My name is Daryl, and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to Fortive Corporation's Second Quarter 2026 Earnings Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during that time, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, please press star then the number two. I would now like to turn the call over to Ms. Christina Jones, Vice President of Investor Relations. Ms. Jones, you may begin your conference. Thank you, and thank you everyone for joining us on today's call. I am joined today by Olumide Soroye, Fortive's President and CEO, Mark Okerstrom, Fortive's CFO. During today's call, we present certain non-GAAP financial measures. Information required by Regulation G is available on the investors section of our website at fortive.com. We will also make forward-looking statements, including statements regarding events or developments that we expect or anticipate will or may occur in the future. These forward-looking statements are subject to a number of risks, actual results might differ materially from any forward-looking statements that we make today. Information regarding these risk factors is available in our SEC filings, including our annual report on Form 10-K and the subsequent quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date that they are made, we do not assume any obligation to update any forward-looking statements. Our statements on period-to-period increases or decreases refer to year-over-year comparisons unless otherwise specified. Our results and outlook discussed today are on a continuing operations basis. With that, I'll turn the call over to Olumide. Thank you, Christina, and thank you all for joining our call today. Let me begin on slide three. Q2 marked another quarter of strong results and execution of the Fortive Accelerated strategy by our Fortive team. Four key messages from the quarter. First, our teams delivered strong financial performance across both segments. On a consolidated basis, we delivered core revenue growth of 6.7%, adjusted EBITDA growth of 12%, and adjusted EPS growth of 28%. Importantly, our results reflect continued progress on our objective of driving faster profitable organic growth powered by our Fortive Business System Amplified. Second, we remain disciplined in our capital allocation approach with relentless focus on optimizing shareholder returns over the medium to long term. This quarter, we executed a small bolt-on acquisition and deployed another roughly $200 million to share repurchases, bringing total share repurchases since our launch of New Fortive a year ago to approximately 38 million shares or 11% of shares outstanding. Third, we continued to execute our Fortive Accelerated strategy, we are pleased to see evidence that our investments in innovation, commercial, and recurring customer value are contributing to accelerating growth, margin expansion, and earnings performance, reinforcing our confidence in our medium-term financial framework and value creation opportunity. Finally, we are raising our full-year 2026 adjusted EPS guidance to $2.95- $3.05, reflecting our solid first-half performance and our confidence in the trajectory of the business. Moving to slide four. Let me highlight some of the progress we are making in executing the three pillars of our Fortive Accelerated strategy. Starting with the first pillar, delivering faster profitable organic growth. Overall, we remain encouraged by the progress we're seeing across innovation, commercial, and recurring customer value, all of which are building the foundation for durable, faster organic growth. This quarter, our accelerating innovation velocity again translated into faster growth. At Fluke, our innovation funnel is steadily expanding with new product introductions tightly aligned to strategic growth areas such as data centers, defense, and early-in-career technicians. Demand for CertiFiber Max continues to exceed expectations, helping establish Fluke's position in the rapidly growing data center commissioning and maintenance market and driving pull-through of the broader Fluke portfolio into this high-growth area. In Facilities and Asset Lifecycle Solutions, we are expanding our AI-enabled predictive maintenance portfolio, our ServiceChannel, and Accruent, including tools that help field service technicians diagnose and fix issues more accurately in the field. At Gordian, our Flash AI solution, launched in Q1, is now in production across many of our strategic accounts and running well above plan, cutting construction cost estimating time from days to minutes and creating measurable value for customers and for Gordian. In healthcare, ASP received FDA clearance for our 50 lbs expanded STERRAD load capacity, further strengthening our position in robotic-assisted surgery applications, one of the faster-growing areas within the operating room environment. On the commercial side, we maintained our focus on faster-growing end markets and regions where we've made deliberate targeted investments to capture growth. At Fluke, investments in data center expertise drove incremental demand for our networks, power quality, and battery testing product lines. Additionally, we continue to see strong momentum in India, where our localized service and support investments are strengthening customer relationships and helping drive growth. ServiceChannel is investing in commercial and marketing resources across Europe to capture the meaningful international opportunity in the business. At Gordian, our investment in growing contractor engagement is reinforcing the competitive differentiation of our two-sided procurement marketplace. In healthcare, we continue to deepen our engagement with enterprise health systems and ambulatory surgical center networks through coordinated commercial efforts across ASP, Censis, and our other Advanced Healthcare Solutions operating brands. On our recurring customer value initiatives, we made further progress on deepening customer life cycle engagement and improving revenue durability. In Q2, recurring revenue growth remained strong across both segments. At Fluke, recurring revenue growth was driven by strong performance in services and software offerings. Early customer feedback on AI-enabled capabilities recently introduced within Fluke's eMaint platform has been very encouraging. ASP consumables and services had another quarter of strong growth, with solid growth contributions from every major region. Moving to the second pillar, disciplined capital allocation is an integral component of our Fortive