Avantor (AVTR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Avantor published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Avantor reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Effective January 1, 2026, Avantor reports two segments, Bioscience & Medtech Products and VWR Distribution & Services, and recast prior periods to match.
• Q3 2026 GAAP net income includes a discrete tax benefit of about $129.1 million from an internal reorganization. Q3 2025 included a $785.0 million non-cash goodwill impairment for the former Distribution reporting unit.

Source: Avantor Q3 2026 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Avantor splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Avantor's VWR Distribution & Services revenue was $1.2 billion in Q3 2026, up 5% from $1.2 billion in Q3 2025, 73% of total revenue.
• Avantor's Bioscience & Medtech Products revenue was $465 million in Q3 2026, up 3% from $449 million in Q3 2025, 27% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Avantor gives its guidance as a table. Updated on October 28, 2026: organic revenue growth of +0.75% to +1.25% (was -0.5% to +0.5%), adjusted EBITDA margin of 14.8% to 15.3% (unchanged), adjusted EPS of $0.81 to $0.83 (was $0.80 to $0.83) and free cash flow of $525M to $550M (was $500M to $550M).

In its Q3 2026 release, Avantor said:

“Raised FY 2026 organic revenue growth, adjusted EPS and free cash flow guidance”

“Reported revenue growth range is +1.5% to +2.0%, reflecting +0.75% foreign exchange tailwind”

“Adjusted effective tax rate between 22.0% and 22.5%”

“Fully diluted share count of 679M shares”

Source: Avantor Q3 2026 release, Oct 28, 2026.

This is the company's own guidance as of Oct 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the AVTR forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net sales and GAAP diluted EPS, each as first reported in that quarter's release. Q3 2025 includes the $785.0 million goodwill impairment.

We do not hold a confirmed date for Avantor's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 28, 2026

Avantor reports two segments. In Q3 2026 VWR Distribution & Services brought in $1,233.8 million of the $1,698.3 million total and Bioscience & Medtech Products $464.5 million. Net sales rose $74.5 million, or 4.6%; foreign currency had a negative impact of 0.6%, so organic net sales rose 5.2%. The CEO said Avantor had returned to year-over-year growth in the quarter. (Avantor Q3 2026 release, Oct 28, 2026; Avantor Form 10-Q, Q3 2026, Oct 28, 2026)

VWR Distribution & Services organic sales rose $67.8 million, or 5.8%. The 10-Q attributes the increase mainly to higher sales volumes in the specialty procurement offering and higher sales of consumables and lab chemicals. The segment's Adjusted Operating Income fell to $119.4 million from $132.0 million, a 9.7% margin, which Avantor put down to unfavorable product mix and higher SG&A expenses. (Avantor Form 10-Q, Q3 2026, Oct 28, 2026; Avantor Q3 2026 release, Oct 28, 2026)

Bioscience & Medtech Products organic sales rose $16.3 million, or 3.6%, on higher volumes in the NuSil silicone and Process Chemicals businesses, partly offset by lower volumes in Fluid Handling. Its Adjusted Operating Income was $123.4 million, a 26.6% margin, flat with a year earlier. Over the first nine months the segment's organic sales were still down 1.4%. (Avantor Form 10-Q, Q3 2026, Oct 28, 2026; Avantor Q3 2026 release, Oct 28, 2026)

The 10-K says more than 85% of Avantor's net sales come from offerings it considers recurring, that about 45% of 2025 net sales came from customers of 15 years or more, and that no single end customer accounts for more than 5% of net sales. It sells both proprietary products it makes and third-party products, to customers in biopharmaceutical, healthcare, education and government, and advanced technologies and applied materials industries. (Avantor Form 10-K, 2025, Feb 11, 2026; Avantor Form 10-Q, Q3 2026, Oct 28, 2026)

Avantor's GAAP diluted EPS of $0.30 in Q3 2026 was higher than its adjusted EPS of $0.22. Net income of $203.4 million included an income tax benefit of $105.4 million, driven by a discrete tax benefit of about $129.1 million from an internal reorganization completed in the quarter. Adjusted net income of $146.4 million removes that benefit through a $146.2 million line for the tax effect of adjustments, and adds back $75.5 million of amortization and $8.1 million of restructuring charges. (Avantor Q3 2026 release, Oct 28, 2026; Avantor Form 10-Q, Q3 2026, Oct 28, 2026)

The year-ago GAAP loss of $1.04 per share came from a $785.0 million non-cash goodwill impairment for the former Distribution reporting unit, $1.15 per share. Adjusted EPS was $0.22 in both quarters, as adjusted net income slipped to $146.4 million from $151.1 million. (Avantor Q3 2026 release, Oct 28, 2026)

The share count was little changed: diluted weighted average shares were 680.9 million, against 681.7 million, and Avantor's guidance assumes 679M fully diluted shares for 2026. Interest expense, net was $39.9 million, against $44.2 million, as total debt, gross fell to $3,699.7 million. Adjusted net leverage was 3.1x. (Avantor Q3 2026 release, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Avantor gives full-year guidance in a table in its release. On October 28, 2026 it raised 2026 organic revenue growth guidance to +0.75% to +1.25% from -0.5% to +0.5%, adjusted EPS to $0.81 to $0.83 from $0.80 to $0.83, and free cash flow to $525M to $550M from $500M to $550M, and kept adjusted EBITDA margin at 14.8% to 15.3%. (Avantor Q3 2026 release, Oct 28, 2026)

The guidance assumes reported revenue growth of +1.5% to +2.0%, including a +0.75% foreign exchange tailwind, a blended EUR/USD rate of 1.15, an adjusted effective tax rate of 22.0% to 22.5% and net interest expense modestly below fiscal 2025. Avantor said Q3 2026 revenue and adjusted EPS exceeded management's expectations. (Avantor Q3 2026 release, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Avantor, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Avantor's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning AVTR is on is AVTR a buy or a sell?, what analysts expect next is on the AVTR forecast, and what the company does is on the Avantor (AVTR) stock page.

Every number on this page can be traced to a document Avantor published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.