Envista (NVST) Q2 2026 earnings summary

Executive summary

• Achieved $731 million in Q2 2026 sales with 5% core growth, driven by balanced contributions from both reporting segments and all major geographies despite macroeconomic volatility.

• Adjusted EBITDA rose 28% and adjusted EPS increased 58% year-over-year; free cash flow conversion reached 158%.

• Net income more than doubled year-over-year, reflecting improved operating margins and tariff refunds.

• Raised full-year 2026 guidance for core growth, adjusted EBITDA, and adjusted EPS.

• 2.4 million shares repurchased in Q2.

Financial highlights

• Q2 2026 revenue was $731 million, up 7.1% year-over-year; core sales grew 5% year-over-year.

• Adjusted gross margin improved to 55.1%, up 70 bps year-over-year.

• Adjusted EBITDA was $108 million (14.7% margin), up from $84 million (12.4% margin) in Q2 2025.

• Adjusted EPS was $0.41, up 58% year-over-year; GAAP diluted EPS was $0.33.

• Free cash flow was $105 million, a 38% increase year-over-year.

Outlook and guidance

• Full-year 2026 guidance: core sales growth 3.5%-4.5%, adjusted EBITDA growth 11%-14%, adjusted EPS $1.50-$1.55, free cash flow conversion ~100%.

• Q4 expected to be flat to slightly down due to fewer billing days; underlying growth rate remains consistent.

• Currency exchange rates and global economic conditions remain key variables for the remainder of the year.