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 saw revenue, non-GAAP operating margin, and EPS decline due to weaker research instruments demand, tariffs, and FX headwinds.

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

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

• FY25 results were impacted by non-cash impairment charges of $127.2 million and restructuring charges of $77.4 million.

Financial highlights

• Q4 2025 reported revenue: $977.2 million, flat year-over-year; organic revenue declined 5.1%, with a 4.1% currency tailwind and 0.8% M&A contribution.

• Q4 2025 non-GAAP operating margin: 15.7%, down 240 bps year-over-year; non-GAAP diluted EPS: $0.59, down from $0.76.

• FY 2025 non-GAAP operating margin: 12.6%, down 280 bps; non-GAAP EPS was $1.83, down 24.1%, with a $0.12 FX headwind.

• Q4 2025 free cash flow: $207.3 million, highest in company history; year-end cash and equivalents: ~$300 million.

• FY25 results were impacted by non-cash impairment charges of $127.2 million and restructuring charges of $77.4 million.

Outlook and guidance

• FY 2026 reported revenue guidance: $3.57–$3.60 billion, up 4%–5% year-over-year.

• Organic revenue growth expected at 1%–2%, with 1.5% from acquisitions and 1.5% currency tailwind.

• Non-GAAP operating margin expansion of 250–300 bps, targeting 15.1%–15.6% for FY 2026.

• Non-GAAP EPS guidance: $2.10–$2.15, up 15%–17%, with a significant 8% currency headwind; constant exchange rate EPS growth of 23%–25%.

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