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Nov 30, 2025
Neogen Q2 2026 Earnings Report
Neogen reported a net loss but saw improved core revenue growth and raised full-year guidance.
Key Takeaways
Neogen delivered Q2 2026 results with modest core revenue growth and narrowed losses compared to the prior year. Adjusted EBITDA margin improved sequentially, and the company raised its full-year guidance despite macroeconomic headwinds.
Revenue for Q2 FY26 was $224.7 million, a 2.8% decrease year-over-year, but core growth increased by 2.9%.
Net loss significantly improved to $15.9 million from $456.3 million in the prior year, largely due to the absence of a goodwill impairment charge.
Adjusted EBITDA was $48.7 million, with Adjusted EBITDA margin increasing 470 bps sequentially to 21.7%.
The company is raising its full-year fiscal 2026 outlook for revenue to $845-$855 million and Adjusted EBITDA to approximately $175 million.
Revenue by Segment
Forward Guidance
Neogen raised its fiscal 2026 revenue and Adjusted EBITDA guidance, reflecting confidence in its strategic initiatives despite ongoing macroeconomic pressures.
Positive Outlook
- Raised FY26 revenue guidance to $845M–$855M
- Raised FY26 adjusted EBITDA guidance to approximately $175M
- Petrifilm manufacturing transition remains on track
- Core revenue growth seen in Food Safety and Biosecurity products
- Strengthened leadership with senior commercial hires
Challenges Ahead
- Overall revenue declined 2.8% YoY
- Gross margin decreased due to tariffs, inventory write-offs, and product mix
- Net loss of $15.9M for the quarter
- Animal Safety revenue declined 11.8% YoY
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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