Revvity (RVTY) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong results with 3% organic growth, 7% total revenue growth to $711M, and adjusted operating margin of 23.6%, all exceeding expectations.

• Adjusted EPS was $1.06, above guidance; pro forma organic growth would have been 6% excluding China immunodiagnostics.

• Announced intention to divest China immunodiagnostics business, representing 6% of 2025 revenue, to focus on higher-return areas.

• Innovation highlighted by launches of Xynthetica, BioDesign, and Opera Phenix OptIQ HCS system, with upcoming LabGistics in software.

• Strong diagnostic trends outside China and encouraging performance in Pharma/Biotech and Academic/Gov't sectors.

Financial highlights

• Q1 revenue: $711M, 3% organic growth, 7% total growth, 3% FX tailwind, 1% M&A, 75bps from ACD/Labs acquisition.

• Adjusted operating margin: 23.6%; pro forma margin would have been 24%.

• Adjusted EPS: $1.06; pro forma EPS would have been $1.04.

• Free cash flow: $115M, 97% conversion of adjusted net income.

• Net debt to adjusted EBITDA: 2.8x; all debt fixed at 2.6% average rate, 6-year maturity.

• $86M in share repurchases in Q1.

• Adjusted gross margin was 59.5%, down 220bps year-over-year.

• GAAP operating income was $76M; adjusted operating income $168M.

• Cash and cash equivalents at quarter-end were $860M.

Outlook and guidance

• 2026 pro forma revenue guidance is $2.81B–$2.84B, with 3–4% organic growth.

• Adjusted operating margin outlook raised to 28.4%.

• Adjusted EPS for 2026 now $5.20–$5.30, reflecting $0.15 reduction from divestiture.

• Q2 pro forma organic growth expected at 2–3%; revenue $699M–$707M.

• Guidance excludes China immunodiagnostics, which is planned for divestiture.

• Margin expansion expected through 2027 as cost initiatives annualize.