Revenue growth has slowed to 1.8% in 2026Q1, while operating margins remain under pressure at 23.7% due to persistent SG&A overhead.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.1B | 2.09B | 1.98B | 1.97B | 2.14B | 2.25B | 1.87B | 1.53B | 1.5B | 1.42B | 1.34B | 1.28B | 1.34B | 1.3B | 1.25B | 1.17B | 1.09B | 1.01B | 892.98M | 649.77M | 465.78M | 398.39M | 380.63M | 351.4M | 298.61M | 263.77M | 204.03M | 143.96M | 110.2M | 74.3M | 54.2M |
| Revenue Growth % | 4.79% | 5.65% | 0.66% | -8.23% | -4.89% | 20.39% | 22.53% | 1.64% | 5.95% | 5.95% | 4.45% | -4.74% | 3.29% | 3.79% | 7.24% | 7.57% | 7.69% | 13.09% | 37.43% | 39.5% | 16.91% | 4.67% | 8.32% | 17.68% | 13.21% | 29.28% | 41.73% | 30.64% | 48.32% | 37.08% | 46.49% |
| Cost of Goods Sold | 806.45M | 798.5M | 1.01B | 731.62M | 756.96M | 800.84M | 637.63M | 521.16M | 500.89M | 494.98M | 493.34M | 454.33M | 479.57M | 486.49M | 430.43M | 419.94M | 371.87M | 342.75M | 293.29M | 216.23M | 141.17M | 123.19M | 127.11M | 122.4M | 96.51M | 79.67M | 65.44M | 37.27M | 31.88M | 15.1M | 12.2M |
| COGS % of Revenue | - | 38.21% | 51.1% | 37.23% | 35.35% | 35.57% | 34.09% | 34.14% | 33.35% | 34.92% | 36.87% | 35.47% | 35.66% | 37.37% | 34.31% | 35.9% | 34.2% | 33.94% | 32.84% | 33.28% | 30.31% | 30.92% | 33.4% | 34.83% | 32.32% | 30.21% | 32.07% | 25.89% | 28.92% | 20.32% | 22.51% |
| Gross Profit | 1.29B | 1.29B | 967.35M | 1.23B | 1.38B | 1.45B | 1.23B | 1.01B | 1B | 922.56M | 844.65M | 826.66M | 865.21M | 815.49M | 824.02M | 749.81M | 715.56M | 667.07M | 599.69M | 433.55M | 324.61M | 275.2M | 253.52M | 229M | 202.1M | 184.1M | 151.37M | 120.88M | 88.93M | 59.17M | 42M |
| Gross Margin % | 61.58% | 61.79% | 48.9% | 62.77% | 64.65% | 64.43% | 65.91% | 65.86% | 66.65% | 65.08% | 63.13% | 64.53% | 64.34% | 62.63% | 65.69% | 64.1% | 65.8% | 66.06% | 67.16% | 66.72% | 69.69% | 69.08% | 66.6% | 65.17% | 67.68% | 69.79% | 74.19% | 83.97% | 80.7% | 79.64% | 77.49% |
| Gross Profit Growth % | - | 33.51% | -21.59% | -10.9% | -4.57% | 17.69% | 22.63% | 0.43% | 8.5% | 9.22% | 2.18% | -4.46% | 6.1% | -1.04% | 9.9% | 4.79% | 7.27% | 11.24% | 38.32% | 33.56% | 17.95% | 8.55% | 10.71% | 13.31% | 9.78% | 21.62% | 25.22% | 35.93% | 50.28% | 40.89% | 43.34% |
| Operating Expenses | 770.83M | 771.18M | 869.64M | 823.75M | 853.1M | 820.74M | 846.28M | 1.03B | 734.38M | 769.14M | 745.83M | 647.16M | 703.51M | 752.16M | 654.21M | 650.22M | 527.02M | 486.87M | 454.03M | 350.41M | 224.01M | 180.36M | 169.38M | 160.11M | 158.91M | 130.62M | 114.83M | 97.53M | 73.01M | 50.9M | 36M |
