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Neogen (NEOG) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Oct 7, 2026 · Neogen (NEOG) Q1 FY27 earnings results →

Q1 FY27 Revenue up 6% year over year to $223M · 5¢ of every $1 of revenue lost · operating margin -0.8%

Neogen made $223M in Q1 FY27 (+6% Y/Y): Product $196M, Service $26.8M. Operating margin -0.8%, net loss $11.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 7, 2026.

Revenue$223M
Year over year+6%
Operating margin-0.8%
Net earnings−$11.9M
Operating cash flow$12.9M

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 $222.8M in Q1 FY27, up 7% year over year and down 1% from the previous quarter. Product was the largest line at 88% of revenue. Product added $11.9M year over year (up 6%), 88% of the total change.

Gross margin was 47.4%, up 1.9 points from Q1 FY26. Operating costs exceeded revenue by $1.8M, an operating margin of -0.8%. Operating expenses fell 3% while revenue rose 7%. The fastest-growing cost line was Research & development (+27%). The quarter ended with a net loss of $11.9M, wider than the previous quarter's $11.3M loss. Net interest and other expense of $13.1M was the main reason.

Operating cash flow was $12.9M (up 19% year over year). Non-cash charges added back $29.1M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items used $7.4M. After purchases of PPE ($8.2M), free cash flow as the company reports it was $4.7M.

Quarterly history

Neogen revenue by quarterNeogen revenue by quarter$221MQ3 FY25$226MQ4 FY25$209MQ1 FY26$225MQ2 FY26$211MQ3 FY26$225MQ4 FY26$223MQ1 FY27
Neogen net earnings by quarterNeogen net earnings by quarter−$10.9MQ3 FY25−$612MQ4 FY25$36.3MQ1 FY26−$15.9MQ2 FY26−$17.0MQ3 FY26−$11.3MQ4 FY26−$11.9MQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QOct 7, 2026$223M+6%-0.8%−$11.9M$12.9M
Q4 FY2610-KJul 30, 2026$225M-0.1%1.4%−$11.3M$30.2M
Q3 FY2610-QApr 9, 2026$211M-4%-1.6%−$17.0M$22.7M
Q2 FY2610-QJan 8, 2026$225M-3%-2.4%−$15.9M$19.5M
Q1 FY2610-QOct 9, 2025$209M-4%-7.7%$36.3M$10.8M
Q4 FY2510-KJul 30, 2025$226M-5%-271.0%−$612M$16.4M
Q3 FY2510-QApr 9, 2025$221M-3%2.4%−$10.9M$19.5M

Charts

Neogen: revenue growth, year over year and quarter over quarterNeogen: revenue growth, year over year and quarter over quarterY/YQ/Q-3%Q3 FY25-5%+2%Q4 FY25-4%-7%Q1 FY26-3%+7%Q2 FY26-4%-6%Q3 FY260%+7%Q4 FY26+6%-1%Q1 FY27
Latest (Q1 FY27): Y/Y +6%, Q/Q -1%.
Neogen: where the cash came from (+) and went (−), TTM to Q1 FY27Neogen: where the cash came from (+) and went (−), TTM to Q1 FY27Operating cash flow$85.3MCapital spending−$35.5MCash drawn (+) / kept (−)−$33.2MNet borrowing (+) / repaid (−)−$20.0MShares issued$2.9MExchange rates$2.3MTaxes on employees’ shares−$1.9MOther investing$100K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Neogen: profit against cash, quarter by quarterNeogen: profit against cash, quarter by quarterNet incomeOperating cash flow−$456M$40.3MQ2 FY25−$10.9M$19.5MQ3 FY25−$612M$16.4MQ4 FY25$36.3M$10.8MQ1 FY26−$15.9M$19.5MQ2 FY26−$17.0M$22.7MQ3 FY26−$11.3M$30.2MQ4 FY26−$11.9M$12.9MQ1 FY27
Latest (Q1 FY27): Net income −$11.9M, Operating cash flow $12.9M.
Neogen: diluted shares by fiscal yearNeogen: diluted shares by fiscal year107MFY21108MFY22189MFY23216MFY24217MFY25218MFY26
+103.0% since FY21: more shares outstanding (issuance, stock pay).
Neogen: long-term debt falling due (FY26)Neogen: long-term debt falling due (FY26)$16.9M2028$22.5M2029$414M2030$346M2031
Cash $186M, short-term investments —, long-term debt — at 2026-05-31.
Neogen in its industry: growth against margin (15 companies, SIC 2835)Neogen in its industry: growth against margin (15 companies, SIC 2835)revenue growth, year over year →↑ operating marginmedian -2%median -90%IDXXQDELLNTHMYGNTKNOICCCNTLAAWHLBMRAIonetix CorpVNRXIMDXCLDXCDIONEOG (+6%, -1%)
In Vitro & In Vivo Diagnostic Substances; 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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About Neogen

Neogen Corporation and its subsidiaries develop, manufacture and market a diverse line of products and services dedicated to food and animal safety. Our Food Safety segment consists primarily of diagnostic test kits and complementary products (e.g., culture media) sold to food and animal feed producers and processors to preserve the safety and quality of food to prevent contamination and foodborne illnesses such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, and ruminant by-products. These products also ensure the general hygiene of the food manufacturing environment. We also have products to determine food quality and nutritional components.

In its own words, from its 10-K, filed Jul 30, 2026.

Neogen against its In Vitro & In Vivo Diagnostic Substances peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +2%. Operating margin: -0.8% against the peers' median -1.2%.

CompanyQuarterRevenueY/YOp. margin
NEOG NeogenQ1 FY27$223M+6%-0.8%
IDXX Idexx LaboratoriesQ3 2026$1.2B+10%33.1%
QDEL QuidelOrthoQ3 2026$619M-12%-1.2%
LNTH Lantheus HoldingsQ3 2026$390M+2%8.3%
MYGN Myriad GeneticsQ3 2026$203M-2%-19.7%
TKNO Alpha TeknovaQ3 2026$12.7M+22%-25.2%
ICCC ImmucellQ2 2026$7.2M+12%26.9%
NTLA Intellia TherapeuticsQ3 2026$7.2M-48%n/m
AWHL Aspira Women's HealthQ2 2026$2.0M-15%-89.7%

Source: Neogen 10-Q on SEC EDGAR · CIK 711377 · In Vitro & In Vivo Diagnostic Substances

Guidance and outlook

Neogen Revenue: guidance against what was reportedNeogen Revenue: guidance against what was reportedguided rangereported (above / within / below)FY26$870MFY27
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns NEOG and who is buying

Largest holders of NEOG (13F)Largest holders of NEOG (13F)BlackRock$301MVanguard Group$166MNeuberger Berman Group LLC$149MVanguard Portfolio Management LLC$117MDimensional Fund Advisors LP$88.4MVanguard Capital Management LLC$86.8MSG Americas Securities, LLC$84.1MT. Rowe Price Investment Manageme…$83.9MING Groep NV$81.8MState Street$80.4M
Funds' net buying of NEOG by quarter (13F)Funds' net buying of NEOG by quarter (13F)$39.4M2024-09−$14.1M2024-12$8.1M2025-03−$114M2025-06−$3.8M2025-09−$52.1M2025-12$75.8M2026-03$34.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NEOG

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

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