Emerson Electric for industrial fluid control. Flowserve is a major provider of industrial equipment, specializing in the pumps, valves, and seals essential for managing the flow of liquids, gases, and fluids in heavy industries.

Rolls-Royce for industrial process components. Like Rolls-Royce creating high-precision jet engines, Flowserve engineers and manufactures the critical pumps, valves, and seals that are the 'hearts and arteries' of industrial operations like power plants and refineries.

Caterpillar for fluid-handling machinery. Just as Caterpillar provides heavy machinery for earthmoving, Flowserve supplies the heavy-duty, specialized pumps and valves that manage the movement of liquids and gases in large-scale industrial settings.

• Pumps and Pump Systems: Custom and pre-configured industrial equipment designed for moving liquids, gases, and fluids.
• Mechanical Seals: Components that prevent leakage in industrial pumps and high-speed compressors.
• Valves and Automation Solutions: Engineered and industrial solutions, including isolation and control valves, actuation, and controls, to manage fluid flow.
• Installation and Commissioning Services: Professional services for setting up and starting new industrial flow management equipment.
• Repair and Maintenance Services: Comprehensive services for existing pumps, seals, and valves, including advanced diagnostics, field machining, and replacement parts.
• Upgrades and Retrofit Programs: Solutions provided to enhance, modernize, or re-rate existing industrial flow management equipment.
• Asset Management Solutions: Services designed to optimize the performance, reliability, and lifecycle of industrial flow management assets.

Flowserve (FLS) sells its industrial flow management equipment and services primarily to other companies (B2B).

Based on the provided company description, specific names of major customer companies are not listed. Instead, Flowserve serves a wide range of companies operating within the following major industries:

• Oil and Gas companies
• Chemical and Pharmaceutical companies
• Power Generation companies
• Water Management companies
• General industrial companies, including those in mining and ore processing, pulp and paper, and food and beverage sectors.

R. Scott Rowe, President and Chief Executive Officer

Mr. Rowe has served as President and Chief Executive Officer of Flowserve since April 2017. Prior to joining Flowserve, he was President of the Cameron Group, a position he assumed after the merger between Schlumberger and Cameron International Corporation. During his 14-year career at Cameron, a provider of flow management equipment to the oil and gas industry, Mr. Rowe held various progressive roles, culminating as its President and CEO. He was with Varco International before joining Cameron in 2002 and also served in the U.S. Army.

Amy B. Schwetz, Senior Vice President, Chief Financial Officer

Ms. Schwetz joined Flowserve as Senior Vice President and Chief Financial Officer in February 2020. Before her tenure at Flowserve, she served as Executive Vice President and Chief Financial Officer at Peabody Energy Corporation, a global coal company, where she worked for 14 years in various roles of increasing responsibility, including CFO since July 2015. Prior to Peabody Energy, Ms. Schwetz spent eight years managing audit engagements with public and private companies at Ernst & Young LLP.

Lamar L. Duhon, President, Flowserve Pumps Division

Mr. Duhon has been President of the Flowserve Pumps Division since February 2023. He joined Flowserve in 2022, initially serving as President of Aftermarket Services & Solutions. Before joining Flowserve, Mr. Duhon held various positions of increasing responsibility at Halliburton from 2010 to 2021, including Vice President of Sperry Drilling, Vice President of Cementing, and Vice President for the Shell Global Account.

Alice M. DeBiasio, President, Flow Control Division

Ms. DeBiasio is set to join Flowserve as President of the Flow Control Division, effective October 13, 2025. She most recently served as Vice President, General Manager at Carrier Corporation, where she led multiple business segments, including Truck Trailer Americas, Sensitech, and Digital Solutions for the Climate Solutions Transportation divisions. Her prior experience includes leadership roles at Resideo (formerly Honeywell) and Northrop Grumman.

Karthik Sivaraman, Vice President, Innovation & Growth

Mr. Sivaraman was appointed Vice President, Innovation & Growth in October 2022. In this role, he leads technology-driven innovation and strategic partnerships for Flowserve. He previously served as Executive Director of Technology for Halliburton Labs, where he focused on alternate energies. Earlier in his career, he led global energy storage initiatives as an R&D leader at GE Energy Storage.