Accelerated strategy. Consistent with our priorities, we deployed another roughly $200 million to share repurchases in Q2. Since the spin-off, we have deployed nearly $2 billion to share repurchases, representing 38 million shares or approximately 11% of diluted shares outstanding. Our revamped bolt-on M&A engine and team is now in place, we are continually evaluating opportunities for high-quality, accretive bolt-on acquisitions that meet our rigorous strategic and financial criteria. This quarter, we completed the acquisition of a majority stake in UV Smart, an innovative company whose complementary UVC high-level disinfection technology expands ASP's portfolio and enables more efficient disinfection of specialized instruments. Looking forward, our capital allocation priorities remain clear: invest in organic growth, pursue bolt-on M&A where risk-adjusted returns exceed other uses of capital, return capital through share repurchases, and maintain a modest growing dividend, all with a focus on best relative returns and maximizing medium to long-term shareholder value. Moving to our final pillar, building and maintaining investor trust. We are pleased to deliver strong performance ahead of expectations for a fourth consecutive quarter as New Fortive. We remain laser-focused on executing against our 2026 financial and strategic plan and continue to have strong confidence in our medium-term financial framework that we shared at our last Investor Day. With that, I'll turn it over to Mark to walk through our financial results for the second quarter in more detail. Thanks, Olumide. I'll begin with slide five. In the second quarter, we delivered total revenue of nearly $1.1 billion, up almost 8% year-over-year on a reported basis, and up 6.7% on a core basis. We were pleased to see price and volume growth again in both segments, with results driven by healthy customer demand and strong commercial and operational execution across the portfolio. Software-related revenue remained a meaningful contributor to growth in the quarter, reflecting the underlying strength of our businesses and robust customer demand for our increasingly AI-driven new product releases. Regarding core growth by geography, North America saw a modest sequential acceleration in Q2 and continues to be our strongest performing region. Revenue in the Europe, Middle East, and Africa region declined modestly due to macroeconomic uncertainty associated with heightened geopolitical tensions and continued economic softness across the region. Pressure in EMEA was more than offset by year-over-year growth and sequential acceleration in APAC and LATAM, driven by strong demand for professional instrumentation and healthcare consumables. Adjusted gross margin was 63% in the quarter, down approximately 100 basis points year-over-year. Adjusted gross margin performance was primarily driven by product mix dynamics resulting from outsized growth in certain lower-margin products, partially offset by operating leverage. Note that tariffs had a minimal impact this quarter as the prior year Q2 also reflected tariff-related costs for most of the period. Q2 adjusted EBITDA was $323 million, up 12% year-over-year. This strong performance was driven by adjusted gross profit growth, operating leverage, and discrete structural cost savings, partially offset by growth investments to support our Fortive Accelerated strategy. Adjusted EBITDA margin in the quarter expanded by approximately 110 basis points year-over-year to 29.5%. We delivered adjusted earnings per share of $0.74 in Q2, up over 28% year-over-year, marking our fourth consecutive quarter of double-digit adjusted EPS growth. Strong adjusted EPS performance in Q2 was driven by growth in adjusted EBITDA and the positive year-over-year impact of share repurchases. We generated roughly $270 million of free cash flow in the second quarter, with our trailing 12-month free cash flow topping $1 billion with conversion on net income well north of 100%. Please note that during the quarter, we recognized a $4.5 million IEEPA tariff refund benefit in GAAP earnings. We expect another roughly $20 million-$25 million of tariff refunds in the coming quarters. To help investors more easily compare results across periods, we exclude the impact of IEEPA tariff refunds from our adjusted metrics and expect to continue doing so going forward. The cash benefit is very real and will be deployed using our disciplined capital allocation framework. Moving to our segment results, starting with Intelligent Operating Solutions on slide six. Revenue for the segment grew about 9% on a reported basis, with core revenue growth of 7.4%, and we are pleased to see broad momentum continue across the segment. Core growth was driven by both price and volume, reflecting solid performance across professional instrumentation, Facilities and Asset Lifecycle solutions, and gas detection products. At Fluke, order volume remained strong, with order growth modestly outpacing revenue growth during the quarter. Customer demand continues to be robust across our industry-leading portfolio and across a broad set of geographies. Our Fluke team executed with discipline across the board while increasing investments aimed at further tapping into key high-growth end markets, including data centers and defense. North America remained our strongest growth driver, with broad-based contributions across product lines. While performance in Europe was affected by macroeconomic uncertainty, this was more than offset by strong growth in APAC and LATAM, where increased commercial investments in strategic growth markets are yielding promising early results. Growth in Facilities and Asset Lifecycle solutions was strong again in Q2, led by strong performance in multi-site facility maintenance and marketplace software in North America. We continue to see evidence that our commercial and innovation investments are driving increased demand for our increasingly AI-enhanced products. Our gas detection business is growing nicely, buoyed by strong demand for our hardware-as-a-service product line in North America, the Middle East, and in Latin America. Adjusted gross margin in the segment was just over 65%, down about 100 basis points year-over-year, primarily due to strong growth for some of our lower-margin products serving multi-site retail customers, partially offset by operating leverage. Q2 adjusted EBITDA in the segment grew 12% to $264 million, driven by adjusted gross profit growth, operating leverage, and discrete structural cost