Varex Imaging Corporation (VREX) Income Statement
VREX FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsVREX revenue and net income
Where VREX's revenue goes
FY2025Each bar shows an amount and its share of revenue. VREX kept −8.3% of revenue as net income.
VREX profit margins
VREX growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +4.1% | −0.6% | +2.7% | +2.9% |
| Gross profit | +13.1% | +0.8% | +8.8% | +1.5% |
| Operating income | −186.6% | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | +60.0% | −14.5% | +57.8% | −8.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VREX quarterly EPS vs estimates
Varex Imaging beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 17, 2026 (estimate $0.33).
VREX income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $844.6M | $811.0M | $893.4M | $859.4M | $818.1M | $738.3M | $780.6M | $773.4M | $698.1M | $620.1M |
| Cost of revenue | $554.1M | $554.1M | $603.1M | $575.9M | $546.6M | $548.1M | $523.9M | $519.5M | $444.6M | $371.7M |
| Gross profit | $290.5M | $256.9M | $290.3M | $283.5M | $271.5M | $190.2M | $256.7M | $253.9M | $253.5M | $248.4M |
| Research & development | $91.1M | $87.0M | $84.8M | $77.0M | $71.9M | $78.9M | $78.1M | $83.0M | $67.3M | $53.5M |
| Sales, general & admin | $133.3M | $137.8M | $128.4M | $118.3M | $125.5M | $142.0M | $128.1M | $126.4M | $102.5M | $85.8M |
| Total operating expenses | $318.3M | $224.8M | $213.2M | $195.3M | $197.4M | $223.9M | $206.2M | $209.4M | $169.8M | $139.3M |
| Operating income | −$27.8M | $32.1M | $77.1M | $88.2M | $74.1M | −$33.7M | $8.2M | $44.5M | $83.7M | $109.1M |
| Interest income | $8.5M | $7.3M | $3.7M | $400,000 | $100,000 | $100,000 | $100,000 | $200,000 | $200,000 | $300,000 |
| Interest expense | $35.5M | $31.1M | $29.3M | $41.0M | $43.4M | $31.4M | $21.1M | $21.7M | $12.3M | $1.9M |
| Income before taxes | −$59.2M | $5.0M | $31.3M | $44.5M | $28.6M | −$72.6M | $21.5M | $25.7M | $74.8M | $105.0M |
| Income taxes | $10.7M | $52.2M | −$16.6M | $13.7M | $10.7M | −$15.2M | $5.7M | −$2.6M | $22.8M | $36.0M |
| Net income | −$70.3M | −$47.7M | $47.4M | $30.3M | $17.4M | −$57.9M | $15.5M | $27.5M | $51.6M | $68.5M |
| EBITDA | $3.5M | $62.9M | $94.7M | $114.5M | $104.5M | −$8.7M | $83.9M | $89.7M | $111.1M | $122.2M |
| EPS (diluted) | $0.88 | $0.55 | $1.29 | $1.41 | $1.28 | $0.09 | $1.30 | $1.31 | $1.73 | $0.59 |
| Gross margin | 34.4% | 31.7% | 32.5% | 33.0% | 33.2% | 25.8% | 32.9% | 32.8% | 36.3% | 40.1% |
| Operating margin | −3.3% | 4.0% | 8.6% | 10.3% | 9.1% | −4.6% | 1.1% | 5.8% | 12.0% | 17.6% |
| Net margin | −8.3% | −5.9% | 5.3% | 3.5% | 2.1% | −7.8% | 2.0% | 3.6% | 7.4% | 11.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $210.5M | $216.0M | $209.6M | $228.9M | $203.0M | $212.9M | $199.8M | $205.7M | $209.1M | $206.2M | $190.0M | $227.4M |
| Cost of revenue | $133.8M | $143.4M | $139.8M | $151.1M | $135.5M | $136.2M | $131.3M | $138.6M | $142.2M | $140.4M | $132.9M | $149.4M |
| Gross profit | $76.7M | $72.6M | $69.8M | $77.8M | $67.5M | $76.7M | $68.5M | $67.1M | $66.9M | $65.8M | $57.1M | $78.0M |
| Research & development | $23.3M | $22.2M | $21.7M | $24.2M | $21.4M | $22.0M | $23.5M | $21.9M | $22.0M | $22.6M | $20.5M | $21.8M |
| Sales, general & admin | $30.6M | $36.0M | $32.7M | $34.0M | $32.9M | $32.6M | $33.8M | $34.3M | $35.6M | $35.5M | $32.4M | $31.9M |
