MIR earnings analysis
What we found in MIR'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
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
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.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.03
- Gross margin
- 49.9%
- Operating margin
- 6.7%
- Segment
- Nuclear & Safety revenue: $186.2 million, up $44.5 million (31.4%) year over year
- Segment
- Medical revenue: $80.6 million, down $0.6 million (0.7%) year over year
What they said about what is next.
The 10-Q does not provide a quantitative FY2026 outlook; guidance was addressed separately in the July 28 earnings release/call.
The filing reads about the same as the one before it.
What came before.
- 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…
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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