savings, partially offset by growth investments. Adjusted EBITDA margin for Q2 expanded by about 100 basis points year-over-year to just under 35%. Moving to our Advanced Healthcare Solutions segment on slide seven, we delivered total revenue of nearly $340 million. Revenue grew 6% year-over-year and 5.3% on a core basis. Q2 growth was driven by solid demand for healthcare consumables, services, and software in Latin America, APAC, and North America. Our software products in the segment continued to deliver strong growth, driven by effective execution and strong provider demand for our gastrointestinal case documentation solution. Low-temperature sterilization capital demand improved modestly again in Q2 and contributed to growth. Adjusted gross margin in the segment was roughly 58%, down about 110 basis points year-over-year, reflecting product mix dynamics and strategic growth investments, partially offset by operating leverage. Q2 adjusted EBITDA in the segment was $88 million, up approximately 3% year-over-year, driven by adjusted gross profit growth, operating leverage, and discrete structural cost savings, partially offset by growth investments. Adjusted EBITDA margin contracted by about 80 basis points year-over-year, while remaining a healthy 26%. Turning to slide eight. Our balance sheet remains strong. We finished the quarter at 2.7x gross debt to adjusted EBITDA, modestly delevering from last quarter. As noted earlier, we deployed roughly $200 million to share repurchases in the second quarter, reflecting our continued focus on deploying capital with a laser focus on driving best relative risk-adjusted returns and confidence in our ability to deliver on our value creation plan. As a result, we had approximately 307 million diluted shares outstanding at the end of Q2. In terms of M&A, we completed the acquisition of a majority stake in UV Smart towards the end of Q2, and the execution of our value creation plans for the two small bolt-on acquisitions we completed in Q4 of last year are both going according to plan. We continue to evaluate high-quality, accretive bolt-on deals that meet our rigorous strategic and financial criteria and deliver superior returns relative to alternative uses of capital. We now have the team and processes in place to execute effectively on our M&A strategy. We have a healthy balance sheet and a growing business with high durability, strong margins, low capital intensity, and very attractive free cash flow generation characteristics. All of this gives us ample capacity to execute on our capital allocation priorities with a relentless focus on optimizing shareholder returns over the medium to long term. Moving to slide nine. We are raising our full year 2026 adjusted EPS guidance range to $2.95-$3.05, reflecting solid first half performance and confidence in the trajectory of the business. This outlook assumes a continuation of the market dynamics we experienced in Q2 and reflects current tariff rates. Let me provide some additional considerations to assist with modeling. Based on current foreign exchange rates, we now expect full-year reported revenue of approximately $4.35 billion. Given solid performance to date, we now expect full-year core growth of approximately 4%, up from our prior expectation of 2%-3%. In terms of the shape of the balance of the year, we expect Q3 reported revenue as a percent of total to be broadly in line with historical patterns, while Q4 will be a smaller than usual percentage due to there being four fewer selling days in the quarter versus prior year. As we mentioned last quarter, this will also drive about a $15 million-$20 million headwind to reported revenue and a 150 basis point headwind to core growth in Q4. We expect FX and M&A combined to be about a 50 basis point tailwind to reported revenue in each of Q3 and Q4. We are expecting Q3 adjusted EBITDA margins to be slightly below Q2 levels, driven by slightly lower revenue on an absolute basis and the impact of modest strategic growth investments. On a year-over-year basis, EBITDA margin trends will also be impacted by a more difficult Q3 OpEx comparable. We now expect a Q3 effective tax rate in the mid-teens and Q4 in the low double-digit range, and full-year net interest expense of about $140 million. From a bottom-line perspective, as we look forward to the balance of the year, as has historically been the case, we expect adjusted EPS delivery to be weighted towards the fourth quarter, with Q3 EPS up very slightly year-over-year, as we said last quarter, broadly consistent with what we saw in the first quarter of this year. As the balance of the year unfolds, we continue to execute on our Fortive Accelerated strategy, quarterly phasing may evolve. As a final note, before turning it back to Olumide for closing remarks and Q&A, our first half results reinforce our confidence in the Fortive Accelerated strategy and the financial framework we outlined at our last Investor Day. We remain focused on delivering benchmark-beating returns for our shareholders. I'll now turn it back over to Olumide. Thanks, Mark. Let me close with a few observations on the quarter and where we are headed. Q2 represented another strong quarter of performance. We delivered 6.7% core growth, approximately 12% adjusted EBITDA growth, and 28% adjusted EPS growth, our fourth consecutive quarter of delivering double-digit adjusted EPS growth and exceeding expectations. One year after our launch of New Fortive, we are generating momentum from our Fortive Accelerated strategy, and our confidence in the 2026-2027 financial framework we outlined at our last Investor Day is fully intact. We are pleased with the progress we have made. We believe we are still in the early stages of realizing Fortive's full potential. We are excited about the value creation runway ahead of us. I want to thank our customers for placing their trust in us every day, and all our Fortive team members around the world for their commitment to our shared purpose of innovating essential technologies to keep our world safe and productive. With that, I'll turn it back to Christina to open the call for questions. Thanks, Olumide. That concludes our prepared remarks. We are now ready for questions. Thank you. We'll now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for your questions. Our first questions come from the line of Scott Davis with Melius Research. Please proceed with your questions. Hey, Olumide, Mark, and Christina. Good morning. I think it's still morning there, so good morning to