10-Q · May 7, 2026
Mistras Group, Inc. reported Q1 2026 revenue of $169.0 million, up 4.6% from the prior year, with an EPS of $0.07, a significant recovery from a loss of $(0.10) in Q1 2025. Notable segments included growth in North…
Earnings analysis · 10-Q
MG earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
MISTRAS reported $193.132 million of revenue and $0.23 diluted GAAP EPS for 2026 Q2, with revenue up 14.3% sequentially and gross margin rising to 29.2%. Free cash flow improved to $8.193 million, and full-year revenue…
Read full summary
MISTRAS reported $193.132 million of revenue and $0.23 diluted GAAP EPS for 2026 Q2, with revenue up 14.3% sequentially and gross margin rising to 29.2%. Free cash flow improved to $8.193 million, and full-year revenue guidance was raised to $740.0 million-$755.0 million, although EPS missed the $0.25 consensus estimate. The credit amendment extends approximately $90.6 million of term debt and the $190.0 million revolver to July 28, 2028; management also continues to identify lower Oil & Gas activity and higher crude oil prices as offsets.
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.
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
- $0.23
- Gross margin
- 29.2%
What stood out
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Revenue accelerated and beat consensus
Revenue was $193.132 million, up $24.132 million, or 14.3%, from $169 million in 2026 Q1 and up $8.132 million, or 4.4%, from $185 million in 2025 Q2. Revenue exceeded the $189.566 million consensus estimate by approximately $3.566 million.
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Gross margin expanded sequentially
Gross margin improved to 29.2% from 26.5% in the prior quarter and 29.1% in the prior-year quarter, indicating sequential expansion with broadly stable year-over-year profitability.
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EPS improved year over year
Diluted GAAP EPS was $0.23 versus $0.07 in 2026 Q1 and $0.10 in 2025 Q2. EPS was below the $0.25 consensus estimate by $0.02.
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Cash generation turned positive
Free cash flow was $8.193 million, compared with negative free cash flow of $3 million in 2026 Q1 and negative $15 million in 2025 Q2.
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Full-year revenue outlook raised
Full-year 2026 revenue guidance increased to $740.0 million-$755.0 million from $730.0 million-$750.0 million, while adjusted EBITDA guidance was $92.0 million-$95.0 million.
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Debt maturities extended
The August 5, 2026 credit amendment extended the maturity of the $190.0 million revolving credit facility and approximately $90.6 million outstanding term loan from July 30, 2027 to July 28, 2028.
What to watch
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Debt remains a material obligation
The company had approximately $90.6 million outstanding under its term loan and a $190.0 million revolving credit facility. Although maturities were extended to July 28, 2028, debt remains a material liquidity obligation.
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Oil & Gas weakness offsets growth
Management's $740.0 million-$755.0 million revenue outlook incorporates lower Oil & Gas activity and higher crude oil prices as offsets to strategic-growth-market strength; the guidance range therefore remains exposed to energy-market weakness.
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Credit amendment increased financing cost
The company incurred an extension fee equal to 0.15% of participating lenders' aggregate committed revolving-credit and term-loan amounts in connection with the August 5, 2026 amendment.
Management's outlook
Full-year 2026 revenue guidance was raised to $740.0 million-$755.0 million from $730.0 million-$750.0 million. Adjusted EBITDA guidance is $92.0 million-$95.0 million; management cited strength in strategic growth markets partly offset by lower Oil & Gas activity and higher crude oil prices.
Earlier filings 4
10-K · March 11, 2026
Mistras reports largely stable annual revenue of $724.0 million in 2025 (vs. $729.6M in 2024 and $705.5M in 2023) and returned to positive net income of $16.9 million in 2025 (after a $17.4M net loss in 2023). The…
10-Q · November 6, 2025
Mistras reported Q3 2025 revenue of $195.549M, up $12.855M (7.0%) year-over-year from $182.694M, with gross profit of $58.193M (gross margin ~29.8%) and operating income of $20.381M (operating margin ~10.4%). Diluted…
10-K · March 11, 2025
Mistras reported revenue of $729.6 million for the year ended December 31, 2024, up from $705.5 million in 2023, and returned to profitability with net income of $19.0 million in 2024 after a $17.4 million net loss in…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.