[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","s2dw1a3zkjduw75aykvt27g6o","revision",2,"title","Knowles提交截至2026年9月30日的10-Q：前九个月收入5.039亿美元，净收益5,070万美元","originalTitle","10-Q - Knowles Corp (0001587523) (Filer)","summary","Knowles Corporation提交截至2026年9月30日的季度10-Q；截至该日的九个月，收入为5.039亿美元，持续经营净收益为5,090万美元，摊薄每股收益为0.58美元。同期经营活动净现金流入7,210万美元，资本开支2,460万美元，并回购1,387,421股、支出4,750万美元。材料所引中期财务报表未经审计，且节选未涵盖完整文件内容。","reason","材料提供了Knowles截至2026年9月30日的九个月业绩、现金流及回购信息，可用于了解报告期经营表现与资本使用情况。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-27T20:05:46.000Z","discoveredAt","2026-10-28T00:48:32.577Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",59,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fCctXs8ZPbx0",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","b7dfec3f-d014-473c-bf78-f19fc00949bc","Knowles公布三季度业绩并规划产能投资",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表

（勾选一项）

☒ 根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026年9月30日的季度。

或

☐ 根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告

过渡期自至

委员会档案编号：001-36102

Knowles Corporation

（注册人章程中规定的准确名称）


特拉华州	90-1002689
（注册成立或组织所在州或其他司法管辖区）	（美国国税局雇主识别号）

1151 Maplewood Drive, Itasca, IL

（主要行政办公室地址）

60143

（邮政编码）

(630) 250-5100

（注册人的电话号码，包括区号）

根据该法案第 12(b) 条注册的证券：

各类别名称

交易代码

注册所在的各交易所名称

普通股，每股面值 $0.01

纽约证券交易所

请勾选说明注册人是否：(1) 已在此前 12 个月内（或注册人须提交此类报告的较短期间内）提交《1934 年证券交易法》第 13 或 15(d) 条要求提交的所有报告；且 (2) 在过去 90 天内一直受此类提交要求约束。

是 ☑ 否 ☐

请勾选说明注册人是否已在此前 12 个月内（或注册人须提交此类文件的较短期间内），以电子方式提交根据 S-T 条例第 405 条（本章 §232.405）要求提交的每一份交互式数据文件。

是 ☑ 否 ☐

请勾选说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。有关“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义，请参见《交易法》规则 12b-2。

大型加速申报公司

☑

加速申报公司

☐

非加速申报公司

☐

较小申报公司

☐

新兴成长型公司

☐

如果属于新兴成长型公司，请勾选说明注册人是否选择不使用《交易法》第 13(a) 条规定的、遵守任何新订或修订财务会计准则的延长过渡期。 ☐

请勾选说明注册人是否为空壳公司（定义见《交易法》规则 12b-2）。

是 ☐ 否 ☑

截至 2026年10月23日，注册人已发行普通股数量为 84,720,988 股。

Knowles Corporation

10-Q 表


		页码
第一部分 — 财务信息	1
第 1 项。	财务报表	1
	截至 2026 年和 2025 年九个月及三个月 9 月 30 日的合并收益表（未经审计）	1
	截至 2026 年和 2025 年九个月及三个月 9 月 30 日的合并综合收益表（未经审计）	2
	截至 2026 年 9 月 30 日和 2025 年 12 月 31 日的合并资产负债表（未经审计）	3
	截至 2026 年和 2025 年九个月及三个月 9 月 30 日的合并股东权益表（未经审计）	4
	截至 2026 年和 2025 年九个月 9 月 30 日的合并现金流量表（未经审计）	6
	合并财务报表附注（未经审计）	7
前瞻性陈述	23
第 2 项。	管理层对财务状况和经营业绩的讨论与分析	24
第 3 项。	有关市场风险的定量和定性披露	32
第 4 项。	控制与程序	32

第二部分 — 其他信息	33
第 1 项。	法律诉讼	33
第 1A 项。	风险因素	33
第 2 项。	未注册股权证券的销售及所得款项用途	34


第 5 项。	其他信息	34
第 6 项。	附件	35
签名	36

第一部分 — 财务信息

第 1 项。财务报表

KNOWLES CORPORATION

合并收益表

（单位：百万美元，每股金额除外）

（未经审计）


	截至 9 月 30 日的三个月，		截至 9 月 30 日的九个月，
	2026		2025		2026		2025
收入	$	184.0			$	152.9		$	503.9	$	431.0
销售成本	102.2			82.8			280.2		242.9
减值费用	—			—			—		3.6

重组费用——销售成本	0.5			0.2			0.7		0.7
毛利	81.3			69.9			223.0		183.8
研发费用	11.1			10.0			33.4		29.7
销售和管理费用	39.4			34.0			118.0		107.1

重组费用	0.1			0.1			0.3		2.5
营业费用	50.6			44.1			151.7		139.3
营业收益	30.7			25.8			71.3		44.5
利息费用，净额	1.6			2.3			4.8		7.5

其他费用，净额	1.3			1.2			5.1		2.6

持续经营业务及终止经营业务所得税前收益	27.8			22.3			61.4		34.4
所得税准备	6.6			4.3			10.5		9.0
持续经营业务收益	21.2			18.0			50.9		25.4
终止经营业务收益（亏损），净额	0.4			(0.6)			(0.2)		(2.2)
净收益	$	21.6			$	17.4		$	50.7	$	23.2

持续经营业务每股收益：
基本	$	0.25			$	0.21		$	0.60	$	0.29
稀释	$	0.24			$	0.21		$	0.58	$	0.29

终止经营业务每股收益（亏损）：
基本	$	—			$	(0.01)		$	(0.01)	$	(0.02)
稀释	$	0.01			$	(0.01)		$	—	$	(0.03)

每股净收益：
基本	$	0.25			$	0.20		$	0.59	$	0.27
稀释	$	0.25			$	0.20		$	0.58	$	0.26

加权平均流通普通股股数：
基本	85.3			85.8			85.5		86.8
稀释后	87.7			87.3			87.9		88.1

请参阅合并财务报表附注

KNOWLES CORPORATION

综合收益合并报表

（百万）

（未经审计）


	截至9月30日的三个月，		截至9月30日的九个月，
	2026		2025		2026		2025
净收益	$	21.6			$	17.4		$	50.7	$	23.2

其他综合收益，税后净额



外币折算	(0.2)			0.4			4.7		6.5

员工福利计划：


精算损失和先前服务成本的摊销或结算	0.2			0.1			0.5		0.4
员工福利计划净变动	0.2			0.1			0.5		0.4

现金流量套期的公允价值变动：
本期产生的未实现净（损失）收益	(0.2)			(0.6)			—		1.9
重新分类计入收益的净（收益）损失	(0.1)			(0.3)			—		0.1
现金流量套期总额	(0.3)			(0.9)			—		2.0

其他综合（损失）收益，税后净额	(0.3)			(0.4)			5.2		8.9

综合收益	$	21.3			$	17.0		$	55.9	$	32.1

请参阅合并财务报表附注

KNOWLES CORPORATION

合并资产负债表

（百万，股份和每股金额除外）

（未经审计）


	2026年9月30日		2025年12月31日
流动资产：
现金及现金等价物	$	46.6			$	54.2

应收款项，扣除备抵后的净额分别为$0.4和$0.0	122.5			102.8
存货	150.3			124.6
预付费用及其他流动资产	10.7			9.8


流动资产总额	330.1			291.4
不动产、厂房及设备净额	145.9			140.2
商誉	270.3			270.3
无形资产净额	129.1			141.1
经营租赁使用权资产	17.6			19.1
对关联方的投资	83.4			83.4
其他资产及递延费用	98.8			105.6

资产总额	$	1,075.2			$	1,051.1

流动负债：

应付账款	$	44.6			$	42.9
应计薪酬和员工福利	30.8			29.7
经营租赁负债	4.4			4.1
其他应计费用	25.5			28.2
联邦及其他所得税	7.1			1.0

流动负债总额	112.4			105.9

长期债务	116.0			114.0
递延所得税	1.1			1.1
长期经营租赁负债	13.9			16.1
其他负债	33.5			38.2

承诺和或有事项（附注14）
股东权益：
优先股——面值$0.01；授权发行10,000,000股；未发行	—			—
普通股——面值$0.01；授权发行400,000,000股；截至2026年9月30日，已发行和流通股分别为100,872,803股和84,720,988股；截至2025年12月31日，已发行和流通股分别为99,651,892股和84,887,498股	1.0			1.0
库存股——按成本计价；截至2026年9月30日和2025年12月31日分别为16,151,815股和14,764,394股	(318.4)			(270.7)
额外实收资本	1,753.9			1,739.6
累计亏损	(518.7)			(569.4)
累计其他综合亏损	(119.5)			(124.7)

股东权益总额	798.3			775.8

负债和股东权益总额	$	1,075.2			$	1,051.1

请参阅合并财务报表附注

KNOWLES CORPORATION

股东权益合并报表

（百万，股份数除外）

（未经审计）


	普通股	库存股		额外实收资本		累计亏损		累计其他综合亏损		股东权益总额
	已发行股数	金额	股数		金额
截至2026年6月30日的余额	100,867,089	$	1.0			(15,456,763)		$	(293.2)			$	1,747.2			$	(540.3)			$	(119.2)			$	795.5
净收益	—	—			—		—			—			21.6			—			21.6
其他综合亏损（税后）	—	—			—		—			—			—			(0.3)			(0.3)
回购普通股	—	—			(695,052)		(25.0)			—			—			—			(25.0)
回购普通股的消费税	—	—			—		(0.2)			—			—			—			(0.2)
股份支付费用	—	—			—		—			6.8			—			—			6.8




限制性股票单位结算（税后）	5,714	—			—		—			(0.1)			—			—			(0.1)
截至2026年9月30日的余额	100,872,803		$	1.0			(16,151,815)			$	(318.4)			$	1,753.9			$	(518.7)			$	(119.5)			$	798.3

	普通股	库存股		额外实收资本		累计亏损		累计其他综合亏损		股东权益总额
	已发行股数	金额	股数		金额
截至2025年6月30日的余额	99,262,597	$	1.0			(13,374,991)		$	(240.4)			$	1,722.1			$	(607.8)			$	(128.8)			$	746.1
净收益	—	—			—		—			—			17.4			—			17.4
其他综合亏损（税后）	—	—			—		—			—			—			(0.4)			(0.4)
回购普通股	—	—			(938,112)		(20.0)			—			—			—			(20.0)
回购普通股的消费税	—	—			—		(0.3)			—			—			—			(0.3)
股份支付费用	—	—			—		—			5.9			—			—			5.9
行使股票期权	197,758	—			—		—			3.3			—			—			3.3



限制性股票单位结算（税后）	4,632	—			—		—			(0.2)			—			—			(0.2)
截至2025年9月30日的余额	99,464,987		$	1.0			(14,313,103)			$	(260.7)			$	1,731.1			$	(590.4)			$	(129.2)			$	751.8

见合并财务报表附注

KNOWLES CORPORATION

股东权益合并报表

（单位：百万，股份数量除外）

（未经审计）
































	普通股	库存股		额外实收资本		累计亏损		累计其他综合亏损		股东权益总额
	已发行股数	金额	股数		金额
截至2025年12月31日的余额	99,651,892	$	1.0			(14,764,394)		$	(270.7)			$	1,739.6			$	(569.4)			$	(124.7)			$	775.8
净收益	—	—			—		—			—			50.7			—			50.7
其他综合收益（税后）	—	—			—		—			—			—			5.2			5.2
回购普通股	—	—			(1,387,421)		(47.5)			—			—			—			(47.5)
回购普通股的消费税	—	—			—		(0.2)			—			—			—			(0.2)
股份支付费用	—	—			—		—			23.4			—			—			23.4
行使股票期权	339,178	—			—		—			5.8			—			—			5.8



限制性及绩效股票单位结算（税后）	881,733	—			—		—			(14.9)			—			—			(14.9)
截至2026年9月30日的余额	100,872,803		$	1.0			(16,151,815)			$	(318.4)			$	1,753.9			$	(518.7)			$	(119.5)			$	798.3

