Avantor, Inc. (AVTR) · Oct 28, 2026 · Earnings

Avantor earnings beat as organic growth returns, guidance rises

Beat — Adjusted EPS $0.22 vs approximately $0.21 consensus; revenue $1.698B vs approximately $1.64B

Avantor earnings beat expectations as both segments returned to organic growth, prompting higher 2026 revenue, EPS and free-cash-flow guidance.

Avantor is midway through its “Revival” turnaround: it is rebuilding growth through the relaunched VWR distribution business while trying to restore momentum in Bioscience & Medtech Products. The prior quarter had already shown improving execution and raised 2026 guidance, so this filing’s importance is whether that recovery is becoming broad-based rather than remaining a one-segment improvement.

The quarter beat a relatively low bar and confirmed the recovery is spreading. Adjusted EPS was $0.22 versus published consensus of roughly $0.21, while revenue was $1.698 billion versus roughly $1.64 billion consensus. Revenue increased 5.2% organically, well ahead of the market’s roughly 1% reported-growth expectation, and management said third-quarter results exceeded its expectations across revenue and adjusted EPS.

Metric	Q3 2026	Q3 2025 / expectation	Read
Revenue	$1,698.3M	$1,623.8M; ~$1,640M consensus	Beat (Income Statement)
Organic revenue growth	5.2%	—; roughly 1% reported-growth consensus	Stronger than expected (Organic sales reconciliation)
Adjusted EPS	$0.22	$0.22 prior year; ~$0.21 consensus	Beat (Adjusted EPS reconciliation)
Adjusted EBITDA	$256.9M; 15.1% margin	$267.9M; 16.5% margin	Lower year over year (Adjusted EBITDA reconciliation)
Free cash flow	$156.2M	$171.7M prior year	Lower year over year (Free cash flow)
FY26 organic revenue guidance	+0.75% to +1.25%	Previously -0.5% to +0.5%	Raised (Guidance table)
FY26 adjusted EPS guidance	$0.81 to $0.83	Previously $0.80 to $0.83	Floor raised (Guidance table)
FY26 free-cash-flow guidance	$525M to $550M	Previously $500M to $550M	Floor raised (Guidance table)

The key business signal is that both segments are now contributing. VWR’s organic growth accelerated to 5.8%, while Bioscience & Medtech Products returned to 3.6% organic growth after a 1.4% decline over the first nine months. 〔0〕 That makes the quarter more meaningful than a simple distribution-led beat: the company is beginning to show the broad-based demand and execution improvement its Revival plan requires.

The raise is more substantive on growth and cash than on profitability. Avantor lifted the full-year organic-growth range from -0.5% to +0.5% to +0.75% to +1.25%, increased the EPS floor by one cent, and raised the free-cash-flow floor by $25 million. But it left the adjusted EBITDA-margin range unchanged at 14.8% to 15.3%, and Q3 adjusted EBITDA margin fell to 15.1% from 16.5% as VWR faced unfavorable mix and higher SG&A. 〔1〕

Cash generation and deleveraging remain supportive, though not accelerating year over year. Nine-month free cash flow was $324.2 million versus $379.2 million last year, but cash rose to $464.3 million from $365.4 million at year-end and gross debt declined to $3.70 billion from $3.95 billion. Adjusted net leverage stood at 3.1x, giving the recovery some balance-sheet support even as operating cash flow remains below the prior-year pace.

Bottom line: This is a genuine step forward for the Revival story: growth returned in both segments, the quarter beat consensus, and management raised the year’s revenue and cash outlook. The remaining proof point is whether that growth can translate into margin improvement rather than merely stabilize the business.

What to watch next

Q4 earnings report, early February 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Avantor earnings beat as organic growth returns, guidance rises

What to watch next

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