Avantor® Reports First Quarter 2026 Results
Rhea-AI Summary
Avantor (NYSE: AVTR) reported Q1 2026 results for the quarter ended March 31, 2026. Net sales were $1,581.4 million, flat year-over-year; organic sales declined 4.1%. Net income was $43.3 million (GAAP); adjusted net income was $114.0 million. Adjusted EBITDA was $219.4 million (13.9% margin). Diluted GAAP EPS was $0.06; adjusted EPS was $0.17. Operating cash flow was $58.7 million and free cash flow was $25.2 million. GAAP net leverage was (6.5x); adjusted net leverage was 3.3x. Segment highlights: VWR sales $1,150.0 million (organic -4.8%; adj. op income $105.4 million, 9.2% margin); Bioscience & Medtech sales $431.4 million (organic -2.0%; adj. op income $102.7 million, 23.8% margin). Company reaffirmed FY 2026 guidance and will host a conference call April 29, 2026 at 8:00 a.m. ET.
Positive
- Adjusted EBITDA of $219.4 million (13.9% margin)
- Adjusted operating income of $190.6 million (12.1% adjusted margin)
- Reaffirmed full-year 2026 financial guidance
- Operating cash flow of $58.7 million and free cash flow of $25.2 million
Negative
- GAAP net income fell to $43.3 million from $64.5 million (≈33% decline)
- Adjusted net income declined to $114.0 million from $155.2 million (≈27% decline)
- Organic net sales declined 4.1% year-over-year
- VWR organic sales declined 4.8% and adjusted operating income fell to $105.4 million
Key Figures
Market Reality Check
Peers on Argus
Pre-news, AVTR was down 1.38% with mixed peers: ATR -0.12%, ALGN -3.53%, RGEN -0.72%, while STVN and TFX were modestly up, suggesting stock-specific factors dominate.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 11 | Q4/FY 2025 earnings | Negative | -13.6% | Top-line decline, net loss and 2026 framed as transition year under Revival. |
| Oct 29 | Q3 2025 earnings | Negative | -23.2% | Sales decline and large goodwill impairment driving net loss despite buyback plan. |
| Aug 01 | Q2 2025 earnings | Negative | -15.5% | Sales and earnings down year-over-year despite positive segment mix and new CEO. |
| Apr 25 | Q1 2025 earnings | Negative | -16.6% | Sales, EPS and cash flow declines with expanded cost transformation plan. |
| Feb 07 | Q4/FY 2024 earnings | Neutral | -11.7% | Sales decline but solid profitability and cash flow; bioprocessing growth highlighted. |
Recent earnings releases have consistently seen negative price reactions, suggesting investors have reacted cautiously to financial updates and transformation messaging.
Over the last five earnings cycles, Avantor reported modest sales declines, margin pressure, and notable items like a $785M goodwill impairment and a $500M buyback authorization. Adjusted EBITDA and EPS remained positive, but price reactions ranged from about -12% to -23%. Management launched the “Revival” program and repositioned segments, framing 2026 as a transition year, which this Q1 2026 update continues to reflect with flat sales and lower earnings.
Historical Comparison
Earnings news for AVTR has historically led to average moves of about -16.12%, showing that the market has often reacted sharply and negatively to financial updates and guidance.
Across recent earnings, Avantor moved from profitable 2024 results into 2025 sales and earnings pressure, added a goodwill impairment, and then launched the “Revival” strategy and new segment structure, positioning 2026 as a transition period with continued focus on leverage and cash generation.
Market Pulse Summary
This announcement detailed Q1 2026 results with net sales of $1,581.4M, lower net income of $43.3M, adjusted EBITDA of $219.4M, and free cash flow of $25.2M, while reaffirming 2026 guidance. In the context of prior earnings that often prompted negative reactions, investors may focus on trends in organic growth, margins, and leverage around 3.3x, as well as execution on the “Revival” program across both segments.