	普通股	库存股		额外实收资本		累计亏损		累计其他综合亏损		股东权益总额
	已发行股数	金额	股数		金额
截至2024年12月31日的余额	98,551,188	$	1.0			(11,192,529)		$	(205.2)			$	1,711.9			$	(613.6)			$	(138.1)			$	756.0
净收益	—	—			—		—			—			23.2			—			23.2
其他综合收益（税后）	—	—			—		—			—			—			8.9			8.9
回购普通股	—	—			(3,120,574)		(55.0)			—			—			—			(55.0)
回购普通股的消费税	—	—			—		(0.5)			—			—			—			(0.5)
股份支付费用	—	—			—		—			22.4			—			—			22.4
行使股票期权	241,118	—			—		—			3.9			—			—			3.9



限制性及绩效股票单位结算（税后）	672,681	—			—		—			(7.1)			—			—			(7.1)
截至2025年9月30日的余额	99,464,987		$	1.0			(14,313,103)			$	(260.7)			$	1,731.1			$	(590.4)			$	(129.2)			$	751.8

见合并财务报表附注

KNOWLES CORPORATION

合并现金流量表

（单位：百万）

（未经审计）


	截至9月30日的九个月
	2026		2025
经营活动
净收益	$	50.7			$	23.2
将净收益调节为经营活动现金流的调整项目：

折旧和摊销	28.8			27.1
股份支付	23.4			22.4
递延所得税	7.8			4.3
非现金利息费用及债务发行成本摊销	0.4			4.2
固定资产减值费用	—			3.6
出售业务的（收益）损失	(0.8)			1.6



出售固定资产的损失	0.1			0.1





其他，净额	6.9			5.2
资产和负债变动（不包括外汇影响）：
应收款项，净额	(20.0)			(3.8)
存货	(26.5)			(4.8)
预付费用及其他流动资产	(1.8)			(1.5)

应付账款	2.3			(20.8)
应计薪酬和员工福利	1.1			(3.4)
其他应计费用	(7.0)			(7.8)
应计税款	5.6			3.2
其他非流动资产和非流动负债	1.1			14.0
经营活动提供的现金净额	72.1			66.8

投资活动



资本支出	(24.6)			(16.8)


购买投资	—			(1.6)
出售投资所得款项	—			1.6
卖方贷款偿还所得款项	—			0.5



投资活动使用的现金净额	(24.6)			(16.3)

融资活动
循环信贷额度项下借款	105.0			—
行使股票期权所得款项	5.8			3.9
循环信贷额度项下还款	(103.0)			(30.0)
回购普通股	(47.5)			(55.0)
限制性股票和绩效股单位归属及行使股票期权所涉税款	(14.9)			(7.1)





融资租赁义务付款	(0.3)			(0.4)







融资活动使用的现金净额	(54.9)			(88.6)

汇率变动对现金及现金等价物的影响	(0.2)			0.5

现金及现金等价物净减少额	(7.6)			(37.6)
期初现金及现金等价物	54.2			130.1


期末现金及现金等价物	$	46.6			$	92.5

补充信息——现金支付用于：
所得税	$	8.9			$	7.5
利息	$	5.9			$	6.2

请参阅随附的合并财务报表附注


目录	合并财务报表附注
	（未经审计）

1. 列报基础

背景 - Knowles Corporation（纽约证券交易所代码：KN）是特种电子元件的领先制造商。公司设计的部件能够为创新技术实现独特且关键的功能。凭借极高的可靠性、定制工程设计和可扩展的制造能力，公司助力企业在医疗技术、国防、工业和电气化市场中最严苛的应用领域取得成功。Knowles 高性能电容器、射频（“RF”）滤波器、先进医疗技术麦克风和动铁式扬声器可提升客户产品的性能。公司以客户为中心，结合独特技术、专有制造工艺和全球运营专长，能够为多种应用提供创新解决方案。文中“Knowles”“公司”“我们”“我们的”及“我们自身”均指 Knowles Corporation 及其合并子公司。

财务报表列报 - 随附的未经审计中期合并财务报表根据美国证券交易委员会（“SEC”）关于季度报告 Form 10-Q 的规则和规定编制，未包含美国公认会计原则（“GAAP”或“美国 GAAP”）要求完整财务报表披露的所有信息和附注。因此，应结合公司 2025 年 12 月 31 日止年度的合并财务报表及其附注阅读这些未经审计的中期合并财务报表；相关内容载于公司 Form 10-K 年度报告。

随附的未经审计中期合并财务报表按照美国 GAAP 编制，该准则要求管理层作出会影响合并财务报表及相关披露所报告金额的估计和假设。尽管这些估计基于管理层对当前事件以及公司未来可能采取行动的最佳了解，实际结果仍可能与估计不同。管理层利用历史经验和所有可获得的信息作出这些估计。未经审计的中期合并财务报表反映了所有正常、经常性调整；管理层认为，这些调整是公允列报这些中期期间业绩所必需的。

2024 年 12 月 27 日，公司完成了向 Syntiant Corp.（“Syntiant”）出售消费类 MEMS 麦克风（“CMM”）业务。有关该交易的更多信息，请参阅附注 3“终止经营业务”。CMM 的经营业绩（包括出售的影响）已在所有列报期间归类为终止经营业务。

与 Syntiant 的交易 - 作为 2024 年 12 月 27 日出售 CMM 的部分对价，公司收到 Syntiant 的 D-2 系列优先股。有关该交易的更多信息，请参阅附注 3“终止经营业务”。公司采用成本法核算这项投资，按其历史成本计量；该成本为从 Syntiant 收到的 CMM 出售对价的公允价值，加上任何非现金股息。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，该投资余额均为 8,340 万美元，并在合并资产负债表中归类为“对关联方投资”。

在出售 CMM 时，公司向 Syntiant 提供了 640 万美元融资，用于满足 Syntiant 在交割时资产负债表上持有 4,000 万美元现金的要求。该票据的偿付顺位低于 Syntiant 的债务融资，到期日为 2029 年 3 月 28 日。该票据此前按最优惠利率计息，直至 2025 年 6 月 28 日，之后利率升至 13.0%。根据当时签署的修订，自 2026 年 5 月 11 日起，该票据利率下调至 8.0%。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，该票据余额均为 590 万美元，并在合并资产负债表中列入“其他资产及递延费用”。

公司根据最高 13.5 million 美元的抵免额，与 Syntiant 分担了与出售 CMM 相关的部分分离成本。根据分离成本抵免条款，公司须对已发生的前 7.0 million 美元分离成本向 Syntiant 偿还 100%，对超过 7.0 million 美元的部分偿还 50%，最高不超过 13.5 million 美元的既定分离成本抵免额。截至 2025 年 12 月 31 日，分离成本抵免余额为 4.8 million 美元，并在合并资产负债表中列为“其他应计费用”；剩余分离成本抵免已于 2026 年第三季度支付给 Syntiant。


目录	合并财务报表附注
	（未经审计）

公司将部分设施出租给 Syntiant，截至 2026 年和 2025 年 9 月 30 日止九个月，分别有 0.3 million 美元和 2.6 million 美元的租金用于抵扣分离成本。公司还按成本将部分制造设施转租给 Syntiant。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，Syntiant 转租部分对应的经营租赁使用权资产分别约为 5.1 million 美元和 5.2 million 美元。

公司确认与 Syntiant 交易产生的收入，在截至 2026 年和 2025 年 9 月 30 日止三个月分别为 $1.2 million 和 $4.4 million，在截至 2026 年和 2025 年 9 月 30 日止九个月分别为 $8.3 million 和 $12.7 million。这些收入反映在 MedTech & Specialty Audio 部门的业绩中。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，应收账款净额中分别包括 Syntiant 欠款 $0.7 million 和 $4.2 million。

2025 年第二季度，公司与 Syntiant 达成协议，以象征性售价出售与 MedTech & Specialty Audio 部门相关的某些机械和设备。截至 2025 年 9 月 30 日止九个月，公司确认了 3.6 million 美元的减值费用，将这些资产的账面价值减记至基于售价确定的公允价值。

股票回购计划 - 公司维持一项股票回购计划，该计划最初于2020年2月经董事会批准，授权回购最多1亿美元的公司普通股。该股票回购计划没有到期日，董事会多年来已批准扩大该计划。2022年4月，授权额度增加1.5亿美元；2025年2月，又增加1.5亿美元，累计总额达到4亿美元。公司将根据对市场状况及其他因素的评估，决定回购股份的时间和数量，并按照适用证券法在公开市场或通过私下协商交易进行回购。公司没有义务根据该计划购买任何股份，且该计划可随时暂停或终止。任何回购的股份均将作为库存股持有。

截至2026年和2025年9月30日止九个月，公司分别回购了1,387,421股和3,120,574股普通股，总金额分别为4,750万美元和5,500万美元。截至2026年9月30日，公司股票回购计划下仍可回购的金额为8,150万美元。

非现金经营活动 - 截至2026年和2025年9月30日止九个月，因取得使用权资产而产生的经营租赁负债分别为150万美元和1,560万美元。

非现金投资活动 - 截至2026年和2025年9月30日，计入应付账款的房地产、厂房及设备购置额分别为140万美元和340万美元。

2. 近期会计准则

2024年11月，财务会计准则委员会发布了会计准则更新（“ASU”）2024-03，要求在中期和年度报告期间的财务报表附注中提供特定费用类别的更多信息。该指南要求公众企业披露损益表表面列示的各项相关费用项目中所包含的存货采购、员工薪酬、折旧和无形资产摊销金额，并对相关费用项目中未单独以量化方式细分的剩余金额作定性说明。该准则还要求企业披露销售费用总额；在年度报告期间，企业还须说明其对销售费用的定义。根据该准则的要求，公司计划对截至2027年12月31日止年度报告以及截至2028年3月31日止三个月的中期报告前瞻性采用ASU 2024-03。公司预计采用ASU 2024-03将扩展其披露内容，但预计不会对其财务状况、经营业绩或现金流产生重大影响。


目录	合并财务报表附注
	（未经审计）

3. 已终止经营业务

2024年12月27日，公司完成了向 Syntiant 出售 CMM 的交易。该交易的总对价约为 1.408 亿美元，包括 6360 万美元现金（扣除所售现金后为 5800 万美元），以及公允价值为 7720 万美元的 Syntiant D-2 轮优先股。根据一项最高 1350 万美元的抵免安排，公司承担了部分分离成本，买方在交割后将该抵免用于指定的分离成本。截至2026年9月30日的九个月，公司因与该交易相关的营运资本调整及成本确认了 80 万美元出售收益；截至2025年9月30日的九个月则确认了 160 万美元出售损失。该交易的购买价格现已最终确定。

截至2026年9月30日的九个月，公司记录了 100 万美元净费用，以更新对与 CMM 历史运营相关的某些税务负债的估计。

CMM 的处置符合 ASC 205-20《财务报表列报——终止经营》中所述的标准。根据该准则，公司将 CMM 的经营业绩（包括出售的影响）在所有列报期间均归类为终止经营，因为此次处置代表一项对公司经营业绩产生重大影响的战略转变。

公司终止经营的业绩如下：


	截至9月30日的三个月，		截至9月30日的九个月，
（百万美元）	2026		2025		2026		2025





研发费用	$	—			$	—		$	—	$	0.4
销售及行政费用	—			—			—		0.4


经营费用	—			—			—		0.8
经营亏损	—			—			—		(0.8)


业务出售（收益）损失	—			—			(0.8)		1.6

终止经营的税前收益（亏损）	—			—			0.8		(2.4)
所得税（收益）费用	(0.4)			0.6			1.0		(0.2)
终止经营净收益（亏损）	$	0.4			$	(0.6)		$	(0.2)	$	(2.2)

截至2026年或2025年9月30日的三个月和九个月期间，终止经营均无相关折旧、无形资产摊销或资本支出。

4. 存货

下表列示存货的主要组成部分：


（百万美元）	2026年9月30日		2025年12月31日
原材料	$	103.8			$	103.4
在制品	35.7			27.1
产成品	47.7			40.5
小计	187.2			171.0
减：准备金 (1)	(36.9)			(46.4)
合计	$	150.3			$	124.6

(1)截至2026年9月30日的九个月期间准备金减少额包括处置此前已计提准备金的存货。


目录	合并财务报表附注
	（未经审计）

5. 不动产、厂房及设备，净额

下表列示不动产、厂房及设备净额的主要组成部分：


（百万美元）	2026年9月30日		2025年12月31日
土地	$	13.8			$	14.1
建筑物及改良	112.5			99.1
机械、设备及其他	295.6			294.4
小计	421.9			407.6
减：累计折旧	(276.0)			(267.4)
合计	$	145.9			$	140.2

