"With our disciplined focus on Growth, Operations, and People, Q4 2025 marked another quarter of continued progress for Envista," said Paul Keel, CEO. "We delivered 10.8% core revenue growth and 22% adjusted EBITDA growth in Q425, and 6.5% core revenue growth and 26% EBITDA growth for the full-year 2025. In the process, we posted positive growth in all major businesses and geographies, made broad-based improvements in employee development and engagement, and returned $166 million to shareholders through share repurchases. Congratulations to our teams around the world for making all this progress possible."
Financial Highlights:
Q4 2025 highlights
Sales were $751 million, with core sales growth of 10.8% over the fourth quarter of 2024.
GAAP diluted EPS of $0.20 and adjusted diluted EPS of $0.38 (+58% year-on-year)
GAAP Net Income was $33 million and adjusted EBITDA was $111 million (+22% year-on-year), with an adjusted EBITDA margin of 14.8% (+90 bps year-on-year)
FY 2025 highlights:
Sales were $2,719 million, with core sales growth of 6.5% over fiscal year 2024
GAAP diluted EPS of $0.28 and adjusted diluted EPS of $1.19 (+63% year-on-year)
GAAP Net Income was $47 million and adjusted EBITDA was $372 million (+26% year-on-year), with an adjusted EBITDA margin of 13.7% (+190 bps year-on-year)
2025 Business Highlights
Growth: All major businesses and all major geographies delivered positive growth, supported by a 30% increase in customer training vs 2024. Double-digit increase in R&D investment to support continued innovation-led growth moving forward.
Operations: Ongoing broad-based contributions from the Envista Business System (EBS), including Spark achieving positive operating margin in the second half of 2025, and Envista reducing company-wide G&A expense by 10% compared to 2024.
People: Improved employee engagement scores with record participation in our annual employee survey. Donated over $2 million in cash and products in 2025 to communities in need through the Envista Smile Project.
Net Income, EBITDA, and EPS (in millions, except per share amounts):
Three Months Ended
Twelve Months Ended
December 31, 2025
December 31, 2024
December 31, 2025
December 31, 2024
GAAP Net Income (Loss)
$ 33
$ 1
$ 47
$ (1,119)
Adjusted Net Income
$ 63
$ 41
$ 202
$ 127
Adjusted EBITDA
$ 111
$ 91
$ 372
$ 296
GAAP Diluted Earnings (Loss) Per Share
$ 0.20
$ 0.01
$ 0.28
$ (6.50)
Adjusted Diluted Earnings Per Share
$ 0.38
$ 0.24
$ 1.19
$ 0.73
Cash Flow:
Operating cash flow for the fourth quarter of 2025 was $108 million and free cash flow was $92 million, compared to $132 million and $124 million in the fourth quarter of 2024, respectively.
Operating cash flow for the full year of 2025 was $276 million and free cash flow was $231 million, compared to $337 million and $303 million in the full year of 2024, respectively.
Free cash conversion for the full year of 2025 was 114%.
Share Repurchases:
During the quarter ended December 31, 2025, we repurchased 1.2 million shares for approximately $24 million. During the twelve months ended December 31, 2025, we repurchased 9.2 million shares for approximately $166 million, at an average price of approximately $18.06. At the end of the year, we had approximately $84 million remaining repurchase capacity under our stock repurchase program.
Outlook:
We are providing the following guidance for the full year 2026:
2026 Guidance
Core Sales Growth
2% to 4%
Adjusted EBITDA Growth
7% to 13%
Adjusted Diluted Earnings Per Share
$1.35 to $1.45
Free Cash Conversion
~100%
Please note, we do not provide forward-looking estimates on a GAAP basis as certain information is not available and cannot be reasonably estimated.
We will discuss our quarterly results and provide details on our outlook for 2026 during an investor conference call on February 5, 2026, starting at 2:00 P.M. PT. The call and an accompanying slide presentation will be webcast on the "Investors" section of our website, www.envistaco.com, under the subheading "Events & Presentations." A replay of the webcast will be available in the same section of our website shortly after the conclusion of the presentation and will remain available until the next quarterly earnings call.
The conference call can be accessed by dialing 800-836-8184 within the U.S. or +1 646-357-8785 outside the U.S. a few minutes before 2:00 PM PT and referencing conference ID #54406. A replay of the conference call will be available shortly after the conclusion of the call. You can access the replay dial-in information on the "Investors" section of our website under the subheading "Events & Presentations." Presentation materials relating to our results have been posted to the "Investors" section of our website under the subheading "Quarterly Earnings."
ABOUT ENVISTA
Envista is a global leader in the dental industry, uniting more than 30 trusted brands—including DEXIS, Kerr, Nobel Biocare, and Ormco—under one mission: partnering with dental professionals to improve patients' lives. With a heritage of category-defining innovation, our brands have shaped modern dentistry: Nobel Biocare introduced the first dental implant, Ormco is a pioneer in both traditional and digital orthodontics, DEXIS has long been at the forefront of 2D, 3D and intraoral imaging, and Kerr has supported clinicians for over 135 years. Our high-performing culture is underpinned by our CIRCLe Values and the Envista Business System. Guided by these, we deliver a comprehensive portfolio of technologies, consumables, and services that empower clinicians to provide confident, efficient care—today and for the future. Learn more at http://envistaco.com.