The key risks to Flowserve's business are primarily driven by its exposure to cyclical industrial markets, increasing regulatory and sustainability pressures, and vulnerabilities within its global operations and supply chain.

1. Sensitivity to Global Economic Conditions and Cyclical End Markets: Flowserve's business performance is highly dependent on capital investment and maintenance expenditures within cyclical industries such as oil and gas, chemical, and power generation. Volatility in commodity prices, broader global economic downturns, and geopolitical uncertainties can lead to reduced demand for its products and services, thereby impacting financial performance.
2. Regulatory and Environmental Compliance Costs: The company faces significant risks from increasing global regulations related to climate change, greenhouse gas emissions, and environmental sustainability goals. Adapting to these evolving standards and complying with international laws can necessitate substantial capital expenditures, increase operational costs, and require significant changes to its business operations. Flowserve's internal commitments to decarbonization also present financial and operational challenges.
3. Supply Chain Disruptions and Operational Execution: Flowserve's ability to deliver products and services on time is critical and relies heavily on its manufacturing capacity, access to a reliable global supply chain, and a capable workforce. Disruptions caused by natural disasters, man-made events, labor disputes, geopolitical conflicts, or cybersecurity incidents could adversely affect operations, lead to increased costs, and potentially damage the company's reputation.

The global energy transition and decarbonization efforts pose a clear emerging threat to Flowserve. As a primary supplier to the oil and gas sector and traditional power generation markets, a significant long-term shift away from fossil fuels could lead to a structural decline in demand for Flowserve's equipment and services specifically tailored to these industries. While Flowserve may pivot to support new energy infrastructure, the pace and scale of this transition represent a risk to its established revenue streams in its core markets.

The addressable markets for Flowserve's main products and services are substantial on a global scale:

• The global industrial pump market was valued at approximately USD 67.44 billion in 2023 and is projected to reach USD 105.15 billion by 2032. In the U.S. specifically, the industrial pumps market was valued at over USD 11 billion in 2024.
• The global mechanical seals market was valued at approximately USD 3.97 billion in 2024 and is projected to grow to USD 5.9 billion by 2033.
• The global industrial valves market was valued at approximately USD 76.2 billion in 2023, USD 82.82 billion in 2024, and USD 86.67 billion in 2025. This market is projected to reach USD 100.9 billion by 2030 or approximately USD 273.49 billion by 2035.
• The global pumps and valves services market, encompassing aftermarket services, was recorded at USD 29,308.4 million in 2021 and is projected to reach USD 35,462 million by the end of 2025, further growing to USD 51,916.4 million by 2033.

Share Repurchases

• Flowserve authorized a program to repurchase up to $300 million of its outstanding common stock, which does not have an expiration date.
• In the first nine months of 2025, Flowserve bought back shares worth $197.9 million.
• In the first nine months of 2024, the company repurchased shares worth $20.1 million.

Share Issuance

• Flowserve's shares outstanding saw a 1.04% decline in 2025, a 0.32% increase in 2024, and a 0.47% increase in 2023.
• Insider activity included the acquisition of common stock through the non-qualified Flowserve Corporation 2024 Employee Stock Purchase Plan and restricted stock units under the long-term incentive plan.

Outbound Investments

• In February 2026, Flowserve signed an agreement to acquire Trillium Flow Technologies' Valves Division for $490 million in cash, expected to close mid-year 2026, to expand its nuclear and power end market leadership.
• Flowserve acquired Greenray Turbine Solutions, Ltd. in December 2025 for approximately $72 million in cash, enhancing its aftermarket products and services for industrial gas turbines.
• In October 2024, Flowserve completed the acquisition of MOGAS Industries for $290 million, which augmented its valve and automation product portfolio and increased its mining and mineral extraction exposure.

Capital Expenditures

• Flowserve's capital expenditures for fiscal years ending December 2021 to 2025 averaged $70.106 million.
• Capital expenditures were $54.936 million in 2021, $76.287 million in 2022, $67.359 million in 2023, $81.019 million in 2024, and $70.927 million in 2025.
• Capital expenditures peaked in December 2024 at $81.019 million and reached a 5-year low in December 2021 at $54.936 million.