Bio-Techne (TECH) Q2 FY2026 earnings: revenue $296 million, down 0.4% on the year

Bio-Techne Corp. (TECH) reported revenue of $296 million for Q2 FY2026, the quarter ended 31 December 2025, down 0.4% on the same quarter a year earlier. Net income was $38 million, up 8.9% on the year, and diluted earnings per share $0.24. The figures are the company's own, from the 10-Q it filed with the SEC on 4 February 2026.

Revenue

$296 million

-0.4% on the year · +3.3% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

18.4%

16.0% a year earlier

Q3 FY2024Q2 FY2026

Net income

$38 million

+8.9% on the year · -0.5% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.24

+9.1% on the year · 0.0% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Revenue flat on both bases: Net sales were $295.9 million, flat year over year on both reported and organic bases. Foreign exchange added 2%, and prior-year held-for-sale revenue reduced growth by 2%.
Adjusted EPS rose to $0.46: Adjusted diluted EPS was $0.46 against $0.42. GAAP diluted EPS was $0.24 against $0.22, and net earnings were $38.0 million against $34.9 million.
China/APAC grew third straight quarter: China/APAC growth for the third consecutive quarter was attributed to commercial execution and improving end-markets.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	296	287	297	+3.3%	-0.4%
Cost of revenue	105	98.4	103	+6.3%	+1.4%
Gross profit	191	188	194	+1.7%	-1.3%
Gross margin	64.6%	65.6%	65.3%
Research and development	23.1	24.2	25.0	-4.6%	-7.6%
Selling, general and administrative	114	116	121	-2.2%	-6.4%
Operating income	54.5	47.7	47.4	+14.3%	+14.9%
Operating margin	18.4%	16.6%	16.0%
Interest expense	2.2	2.9	2.1	-26.0%	+1.1%
Pre-tax income	50.8	48.0	42.9	+5.8%	+18.4%
Income tax	12.8	9.8	8.0	+30.3%	+60.0%
Effective tax rate	25.2%	20.4%	18.6%
Net income	38.0	38.2	34.9	-0.5%	+8.9%
Net margin	12.8%	13.3%	11.7%
Diluted EPS	$0.24	$0.24	$0.22	0.0%	+9.1%

$ 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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	82.4	27.6	84.3	+198.8%	-2.3%
Capital expenditure	5.9	5.4	6.8	+10.4%	-13.2%
Free cash flow	76.5	22.2	77.5	+244.2%	-1.3%
Free cash flow margin	25.9%	7.8%	26.1%
Cash from investing	-5.9	0.6	-5.0
Cash from financing	-49.0	-44.2	-83.8
Depreciation and amortisation	24.7	24.3	27.1	+1.5%	-8.8%
Share-based compensation	14.0	11.7	14.7	+19.5%	-5.1%
Buybacks	0.0	0.0	n/a
Dividends paid	12.5	12.4	12.7	+0.2%	-2.1%
Dividend per share	$0.08	$0.08	$0.08	0.0%	0.0%
Diluted shares, weighted	157m	156m	161m	+0.4%	-2.3%
Shares outstanding at period end	156m	156m	158m	+0.1%	-1.3%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	2,011	1,966	2,078	+2.3%	-3.2%
Debt	260	300	300	-13.3%	-13.3%
Operating lease liabilities	77.2	80.7	81.6	-4.4%	-5.4%
Other liabilities	175	180	210	-2.8%	-17.0%
Total liabilities and equity	2,523	2,526	2,670	-0.1%	-5.5%
Fixed assets	234	240	250	-2.5%	-6.2%
Goodwill	981	979	965	+0.2%	+1.7%
Intangible assets	335	350	461	-4.3%	-27.3%
Investments	n/a	n/a	0.0
Cash and equivalents	173	145	178	+19.3%	-2.6%
Receivables	185	184	218	+0.4%	-15.3%
Inventory	205	203	188	+1.1%	+9.1%
Other assets	410	425	411	-3.5%	-0.3%
Total assets	2,523	2,526	2,670	-0.1%	-5.5%

Questions

What was Bio-Techne's revenue in Q2 FY2026?

Bio-Techne (TECH) reported revenue of $296 million for Q2 FY2026, the quarter ended 31 December 2025, down 0.4% on the same quarter a year earlier.

How much did Bio-Techne earn in Q2 FY2026?