Key Terms
adjusted EBITDA financial
free cash flow financial
GAAP financial
organic basis financial
net leverage financial
AI-generated analysis. Not financial advice.
- Net sales of
$1,581 million - Net income of
$43 million $219 million - Diluted GAAP EPS of
$0.06 $0.17 - Operating cash flow of
$59 million $25 million - Reaffirms FY 2026 guidance
"First quarter results exceeded our expectations due to improved execution in Bioscience and Medtech Products, and we saw stabilization in VWR," said Emmanuel Ligner, President and Chief Executive Officer. "Revival is already having a positive impact, and I am encouraged by the momentum and positive energy across the organization," Ligner concluded.
First Quarter 2026
For the three months ended March 31, 2026, net sales were
Net income decreased to
Operating income was
Diluted earnings per share on a GAAP basis were
Operating cash flow was
First Quarter 2026 – Segment Results
VWR Distribution & Services
- Net sales were
$1,150.0 million 0.4% , as compared to$1,155.0 million 4.4% , resulting in a sales decline of4.8% on an organic basis.
- Adjusted Operating Income was
$105.4 million $147.9 million 9.2% .
Bioscience & Medtech Products
- Net sales were
$431.4 million 1.2% , as compared to$426.4 million 3.2% , resulting in a2.0% sales decline on an organic basis. - Adjusted Operating Income was
$102.7 million $114.5 million 23.8% .
Adjusted Operating Income is Avantor's segment reporting profitability measure under generally accepted accounting principles and is used by management to measure and evaluate the performance of our Company's business segments.
Reaffirms 2026 Guidance
Avantor reaffirmed the fiscal 2026 financial guidance it provided during its fourth quarter 2025 earnings call on February 11, 2026.
Conference Call
We will host a conference call to discuss our results today, April 29, 2026 at 8:00 a.m. Eastern Time. The live webcast and presentation, as well as a replay, will be available on the investor section of Avantor's website.
About Avantor
Avantor® is a leading life science tools company and global provider of mission-critical products and services to the life sciences and advanced technology industries. We work side-by-side with customers at every step of the scientific journey to enable breakthroughs in medicine, healthcare, and technology. Our portfolio is used in virtually every stage of the most important research, development and production activities at more than 300,000 customer locations in 180 countries. For more information, visit corporate.avantorsciences.com and find us on LinkedIn, X (Twitter) and Facebook.
Use of Non-GAAP Financial Measures
To evaluate our performance, we monitor a number of key indicators. As appropriate, we supplement our results of operations determined in accordance with
The non-GAAP financial measures used in this press release are sales growth (decline) on an organic basis, Adjusted Operating Income, Adjusted Operating Income margin, Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income, adjusted EPS, adjusted net leverage, free cash flow and free cash flow conversion.
- Organic net sales growth (decline) eliminates from our reported net sales change the impacts of revenues from acquisitions and divestitures that occurred in the last year (as applicable) and changes in foreign currency exchange rates. We believe that this measurement is useful to investors as a way to measure and evaluate our underlying commercial operating performance consistently across our segments and the periods presented. This measure is used by our management for the same reason.
- Adjusted Operating Income is our operating income or loss adjusted for the following items: (i) amortization of acquired intangible assets, (ii) charges associated with the impairment of certain assets, (iii) gain on sale of business, and (iv) certain other adjustments. Adjusted Operating Income margin is Adjusted Operating Income divided by net sales as determined under GAAP. We believe that these measures are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measures are used by our management for the same reason. Additionally, Adjusted Operating Income is our segment reporting profitability measure under GAAP.
- Adjusted EBITDA is our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) depreciation expense, (v) losses on extinguishment of debt, (vi) charges associated with the impairment of certain assets, (vii) gain on sale of business, and (viii) certain other adjustments. Adjusted EBITDA margin is Adjusted EBITDA divided by net sales as determined under GAAP. We believe that these measures are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measures are used by our management for the same reason.
