Solventum (SOLV) Q1 FY2026 earnings: revenue $2.0 billion, down 3.0% on the year

Solventum Corp. (SOLV) reported revenue of $2.0 billion for Q1 FY2026, the quarter ended 31 March 2026, down 3.0% on the same quarter a year earlier. Net income was $13 million, down 90.5% on the year, and diluted earnings per share $0.07. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2026.

Revenue

$2.0 billion

-3.0% on the year · +0.5% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

4.0%

7.3% a year earlier

Q2 FY2024Q1 FY2026

Net income

$13 million

-90.5% on the year · -79.4% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.07

-91.0% on the year · -80.6% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Guidance figures: 3 kept.

Reported sales fell, organic rose: Net sales were $2,007 million, down 3.0% reported. Currency added 2.7 points; acquisitions and divestitures, mainly the September 2025 Purification and Filtration sale, reduced growth by 7.8 points.
Adjusted EPS rose, GAAP EPS fell: Adjusted diluted EPS was $1.48, up 10.6%. GAAP diluted EPS was $0.07 against $0.78, with separation and restructuring costs excluded from the adjusted figure.
Gross margin rose 80 basis points: Adjusted gross margin was 56.4%, against 55.6%. GAAP gross margin was 54.6%, against 53.8%. Savings, portfolio moves, sales leverage and mix were partly offset by tariffs and inflation.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	2,007	1,998	2,070	+0.5%	-3.0%
Gross profit	1,097	1,027	1,114	+6.8%	-1.5%
Gross margin	54.7%	51.4%	53.8%
Research and development	189	174	193	+8.6%	-2.1%
Selling, general and administrative	827	759	769	+9.0%	+7.5%
Operating income	81.0	125	152	-35.2%	-46.7%
Operating margin	4.0%	6.3%	7.3%
Pre-tax income	16.0	58.0	38.0	-72.4%	-57.9%
Income tax	3.0	-5.0	-99.0
Effective tax rate	18.8%	-8.6%	-260.5%
Net income	13.0	63.0	137	-79.4%	-90.5%
Net margin	0.6%	3.2%	6.6%
Diluted EPS	$0.07	$0.36	$0.78	-80.6%	-91.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	-189	95.0	29.0
Capital expenditure	84.0	63.0	109	+33.3%	-22.9%
Free cash flow	-273	32.0	-80.0
Free cash flow margin	-13.6%	1.6%	-3.9%
Cash from investing	-77.0	-745	-114
Cash from financing	-50.0	-115	-139
Depreciation and amortisation	135	117	129	+15.4%	+4.7%
Share-based compensation	51.0	37.0	49.0	+37.8%	+4.1%
Buybacks	67.0	n/a	0.0
Diluted shares, weighted	176m	176m	175m	-0.1%	+0.4%
Shares outstanding at period end	174m	173m	173m	+0.0%	+0.3%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	4,969	5,049	3,262	-1.6%	+52.3%
Debt	5,080	5,035	7,913	+0.9%	-35.8%
Operating lease liabilities	n/a	142	n/a
Finance lease liabilities	207	0.0	n/a
Other liabilities	3,841	4,068	3,352	-5.6%	+14.6%
Total liabilities and equity	14,097	14,294	14,527	-1.4%	-3.0%
Fixed assets	n/a	1,326	1,198
Goodwill	5,626	5,704	4,991	-1.4%	+12.7%
Intangible assets	2,497	2,592	2,365	-3.7%	+5.6%
Cash and equivalents	561	878	534	-36.1%	+5.1%
Receivables	1,059	1,034	926	+2.4%	+14.4%
Inventory	1,089	1,066	866	+2.2%	+25.8%
Other assets	3,265	1,694	3,647	+92.7%	-10.5%
Total assets	14,097	14,294	14,527	-1.4%	-3.0%

Questions

What was Solventum's revenue in Q1 FY2026?

Solventum (SOLV) reported revenue of $2.0 billion for Q1 FY2026, the quarter ended 31 March 2026, down 3.0% on the same quarter a year earlier.

How much did Solventum earn in Q1 FY2026?

Net income for Q1 FY2026 was $13 million, down 90.5% on the year, and diluted earnings per share $0.07.

When did Solventum report Q1 FY2026 results?

Solventum filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 5 May 2026.

Quarterly results, the last 15 quarters

	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	2,011	2,076	2,074	2,036	2,016	2,081	2,082	2,075	2,070	2,161	2,096	1,998	2,007	2,209	1,949
Gross profit	1,137	1,189	1,209	1,158	1,172	1,137	1,165	1,119	1,114	1,175	1,135	1,027	1,097	1,286	1,062
Gross margin	57%	57%	58%	57%	58%	55%	56%	54%	54%	54%	54%	51%	55%	58%	54%
R&D	195	193	180	190	195	192	189	199	193	189	183	174	189	178	181
SG&A	577	579	525	562	596	701	701	784	769	772	780	759	827	927	813
Operating income	365	417	504	406	381	244	275	136	152	214	1,690	125	81.0	181	68.0
Operating margin	18%	20%	24%	20%	19%	12%	13%	7%	7%	10%	81%	6%	4%	8%	3%
Pre-tax income	363	413	500	391	329	96.0	167	13.0	38.0	103	1,514	58.0	16.0	108	-11.0
Tax rate	19%	22%	8%	30%	28%	7%	27%	-131%	-261%	13%	16%	-9%	19%	14%	n/a
Net income	293	321	460	272	237	89.0	122	31.0	137	90.0	1,266	63.0	13.0	92.0	-12.0
Net margin	15%	15%	22%	13%	12%	4%	6%	1%	7%	4%	60%	3%	1%	4%	-1%
Diluted EPS	$1.70	$1.86	$2.66	$1.57	$1.37	$0.51	$0.70	$0.17	$0.78	$0.51	$7.22	$0.36	$0.07	$0.53	-$0.07
Operating cash flow	509	366	493	547	442	355	169	219	29.0	169	76.0	95.0	-189	227	177
Capital expenditure	65.0	71.0	66.0	88.0	102	58.0	93.0	127	109	110	97.0	63.0	84.0	83.0	80.0
Free cash flow	444	295	427	459	340	297	76.0	92.0	-80.0	59.0	-21.0	32.0	-273	144	97.0
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	n/a	67.0	288	48.0
Shares outstanding	173m	173m	173m	0	0	173m	173m	173m	173m	173m	173m	173m	174m	170m	170m
Filing	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. 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 31 March 2026, filed 5 May 2026: the filing.