福斯 2025年度报告

2025 Annual Report FINANCIAL HIGHLIGHTS John L. GarrisonNon-Executive Chairmanof the Board R. SCOTT ROWEPresident andChief Executive Officer TO OUR SHAREHOLDERS: Flowserve delivered another year of strong performance in 2025, building on the momentum established overthe past several years and reinforcing the strength of our strategy and operating model. Through disciplinedexecution, continued customer focus, and the expanding impact of the Flowserve Business System, weadvanced priorities while creating meaningful value for our shareholders. Sustained Momentum Through Strategy Our 3D strategy guided our growth in attractive, durable markets. In 2025, demand across these strategicareas remained strong, reflecting the resilience of our portfolio and the relevance of Flowserve’s solutions incritical industries worldwide. As customers navigate complex operational and energy challenges, we are wellpositioned to deliver reliable, differentiated solutions that meet today’s needs while preparing for the future. This strength is evident in end markets where reliability and lifecycle performance matter most. Nuclear poweris one such example, where Flowserve’s technical depth, installed base, and aftermarket strength align closelywith customer demand, and the market remains an important area of growth for the company. The Flowserve Business System in Action The Flowserve Business System is increasingly embedded in how we operate and deliver results. Built aroundfive disciplines—People Excellence, Operational Excellence, Portfolio Excellence, Commercial Excellence,and Innovation Excellence—the Business System provides a structured approach to drive consistency andperformance across the enterprise. In 2025, we made measurable progress across these disciplines. Operational Excellence initiatives improvedproductivity and delivery performance across our facilities, while Portfolio Excellence—anchored by our CORE80/20 methodology—sharpened our focus on the products that drive the greatest value. At the same time,we continued strengthening our commercial capabilities, investing in innovation, and developing our talent tosupport long-term competitiveness. Financial Performance Highlights •Aftermarket momentum:Consecutive growth in aftermarket bookings each quarter in 2025, with fourthquarter marking our seventh consecutive quarter above $600 million. Full-year aftermarket bookingstotaled$2.6 billion, up 9% year over year.•Focused end-market growth:Nuclear bookings of$400 million, advancing one of our key growth areas.•Execution discipline:Full mitigation of tariff impacts through targeted supply chain and pricing actions,while maintaining a high level of service for customers.•Margin expansion:Flowserve achievedlong-term margin targets two years ahead of plan. Driving Value and Elevating Our Impact Our performance in 2025 reflects both strategic and operational discipline. We remain focused onprofitable growth, margin expansion, and strong cash flow—outcomes that support sustained valuedcreation for our shareholders. With strong momentum, we are also looking ahead to how we further strengthen Flowserve for the future.Building on our proven strategy and the Flowserve Business System, we are refining how we articulate ourfocus, priorities, and long-term ambition—ensuring clarity for our associates, customers, and our shareholders.This evolution is grounded in what is already working and reflects our commitment to sustaining performancewhile positioning the company for long-term value creation. Looking Ahead As we look forward, we remain confident in our direction and energized by the opportunities ahead. Thecombination of our people, our strategy, and the Flowserve Business System gives us a strong foundation tocontinue building momentum in 2026 and beyond. On behalf of the Board of Directors and our associates worldwide, thank you for your continued trust and support. “With strong momentum, we are also looking ahead to how we furtherstrengthen Flowserve for the future. Building on our proven strategyand the Flowserve Business System, we are refining how we articulateour focus, priorities, and long-term ambition—ensuring clarity for ourassociates, customers, and our shareholders. This evolution is groundedin what is already working and reflects our commitment to sustainingperformance while positioning the company for long-term value creation.” UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549Form 10-K ☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THEFISCAL YEAR ENDED DECEMBER 31, 2025 OR □TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FORTHE TRANSITION PERIOD FROMTO. Commission file number 1-13179FLOWSERVE CORPORATION (Exact name of registrant as specified in its charter) (972) 443-6500(Registrant’s telephone number, including area code)Securities registered pursuant to Section 12(b) of the Act: I