截至2026年和2025年9月30日的三个月，折旧费用分别为590万美元和500万美元。截至2026年和2025年9月30日的九个月，折旧费用分别为1,680万美元和1,500万美元。

在截至2025年9月30日的九个月内，公司确认了360万美元的减值费用，将某些机械设备的账面价值减记至其预期售价。另请参阅附注1“列报基础”中的“与 Syntiant 的交易”。

6. 商誉和其他无形资产

截至2026年9月30日的九个月内，各可报告分部的商誉账面价值均无变化。

其他无形资产

各主要类别无形资产的账面原值和累计摊销如下：


	2026年9月30日		2025年12月31日
（百万美元）	账面原值金额		累计摊销		账面原值金额		累计摊销
需摊销的无形资产：
商标	$	15.2			$	3.6			$	15.2	$	2.8

客户关系	118.4			48.7			118.4			39.5
已开发技术	26.3			10.8			26.3			8.8
其他	0.8			0.5			0.8			0.5
总计	160.7			63.6			160.7			51.6
无需摊销的无形资产：
商标	32.0					32.0


无形资产总额，净值	$	129.1					$	141.1

截至2026年和2025年9月30日的三个月，摊销费用均为400万美元。截至2026年和2025年9月30日的九个月，摊销费用分别为1,200万美元和1,210万美元。


目录	合并财务报表附注
	（未经审计）

根据当前确定使用寿命无形资产余额估算的未来五年摊销费用如下：


（百万美元）
2026年第四季度	$	4.0
2027	15.9
2028	15.2
2029	12.8
2030	11.7
2031年及以后	37.5
总计	$	97.1

7. 其他应计费用和其他负债

下表列示其他应计费用的主要组成部分：


（百万美元）	2026年9月30日		2025年12月31日
递延收入 (1)	$	11.3			$	1.2
销售量返利	4.3			3.3
应计保险费	2.3			2.1
应计佣金（非雇员）	2.3			2.1
应计所得税以外的税费	2.0			5.0
流动套期负债	0.7			1.5
重组和退出成本	0.4			6.0


应计离职成本 (2)	—			4.8
其他	2.2			2.2
总计	$	25.5			$	28.2

下表列示其他负债的主要组成部分：


（百万美元）	2026年9月30日		2025年12月31日
递延收入 (1)	$	16.9			$	19.8
递延薪酬	13.7			14.9
未确认的税收优惠	2.5			3.1



其他	0.4			0.4
总计	$	33.5			$	38.2

(1)截至2026年9月30日的九个月内，公司未确认任何重大收入，而这些收入已计入2025年12月31日的递延收入；预计大部分剩余相关履约义务将在2028年底前履行。

(2)在2024年12月27日出售 CMM 时，公司根据一项最高 13.5 百万美元的抵免，与买方分担了某些分离成本；买方在交易完成后将该抵免用于指定的分离成本。参见附注1：列报基础。


目录	合并财务报表附注
	（未经审计）

8. 重组及相关活动

重组及相关活动旨在通过有针对性的设施整合、裁员及其他措施，进一步优化运营，使公司的运营更好地适应当前市场状况。

公司在截至2026年9月30日的三个月和九个月内分别确认了 0.6 百万美元和 1.0 百万美元的重组费用。在截至2026年9月30日的三个月和九个月内，公司分别在毛利中确认了 0.5 百万美元和0.7 百万美元的费用，并分别在运营费用中确认了0.1 百万美元和0.3 百万美元的费用。

公司在截至2025年9月30日的三个月和九个月内分别确认了 0.3 百万美元和 3.2 百万美元的重组费用，这些费用与公司范围内的裁员有关，主要是为在出售 CMM 后调整运营规模。在截至2025年9月30日的三个月和九个月内，公司分别在毛利中确认了 0.2 百万美元和0.7 百万美元的费用，并分别在运营费用中确认了0.1 百万美元和2.5 百万美元的费用。

下表列示了所列期间按应报告分部划分的重组费用：


	截至9月30日的三个月		截至9月30日的九个月
（百万美元）	2026		2025		2026		2025
精密器件	$	0.3			$	0.3		$	0.9	$	1.7
医疗科技与专业音频	0.3			—			0.3		0.3

公司部门	—			—			(0.2)		1.2
总计	$	0.6			$	0.3		$	1.0	$	3.2

下表列示了公司的遣散费及其他重组应计项目变动：


（百万美元）	遣散费及福利		合同终止及其他成本		总计
2025年12月31日余额	$	1.2			$	4.8		$	6.0

重组费用	1.2			(0.2)			1.0
付款	(2.1)			(4.6)			(6.7)
其他，包括外币影响	0.1			—			0.1
2026年9月30日余额	$	0.4			$	—		$	0.4

截至2026年9月30日和2025年12月31日，所有遣散费及重组应计项目均列于合并资产负债表的“其他应计费用”中。


目录	合并财务报表附注
	（未经审计）

9. 借款

借款包括以下项目：


（百万美元）	2026年9月30日		2025年12月31日
4亿美元循环信贷额度	$	116.0			$	114.0


减：流动部分 (1)	—			—
长期债务总额	$	116.0			$	114.0

(1)直至2028年2月到期前，无须偿还本金。

未来五年的债务本金偿还总额如下：


（百万美元）
2026年第四季度	$	—
2027	—
2028	116.0
2029	—
2030	—

循环信贷额度

2023年2月8日，公司签订经修订及重述的信贷协议（“A&R 信贷协议”），对日期为2020年9月4日的先前信贷协议进行修订和重述，并提供高级担保循环信贷额度，任何时候未偿还借款本金总额不超过$400.0 million（“信贷额度”）。A&R 信贷协议除其他事项外，将信贷额度到期日从2024年1月2日延长至2028年2月8日，以定期担保隔夜融资利率（“Term SOFR”）取代伦敦银行同业拆借利率（“LIBOR”）作为可用借款参考利率，修订最低利息覆盖率，并修订公司必须遵守的某些其他财务契约，具体如下所述。

2023年9月25日，公司修订了其 A&R 信贷协议，除其他事项外，(a) 允许公司在收购 Cornell Dubilier（“CD”）时，承担本金总额为$122.9 million 的优先级卖方融资债务（“卖方票据”），该债务以与该收购相关而取得的某些资产（包括股权）以及 Cornell Dubilier, LLC 的股本（“收购资产”）作担保，并于该卖方票据生效日期两年后到期（“卖方票据到期日”）；以及 (b) 将质押收购资产（若非如此本应构成信贷协议项下抵押品）的期限延长至卖方票据到期日后90天。其他所有条款均与2023年2月8日签订的 A&R 信贷协议保持不变。

信贷额度中最高$100.0 million 可用欧元、英镑及公司要求的其他货币借入，最高$50.0 million 可作为信用证使用。信贷额度项下未提取金额按年利率0.225%至0.350%计提承诺费，具体取决于杠杆率档位。

在信贷额度期限内的任何时候，公司均可申请增加信贷额度承诺额，或在信贷额度项下设立一个或多个增量定期贷款额度，本金总额不得超过$200.0 million 加上额外金额，但前提是高级担保杠杆率不超过2.00比1.00。

A&R 信贷协议规定，公司须按季度测试并维持：(i) 合并 EBITDA 与合并现金利息支出的最低比率为3.00比1.00（“利息覆盖率”）；(ii) 总债务减去净额抵销现金（总额不超过$50.0 million）与合并 EBITDA 的比率为3.75比1.00（“总净杠杆率”）；以及 (iii) 高级净担保债务与合并 EBITDA 的最高比率为3.25比1.00（“高级担保净杠杆率”）。上述比率中的合并 EBITDA 和合并利息支出，按 A&R 信贷协议定义的方法，使用最近连续四个财政季度的数据计算。截至2026年9月30日，公司遵守了这些契约，并预计未来十二个月将继续遵守所有债务契约。


目录	合并财务报表附注
	（未经审计）

根据借款人的选择，A&R 信贷额度的利率为：(1) (A) 以美元计价的借款，适用期限 SOFR；(B) 以英镑计价的借款，适用 Daily Simple Sonia；或 (C) 以欧元计价的借款，适用 EURIBOR；上述各项均加上根据公司最近一个已提交财务报表的四个财政季度期末及该期间的总净杠杆率不时确定的年利率（“适用利差”）；或 (2) 以美元计价的借款，适用替代基准利率（“ABR”，定义见《A&R 信贷协议》）加上适用利差。期限 SOFR、Daily Simple Sonia 或 EURIBOR 的适用利差可为 1.50% 至 2.50%，而 ABR 的适用利差可为 0.50% 至 1.50%。

截至 2026 年和 2025 年 9 月 30 日的九个月期间，公司信贷额度借款的加权平均利率分别为 5.32% 和 6.18%。截至 2026 年和 2025 年 9 月 30 日的九个月期间，循环信贷额度的加权平均承诺费分别为 0.23% 和 0.25%。

卖方票据

在 2023 年 11 月 1 日收购 Cornell Dubilier 时，公司获得了一笔无息卖方票据，本金总额为 $122.9 million。公司按照 ASC 835《利息》的会计指引，使用约 7.1% 的推算利率折现未来本金付款，于收购日按现值 $109.9 million 记录该卖方票据。公司已就该卖方票据成功提出 $0.2 million 的赔偿请求。公司于 2024 年 11 月 1 日偿还了 $50.0 million 的卖方票据，并于 2025 年 10 月 31 日偿还了剩余的 $72.7 million。截至 2025 年 9 月 30 日的三个月和九个月期间，公司分别确认了约 $1.3 million 和 $3.8 million 的卖方票据推算利息费用。

10. 其他综合收益

确认为其他综合（亏损）收益的金额如下：


	截至三个月
	2026 年 9 月 30 日		2025 年 9 月 30 日
（百万）	税前		税项		税后净额		税前	税项		税后净额
外币折算	$	(0.2)			$	—		$	(0.2)		$	0.4		$	—	$	0.4
员工福利计划	0.2			—			0.2		0.1		—		0.1
现金流量套期公允价值变动	(0.3)			—			(0.3)		(0.9)		—		(0.9)

其他综合亏损总额	$	(0.3)			$	—		$	(0.3)		$	(0.4)		$	—	$	(0.4)

	截至九个月
	2026 年 9 月 30 日		2025 年 9 月 30 日
（百万）	税前		税项		税后净额		税前	税项		税后净额
外币折算	$	4.7			$	—		$	4.7		$	6.5		$	—	$	6.5
员工福利计划	0.5			—			0.5		0.2		0.2		0.4
现金流量套期公允价值变动	—			—			—		2.0		—		2.0

其他综合收益总额	$	5.2			$	—		$	5.2		$	8.7		$	0.2	$	8.9


目录	合并财务报表附注
	（未经审计）

以下表格汇总了截至2026年和2025年9月30日的九个月内，累计其他综合收益各组成部分（扣除税项后）余额的变动：


（百万）	现金流量套期		员工福利计划		累计外币折算调整					总计
2025年12月31日余额	$	(0.4)			$	(15.9)		$	(108.4)			$	(124.7)


其他综合收益，扣除税项后	—			0.5			4.7				5.2

2026年9月30日余额	$	(0.4)			$	(15.4)		$	(103.7)			$	(119.5)


（百万）	现金流量套期		员工福利计划	累计外币折算调整		总计
2024年12月31日余额	$	(2.1)		$	(16.9)	$	(119.1)		$	(138.1)
其他综合收益，扣除税项后	2.0		0.4		6.5			8.9
2025年9月30日余额	$	(0.1)		$	(16.5)	$	(112.6)		$	(129.2)

以下表格汇总了从累计其他综合亏损重新分类至收益的金额：


		截至9月30日的三个月，
（百万）	收益表项目	2026		2025
养老金及退休后福利计划：
精算损失及先前服务成本的摊销或结算	其他费用，净额	$	0.2			$	0.1
税项	所得税拨备	—			—
扣除税项后		$	0.2			$	0.1

现金流量套期：
重新分类至收益的净收益	销货成本	$	(0.1)			$	(0.4)
税项	所得税拨备	—			0.1
扣除税项后		$	(0.1)			$	(0.3)

		截至9月30日的九个月，
（百万）	收益表项目	2026		2025
养老金及退休后福利计划：
精算损失及先前服务成本的摊销或结算	其他费用，净额	$	0.5			$	0.2
税项	所得税拨备	—			0.2
扣除税项后		$	0.5			$	0.4

