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How Embecta (EMBC) makes money

Embecta (EMBC) made $272M of revenue in the third quarter fiscal 2026 (Q3 FY26), -8% from a year earlier. Pen Needles brought in $178M (65%); Safety brought in $36.7M (14%); Syringes brought in $36.6M (13%). Of every dollar of revenue, 56¢ was left as gross profit, 18¢ was left as operating profit, 8¢ was left as net earnings.

Drawing the Sankey…

Embecta revenue by segment, Q3 FY26Embecta revenue by segment, Q3 FY26Pen Needles$178MSafety$36.7MSyringes$36.6MOther$15.6MContract Manufacturing$5.3M
Embecta: revenue by line, Q2 FY25 to Q3 FY26Embecta: revenue by line, Q2 FY25 to Q3 FY26Pen NeedlesSafetySyringesOtherContract ManufacturingPen Needles: $178M latest$178MSafety: $36.7M latest$36.7MSyringes: $36.6M latest$36.6MOther: $15.6M latestContract Manufacturing: $5.3M latestQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26
Pen Needles went from 73% of revenue in Q2 FY25 to 65% in Q3 FY26, the largest shift in the mix.
Embecta revenue by quarterEmbecta revenue by quarter$286MQ4 FY24$259MQ2 FY25$296MQ3 FY25$264MQ4 FY25$261MQ1 FY26$222MQ2 FY26$272MQ3 FY26
Embecta: where each dollar of revenue goesEmbecta: where each dollar of revenue goesCost of revenue44¢Gross profit56¢Operating expenses38¢Operating profit18¢Income tax2¢Net earnings8¢Operating cash flow15¢Free cash flow15¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
Pen Needles$178M65.3%+15%-18%
Safety$36.7M13.5%+7%+5%
Syringes$36.6M13.5%+39%+4%
Other$15.6M5.7%+290%+388%
Contract Manufacturing$5.3M2.0%+112%-4%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$272M100.0%
Cost of revenue$118M43.6%
Gross profit$153M56.4%
Operating expenses$105M38.5%
Operating profit$48.7M17.9%
Income tax$6.5M2.4%
Net earnings$21.1M7.8%
Operating cash flow$41.8M15.4%
Free cash flow$40.7M15.0%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$272M-8%
Q2 FY26$222M-14%
Q1 FY26$261M-0.3%
Q4 FY25$264M-8%
Q3 FY25$296M+8%
Q2 FY25$259M-10%
Q4 FY24$286M+2%

From Embecta's 10-Q filed Aug 7, 2026 (on EDGAR).

Questions

How does Embecta make money?

Embecta (EMBC) made $272M of revenue in the third quarter fiscal 2026 (Q3 FY26), -8% from a year earlier. Pen Needles brought in $178M (65%); Safety brought in $36.7M (14%); Syringes brought in $36.6M (13%). Of every dollar of revenue, 56¢ was left as gross profit, 18¢ was left as operating profit, 8¢ was left as net earnings.

What is Embecta's biggest business?

Pen Needles: $178M in the third quarter fiscal 2026, 65% of revenue, -18% from a year earlier.

What is Embecta's profit margin?

Net earnings were $21.1M, 7.8% of revenue, in the third quarter fiscal 2026; the operating margin was 17.9%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.