Q2-26
Filed Aug 4, 2026Q2-26 revenue of $838.5 million, up +5.2% yoy; GAAP diluted loss per share of $(0.41) and non-GAAP diluted EPS of $0.49.
Revenue returned to organic growth and non-GAAP operating income, margin and EPS improved, but GAAP results were affected by $134.9 million of non-cash goodwill impairment charges and US academic demand remained soft.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, Q2-26GAAP | $838.5 million | – | 5.2% |
| Organic revenue growth, Q2-26other | 2.8% | – | – |
| Organic revenue growth excluding tariff refunds, Q2-26other | 3.4% | – | – |
| Growth from acquisitions, Q2-26other | 1.5% | – | – |
| Constant-exchange rate revenue growth, Q2-26other | 4.3% | – | – |
| Foreign currency translation impact, Q2-26other | 0.9% | – | – |
| GAAP operating loss, Q2-26GAAP | $(65.3) million | – | – |
| Non-GAAP operating income, Q2-26non-GAAP | $118.5 million | – | – |
| Non-GAAP operating margin, Q2-26non-GAAP | 14.1% | – | – |
| GAAP diluted loss per share, Q2-26GAAP | $(0.41) | – | – |
| Non-GAAP diluted EPS, Q2-26non-GAAP | $0.49 | – | – |
| Total revenue, first half of 2026GAAP | $1.7 billion | – | 3.9% |
| Organic revenue growth, first half of 2026other | (0.8%) | – | – |
| Growth from acquisitions, first half of 2026other | 2.0% | – | – |
| Constant-exchange rate revenue growth, first half of 2026other | 1.2% | – | – |
| Foreign currency translation impact, first half of 2026other | 2.7% | – | – |
| GAAP operating loss, first half of 2026GAAP | $(55.1) million | – | – |
| Non-GAAP operating income, first half of 2026non-GAAP | $202.7 million | – | – |
| Non-GAAP operating margin, first half of 2026non-GAAP | 12.2% | – | – |
| GAAP diluted loss per share, first half of 2026GAAP | $(0.39) | – | – |
| Non-GAAP diluted EPS, first half of 2026non-GAAP | $0.80 | – | – |
| Non-cash goodwill impairment charges, Q2-26GAAP | $134.9 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Bruker Scientific Instruments (BSI), Q2-26Organic revenue increased by 2.3%; bookings were up 10% organically year-over-year and book-to-bill was >1.0x. | $767.3 million | – | 4.7% |
| Bruker Energy & Supercon Technologies (BEST), Q2-26Organic revenue increased by 8.9%, net of intercompany eliminations. | $74.2 million | – | 11.9% |
| Bruker Scientific Instruments (BSI), first half of 2026Revenue decreased by 1.4% organically. | $1.5 billion | – | 3.3% |
| Bruker Energy & Supercon Technologies (BEST), first half of 2026Organic growth was 6.1%, net of intercompany eliminations. | $141.0 million | – | 12.3% |
FY26 outlook
- Revenue$3.54 to $3.57 billion
- Tax rate27.5%
- Note3% to 4% year-over-year reported revenue growth
- NoteOrganic revenue growth of 1% to 2%
- NoteM&A revenue growth of approximately 1.5%
- NoteCER revenue growth of 2.5% to 3.5%
- NoteForeign currency translation revenue tailwind of approximately 0.5% (previously 1.5%)
- NoteNon-GAAP EPS of $2.10 to $2.15
- NoteNon-GAAP EPS growth of 15% to 17% year-over-year
- NoteCurrency headwind of approximately $0.10, or 5%
What drove it
- Q2-26 BSI bookings were up 10% organically year-over-year, with BSI book-to-bill >1.0x.
- Bruker cited strong order bookings growth for differentiated products and solutions in semiconductor tools, energy research and biopharma markets.
- Europe and China aca/gov bookings were up strongly.
- Q2-26 reported revenue growth included 1.5% growth from acquisitions and a favorable 0.9% foreign currency translation impact.