现金流量套期：
重新分类至收益的净损失	销货成本	$	—			$	0.1
税项	所得税拨备	—			—
扣除税项后		$	—			$	0.1


目录	合并财务报表附注
	（未经审计）

11. 所得税

所列中期的所得税已根据估计年度有效税率（\"ETR\"）计入随附的合并财务报表。确定合并所得税拨备需要管理层作出某些判断和估计。估计年度税前收益或亏损水平、税法以及税务审计结果的变化可能影响整体ETR，从而影响所得税费用或收益以及净收益或亏损的水平。与公司预测和假设相关的判断和估计本质上存在不确定性，因此实际结果可能与预测存在重大差异。

公司截至2026年9月30日止三个月和九个月持续经营业务的有效税率（ETR）分别为23.7%和17.1%（包括总额为$4.7 million的离散税收优惠项目）。截至2026年9月30日止九个月影响税收优惠的离散项目主要归因于股票薪酬。若不考虑离散项目，截至2026年9月30日止九个月持续经营业务的ETR为24.8%。公司截至2025年9月30日止三个月和九个月持续经营业务的ETR分别为19.3%（包括总额为$0.2 million的离散税务费用项目）和26.2%（包括总额为$0.1 million的离散税收优惠项目）。截至2025年9月30日止三个月和九个月影响税项拨备的离散项目主要归因于股票薪酬。若不考虑离散项目，截至2025年9月30日止三个月和九个月持续经营业务的ETR分别为18.4%和26.5%。

公司在产生收入的多个国家计提税款，并在其他司法管辖区计提估值备抵，因此分别产生截至2026年和2025年9月30日止九个月的税项拨备。

12. 股权激励计划

下表汇总了公司在所列期间确认的股票薪酬费用：


	截至9月30日止三个月，		截至9月30日止九个月，
（以百万计）	2026		2025		2026		2025
税前股票薪酬费用总额	$	6.8			$	5.9		$	23.4	$	22.4
税收优惠	—			0.2			8.2		3.7
扣除税项后的股票薪酬费用总额	$	6.8			$	5.7		$	15.2	$	18.7

股票期权

截至2026年或2025年9月30日止九个月均未授予股票期权。

下表汇总了公司截至2026年9月30日止九个月的股票期权活动：


	股份数量	加权平均行权价		总内在价值（以百万计）	加权平均剩余合同期限（年）
2025年12月31日未行权	413,659		$	18.20


已行权 (1)	(380,855)		18.04

已到期	(1)		16.07
2026年9月30日未行权	32,803		$	20.07		$	0.6	1.6

2026年9月30日可行权	32,803		$	20.07		$	0.6	1.6

(1) 已行权股票期权数量包括公司代员工扣留、用于支付期权行权价（在净额行权情况下）以及满足法定预扣税要求的股份。

截至2026年9月30日，股票期权相关的未确认薪酬费用为零。


目录	合并财务报表附注
	（未经审计）

限制性股票单位

下表汇总了公司截至2026年9月30日止九个月的限制性股票单位（“RSU”）活动：


	股份单位	加权平均授予日公允价值
2025年12月31日未归属	1,911,526		$	17.76
已授予	699,582		27.48

已归属 (1)	(931,628)		17.75
已没收	(31,134)		22.06
2026年9月30日未归属	1,648,346		$	21.80

(1) 已归属RSU数量包括公司代员工扣留、用于满足法定预扣税要求的股份。

截至2026年9月30日，公司有与RSU相关的未确认薪酬费用2,050万美元，预计将在加权平均1.5年的期间内确认。

绩效股票单位

附带市场条件的奖励

公司向高级管理层授予绩效股票单位（“PSU”），可赚取并归属的PSU数量取决于三年业绩期内相对于Russell 2000指数成分公司的股东总回报（“TSR”）。这些奖励将在授予日三年后一次性归属。PSU将以公司普通股结算。根据公司相对于适用指标的整体业绩，PSU奖励规模可向上或向下调整，因此业绩期末的奖励范围可为目标值的0%至225%。公司在每项PSU授予适用的服务期内按比例确认费用。截至2026年和2025年9月30日止九个月，公司分别授予了259,580和365,051个附带市场条件的PSU。

附带市场条件的PSU的公允价值采用蒙特卡洛模拟法确定，所用假设如下：


	截至9月30日止九个月，
	2026		2025
无风险利率	3.44	%		4.28	%
股息率	不适用		不适用
预期年限（年）	3		3
波动率	32.90	%		33.43	%
授予日Knowles股价	$	27.14			$	18.34
授予日每股公允价值	$	44.00			$	25.50

附带业绩条件的奖励

公司还向部分员工授予PSU，可赚取并归属的PSU数量取决于内部公司目标的达成情况。每个附带业绩条件的PSU的公允价值等于授予日的股价。公司在这些奖励适用的服务期内按比例确认费用，并根据需要按预期业绩条件达成情况调整费用。


目录	合并财务报表附注
	（未经审计）

During the nine months ended September 30, 2026, the Company granted 27,515 PSUs with performance conditions that had a grant date fair value of $0.7 million. During the nine months ended September 30, 2025, the Company granted 89,967 PSUs with performance conditions that had a grant date fair value of $1.7 million. The 2025 grant included a special PSU award for the Chief Executive Officer of 81,788 target PSUs with a grant date fair value of $1.5 million. This award is eligible to vest based on the achievement of a minimum non-GAAP diluted earnings per share amount and specified revenue goals over a potential five-year performance period. If the goals are not met during the initial three-year performance period, it may be extended an additional two years at a reduced payout level. Achievement of this award could range from 0% to 400% of the target number of PSUs.

The following table summarizes the Company's PSU activity for the nine months ended September 30, 2026:


	Share units (1)	Weighted-average grant date fair value
Unvested at December 31, 2025	1,076,268		$	25.36
Granted	287,095		42.40

Vested (2)	(256,415)		29.75

Unvested at September 30, 2026	1,106,948		$	28.76

(1) The number of PSUs shown reflects 100% of the target award; actual payouts may differ based on performance.

(2) The number of PSUs vested includes shares that the Company withheld on behalf of employees to satisfy statutory tax withholding requirements.

At September 30, 2026, the Company had $13.0 million of unrecognized compensation expense related to PSUs that it expects to recognize over a weighted-average period of 1.3 years.

13. Earnings per Share

Basic and diluted earnings per share were computed as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions, except per share amounts)	2026		2025		2026		2025
Earnings from continuing operations	$	21.2			$	18.0		$	50.9	$	25.4
Earnings (loss) from discontinued operations, net	0.4			(0.6)			(0.2)		(2.2)
Net earnings	$	21.6			$	17.4		$	50.7	$	23.2

Basic earnings per common share:
Earnings from continuing operations	$	0.25			$	0.21		$	0.60	$	0.29
Earnings (loss) from discontinued operations, net	—			(0.01)			(0.01)		(0.02)
Net earnings	$	0.25			$	0.20		$	0.59	$	0.27

Weighted-average shares outstanding	85.3			85.8			85.5		86.8

Diluted earnings per common share:
Earnings from continuing operations	$	0.24			$	0.21		$	0.58	$	0.29
Earnings (loss) from discontinued operations, net	0.01			(0.01)			—		(0.03)
Net earnings	$	0.25			$	0.20		$	0.58	$	0.26

Weighted-average shares outstanding (1)	87.7			87.3			87.9		88.1

(1) In accordance with ASC 260, Earnings Per Share, the control number for determining whether including potential common shares in the diluted EPS computation would be antidilutive is earnings from continuing operations.


Table of Contents	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
	(unaudited)

The following table is a reconciliation of the share amounts used in computing earnings per share:


	Three Months Ended September 30,	Nine Months Ended September 30,
(in millions)	2026	2025		2026	2025
Weighted-average shares outstanding - basic	85.3		85.8		85.5	86.8
Dilutive effect of assumed vesting of PSUs, RSUs, and exercise of stock options	2.4		1.5		2.4	1.3
Weighted-average shares outstanding - diluted	87.7		87.3		87.9	88.1

For the three and nine months ended September 30, 2026, the weighted-average number of antidilutive potential common shares for stock-based awards excluded from the diluted earnings per share calculation above was 0.3 million and 0.4 million, respectively. For both the three and nine months ended September 30, 2025, the weighted-average number of antidilutive potential common shares for stock-based awards excluded from the diluted earnings per share calculation above was 0.8 million.

14. Commitments and Contingent Liabilities

From time to time, the Company is involved in various legal proceedings and claims arising in the ordinary course of its business. The majority of these claims and proceedings relate to commercial, warranty, employment, and intellectual property matters. Although the ultimate outcome of any legal proceeding or claim cannot be predicted with certainty, based on present information, including management’s assessment of the merits of the particular claim, the Company believes that the disposition of these legal proceedings or claims, individually or in the aggregate, after taking into account recorded accruals and the availability and limits of insurance coverage, will not have a material adverse effect on its cash flow, results of operations, or financial condition.

The Company owns many patents and other intellectual property pertaining to its products, technology, and manufacturing processes. Some of the Company's patents have been and may continue to be infringed upon or challenged by others. In appropriate cases, the Company has taken and will take steps to protect and defend its patents and other intellectual property, including through the use of legal proceedings in various jurisdictions around the world. Such steps have resulted in and may continue to result in retaliatory legal proceedings, including litigation or other legal proceedings in various jurisdictions and forums around the world alleging infringement by the Company of patents owned by others. The costs of investigations and legal proceedings relating to the enforcement and defense of the Company’s intellectual property may be substantial. Additionally, in multi-forum disputes, the Company may incur adverse judgments with regard to certain claims in certain jurisdictions and forums while still contesting other related claims against the same opposing party in other jurisdictions and forums.

Intellectual Property Infringement Claims

The Company may, on a limited basis, provide contractual indemnities for certain losses that arise out of claims that its products infringe on the intellectual property of others. It is not possible to determine the maximum potential amount under these indemnification agreements due to the unique facts and circumstances involved in each particular agreement. Historically, the Company has not made significant payments under such indemnity arrangements. The Company’s legal accruals associated with these indemnity arrangements were not significant at September 30, 2026 and December 31, 2025.


Table of Contents	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
	(unaudited)

15. Segment Information

The Company's two reportable segments are Precision Devices and MedTech & Specialty Audio. Information regarding the Company’s reportable segments is as follows:


	Three Months Ended September 30, 2026
(in millions)	Precision Devices		MedTech & Specialty Audio		Total
Revenues	$	117.0			$	67.0		$	184.0
Adjusted cost of goods sold	68.3			32.2			100.5
Adjusted research and development expenses	5.0			4.9			9.9
Adjusted selling and administrative expenses	14.9			4.1			19.0
Other segment items (1)	0.1			—			0.1
Segment adjusted earnings before interest and income taxes	$	28.7			$	25.8		$	54.5
Less:
Corporate expenses					12.1
Stock-based compensation expense					6.8
Intangibles amortization expense					4.0

Interest expense, net					1.6
Production transfer costs					1.1
Restructuring charges					0.6

Other (2)					0.5


Earnings before income taxes and discontinued operations					$	27.8

(1) Other segment items primarily include foreign currency exchange gains and losses and other non-operating income and expense.

(2) Other expenses primarily include certain foreign currency exchange rate adjustments.


	Three Months Ended September 30, 2025
(in millions)	Precision Devices		MedTech & Specialty Audio		Total
Revenues	$	88.2			$	64.7		$	152.9
Adjusted cost of goods sold	51.6			30.4			82.0
Adjusted research and development expenses	4.2			4.6			8.8
Adjusted selling and administrative expenses	12.0			3.5			15.5
Other segment items (1)	0.2			—			0.2
Segment adjusted earnings before interest and income taxes	$	20.2			$	26.2		$	46.4
Less:
Corporate expenses					11.9
Stock-based compensation expense					5.9
Intangibles amortization expense					4.0

Interest expense, net					2.3
Production transfer costs					0.6
Restructuring charges					0.3
Plus:
Transition services credit					0.5
Acquisition-related costs					0.1
Other (2)					0.3
Earnings before income taxes and discontinued operations					$	22.3

(1) Other segment items primarily include foreign currency exchange gains and losses and other non-operating income and expense.

(2) Other expenses primarily include foreign currency exchange rate impacts on restructuring balances.


