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Varex Imaging (VREX) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 10, 2026 · Varex Imaging (VREX) Q3 FY26 earnings results →

Q3 FY26 Revenue up 4% year over year to $210M · 8¢ of every $1 of revenue kept as net profit · operating margin 10.8%

Varex Imaging made $210M in Q3 FY26 (+4% Y/Y): Medical $134M, Industrial $76.5M. Operating margin 10.8%, net earnings $15.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.

Revenue$210M
Year over year+4%
Operating margin10.8%
Net earnings$15.9M
Operating cash flow$21.0M

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 $210.5M in Q3 FY26, up 4% year over year and down 3% from the previous quarter. Medical was the largest line at 64% of revenue. Industrial added $15.6M year over year (up 26%), 208% of the total change. Medical declined 6%.

Gross margin was 36.4%, up 3.2 points from Q3 FY25. Operating profit was $22.8M, a 10.8% margin (up 50.6 points year over year). Operating expenses fell 64% while revenue rose 4%. Net earnings were $15.7M. The effective tax rate was 1.9%.

Operating cash flow was $21.0M (up 173% year over year), 132% of net earnings. Non-cash charges added back $7.0M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items used $5.7M. Capital expenditures of $9.0M left free cash flow of $12.0M.

Quarterly history

Varex Imaging revenue by quarterVarex Imaging revenue by quarter$206MQ4 FY24$213MQ2 FY25$203MQ3 FY25$229MQ4 FY25$210MQ1 FY26$216MQ2 FY26$210MQ3 FY26
Varex Imaging net earnings by quarterVarex Imaging net earnings by quarter−$51.0MQ4 FY24$6.9MQ2 FY25−$89.1MQ3 FY25$12.2MQ4 FY25$2.3MQ1 FY26−$8.0MQ2 FY26$15.9MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 10, 2026$210M+4%10.8%$15.9M$21.0M
Q2 FY2610-QMay 7, 2026$216M+2%6.7%−$8.0M−$1.5M
Q1 FY2610-QFeb 10, 2026$210M+5%7.3%$2.3M−$16.1M
Q4 FY2510-KNov 18, 2025$229M+11%8.6%$12.2M$7.9M
Q3 FY2510-QAug 7, 2025$203M-3%-39.8%−$89.1M$7.7M
Q2 FY2510-QMay 8, 2025$213M+3%10.4%$6.9M$16.6M
Q4 FY2410-KNov 19, 2024$206M-10%5.3%−$51.0M$25.9M

Charts

Varex Imaging: revenue growth, year over year and quarter over quarterVarex Imaging: revenue growth, year over year and quarter over quarterY/YQ/Q-10%Q4 FY24+3%+4%Q2 FY25-3%-5%Q3 FY25+11%+13%Q4 FY25+5%-8%Q1 FY26+2%+3%Q2 FY26+4%-3%Q3 FY26
Latest (Q3 FY26): Y/Y +4%, Q/Q -3%.
Varex Imaging: where the cash came from (+) and went (−), TTM to Q3 FY26Varex Imaging: where the cash came from (+) and went (−), TTM to Q3 FY26Net borrowing (+) / repaid (−)−$379MOther financing$346MCash drawn (+) / kept (−)$37.4MCapital spending−$31.5MOther investing$13.7MOperating cash flow$11.3MShares issued$3.3MTaxes on employees’ shares−$1.5MExchange rates$100K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Varex Imaging: profit against cash, quarter by quarterVarex Imaging: profit against cash, quarter by quarterNet incomeOperating cash flow−$51.0M$25.9MQ4 FY24−$100K$9.5MQ1 FY25$7.1M$16.6MQ2 FY25−$89.1M$7.7MQ3 FY25$12.2M$7.9MQ4 FY25$2.4M−$16.1MQ1 FY26−$8.0M−$1.5MQ2 FY26$15.9M$21.0MQ3 FY26
Latest (Q3 FY26): Net income $15.9M, Operating cash flow $21.0M.
Varex Imaging: diluted shares by fiscal yearVarex Imaging: diluted shares by fiscal year39MFY2040MFY2142MFY2250MFY2341MFY2441MFY25
+6.7% since FY20: more shares outstanding (issuance, stock pay).
Varex Imaging: long-term debt falling due (FY25)Varex Imaging: long-term debt falling due (FY25)$1.5M2026$368M2027
Cash $145M, short-term investments $10.1M, long-term debt $368M at 2025-10-03.
Varex Imaging in its industry: growth against margin (11 companies, SIC 3679)Varex Imaging in its industry: growth against margin (11 companies, SIC 3679)revenue growth, year over year →↑ operating marginmedian +25%median 11%VRTAEISVICRPINSYSMPTIESPMVISLGLNEONVREX (+4%, 11%)
Electronic Components, NEC; 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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Customers and suppliers named in filings

Sells to

About Varex Imaging

Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray imaging components including X-ray tubes, flat panel and photon counting detectors and accessories, linear accelerators, image software processing solutions, and stand-alone X-ray based systems in select application areas. Our components are used in medical diagnostic imaging, security inspection systems, and industrial quality inspection systems, as well as for analysis and measurement applications in industrial manufacturing applications. Global OEMs incorporate our X-ray imaging components into their systems to detect, diagnose, protect, irradiate, and inspect. Varex has approximately 2,400 full-time equivalent employees, located at engineering, manufacturing, and service center sites in North America, Europe, and Asia.

In its own words, from its 10-K, filed Nov 18, 2025.

Varex Imaging against its Electronic Components, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +40%. Operating margin: 10.8% against the peers' median 11.4%.

CompanyQuarterRevenueY/YOp. margin
VREX Varex ImagingQ3 FY26$210M+4%10.8%
VRT Vertiv HoldingsQ3 2026$4.3B+61%22.8%
AEIS Advanced Energy IndustriesQ3 2026$696M+50%20.6%
VICR VicorQ3 2026$197M+78%36.6%
PI ImpinjQ3 2026$112M+17%4.1%
NSYS Nortech SystemsQ2 2026$33.5M+9%1.9%
MPTI M-tron IndustriesQ2 2026$15.1M+14%11.4%
ESP Espey Manufacturing & ElectronicsQ4 FY26$13.5M+40%25.8%
MVIS MicrovisionQ3 2026$2.4M+896%-889.0%

Source: Varex Imaging 10-Q on SEC EDGAR · CIK 1681622 · Electronic Components, NEC

13F: who owns VREX and who is buying

Largest holders of VREX (13F)Largest holders of VREX (13F)BlackRock$40.6MVanguard Group$35.0MPzena Investment Management LLC$32.9MAllspring Global Investments Hold…$24.4MNeuberger Berman Group LLC$21.7MVanguard Capital Management LLC$19.5MCooke & Bieler LP$17.4MRice Hall James & Associates, LLC$15.1MAcadian Asset Management LLC$11.9MState Street$11.6M
Funds' net buying of VREX by quarter (13F)Funds' net buying of VREX by quarter (13F)−$605K2024-09−$16.1M2024-12−$8.9M2025-03$4.3M2025-06$3.8M2025-09$6.7M2025-12$9.3M2026-03−$11.5M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on VREX

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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