MG earnings analysis
What we found in MG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.23
- Gross margin
- 29.2%
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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