Table of Contents	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
	(unaudited)


	Nine Months Ended September 30, 2026
(in millions)	Precision Devices		MedTech & Specialty Audio		Total
Revenues	$	300.4			$	203.5		$	503.9
Adjusted cost of goods sold	178.9			95.9			274.8
Adjusted research and development expenses	14.2			14.7			28.9
Adjusted selling and administrative expenses	43.0			11.9			54.9
Other segment items (1)	0.2			(0.1)			0.1
Segment adjusted earnings before interest and income taxes	$	64.1			$	81.1		$	145.2
Less:
Corporate expenses					36.6
Stock-based compensation expense					23.4
Intangibles amortization expense					12.0
Interest expense, net					4.8

Production transfer costs					2.8
Restructuring charges					1.0

Other (2)					4.0
Plus:
Transition services credit					0.8
Earnings before income taxes and discontinued operations					$	61.4

(1) Other segment items primarily include foreign currency exchange gains and losses and other non-operating income and expense.

(2) Other expenses primarily include certain foreign currency exchange rate adjustments.


	Nine Months Ended September 30, 2025
(in millions)	Precision Devices		MedTech & Specialty Audio		Total
Revenues	$	239.2			$	191.8		$	431.0
Adjusted cost of goods sold	146.3			94.3			240.6
Adjusted research and development expenses	12.1			13.7			25.8
Adjusted selling and administrative expenses	35.6			10.4			46.0
Other segment items (1)	0.4			(0.2)			0.2
Segment adjusted earnings before interest and income taxes	$	44.8			$	73.6		$	118.4
Less:
Corporate expenses					34.5
Stock-based compensation expense					22.4
Intangibles amortization expense					12.1
Interest expense, net					7.5
Impairment charges					3.6
Restructuring charges					3.2
Production transfer costs					1.0
Acquisition-related costs					0.6
Other (2)					0.8
Plus:
Transition services credit					1.7
Earnings before income taxes and discontinued operations					$	34.4

(1) Other segment items primarily include foreign currency exchange gains and losses and other non-operating income and expense.

(2) Other expenses primarily include foreign currency exchange rate impacts on restructuring balances.


Table of Contents	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
	(unaudited)

Information regarding assets of the Company's reportable segments is as follows:


	Total Assets
(in millions)	September 30, 2026		December 31, 2025
Precision Devices	$	593.7			$	554.7
MedTech & Specialty Audio	385.6			399.7
Total segments	979.3			954.4
Corporate (1)	95.9			96.7

Total	$	1,075.2			$	1,051.1

(1) Corporate assets at both September 30, 2026 and December 31, 2025 include $83.4 million of Syntiant preferred stock received in partial consideration for the sale of CMM on December 27, 2024 and a note receivable from Syntiant totaling $5.9 million. Corporate assets also include the portion of right-of-use operating lease assets subleased by Syntiant, which totaled approximately $5.1 million and $5.2 million at September 30, 2026 and December 31, 2025, respectively.

The following table details revenues by geographic location. Revenues are attributed to regions based on the location of the Company's direct customer, which in some instances is an intermediary and not necessarily the end user. The Company's businesses are based primarily in North America, Asia, and Europe.


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
United States	$	86.6			$	66.8		$	223.9	$	180.8
Asia	63.0			56.7			181.7		163.2
Europe	27.9			23.9			80.1		72.1
Other Americas	4.0			3.2			10.9		8.1
Other	2.5			2.3			7.3		6.8
Total	$	184.0			$	152.9		$	503.9	$	431.0

Receivables, net from contracts with customers were $102.4 million and $91.7 million as of September 30, 2026 and December 31, 2025, respectively.

Table of Contents

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to our operations, results of operations, our continued business operations, and other matters that are based on our current expectations, estimates, assumptions, and projections. Words such as “believe,” “expect,” “anticipate,” “project,” “estimate,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “objective,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made. The statements in this Quarterly Report on Form 10-Q are based on currently available information and the current expectations, forecasts, and assumptions of our management concerning risks and uncertainties that could cause actual outcomes or results to differ materially from those outcomes or results that are projected, anticipated, or implied in these statements. Other risks and uncertainties include, but are not limited to:


o	fluctuations in our stock's market price;
o	fluctuations in operating results and cash flows;
o	our ability to prevent or identify quality issues in our products or to promptly remedy any such issues that are identified;
o	risks associated with increasing our inventories in advance of anticipated orders by customers;
o	escalating international trade tensions, new or increased tariffs and trade wars among countries;
o	the impact of changes to laws and regulations that affect the Company’s ability to offer products or services to customers in different regions;
o	our ability to achieve reductions in our operating expenses;
o	the ability to qualify our products and facilities with customers;
o	our ability to obtain, enforce, defend, or monetize our intellectual property rights;
o	disruption caused by a cybersecurity incident, including a cyber attack, cyber breach, theft, or other unauthorized access (the risk of which could be exacerbated by geopolitical tensions);
o	increases in the costs of critical raw materials and components;
o	availability of raw materials and components;
o	managing new product ramps and introductions for our customers;
o	our dependence on a limited number of large customers;
o	our ability to maintain and expand our existing relationships with leading OEMs in order to maintain and increase our revenue;
o	increasing competition and new entrants in the market for our products;
o	our ability to develop new or enhanced products or technologies in a timely manner that achieve market acceptance;
o	global economic instability, including due to inflation, rising interest rates, or the impacts of geopolitical uncertainties (including the impact of the conflict with Iran);
o	financial risks, including risks relating to currency fluctuations, credit risks, and fluctuations in the market value of the Company;
o	a sustained decline in our stock price and market capitalization may result in the impairment of certain intangible or long-lived assets;
o	market risk associated with fluctuations in commodity prices, particularly for various precious metals used in our manufacturing operation,
o	changes in tax laws, changes in tax rates, and exposure to additional tax liabilities.

A more complete description of these risks, uncertainties, and other factors can be found under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. We do not undertake to update or revise our forward-looking statements as a result of new information, future events, or otherwise, except as required by law.

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related Notes included elsewhere in this Quarterly Report on Form 10-Q.

Overview

We are a leading manufacturer of specialty electronic components. We design parts that perform unique and critical functions for innovative technologies. Through extreme reliability, custom engineering, and scalable manufacturing, we enable businesses to succeed in the most demanding applications across medtech, defense, industrial, and electrification markets. Our high performance capacitors, radio frequency (\"RF\") filters, advanced medtech microphones, and balanced armature speakers enable and enhance the performance of technologies with the power to change, improve, and save lives. Our focus on the customer, combined with unique technology, proprietary manufacturing techniques, and global operational expertise, enables us to deliver customized solutions across multiple applications. References to \"Knowles,\" the \"Company,\" \"we,\" \"our,\" or \"us\" refer to Knowles Corporation and its consolidated subsidiaries, unless the context otherwise requires.

We sell our products directly to original equipment manufacturers (\"OEMs\") and to their contract manufacturers and suppliers and through distributors worldwide.

Non-GAAP Financial Measures

In addition to the GAAP financial measures included in this item, we have presented certain non-GAAP financial measures. We use non-GAAP measures as supplements to our GAAP results of operations in evaluating certain aspects of our business, and our executive management team and Board of Directors focus on non-GAAP items as key measures of our performance for business planning purposes. These measures assist us in comparing our performance between various reporting periods on a consistent basis, as these measures remove from operating results the impact of items that, in our opinion, do not reflect our core operating performance. We believe that our presentation of non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that we use internally for purposes of assessing our core operating performance. The Company does not consider these non-GAAP financial measures to be a substitute for the information provided by GAAP financial results. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see the reconciliation included herein.

Table of Contents

Results of Operations for the Three Months Ended September 30, 2026 compared with the Three Months Ended September 30, 2025


	Three Months Ended September 30,
(in millions, except per share amounts)	2026		2025
Revenues	$	184.0		$	152.9

Gross profit	$	81.3		$	69.9
Non-GAAP gross profit	$	83.3		$	70.7

Earnings from continuing operations before interest and income taxes	$	29.4		$	24.6

Adjusted earnings from continuing operations before interest and income taxes	$	42.4		$	34.5

Provision for income taxes	$	6.6		$	4.3
Non-GAAP provision for income taxes	$	7.6		$	3.3

Net earnings from continuing operations	$	21.2		$	18.0
Non-GAAP net earnings from continuing operations	$	33.2		$	28.9

Earnings per share from continuing operations - diluted	$	0.24		$	0.21
Non-GAAP diluted earnings per share	$	0.38		$	0.33

Revenues

Revenues for the third quarter of 2026 were $184.0 million, compared with $152.9 million for the third quarter of 2025, an increase of $31.1 million or 20.3%. Precision Devices (\"PD\") revenues increased $28.8 million due to higher demand in the electrification, industrial, defense, and medtech markets, as well as higher pricing. MedTech & Specialty Audio (\"MSA\") revenues increased $2.3 million, primarily due to higher shipping volumes into the hearing health market, partially offset by lower shipping volumes into the specialty audio market.

Cost of Goods Sold

Cost of goods sold (\"COGS\") for the third quarter of 2026 was $102.2 million, compared with $82.8 million for the third quarter of 2025, an increase of $19.4 million or 23.4%. This increase was primarily due to higher shipping volumes, non-recurruing inventory adjustments, higher factory costs, unfavorable product mix, and increased production transfer costs in our ceramic capacitor business.

Restructuring Charges

During the third quarter of 2026, we recorded restructuring charges of $0.5 million within Gross profit and $0.1 million within Operating expenses related primarily to headcount reductions within our PD segment. During the third quarter of 2025, we recorded restructuring charges of $0.3 million related primarily to headcount reductions across the Company to rightsize operations subsequent to the sale of CMM. For additional information, refer to Note 8. Restructuring and Related Activities to our Consolidated Financial Statements.

Gross Profit and Non-GAAP Gross Profit

Gross profit for the third quarter of 2026 was $81.3 million, compared with $69.9 million for the third quarter of 2025, an increase of $11.4 million or 16.3%. Gross profit margin (gross profit as a percentage of revenues) for the third quarter of 2026 was 44.2%, compared with 45.7% for the third quarter of 2025. The increase in gross profit was primarily due to higher shipping volumes. The decrease in gross profit margin was primarily due to non-recurring inventory adjustments, higher factory costs, unfavorable product mix, and increased production transfer costs in our ceramic capacitor business, partially offset by higher pricing.

Non-GAAP gross profit for the third quarter of 2026 was $83.3 million, compared with $70.7 million for the third quarter of 2025, an increase of $12.6 million or 17.8%. Non-GAAP gross profit margin (non-GAAP gross profit as a percentage of revenues) for the third quarter of 2026 was 45.3% compared with 46.2% for the third quarter of 2025. The increase in non-GAAP gross profit was primarily due to higher shipping volumes. The decrease in non-GAAP gross profit margin was primarily due to non-recurring inventory adjustments, higher factory costs, and unfavorable product mix, partially offset by higher pricing.

Research and Development Expenses

Research and development expenses for the third quarter of 2026 were $11.1 million, compared with $10.0 million for the third quarter of 2025, an increase of $1.1 million or 11.0%. Research and development expenses as a percentage of revenues for the third quarter of 2026 and 2025 were 6.0% and 6.5%, respectively. The increase in expenses was primarily driven by increased development activities related to new products and applications.

Selling and Administrative Expenses

Selling and administrative expenses for the third quarter of 2026 were $39.4 million, compared with $34.0 million for the third quarter of 2025, an increase of $5.4 million or 15.9%. Selling and administrative expenses as a percentage of revenues for the third quarter of 2026 and 2025 were 21.4% and 22.2%, respectively. The increase in expenses was primarily driven by incentive compensation, stock-based compensation, sales commissions, additional headcount within the PD segment to support future growth, and annual merit increases. The decrease in expenses as a percentage of revenues was driven by higher revenues.

Interest Expense, net

Interest expense for the third quarter of 2026 was $1.6 million, compared with $2.3 million for the third quarter of 2025, a decrease of $0.7 million. The decrease is primarily due to the absence of imputed interest expense in 2026 on our Seller Note from the CD acquisition, which was paid in full in 2025. For additional information on borrowings and interest expense, refer to Note 9. Borrowings to our Consolidated Financial Statements.

Other Expense, net

Other expense for the third quarter of 2026 was $1.3 million, compared with $1.2 million for the third quarter of 2025, a change of $0.1 million. Expense in 2026 is primarily due to unfavorable foreign currency exchange rate changes. Expense in 2025 is primarily due to unfavorable foreign currency exchange rate changes, partially offset by unrealized gains in our investment balances.