you. Morning. I wanted to touch on two things. The first being new products and the second one being bolt-ons. New products, is it something, when you talk about NPIs and you think about the KPIs around that that you guys look at internally, are new products having a tangible impact on top-line growth? Sometimes you see it in price, or you see it in margins because you're selling something that's iterative. Is there a tangible sign at least that you think you're getting a return there? Scott, thanks for the question. I think short answer is yes, absolutely. We've been really clear in our Fortive Accelerated Strategy that there are three vectors that would drive this company to grow faster. The first of those is innovation and new products, second's commercial, and the third's recurring customer value, which means we do more for the 100,000 customers we have that trust us every day. And what we've seen, really, is from a product innovation point of view, all 10 of our brands have really been introducing products and have a funnel of new products that's deeper and richer than they've ever had. And that's also more pointed at really high growth vectors. The fact that we're growing 6.7% core this quarter in Q2, and we've been accelerating the last four quarters, that certainly has had the fingerprints of those new products on it. We've talked about some examples of those at Fluke with CertiFiber Max, at ServiceChannel with some of the exciting AI-enabled innovation we've introduced for work order anomaly detection and conversational work order completion and other things. So short answer is yes. And as you can imagine knowing us well, we have extensive instrumentation on how we track the portfolio of new products and each individual product in terms of what we expect and what we're delivering, and we feel quite good about what we're getting out of them. Okay. Fair enough. And then on the bolt-on side, are there-- I don't know what proper word to use here. This is my fourth call of the day, and my brain's starting to fry. Are there limitations, meaning particular businesses that you would not want to bolt on to? Areas that you have limited interest in expanding? Are you looking at bolt-ons across the entire portfolio, software, not software, healthcare, non-healthcare? Just any sense of kind of priorities there and where we might expect to see the lion's share of bolt-ons. Yeah. First of all, we have a much simpler portfolio. It's really quite interesting, because if you think about the company today, Fluke is more than 40% of what we do. BizNet, ASP is another really big chunk of what we do. And then there's the rest of the company. If you think about just the surface area we have to look for bolt-ons in, it certainly would skew towards our strongest platforms. I'll use Fluke as an example of those, and ASP as a good example as well. While we don't exclude any area, we're generally building a funnel that's sort of looking at what's available and what's strategically and financially interesting for each of our brands. You're going to see us skew towards our strongest brands. On your point about software, I mentioned this, I think, a few calls ago. We like the software brands we have because of the attributes they have around proprietary data and regulatory lock-in and two-sided networks. If we're looking to bolt on anything, that thing has to have those attributes that we like as well, and has to be at a financial proposition that fits our criteria in terms of returns. Software bolt-ons are possible, it's a very narrow path to find something that works and is affordable. That's the way we think about it. We build a funnel, I think if you think about what's going to come out as executed deals, you'll see them skew towards our biggest brands where we're strongest, and probably less towards software and more towards differentiated hardware businesses. Yeah, that makes a lot of sense. Okay, I'll pass it on. Best of luck. I appreciate it. Thanks, Scott. Thank you. Our next questions come from the line of Nigel Coe with Wolfe Research. Please proceed with your questions. Thanks. Good morning, everyone. Thanks for the question. I know that Christina will do the great job of kind of sending an email with all the modeling items. Just wanted to clarify your comments on 3Q, Mark. Do we have revenues and margin down modestly sequentially? I think that'd be normal seasonality. Just wanted to clarify that. It seems like there's some moving pieces on the tax between 3Q and 4Q. I think you said high teens in 3Q. That's now mid-teens, and 4Q is looking to be a bit higher. Are we still on that path for mid-teens tax rates for the full year? I think you've got it entirely right. I think normal seasonality, as we said, Q3 revenue would track in the normal path, and that would be a sequential step down. Along with the commentary we made on adjusted EBITDA margins. Absolutely right on the tax rate. We are continuing to expect something in the mid-teens on a full year basis. Mid-teens in Q3 and low double digits in the fourth quarter. Okay. That's great, Mark. Just want to clarify that. Maybe just elaborate a little bit more on the mix headwinds that you called out, especially within ASP. Just wanted to understand how persistent that is. Just kind of beyond that, maybe just talk about memory chip inflation. I think you might have touched on this last quarter. Is that weighing on conversion rates in the back half of the year to any degree? Sure. Happy to take both of those. Gross margin, yes, again, mix shift was a big driver in both segments, specifically in AHS, as you called out. We saw mix shift driven in part by just resumed growth in the capital part of ASP. They also made some strategic investments against some larger accounts that also impacted gross margins in the quarter. Overall, just as a reminder, mix shift was predominantly impacting gross margins in IOS as a result of strength and high growth in one of our lower margin products. It's a strategic product in service channels, particularly. With respect to inflation generally and memory chips, I'd say FBS is incredibly good at offsetting these, and we certainly had price cost was positive for us in the quarter. On the margin, there are projects that the teams are working on to make sure that we have multiple sources for things, as some things like rare earths and memory chips become harder to come by. It's not a material factor that you would notice in our results at this point in terms of converting orders and backlog to revenue. It