Revenue growth remains constrained at 2.5% in 2026Q1, while gross margins have fluctuated significantly from a low of 37.5% in 2025Q2 to 56.0% in the most recent quarter.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 4.13B | 4.1B | 4.03B | 4.03B | 4.86B | 5.63B | 3.78B | 3.37B | 3.22B | 3.06B | 2.83B | 2.71B | 2.53B | 2.49B | 2B | 1.79B | 1.68B | 1.64B | 1.67B | 738.37M | 462.68M | 287.68M | 228.71M | 204.03M | 190.19M | 178.49M | 93.75M | 84.1M | 115.6M | 106.7M | 88.2M |
| Revenue Growth % | 2.16% | 1.74% | -0% | -17.12% | -13.66% | 49.14% | 12.15% | 4.64% | 5.2% | 7.98% | 4.72% | 6.89% | 1.54% | 24.45% | 11.92% | 6.54% | 2.59% | -2.23% | 126.78% | 59.59% | 60.83% | 25.79% | 12.09% | 7.28% | 6.56% | 90.4% | 11.47% | -27.25% | 8.34% | 20.98% | 103.23% |
| Cost of Goods Sold | 1.95B | 1.6B | 1.8B | 1.96B | 1.87B | 1.84B | 1.55B | 2.06B | 1.52B | 1.44B | 1.27B | 1.27B | 1.29B | 1.33B | 1.01B | 866.17M | 942.91M | 779.65M | 781.98M | 392.8M | 269.15M | 174.66M | 143.34M | 130.46M | 118.38M | 116.18M | 59.18M | 46.8M | 54M | 46.2M | 40.4M |
| COGS % of Revenue | - | 39.01% | 44.72% | 48.6% | 38.36% | 32.61% | 41.02% | 61.15% | 47.27% | 47.01% | 44.81% | 47.04% | 50.78% | 53.4% | 50.34% | 48.41% | 56.14% | 47.62% | 46.7% | 53.2% | 58.17% | 60.71% | 62.67% | 63.94% | 62.24% | 65.09% | 63.13% | 55.65% | 46.71% | 43.3% | 45.8% |
| Gross Profit | 2.18B | 2.5B | 2.23B | 2.07B | 3B | 3.8B | 2.23B | 1.31B | 1.7B | 1.62B | 1.56B | 1.43B | 1.25B | 1.16B | 994.44M | 923.18M | 736.64M | 857.49M | 892.52M | 345.57M | 193.53M | 113.03M | 85.37M | 73.58M | 71.82M | 62.31M | 34.56M | 37.3M | 61.6M | 60.5M | 47.8M |
| Gross Margin % | 52.82% | 60.99% | 55.28% | 51.4% | 61.64% | 67.39% | 58.98% | 38.85% | 52.73% | 52.99% | 55.19% | 52.96% | 49.22% | 46.6% | 49.66% | 51.59% | 43.86% | 52.38% | 53.3% | 46.8% | 41.83% | 39.29% | 37.33% | 36.06% | 37.76% | 34.91% | 36.87% | 44.35% | 53.29% | 56.7% | 54.2% |
| Gross Profit Growth % | - | 12.27% | 7.55% | -30.89% | -21.03% | 70.41% | 70.29% | -22.9% | 4.67% | 3.69% | 9.12% | 15.03% | 7.24% | 16.79% | 7.72% | 25.32% | -14.09% | -3.93% | 158.28% | 78.56% | 71.23% | 32.4% | 16.02% | 2.46% | 15.25% | 80.3% | -7.34% | -39.45% | 1.82% | 26.57% | 118.26% |
| Operating Expenses | 1.46B | 1.79B | 1.35B | 1.4B | 1.36B | 1.32B | 1.12B | 1.18B | 1.19B | 1.14B | 1B | 949.1M | 908.5M | 880.06M | 745.81M | 536.05M | 566.28M | 533.34M | 518.48M | 197.81M | 123.29M | 80.39M | 72.78M | 70.56M | 67.59M | 79.6M | 61.92M | 46.9M | 50.8M | 38.1M | 35.7M |
| OpEx % of Revenue | - | 43.58% | 33.38% | 34.81% | 27.91% | 23.36% | 29.72% | 35.08% | 36.94% | 37.18% | 35.45% | 35.09% | 35.9% | 35.31% | 37.24% | 29.96% | 33.72% | 32.58% | 30.96% | 26.79% | 26.65% | 27.95% | 31.82% | 34.58% | 35.54% | 44.6% | 66.05% | 55.77% | 43.94% | 35.71% | 40.48% |