NON-GAAP MEASURES
All "Adjusted" amounts including core sales growth and free cash flow are non-GAAP items. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these non-GAAP measures are included in the attached supplemental schedules. We do not reconcile forward looking non-GAAP measures to the comparable GAAP measures because of the inherent difficulty in predicting and estimating the future impact and timing of currency translation, acquisitions, discontinued products, and any other potential adjustments which would be reflected in any forecasted GAAP measure.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release are "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, the conditions in the U.S. and global economy, the impact of inflation and increasing interest rates, slower economic growth or recession, international economic, political, legal, compliance and business factors, the markets served by us and the financial markets, the impact of our debt obligations on our operations and liquidity, developments and uncertainties in trade policies and regulations including tariffs or other impositions on imported goods, contractions or growth rates and cyclicality of markets we serve, risks relating to product manufacturing, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole or limited sources of supply, disruptions relating to war, terrorism, climate change, widespread protests and civil unrest, man-made and natural disasters, public health issues and other events, security breaches or other disruptions of our information technology systems or violations of data privacy laws, security breaches or other disruptions affecting our external information technology contractors, vendors or other service providers, fluctuations in inventory of our distributors and customers, loss of a key distributor, our relationships with and the performance of our channel partners, competition, our ability to develop and successfully market new products and services, our ability to attract, develop and retain our key personnel, the potential for improper conduct by our employees, agents or business partners, our compliance with applicable laws and regulations (including regulations relating to medical devices and the health care industry), the results of our clinical trials and perceptions thereof, penalties associated with any off-label marketing of our products, modifications to our products that require new marketing clearances or authorizations, our ability to effectively address cost reductions and other changes in the health care industry, our ability to successfully identify and consummate appropriate acquisitions and strategic investments, our ability to integrate the businesses we acquire and achieve the anticipated benefits of such acquisitions, contingent liabilities relating to acquisitions, investments and divestitures, our ability to adequately protect our intellectual property, the impact of our restructuring activities on our ability to grow, risks relating to impairment charges for our goodwill and intangible assets, changes in accounting standards and subjective assumptions, estimates and judgment by management, currency exchange rates, changes in tax laws applicable to multinational companies, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, risks relating to product, service or software defects, the impact of regulation on demand for our products and services, and labor matters. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for fiscal year 2024 and our Quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date of this press release and except to the extent required by applicable law, we do not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
CONTACTJim GustafsonVice President, Investor RelationsEnvista Holdings Corporation200 S. Kraemer Blvd., Building EBrea, CA 92821[email protected]
ENVISTA HOLDINGS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
($ and shares in millions, except per share amounts)
Three Months Ended
Twelve Months Ended
December 31, 2025
December 31, 2024
December 31, 2025
December 31, 2024
Sales
$ 750.6
$ 652.9
$ 2,719.5
$ 2,510.6
Cost of sales
340.0
280.4
1,232.8
1,137.9
Gross profit
410.6
372.5
1,486.7
1,372.7
Operating expenses:
Selling, general and administrative
305.2
299.7
1,156.6
1,158.0
Research and development
32.1
26.7
114.0
99.1
Goodwill and intangible asset impairment
—
—
—
1,153.8
Operating profit (loss)
73.3
46.1
216.1
(1,038.2)
Nonoperating (expense) income:
Other (expense) income, net
(5.4)
0.3
(2.3)
(0.1)
Interest expense, net
(10.3)
(9.9)
(36.6)
(46.4)
Income (loss) before income taxes
57.6
36.5
177.2
(1,084.7)
Income tax expense
24.7
35.3
130.2
33.9
Net income (loss)
$ 32.9
$ 1.2
$ 47.0
$ (1,118.6)
Earnings (loss) per share:
Earnings (loss) - basic
$ 0.20
$ 0.01
$ 0.28
$ (6.50)
Earnings (loss) - diluted
$ 0.20
$ 0.01
$ 0.28
$ (6.50)
Average common stock and common equivalent shares outstanding:
Basic
164.4
172.5
168.0
172.2
Diluted
166.0
173.7
169.2
172.2
ENVISTA HOLDINGS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
($ in millions, except share amounts)
As of
December 31, 2025
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$ 1,211.7
$ 1,069.1
Trade accounts receivable, less allowance for credit losses of $22.5 and $26.6, respectively
429.6
363.0
Inventories, net
288.1
241.0
Prepaid expenses and other current assets
97.2
115.2
Total current assets
2,026.6
1,788.3
Property, plant and equipment, net
296.8
277.0
Operating lease right-of-use assets
142.1
142.8
Other long-term assets
228.1
230.6
Goodwill
2,358.2
2,261.9
Other intangible assets, net
627.2
649.9
Total assets
$ 5,679.0
$ 5,350.5
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt
$ ,
$ 116.0
Trade accounts payable
191.6
174.6
Accrued expenses and other liabilities
622.0
553.6
Operating lease liabilities
39.0
34.5
Total current liabilities
852.6
878.7
Operating lease liabilities
110.4
118.9
Other long-term liabilities
161.4
139.8
Long-term debt
1,448.3
1,278.3
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 15.0 million shares authorized; no shares issued or outstanding at December 31, 2025 and December 31, 2024
—
—
Common stock, $0.01 par value, 500.0 million shares authorized; 175.4 million shares issued and 163.8 million shares outstanding at December 31, 2025; 174.2 million shares issued and 172.2 million shares outstanding at December 31, 2024
1.8
1.7
Treasury stock at cost; 11.6 million shares and 2.0 million shares at December 31, 2025 and December 31, 2024, respectively
(224.5)
(50.5)
Additional paid-in capital
3,882.6
3,842.1
Accumulated deficit
(440.4)
(487.4)
Accumulated other comprehensive loss
(113.2)
(371.1)
Total stockholders' equity
3,106.3
2,934.8
Total liabilities and stockholders' equity
$ 5,679.0
$ 5,350.5
ENVISTA HOLDINGS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
($ in millions)
Year Ended December 31,
2025
2024
2023
Cash flows from operating activities:
Net income (loss)
$ 47.0
$ (1,118.6)
$ (100.2)
Noncash items:
