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Embecta (EMBC) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 7, 2026 · Embecta (EMBC) Q3 FY26 earnings results →

Q3 FY26 Revenue down 8% year over year to $272M · 8¢ of every $1 of revenue kept as net profit · operating margin 17.9%

Embecta made $272M in Q3 FY26 (-8% Y/Y): Pen Needles $178M, Safety $36.7M, Syringes $36.6M. Operating margin 17.9%, net earnings $21.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 7, 2026.

Revenue$272M
Year over year-8%
Operating margin17.9%
Net earnings$21.1M
Operating cash flow$41.8M

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

What changed this quarter

Revenue was $271.7M in Q3 FY26, down 8% year over year and up 22% from the previous quarter. Pen Needles was the largest line at 65% of revenue. Pen Needles lost $39.4M year over year (down 18%), 166% of the total change.

Gross margin was 56.4%, down 10.3 points from Q3 FY25. Operating profit was $48.7M, a 17.9% margin (down 13.9 points year over year). Operating expenses grew 1% against a revenue fall of 8%. The fastest-growing cost line was Other operating costs (+43%). Net earnings were $21.1M, down 54% year over year. The effective tax rate was 23.6%.

Operating cash flow was $41.8M (down 49% year over year), 198% of net earnings. Non-cash charges added back $10.6M of depreciation and amortization and $4.2M of share-based compensation. Working capital and other items added $5.9M. After capital expenditures ($1.1M), free cash flow as the company reports it was $40.7M.

Quarterly history

Embecta revenue by quarterEmbecta revenue by quarter$286MQ4 FY24$259MQ2 FY25$296MQ3 FY25$264MQ4 FY25$261MQ1 FY26$222MQ2 FY26$272MQ3 FY26
Embecta net earnings by quarterEmbecta net earnings by quarter$14.6MQ4 FY24$23.5MQ2 FY25$45.5MQ3 FY25$26.4MQ4 FY25$44.1MQ1 FY26−$4.1MQ2 FY26$21.1MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 7, 2026$272M-8%17.9%$21.1M$41.8M
Q2 FY2610-QMay 5, 2026$222M-14%15.8%−$4.1M$31.1M
Q1 FY2610-QFeb 5, 2026$261M-0.3%31.9%$44.1M$17.2M
Q4 FY2510-KNov 25, 2025$264M-8%21.4%$26.4M$84.0M
Q3 FY2510-QAug 8, 2025$296M+8%31.8%$45.5M$81.2M
Q2 FY2510-QMay 9, 2025$259M-10%24.3%$23.5M$31.8M
Q4 FY2410-KDec 11, 2024$286M+2%9.2%$14.6M$26.6M

