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How Varex Imaging (VREX) makes money

Varex Imaging (VREX) made $210M of revenue in the third quarter fiscal 2026 (Q3 FY26), +4% from a year earlier. Medical brought in $134M (64%); Industrial brought in $76.5M (36%). Of every dollar of revenue, 36¢ was left as gross profit, 11¢ was left as operating profit, 8¢ was left as net earnings.

Drawing the Sankey…

Varex Imaging revenue by segment, Q3 FY26Varex Imaging revenue by segment, Q3 FY26Medical$134MIndustrial$76.5M
Varex Imaging: revenue by line, Q2 FY25 to Q3 FY26Varex Imaging: revenue by line, Q2 FY25 to Q3 FY26MedicalIndustrialMedical: $134M latest$134MIndustrial: $76.5M latest$76.5MQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26
Medical went from 72% of revenue in Q2 FY25 to 64% in Q3 FY26, the largest shift in the mix.
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: where each dollar of revenue goesVarex Imaging: where each dollar of revenue goesCost of revenue64¢Gross profit36¢Operating expenses26¢Operating profit11¢Income tax0¢Net earnings8¢Operating cash flow10¢Free cash flow6¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
Medical$134M63.7%-14%-6%
Industrial$76.5M36.3%+28%+26%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$210M100.0%
Cost of revenue$134M63.6%
Gross profit$76.7M36.4%
Operating expenses$53.9M25.6%
Operating profit$22.8M10.8%
Income tax$300K0.1%
Net earnings$15.9M7.6%
Operating cash flow$21.0M10.0%
Free cash flow$12.0M5.7%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$210M+4%
Q2 FY26$216M+2%
Q1 FY26$210M+5%
Q4 FY25$229M+11%
Q3 FY25$203M-3%
Q2 FY25$213M+3%
Q4 FY24$206M-10%

From Varex Imaging's 10-Q filed Aug 10, 2026 (on EDGAR).

Questions

How does Varex Imaging make money?

Varex Imaging (VREX) made $210M of revenue in the third quarter fiscal 2026 (Q3 FY26), +4% from a year earlier. Medical brought in $134M (64%); Industrial brought in $76.5M (36%). Of every dollar of revenue, 36¢ was left as gross profit, 11¢ was left as operating profit, 8¢ was left as net earnings.

What is Varex Imaging's biggest business?

Medical: $134M in the third quarter fiscal 2026, 64% of revenue, -6% from a year earlier.

What is Varex Imaging's profit margin?

Net earnings were $15.9M, 7.6% of revenue, in the third quarter fiscal 2026; the operating margin was 10.8%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.