Envista (NVST) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered 9.4% core sales growth (4.9% excluding Spark deferral), with all major businesses in positive territory and Spark aligners achieving profitability.

• Adjusted EBITDA margin reached 14.5%, up 540 bps year-over-year, and adjusted EPS rose to $0.32, up 167% year-over-year; YTD adjusted EPS is $0.82, up 67%.

• GAAP net loss for Q3 was $30 million, driven by a tax charge from restructuring intercompany loans; adjusted net income was $54 million.

• Full-year 2025 guidance was raised: core revenue growth expected at ~4%, adjusted EPS at $1.10–$1.15, and adjusted EBITDA margin at ~14%.

• Published 2024 Sustainability Report and celebrated the 60th anniversary of dental implants.

Financial highlights

• Q3 2025 sales reached $670 million, up from $601 million in Q3 2024; core sales up 9.4%.

• Adjusted gross margin was 56.1% (up from 52.8% year-over-year), and adjusted EBITDA was $97 million (+77% year-over-year).

• Free cash flow for Q3 was $68 million, with year-to-date free cash conversion at 100%.

• Adjusted net income for Q3 was $54 million, up from $21.1 million in Q3 2024.

• Cash and cash equivalents at quarter-end were $1,134 million.

Outlook and guidance

• Full-year 2025 core sales growth guidance raised to ~4% (from 3–4%), adjusted EPS to $1.10–$1.15 (from $1.05–$1.15), and adjusted EBITDA margin at ~14%.

• Q4 expected to maintain performance levels, with continued investment in the business.

• Management expects continued positive impact from higher sales volumes and price increases, with ongoing investments in growth initiatives.