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What Changed
Risk factors · Feb 26, 2025 → Feb 17, 2026
41 added · 47 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
For example, in 2025, the United States expanded and increased existing tariffs on steel and aluminum, imposing 50% tariffs on steel, aluminum, and products containing steel and aluminum from a range of U.S. trading partners.
Tariff-related volatility moderated during the second half of the year and our sales and supply chain teams worked diligently to help mitigate the effects of these pressures throughout the year, including product pricing adjustments, supply chain repositioning and disciplined cost management.
The rapid evolution and increased availability of artificial intelligence technologies, including generative artificial intelligence models, may intensify cybersecurity risks by making targeted attacks more sophisticated and cybersecurity incidents more difficult to detect, contain, and mitigate, which may inhibit our ability to provide prompt, full, and reliable information about such incidents to our customers, regulators, and the public.
Financial Statements and Supplementary Data" of this Annual Report contains additional financial information about our business segments and geographic areas in which we have conducted business in 2025, 2024, and 2023.
In 2025, Flowserve advanced its enterprise engagement efforts by operationalizing the actions identified through the prior year’s engagement survey and strengthening its continuous‑listening approach.
As of December 31, 2025, we had approximately 16,000 employees (“associates”) globally and a footprint of manufacturing facilities and QRCs in more than 48 countries.
FCD Backlog FCD’s backlog of orders as of December 31, 2025 was $828.6 million, compared with $869.6 million as of December 31, 2024.
As of December 31, 2025, w e had approximat ely 16,000 empl oyees, of which approximately 4,600 were located in the United States .
Culture refers to the social pillar of our ESG strategy and is rooted in our belief that the collective energy of our people sets us apart–it defines our commitment to strengthening our values-driven culture and investing in our communities through talent recruitment, engagement, workplace health and safety, and employee well-being.
We maintain funded defined benefit pension plans that are either currently funded in accordance with local requirements in the United States, Belgium, Canada, the Netherlands, Switzerland and the United Kingdom, or above funded requirements in India and Mexico, and defined benefit plans that are not required to be funded and are not funded in Austria, Saudi Arabia, Qatar, UAE, France, Germany, Italy and Japan.
Our pension liability is materially affected by the discount rate used to measure our pension obligations and, in the case of the plans that are required to be funded, the level of plan assets available to fund those obligations and the expected long-term rate of return on plan assets.
The United States continues to implement certain trade actions, including imposing tariffs on certain goods imported from China, India, Mexico, and other countries, which have also resulted in certain retaliatory tariffs being imposed.
No longer disclosed
The rapid evolution and increased availability of artificial intelligence may intensify cybersecurity risks by making targeted attacks more sophisticated and cybersecurity incidents more difficult to detect, contain, and mitigate.
" of this Annual Report on Form 10-K for the year ended December 31, 2024 ("Annual Report").
As a global manufacturer, our values start with our people - we strive to create a collaborative team environment that enables us to develop each other, embrace our differences and respect one another. 8 As of December 31, 2024, we had approximately 16,000 employees (“associates”) globally and a footprint of manufacturing facilities and QRCs in approximately 50 countries.
We are party to asbestos-containing product litigation that could adversely affect our financial condition, results of operations and cash flows.
During 2023, we redesigned the commercial operations and sales functions to align with our new operating model, and these functions now reside within the business segments.
During 2023, our operating costs were impacted by inflation, including with respect to the cost of certain raw materials as well as wage and benefit costs.
Reports, proxy statements and other information filed or furnished with the SEC are also available at www.sec.gov.
FCD Backlog FCD’s backlog of orders as of December 31, 2024 was $869.6 million , compar ed with $826.8 million as of December 31, 2023.
As of December 31, 2024, we had approximately 16,000 employees, of which approximately 4,700 were located in the United States.
Over the past several years we have continued to both invest and partner in this space to build remote monitoring solutions, as well as advanced equipment diagnostics in order to provide remote asset management and related services capabilities for our end-user customers.
As a multi-national organization, 9 recognition and education of cultural observances is an important part of creating a greater understanding and appreciation for our associates' experiences and for the experiences of our global customer base.
This reduced demand has in the past and may continue in the future to also erode average selling prices in our industry. 11 Any of these results could continue to adversely affect our business, financial condition, results of operations and cash flows.