| Selling, General & Admin | 1.07B | 1.07B | 994.8M | 987.6M | 1.04B | 994.4M | 840.3M | 897.2M | 910.7M | 841.9M | 682.4M | 624M | 591.5M | 569.82M | 542.36M | 445.52M | 407.12M | 387.8M | 408.93M | 147.75M | 98.46M | 61.78M | 56.12M | 52.17M | 47.23M | 56.27M | 40.32M | 30.7M | 39.1M | 28.3M | 34.8M |
| SG&A % of Revenue | - | 26.09% | 24.68% | 24.5% | 21.35% | 17.66% | 22.25% | 26.64% | 28.3% | 27.52% | 24.09% | 23.07% | 23.37% | 22.86% | 27.08% | 24.9% | 24.24% | 23.69% | 24.42% | 20.01% | 21.28% | 21.47% | 24.54% | 25.57% | 24.83% | 31.53% | 43.01% | 36.5% | 33.82% | 26.52% | 39.46% |
| Research & Development | 248.5M | 248.2M | 272.8M | 294.3M | 283.4M | 276.3M | 222.5M | 232.2M | 218.7M | 232.8M | 232.1M | 214.9M | 203.2M | 197.65M | 130.96M | 116.7M | 104.31M | 94.33M | 81.42M | 44.48M | 28.29M | 18.62M | 16.66M | 18.38M | 20.36M | 23.33M | 17.18M | 12.7M | 9.8M | 8.5M | 7.3M |
| R&D % of Revenue | - | 6.05% | 6.77% | 7.3% | 5.83% | 4.91% | 5.89% | 6.9% | 6.8% | 7.61% | 8.19% | 7.94% | 8.03% | 7.93% | 6.54% | 6.52% | 6.21% | 5.76% | 4.86% | 6.02% | 6.12% | 6.47% | 7.28% | 9.01% | 10.71% | 13.07% | 18.32% | 15.1% | 8.48% | 7.97% | 8.28% |
| Other Operating Expenses | 4M | 468.7M | 77.6M | 121.2M | 35.8M | 44.8M | 59.7M | 52M | 7.6M | 12.9M | 26.6M | -11M | -3.6M | 3.6M | 7.26M | -4.18M | 901K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 721.6M | 714.3M | 882.6M | 668.4M | 1.64B | 2.48B | 1.1B | 134.4M | -237.9M | 1.37B | 548.6M | 455.1M | 279.7M | -906.28M | 113.72M | 374.44M | 69.94M | -2.02B | -197.54M | 147.75M | 50.34M | 32.63M | 12.59M | 3.02M | 2.16M | -18.81M | -27.36M | -9.6M | 10.8M | 22.4M | 12.1M |
| Operating Margin % | 17.49% | 17.42% | 21.9% | 16.58% | 33.73% | 44.04% | 29.26% | 3.99% | -7.39% | 44.8% | 19.37% | 16.82% | 11.05% | -36.36% | 5.68% | 20.93% | 4.16% | -123.18% | -11.8% | 20.01% | 10.88% | 11.34% | 5.5% | 1.48% | 1.13% | -10.54% | -29.18% | -11.42% | 9.34% | 20.99% | 13.72% |
| Operating Income Growth % | - | -19.07% | 32.05% | -59.25% | -33.87% | 124.46% | 722.17% | 156.49% | -117.36% | 149.76% | 20.54% | 62.71% | 130.86% | -896.96% | -69.63% | 435.4% | 103.47% | -920.88% | -233.7% | 193.51% | 54.27% | 159.26% | 316.07% | 40.24% | 111.47% | 31.26% | -184.99% | -188.89% | -51.79% | 85.12% | 157.45% |
| EBITDA | 973.7M | 1.01B | 1.19B | 991.8M | 2.07B | 2.89B | 1.48B | 597.4M | 242.4M | 1.82B | 1.01B | 946.5M | 393.5M | -793.68M | 185.75M | 432.78M | 124.8M | -1.97B | -24.59M | 178.91M | 66.47M | 40.2M | 20.18M | 10.43M | 9.63M | -10.07M | -22.94M | -6.1M | 12.7M | 23.7M | 13M |
| EBITDA Margin % | 23.6% | 24.73% | 29.57% | 24.61% | 42.57% | 51.26% | 39.22% | 17.74% | 7.53% | 59.48% | 35.8% | 34.99% | 15.55% | -31.85% | 9.28% | 24.19% | 7.43% | -120.06% | -1.47% | 24.23% | 14.37% | 13.98% | 8.82% | 5.11% | 5.06% | -5.64% | -24.47% | -7.25% | 10.99% | 22.21% | 14.74% |
| EBITDA Growth % | -21.58% | -14.9% | 20.15% | -52.09% | -28.29% | 94.95% | 147.91% | 146.45% | -86.68% | 79.43% | 7.13% | 140.53% | 149.58% | -527.28% | -57.08% | 246.79% | 106.35% | -7892.29% | -113.75% | 169.16% | 65.33% | 99.28% | 93.43% | 8.27% | 195.65% | 56.1% | -276.05% | -148.03% | -46.41% | 82.31% | 145.28% |