- Adjusted net income is our net income or loss first adjusted for the following items: (i) amortization of acquired intangible assets, (ii) losses on extinguishment of debt, (iii) charges associated with the impairment of certain assets, (iv) gain on sale of business, and (v) certain other adjustments. From this amount, we then add or subtract an assumed incremental income tax impact on the above-noted pre-tax adjustments, using estimated tax rates, to arrive at Adjusted Net Income. We believe that this measure is useful to investors as a way to analyze the business consistently across the periods presented. This measure is used by our management for the same reason.
- Adjusted EPS is our adjusted net income divided by our diluted GAAP weighted average share count adjusted for anti-dilutive instruments. We believe that this measure is useful to investors as an additional way to analyze the underlying trends in our business consistently across the periods presented. This measure is used by our management for the same reason.
- Adjusted net leverage is equal to our gross debt, reduced by our cash and cash equivalents, divided by our trailing 12-month Adjusted EBITDA (excluding stock-based compensation expense and including the expected run-rate effect of cost synergies and the incremental results of completed acquisitions and divestitures as if those acquisitions and divestitures had occurred on the first day of the trailing 12-month period). We believe that this measure is useful to investors as a way to evaluate and measure the Company's capital allocation strategies and the underlying trends in the business. This measure is used by our management for the same reason.
- Free cash flow is equal to our cash flows from operating activities, less capital expenditures, plus direct transaction costs and income taxes paid related to acquisitions and divestitures (as applicable) in the period. Free cash flow conversion is free cash flow divided by adjusted net income. We believe that these measures are useful to investors as they provide a view on the Company's ability to generate cash for use in financing or investing activities. These measures are used by our management for the same reason.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be preceded by, followed by or include the words "aim," "anticipate," "assumption," "believe," "continue," "estimate," "expect," "forecast," "goal," "guidance," "intend," "likely," "long-term," "near-term," "objective," "opportunity," "outlook," "plan," "potential," "project," "projection," "prospects," "seek," "target," "trend," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning.
Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. Factors that could contribute to these risks, uncertainties and assumptions include, but are not limited to, the factors described in "Risk Factors" in our most recent Annual Report on Form 10-K, and subsequent quarterly reports on Form 10-Q, as such risk factors may be updated from time to time in our periodic filings with the SEC.
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. In addition, all forward-looking statements speak only as of the date of this press release. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.
Investor Relations Contact
Chris Fidyk
Vice President, Investor Relations
Avantor
chris.fidyk@avantorsciences.com
Global Media Contact
Eric Van Zanten
Head of External Communications
Avantor
610-529-6219
eric.vanzanten@avantorsciences.com
Avantor, Inc. and subsidiaries Unaudited condensed consolidated statements of operations
