Mirion Technologies (MIR) Q3 2026 earnings summary

Executive summary

• Q3 orders rose 62% excluding M&A to $340M; including acquisitions, orders increased 85% to $386M. Nuclear Power orders rose 105%.

• Revenue was $277.8M, up 24.5% reported and 6.5% organically; adjusted free cash flow was $47M for the quarter and $107.5M YTD.

• Backlog reached $1,248.2M, up 53% reported and 33% excluding M&A; 59% was expected to convert in Q4 2026 and 2027.

Financial highlights

• Adjusted EBITDA rose 23.7% to $64.8M; adjusted EBITDA margin was 23.3% versus 23.5% a year earlier.

• GAAP net income was $7.8M versus $3.1M; GAAP EPS was $0.03 versus $0.01. Adjusted EPS was $0.12 in both periods, with stock-based compensation included in the 2026 calculation.

• Adjusted gross profit was $144.7M and adjusted gross margin was 52.1%, versus $118.3M and 53.0% in Q3 2025.

• Nine-month revenue was $802.2M versus $648.0M; adjusted EBITDA was $184.4M versus $150.3M.

Outlook and guidance

• FY2026 revenue growth guidance rose to 24%–25%, including acquisitions and FX, and organic growth guidance to 7%–8%.

• Q4 organic revenue growth is expected in the mid-to-high teens; Medical growth is expected at mid-single digits plus and Nuclear & Safety at high teens plus.

• FY2026 adjusted EBITDA guidance is $285M–$292M, with a 24.7%–25.2% margin; adjusted EPS guidance is $0.50–$0.54.

• Adjusted free cash flow guidance increased to $170M–$185M, with 60%–63% conversion of adjusted EBITDA.

• Year-end net leverage is expected at ~2.6x, assuming no Q4 share repurchases, M&A or capital raises; the prior 2028 margin target was withdrawn, with updated long-range guidance planned.