Net income for Q2 FY2026 was $38 million, up 8.9% on the year, and diluted earnings per share $0.24.

When did Bio-Techne report Q2 FY2026 results?

Bio-Techne filed its 10-Q for the quarter ended 31 December 2025 with the SEC on 4 February 2026.

Quarterly results, the last 20 quarters

	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	Q4 FY2026 *	Q1 FY2027
Revenue	269	290	288	270	272	294	301	277	273	303	306	289	297	316	317	287	296	311	321	300
Cost of revenue	85.6	88.9	87.9	90.1	88.2	92.0	96.6	91.7	96.0	98.8	103	106	103	102	118	98.4	105	103	110	103
Gross profit	184	201	200	180	183	202	205	185	177	205	203	183	194	215	199	188	191	208	211	197
Gross margin	68%	69%	70%	67%	68%	69%	68%	67%	65%	67%	66%	63%	65%	68%	63%	66%	65%	67%	66%	66%
R&D	20.6	21.7	23.1	23.9	22.5	22.7	23.4	24.0	22.9	25.8	24.0	23.9	25.0	24.6	26.0	24.2	23.1	23.5	23.9	26.3
SG&A	101	89.3	96.6	99.4	93.0	99.2	86.8	105	116	112	134	119	121	151	197	116	114	109	113	134
Operating income	62.3	90.4	80.6	56.3	67.9	80.2	94.5	55.9	38.0	67.0	45.8	40.0	47.4	38.7	-23.9	47.7	54.5	75.5	74.3	36.6
Operating margin	23%	31%	28%	21%	25%	27%	31%	20%	14%	22%	15%	14%	16%	12%	-8%	17%	18%	24%	23%	12%
Interest expense	2.9	2.5	2.5	3.8	2.4	1.4	3.7	4.9	4.3	4.0	2.5	2.2	2.1	2.0	2.2	2.9	2.2	2.4	2.1	2.2
Pre-tax income	86.2	68.8	79.1	104	66.4	80.2	88.3	49.6	33.4	61.1	41.7	40.2	42.9	38.3	-22.9	48.0	50.8	71.2	70.7	34.7
Tax rate	16%	13%	22%	13%	25%	12%	15%	-3%	18%	20%	3%	16%	19%	41%	n/a	20%	25%	28%	23%	18%
Net income	80.2	60.7	61.5	89.6	50.0	70.2	75.5	51.0	27.5	49.1	40.6	33.6	34.9	22.6	-17.7	38.2	38.0	51.0	54.6	28.3
Net margin	30%	21%	21%	33%	18%	24%	25%	18%	10%	16%	13%	12%	12%	7%	-6%	13%	13%	16%	17%	9%
Diluted EPS	$0.48	$0.37	$0.38	$0.55	$0.31	$0.43	$0.47	$0.31	$0.17	$0.31	$0.25	$0.21	$0.22	$0.14	-$0.11	$0.24	$0.24	$0.32	$0.35	$0.18
Operating cash flow	101	73.1	103	56.1	64.4	50.5	83.4	59.4	83.1	81.0	75.5	63.9	84.3	41.1	98.2	27.6	82.4	86.7	95.4	73.1
Capital expenditure	10.2	15.1	13.6	9.6	6.1	11.7	10.8	13.6	14.9	16.4	18.0	9.2	6.8	10.1	4.9	5.4	5.9	9.1	8.5	5.9
Free cash flow	90.8	58.0	89.1	46.5	58.3	38.8	72.6	45.8	68.3	64.5	57.5	54.7	77.5	31.0	93.3	22.2	76.5	77.6	86.9	67.2
Buybacks	n/a	60.8	n/a	19.6	0.0	0.0	0.0	n/a	n/a	0.0	n/a	n/a	n/a	100	n/a	0.0	0.0	0.0	41.7	n/a
Dividends paid	12.6	12.6	12.5	12.5	12.6	12.6	12.6	12.7	12.6	12.6	12.6	12.7	12.7	12.6	12.4	12.4	12.5	12.5	12.5	12.6
Shares outstanding	157m	157m	157m	157m	157m	157m	158m	158m	157m	158m	158m	159m	158m	157m	155m	156m	156m	157m	156m	157m
Filing	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	10-K	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 December 2025, filed 4 February 2026: the filing.