Ladies and gentlemen, thank you for standing by for AMETEK's 2026 Annual Meeting of Stockholders. Please be advised that today's meeting is being recorded. However, no one attending via the webcast is permitted to use any audio recording device. It is now my pleasure to introduce AMETEK's Chairman and Chief Executive Officer, David Zapico.
Good morning, and welcome to the Annual Meeting of Stockholders of AMETEK, Inc. Thank you for joining us today. The agenda for today's meeting consists of introductions, certain procedural items, a vote on the three proposals set forth in the proxy statement and our report to stockholders, followed by time for questions. Though we may not be able to answer every question, we'll do our best to provide a response to as many as possible. Only stockholders may ask questions in the designated field on the web portal. Out of consideration for others, please limit yourself to one question. I would like to introduce my fellow directors of your company who are joining us today. They are Thomas Amato, Tod E. Carpenter, Anthony Conti, Gretchen McClain, Karleen M. Oberton, Dean Seavers, and Suzanne Stefany. I would also like to introduce our executive office.
Dalip Puri, Chief Financial Officer, Ron Oscher, Chief Administrative Officer, Emanuela Speranza, Chief Commercial Officer, Tony Ciampitti, Group President, John W. Hardin, Group President, Dave Hermance, Group President, and Thomas Marecic, Group President. Also present today is David Burkavage of EY, our independent registered public accounting firm. In keeping with the digital approach to this year's meeting, this meeting is officially called to order. Before getting to the three proposals, I'd like to address three procedural items. First, I'll preside as chairman of the meeting. Second, Lynn Carino from AMETEK and John Holewa from American Election Services will serve as inspectors of election. Third, I appoint Lynn Carino, Assistant Secretary of the company, to act as Secretary of the meeting. Ms. Carino will now report on the meeting attendance.
Thank you, Mr. Chairman, and good morning. An affidavit has been delivered attesting to the fact that notice of the meeting and the accompanying materials were mailed on or about March 11th, 2026 to registered stockholders as of the record date and will be incorporated into the minutes of this meeting. A majority of the total issued and outstanding shares of the company's stock are represented at the meeting via the web portal or by proxy. Therefore, a forum is present for purposes of conducting business.
Thank you, Lynn. We will now turn to the items of business, which were described in detail in the proxy statement furnished to stockholders. A copy of the proxy statement is available through the web portal. It is now 11:03 A.M., the polls are open for voting. The three proposals to be voted on by stockholders at this meeting are, first, the election of Thomas A. Amato, Anthony J. Conti, and Gretchen W. McClain as Class 2 directors of the company to hold office for a term of three years. Second, the advisory vote to approve the compensation of the company's named executive officers. Third, the ratification of the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for 2026.
Proxies have been received and tabulated. They have been voted by written ballot in accordance with the terms of each proxy received. Any stockholder who has not yet voted may do so by clicking on the Voting button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or the Internet do not need to take any further action. I'll pause now for stockholders voting online. Now that everyone has had the opportunity to vote, I now declare the polls are closed at 11:05 A.M. on May 7th, 2026. Ms. Carino, do we have preliminary voting results?
We do. They are as follows. First, Thomas A. Amato, Anthony J. Conti, and Gretchen W. McClain as Class 2 directors of the company to hold office for a term of 3 years have been approved. Second, the compensation of the company's named executive officers has been approved. Third, the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the 2026 fiscal year has been ratified.
There being no further business to come before the meeting, the 2026 Annual Meeting of Stockholders of AMETEK, Inc. is now adjourned.
Before we turn to a brief update on our operations and financial results, please refer to this slide for information on forward-looking statements that may be made during this presentation. Any references made on this call to historical results will be on an as adjusted basis, excluding after-tax acquisition-related intangible amortization and excluding acquisition-related costs. Reconciliations between GAAP and adjusted measures can be found in our press releases and on the investors section of our website.
I will now provide an overview of AMETEK and report on the operations and financial results for 2025 in the first quarter of 2026. AMETEK is a leading provider of industrial technology solutions, serving a diverse set of attractive niche markets. We are committed to providing a consistent and excellent return to stockholders, all while maintaining a strong commitment to environmental stewardship, social responsibility, inclusion, and sound corporate governance. Our strong and sustained success is driven by the AMETEK Growth Model, which integrates the four pillars of operational excellence, technology innovation, global and market expansion, and strategic acquisitions. AMETEK delivered strong results in 2025, establishing annual records for essentially all financial metrics, including sales, operating income, operating margin, EBITDA, and earnings per share. Overall sales for the year was $7.4 billion, up 7% from 2024.
Operating income was up 7%, with core operating margins up 80 basis points. Free cash flow to net income conversion was very strong at 113%. Full year 2025 earnings were $7.43 per diluted share, up 9% for the year. In 2025, we deployed approximately $1.8 billion on acquisitions, share repurchases, and dividends. In the first quarter of 2026, AMETEK delivered excellent results with outstanding operating performance. We also set records for orders, EBITDA, net income, and GAAP EPS. During the quarter, AMETEK delivered double-digit sales growth, robust core margin expansion, and a high quality of earnings. Sales were $1.93 billion, up 11% over the same period in 2025.
Operating income in the quarter was $517 million, a 14% increase over the first quarter of 2025. Core operating margins increased an impressive 160 basis points year-over-year. EBITDA was $620 million in the quarter, an 11% increase from the same period in 2025. This outstanding performance set to earnings of $1.97 per diluted share, up 13% versus the first quarter of 2025. AMETEK's long-term operating performance has resulted in strong results for our shareholders, with returns well in excess of broader stock indices. This chart shows AMETEK's superior returns versus the S&P 500 Index and the S&P Industrials over the past 20 years.
As you may have seen earlier this week, we announced that AMETEK has entered into a definitive agreement to acquire the instrumentation group of businesses from Indicor, LLC. This highly strategic acquisition is a result of AMETEK's disciplined approach to capital deployment and is a compelling and unique opportunity to acquire a portfolio of 10 outstanding industrial technology businesses in one transaction. Indicor provides AMETEK with further scale and diversification, and niche differentiated technologies, and a sizable recurring revenue stream. We're excited about the opportunity to add value through integration into AMETEK's operating model and to create meaningful shareholder value. Overall, this acquisition is an exciting step forward for AMETEK and represents the continuation of our focus on executing the AMETEK Growth Model to deliver value to our shareholders.
We expect this acquisition to be cash accretive to EPS in the first year of ownership and to have strong returns on capital. This acquisition is subject to customary closing conditions, including regulatory approvals, with the closing expected in the second half of 2026. In summary, AMETEK is well-positioned to deliver long-term sustainable success. Our culture and foundation are strong. We have a proven successful AMETEK Growth Model, an outstanding portfolio of highly differentiated businesses, and we have a world-class workforce delivering exceptional performance. I'll now open the floor for questions. We'll take stockholders' questions that are being entered today on the web portal. Please note that we will only answer questions that are germane to the meeting.
Mr. Chairman, there are no questions in the web portal at this time.
We are now finished with the Q&A session. Thanks to all of you for your personal commitment to AMETEK. Goodbye.
This concludes today's meeting. You may now disconnect.