Mirion Q3 2026 Earnings: Revenue Rises 24.5% as Orders Accelerate

Mirion (NYSE: MIR) reported Q3 2026 revenue of $277.8 million, up 24.5% from $223.1 million, while diluted GAAP EPS increased to $0.03 from $0.01. Adjusted EBITDA rose 23.7% to $64.8 million, and adjusted free cash flow reached $47 million, although adjusted EPS remained unchanged at $0.12. Organic revenue growth was 6.5%, while orders excluding specified acquisition contributions increased 62%.

Core Financial Results

The quarter combined higher revenue with improved GAAP operating leverage. Gross profit grew slightly faster than sales, while total operating expenses increased at a slower rate, lifting operating margin to approximately 6.2% from 3.3%.

Adjusted EBITDA grew nearly in line with revenue, leaving its calculated margin slightly lower. Adjusted EPS was flat, and Mirion noted that the current-period calculation includes stock-based compensation expense.

Net income attributable to Mirion was $7.4 million, compared with $2.9 million a year earlier. The improvement in GAAP profitability came despite a $3.1 million income tax expense, versus a $1.9 million tax benefit in the prior-year quarter.

Reported Growth Outpaced Organic Growth, but Orders Point to Broader Momentum

Organic revenue increased 6.5%, substantially less than the 24.5% reported growth rate. The difference reflects the contribution of acquisitions and foreign exchange, both of which are excluded from Mirion’s organic revenue measure.

Product revenue grew faster than service revenue and accounted for most of the quarterly increase. More importantly for future activity, orders excluding Paragon and the July results of Certrec rose 62% to $340 million, supported by a 105% increase in nuclear power-related orders. Including those acquisition contributions, total orders reached $386 million.

Management expects organic revenue growth to accelerate into the mid-to-high teens in the fourth quarter. Converting the higher order volume into revenue on schedule will therefore be an important measure of whether the organic improvement can continue.

Profitability, Cash Flow, and the Balance Sheet

Gross margin increased by approximately 50 basis points, while operating margin expanded by about 290 basis points. Total operating expenses rose 17.7% to $114.3 million, slower than revenue growth, as selling, general and administrative expense increased to $104.0 million from $87.0 million and research and development expense was nearly unchanged at $10.3 million.

Cash generation also improved. Nine-month operating cash flow increased to $136.6 million from $70.3 million, while adjusted free cash flow totaled $107 million year to date. Mirion generated $47 million of adjusted free cash flow in the third quarter alone.

Cash and equivalents were $408.7 million at September 30, 2026, compared with $412.3 million at the end of 2025. Noncurrent and convertible debt totaled approximately $1.20 billion. Financing cash outflows included $96.8 million of treasury stock purchases during the first nine months of 2026.

2026 Guidance

Mirion raised its full-year revenue, organic growth, and adjusted free cash flow outlooks. However, the update was not uniformly higher: the adjusted EBITDA range was narrowed by reducing its upper end, and the adjusted EBITDA margin range moved below the prior outlook. Adjusted EPS guidance was also narrowed.

The guidance changes point to better revenue visibility and cash conversion, but also suggest that the additional growth will carry less adjusted EBITDA margin than previously anticipated.

Management’s View

Chairman and CEO Thomas Logan attributed the order momentum partly to reinvestment in the existing nuclear reactor fleet. Mirion has a presence in more than 98% of commercial nuclear power plants globally, and approximately 80% of its nuclear power-related revenue comes from reactors already in operation. The company is also pursuing opportunities tied to large new nuclear projects and small modular reactors.

Management expects continued adjusted free cash flow generation to reduce net leverage to approximately 2.6 times by year-end. That target depends on the stronger cash flow outlook being realized during the fourth quarter.

Recent Insider Transactions

Reported insider activity over the last six months included 387,293 shares purchased across 12 transactions and 8,400 shares sold in one transaction. The latest disclosed transactions were primarily director stock awards, while CFO Brian Schopfer reported a $312,000 purchase in September.

Stock awards and open-market purchases are different forms of insider activity and should not be interpreted as equivalent transactions.

Risks Investors Should Monitor

• Organic growth remains below reported growth: Q3 organic growth of 6.5% trailed reported growth of 24.5%, showing that acquisitions and foreign exchange contributed materially to the headline increase.
• The margin outlook moved lower: Mirion reduced its full-year adjusted EBITDA margin range despite raising revenue growth guidance. Costs, business mix, or acquisition contributions could limit the amount of additional revenue converted into adjusted earnings.
• Orders must convert into revenue: The increase in orders is favorable for future activity, but revenue realization remains exposed to customer procurement timing, capital spending decisions, and project schedules.
• Deleveraging depends on cash flow execution: Mirion’s target of approximately 2.6 times net leverage by year-end relies on continued adjusted free cash flow generation during the fourth quarter.

Summary

Mirion’s Q3 2026 results showed acquisition-amplified revenue growth alongside improving organic demand, higher nuclear-related orders, better GAAP operating leverage, and stronger cash generation. The raised revenue and free cash flow outlooks reflect greater visibility, but flat adjusted EPS and a lower adjusted EBITDA margin range temper the improvement. The main items to monitor are fourth-quarter organic growth, order conversion, adjusted margins, and progress toward the year-end leverage target.