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Mesa Laboratories (MLAB) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Aug 5, 2025
Mesa Laboratories (MLAB) reported revenue of $59.5M for the first quarter fiscal 2026 (Q1 FY26), +2% from a year earlier and -4% from the quarter before. Operating margin was 5.1%, net earnings $4.7M (8.0% of revenue).
Mesa Laboratories, Q1 FY26: revenue $59.5M (+2% year over year), operating margin 5.1%, net earnings $4.7M, operating cash flow $1.9M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $59.5M | -4% | +2% |
| Gross profit | $36.9M | -4% | -0.8% |
| Operating profit | $3.1M | +109% | -45% |
| Net earnings | $4.7M | — | +40% |
| Operating cash flow | $1.9M | -85% | -82% |
| Free cash flow | $884K | -93% | -91% |
What changed
Revenue was $59.5M in Q1 FY26, up 2% year over year and down 4% from the previous quarter.
Gross margin was 62.0%, down 2.0 points from a year earlier. Operating profit was $3.1M, a 5.1% margin (down 4.4 points year over year). Operating profit fell $2.5M even though revenue rose $1.4M versus a year earlier, so costs grew faster than sales. Operating expenses grew 7% against revenue growth of 2%. Net earnings were $4.7M, up 40% year over year. The effective tax rate was 32.4%. Non-operating items added $3.9M, 56% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.9M (down 82% year over year), 40% of net earnings. Non-cash charges added back $6.0M of depreciation and amortization and $3.9M of share-based compensation. Working capital and other items used $12.7M. Capital expenditures of $1.0M left free cash flow of $884K.
Questions
What was Mesa Laboratories' revenue in the first quarter fiscal 2026?
Mesa Laboratories (MLAB) reported revenue of $59.5M for the first quarter fiscal 2026 (Q1 FY26), +2% from a year earlier and -4% from the quarter before.
Was Mesa Laboratories profitable in the first quarter fiscal 2026?
Operating profit was $3.1M (5.1% of revenue) and net earnings $4.7M.
Source: Mesa Laboratories 10-Q on SEC EDGAR.