| D&A (Non-Cash Add-back) | 252.1M | 299.8M | 309M | 323.4M | 430.1M | 406.9M | 376M | 463M | 480.3M | 449.2M | 465.4M | 491.4M | 113.8M | 112.6M | 72.04M | 58.33M | 54.86M | 51.21M | 172.95M | 31.16M | 16.13M | 7.57M | 7.59M | 7.41M | 7.48M | 8.73M | 4.42M | 3.5M | 1.9M | 1.3M | 900K |
| EBIT | 761.8M | 723.9M | 987.2M | 787.2M | 1.68B | 2.45B | 1.12B | -116.9M | -269.9M | 1.38B | 570.6M | 382.7M | 268.7M | -911.8M | 78.6M | 342.23M | 72.12M | -2.02B | -194.23M | 147.75M | 70.24M | 32.63M | 12.59M | 3.02M | 4.23M | -17.29M | -27.36M | -9.6M | 10.8M | 22.4M | 17.4M |
| Net Interest Income | -25.3M | 31.7M | -13.4M | 9.4M | -82.2M | -92.2M | -112.2M | -136.2M | -142.4M | -149.4M | -154.6M | -204.2M | -219.3M | -279.8M | -138M | -112.99M | -125.83M | -133.8M | -80.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 69.9M | 74.4M | 108.7M | 120.5M | 12.9M | 1.4M | 4.3M | 4.6M | 6.3M | 3.8M | 700K | 1.3M | 1.3M | 1.3M | 2.34M | 1.86M | 1.28M | 1.16M | 4.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 95.2M | 42.7M | 122.1M | 111.1M | 95.1M | 93.6M | 116.5M | 140.8M | 148.7M | 153.2M | 155.3M | 205.5M | 220.6M | 281.07M | 140.29M | 114.85M | 126.21M | 73.16M | 84.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -58M | -33.1M | -17.5M | 7.7M | -52M | -119.2M | -103.1M | -296.3M | -180.7M | -139.7M | -133.3M | -277.9M | -231.6M | -286.68M | -175.36M | -147.06M | -124.93M | -72M | -81.6M | 737K | -11.92M | 2.06M | 341K | 240K | -2.41M | -1.88M | -1.66M | 3.8M | 5.4M | 5.1M | -300K |
| Pretax Income | 663.6M | 681.2M | 865.1M | 676.1M | 1.59B | 2.36B | 1B | -95.3M | -418.6M | 1.23B | 415.3M | 177.2M | 48.1M | -1.19B | -61.66M | 227.39M | -54.99M | -2.09B | -279.14M | 148.49M | 53.22M | 34.7M | 12.93M | 3.27M | -250K | -20.68M | -29.02M | -5.8M | 16.2M | 27.5M | 17.1M |
| Pretax Margin % | 16.08% | 16.61% | 21.46% | 16.78% | 32.66% | 41.92% | 26.53% | -2.83% | -13.01% | 40.23% | 14.66% | 6.55% | 1.9% | -47.87% | -3.08% | 12.71% | -3.27% | -127.58% | -16.67% | 20.11% | 11.5% | 12.06% | 5.65% | 1.6% | -0.13% | -11.59% | -30.95% | -6.9% | 14.01% | 25.77% | 19.39% |
| Income Tax | 119.7M | 115.5M | 75.6M | 220.1M | 286.2M | 491.4M | -108.6M | -55.1M | -307.3M | 475M | 84.5M | 45.6M | 30.8M | -20.12M | 11.97M | 70.24M | 7.82M | 87.56M | 106.48M | 53.91M | 25.8M | 6.44M | 763K | 176K | -429K | 169K | -10.4M | -2.1M | 5.8M | 9.8M | 5.7M |
| Effective Tax Rate % | 18.04% | 16.96% | 8.74% | 32.55% | 18.02% | 20.81% | -10.84% | 57.82% | 73.41% | 38.6% | 20.35% | 25.73% | 64.03% | 1.69% | -19.42% | 30.89% | -14.22% | -4.19% | -38.14% | 36.31% | 48.48% | 18.56% | 5.9% | 5.39% | 171.6% | -0.82% | 35.84% | 36.21% | 35.8% | 35.64% | 33.33% |
| Net Income | 543.9M | 565.7M | 789.5M | 456M | 1.3B | 1.87B | 1.12B | -40.2M | -111.3M | 755.5M | 330.8M | 131.6M | 17.3M | -1.17B | -73.63M | 157.15M | -62.81M | -2.18B | -385.62M | 94.58M | 27.42M | 28.26M | 12.16M | 2.88M | 179K | -20.85M | -18.62M | -3.7M | 10.4M | 17.7M | 11.4M |
