Filing Flows › Varex Imaging (VREX) › Q3 FY26 › vs Q2 FY26
Varex Imaging (VREX) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Varex Imaging's revenue fell $5.5M (-3%) from $216M in Q2 FY26 to $210M in Q3 FY26. The biggest changes: Medical −$22.2M (-14%); Industrial +$16.7M (+28%). Gross margin 36.4% against 33.6% (+2.8 pts).
Varex Imaging, Q3 FY26: revenue $210M (+4% year over year), operating margin 10.8%, net earnings $15.9M, operating cash flow $21.0M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 36.4% | 33.6% | +2.8 pts |
| Operating margin | 10.8% | 6.7% | +4.2 pts |
| Net margin | 7.6% | -3.7% | +11.3 pts |
| Free cash flow margin | 5.7% | -3.6% | +9.3 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Medical | $134M | $156M | −$22.2M | -14% |
| Industrial | $76.5M | $59.8M | $16.7M | +28% |
| Revenue | $210M | $216M | −$5.5M | -3% |
| Gross profit | $76.7M | $72.6M | $4.1M | +6% |
| Cost of revenue | $134M | $143M | −$9.6M | -7% |
| Operating profit | $22.8M | $14.4M | $8.4M | +58% |
| Operating expenses | $53.9M | $58.2M | −$4.3M | -7% |
| Pre-tax earnings | $16.2M | −$6.4M | $22.6M | — |
| Other expense, net | $6.6M | $20.8M | −$14.2M | -68% |
| Research & development | $23.3M | $22.2M | $1.1M | +5% |
| SG&A | $30.6M | $36.0M | −$5.4M | -15% |
| Net earnings | $15.9M | −$8.0M | $23.9M | — |
| Income tax | $300K | $1.6M | −$1.3M | -81% |
| Depreciation & amortization | $7.0M | $6.8M | $200K | +3% |
| Share-based compensation | $3.8M | $4.0M | −$200K | -5% |
| Working capital & other | $5.7M | $4.3M | $1.4M | +33% |
| Operating cash flow | $21.0M | −$1.5M | $22.5M | — |
| Free cash flow (OCF − capex) | $12.0M | −$7.7M | $19.7M | — |
| Capital expenditures | $9.0M | $6.2M | $2.8M | +45% |
Questions
How much did Varex Imaging's revenue grow quarter over quarter in Q3 FY26?
Varex Imaging's revenue fell $5.5M (-3%) from $216M in Q2 FY26 to $210M in Q3 FY26.
What drove Varex Imaging's revenue change in Q3 FY26?
Medical −$22.2M (-14%); Industrial +$16.7M (+28%).