| OpEx % of Revenue | - | 36.9% | 43.96% | 41.91% | 39.84% | 36.45% | 45.25% | 67.57% | 48.9% | 54.26% | 55.74% | 50.52% | 52.31% | 57.77% | 52.15% | 55.59% | 48.47% | 48.21% | 50.84% | 53.93% | 48.09% | 45.27% | 44.5% | 45.56% | 53.22% | 49.52% | 56.28% | 67.75% | 66.25% | 68.51% | 66.42% |
| Selling, General & Admin | 588.12M | 583.67M | 564.36M | 579.17M | 603.95M | 584.47M | 525.36M | 504.17M | 533.5M | 575.66M | 530.6M | 464.84M | 503.42M | 570.6M | 495.62M | 492.84M | 377.49M | 360.75M | 341.34M | 236.62M | 164.52M | 134.81M | 129.22M | 125.27M | 117.12M | 100.85M | 82.17M | 61.26M | 50M | 37.7M | 27M |
| SG&A % of Revenue | - | 27.93% | 28.53% | 29.47% | 28.2% | 25.96% | 28.09% | 33.03% | 35.52% | 40.61% | 39.66% | 36.29% | 37.44% | 43.82% | 39.51% | 42.13% | 34.71% | 35.72% | 38.23% | 36.42% | 35.32% | 33.84% | 33.95% | 35.65% | 39.22% | 38.23% | 40.27% | 42.55% | 45.37% | 50.74% | 49.82% |
| Research & Development | 191.99M | 187.52M | 193.49M | 198.51M | 189.86M | 189.96M | 149.07M | 157.45M | 161.85M | 154.08M | 176.13M | 147.18M | 163.63M | 146.07M | 122.48M | 130.64M | 126.04M | 107.9M | 97.33M | 64.94M | 41.56M | 39.1M | 34.16M | 31.79M | 28.18M | 26.77M | 22.21M | 16.27M | 12.8M | 8.3M | 6.5M |
| R&D % of Revenue | - | 8.97% | 9.78% | 10.1% | 8.87% | 8.44% | 7.97% | 10.31% | 10.78% | 10.87% | 13.16% | 11.49% | 12.17% | 11.22% | 9.76% | 11.17% | 11.59% | 10.69% | 10.9% | 9.99% | 8.92% | 9.81% | 8.97% | 9.05% | 9.44% | 10.15% | 10.89% | 11.3% | 11.62% | 11.17% | 11.99% |
| Other Operating Expenses | 2M | 0 | 111.78M | 46.07M | 59.3M | 46.3M | 171.85M | 369.78M | 75.68M | 137.42M | 39.09M | 38.67M | 37.07M | 35.49M | 36.12M | 26.75M | 23.49M | 18.22M | 15.35M | 48.86M | 17.93M | 6.45M | 6M | 3.05M | 13.62M | 3M | 5.35M | 13.66M | 6.27M | 4.9M | 2.5M |
| Operating Income | 521.59M | 520.31M | 97.71M | 409.94M | 531.46M | 630.08M | 386.43M | -26.14M | 266.58M | 153.42M | 98.83M | 179.5M | 161.69M | 63.33M | 169.81M | 99.59M | 188.54M | 180.21M | 145.66M | 83.13M | 100.6M | 94.84M | 84.14M | 68.89M | 43.19M | 53.48M | 36.53M | 23.35M | 15.92M | 8.27M | 6M |
| Operating Margin % | 24.85% | 24.9% | 4.94% | 20.86% | 24.82% | 27.98% | 20.66% | -1.71% | 17.75% | 10.82% | 7.39% | 14.01% | 12.02% | 4.86% | 13.54% | 8.51% | 17.34% | 17.85% | 16.31% | 12.79% | 21.6% | 23.8% | 22.11% | 19.6% | 14.46% | 20.27% | 17.91% | 16.22% | 14.44% | 11.14% | 11.07% |
| Operating Income Growth % | - | 432.5% | -76.16% | -22.87% | -15.65% | 63.05% | 1578.54% | -109.8% | 73.76% | 55.24% | -44.94% | 11.01% | 155.32% | -62.71% | 70.52% | -47.18% | 4.62% | 23.71% | 75.22% | -17.36% | 6.08% | 12.71% | 22.14% | 59.52% | -19.24% | 46.38% | 56.47% | 46.68% | 92.39% | 37.9% | 27.66% |
