Mistras Group (MG) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 4.6% YoY to $204.6m, while GAAP operating income and net income attributable to shareholders declined amid higher SG&A and $4.3m of merger-related costs.

• Nine-month revenue, GAAP operating income and adjusted EBITDA increased YoY; pending acquisition by H.I.G.-affiliated funds is expected to close in late 2026 or early 2027, subject to remaining conditions.

Financial highlights

• Q3 revenue was $204.6m vs. $195.5m; gross profit was $62.0m vs. $58.2m, and GAAP operating income was $15.0m vs. $20.4m.

• Q3 net income attributable to shareholders was $6.9m vs. $13.1m; diluted EPS was $0.21 vs. $0.41.

• 9M revenue reached $566.8m vs. $542.6m; GAAP operating income was $32.7m vs. $27.8m, and net income attributable to shareholders was $16.9m vs. $12.9m.

• Q3 operating expenses rose $9.2m to $47.0m, including $4.3m of merger-related transaction costs; SG&A increased $5.0m, primarily for strategic commercial and operational investments.

Outlook and guidance

• Merger closing is expected in late 2026 or early 2027, subject to stockholder approval, regulatory approvals and customary closing conditions; the HSR waiting period ended October 22, 2026.

• If completed, the merger provides $20.35 cash per eligible share; the pending transaction and associated conditions remain central to the near-term outlook.