Provision for Income Taxes and Non-GAAP Provision for Income Taxes

The effective tax rate (\"ETR\") from continuing operations for the third quarter of 2026 and 2025 was 23.7% and 19.3%, respectively. The ETR from continuing operations for the third quarter of 2025 includes a discrete impact of $0.2 million of tax expense. The discrete items impacting the tax provision for 2025 are primarily attributable to stock-based compensation and the deferred tax impact of a tax rate change. Absent the discrete items, the ETR from continuing operations for the third quarter of 2025 was 18.4%. The Company accrues taxes in various countries where it generates income and applies a valuation allowance in other jurisdictions, which resulted in the provision for the third quarter of 2026 and 2025. The change in the ETR was due to the mix of earnings and losses by taxing jurisdictions.

The non-GAAP ETR from continuing operations for the third quarter of 2026 and 2025 was 18.6% and 10.2%, respectively. The non-GAAP ETR from continuing operations for the third quarter 2025 includes a discrete impact of $0.1 million of tax expense. Absent the discrete item, the non-GAAP ETR for the third quarter of 2025 was 9.9%. The change in the non-GAAP ETR was primarily due to a decreased utilization of foreign tax credits and the mix of earnings and losses by taxing jurisdictions.

Earnings from Continuing Operations

Earnings from continuing operations for the third quarter of 2026 was $21.2 million, compared with $18.0 million for the third quarter of 2025, an improvement of $3.2 million. As described above, the improvement is primarily due to higher gross profit, partially offset by higher operating expenses and income tax expense.

Earnings and Adjusted Earnings from Continuing Operations Before Interest and Income Taxes

Earnings from continuing operations before interest and income taxes (\"EBIT\") for the third quarter of 2026 was $29.4 million, compared with $24.6 million for the third quarter of 2025, an increase of $4.8 million. EBIT margin (EBIT as a percentage of revenues) for the third quarter of 2026 was 16.0%, compared with 16.1% for the third quarter of 2025. The increase in EBIT was primarily due to higher gross profit. The decrease in EBIT margin was primarily due to higher operating expenses, partially offset by higher revenues.

Adjusted earnings before interest and income taxes (\"Adjusted EBIT\") from continuing operations for the third quarter of 2026 was $42.4 million, compared with $34.5 million for the third quarter of 2025, an increase of $7.9 million. Adjusted EBIT margin (Adjusted EBIT from continuing operations as a percentage of revenues) for the third quarter of 2026 was 23.0%, compared with 22.6% for the third quarter of 2025. The increases in Adjusted EBIT and Adjusted EBIT margin were primarily due to higher non-GAAP gross profit and higher revenues, partially offset by higher non-GAAP operating expenses.

Earnings (Loss) from Discontinued Operations, net

We recorded earnings from discontinued operations of $0.4 million for the third quarter of 2026 and a loss of $0.6 million for the third quarter of 2025, which were driven by updates to estimates regarding certain tax liabilities related to CMM's historical operations. For additional information, refer to Note 3. Discontinued Operations to our Consolidated Financial Statements.

Diluted Earnings per Share from Continuing Operations and Non-GAAP Diluted Earnings per Share from Continuing Operations

Diluted earnings per share from continuing operations was $0.24 for the third quarter of 2026, compared with $0.21 for the third quarter of 2025, an improvement of $0.03. As described above, the improvement is primarily due to higher gross profit, partially offset by higher operating expenses and income tax expense.

Non-GAAP diluted earnings per share from continuing operations was $0.38 for the third quarter of 2026, compared with $0.33 for the third quarter of 2025, an improvement of $0.05. As described above, the improvement is primarily due to higher non-GAAP gross profit, partially offset by higher non-GAAP operating expenses and non-GAAP income tax expense.

Results of Operations for the Nine Months Ended September 30, 2026 compared with the Nine Months Ended September 30, 2025


	Nine Months Ended September 30,
(in millions, except per share amounts)	2026		2025
Revenues	$	503.9		$	431.0

Gross profit	$	223.0		$	183.8
Non-GAAP gross profit	$	228.7		$	190.2

Earnings from continuing operations before interest and income taxes	$	66.2		$	41.9

Adjusted earnings from continuing operations before interest and income taxes	$	108.6		$	83.9

Provision for income taxes	$	10.5		$	9.0
Non-GAAP provision for income taxes	$	18.2		$	10.1

Net earnings from continuing operations	$	50.9		$	25.4
Non-GAAP net earnings from continuing operations	$	85.6		$	66.3

Earnings per share from continuing operations - diluted	$	0.58		$	0.29
Non-GAAP diluted earnings per share	$	0.98		$	0.75

Revenues

Revenues for the nine months ended September 30, 2026 were $503.9 million, compared with $431.0 million for the nine months ended September 30, 2025, an increase of $72.9 million or 16.9%. PD revenues increased $61.2 million due to higher demand in the industrial, electrification, defense, and medtech markets, as well as higher pricing. MSA revenues increased $11.7 million, primarily due to higher shipping volumes into the hearing health market, partially offset by lower shipping volumes into the specialty audio market.

Cost of Goods Sold

COGS for the nine months ended September 30, 2026 was $280.2 million, compared with $242.9 million for the nine months ended September 30, 2025, an increase of $37.3 million or 15.4%. This increase was primarily due to higher shipping volumes, increased production transfer costs in our ceramic capacitor business, and higher factory costs.

Impairment Charges

During the nine months ended September 30, 2025, we recorded an impairment charge of $3.6 million to write down the carrying value of certain machinery and equipment to fair value. For additional information, refer to Note 1. Basis of Presentation to our Consolidated Financial Statements.

Restructuring Charges

During the nine months ended September 30, 2026, we recorded restructuring charges of $0.7 million within Gross profit and $0.3 million within Operating expenses related primarily to headcount reductions within our PD segment.

During the nine months ended September 30, 2025, we recorded restructuring charges of $0.7 million within Gross profit and $2.5 million within Operating expenses primarily related to headcount reductions across the Company to rightsize operations subsequent to the sale of CMM. For additional information, refer to Note 8. Restructuring and Related Activities to our Consolidated Financial Statements.

Gross Profit and Non-GAAP Gross Profit

Gross profit for the nine months ended September 30, 2026 was $223.0 million, compared with $183.8 million for the nine months ended September 30, 2025, an increase of $39.2 million or 21.3%. Gross profit margin for the nine months ended September 30, 2026 was 44.3%, compared with 42.6% for the nine months ended September 30, 2025. The increases in gross profit and gross profit margin were primarily due to higher shipping volumes, impairment charges in 2025 that did not recur in 2026, and higher pricing, partially offset by increased production transfer costs in our ceramic capacitor business and higher factory costs.

Non-GAAP gross profit for the nine months ended September 30, 2026 was $228.7 million, compared with $190.2 million for the nine months ended September 30, 2025, an increase of $38.5 million or 20.2%. Non-GAAP gross profit margin for the nine months ended September 30, 2026 was 45.4% compared with 44.1% for the nine months ended September 30, 2025. The increases in non-GAAP gross profit and non-GAAP gross profit margin were primarily due to higher shipping volumes and pricing, partially offset by higher factory costs.

Research and Development Expenses

Research and development expenses for the nine months ended September 30, 2026 were $33.4 million, compared with $29.7 million for the nine months ended September 30, 2025, an increase of $3.7 million or 12.5%. Research and development expenses as a percentage of revenues for the nine months ended September 30, 2026 and 2025 were 6.6% and 6.9%, respectively. The increase in expenses was primarily driven by increased development activities related to new products and applications.

Selling and Administrative Expenses

Selling and administrative expenses for the nine months ended September 30, 2026 were $118.0 million, compared with $107.1 million for the nine months ended September 30, 2025, an increase of $10.9 million or 10.2%. Selling and administrative expenses as a percentage of revenues for the nine months ended September 30, 2026 and 2025 were 23.4% and 24.8%, respectively. The increase in expenses was primarily driven by incentive compensation, sales commissions, additional headcount within the PD segment to support future growth, annual merit increases, stock-based compensation, and travel. The decrease in expenses as a percentage of revenues was driven by higher revenues.

Interest Expense, net

Interest expense for the nine months ended September 30, 2026 was $4.8 million, compared with $7.5 million for the nine months ended September 30, 2025, a decrease of $2.7 million. The decrease is primarily due to the absence of imputed interest expense in 2026 on our Seller Note from the CD acquisition, which was paid in full in 2025. For additional information on borrowings and interest expense, refer to Note 9. Borrowings to our Consolidated Financial Statements.

Other Expense, net

Other expense for the nine months ended September 30, 2026 was $5.1 million, compared with $2.6 million for the nine months ended September 30, 2025, a change of $2.5 million. Expense in 2026 and 2025 is primarily due to unfavorable foreign currency changes, partially offset by unrealized gains in our investment balances.

Provision for Income Taxes and Non-GAAP Provision for Income Taxes

The ETR from continuing operations for the nine months ended September 30, 2026 and 2025 was 17.1% and 26.2%, respectively. The ETR from continuing operations for the nine months ended September 30, 2026 and 2025 includes discrete items totaling $4.7 million and $0.1 million of tax benefit, respectively. The discrete items impacting the tax benefit and provision for 2026 and 2025 are primarily attributable to stock-based compensation. Absent the discrete items, the ETR from continuing operations for the nine months ended September 30, 2026 and 2025 was 24.8% and 26.5%, respectively. The Company accrues taxes in various countries where it generates income and applies a valuation allowance in other jurisdictions, which resulted in the provision for the nine months ended September 30, 2026 and 2025. The change in the ETR was due to the mix of earnings and losses by taxing jurisdictions and net discrete items, primarily stock-based compensation.

The non-GAAP ETR from continuing operations for the nine months ended September 30, 2026 and 2025 was 17.5% and 13.2%, respectively. The non-GAAP ETR from continuing operations includes discrete items totaling $0.1 million of tax benefit and $0.1 million of tax expense for the nine months ended September 30, 2026 and 2025, respectively. Absent the discrete items, the non-GAAP ETR from continuing operations for nine months ended September 30, 2026 and 2025 was 17.6% and 13.1%, respectively. The change in the non-GAAP ETR was primarily due to a decreased utilization of foreign tax credits and the mix of earnings and losses by taxing jurisdictions.

Earnings from Continuing Operations

Earnings from continuing operations for the nine months ended September 30, 2026 was $50.9 million, compared to $25.4 million for the nine months ended September 30, 2025, an improvement of $25.5 million. As described above, the improvement is primarily due to higher gross profit, partially offset by higher operating expenses.

Earnings and Adjusted Earnings from Continuing Operations Before Interest and Income Taxes

Earnings from continuing operations before interest and income taxes for the nine months ended September 30, 2026 was $66.2 million, compared with $41.9 million for the nine months ended September 30, 2025, an increase of $24.3 million. EBIT margin for the nine months ended September 30, 2026 was 13.1%, compared with 9.7% for the nine months ended September 30, 2025. The increases in EBIT and EBIT margin were primarily due to higher gross profit, partially offset by higher operating expenses.

Adjusted earnings before interest and income taxes from continuing operations for the nine months ended September 30, 2026 was $108.6 million, compared with $83.9 million for the nine months ended September 30, 2025, an increase of $24.7 million. Adjusted EBIT margin for the nine months ended September 30, 2026 was 21.6%, compared with 19.5% for the nine months ended September 30, 2025. The increases in Adjusted EBIT and Adjusted EBIT margin were primarily due to higher non-GAAP gross profit, partially offset by higher non-GAAP operating expenses.

Loss from Discontinued Operations, net

We recorded a loss from discontinued operations of $0.2 million and $2.2 million for the nine months ended September 30, 2026 and 2025, respectively. The loss from discontinued operations for the nine months ended September 30, 2026 was driven by updates to estimates regarding certain tax liabilities related to CMM's historical operations, partially offset by final adjustments to the CMM sale transaction. The loss from discontinued operations for the nine months ended September 30, 2025 was primarily driven by unfavorable working capital adjustments for the disposal of CMM. For additional information, refer to Note 3. Discontinued Operations to our Consolidated Financial Statements.

Diluted Earnings per Share from Continuing Operations and Non-GAAP Diluted Earnings per Share from Continuing Operations

Diluted earnings per share from continuing operations was $0.58 for the nine months ended September 30, 2026, compared with $0.29 for the nine months ended September 30, 2025, an improvement of $0.29. As described above, the improvement is primarily due to higher gross profit, partially offset by higher operating expenses.

