Bruker (BRKR) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenues were $977.2 million, flat year-over-year, with a 5.1% organic decline; full-year 2025 revenues reached $3.44 billion, up 2.1% year-over-year but down 3.7% organically.

• Q4 2025 non-GAAP operating margin and EPS declined due to weaker research demand, tariffs, and FX headwinds; non-GAAP EPS was $0.59, down from $0.76 in Q4 2024.

• FY 2025 results were impacted by non-cash impairment charges of $127.2 million and restructuring charges of $77.4 million.

• Aftermarket revenue rose to 38% of mix, with over 60% of revenue in strategic focus areas like biopharma, diagnostics, and semiconductor.

• Strategic acquisitions (ELITech, Chemspeed, NanoString) contributed to portfolio transformation and growth.

Financial highlights

• Q4 2025 reported revenue: $977.2 million, flat year-over-year; organic revenue declined 5.1%.

• Q4 2025 non-GAAP operating margin: 15.7%, down 240 bps year-over-year; non-GAAP gross margin: 49.4%, down 310 bps.

• Q4 2025 non-GAAP diluted EPS: $0.59, down 22.4% year-over-year, including a $0.03 FX headwind.

• FY 2025 reported revenue: $3.44 billion, up 2.1%; organic revenue declined 3.7%.

• FY 2025 non-GAAP operating margin: 12.6%, down 280 bps year-over-year; non-GAAP EPS: $1.83, down 24.1%.

Outlook and guidance

• FY 2026 reported revenue guidance: $3.57-$3.60 billion, up 4%-5% year-over-year; organic growth expected at 1%-2%.

• Non-GAAP EPS guidance: $2.10-$2.15, up 15%-17% year-over-year, including an ~8% FX headwind.

• Non-GAAP operating margin expansion of 250-300 bps expected in 2026, driven by cost actions exceeding $120 million.

• Q1 2026 organic revenue expected to decline mid-single digits due to tough comps, with growth resuming in Q2.

• FX expected to be a 1.5% revenue tailwind but a 50 bps OPM and ~$0.15 EPS headwind.