| Total operating expenses | $53.9M | $58.2M | $54.4M | $58.2M | $148.2M | $54.6M | $57.3M | $56.2M | $57.6M | $58.1M | $52.9M | $53.7M |
| Operating income | $22.8M | $14.4M | $15.4M | $19.6M | −$80.7M | $22.1M | $11.2M | $10.9M | $9.3M | $7.7M | $4.2M | $24.3M |
| Interest income | $900,000 | $400,000 | $600,000 | $1.0M | $2.5M | $2.9M | $2.1M | $1.8M | $1.8M | $1.8M | $1.9M | $1.6M |
| Interest expense | $5.8M | $17.3M | $7.9M | $7.9M | $9.0M | $10.4M | $8.2M | $7.8M | $7.6M | $8.1M | $4.6M | $7.2M |
| Income before taxes | $16.2M | −$6.4M | $3.8M | $14.1M | −$86.6M | $10.8M | $2.5M | $2.5M | $800,000 | $2.3M | −$600,000 | $1.0M |
| Income taxes | $300,000 | $1.6M | $1.4M | $1.9M | $2.5M | $3.7M | $2.6M | $52.4M | −$700,000 | $700,000 | −$200,000 | −$31.0M |
| Net income | $15.7M | −$8.1M | $2.3M | $12.2M | −$89.1M | $6.9M | −$300,000 | −$50.0M | $1.4M | $1.4M | −$500,000 | $31.9M |
| EBITDA | $29.0M | $17.7M | $18.5M | $28.7M | −$71.1M | $27.8M | $17.8M | $16.9M | $13.5M | $16.9M | $13.8M | $16.3M |
| EPS (diluted) | $0.31 | $0.21 | $0.19 | $0.37 | $0.18 | $0.26 | $0.07 | $0.19 | $0.14 | $0.16 | $0.06 | $0.45 |
| Gross margin | 36.4% | 33.6% | 33.3% | 34.0% | 33.3% | 36.0% | 34.3% | 32.6% | 32.0% | 31.9% | 30.1% | 34.3% |
| Operating margin | 10.8% | 6.7% | 7.3% | 8.6% | −39.8% | 10.4% | 5.6% | 5.3% | 4.4% | 3.7% | 2.2% | 10.7% |
| Net margin | 7.5% | −3.8% | 1.1% | 5.3% | −43.9% | 3.2% | −0.2% | −24.3% | 0.7% | 0.7% | −0.3% | 14.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VREX's financial statements (latest annual report filed November 18, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VREX financial results
In fiscal year 2025 (ended September 30, 2025), Varex Imaging reported revenue of $844.6 million, up 4.1% from the year before. It had a net loss of $70.3 million, a net profit margin of −8.3%. Diluted earnings per share came to $0.88. Over five years revenue grew at an average rate of 2.7% a year.
See the VREX stock overview for the latest quote and news, or the VREX chart for price history and technical indicators.
VREX income statement FAQ
What is Varex Imaging's annual revenue?
Varex Imaging reported total revenue of $844.6 million for fiscal year 2025, which ended on September 30, 2025. That was up 4.1% from $811.0 million the previous year.
Is Varex Imaging profitable?
No. Varex Imaging reported a net loss of $70.3 million in fiscal 2025, a net profit margin of −8.3%; its operating margin was −3.3%.
What is Varex Imaging's gross margin?
Varex Imaging's gross margin was 34.4% in fiscal 2025: for every $100 of revenue, Varex Imaging kept $34 after the direct cost of its products and services.
How much does Varex Imaging spend on research and development?
Varex Imaging spent $91.1 million on research and development in fiscal 2025, 10.8% of revenue.
How fast is Varex Imaging growing?
Revenue grew 2.7% a year on average over the last five fiscal years, from $738.3 million to $844.6 million.
What are Varex Imaging's earnings per share?
Varex Imaging earned $0.88 per diluted share in fiscal 2025, compared with $0.55 a year earlier.
When will Varex Imaging report its next earnings?
Varex Imaging is expected to report results for the quarter ending September 30, 2026 on November 17, 2026 after the market closes.
When does Varex Imaging's fiscal year end?
Varex Imaging's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on November 18, 2025.