| |||
(in millions, except per share data) | Three months ended March 31, | ||
2026 | 2025 | ||
Net sales | $ 1,581.4 | $ 1,581.4 | |
Cost of sales | 1,080.7 | 1,046.5 | |
Gross profit | 500.7 | 534.9 | |
Selling, general and administrative expenses | 401.2 | 387.5 | |
Operating income | 99.5 | 147.4 | |
Interest expense, net | (42.9) | (42.2) | |
Loss on extinguishment of debt | (0.6) | — | |
Other expense, net | (0.5) | (19.5) | |
Income before income taxes | 55.5 | 85.7 | |
Income tax expense | (12.2) | (21.2) | |
Net income | $ 43.3 | $ 64.5 | |
Earnings per share: | |||
Basic | $ 0.06 | $ 0.09 | |
Diluted | $ 0.06 | $ 0.09 | |
Weighted average shares outstanding: | |||
Basic | 675.7 | 681.1 | |
Diluted | 676.8 | 682.4 | |
Avantor, Inc. and subsidiaries Unaudited condensed consolidated balance sheets | |||
(in millions) | March 31, 2026 | December 31, 2025 | |
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 279.3 | $ 365.4 | |
Accounts receivable, net | 1,104.8 | 1,074.6 | |
Inventory | 810.3 | 818.2 | |
Other current assets | 209.9 | 193.0 | |
Total current assets | 2,404.3 | 2,451.2 | |
Property, plant and equipment, net | 766.2 | 766.8 | |
Other intangible assets, net | 3,098.7 | 3,193.8 | |
Goodwill, net | 4,952.1 | 4,986.9 | |
Other assets | 441.7 | 396.0 | |
Total assets | $ 11,663.0 | $ 11,794.7 | |
Liabilities and stockholders' equity | |||
Current liabilities: | |||
Current portion of debt | $ 37.0 | $ 30.8 | |
Accounts payable | 735.5 | 741.7 | |
Employee-related liabilities | 161.7 | 162.7 | |
Accrued interest | 31.6 | 47.3 | |
Other current liabilities | 401.5 | 396.4 | |
Total current liabilities | 1,367.3 | 1,378.9 | |
Debt, net of current portion | 3,779.3 | 3,915.5 | |
Deferred income tax liabilities | 550.4 | 557.1 | |
Other liabilities | 377.3 | 378.2 | |
Total liabilities | 6,074.3 | 6,229.7 | |
Stockholders' equity: | |||
Common stock including paid-in capital | 3,992.0 | 3,984.8 | |
Treasury stock at cost | (75.7) | (75.7) | |
Accumulated earnings | 1,716.1 | 1,672.8 | |
Accumulated other comprehensive loss | (43.7) | (16.9) | |
Total stockholders' equity | 5,588.7 | 5,565.0 | |
Total liabilities and stockholders' equity | $ 11,663.0 | $ 11,794.7 | |
Avantor, Inc. and subsidiaries Unaudited condensed consolidated statements of cash flows | |||
(in millions) | Three months ended March 31, | ||
2026 | 2025 | ||
Cash flows from operating activities: | |||
Net income | $ 43.3 | $ 64.5 | |
Reconciling adjustments: | |||
Depreciation and amortization | 105.0 | 99.7 | |
Stock-based compensation expense | 8.6 | 12.4 | |
Provision for accounts receivable and inventory | 11.8 | 12.0 | |
Deferred income tax benefit | (10.2) | (12.4) | |
Amortization of deferred financing costs | 1.8 | 2.2 | |
Loss on extinguishment of debt | 0.6 | — | |
Foreign currency remeasurement (gain) loss | (1.4) | 1.9 | |
Pension termination charges | — | 18.1 | |
Changes in assets and liabilities: | |||
Accounts receivable | (40.8) | (43.2) | |
Inventory | (12.2) | (17.6) | |
Accounts payable | 5.4 | 8.2 | |
Accrued interest | (15.7) | (9.3) | |
Other assets and liabilities | (37.1) | (29.1) | |
Other | (0.4) | 1.9 | |
Net cash provided by operating activities | 58.7 | 109.3 | |
Cash flows from investing activities: | |||
Capital expenditures | (33.5) | (28.0) | |
Other | 0.8 | (0.9) | |
Net cash used in investing activities | (32.7) | (28.9) | |
Cash flows from financing activities: | |||
Debt repayments | (105.4) | (31.3) | |
Proceeds received from exercise of stock options | 1.9 | 2.6 | |
