Avantor (AVTR) Q2 2026 earnings summary

Executive summary

• Revival and strategic actions have driven operational and financial improvements, with VWR Distribution & Services returning to organic growth faster than anticipated and BMP stabilizing near the high end of expectations.

• Q2 2026 net sales were $1,692.3M, up 0.5% year-over-year, with organic sales down 0.4%; adjusted EBITDA was $254.3M (15.0% margin), and adjusted EPS was $0.21.

• Strong free cash flow enabled $112M in debt repayment, supporting the goal to reduce adjusted net leverage below 3x.

• Leadership changes, digital investments, and operational improvements have focused on core strengths and customer-centric initiatives.

• Gross margin declined 120 bps to 31.7% due to unfavorable mix, inflation, and lower volumes.

Financial highlights

• Q2 2026 revenue was $1.69B, up 0.5% year-over-year; organic revenue down 0.4%.

• Adjusted EBITDA reached $254.3M (15.0% margin), down 9.1% year-over-year.

• Adjusted EPS was $0.21 for the quarter.

• Free cash flow was $142.8M–$152M, supporting $112M in debt repayment.

• Net income for Q2 2026 was $38.1M, down from $64.7M in Q2 2025.

Outlook and guidance

• FY 2026 organic revenue growth guidance raised to -0.5% to +0.5%.

• Adjusted EPS guidance increased to $0.80–$0.83 for 2026.

• Free cash flow guidance reaffirmed at $500M–$550M.

• Adjusted EBITDA margin guidance maintained at 14.8%–15.3%.

• FX expected to be a 50 bps headwind for full-year revenue.