EL7.AI
StocksMedium•27 October 2026•
3 min read

Mirion Revenue Rises 24.5% to $277.8 Million, Lifting 2026 Outlook

Key Facts

1Third-quarter revenue rose 24.5% to $277.8 million, from $223.1 million a year earlier.
2GAAP net income was $7.8 million, up 151.6% year over year.
3Orders reached $386 million including acquisitions, up 85%; excluding them, orders were $340 million, up 62%.
4The company raised its 2026 total revenue growth forecast to 24%–25% and its organic revenue growth forecast to 7%–8%.
5Adjusted free cash flow was $47 million for the quarter and $107 million year to date.

Mirion reported third-quarter 2026 revenue of $277.8 million, up 24.5% from $223.1 million in the same period of 2025, and raised its forecast for annual revenue growth. The company said in its earnings release that GAAP net income was $7.8 million, up 151.6% from $3.1 million a year earlier. Adjusted EBITDA also rose to $64.8 million, up 23.7% from $52.4 million. Results showed diluted GAAP earnings per share rising to $0.03 from $0.01. Adjusted earnings per share were $0.12, unchanged from the third quarter of 2025.

Orders expanded faster than revenue, reaching $386 million when including the Paragon acquisition and Certrec's July results, an 85% year-over-year increase. Excluding those two items, orders reached $340 million, up 62% from $209 million in the same period last year. The distinction between the two figures shows the impact of the acquisition and one month of Certrec results on the total, while order growth remained substantial even after excluding them. The chief executive said orders continued their upward trend and that nuclear-related orders rose 105% during the quarter. The company did not attribute quarterly revenue growth to orders; organic revenue grew 6.5%.

The company now expects total revenue growth of about 24% to 25% in 2026, compared with its previous estimate of 22.0% to 24.0%. The new forecast includes the effects of foreign exchange and acquisitions, according to the company statement. It also raised its organic revenue growth forecast to 7%–8% from 5.0%–7.0%, distinguishing underlying growth from the effects of external factors and acquisitions. In February, Mirion said its annual outlook reflected strong market fundamentals supporting revenue growth, margin expansion and improved adjusted free cash flow generation. The company's orders in 2025 exceeded $1 billion and included about $150 million from the large opportunity pipeline it had previously cited.

The chief executive said the company is benefiting from reinvestment in the existing nuclear reactor fleet. Mirion has a presence at more than 98% of commercial nuclear power plants worldwide, while about 80% of its nuclear-related revenue comes from reactors currently in operation. This presence puts the existing fleet at the center of the demand context for the company's products, alongside 105% growth in nuclear-related orders during the quarter. The company's revenue was $266.8 million in the second quarter of 2026, up 19.7% year over year from $222.9 million. Revenue growth rose to 24.5% in the third quarter, while organic growth was 6.5%.

Adjusted free cash flow was $47 million in the third quarter and reached $107 million year to date through September 30, 2026. The chief executive said the company expects to reduce net leverage to about 2.6 times by year-end. The target comes alongside higher organic and total growth forecasts, while a comparison of quarterly outlooks showed the revision was not limited to the revenue figure alone. Mirion is scheduled to hold a call to discuss its third-quarter results on October 28, 2026, at 10:00 a.m. U.S. Eastern time. The call will give the company an opportunity to present its results and annual outlook following the quarterly earnings release.