Shares repurchased to satisfy employee tax obligations for vested | (3.6) | (4.9) | |
Other | (0.1) | — | |
Net cash used in financing activities | (107.2) | (33.6) | |
Effect of currency rate changes on cash and cash equivalents | (4.9) | 7.0 | |
Net change in cash, cash equivalents and restricted cash | (86.1) | 53.8 | |
Cash, cash equivalents and restricted cash, beginning of period | 368.3 | 264.7 | |
Cash, cash equivalents and restricted cash, end of period | $ 282.2 | $ 318.5 | |
Avantor, Inc. and subsidiaries Reconciliations of non-GAAP measures | |||||||
Adjusted EBITDA and Adjusted EBITDA Margin | |||||||
(dollars in millions, % based on net sales) | Three months ended March 31, | ||||||
2026 | 2025 | ||||||
$ | % | $ | % | ||||
Net income | $ 43.3 | 2.7 % | $ 64.5 | 4.1 % | |||
Amortization | 75.7 | 4.8 % | 73.9 | 4.7 % | |||
Loss on extinguishment of debt | 0.6 | — % | — | — % | |||
Restructuring and severance charges1 | 15.1 | 1.0 % | 4.4 | 0.3 % | |||
Transformation expenses2 | — | — % | 15.4 | 1.0 % | |||
Reserve for certain legal matters, net3 | 0.4 | — % | — | — % | |||
Other4 | (0.1) | — % | 4.0 | 0.2 % | |||
Pension termination charges5 | — | — % | 18.1 | 1.1 % | |||
Income tax benefit applicable to pretax | (21.0) | (1.3) % | (25.1) | (1.6) % | |||
Adjusted net income | 114.0 | 7.2 % | 155.2 | 9.8 % | |||
Interest expense, net | 42.9 | 2.7 % | 42.2 | 2.7 % | |||
Depreciation | 29.3 | 1.8 % | 25.8 | 1.6 % | |||
Income tax provision applicable to Adjusted | 33.2 | 2.2 % | 46.3 | 2.9 % | |||
Adjusted EBITDA | $ 219.4 | 13.9 % | $ 269.5 | 17.0 % | |||
_________________ | |
1. | Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. |
2. | Represents incremental expenses directly associated with the Company's former cost transformation initiative, which concluded in 2025. These expenses are primarily related to the cost of external advisors. |
3. | Represents charges and legal costs, net of recoveries, incurred in connection with certain litigation and other contingencies that management evaluates separately from core operating performance. |
4. | Represents net foreign currency (gain) loss from financing activities, other stock-based compensation expense (benefit) and a purchase price adjustment in 2025 related to the sale of our Clinical Services business in 2024. |
5. | Represents pension termination charges related to termination of our |
Avantor, Inc. and subsidiaries Reconciliations of non-GAAP measures (continued) | |||||||
Adjusted Operating Income and Adjusted Operating Income Margin | |||||||
(dollars in millions, % based on net sales) | Three months ended March 31, | ||||||
2026 | 2025 | ||||||
$ | % | $ | % | ||||
Net income | $ 43.3 | 2.7 % | $ 64.5 | 4.1 % | |||
Interest expense, net | 42.9 | 2.7 % | 42.2 | 2.7 % | |||
Income tax expense | 12.2 | 0.9 % | 21.2 | 1.3 % | |||
Loss on extinguishment of debt | 0.6 | — % | — | — % | |||
Other expense, net | 0.5 | — % | 19.5 | 1.2 % | |||
Operating income | 99.5 | 6.3 % | 147.4 | 9.3 % | |||
Amortization | 75.7 | 4.8 % | 73.9 | 4.7 % | |||
Restructuring and severance charges1 | 15.1 | 1.0 % | 4.4 | 0.3 % | |||
Transformation expenses2 | — | — % | 15.4 | 1.0 % | |||
Reserve for certain legal matters, net3 | 0.4 | — % | — | — % | |||
Other4 | (0.1) | — % | 1.7 | 0.1 % | |||
Adjusted Operating Income | $ 190.6 | 12.1 % | $ 242.8 | 15.4 % | |||
________________ | |
1. | Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. |