- Management cited a focus on cost and profitability and reported non-GAAP operating-margin expansion.
Concerns
- US academic demand remained soft in Q2.
- First-half revenue decreased organically by 0.8% year-over-year.
- Q2-26 GAAP operating loss included non-cash goodwill impairment charges of $134.9 million.
- FY26 foreign currency translation revenue tailwind is approximately 0.5%, previously 1.5%.
- FY26 non-GAAP EPS includes a currency headwind of approximately $0.10, or 5%.
What to watch
- Whether BSI bookings growth and book-to-bill >1.0x translate into sustained revenue growth.
- The trajectory of US academic demand and the stated gradual market recovery.
- Execution toward FY26 organic revenue growth of 1% to 2%.
- Delivery of FY26 non-GAAP EPS of $2.10 to $2.15 at an effective non-GAAP tax rate of 27.5%.
- The extent of organic margin expansion anticipated by management in 2026 and 2027.
Analysis
Bruker reported Q2-26 revenue of $838.5 million, up 5.2% year-over-year, and returned to organic growth of 2.8%. Organic growth was 3.4% excluding tariff refunds. Reported growth also reflected 1.5% growth from acquisitions and a favorable 0.9% foreign currency translation impact. For the first half, however, organic revenue decreased by 0.8% year-over-year, showing that the Q2 improvement followed a softer first-quarter backdrop.
BSI generated $767.3 million of Q2 revenue, up 4.7% year-over-year, while organic revenue increased 2.3%. The more significant demand indicator was BSI bookings, which increased 10% organically year-over-year, with book-to-bill above 1.0x. BEST grew faster, with revenue of $74.2 million up 11.9% and organic revenue up 8.9%, net of intercompany eliminations. Management identified semiconductor tools, energy research and biopharma as areas of strong order bookings, while US academic demand remained soft.
Profitability improved materially on the non-GAAP basis. Non-GAAP operating income rose to $118.5 million from $72.0 million, and non-GAAP operating margin improved to 14.1% from 9.0%. Non-GAAP diluted EPS increased to $0.49 from $0.32. GAAP operating loss was $(65.3) million and GAAP diluted loss per share was $(0.41), with second-quarter GAAP results including $134.9 million of non-cash goodwill impairment charges.
Bruker updated FY26 guidance for currency and tax only. It expects revenues of $3.54 to $3.57 billion, organic growth of 1% to 2%, and non-GAAP EPS of $2.10 to $2.15. The outlook incorporates an approximately 0.5% foreign currency translation revenue tailwind, previously 1.5%, and a currency headwind of approximately $0.10, or 5%, to non-GAAP EPS. The key reporting priorities are conversion of elevated BSI bookings into revenue, recovery in US academic demand, and continuation of the reported non-GAAP margin expansion.
Management, verbatim
We returned to organic revenue growth in the second quarter and our Scientific Instruments segment achieved 10% organic bookings growth year-over-year.
Frank H. Laukien, President and CEO
Our focus on cost and profitability resulted in solid margin expansion and non-GAAP EPS growth in the quarter.
Frank H. Laukien, President and CEO
In our academic and medical research business, US academic demand remained soft in Q2, while aca/gov bookings in Europe and China were up strongly.
Frank H. Laukien, President and CEO
Not in the filing
stated, not guessed- Q2-26 GAAP gross profit, gross margin, net income, cash flow from operations, free cash flow, cash balance, debt balance, dividends and share repurchases were not provided in the supplied filing text.
- Q2-26 non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP net income, non-GAAP SG&A expense, non-GAAP interest and other income (expense), net, non-GAAP profit before income taxes and non-GAAP income tax rate were not provided in the supplied filing text.
- FY26 guidance for gross margin and operating expenses was not provided in the supplied filing text.
- Prior-quarter comparisons for reported metrics were not provided in the supplied filing text.
- A previous outlook section was not provided, so comparison of actual results with prior guidance cannot be made.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.