Filing Flows › Varex Imaging (VREX) › Q4 FY25
Varex Imaging (VREX) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Nov 18, 2025
Varex Imaging (VREX) reported revenue of $229M for the fourth quarter fiscal 2025 (Q4 FY25), +11% from a year earlier and +13% from the quarter before. Operating margin was 8.6%, net earnings $12.2M (5.3% of revenue).
Varex Imaging, Q4 FY25: revenue $229M (+11% year over year), operating margin 8.6%, net earnings $12.2M, operating cash flow $7.9M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $229M | +13% | +11% |
| Gross profit | $77.8M | +15% | +16% |
| Operating profit | $19.6M | — | +80% |
| Net earnings | $12.2M | — | — |
| Operating cash flow | $7.9M | +3% | -69% |
| Free cash flow | $2.3M | +64% | -88% |
What changed
Revenue was $228.9M in Q4 FY25, up 11% year over year and up 13% from the previous quarter. Medical was the largest line at 66% of revenue.
Gross margin was 34.0%, up 1.4 points from Q4 FY24. Operating profit was $19.6M, a 8.6% margin (up 3.3 points year over year). Of the extra revenue versus Q4 FY24, 38% reached operating profit, above the 5% margin then. Operating expenses grew 4% against revenue growth of 11%. The fastest-growing cost line was Research & development (+11%). Net earnings were $12.2M. The effective tax rate was 13.5%.
Operating cash flow was $7.9M (down 69% year over year), 65% of net earnings. Non-cash charges added back $6.7M of depreciation and amortization and $3.4M of share-based compensation. Working capital and other items used $14.4M. Capital expenditures of $5.6M left free cash flow of $2.3M.
Questions
What was Varex Imaging's revenue in the fourth quarter fiscal 2025?
Varex Imaging (VREX) reported revenue of $229M for the fourth quarter fiscal 2025 (Q4 FY25), +11% from a year earlier and +13% from the quarter before.
Was Varex Imaging profitable in the fourth quarter fiscal 2025?
Operating profit was $19.6M (8.6% of revenue) and net earnings $12.2M.
Source: Varex Imaging 10-K on SEC EDGAR.