Revenue growth accelerated to 7.1% in 2026Q2 with gross margin at 55.7% and operating margin at 11.0%, reflecting strong operating leverage and SG&A efficiency (40.6% of revenue).
Envista Holdings Corp (NVST) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 2.86B | 2.72B | 2.51B | 2.57B | 2.57B | 2.51B | 1.93B | 2.28B | 2.84B | 2.81B |
| Revenue Growth % | 11.89% | 8.32% | -2.18% | -0.1% | 2.4% | 30.06% | -15.57% | -19.68% | 1.2% | - |
| Cost of Goods Sold | 1.27B | 1.22B | 1.12B | 1.12B | 1.08B | 1.05B | 856M | 933.1M | 1.23B | 1.18B |
| COGS % of Revenue | - | 44.98% | 44.57% | 43.48% | 42.07% | 41.71% | 44.37% | 40.84% | 43.41% | 42.1% |
| Gross Profit | 1.59B | 1.5B | 1.39B | 1.45B | 1.49B | 1.46B | 1.07B | 1.35B | 1.61B | 1.63B |
| Gross Margin % | 55.5% | 55.02% | 55.43% | 56.52% | 57.93% | 58.29% | 55.63% | 59.16% | 56.59% | 57.9% |
| Gross Profit Growth % | - | 7.52% | -4.06% | -2.55% | 1.78% | 36.28% | -20.61% | -16.02% | -1.1% | - |
| Operating Expenses | 1.3B | 1.27B | 2.43B | 1.42B | 1.17B | 1.16B | 1.03B | 1.12B | 1.31B | 1.24B |
| OpEx % of Revenue | - | 46.72% | 96.78% | 55.29% | 45.51% | 46.08% | 53.37% | 48.84% | 46.1% | 44.15% |
| Selling, General & Admin | 1.18B | 1.16B | 1.14B | 1.03B | 1.03B | 989.5M | 858.8M | 970.1M | 1.11B | 1.03B |
| SG&A % of Revenue | - | 42.53% | 45.25% | 40.11% | 40.03% | 39.44% | 44.52% | 42.46% | 39.12% | 36.74% |
| Research & Development | 120.8M | 114M | 99.1M | 93.8M | 100.1M | 100.5M | 86.7M | 133.1M | 172M | 172.4M |
| R&D % of Revenue | - | 4.19% | 3.95% | 3.65% | 3.9% | 4.01% | 4.49% | 5.83% | 6.05% | 6.13% |
| Other Operating Expenses | 0 | 0 | 1.19B | 295.9M | 40.7M | 66.2M | 84.1M | 12.8M | 26.4M | 35.9M |
| Operating Income | 283.4M | 225.7M | -1.04B | 31.5M | 319.2M | 306.2M | 43.5M | 235.7M | 298.4M | 386.6M |
| Operating Margin % | 9.92% | 8.3% | -41.35% | 1.23% | 12.42% | 12.2% | 2.25% | 10.32% | 10.49% | 13.75% |
| Operating Income Growth % | - | 121.74% | -3395.87% | -90.13% | 4.25% | 603.91% | -81.54% | -21.01% | -22.81% | - |
| EBITDA | 382.8M | 341.7M | -915.1M | 167.1M | 457M | 429.8M | 176.1M | 364.2M | 428.4M | 508M |
| EBITDA Margin % | 13.4% | 12.56% | -36.45% | 6.51% | 17.79% | 17.13% | 9.13% | 15.94% | 15.06% | 18.07% |
| EBITDA Growth % | 36.76% | 137.34% | -647.64% | -63.44% | 6.33% | 144.07% | -51.65% | -14.99% | -15.67% | - |
| D&A (Non-Cash Add-back) | 96.6M | 116M | 123.1M | 135.6M | 137.8M | 123.6M | 132.6M | 128.5M | 130M | 121.4M |
| EBIT | 254.7M | 213.8M | 156.4M | 327.4M | 359.9M | 372.4M | 127.6M | 248.5M | 324.8M | 422.5M |
| Net Interest Income | -20.6M | -36.6M | -46.4M | -63.4M | -38.4M | -54.1M | -62.5M | -3.5M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 20.6M | 36.6M | 46.4M | 63.4M | 38.4M | 54.1M | 62.5M | 3.5M | 0 | 0 |
| Other Income/Expense | -49.3M | -48.5M | -46.5M | -86.4M | -35.3M | -51.7M | -63.5M | -2M | 2.7M | 100K |
| Pretax Income | 234.1M | 177.2M | -1.08B | -54.9M | 283.9M | 254.5M | -20M | 233.7M | 301.1M | 386.7M |
| Pretax Margin % | 8.2% | 6.52% | -43.2% | -2.14% | 11.05% | 10.14% | -1.04% | 10.23% | 10.59% | 13.76% |
| Income Tax | 139.1M | 130.2M | 33.9M | 45.3M | 45.9M | -9M | -62.5M | 49.6M | 70.4M | 85.6M |
| Effective Tax Rate % | 59.42% | 73.48% | -3.13% | -82.51% | 16.17% | -3.54% | 312.5% | 21.22% | 23.38% | 22.14% |
| Net Income | 95M | 47M | -1.12B | -100.2M | 243.1M | 340.5M | 33.3M | 217.6M | 230.7M | 301.1M |
| Net Margin % | 3.33% | 1.73% | -44.56% | -3.9% | 9.46% | 13.57% | 1.73% | 9.52% | 8.11% | 10.71% |
| Net Income Growth % | 76.58% | 104.2% | -1016.37% | -141.22% | -28.61% | 922.52% | -84.7% | -5.68% | -23.38% | - |
| Net Income (Continuing) | 95M | 47M | -1.12B | -100.2M | 238M | 263.5M | 42.5M | 184.1M | 230.7M | 301.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 5.1M | 77M | -9.2M | 33.5M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 400K | 400K | 2.6M | 3.3M | 4.1M |
| EPS (Diluted) | 0.58 | 0.28 | -6.50 | -0.60 | 1.34 | 1.48 | 0.26 | 1.35 | 1.80 | 2.35 |
| EPS Growth % | 84.42% | 104.31% | -983.33% | -144.78% | -9.46% | 469.23% | -80.74% | -25% | -23.4% | - |
| EPS (Basic) | - | 0.28 | -6.50 | -0.60 | 1.46 | 1.63 | 0.27 | 1.35 | 1.80 | 2.35 |
| Diluted Shares Outstanding | 164.1M | 169.2M | 172.2M | 166.9M | 177.6M | 177.6M | 164.1M | 136.4M | 154.6M | 154.6M |
| Basic Shares Outstanding | 161.9M | 168M | 172.2M | 166.9M | 162.9M | 161.2M | 159.6M | 136.2M | 154.6M | 154.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NVST stock.