| Net Margin % | 13.18% | 13.8% | 19.59% | 11.31% | 26.77% | 33.23% | 29.53% | -1.19% | -3.46% | 24.7% | 11.68% | 4.87% | 0.68% | -47.06% | -3.68% | 8.78% | -3.74% | -132.93% | -23.03% | 12.81% | 5.93% | 9.82% | 5.32% | 1.41% | 0.09% | -11.68% | -19.86% | -4.4% | 9% | 16.59% | 12.93% |
| Net Income Growth % | -26.9% | -28.35% | 73.14% | -64.98% | -30.43% | 67.82% | 2874.13% | 63.88% | -114.73% | 128.39% | 151.37% | 660.69% | 101.48% | -1492.79% | -146.86% | 350.19% | 97.11% | -464.35% | -507.72% | 244.89% | -2.95% | 132.29% | 322.07% | 1510.06% | 100.86% | -11.98% | -403.22% | -135.58% | -41.24% | 55.26% | 500% |
| Net Income (Continuing) | 543.9M | 565.7M | 789.5M | 456M | 1.3B | 1.87B | 1.11B | -203.6M | -111.3M | 755.5M | 330.8M | 131.6M | 17.3M | -1.17B | -73.63M | 157.15M | -62.81M | -2.18B | -385.62M | 94.58M | 27.42M | 28.26M | 12.16M | 3.09M | 179K | -20.85M | -18.62M | -3.7M | 10.4M | 17.7M | 11.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.41 | 2.49 | 3.32 | 1.83 | 5.13 | 7.21 | 4.21 | -0.15 | -0.40 | 2.64 | 1.16 | 0.45 | 0.06 | -4.36 | -0.28 | 0.59 | -0.24 | -8.48 | -1.57 | 0.86 | 0.28 | 0.32 | 0.14 | 0.04 | 0.00 | -0.34 | -0.30 | -0.07 | 0.19 | 0.33 | 0.23 |
| EPS Growth % | -24.29% | -25% | 81.42% | -64.33% | -28.85% | 71.26% | 2906.67% | 62.5% | -115.15% | 127.59% | 157.78% | 650% | 101.38% | -1457.14% | -147.46% | 345.83% | 97.17% | -440.13% | -282.56% | 207.14% | -12.5% | 128.57% | 300% | - | 100.74% | -13.33% | -361.54% | -134.21% | -42.42% | 43.48% | 348.34% |
| EPS (Basic) | - | 2.50 | 3.35 | 1.85 | 5.18 | 7.28 | 4.24 | -0.15 | -0.40 | 2.70 | 1.18 | 0.47 | 0.06 | -4.36 | -0.28 | 0.60 | -0.24 | -8.48 | -1.57 | 0.88 | 0.30 | 0.33 | 0.15 | 0.04 | 0.00 | -0.34 | -0.30 | -0.07 | 0.20 | 0.34 | 0.24 |
| Diluted Shares Outstanding | 225.88M | 227.57M | 237.55M | 248.83M | 253.84M | 259.71M | 264.61M | 269.41M | 275.11M | 285.65M | 286.16M | 289.54M | 278.36M | 268.7M | 264.04M | 264.31M | 258.74M | 256.55M | 245.97M | 109.67M | 97.24M | 90.25M | 85.19M | 80.52M | 76.77M | 61.9M | 61.28M | 56.92M | 55.47M | 54.46M | 50.11M |
| Basic Shares Outstanding | 224.41M | 227.19M | 235.72M | 246.77M | 251.53M | 257.05M | 262.73M | 269.41M | 275.11M | 279.81M | 280.21M | 280.57M | 275.5M | 268.7M | 262.86M | 261.1M | 258.74M | 256.55M | 245.97M | 106.87M | 93.02M | 85.65M | 81.03M | 78.52M | 73.68M | 61.9M | 61.28M | 56.92M | 53.33M | 51.68M | 47.01M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Post-pandemic revenue normalization
According to recent financial disclosures, Hologic's top-line growth has remained muted, with a 2.5% year-over-year increase in 2026Q1, reflecting the ongoing challenge of lapping elevated pandemic-era diagnostic volumes while attempting to pivot toward a more sustainable, core-driven revenue model across its four primary business segments.
