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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Novanta
Novanta (NOVT) investor relations material
Novanta Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Achieved record Q4 revenue with 9% reported growth (8.5% YoY to $258.3M), 2% organic growth, and 4% sequential growth; full-year revenue reached $980.6M, the highest ever.
Bookings surged 25% YoY in Q4 and 14% for the full year, with every business unit posting double-digit bookings growth and a book-to-bill ratio of 1.11x at year-end.
New product revenue grew over 60% for the year and 80% in Q4, exceeding targets and reflecting successful innovation and commercial execution.
Adjusted EBITDA grew 17% YoY in Q4 to $60.7M; Adjusted Diluted EPS up 20% in Q4 to $0.91 and 7% for the full year to $3.29.
The Keonn acquisition outperformed expectations, contributing $9M incremental revenue in Q4.
Financial highlights
Q4 non-GAAP adjusted gross profit: $118M (45.5% margin), down 150 bps YoY; full-year adjusted gross profit: $452M (46% margin).
Q4 Adjusted EBITDA: $61M (23.5% margin), up 17% YoY; full-year Adjusted EBITDA: $221M (22.5% margin), up 5.3% YoY.
Q4 non-GAAP adjusted EPS: $0.91, up 20% YoY; full-year adjusted EPS: $3.29, up 7% YoY.
Q4 operating cash flow: $9M (vs. $62M prior year); full-year: $64M, impacted by inventory builds and AR timing.
Ended Q4 with $381M cash, $251M total debt, net debt position of negative $121M, net leverage ratio -0.5x.
Repurchased $19M in stock in Q4, $40M for the year.
Outlook and guidance
2026 GAAP revenue expected at $1.03B–$1.05B (4–6% organic growth); Q1 organic growth +1% to +3%, accelerating to +5% to +7% in Q2 and similar in H2.
2026 adjusted gross margin target: ~47% (100 bps expansion); Adjusted EBITDA: $245M–$250M (24% margin, low double-digit growth).
2026 adjusted EPS guidance: $3.50–$3.65 (up to 11% YoY), including $0.22–$0.24 dilution from equity raise and $0.14 from one-time equity grant.
2026 operating cash flow guidance: $145M–$185M, more than double 2025.
Q1 2026 revenue: $250M–$255M (+1% to +3% organic, +7% to +9% reported); Adjusted EPS: $0.75–$0.80 (+8% YoY).
Regional manufacturing impact on 2025 cash flow
Capital deployment plans for acquisition pipeline
What are the key drivers for 2026 organic growth?
M&A: What financial metrics guide deal selection?
GPU board drilling: What is the market impact?
Regional manufacturing: Long-term benefits?
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Next Novanta earnings date
Q1 20265 May, 2026
Novanta
Next Novanta earnings date
Q1 20265 May, 2026
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Frequently asked questions
Novanta Inc. is a technology company specializing in precision motion, vision, and photonics solutions for industrial and healthcare applications. The company designs and manufactures components and sub-systems used in medical and advanced industrial equipment, including laser-based systems, precision motion control, and imaging technologies. Its products serve industries such as medical diagnostics, robotics, and semiconductor manufacturing. The company is headquartered in Bedford, Massachusetts, and its shares are listed on the NASDAQ.
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