is something that we're actively working to countermeasure. Okay. Thanks, Mark. Also want to say props for adjusting out the tariff benefits. Makes life a lot easier. Thanks a lot. Thank you. That's our goal. Make your life easier. Thank you. Our next questions come from the line of Deane Dray with RBC Capital Markets. Please proceed with your questions. Thank you. Good day, everyone. Good day. Hey, Olumide, I really was interested in your prepared remarks today, where you walked through all of the different new AI products i n your software offerings, this is, as far as we're concerned, really important proof points on the AI as an asset, not a threat debate. Could you just step back and kind of give us a sense of where is Fortive in the rollout of these AI features? Is there any way that you can size the investment that you've made, and then even probably harder, how you measure enhanced functionality and benefits and so forth? Just further color around this would be really important to hear. Yeah, Deane, thanks for the question. Just maybe the context on this is, for us, we started with an AI Center of Excellence seven years ago, before generative AI made it more fashionable. We, at some level, for an industrial healthcare technology company, we've been ahead of the curve quite a bit, with some of the top companies as partners over several years. That really gave us a head start. What we've done across our six software brands is we've been able to very quickly figure out the best use cases for AI, like real use cases that deliver measurable returns for customers, i.e., we save them millions of dollars, we help them improve outputs in measurable ways. Our teams have done a terrific job of really deploying those very quickly across our brands. We've talked about some examples of those. I'll say to you that it's been really terrific to see the adoption of those. We refer to the eMaint example in the prepared remarks this time. Every single month, we have another one of those AI-enabled stories on our software platforms that are great. We're well into it at this point. We're seeing customers adopting it. We're capturing value in terms of returns, to your point, in multiple ways. In some cases, it's an explicit additional sale that a customer pays for, and in some cases, those are outcome-based. In some cases, it's a pass-through of the token cost plus a markup. In some cases, it helps kind of our overall NDR on the account and just deepens our presence with the customer. As you can imagine with FBS, we've got deep instrumentation on how we track the returns on each of these. The investment level has not been significant for us, again, because it wasn't a new initiative for us. We've had this COE for a long time. We've been able to scale it by adding capacity in India and making sure that the partnerships we had give us good pricing in terms of any additional tools that we were using. Overall, it's been a great story for us. The fact that our software business has continued to do really well is not exactly separate from how well we've been able to leverage AI. We feel good about the setup. Great. Just as a follow-up, and I'll keep this one a bit more direct, can you give us an update on Fluke? We're always interested in the sell-in versus sell-through inventory in the channel, so forth. Whatever you can share there is helpful. Thanks. Yeah. Thanks, Deane. Fluke is a big part of what we do. Fluke had another just terrific quarter in terms of performance. It was broad-based strength really across product lines and across both volume and price, which was great to see. Again, in share, we're capturing price. From a regional perspective, North America remained our strongest growth driver, with sustained strong POS in terms of sell-through. We've talked about that now for several quarters. The strength continues. Europe was affected by some of the macroeconomic uncertainty. Really it was more a few channel customers that deferred purchases. If you look at the POS in Europe, it was actually the best we had seen in six quarters. It really was a channel pullback thing, which is good from an inventory point of view because we're leaving the quarter with a much better channel inventory position. APAC and Latin America both posted really solid growth at Fluke, really partially reflecting the increased commercial investments that we've referenced that we've been making in these regions the last few quarters as part of our Fortive strategy. Orders grew modestly faster than revenues, like we referenced. Book to bill was nicely above one, and we feel really good about the setup at Fluke. Our team continues to drive just a terrific innovation funnel. We continue to have probably the best commercial intensity we've ever had in that business, with a focus on some of the high-growth verticals like data center and defense and early-in-career professionals that now need to be tooled up and want them to start with Fluke and stay with Fluke all through their career. We really like the performance trajectory and setup for Fluke, which again, is well over 40% of our entire company. We like that. Great. Thank you for all the color. Thanks, Deane. Thank you. Our next question has come from the line of Andrew Kaplowitz with Citi. Please proceed with your questions. Hey, good morning, everyone. Good morning. Olumide or Mark, AHS growth continued to be solid in Q2. Maybe you could talk about what's going on between consumables, where growth seems to be strong, and capital equipment, where you said growth has been maybe a little more modest. Are you still being slowed down at all by tight hospital CapEx budgets? Are they starting to get better? What's the outlook there? Yeah, thanks for the question. We're really happy with what we saw in the AHS segment overall, frankly, and in ASP especially. We really see it as an opportunity to reach environments as we dig more into those businesses. There are just a lot of exciting initiatives that can deliver sustainable growth and profitable growth for years to come. We really like what we're seeing there. In terms of Q2, the strength was broad-based. To your point, in ASP, the consumables and services business grew in every major region, with particular strength in APAC and Latin America, which was great to see. Every region grew on consumable and services. To your point on the capital business, we've talked about the hospital budget pressure now for several quarters. There's still some of that, it's continued to improve. That capital business