S&P 500
7,545.40
-0.57%
Dow Jones
52,500.40
-0.49%
Nasdaq 100
29,499.80
-1.29%
Russell 2000
2,959.28
-0.78%
FTSE 100
10,486.30
-0.54%
Nikkei 225
67,294.70
-2.92%
Varex Imaging

Varex Imaging (VREX) Q4 2025 Earnings

Reported Nov 18, 2025 at 4:07 PM ET · SEC Source

Q4 25 EPS

$0.37

BEAT +102.74%

Est. $0.18

Q4 25 Revenue

$228.9M

BEAT +4.40%

Est. $219.3M

vs S&P Since Q4 25

-19.5%

TRAILING MARKET

VREX -5.6% vs S&P +13.9%

Full Year 2025 Results

FY 25 EPS

$0.90

FY 25 Revenue

$844.6M

Market Reaction

Did VREX Beat Earnings? Q4 2025 Results

Varex Imaging delivered a clear beat across the board in Q4 fiscal 2025, with revenue climbing 11.3% year-over-year to $228.90 million against a consensus estimate of $219.26 million, while non-GAAP EPS of $0.37 landed more than double the $0.18 Wall… Read more Varex Imaging delivered a clear beat across the board in Q4 fiscal 2025, with revenue climbing 11.3% year-over-year to $228.90 million against a consensus estimate of $219.26 million, while non-GAAP EPS of $0.37 landed more than double the $0.18 Wall Street had anticipated, a 102.74% positive surprise. The headline driver was a combination of strength in CT tube sales within the Medical segment and a 25% surge in Industrial segment revenue, fueled by cargo systems demand that produced over $55 million in orders for the full fiscal year. Non-GAAP gross margin expanded to 34.2% from 32.9% a year earlier, and non-GAAP operating margin widened to 10.1% from 7.0%, reflecting improved operating leverage. One analyst characterized Varex as a deep-value name with meaningful upside, even while trimming a price target following results. Looking ahead, management guided Q1 FY2026 revenue of $200 million to $215 million and non-GAAP EPS of $0.05 to $0.25, reflecting a typical seasonal step-down from the fiscal fourth quarter.

Key Takeaways

  • • Global CT tube sales drove Medical segment growth
  • • Sustained momentum in cargo systems business drove 25% Industrial segment growth
  • • Non-GAAP gross margin improvement to 34.2% from 32.9% year-over-year
  • • Non-GAAP EBITDA grew 37% to $122 million for full fiscal year
24/7 Wall St

VREX YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

VREX Revenue by Segment

With YoY comparisons, source: SEC Filings

Q3 25 Q2 26

“Fourth quarter revenue reached $229 million, up 11% year-over-year and at the high-end of our expectations. This strong finish to the fiscal year was driven primarily by global CT tube sales in our Medical segment, while sustained momentum in our cargo systems business drove a 25% increase in Industrial segment sales compared to last year.”

— Sunny Sanyal, Q4 2025 Earnings Press Release

Back to VREX Stock Page