10-K · June 26, 2026
Kewaunee Scientific Corporation reported a year-over-year revenue increase of 17.3% for fiscal year 2026, totaling $282 million, driven by growth in both the Lab Products Group and International segments, largely aided…
Earnings analysis · 10-Q
KEQU earnings analysis
Filed September 11, 2026 · Our reading of the company's report
The latest report
First-quarter revenue declined 6.7% year over year to $66.320 million and diluted EPS fell to $0.58 from $1.04, with weakness in both LPG and International sales. Gross margin improved modestly to 29.6%, helped by…
Read full summary
First-quarter revenue declined 6.7% year over year to $66.320 million and diluted EPS fell to $0.58 from $1.04, with weakness in both LPG and International sales. Gross margin improved modestly to 29.6%, helped by International performance, while operating expenses increased as a percentage of sales to 24.9%. Operating cash flow was positive at $1.976 million, but backlog remained 17.6% below the prior year at $169.0 million. Management provided no quantitative guidance and cited continued uncertainty around project awards and release timing, despite strong quoting activity.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.58
What stood out
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Revenue and EPS declined year over year
Revenue was $66.320 million, down 6.7% from $71.104 million in the prior-year quarter. Diluted EPS declined to $0.58 from $1.04.
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Gross margin edged higher
Gross margin improved to 29.6% from 29.4% year over year, primarily due to improved margin performance in the International segment. Operating expenses were $16.481 million, or 24.9% of sales, versus $16.120 million, or 22.7%, a year earlier.
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International mix supported margins
International sales were $15.452 million, down 7.8% year over year, but management cited improved International margin performance as a driver of the overall gross-margin improvement.
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Operations generated positive cash
Operating cash flow was $1.976 million, supported by a $0.5 million decrease in receivables, a $0.7 million decrease in inventories and a $1.0 million increase in deferred revenue.
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Lower interest expense aided earnings
Interest expense declined to $626,000 from $1.058 million in the prior-year quarter, reflecting changes in borrowing levels and interest rates.
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Backlog improved sequentially
Backlog increased sequentially to $169.0 million from $165.9 million at April 30, 2026, while quoting activity remained strong across the company’s markets.
What to watch
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Backlog remains below prior year
Order backlog was $169.0 million, down from $205.0 million at July 31, 2025, a 17.6% year-over-year decline. Management said geopolitical and economic uncertainty may continue to affect project award and release timing.
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Domestic laboratory demand weakened
LPG sales fell 6.4% to $50.868 million from $54.352 million, primarily because of lower demand in domestic laboratory construction, especially in the life sciences market.
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International and input-cost exposure
International sales declined 7.8% to $15.452 million from $16.752 million, driven by softer market conditions in India. The company also remains exposed to raw-material costs, including steel, wood and epoxy resin.
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Cash generation was modest
Operating cash flow of $1.976 million was partly offset by $2.499 million of financing cash use, primarily debt servicing, share repurchases and employee-tax payments; investing cash use was $772,000 for capital expenditures.
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Expense ratio increased
Operating expenses rose to 24.9% of sales from 22.7% despite remaining relatively flat in dollars at $16.481 million versus $16.120 million, increasing operating leverage risk as revenue declines.
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No formal risk-factor changes
The filing states there were no material changes to the risk factors from the 2026 Form 10-K. Nevertheless, the company identifies risks from supplier constraints, commodity costs, foreign-currency fluctuations and war or other force-majeure events.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management said first-quarter fiscal 2027 results aligned with previously communicated expectations regarding geopolitical and economic uncertainty, while quoting activity remains strong.
Earlier filings 4
10-Q · March 13, 2026
Kewaunee Scientific Corporation's Q3 results for fiscal year 2026 reflect a modest revenue increase but a significant decline in profitability. Revenue increased to $69.4 million, a rise from $67.2 million year-on-year,…
10-Q · December 12, 2025
KEWAUNEE SCIENTIFIC CORPORATION's Q2 2025 results show a significant year-on-year revenue increase driven by the acquisition of Nu Aire, with revenues reaching $70.1 million, up 46.6% from $47.8 million a year earlier.…
10-Q · September 12, 2025
Kewaunee Scientific Corporation reported strong Q1 results for fiscal year 2026, with a revenue increase to $71.1 million, a 47.0% rise year-over-year. The diluted EPS also grew to $1.04 from $0.74, despite increased…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.