returned to growth this quarter, which was great to see. The commercial pipeline remains strong and very healthy. The software parts of the segment continue to deliver strong growth led by Provation and our SaaS sales in North America. It was a great quarter because the strength was really broad-based and across regions and components of what we do for customers. Very helpful. I think last quarter, when you said that FAL-related growth was accretive to the segment, is that still the case? I think you said ServiceChannel has led growth for you in FAL. Could you clarify what you're seeing between ServiceChannel, Gordian, and Accruent? Yeah. Again, great quarter for the FAL platform overall. It was led by ServiceChannel, which continues to benefit from the robust demand in multi-site facility maintenance solutions and marketplace software. Every part of the FAL portfolio performed really well. Gordian, for example, had a solid quarter. As you know, Q2 is an important one for them for some of the state and local government year-end. It was a solid quarter for Gordian, so we like that. Accruent continues on its improvement trajectory as well, which led us to an outcome where FAL delivered really strong growth, as did every other piece of the IOS segment, frankly. We've talked about Fluke and the gas detection piece as well. A good quarter for our team there. Appreciate all the color. Thanks. Thank you. Our next questions come from the line of Chris Snyder with Morgan Stanley. Please proceed with your questions. Thank you. I wanted to ask about back half margins. I understand that corporate is a headwind to the overall Fortive margin into the back half. It seems like if my math is right, it seems like you guys are calling for the segments to be maybe flat to down on margins into the back half. I guess, is that right? What are the drivers of that? Is that just investment coming through? Is there gross margin? Does that remain down in the back half? Just any kind of color on the segment margins. Thank you. Yeah. Happy to provide a little bit more color, Chris. I think, first of all, we continue to operate the business in accordance with the 50- 100 basis point EBITDA margin expansion framework on an annualized basis. I would expect that for this year. Again, it's part of the framework, so we'll run it through next year as well. There's a lot of puts and takes in terms of just what's happening quarter by quarter this year. We talked about in Q3, particularly some EBITDA margin pressure. Part of that's driven by a tougher comp from Q3 of last year. We also continue to see some of the mix shift dynamics on a gross margin basis across both segments as we look through the third quarter as well. Q3 also is just a smaller quarter from a revenue perspective. That just on an OpEx base, when we have, again, small tactical incremental investments like we do, that puts pressure on the margin as well. On a corporate cost basis, I would continue to think about corporate costs in the $26 million- $27 million zone per quarter. There was a little bit of a step-up this quarter just due to some mark-to-market of some incentive compensation matters. I think as you look through Q4, again, you've got the smaller selling days, four less selling days that creates an interesting dynamic. You should see a better actually margin outlook in the fourth quarter compared to the third quarter. Thank you for that. It makes sense. I wanted to follow up on Fluke. You guys have been talking, I think for a couple of quarters now about some data center opportunities there. I guess kind of my question is there something new happening in data center? Because we didn't really kind of associate that vertical that much, or we didn't hear a lot about that opportunity in Fluke going back a year or two. Of course, data center has been strong for a long time. Is anything specifically happening? I'm hearing about some maybe Fluke opportunities within fiber specifically as that comes to market. I don't know. Is it new innovation, new product? Why is that seems like it's coming through a little sharper now in the first half of 2026? Thank you. Yeah. No, thanks for the question. I think the beauty of Fluke is the kind of the durability that comes from the fact that we play in so many different sort of end users. Data center have always been a part of what we did at Fluke, but it's one of many, many growth drivers for us within Fluke. Fluke's not a data center company, it's just one of many things that we do. Fluke already participates in the tool belt for data centers with a wide range of products from power quality monitoring to high voltage diagnostics, and to your point, high density fiber testing, electric ground fault detection. We've always provided a lot of tools that have been used mostly, frankly, in the commissioning, but as well as operations and maintenance of data centers. What is new is that as part of all the things our team at Fluke is doing to drive innovation, they've actually pointed some exciting new products towards the data center use case, that's become a pull-through for everything else we already do. We've talked about the CertiFiber Max example, which to your point on fiber testing, that's for testing kind of cables that have 32 fibers in them. This tool essentially helps the certification process to go a lot faster than the existing tool set that these technicians use. As you know, one of the key things right now is everyone trying to get their data center up as quickly as they can. These tools come in at a time that addresses a really unique need. What the team's then done is taken the demand for CertiFiber Max is way above our plan, and it's now pulling through other things that we've always done for data centers at Fluke. It's really a good example of how our team can pivot when there's momentum in a particular market. That's one of many that we play in. We've seen just incredible growth in the products at Fluke that are relevant and aimed towards data centers, within our overall mix. That's the way to think about it. We wouldn't say data center is a new thing for us at Fluke, but we've certainly been able to leverage our existing strength, plus innovation, plus obviously the momentum in that space to benefit from that. The growth we're seeing at Fluke is quite exceptional, and it's not completely unrelated to how we've tapped into that velocity in the end market at data center. No, yeah. Great to see all of that coming together and driving nice organic growth. Thank you. Thanks. Thank