Non-GAAP diluted earnings per share from continuing operations was $0.98 for the nine months ended September 30, 2026, compared with $0.75 for the nine months ended September 30, 2025, an improvement of $0.23. As described above, the improvement is primarily due to higher non-GAAP gross profit, partially offset by higher non-GAAP operating expenses and non-GAAP income tax expense.

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (1)


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(in millions, except per share amounts)	2026		2025		2026		2025
Gross profit	$	81.3			$	69.9		$	223.0	$	183.8
Stock-based compensation expense	0.4			0.3			1.3		1.1
Impairment charges	—			—			—		3.6
Restructuring charges	0.5			0.2			0.7		0.7
Production transfer costs (2)	1.1			0.6			2.8		0.9

Transition services credit (3)	—			(0.3)			(0.5)		(0.7)
Other (4)	—			—			1.4		0.8
Non-GAAP gross profit	$	83.3			$	70.7		$	228.7	$	190.2





















Net earnings from continuing operations	$	21.2			$	18.0		$	50.9	$	25.4
Interest expense, net	1.6			2.3			4.8		7.5
Provision for income taxes	6.6			4.3			10.5		9.0
Earnings from continuing operations before interest and income taxes	29.4			24.6			66.2		41.9
Stock-based compensation expense	6.8			5.9			23.4		22.4
Intangibles amortization expense	4.0			4.0			12.0		12.1
Impairment charges	—			—			—		3.6
Restructuring charges	0.6			0.3			1.0		3.2
Production transfer costs (2)	1.1			0.6			2.8		1.0
Acquisition-related costs (5)	—			(0.1)			—		0.6
Transition services credit (3)	—			(0.5)			(0.8)		(1.7)

Other (4)	0.5			(0.3)			4.0		0.8
Adjusted earnings from continuing operations before interest and income taxes	$	42.4			$	34.5		$	108.6	$	83.9





Provision for income taxes	$	6.6			$	4.3		$	10.5	$	9.0
Income tax effects of non-GAAP reconciling adjustments (6)	1.0			(1.0)			7.7		1.1
Non-GAAP provision for income taxes	$	7.6			$	3.3		$	18.2	$	10.1

Net earnings from continuing operations	$	21.2			$	18.0		$	50.9	$	25.4
Non-GAAP reconciling adjustments (7)	13.0			9.9			42.4		42.0

Income tax effects of non-GAAP reconciling adjustments (6)	1.0			(1.0)			7.7		1.1
Non-GAAP net earnings	$	33.2			$	28.9		$	85.6	$	66.3

Diluted earnings per share from continuing operations	$	0.24			$	0.21		$	0.58	$	0.29
Earnings per share non-GAAP reconciling adjustment (6) (7)	0.14			0.12			0.40		0.46
Non-GAAP diluted earnings per share	$	0.38			$	0.33		$	0.98	$	0.75



Diluted average shares outstanding	87.7			87.3			87.9		88.1
Non-GAAP adjustment (8)	(0.8)			0.6			(0.6)		0.7
Non-GAAP diluted average shares outstanding (8)	86.9			87.9			87.3		88.8

(1) In addition to the GAAP financial measures included herein, Knowles has presented certain non-GAAP financial measures that exclude certain amounts that are included in the most directly comparable GAAP measures. Knowles believes that non-GAAP measures are useful as supplements to its GAAP results of operations to evaluate certain aspects of its operations and financial performance, and its management team primarily focuses on non-GAAP items in evaluating Knowles' performance for business planning purposes. Knowles also believes that these measures assist it with comparing its performance between various reporting periods on a consistent basis, as these measures remove from operating results the impact of items that, in Knowles' opinion, do not reflect its core operating performance. Knowles believes that its presentation of non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that Knowles uses internally for purposes of assessing its core operating performance.

(2) Production transfer costs represent duplicate costs incurred to migrate manufacturing to existing facilities.

(3) Transition services represent amounts charged to Syntiant in connection with post-closing transition and separation costs.

(4) Other expenses include foreign currency exchange rate impacts on restructuring balances. Other expenses in 2026 also include foreign currency exchange rate adjustments related to certain balances retained subsequent to the disposal of CMM; these adjustments were not deemed material for 2025 periods.

(5) These expenses include ongoing costs to facilitate integration of the CD acquisition by the PD segment.

(6) Income tax effects of non-GAAP reconciling adjustments are calculated using the applicable tax rates in the jurisdictions of the underlying adjustments.

(7) The non-GAAP reconciling adjustments include stock-based compensation expense, intangibles amortization expense, impairment charges, restructuring charges, production transfer costs, acquisition-related costs, and other expenses, partially offset by a credit to transition services.

(8) The number of shares used in the diluted average shares outstanding calculations on a non-GAAP basis excludes the impact of stock-based compensation expense expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the GAAP treasury stock method. Non-GAAP diluted average shares outstanding also excludes the impact of certain equity awards that are not yet earned.

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Segment Results of Operations for the Three Months Ended September 30, 2026 compared with the Three Months Ended September 30, 2025

The following is a summary of the results of operations of our two reportable segments: Precision Devices and Medtech & Specialty Audio.

See Note 15. Segment Information to the Consolidated Financial Statements for (i) a reconciliation of segment revenues to our consolidated revenues and (ii) a reconciliation of segment adjusted earnings before interest and income taxes to our consolidated earnings before income taxes and discontinued operations.

Precision Devices


	Three Months Ended September 30,
(in millions)	2026		Percent of Revenues	2025		Percent of Revenues
Revenues	$	117.0				$	88.2



Earnings from continuing operations before interest and income taxes	$	22.0		18.8%		$	14.3	16.2%
Stock-based compensation expense	1.3				1.1
Intangibles amortization expense	4.0				4.0

Restructuring charges	0.3				0.3
Production transfer costs (1)	1.1				0.6
Acquisition-related costs (2)	—				(0.1)

Adjusted earnings from continuing operations before interest and income taxes	$	28.7		24.5%		$	20.2	22.9%
(1) Production transfer costs represent costs incurred to migrate manufacturing to existing facilities.
(2) These expenses include ongoing costs to facilitate integration of the CD acquisition.

Revenues

PD revenues were $117.0 million for the third quarter of 2026, compared with $88.2 million for the third quarter of 2025, an increase of $28.8 million or 32.7%. Revenues increased due to higher demand in the electrification, industrial, defense, and medtech markets, as well as higher pricing.

Earnings and Adjusted Earnings from Continuing Operations Before Interest and Income Taxes

PD EBIT was $22.0 million for the third quarter of 2026, compared with $14.3 million for the third quarter of 2025, an increase of $7.7 million. EBIT margin for the third quarter of 2026 was 18.8%, compared to 16.2% for the third quarter of 2025. The increases were due to higher gross profit, partially offset by higher operating expenses driven by additional headcount to support future growth, sales commissions, and incentive compensation. The gross profit increase was primarily driven by higher shipping volumes and pricing, partially offset by non-recurring inventory adjustments, unfavorable product mix, increased production transfer costs in our ceramic capacitor business, and higher factory costs.

PD Adjusted EBIT was $28.7 million for the third quarter of 2026, compared with $20.2 million for the third quarter of 2025, an increase of $8.5 million. Adjusted EBIT margin for the third quarter of 2026 was 24.5%, compared with 22.9% for the third quarter of 2025. The increases were due to higher non-GAAP gross profit, partially offset by higher non-GAAP operating expenses driven by additional headcount to support future growth, sales commissions, and incentive compensation. The non-GAAP gross profit increase was primarily driven by higher shipping volumes and pricing, partially offset by non-recurring inventory adjustments, unfavorable product mix, and higher factory costs.

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MedTech & Specialty Audio


	Three Months Ended September 30,
(in millions)	2026		Percent of Revenues	2025		Percent of Revenues
Revenues	$	67.0				$	64.7





Earnings from continuing operations before interest and income taxes	$	24.1		36.0%		$	25.0	38.6%
Stock-based compensation expense	1.4				1.2


Restructuring charges	0.3				—



Adjusted earnings from continuing operations before interest and income taxes	$	25.8		38.5%		$	26.2	40.5%

Revenues

MSA revenues were $67.0 million for the third quarter of 2026, compared with $64.7 million for the third quarter of 2025, an increase of $2.3 million or 3.6%. Revenues increased primarily due to higher shipping volumes into the hearing health market, partially offset by lower shipping volumes into the specialty audio market.

Earnings and Adjusted Earnings from Continuing Operations Before Interest and Income Taxes

MSA EBIT was $24.1 million for the third quarter of 2026, compared with $25.0 million for the third quarter of 2025, a decrease of $0.9 million. EBIT margin for the third quarter of 2026 was 36.0%, compared with 38.6% for the third quarter of 2025. The decreases in EBIT and EBIT margin were primarily due to higher operating expenses driven by incentive compensation, partially offset by higher gross profit. The increase in gross profit was driven by higher shipping volumes and favorable product mix, partially offset by lower pricing and higher factory costs.

MSA Adjusted EBIT was $25.8 million for the third quarter of 2026, compared with $26.2 million for the third quarter of 2025, a decrease of $0.4 million. Adjusted EBIT margin for the third quarter of 2026 was 38.5%, compared to 40.5% for the third quarter of 2025. The decreases in adjusted EBIT and adjusted EBIT margin were primarily due to higher non-GAAP operating expenses driven by incentive compensation, partially offset by higher non-GAAP gross profit. Higher non-GAAP gross profit was driven by higher shipping volumes and favorable product mix, partially offset by lower pricing and higher factory costs.

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Segment Results of Operations for the Nine Months Ended September 30, 2026 compared with the Nine Months Ended September 30, 2025

Precision Devices


	Nine Months Ended September 30,
(in millions)	2026		Percent of Revenues	2025		Percent of Revenues
Revenues	$	300.4				$	239.2



Earnings from continuing operations before interest and income taxes	$	43.5		14.5%		$	25.7	10.7%
Stock-based compensation expense	4.9				3.7
Intangibles amortization expense	12.0				12.1

Restructuring charges	0.9				1.7
Production transfer costs (1)	2.8				1.0
Acquisition-related costs (2)	—				0.6

Adjusted earnings from continuing operations before interest and income taxes	$	64.1		21.3%		$	44.8	18.7%
(1) Production transfer costs represent costs incurred to migrate manufacturing to existing facilities.
(2) These expenses include ongoing costs to facilitate integration of the CD acquisition.

Revenues

PD revenues were $300.4 million for the nine months ended September 30, 2026, compared with $239.2 million for the nine months ended September 30, 2025, an increase of $61.2 million or 25.6%. Revenues increased due to higher demand in the industrial, electrification, defense, and medtech markets, as well as higher pricing.

Earnings and Adjusted Earnings from Continuing Operations Before Interest and Income Taxes

PD EBIT was $43.5 million for the nine months ended September 30, 2026, compared with $25.7 million for the nine months ended September 30, 2025, an increase of $17.8 million. EBIT margin for the nine months ended September 30, 2026 was 14.5%, compared to 10.7% for the nine months ended September 30, 2025. The increases were due to higher gross profit, partially offset by higher operating expenses driven by additional headcount to support future growth, sales commissions, and incentive compensation. The gross profit increase was primarily driven by higher shipping volumes and pricing, partially offset by unfavorable product mix, higher production transfer costs in our ceramic capacitor business, and higher factory costs.

PD Adjusted EBIT was $64.1 million for the nine months ended September 30, 2026, compared with $44.8 million for the nine months ended September 30, 2025, an increase of $19.3 million. Adjusted EBIT margin for the nine months ended September 30, 2026 was 21.3%, compared with 18.7% for the nine months ended September 30, 2025. The increases were due to higher non-GAAP gross profit, partially offset by higher non-GAAP operating expenses driven by additional headcount to support future growth, sales commissions, and incentive compensation. The non-GAAP gross profit increase was driven by higher shipping volumes and pricing, partially offset by unfavorable product mix and higher factory costs.

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MedTech & Specialty Audio


	Nine Months Ended September 30,
(in millions)	2026		Percent of Revenues	2025		Percent of Revenues
Revenues	$	203.5				$	191.8





Earnings from continuing operations before interest and income taxes	$	76.4		37.5%		$	65.3	34.0%
Stock-based compensation expense	4.4				4.4

Impairment charges	—				3.6
Restructuring charges	0.3				0.3



Adjusted earnings from continuing operations before interest and income taxes	$	81.1		39.9%		$	73.6	38.4%

Revenues

MSA revenues were $203.5 million for the nine months ended September 30, 2026, compared with $191.8 million for the nine months ended September 30, 2025, an increase of $11.7 million or 6.1%. Revenues increased primarily due to higher shipping volumes into the hearing health market, partially offset by lower shipping volumes into the specialty audio market.

