Filing Flows › Neogen (NEOG) › Q1 FY26
Neogen (NEOG) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Oct 9, 2025
Neogen (NEOG) reported revenue of $209M for the first quarter fiscal 2026 (Q1 FY26), -4% from a year earlier and -7% from the quarter before. Operating margin was -7.7%, net earnings $36.3M (17.4% of revenue).
Neogen, Q1 FY26: revenue $209M (-4% year over year), operating margin -7.7%, net earnings $36.3M, operating cash flow $10.8M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $209M | -7% | -4% |
| Operating profit | −$16.1M | — | — |
| Net earnings | $36.3M | — | — |
| Operating cash flow | $10.8M | -34% | — |
What changed
Revenue was $209.2M in Q1 FY26, down 4% year over year and down 7% from the previous quarter. Product was the largest line at 88% of revenue. Product lost $8.4M year over year (down 4%), 108% of the total change.
Gross margin was 45.4%, down 2.9 points from a year earlier. Operating costs exceeded revenue by $16.1M, an operating margin of -7.7%. Operating expenses grew 8% against a revenue fall of 4%. The fastest-growing cost line was General & admin (+18%). Net earnings were $36.3M. The effective tax rate was 17.1%. Non-operating items added $59.9M, 137% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $10.8M, 30% of net earnings. Non-cash charges added back $29.1M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items used $59.6M. Capital expenditures of $24.0M exceeded it, leaving free cash flow of −$13.2M.
Questions
What was Neogen's revenue in the first quarter fiscal 2026?
Neogen (NEOG) reported revenue of $209M for the first quarter fiscal 2026 (Q1 FY26), -4% from a year earlier and -7% from the quarter before.
Was Neogen profitable in the first quarter fiscal 2026?
Operating loss was $16.1M (-7.7% of revenue) and net earnings $36.3M.
Source: Neogen 10-Q on SEC EDGAR.