you. Our next questions come from the line of Andrew Buscaglia with BNP Paribas. Please proceed with your question. Hey, good morning, everyone. Morning. I just wanted to touch on some of the comments you made in as it pertains to recurring revenue. The thought I had is, if manufacturing complexity is increasing in some of these areas like semis and aerospace, life sciences, you guys kind of discussed those as faster growing. Are you seeing any changes in how customers calibrate equipment or use the equipment that could provide more wear and tear that would require more upgrades and a higher velocity of repurchases? Just wondering if that is a, I don't know, new dynamic we're seeing out of Fortive these days. Yeah. Look, I think that trend it's been building for several years in terms of how customers use, especially some of these higher end tools and what that means for the calibration cycle. Do they calibrate it more frequently, less frequently? Do they do it themselves, with third parties? Do they use Fluke? That's always been an evolving space for us. The thing I would say is that, we are seeing customers more interested in innovative ideas from Fluke, both on the calibration side, on the service plan side, and on the software side, that help them get better outcomes and more productivity out of their entire tool fleet. Again, we've talked about the recurring revenue at Fluke, growing double digits now for many quarters. We're seeing that trend that you kind of referenced in a piece of there as the underlying driver of why customers are more interested in, "Don't just sell me a device, but actually help me with a lifetime experience that includes a calibration pattern, includes software, includes services." For a business like Fluke that's as big and broad and global as we are, that's just a great chance to attach recurring revenues to an incredibly loyal customer base that we have. We like that. Yeah, that's interesting. I guess, as a follow-up, I think how does that inform where you go with these growth investments you talk about and/or M&A in that, like somewhat argue that the hardware and the instruments are becoming more important. You could arguably see more interest in your software, in the software applications you provide, and then the ability to help your customers optimize all these assets. I'm wondering where do you think is the more interesting place to go that sets you up for the next five years of growth? Yeah. Well, the way we think about it is we kind of go where we have the strength and the right to win. For example, in this question you're asking, the way we'll think about it is, well, if you think about our business at Fluke, it is a business that has an incredible footprint of hardware, and then we have some services, and we have some software. If we see a piece of software that can attach to our extensive footprint of hardware, and we think we can deploy it to half our hardware footprint, that will be interesting because nobody else can do that with our software asset. If we see a piece of hardware that is aimed towards a really attractive end market and it's differentiated, we will be really interested in that because it extends our install base. We really think about it in terms of not just whether it's hardware, software, services, but is it something that fits with our strengths? Is it something where we have a real commercial plan to scale it in a way nobody else can? I think what you would find is, given our footprint is over 70% differentiated hardware and maybe just about 20% real software and a little bit that's a mix of data and integrated services, that we're going to skew towards hardware in the M&A that we do. Any software we do will have that kind of advantage to our natural strengths. Very interesting. Thank you. Thanks. Thank you. Our next question comes from the line of Quinn Fredrickson with Baird. Please proceed with your questions. Thanks. On ASP, there's some mixed feedback out there regarding the impact of ACA subsidies expiring on elective procedures. I'm curious if you think you're seeing any impact or expect to see an impact on either capital equipment or consumables demand based on your conversations with customers. Thanks for the question. As you know, the healthcare reimbursement space has been a dynamic one now for a while. We feel quite good about our proximity to customers and their decision process and their funnel. I guess what I'll say on that specific question is it is totally comprehended in kind of the way we think about ASP right now, which is it's in recovery. Q2 of last year, from a capital point of view, was the epicenter of the One Big Beautiful App Act causing these hospitals to hold back on procurement. That's been opening up as they consider a whole bunch of other things. They've concluded that they actually have to keep enabling the operating rooms to run. We're seeing those orders flow through, and we expect that will continue to be the case. Procedural volumes as well, have to recover, and continue to recover because that's in the end what drives the economics of this hospital. We see that continue to get better, and we continue to deepen our presence with our key customers, including some of the investments that Mark referred to that's making us even deeper with them. Something like the UV Smart bolt-on that we did gives us something else that we bring to this customer. We feel good. I think all the ACA subsidy movements is within a broader range of changes, all of which, I think we like the way it sets us up at ASP. Thanks. On the FDA clearance you mentioned you received in the quarter, can you just expand on what that means for you? Is this enabling you to go after new robotic surgery OEMs or just any color you can share? Yeah. This is really for our main sort of low-temperature sterilization on capsule equipment, that's called STERRAD. The approval we got is to be able to run things more than up to 50 lbs through the chamber in these machines. What that does is for a lot of our customers, most of the robotic equipment that they need to sterilize generally needs something that can handle that weight range. Now we have an addressable market in terms of this equipment for robotic surgery that's bigger than we had before. What that means is customers that were maybe saying, "Well, if you had that, we'll be interested." We now have a compelling offer for them. We're excited about it. Our team's out there. It's going to show up as increased win rates and expansion in our funnel and better