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Varex Imaging

Varex Imaging (VREX) Q1 2026 Earnings

Reported Feb 10, 2026 at 4:06 PM ET · SEC Source

Q1 26 EPS

$0.19

BEAT +50.79%

Est. $0.13

Q1 26 Revenue

$209.6M

BEAT +0.87%

Est. $207.8M

vs S&P Since Q1 26

-32.5%

TRAILING MARKET

VREX -23.4% vs S&P +9.1%

Market Reaction

Did VREX Beat Earnings? Q1 2026 Results

Varex Imaging delivered a stronger-than-expected fiscal first quarter, with non-GAAP earnings per share of $0.19 beating the $0.13 consensus estimate by 50.79% and revenue of $209.60 million edging past the $207.80 million forecast by 0.87%, represen… Read more Varex Imaging delivered a stronger-than-expected fiscal first quarter, with non-GAAP earnings per share of $0.19 beating the $0.13 consensus estimate by 50.79% and revenue of $209.60 million edging past the $207.80 million forecast by 0.87%, representing 4.9% year-over-year growth. The standout driver was the Industrial segment, which surged 17% year-over-year to $64.80 million, fueled by robust demand in the cargo security systems business, while the Medical segment held essentially flat at $144.80 million. Profitability improved meaningfully despite slight gross margin compression, with non-GAAP operating income reaching $18.90 million at a 9.0% margin, up from 7.2% a year ago, and adjusted EBITDA climbing to $28.50 million from $25.50 million. The company also swung to GAAP net income of $2.30 million, compared to a loss in the prior-year period. Looking ahead, management guided Q2 FY2026 revenue of $210 million to $225 million and non-GAAP EPS of $0.15 to $0.25, citing continued strength in CT product demand and sustained cargo security momentum.

Key Takeaways

  • • Strength in cargo systems business drove 17% YoY increase in Industrial segment revenue
  • • Revenue grew 5% year-over-year to $210 million
  • • Non-GAAP EPS nearly doubled YoY from $0.10 to $0.19
  • • Lower operating expenses contributed to improved operating margins
  • • Non-GAAP operating margin expanded to 9.0% from 7.2% YoY
24/7 Wall St

VREX YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

VREX Revenue by Segment

With YoY comparisons, source: SEC Filings

Q3 25 Q2 26

“We are pleased to report a solid start to fiscal 2026, with results toward the high-end of guidance. First quarter revenue of $210 million, increased 5% year-over-year. Growth in the quarter was driven by strength in our cargo systems business, which contributed to a 17% year-over-year increase in Industrial segment revenue”

— Sunny Sanyal, Q1 2026 Earnings Press Release

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