QuidelOrtho (QDEL) Q3 FY2026 earnings: revenue $619 million, down 11.6% on the year

QuidelOrtho Corp. (QDEL) reported revenue of $619 million for Q3 FY2026, the quarter ended 27 September 2026, down 11.6% on the same quarter a year earlier. Net income was -$54 million, and diluted earnings per share $-0.78. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$619 million

-11.6% on the year · -1.9% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-1.2%

-100.7% a year earlier

Q4 FY2024Q3 FY2026

Net income

-$54 million

Q4 FY2024Q3 FY2026

Diluted EPS

-$0.78

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 narrowed, 2 new.

Revenue declined, excluding items grew: Total revenue was $619 million, down 12% reported and in constant currency. Excluding respiratory, China and U.S. Donor Screening, revenue rose 2% as reported and 3% in constant currency.
Adjusted EBITDA and GAAP losses reported: Adjusted EBITDA was $148 million, compared with $177.1 million a year earlier. GAAP net loss was $54 million and GAAP operating loss was $8 million.
Labs fell on China pricing changes: Labs revenue was $353 million, down 6%. Management attributed the decline primarily to lower China sales tied to recently announced changes to In Vitro Diagnostics pricing.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	619	631	700	-1.9%	-11.6%
Cost of revenue	329	358	364	-8.0%	-9.6%
Gross profit	290	273	336	+6.1%	-13.7%
Gross margin	46.8%	43.3%	47.9%
Research and development	42.5	48.7	41.5	-12.7%	+2.4%
Selling, general and administrative	183	190	187	-3.7%	-2.2%
Operating income	-7.5	-21.8	-705
Operating margin	-1.2%	-3.5%	-100.7%
Interest expense	55.4	54.7	46.1	+1.3%	+20.2%
Pre-tax income	-62.9	-81.2	-757
Income tax	-9.1	11.7	-23.9
Net income	-53.8	-92.9	-733
Net margin	-8.7%	-14.7%	-104.7%
Diluted EPS	-$0.78	-$1.36	-$10.78

$ million except per share.

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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	19.6	-111	-45.5
Capital expenditure	21.0	25.5	49.2	-17.6%	-57.3%
Free cash flow	-1.4	-136	-94.7
Free cash flow margin	-0.2%	-21.6%	-13.5%
Cash from investing	-20.9	-107	-53.9
Cash from financing	44.1	201	46.0	-78.0%	-4.1%
Depreciation and amortisation	120	117	112	+2.5%	+6.7%
Share-based compensation	12.0	12.0	10.8	0.0%	+11.1%
Diluted shares, weighted	69m	68m	68m	+0.6%	+1.0%
Shares outstanding at period end	69m	68m	68m	+0.4%	+1.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,791	1,775	2,036	+0.9%	-12.0%
Debt	2,937	2,891	2,659	+1.6%	+10.5%
Operating lease liabilities	147	152	156	-3.7%	-5.5%
Other liabilities	906	897	824	+1.0%	+9.9%
Total liabilities and equity	5,781	5,715	5,675	+1.2%	+1.9%
Goodwill	n/a	n/a	0.0
Intangible assets	2,628	2,678	2,608	-1.9%	+0.8%
Cash and equivalents	166	123	98.1	+34.8%	+69.6%
Receivables	376	352	386	+6.7%	-2.8%
Inventory	643	619	614	+3.8%	+4.7%
Other assets	1,968	1,943	1,969	+1.3%	-0.0%
Total assets	5,781	5,715	5,675	+1.2%	+1.9%

Questions

What was QuidelOrtho's revenue in Q3 FY2026?

QuidelOrtho (QDEL) reported revenue of $619 million for Q3 FY2026, the quarter ended 27 September 2026, down 11.6% on the same quarter a year earlier.

How much did QuidelOrtho earn in Q3 FY2026?

Net loss for Q3 FY2026 was $54 million, and the diluted loss per share $0.78.

When did QuidelOrtho report Q3 FY2026 results?

QuidelOrtho filed its 10-Q for the quarter ended 27 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	510	1,002	613	784	866	846	665	744	743	711	637	727	708	693	614	700	724	620	631	619
Cost of revenue	134	260	276	376	418	398	369	375	360	379	361	375	382	350	339	364	403	356	358	329
Gross profit	375	742	338	408	449	449	296	369	383	332	276	352	326	343	275	336	320	264	273	290
Gross margin	74%	74%	55%	52%	52%	53%	45%	50%	52%	47%	43%	48%	46%	50%	45%	48%	44%	43%	43%	47%
R&D	23.7	26.4	34.2	65.6	64.3	62.3	62.4	61.5	59.3	59.2	56.3	55.9	47.3	53.2	45.7	41.5	45.8	44.9	48.7	42.5
SG&A	63.0	84.8	118	204	214	202	179	194	188	205	188	186	188	187	178	187	194	199	190	183
Operating income	282	621	79.7	56.8	86.5	99.6	-26.9	26.3	40.1	-1,758	-118	15.0	-100	32.6	-181	-705	-66.3	-31.8	-21.8	-7.5
Operating margin	55%	62%	13%	7%	10%	12%	-4%	4%	5%	-247%	-18%	2%	-14%	5%	-29%	-101%	-9%	-5%	-3%	-1%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	39.0	41.0	42.9	40.6	40.0	40.5	46.1	51.0	51.1	54.7	55.4
Pre-tax income	282	621	42.9	31.3	41.1	60.0	-64.4	-15.5	-9.2	-1,799	-163	-28.8	-141	-8.8	-230	-757	-112	-79.5	-81.2	-62.9
Tax rate	23%	23%	55%	39%	26%	19%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	216	480	19.3	19.2	30.3	48.8	-53.2	-12.7	7.0	-1,706	-148	-19.9	-178	-12.7	-255	-733	-131	-91.8	-92.9	-53.8
Net margin	42%	48%	3%	2%	3%	6%	-8%	-2%	1%	-240%	-23%	-3%	-25%	-2%	-42%	-105%	-18%	-15%	-15%	-9%
Diluted EPS	$5.08	$11.31	$0.36	$0.28	$0.45	$0.73	-$0.80	-$0.19	$0.10	-$25.50	-$2.20	-$0.30	-$2.28	-$0.19	-$3.77	-$10.78	-$1.92	-$1.35	-$1.36	-$0.78
Operating cash flow	77.0	501	225	-9.7	169	189	-30.6	41.5	80.4	-0.7	-97.9	118	63.7	65.6	-46.8	-45.5	132	-33.0	-111	19.6
Capital expenditure	107	22.5	26.2	30.5	61.7	66.0	51.3	43.4	48.6	66.1	35.3	46.5	47.2	56.2	37.5	49.2	45.3	34.0	25.5	21.0
Free cash flow	-29.9	478	198	-40.2	108	123	-81.9	-1.9	31.8	-66.8	-133	71.4	16.5	9.4	-84.3	-94.7	86.6	-67.0	-136	-1.4
Buybacks	0.1	n/a	n/a	74.3	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	66m	67m	67m	66m	66m	67m	67m	67m	67m	67m	67m	67m	67m	68m	68m	68m	68m	68m	68m	69m
Filing	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 27 September 2026, filed 4 November 2026: the filing.