, Inc. (APD) filed a Form 8-K to furnish its Q3 FY 2025 earnings press release (Exhibit 99.1) dated 31 July 2025. No financial figures are included in the filing itself; investors must consult the attached press release for revenue, EPS and guidance details. The 8-K clarifies the information is being furnished鈥攏ot filed鈥攗nder Item 2.02, limiting Exchange Act liability and incorporation by reference. Standard disclosures list the company鈥檚 registered debt securities and confirm it is not an emerging growth company. CFO Melissa N. Schaeffer signed the report.

A Form 4 filed on 07/08/2025 discloses that Stephen Neeleman, founder, Vice-Chairman and director of HealthEquity, Inc. (HQY), disposed of 1,049 common shares on 07/03/2025 at an average price of $100.8721 under transaction code "F", indicating shares were withheld to satisfy taxes or exercise costs rather than an open-market sale.

After the withholding, Neeleman continues to hold 112,593 shares directly and 756,235 shares indirectly through a trust and family LLC, leaving his total ownership at approximately 868,828 shares. The disposition equals roughly 0.12 % of his aggregate holdings, suggesting no material change in insider alignment.

Table II shows three fully vested option grants with strike prices of $41.28, $61.72 and $73.61, covering a combined 49,462 shares that remain outstanding and immediately exercisable.

No other share sales, purchases or derivative exercises were reported. Given the small size and tax-related nature of the transaction, the filing is operationally and financially immaterial for HQY shareholders.

JPMorgan Chase Financial Company LLC is issuing $89,000 of Step-Up Auto Callable Notes linked to the proprietary J.P. Morgan Dynamic BlendSM Index (ticker: JPUSDYBL). The notes priced on 30 Jun 2025, settle 3 Jul 2025, and mature 6 Jul 2028 unless called earlier.

Economic terms

• Denomination: $1,000; CUSIP 48136EPU3.
• Automatic call if the Index closes at or above the Call Value on a review date: 100.5% of initial on 30 Jun 2026 (10% premium) or 101% on 30 Jun 2027 (20% premium).
• If not called, maturity payment equals principal plus 100% of any positive Index return; downside is floored at par.
• No periodic coupons; investors forgo interim income.
• Price to public = $1,000; estimated value = $957.40 (reflecting dealer fees and hedging costs).

Underlying index 鈥� a rules-based strategy that reallocates daily between an S&P 500 futures index and 2-year U.S. Treasury futures to target 3% volatility, less a 0.95% annual index deduction. Low volatility targeting means the strategy may hold large bond exposure, potentially muting equity upside.

Risk & structural considerations

• The notes are unsecured obligations of JPMorgan Financial and are fully and unconditionally guaranteed by JPMorgan Chase & Co.; repayment depends on their creditworthiness.
• No listing is planned; secondary liquidity will rely on dealer bids that are expected to be below the issue price.
• Tax counsel expects contingent payment debt instrument treatment, requiring holders to accrue OID at a 5.22% comparable yield.

The product targets investors comfortable with a potential three-year hold, willing to exchange liquidity and interest income for principal protection, limited call premiums, and uncapped participation in any index appreciation at maturity.

JPMorgan Chase Financial Company LLC is issuing $89,000 of Step-Up Auto Callable Notes linked to the proprietary J.P. Morgan Dynamic BlendSM Index (ticker: JPUSDYBL). The notes priced on 30 Jun 2025, settle 3 Jul 2025, and mature 6 Jul 2028 unless called earlier.

Economic terms

• Denomination: $1,000; CUSIP 48136EPU3.
• Automatic call if the Index closes at or above the Call Value on a review date: 100.5% of initial on 30 Jun 2026 (10% premium) or 101% on 30 Jun 2027 (20% premium).
• If not called, maturity payment equals principal plus 100% of any positive Index return; downside is floored at par.
• No periodic coupons; investors forgo interim income.
• Price to public = $1,000; estimated value = $957.40 (reflecting dealer fees and hedging costs).

Underlying index 鈥� a rules-based strategy that reallocates daily between an S&P 500 futures index and 2-year U.S. Treasury futures to target 3% volatility, less a 0.95% annual index deduction. Low volatility targeting means the strategy may hold large bond exposure, potentially muting equity upside.

Risk & structural considerations

• The notes are unsecured obligations of JPMorgan Financial and are fully and unconditionally guaranteed by JPMorgan Chase & Co.; repayment depends on their creditworthiness.
• No listing is planned; secondary liquidity will rely on dealer bids that are expected to be below the issue price.
• Tax counsel expects contingent payment debt instrument treatment, requiring holders to accrue OID at a 5.22% comparable yield.

The product targets investors comfortable with a potential three-year hold, willing to exchange liquidity and interest income for principal protection, limited call premiums, and uncapped participation in any index appreciation at maturity.

Air Products & Chemicals, Inc. (APD) 鈥� Form 4 insider filing

Director Jessica Graziano reported the acquisition of 149.1473 phantom stock units on 30 June 2025 under the company鈥檚 Deferred Compensation Program for Directors, which operates within the Long-Term Incentive Plan. Phantom units carry a conversion value of one common share per unit and were recorded at $0.00 exercise price, reflecting their nature as deferred compensation rather than an open-market purchase. Following the grant, Graziano now beneficially owns 2,027.2094 phantom stock units, to be settled in APD common stock when board service ends, in either a lump sum or up to ten instalments as previously elected. The filing was signed on 2 July 2025.

No derivative sales, open-market purchases or changes in direct common-share ownership were disclosed. Given APD鈥檚 large market capitalisation, the transaction size is immaterial from a valuation standpoint but does marginally increase insider alignment through deferred equity.