Envista Holdings (NVST) FY2025 results: revenue $2.7 billion, up 8.3% on the year
Envista Holdings Corp. (NVST) reported revenue of $2.7 billion for fiscal 2025, the year ended 31 December 2025, up 8.3% on the year before. Net income was $47 million, and diluted earnings per share $0.28. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 4 new.
- Fourth-quarter core sales up 10.8%: Total sales growth was 15.0%; acquisitions and currency contributed 4.2 points, leaving core sales growth of 10.8%.
- Adjusted EBITDA grew faster than sales: Adjusted EBITDA rose 22% to $111 million in the quarter and 26% to $372 million for the year.
- Full-year adjusted EPS up 63%: Full-year GAAP net income was $47 million and GAAP diluted EPS $0.28, against a loss of $6.50 per share in 2024; adjusted diluted EPS was $1.19.
- Specialty segment sales and margin rose: Specialty Products & Technologies sales were $475.9 million, up 15.8% with core growth of 10.9%; operating margin was 12.6%, against 6.7%.
- Equipment segment margin declined: Equipment & Consumables sales were $274.7 million, up 13.5% with core growth of 10.7%; adjusted operating margin was 20.1%, against 25.2%.
From this 10-K
Envista makes and sells dental products under more than 30 brands, including Nobel Biocare, Ormco, DEXIS and Kerr. Its products cover dental implants, orthodontics, digital imaging, restoratives, endodontics, rotary instruments, infection prevention and loupes, and it serves dental professionals in over 130 countries through its own commercial organization and distribution partners. It was formed in 2018 as a wholly-owned subsidiary of Danaher Corporation and separated from Danaher after its initial public offering in 2019. It reports two segments, Specialty Products & Technologies and Equipment & Consumables.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 2,720 | 2,511 | 2,566 | +8.3% | |
| Cost of revenue | 1,233 | 1,138 | 1,126 | +8.3% | |
| Gross profit | 1,487 | 1,373 | 1,440 | +8.3% | |
| Gross margin | 54.7% | 54.7% | 56.1% | ||
| Research and development | 114 | 99.1 | 93.8 | +15.0% | |
| Selling, general and administrative | 1,157 | 1,158 | 1,057 | -0.1% | |
| Operating income | 216 | -1,038 | 31.5 | ||
| Operating margin | 7.9% | -41.4% | 1.2% | ||
| Interest expense | 36.6 | 46.4 | 63.4 | -21.1% | |
| Pre-tax income | 177 | -1,085 | -54.9 | ||
| Income tax | 130 | 33.9 | 45.3 | +284.1% | |
| Effective tax rate | 73.5% | n/a | n/a | ||
| Net income | 47.0 | -1,119 | -100 | ||
| Net margin | 1.7% | -44.6% | -3.9% | ||
| Diluted EPS | $0.28 | -$6.50 | -$0.60 |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 276 | 336 | 276 | -18.1% | |
| Capital expenditure | 45.3 | 33.8 | 58.2 | +34.0% | |
| Free cash flow | 230 | 303 | 218 | -23.9% | |
| Free cash flow margin | 8.5% | 12.1% | 8.5% | ||
| Cash from investing | -51.1 | -54.6 | -62.4 | ||
| Cash from financing | -171 | -104 | 119 | ||
| Depreciation and amortisation | 116 | 123 | 136 | -5.8% | |
| Share-based compensation | 37.6 | 35.3 | 30.7 | +6.5% | |
| Diluted shares, weighted | 169m | 172m | 167m | -1.7% | |
| Shares outstanding at period end | 164m | 172m | 172m | -4.9% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 3,106 | 2,935 | 4,174 | +5.8% | |
| Short-term borrowings | 0.0 | 116 | 115 | ||
| Debt | 1,448 | 1,394 | 1,513 | +3.9% | |
| Operating lease liabilities | 110 | 119 | 110 | -7.1% | |
| Other liabilities | 1,014 | 786 | 693 | +28.9% | |
| Total liabilities and equity | 5,679 | 5,350 | 6,605 | +6.1% | |
| Fixed assets | 297 | 277 | 310 | +7.1% | |
| Goodwill | 2,358 | 2,262 | 3,292 | +4.3% | |
| Intangible assets | 627 | 650 | 954 | -3.5% | |
| Cash and equivalents | 1,212 | 1,069 | 940 | +13.3% | |
| Receivables | 430 | 363 | 408 | +18.3% | |
| Inventory | 288 | 241 | 259 | +19.5% | |
| Other assets | 467 | 489 | 443 | -4.3% | |
| Total assets | 5,679 | 5,350 | 6,605 | +6.1% |
10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.