Charts

Embecta: revenue growth, year over year and quarter over quarterEmbecta: revenue growth, year over year and quarter over quarterY/YQ/Q+2%Q4 FY24-10%-9%Q2 FY25+8%+14%Q3 FY25-8%-11%Q4 FY250%-1%Q1 FY26-14%-15%Q2 FY26-8%+22%Q3 FY26
Latest (Q3 FY26): Y/Y -8%, Q/Q +22%.
Embecta: where the cash came from (+) and went (−), TTM to Q3 FY26Embecta: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$174MNet borrowing (+) / repaid (−)−$151MOther financing$121MOther investing−$118MDividends−$27.2MCash drawn (+) / kept (−)$15.4MCapital spending−$9.5MTaxes on employees’ shares−$4.9MExchange rates$600K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Embecta: profit against cash, quarter by quarterEmbecta: profit against cash, quarter by quarterNet incomeOperating cash flow$14.6M$26.6MQ4 FY24$0−$5.3MQ1 FY25$23.5M$31.8MQ2 FY25$45.5M$81.2MQ3 FY25$26.4M$84.0MQ4 FY25$44.1M$17.2MQ1 FY26−$4.1M$31.1MQ2 FY26$21.1M$41.8MQ3 FY26
Latest (Q3 FY26): Net income $21.1M, Operating cash flow $41.8M.
Embecta: diluted shares by fiscal yearEmbecta: diluted shares by fiscal year57MFY2057MFY2157MFY2258MFY2358MFY2459MFY25
+3.3% since FY20: more shares outstanding (issuance, stock pay).
Embecta: long-term debt falling due (FY25)Embecta: long-term debt falling due (FY25)$9.5M2026$9.5M2027$9.5M2028$688M2029$700M2030
Cash $226M, short-term investments —, long-term debt $1.4B at 2025-09-30.
Embecta in its industry: growth against margin (111 companies, SIC 3841)Embecta in its industry: growth against margin (111 companies, SIC 3841)revenue growth, year over year →↑ operating marginmedian +10%median -9%MDLNMMMSYKBSXBDXBAXSOLVRMDDXCMWSTMMEDPODDGMEDTFXICUIMMSIIARTPENHAETNDMIRTCATECGKOSOFIXINSPNVCRUFPTATRCBVSAORTPRCTTCMDARAYANGOKIDSSKINLMATHTFLMDXGCERSSIBNTMCISTIMINFUBBNXKMTSOSURANIKDCTHRCELSGHTIRMDXTNTLUNGNPCEPDEXTELACARLLNSRSIMOBIAPYXSSIICVRXCLPTKRMDTLSIPROFSNWVCTSOIDXGUTMDRVPSNOAPREMNEPHDRIOVVOSBTCYNXGLMDAIMDNCPMINONE.SRTSSINTIVFNMTCNSPRAURXXAIRLUCDTNONINBSRNXTVTAKUSAQICUVYCOHRGNCNSYPLSEPETVFEMYOSRHCODXOBIORDGLPAVMGUTSEMBC (-8%, 18%)
Surgical & Medical Instruments & Apparatus; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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

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Customers and suppliers named in filings

Sells to

About Embecta

Embecta Corp. (also referred to herein as "Embecta") is a leading global medical device company, primarily focused on providing solutions to improve the health and well-being of people living with diabetes. All references in this Form 10-K to "Embecta", "the Company", "we", "our" or "us" refer to Embecta Corp., a Delaware corporation, and its subsidiaries, unless otherwise indicated by the context. Building on our 100-year centennial, we believe that our products have become one of the most widely recognized and respected brands in diabetes management throughout the world. We estimate that our products are used by more than 30 million people in over 100 countries for insulin administration and to aid with the daily management of diabetes.

In its own words, from its 10-K, filed Nov 25, 2025.

Embecta against its Surgical & Medical Instruments & Apparatus peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -8% against the peers' median +5%. Operating margin: 17.9% against the peers' median 15.9%.

CompanyQuarterRevenueY/YOp. margin
EMBC EmbectaQ3 FY26$272M-8%17.9%
MDLN MedlineQ3 2026$7.9B+10%6.4%
MMM 3MQ3 2026$6.6B+1%23.7%
SYK StrykerQ3 2026$6.5B+8%15.9%
BSX Boston ScientificQ3 2026$5.1B+1%16.1%
BDX Becton DickinsonQ3 FY26$5.0B+5%13.3%
BAX Baxter InternationalQ3 2026$3.0B+5%7.6%
SOLV SolventumQ3 2026$1.9B-7%3.5%
RMD ResMedQ1 FY27$1.4B+6%32.0%

Source: Embecta 10-Q on SEC EDGAR · CIK 1872789 · Surgical & Medical Instruments & Apparatus

13F: who owns EMBC and who is buying

Largest holders of EMBC (13F)Largest holders of EMBC (13F)Vanguard Group$54.9MYacktman Asset Management LP$24.5MBlackRock$15.0MVanguard Capital Management LLC$8.3MDeerfield Management Company, L.P…$8.3MJefferies Financial Group$7.7MAmeriprise Financial$6.6MMorgan Stanley$6.5MState Street$5.3MGeode Capital Management, LLC$5.2M
Funds' net buying of EMBC by quarter (13F)Funds' net buying of EMBC by quarter (13F)$17.7M2024-09$32.0M2024-12$16.4M2025-03$8.0M2025-06−$25.5M2025-09$22.5M2025-12$25.1M2026-03−$22.1M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on EMBC

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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