Mirion Technologies (MIR) Earnings Date & Reports

Key Takeaways

• Mirion Technologies reported third-quarter 2026 revenue of $277.8 million, up 24.5% year over year and slightly above analyst estimates.
• Adjusted earnings per share (EPS) came in at $0.12, matching Wall Street consensus, while GAAP net income rose to $7.8 million.
• Orders climbed sharply, up 62% excluding acquisitions to $340 million, driven by a 105% increase in nuclear power-related orders.
• Management raised its full-year revenue growth outlook to roughly 24% to 25%, but lowered its adjusted EPS guidance to $0.50–$0.54, below consensus.
• The stock pulled back in after-hours trading as investors weighed the stronger orders momentum against softer profit expectations.
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Earnings Context and Why It Matters

Mirion Technologies is a provider of radiation detection, measurement, and analysis solutions serving medical, nuclear power, defense, and research markets. Its quarterly earnings are closely watched because the company sits at the center of a resurgent nuclear power cycle, where capital spending on new reactors and the modernization of existing facilities is accelerating. The third quarter was particularly significant because it offered the first full read on how recent acquisitions, including Paragon and Certrec, are translating into revenue and orders. With the stock having rallied heading into the print and analyst price targets well above the prevailing share price, this report became an important test of whether the company's growth story could support elevated expectations.

Reported Results

For the fiscal quarter ended September 30, 2026, Mirion Technologies reported total revenue of $277.8 million, a 24.5% increase from $223.1 million in the prior-year period and modestly above the consensus estimate of roughly $275 million. Product revenue was $213.5 million, while service revenue was $64.3 million.

Adjusted EPS came in at $0.12, in line with analyst expectations. On a GAAP (Generally Accepted Accounting Principles) basis, net income was $7.8 million, up from $3.1 million a year earlier, and GAAP diluted EPS was $0.03. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was $64.8 million, representing a 23.3% margin.

Orders were a clear highlight. Excluding the July results of the Paragon and Certrec acquisitions, orders totaled $340 million, up 62% year over year. Including those acquisitions, orders reached $386 million, an 85% increase. Nuclear power-related orders surged 105%.

Management raised its full-year revenue growth outlook to approximately 24% to 25% from a prior 22% to 24% and lifted its adjusted free cash flow guidance to $170 million to $185 million. However, it narrowed adjusted EBITDA guidance to $285 million to $292 million and set adjusted EPS guidance at $0.50 to $0.54, whose midpoint fell below the $0.55 analyst consensus.

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Market Reaction and Investor Sentiment

Mirion Technologies shares declined in after-hours trading following the release, slipping roughly 2.7% as investors digested the mixed guidance. The revenue beat and robust order growth were offset by the lowered full-year adjusted EPS outlook, which came in below consensus. The reaction suggests the market had already priced in strong demand momentum and was instead focused on profitability and the timing of cost absorption from recent acquisitions. The pullback reflected a cautious tone as investors weighed whether accelerating orders will convert into earnings quickly enough to support the stock's elevated valuation.

Forward Outlook and Key Factors to Monitor

Looking ahead, investors will focus on whether Mirion can sustain its order momentum and convert it into profitable revenue growth. The company expects mid-to-high teens organic revenue growth in the fourth quarter, an acceleration from the 6.5% organic growth recorded in the third quarter. This ramp will be a key test of execution as recently acquired businesses are integrated.

Margin trends will remain a central focus. The narrowing of full-year adjusted EBITDA guidance signals that near-term profitability may be pressured by acquisition-related costs and product mix, even as top-line growth strengthens. Investors should watch for signs that operating leverage improves as larger nuclear projects move into later, higher-margin phases.

Free cash flow is another area to monitor, given management's raised guidance and a notable year-over-year improvement in cash generation. Continued progress here could support the company's deleveraging and reinvestment plans. Finally, the nuclear power demand backdrop, including reactor orders and government policy support, will be an important external driver for both bookings and sentiment across the sector.

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