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Varex Imaging (VREX) investor relations material
Varex Imaging Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Nov, 2025
Executive summary
Fourth quarter revenue reached $229 million, up 11% year-over-year, driven by strong CT tube sales in Medical and a 25% rise in Industrial segment sales.
Full-year revenue was $845 million, up 4% year-over-year, with Medical up 2% and Industrial up 10%; non-GAAP EPS was $0.90, up 73% year-over-year.
Non-GAAP gross margin for the quarter was 34%, exceeding guidance, and non-GAAP EPS was $0.37, up $0.21 year-over-year.
Key growth initiatives included photon counting for CT, launch of a new radiographic detector in India, and over $55 million in cargo systems orders.
Ended the year with $155 million in cash, cash equivalents, and marketable securities, down from $213 million due to debt repayment.
Financial highlights
Q4 non-GAAP gross margin was 34%, up 130 basis points year-over-year; full-year non-GAAP gross margin was 35%, up 230 basis points.
Q4 non-GAAP EPS was $0.37, up from $0.16 last year; full-year non-GAAP EPS was $0.90, up from $0.52.
Q4 GAAP net income was $12 million, GAAP EPS $0.29; full-year GAAP net loss was $70 million, or $1.70 per share, due to a $93.9 million non-cash goodwill impairment.
Adjusted EBITDA for the year was $122 million, up 37% year-over-year.
Net cash flow from operations was $8 million in Q4; gross debt at quarter-end was $370 million, with net debt leverage ratio at 1.8x trailing 12-month Adjusted EBITDA.
Outlook and guidance
Q1 FY26 revenue expected between $200 million and $215 million; non-GAAP EPS between $0.05 and $0.25.
Non-GAAP gross margin for Q1 expected at 32%-34%; operating expenses around $52 million.
Full-year 2026 expected to see gradual growth in both Medical and Industrial segments, with China modeled as stable to slightly growing.
Easing of tariff-related volatility anticipated, with more normalized growth patterns across quarters.
Drivers of the $93.9M goodwill impairment
Rationale for Convertible Notes paydown
Factors impacting Q1FY26 revenue guidance
Industrial growth drivers beyond security systems?
Accelerate photon counting CT adoption strategy?
China market outlook for FY26 despite MOFCOM pause?
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Next Varex Imaging earnings date
Q1 20265 Feb, 2026
Next Varex Imaging earnings date
Q1 20265 Feb, 2026
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Frequently asked questions
Varex Imaging Corp designs and manufactures X-ray imaging components, including tubes, detectors, and software for medical, industrial, and security applications. The company supplies OEMs and system integrators globally. It is headquartered in Salt Lake City, Utah, and its shares are listed on the NASDAQ.
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