Earnings and Adjusted Earnings from Continuing Operations Before Interest and Income Taxes

MSA EBIT was $76.4 million for the nine months ended September 30, 2026, compared with $65.3 million for the nine months ended September 30, 2025, an increase of $11.1 million. EBIT margin for the nine months ended September 30, 2026 was 37.5%, compared with 34.0% for the nine months ended September 30, 2025. The increases in EBIT and EBIT margin were primarily due to higher gross profit, partially offset by higher operating expense driven by incentive compensation. The increase in gross profit was driven by higher shipping volumes, impairment charges in 2025 that did not recur in 2026, and favorable product mix, partially offset by higher factory costs and lower pricing.

MSA Adjusted EBIT was $81.1 million for the nine months ended September 30, 2026, compared with $73.6 million for the nine months ended September 30, 2025, an increase of $7.5 million. Adjusted EBIT margin for the nine months ended September 30, 2026 was 39.9%, compared to 38.4% for the nine months ended September 30, 2025. The increases in adjusted EBIT and adjusted EBIT margin were primarily due to higher non-GAAP gross profit, partially offset by higher non-GAAP operating expense driven by incentive compensation. The increase in gross profit was driven by higher shipping volumes and favorable product mix, partially offset by higher factory costs and lower pricing.

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Liquidity and Capital Resources

Historically, we have generated and expect to continue to generate positive cash flow from operations. Our ability to fund our operations and capital needs will depend on our ongoing ability to generate cash from operations and access capital markets. We believe that our future cash flow from operations and access to capital markets will provide adequate resources to fund our working capital needs, capital expenditures, strategic investments, and share repurchases. We have secured a revolving line of credit in the United States from a syndicate of commercial banks to provide additional liquidity. Furthermore, if we were to require additional cash above and beyond our cash on the balance sheet, the free cash flow generated by the business, and availability under our revolving credit facility, we would most likely seek to raise long-term financing through the U.S. debt or bank markets.

On December 27, 2024, we completed the sale of CMM to Syntiant for approximately $140.8 million in total consideration, consisting of $63.6 million in cash ($58.0 million net of cash sold) and Syntiant Series D-2 preferred stock with a fair value of $77.2 million. For additional information, refer to Note 3. Discontinued Operations to our Consolidated Financial Statements. The Company shared in certain separation costs pursuant to a credit for up to $13.5 million that Syntiant applied to specified separation costs post-closing. For additional information, refer to Note 1. Basis of Presentation.

We maintain a share repurchase program, that was initially approved by the Board of Directors in February 2020, authorizing the repurchase of up to $100.0 million of our common stock. The share repurchase program does not have an expiration date, and the Board of Directors has authorized the expansion of the program over the years. The authorization was increased by $150.0 million in April 2022, and increased by an additional $150.0 million in February 2025, for a total of $400.0 million in aggregate value. At September 30, 2026, we have $81.5 million remaining that may yet be repurchased under our share repurchase program. The timing and amount of any shares repurchased will be determined by us based on our evaluation of market conditions and other factors, and will be made in accordance with applicable securities laws in either the open market or in privately negotiated transactions. We are not obligated to purchase any shares under the program, and the program may be suspended or discontinued at any time. Any shares repurchased will be held as treasury stock. During the nine months ended September 30, 2026 and 2025, the Company repurchased 1,387,421 and 3,120,574 shares of common stock, respectively, for a total of $47.5 million and $55.0 million, respectively.

Cash flows from operating, investing, and financing activities as reflected in our Consolidated Statements of Cash Flows and are presented on a consolidated basis, including discontinued operations. Cash flows are summarized in the following table:


	Nine Months Ended September 30,
(in millions)	2026		2025
Net cash flows provided by (used in):
Operating activities	$	72.1			$	66.8
Investing activities	(24.6)			(16.3)
Financing activities	(54.9)			(88.6)
Effect of exchange rate changes on cash and cash equivalents	(0.2)			0.5
Net decrease in cash and cash equivalents	$	(7.6)			$	(37.6)

Operating Activities

Cash provided by operating activities adjusts net earnings for certain non-cash items, including depreciation expense, amortization of intangible assets, stock-based compensation, changes in deferred income taxes, impairment charges, and the effects of changes in operating assets and liabilities. The increase in cash provided by operating activities for the nine months ended September 30, 2026 is primarily due to higher earnings from continuing operations, less cash used in 2026 to settle obligations related to CMM, and favorable changes in accrual balances, partially offset by an increase in working capital in 2026 and lower customer prepayments in 2026.

Investing Activities

The increase in cash used in investing activities during the nine months ended September 30, 2026 was driven by higher capital expenditures. Our increased capital expenditures in 2026 were due to capacity expansion in our PD segment, including our specialty film product line.

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In 2026, we expect capital expenditures to be approximately 5% of revenues.

Financing Activities

Cash used in financing activities during the nine months ended September 30, 2026 was primarily related to $47.5 million of repurchases of common stock and $14.9 million of tax payments related to net share settlement of equity awards, partially offset by proceeds of $5.8 million from the exercise of options and $2.0 million of net proceeds on the revolving credit facility. Cash used in financing activities during 2025 was primarily related to $55.0 million of repurchases of common stock, $30.0 million of payments on the revolving credit facility, and $7.1 million of tax payments related to net share settlement of equity awards, partially offset by proceeds of $3.9 million from the exercise of options.

Adjusted Free Cash Flow

In addition to measuring cash flow generation based on the operating, investing, and financing classifications included in the Consolidated Statement of Cash Flows (including discontinued operations), Knowles also measures adjusted free cash flow and adjusted free cash flow as a percentage of revenues. Adjusted free cash flow is defined as non-GAAP net cash attributable to continuing operations less non-GAAP capital expenditures attributable to continuing operations. Non-GAAP net cash attributable to continuing operations is defined as net cash provided by operating activities less amounts generated or utilized by discontinued operations. Non-GAAP capital expenditures attributable to continuing operations is defined as capital expenditures less amounts attributable to discontinued operations. Knowles believes these measures are helpful in measuring its cash generated from its continuing operations that is available to repay debt, fund acquisitions, and repurchase Knowles common stock. Adjusted free cash flow and adjusted free cash flow as a percentage of revenues are not presented in accordance with GAAP and may not be comparable to similarly titled measures used by other companies in our industry. As such, adjusted free cash flow and adjusted free cash flow as a percentage of revenues should not be considered in isolation from, or as an alternative to, any other liquidity measures determined in accordance with GAAP.

The following table reconciles our adjusted free cash flow to cash flow provided by operating activities:


	Nine Months Ended September 30,
(in millions)	2026		2025
Net cash provided by operating activities	$	72.1			$	66.8
Amounts utilized in discontinued operations	14.9			31.2
Non-GAAP net cash attributable to continuing operations	87.0			98.0

Capital expenditures	(24.6)			(16.8)
Amounts attributable to discontinued operations	—			—
Non-GAAP capital expenditures attributable to continuing operations	(24.6)			(16.8)

Non-GAAP net cash attributable to continuing operations	87.0			98.0
Non-GAAP capital expenditures attributable to continuing operations	(24.6)			(16.8)
Adjusted free cash flow	$	62.4			$	81.2

Adjusted free cash flow as a % of revenues	12.4	%		18.8	%

During the nine months ended September 30, 2026 we generated adjusted free cash flow of $62.4 million compared to $81.2 million during the nine months ended September 30, 2025. The decrease in adjusted free cash flow in 2026 was primarily due to an increase in working capital, lower customer prepayments, and higher capital expenditures, partially offset by higher earnings from continuing operations and favorable changes in accrual balances.

Contingent Obligations

We are involved in various legal proceedings, claims, and investigations arising in the ordinary course of business. Legal contingencies are discussed in Note 14. Commitments and Contingent Liabilities to our Consolidated Financial Statements.

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Critical Accounting Estimates

This discussion and analysis of results of operations and financial condition is based on our Consolidated Financial Statements, which have been prepared in conformity with U.S. GAAP. The preparation of these financial statements requires the use of estimates and assumptions related to the reporting of assets, liabilities, revenues, expenses, and related disclosures. In preparing these financial statements, we have made our best estimates and judgments of certain amounts included in the financial statements. Estimates are revised periodically. Actual results could differ from these estimates.

The information concerning our critical accounting estimates can be found under Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on February 9, 2026. There are no material changes in our previously reported critical accounting estimates.

Recent Accounting Standards

The issuance of recent accounting standards, as included in Note 2. Recent Accounting Standards to our Consolidated Financial Statements, is not expected to have a significant impact on our revenue, earnings, or liquidity.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

During the nine months ended September 30, 2026, there were no material changes to the information on market risk exposure disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. For a discussion of our exposure to market risk as of December 31, 2025, refer to Item 7A, Quantitative and Qualitative Disclosures about Market Risk, contained in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management has evaluated, under the supervision and with the participation of our chief executive officer (\"CEO\") and chief financial officer (\"CFO\"), the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the \"Exchange Act\")) as of the end of the period covered by this report. Based on that evaluation, our CEO and CFO have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective in ensuring that information required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (2) accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting that occurred during the third quarter of 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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Inherent Limitations on Effectiveness of Controls

Our management, including the CEO and CFO, do not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, will be detected. These inherent limitations include the realities that judgments in decision making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by intentionally falsified documentation, by collusion of two or more individuals within Knowles or third parties, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

For a discussion of contingencies related to legal proceedings, see Note 14. Commitments and Contingent Liabilities to our Consolidated Financial Statements, which is incorporated herein by reference.

Except as otherwise noted above, there have been no material developments in legal proceedings.

Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The Company maintains a share repurchase program, that was initially approved by its Board of Directors in February 2020, authorizing the repurchase of up to $100.0 million of the Company's common stock. The share repurchase program does not have an expiration date, and the Board of Directors has authorized the expansion of the program over the years. The authorization was increased by $150.0 million in April 2022, and increased by an additional $150.0 million in February 2025, for a total of $400.0 million in aggregate value. The timing and amount of any shares repurchased will be determined by the Company based on its evaluation of market conditions and other factors, and will be made in accordance with applicable securities laws in either the open market or in privately negotiated transactions. The Company is not obligated to purchase any shares under the program, and the program may be suspended or discontinued at any time. Any shares repurchased will be held as treasury stock.

Below is a summary of share repurchases for the three months ended September 30, 2026:


(in millions, except share and per share amounts)
Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program	Approximate Dollar Value of Shares That May Yet Be Purchased Under The Program
July 2026	83,474	$	35.94		83,474	$	103.4
August 2026	468,325	$	36.30		468,325	$	86.4
September 2026	143,253	$	34.90		143,253	$	81.5
Total Activity	695,052	$	35.97		695,052

Item 5. Other Information

Director and Officer Trading Plans and Arrangements

Name (Title)

Action

Date

Trading Arrangement

Total Shares to be Sold

Expiration Date

Rule 10b5-1*

Non-Rule 10b5-1**

Daniel Giesecke

Senior Vice President & Chief Operating Officer

Adopt

8/26/2026

30,253

2/12/2027

* Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)

** Not intended to satisfy the affirmative defense of Rule 10b5-1(c)

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Item 6. Exhibits


31.1	Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2	Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1	Joint Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101	The following financial information from Knowles Corporation's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026 formatted in Inline XBRL: (i) Consolidated Statements of Earnings (Unaudited) for the three and nine months ended September 30, 2026 and 2025, (ii) Consolidated Statements of Comprehensive Earnings (Unaudited) for the three and nine months ended September 30, 2026 and 2025, (iii) Consolidated Balance Sheets (Unaudited) as of September 30, 2026 and December 31, 2025, (iv) Consolidated Statements of Stockholders’ Equity (Unaudited) for the three and nine months ended September 30, 2026 and 2025, (v) Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2026 and 2025, and (vi) the Notes to the Consolidated Financial Statements (Unaudited) tagged as blocks of text and including detailed tags.

104	The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, formatted in Inline XBRL and contained in Exhibit 101.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		KNOWLES CORPORATION

Date:	October 27, 2026	/s/ John S. Anderson
		John S. Anderson
		Senior Vice President & Chief Financial Officer
		(Principal Financial Officer)

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