2. | Represents incremental expenses directly associated with the Company's former cost transformation initiative, which concluded in 2025. These expenses are primarily related to the cost of external advisors. |
3. | Represents charges and legal costs, net of recoveries, incurred in connection with certain litigation and other contingencies that management evaluates separately from core operating performance. |
4. | Represents other stock-based compensation expense (benefit) and a purchase price adjustment in 2025 related to the sale of our Clinical Services business in 2024. |
Avantor, Inc. and subsidiaries Reconciliations of non-GAAP measures (continued) | |||
Adjusted earnings per share | |||
(shares in millions) | Three months ended March 31, | ||
2026 | 2025 | ||
Diluted earnings per share (GAAP) | $ 0.06 | $ 0.09 | |
Amortization | 0.11 | 0.11 | |
Restructuring and severance charges | 0.02 | 0.01 | |
Transformation expenses | — | 0.02 | |
Other | 0.01 | 0.01 | |
Pension termination charges | — | 0.03 | |
Income tax benefit applicable to pretax adjustments | (0.03) | (0.04) | |
Adjusted EPS (non-GAAP) | $ 0.17 | $ 0.23 | |
Weighted average diluted shares outstanding: | |||
Share count for Adjusted EPS (non-GAAP) | 676.8 | 682.4 | |
Free cash flow | |||
(in millions) | Three months ended March 31, | ||
2026 | 2025 | ||
Net cash provided by operating activities | $ 58.7 | $ 109.3 | |
Capital expenditures | (33.5) | (28.0) | |
Divestiture-related transaction expenses and taxes paid | — | 0.8 | |
Free cash flow (non-GAAP) | $ 25.2 | $ 82.1 | |
GAAP net leverage | |
(dollars in millions) | March 31, 2026 |
Total debt, gross | $ 3,835.9 |
Less cash and cash equivalents | (279.3) |
$ 3,556.6 | |
Trailing twelve months net loss | $ (551.4) |
GAAP net leverage | (6.5) x |
Adjusted net leverage | |
(dollars in millions) | March 31, 2026 |
Total debt, gross | $ 3,835.9 |
Less cash and cash equivalents | (279.3) |
$ 3,556.6 | |
Trailing twelve months Adjusted EBITDA | $ 1,019.3 |
Trailing twelve months ongoing stock-based compensation expense | 43.6 |
$ 1,062.9 | |
Adjusted net leverage (non-GAAP) | 3.3 x |
Avantor, Inc. and subsidiaries Reconciliations of non-GAAP measures (continued) | |||||||||
Net sales by segment | |||||||||
(in millions) | March 31, | Reconciliation of net sales growth | |||||||
Net sales | Foreign | Organic | |||||||
2026 | 2025 | ||||||||
$ | $ | $ | $ | $ | |||||
Three months ended: | |||||||||
Bioscience & Medtech Products | $ 431.4 | $ 426.4 | $ 5.0 | $ 13.6 | $ (8.6) | ||||
VWR Distribution & Services | 1,150.0 | 1,155.0 | (5.0) | 50.7 | (55.7) | ||||
Total | $ 1,581.4 | $ 1,581.4 | $ — | $ 64.3 | $ (64.3) | ||||
(dollars in millions, % based on net sales) | March 31, | Reconciliation of net sales growth | |||||||
Net sales | Foreign | Organic | |||||||
2026 | 2025 | ||||||||
$ | $ | % | % | % | |||||
Three months ended: | |||||||||
Bioscience & Medtech Products | $ 431.4 | $ 426.4 | 1.2 % | 3.2 % | (2.0) % | ||||
VWR Distribution & Services | 1,150.0 | 1,155.0 | (0.4) % | 4.4 % | (4.8) % | ||||
Total | $ 1,581.4 | $ 1,581.4 | — % | 4.1 % | (4.1) % | ||||
Adjusted Operating Income by segment | |||||||
(dollars in millions, % represent Adjusted | Three months ended March 31, | ||||||
2026 | 2025 | ||||||
$ | % | $ | % | ||||
Bioscience & Medtech Products | $ 102.7 | 23.8 % | $ 114.5 | 26.9 % | |||
VWR Distribution & Services | 105.4 | 9.2 % | 147.9 | 12.8 % | |||
Corporate | (17.5) | — % | (19.6) | — % | |||
Total | $ 190.6 | 12.1 % | $ 242.8 | 15.4 % | |||
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SOURCE Avantor and Financial News