The company's revenue trajectory appears to be in a consolidation phase, struggling to break out of the $1.0 billion quarterly plateau. This suggests that while the Panther diagnostic platform provides a recurring revenue floor, the lack of significant top-line acceleration indicates that new product adoption or market expansion is currently only offsetting the natural decay of COVID-related testing demand.
As reported in quarterly filings, Hologic's gross margin profile has exhibited significant fluctuation, dropping to 37.5% in 2025Q2 before recovering to 56.0% in 2026Q1, which highlights the sensitivity of the company's cost structure to shifts in product mix and the inherent lumpiness of capital equipment sales.
The volatility in gross margins suggests that the company's profitability is highly dependent on the specific mix of high-margin molecular assays versus lower-margin imaging hardware. Investors should monitor whether the company can consistently maintain margins above the 55% threshold, as any sustained compression would imply a weakening of pricing power in its core diagnostic and surgical franchises.
Based on the provided income statement data, Hologic's operating leverage appears constrained, as operating income has failed to scale consistently with revenue, evidenced by an operating margin of 22.6% in 2026Q1, which remains largely unchanged from the levels observed in the prior year's final quarter.
The inability to drive significant operating margin expansion despite stable revenue suggests that the company is currently absorbing elevated SG&A and R&D costs to support its specialized sales force and innovation pipeline. This indicates that management is prioritizing long-term market positioning over immediate bottom-line optimization, which may limit near-term EPS growth potential.
Analysis of the income statement reveals that Hologic's net income has been subject to significant quarterly variance, including a net loss in 2025Q2, largely driven by non-operating items and cost fluctuations that complicate the assessment of the company's true, normalized earnings power on a per-share basis.
The wide swings in EPS, ranging from a loss of $0.08 to a high of $1.03 over the last ten quarters, suggest that GAAP earnings are currently an unreliable indicator of operational health. Investors should focus on the consistency of cash generation rather than reported net income, as the latter is clearly impacted by one-time charges and the amortization of acquisition-related intangibles.
While the Panther platform is often cited as a competitive moat, the company's reliance on this hardware for recurring revenue may be vulnerable, as evidenced by the recent deceleration in growth and the potential for technological displacement in the highly competitive molecular diagnostics and imaging markets.
Short-term observers might argue that the 'razor-razorblade' model is reaching a maturity point where the cost of acquiring new customers is rising faster than the lifetime value of the installed base. If the company fails to innovate its diagnostic menu or if hospital capital budgets continue to tighten, the current valuation may be difficult to justify given the lack of meaningful top-line momentum.
Quick answers to the most common questions about buying HOLX stock.
For fiscal year 2025, Hologic, Inc. (HOLX) reported total revenue of $4.10B. This represents a 4549.1% increase compared to $88.2M in 1996.
Hologic, Inc. (HOLX) is profitable, generating $565.7M in net income for the fiscal year ending 2025 with a net profit margin of 13.8%.
Hologic, Inc. (HOLX) reported an operating income of $714.3M, resulting in an operating profit margin of 17.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Hologic, Inc. (HOLX) generated $2.50B in gross profit for the year, representing a gross profit margin of 61.0%. This demonstrates the company's core pricing power and production efficiency.