Filing Flows

Filing Flows › Industrials › Avantor (AVTR)

Avantor (AVTR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Avantor (AVTR) Q3 2026 earnings results →

Q3 2026 Revenue up 5% year over year to $1.7B · 12¢ of every $1 of revenue kept as net profit · operating margin 8.2%

Avantor made $1.7B in Q3 2026 (+5% Y/Y): Proprietary $908M, Third-party $790M. Operating margin 8.2%, net earnings $203M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$1.7B
Year over year+5%
Operating margin8.2%
Net earnings$203M
Operating cash flow$195M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Avantor Q3 2026 revenue breakdown: Sankey diagram of revenue (Proprietary, Third-party), costs, profit and cash flow
Avantor Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
Embed this chart on your site

Free to use with the credit line. Click a box to select the code.

What changed this quarter

Revenue was $1.7B in Q3 2026, up 5% year over year and roughly flat from the previous quarter. Proprietary was the largest line at 53% of revenue. Proprietary added $0.05B year over year (up 6%), 70% of the total change.

Gross margin was 31.5%, down 0.9 points from Q3 2025. Operating profit was $0.14B, a 8.2% margin (up 48.2 points year over year). Operating expenses fell 66% while revenue rose 5%. Net earnings were $0.20B. The tax line was a benefit of $0.11B on pre-tax earnings of $0.10B.

Operating cash flow was $0.20B (down 6% year over year), 96% of net earnings. Non-cash charges added back $0.11B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.13B. After capital expenditures ($0.04B), free cash flow as the company reports it was $0.16B.

Quarterly history

Avantor revenue by quarterAvantor revenue by quarter$1.6BQ1 2025$1.7BQ2 2025$1.6BQ3 2025$1.7BQ4 2025$1.6BQ1 2026$1.7BQ2 2026$1.7BQ3 2026
Avantor net earnings by quarterAvantor net earnings by quarter$64.5MQ1 2025$64.7MQ2 2025−$712MQ3 2025$52.4MQ4 2025$43.3MQ1 2026$38.1MQ2 2026$203MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 28, 2026$1.7B+5%8.2%$203M$195M
Q2 202610-QJul 29, 2026$1.7B+0.5%7.2%$38.1M$178M
Q1 202610-QApr 29, 2026$1.6B0%6.3%$43.3M$58.7M
Q4 202510-KFeb 11, 2026$1.7B-1%7.6%$52.4M$153M
Q3 202510-QOct 29, 2025$1.6B-5%-40.0%−$712M$207M
Q2 202510-QAug 1, 2025$1.7B-1%7.7%$64.7M$154M
Q1 202510-QApr 25, 2025$1.6B-6%9.3%$64.5M$109M

Charts

Avantor: revenue growth, year over year and quarter over quarterAvantor: revenue growth, year over year and quarter over quarterY/YQ/Q-6%Q1 2025-1%+6%Q2 2025-5%-4%Q3 2025-1%+2%Q4 2025+0%-5%Q1 2026+0%+7%Q2 2026+5%+0%Q3 2026
Latest (Q3 2026): Y/Y +5%, Q/Q +0%.
Avantor: where the cash came from (+) and went (−), TTM to Q3 2026Avantor: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$585MCash drawn (+) / kept (−)−$212MCapital spending−$146MNet borrowing (+) / repaid (−)−$142MOther financing−$84.5MShares issued$14.8MExchange rates−$6.9MTaxes on employees’ shares−$5.2MOther investing−$2.7M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Avantor: profit against cash, quarter by quarterAvantor: profit against cash, quarter by quarterNet incomeOperating cash flow$500M$173MQ4 2024$64.5M$109MQ1 2025$64.7M$154MQ2 2025−$712M$207MQ3 2025$52.4M$153MQ4 2025$43.3M$58.7MQ1 2026$38.1M$178MQ2 2026$203M$195MQ3 2026
Latest (Q3 2026): Net income $203M, Operating cash flow $195M.
Avantor: diluted shares by fiscal yearAvantor: diluted shares by fiscal year583MFY2020600MFY2021679MFY2022678MFY2023682MFY2024681MFY2025
+16.7% since FY2020: more shares outstanding (issuance, stock pay).
Avantor: long-term debt falling due (FY2025)Avantor: long-term debt falling due (FY2025)$30.8M2026$37.4M2027$2.1B2028$836M2029$391M2030$617MLater
Cash $365M, short-term investments —, long-term debt $3.9B at 2025-12-31.
Avantor in its industry: growth against margin (23 companies, SIC 3826)Avantor in its industry: growth against margin (23 companies, SIC 3826)revenue growth, year over year →↑ operating marginmedian +6%median -11%AWATILMNMTDBRKRRVTYBIOTXGCTKBPACBALMRQTRXHBIOMASSBNGORPIDPRPOSEERLCTCSCNDEYPTASTCAVTR (+5%, 8%)
Laboratory Analytical Instruments; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

Customers and suppliers named in filings

Sells to

About Avantor

We are a leading global provider of mission-critical products and services to customers in the biopharma & healthcare, education & government, and advanced technologies & applied materials end markets. Our business model is grounded in supporting our customers from discovery to delivery and Avantor is embedded in virtually every stage of the most important research, scale-up and manufacturing activities in the industries we serve. We work with customers across these sophisticated, science-driven industries that require innovation and adherence to the most demanding technical and regulatory requirements.

In its own words, from its 10-K, filed Feb 11, 2026.

Avantor against its Laboratory Analytical Instruments peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +4%. Operating margin: 8.2% against the peers' median 8.2%.

CompanyQuarterRevenueY/YOp. margin
AVTR AvantorQ3 2026$1.7B+5%8.2%
A Agilent TechnologiesQ3 FY26$1.9B+8%23.6%
WAT WatersQ3 2026$1.8B+121%7.2%
ILMN IlluminaQ3 2026$1.1B+4%27.0%
MTD Mettler Toledo InternationalQ3 2026$1.1B+6%27.4%
BRKR BrukerQ3 2026$874M+2%-10.4%
RVTY RevvityQ3 2026$729M+4%10.6%
BIO Bio-Rad LaboratoriesQ3 2026$656M+0.5%-7.6%
TXG 10x GenomicsQ3 2026$151M+1%-10.7%

Source: Avantor 10-Q on SEC EDGAR · CIK 1722482 · Laboratory Analytical Instruments

Guidance and outlook

Avantor: what its forward-looking statements are about (10-Q filed 2026-07-29)Avantor: what its forward-looking statements are about (10-Q filed 2026-07-29)Other2Demand1
3 statements; tone +0.33 (−1 all cautious, +1 all confident); 0 hedged.
Avantor: outlook statements against the filing beforeAvantor: outlook statements against the filing beforeConfident2Cautious1

13F: who owns AVTR and who is buying

Largest holders of AVTR (13F)Largest holders of AVTR (13F)Dodge & COX$1.2BVanguard Group$744MBlackRock$696MGreenhaven Associates$367MVanguard Portfolio Management LLC$310MVanguard Capital Management LLC$305MState Street$214MDimensional Fund Advisors LP$202MEngine Capital Management, LP$197MNew Mountain Capital, L.L.C.$139M
Funds' net buying of AVTR by quarter (13F)Funds' net buying of AVTR by quarter (13F)$62.8M2024-09$593M2024-12$182M2025-03$229M2025-06−$357M2025-09$430M2025-12−$181M2026-03$185M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AVTR

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

Compare AVTR with

中文版：Avantor（AVTR）财报

Español · Français