For fiscal year 2025, Envista Holdings Corp (NVST) reported total revenue of $2.72B. This represents a 3.3% decline compared to $2.81B in 2017.
Envista Holdings Corp (NVST) is profitable, generating $47.0M in net income for the fiscal year ending 2025 with a net profit margin of 1.7%.
Envista Holdings Corp (NVST) reported an operating income of $225.7M, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Envista Holdings Corp (NVST) generated $1.50B in gross profit for the year, representing a gross profit margin of 55.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dependence on volume recovery
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates
Revenue growth accelerated to 7.1% in 2026Q2 from 14.4% in 2026Q1, with sequential improvement from 2025Q2's 7.7%, indicating a strengthening demand environment.
The 7.1% year-over-year growth in 2026Q2, while decelerating from the prior quarter's 14.4%, still represents a solid acceleration from the mid-single-digit growth seen in 2025. The sequential revenue increase from $705.5M to $730.5M suggests continued momentum, likely driven by volume recovery in dental markets. However, the growth rate remains below the double-digit levels of 2025Q4, indicating that the pace may be stabilizing rather than re-accelerating.
Gross Margin Expansion Continues
Gross margin improved to 55.7% in 2026Q2, up from 54.3% in 2025Q2, reflecting pricing power and cost efficiencies, though still below the 57.4% peak in 2024Q1.
The gross margin has trended upward from 52.1% in 2024Q2 to 55.7% in 2026Q2, indicating successful cost management and possibly favorable product mix. This improvement is notable given the competitive pressures in the dental equipment market. However, the margin remains below the 57.4% achieved in 2024Q1, suggesting there may be room for further optimization or that input cost pressures persist.
Operating Leverage Drives Profitability
Operating margin expanded to 11.0% in 2026Q2 from 7.4% in 2025Q2, as revenue growth outpaced SG&A growth, demonstrating strong operating leverage.
Operating income grew from $50.8M in 2025Q2 to $80.3M in 2026Q2, a 58% increase, while revenue grew only 7.1%. This indicates that SG&A expenses are not scaling proportionally with revenue, likely due to disciplined cost control and prior restructuring efforts. The operating margin of 11.0% is the highest in the provided quarters, suggesting that the company is benefiting from economies of scale as volumes recover.
Earnings Quality Strengthens
Net income surged to $53.7M in 2026Q2 from $26.4M a year earlier, with EPS up 106.2%, driven by operational improvements and a lower tax impact.
The significant jump in net income and EPS is primarily attributable to improved operating income, but the effective tax rate appears to have normalized compared to the anomalous quarters in 2024. Stock-based compensation of $19.7M in 2026Q2 is higher than the $9.7M in 2025Q2, which slightly dilutes earnings quality. However, the overall trend suggests that earnings are becoming more sustainable and less reliant on one-time items.
SG&A Efficiency Drives Margin
SG&A as a percentage of revenue declined to 40.6% in 2026Q2 from 42.7% in 2025Q2, indicating improved cost discipline and operational efficiency.
The reduction in SG&A intensity is a key driver of the operating margin expansion. While R&D spending has increased modestly in absolute terms, it remains stable as a percentage of revenue, indicating a balanced approach to investment. The company appears to be managing its cost structure effectively, which is crucial for sustaining profitability in a competitive market.
Sustainability of Growth Questioned
Despite recent growth, revenue growth in 2026Q2 (7.1%) is below the 14.4% in 2026Q1, and the company's net margin remains thin at 7.4%, raising concerns about durability.
The deceleration in revenue growth from 14.4% to 7.1% could signal that the recovery is losing momentum, possibly due to market saturation or competitive pressures. Additionally, the net margin of 7.4% is still below the peer average, and the company's reliance on volume growth rather than pricing power may limit future margin expansion. Investors should monitor whether the company can sustain its growth trajectory without resorting to aggressive discounting.