10-Q · April 29, 2026
Mirion Technologies reported Q1 2026 results showing a revenue of $257.6 million, an increase of 27.5% year-over-year, and an adjusted EPS of $0.10, beating consensus estimates of $0.09. Despite the revenue growth, the…
Earnings analysis · 10-Q
MIR earnings analysis
Filed July 29, 2026 · Our reading of the company's report
The latest report
Mirion delivered 19.7% year-over-year Q2 revenue growth to $266.8 million and substantial gross- and operating-margin expansion, led by acquired and organically growing Nuclear & Safety operations. Medical sales were…
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Mirion delivered 19.7% year-over-year Q2 revenue growth to $266.8 million and substantial gross- and operating-margin expansion, led by acquired and organically growing Nuclear & Safety operations. Medical sales were modestly lower, although segment profitability improved materially. Liquidity and backlog increased and six-month operating cash flow strengthened, but GAAP net income declined slightly as prior-year FX gains reversed and acquisition-related amortization and corporate costs rose.
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.
Reported figures
- Earnings per share
- $0.03
What stood out
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Revenue growth and gross-margin expansion
Q2 revenue was $266.8 million, up $43.9 million (19.7%) from $222.9 million a year ago and up $8.8 million (3.4%) from Q1 2026 revenue of $258.0 million. Gross margin expanded to 49.9% from 46.0% a year ago and 46.2% in Q1.
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Operating profitability improved sharply
GAAP operating income rose to $17.9 million from $9.9 million a year ago, lifting operating margin to 6.7% from 4.4%; this also improved from Q1 2026 operating margin of 1.4%. GAAP diluted EPS was $0.03, versus a loss of $0.01 in Q1 and $0.03 a year ago.
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Nuclear & Safety drove the quarter
Nuclear & Safety revenue increased 31.4% to $186.2 million, including $39.8 million from recent acquisitions, while segment operating margin improved to 14.0% from 13.4%. Management also cited $2.0 million of price increases, $1.3 million of organic volume growth, and $1.3 million of favorable FX.
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Medical margins rose despite softer sales
Medical operating income increased $3.9 million to $14.8 million and segment operating margin rose to 18.4% from 13.4%, despite revenue declining $0.6 million to $80.6 million. Price increases of $5.4 million and $3.4 million of camera-line organic growth partly offset a $9.5 million volume decline.
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Operating cash generation strengthened
Six-month operating cash flow increased $29.4 million to $77.4 million from $48.0 million; investing cash outflow was $19.8 million, including $2.6 million more capital expenditures than the prior year. Free cash flow is not explicitly disclosed in the filing.
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Liquidity and backlog increased
Cash, cash equivalents and restricted cash increased to $421.6 million from $415.2 million at year-end, while backlog grew to $1,138.6 million from $1,104.3 million. The revolver had no borrowings and approximately $162.4 million available at June 30.
What to watch
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Trade and geopolitical exposure remains material
The updated trade/geopolitical risk factor notes that non-North American sales were 32.9% of Q2 net sales, while Russian- and Chinese-related backlog was approximately $124.0 million; the company also had $18.8 million of net contract assets and $10.4 million of advance-payment guarantees tied to those customers and channel partners.
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Medical demand weakness in Asia-Pacific
Medical revenue declined $0.6 million year over year to $80.6 million, driven by a $9.5 million volume decline in Asia-Pacific and dosimetry products. Management attributes the Asia-Pacific pressure partly to the tariff regime introduced in prior years.
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New AI governance and execution risk
The updated AI risk factor flags potential legal, cybersecurity, intellectual-property and regulatory risks from AI use. Corporate costs included $1.0 million in Q2 for establishing a new AI function, alongside $2.7 million of higher stock-compensation expense.
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FX reversal and cost growth constrained net income
GAAP net income slipped to $8.1 million from $8.5 million despite higher revenue, reflecting a $1.0 million FX loss versus a $13.5 million FX gain a year earlier, higher acquisition-related amortization, compensation expense and income taxes.
Management's outlook
The 10-Q does not provide a quantitative FY2026 outlook; guidance was addressed separately in the July 28 earnings release/call.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.