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Transcat (TRNS) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 3, 2026 · Transcat (TRNS) Q2 FY27 earnings results →

Q2 FY27 Revenue up 18% year over year to $97.1M · 2¢ of every $1 of revenue kept as net profit · operating margin 5.2%

Transcat made $97.1M in Q2 FY27 (+18% Y/Y): Service Revenue $64.8M, Distribution Revenue $32.3M. Operating margin 5.2%, net earnings $2.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$97.1M
Year over year+18%
Operating margin5.2%
Net earnings$2.4M
Operating cash flow$10.1M

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 $97.1M in Q2 FY27, up 18% year over year and up 4% from the previous quarter. Service Revenue was the largest line at 67% of revenue. Service Revenue added $11.9M year over year (up 23%), 81% of the total change.

Gross margin was 33.6%, up 1.1 points from Q2 FY26. Operating profit was $5.0M, a 5.2% margin (up 0.9 points year over year). Of the extra revenue versus Q2 FY26, 10% reached operating profit, above the 4% margin then. Operating expenses grew 19% against revenue growth of 18%. The fastest-growing cost line was General & admin (+25%). Net earnings were $2.4M, up 90% year over year. The effective tax rate was 24.1%.

Operating cash flow was $10.1M (down 21% year over year), 421% of net earnings. Non-cash charges added back $6.8M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items used $1.3M. Capital expenditures of $4.1M left free cash flow of $6.1M.

Quarterly history

Transcat revenue by quarterTranscat revenue by quarter$77.1MQ4 FY25$76.4MQ1 FY26$82.3MQ2 FY26$83.9MQ3 FY26$89.3MQ4 FY26$92.9MQ1 FY27$97.1MQ2 FY27
Transcat net earnings by quarterTranscat net earnings by quarter$4.5MQ4 FY25$3.3MQ1 FY26$1.3MQ2 FY26−$1.1MQ3 FY26$1.9MQ4 FY26$1.3MQ1 FY27$2.4MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 3, 2026$97.1M+18%5.2%$2.4M$10.1M
Q1 FY2710-QAug 4, 2026$92.9M+22%4.0%$1.3M$8.8M
Q4 FY2610-KMay 27, 2026$89.3M+16%4.8%$1.9M$6.2M
Q3 FY2610-QFeb 3, 2026$83.9M+26%0.1%−$1.1M$12.1M
Q2 FY2610-QNov 5, 2025$82.3M+21%4.3%$1.3M$12.9M
Q1 FY2610-QAug 6, 2025$76.4M+15%7.0%$3.3M$3.6M
Q4 FY2510-KMay 27, 2025$77.1M+9%9.0%$4.5M$10.6M

Charts

Transcat: revenue growth, year over year and quarter over quarterTranscat: revenue growth, year over year and quarter over quarterY/YQ/Q+9%Q4 FY25+15%-1%Q1 FY26+21%+8%Q2 FY26+26%+2%Q3 FY26+16%+7%Q4 FY26+22%+4%Q1 FY27+18%+4%Q2 FY27
Latest (Q2 FY27): Y/Y +18%, Q/Q +4%.
Transcat: where the cash came from (+) and went (−), TTM to Q2 FY27Transcat: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$37.3MAcquisitions−$25.9MCapital spending−$14.3MNet borrowing (+) / repaid (−)$4.1MOther financing−$1.0MCash drawn (+) / kept (−)−$676KExchange rates$482KNot reconciled$1K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Transcat: profit against cash, quarter by quarterTranscat: profit against cash, quarter by quarterNet incomeOperating cash flow$2.4M$12.6MQ3 FY25$4.5M$10.6MQ4 FY25$3.3M$3.6MQ1 FY26$1.3M$12.9MQ2 FY26−$1.1M$12.1MQ3 FY26$1.9M$6.2MQ4 FY26$1.3M$8.8MQ1 FY27$2.4M$10.1MQ2 FY27
Latest (Q2 FY27): Net income $2.4M, Operating cash flow $10.1M.
Transcat: diluted shares by fiscal yearTranscat: diluted shares by fiscal year8MFY218MFY228MFY238MFY249MFY259MFY26
+24.3% since FY21: more shares outstanding (issuance, stock pay).
Transcat in its industry: growth against margin (9 companies, SIC 3825)Transcat in its industry: growth against margin (9 companies, SIC 3825)revenue growth, year over year →↑ operating marginmedian +18%median 14%VLTOTERITRICOHUALNTINTTFEIMDAIOTRNS (+18%, 5%)
Instruments For Meas & Testing of Electricity & Elec Signals; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵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 Transcat

Transcat, Inc. (“Transcat”, the “Company,” “we” or “us”) is a leading provider of accredited calibration, reliability, maintenance optimization, quality and compliance, validation, Computerized Maintenance Management System (“CMMS”), and pipette services. The Company is focused on providing best-in-class services and products to highly regulated industries, particularly the life sciences industry, which includes pharmaceutical, biotechnology, medical devices and other FDA-regulated businesses, as well as aerospace and defense and energy and utilities. Transcat also operates as a leading value-added distributor that markets, sells and rents new and used national and proprietary brand instruments.

In its own words, from its 10-K, filed May 27, 2026.

Transcat against its Instruments For Meas & Testing of Electricity & Elec Signals peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +18% against the peers' median +34%. Operating margin: 5.2% against the peers' median 15.9%.

CompanyQuarterRevenueY/YOp. margin
TRNS TranscatQ2 FY27$97.1M+18%5.2%
VLTO VeraltoQ3 2026$1.5B+8%19.7%
TER TeradyneQ3 2026$1.3B+70%30.8%
ITRI ItronQ3 2026$599M+3%15.9%
COHU CohuQ3 2026$173M+37%7.4%
ALNT AllientQ3 2026$164M+18%13.6%
INTT IntestQ3 2026$35.1M+34%7.8%
AEHR Aehr Test SystemsQ3 2026$33.0M—18.3%
FEIM Frequency ElectronicsQ1 FY27$23.5M+70%22.2%

Source: Transcat 10-Q on SEC EDGAR · CIK 99302 · Instruments For Meas & Testing of Electricity & Elec Signals

Guidance and outlook

Transcat: what its forward-looking statements are about (10-Q filed 2026-11-03)Transcat: what its forward-looking statements are about (10-Q filed 2026-11-03)Demand4Tax2Financing2Margins2Costs1Deals1
12 statements; tone +0.33 (−1 all cautious, +1 all confident); 0 hedged.
Transcat: outlook statements against the filing beforeTranscat: outlook statements against the filing beforeConfident4

13F: who owns TRNS and who is buying

Largest holders of TRNS (13F)Largest holders of TRNS (13F)Neuberger Berman Group LLC$72.1MBlackRock$67.4MHood River Capital Management LLC$55.8MRoyce & Associates LP$40.0MVanguard Capital Management LLC$38.4MFirst Eagle Investment Management…$32.2MConestoga Capital Advisors, LLC$30.5MVanguard Group$30.1MWellington Management Group LLP$29.4MDimensional Fund Advisors LP$25.5M
Funds' net buying of TRNS by quarter (13F)Funds' net buying of TRNS by quarter (13F)$16.5M2024-09−$28.1M2024-12$33.9M2025-03−$2.9M2025-06−$18.5M2025-09−$5.3M2025-12−$15.2M2026-03$34.1M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on TRNS

History

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

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中文版：Transcat（TRNS）财报

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