growth in the business. That's helpful. Thank you. Thanks. Thank you. Our next question has come from the line of Jamie Cook with Truist Securities. Please proceed with your questions. Hi. Good morning. I guess just two questions. Just on the guidance, Mark, it looks like just base putting everything together, like the EBITDA margin expansion this year should probably be more like, I think, at the lower end of 50 basis points. I just want to confirm that. I guess my longer-term question is understanding we're making some investments, in particular in AHS, and sounds like those investments might be going into, it sounds like lower margin product lines, et cetera. I'm just wondering when we start to see the payoffs of that and just sort of the setup for 2027 on margins. You know what I mean? Just given the margins, where margins are coming out this year on what I would argue probably better than you expected core organic growth. Thank you. Very happy to tackle those. I think I'd just start by saying that we're very happy with the margins of the business. Gross margin 63%. I think that's a pretty good indicator of the strength of the brands, differentiated products, FBS's ability to drive down manufacturing costs, and I think it's a good indication of what we would expect for a full year basis. I think EBITDA margins in around 30% that we saw in the quarter, again, good strong cost discipline while reinvesting the quarter, and I think that's a good range to be in for a full year. We do continue to expect to operate within that 50- 100 basis point range. We're going to continue to do that for 2026, and we expect to do that in 2027 as well. The investments that we're making, I wouldn't necessarily assume they're going into lower margin products. I think we saw in the second quarter particular strength from lower margin products due to strong Customer demand. We saw that at ASP. We saw that in the IOS segment as well. A number of the products that we're launching, including the CertiFiber Max, for example, which is a highly differentiated product, have very strong margins and margins at or better than the fleet. As we look around at innovation just generally, we're going to innovate on products that have those similar characteristics, just strong innovation, which is in high demand from our customers and that command premium prices. Then, as is the case always with Fortive and FBS, over time, margins just generally improve, because we continue to find ways to drive costs out of manufacturing overall. We feel good about the margin trajectory of the business, both gross margins and EBITDA. We're going to continue to drive price through innovation. We're going to continue to drive commercial acceleration and recurring customer value all in line with the Fortive Accelerated strategy. Thank you. You're welcome. Thank you. Our next question is coming from the line of Chigusa Katoku with JP Morgan. Please proceed with your questions. Hi, good afternoon. Thanks for taking my question. Just following up on the margins. I also see you trending maybe towards the lower end for this year. Just if you could give a little bit more color on why you could do more in the range of 50-100 in 2027. I think Roper talked about some margin pressures as they are making investments in AI. Are you seeing any of those? Yeah. I would just remind you that the 50-100 basis points is something that we have control over. We use it as a framework to guide our investment frameworks. We are investing very tactically against high return initiatives across the three pillars of the accelerated organic growth pillar of the Fortive Accelerated strategy. We have seen four quarters of sequential growth acceleration. On a normalized basis, I think as we talked about when we gave our updated expectations for core growth of 4% for the year, we, at least based on what we see today, seem to be trending, at least for this year, near the higher end of our core growth framework that we laid out at Investor Day. The margin expansion story continues to be in line with the framework. We are driving organic growth, quite frankly, ahead of where we expected, and I think that gives us opportunity for margin expansion and also for increased investment levels. That gives us confidence that our aspiration, which is ultimately to grow faster than our framework in sort of 2027 and beyond, is definitely in sight for us. Great. Thanks for the color. Then just a little bit on organic growth. Is it directionally correct that third quarter you expect organic growth around the same range as the full year, around 4%? I'll leave it there. Thank you. Yeah. I think you're in the zone. I think it's just as a reminder for everyone, there are a number of year-over-year comparable and calendar impacts that are impacting just the year-over-year comparisons this year. As a reminder, in the first quarter, we had four extra days. That was about 150 basis points of tailwind to that 5.3% core growth. This quarter, we had a slightly easier comp relative to last year. If you remember the impacts that Olumide mentioned in the second quarter of last year. Q3 does look like a more normalized quarter for us. As a reminder, in Q4, you get the opposite impact we had in Q1, which is about 150 basis points headwind to core growth of $15 million-$20 million on a reported basis. I think the important thing to say is that on a normalized basis, this is a business that is gathering momentum, and we see the broad course and speed of the business as one of accelerating. It's really a testament to the good work that our teams have been doing to implement the Fortive Accelerated strategy across all 10 of our iconic operating brands. Okay, thanks for the color. You're welcome. Thank you. We have reached the end of our question and answer session. I would now like to hand the call back over to management for any closing comments. Well, thank you, everyone, for your interest in Fortive. We are excited about the acceleration in our business over the last year. Our entire organization is aligned and energized about our Fortive strategy and our Fortive Business System that's enabling us to execute that. We're laser-focused on delivering a strong 2026 and setting the foundation for an even stronger performance and shareholder value creation in the years ahead. Thank you for joining us today, and we look forward to speaking with you next quarter. Have a great day. Thank you so much, ladies and gentlemen. This does now conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.