| EBITDA | 805.96M | 714.06M | 300.98M | 615.27M | 739.86M | 845.01M | 591.45M | 205.32M | 473.02M | 369.87M | 311.88M | 370.97M | 198.76M | 98.83M | 205.93M | 126.33M | 212.03M | 300.6M | 251.37M | 145.72M | 130.64M | 119.79M | 107.1M | 94.68M | 67.89M | 68.53M | 46.99M | 31.18M | 21.72M | 13.17M | 8.5M |
| EBITDA Margin % | 38.4% | 34.17% | 15.21% | 31.31% | 34.55% | 37.53% | 31.62% | 13.45% | 31.5% | 26.09% | 23.31% | 28.96% | 14.78% | 7.59% | 16.42% | 10.8% | 19.5% | 29.77% | 28.15% | 22.43% | 28.05% | 30.07% | 28.14% | 26.94% | 22.74% | 25.98% | 23.03% | 21.66% | 19.71% | 17.73% | 15.68% |
| EBITDA Growth % | 159.19% | 137.24% | -51.08% | -16.84% | -12.44% | 42.87% | 188.06% | -56.59% | 27.89% | 18.59% | -15.93% | 86.64% | 101.13% | -52.01% | 63.01% | -40.42% | -29.46% | 19.59% | 72.5% | 11.54% | 9.05% | 11.85% | 13.12% | 39.45% | -0.94% | 45.86% | 50.7% | 43.56% | 64.85% | 54.99% | 30.77% |
| D&A (Non-Cash Add-back) | 284.38M | 193.75M | 203.27M | 205.34M | 208.4M | 214.93M | 205.01M | 231.46M | 206.44M | 216.45M | 213.06M | 191.47M | 37.07M | 35.49M | 36.12M | 26.75M | 23.49M | 120.39M | 105.7M | 62.58M | 30.04M | 24.95M | 22.96M | 25.79M | 24.71M | 15.06M | 10.46M | 7.83M | 5.8M | 4.9M | 2.5M |
| EBIT | 493.56M | 523.52M | 164.99M | 483.22M | 570.96M | 680.31M | 510.79M | -3.59M | 293.03M | 164.06M | 95.93M | 173.7M | 158.72M | 68.22M | 168.6M | 121.57M | 200.94M | 201.97M | 156.81M | 131.99M | 110.31M | 101.29M | 88.53M | 71.94M | 56.81M | 53.48M | 36.53M | 37.01M | 22.18M | 8.27M | 6M |
| Net Interest Income | 22.48M | 31.06M | 24.18M | 25.58M | -25.6M | -44.92M | -61.28M | -52.07M | -46.44M | -39.04M | -32.25M | -32.64M | -35.37M | -28.58M | -21.07M | -19.23M | -23.36M | -26.12M | -28.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 59.49M | 64.32M | 68.02M | 78.99M | 32.76M | 9.55M | 10.03M | 22.11M | 20.85M | 10.64M | 6.78M | 4.75M | 3.96M | 2.3M | 2.38M | 6.13M | 4.46M | 3.52M | 9.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 37.01M | 33.26M | 43.84M | 53.41M | 58.36M | 54.48M | 71.32M | 74.19M | 67.29M | 49.69M | 39.02M | 37.4M | 39.33M | 30.88M | 23.45M | 25.36M | 27.82M | 29.64M | 37.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -65.04M | -30.04M | 23.44M | 19.87M | -18.86M | -4.25M | 53.04M | -51.64M | -40.84M | -39.04M | -41.92M | -43.2M | -42.3M | -25.99M | -24.66M | -3.38M | -15.42M | -7.88M | -26.38M | -7.41M | 5.47M | 2.43M | -11.45M | -1.63M | -4.32M | 2.84M | 2.59M | 1.49M | 2.74M | 5.33M | 2.6M |
| Pretax Income | 456.55M | 490.26M | 121.15M | 429.81M | 512.6M | 625.83M | 439.47M | -77.78M | 225.74M | 114.38M | 56.91M | 136.3M | 119.39M | 37.34M | 145.15M | 96.21M | 173.12M | 172.33M | 119.29M | 75.73M | 106.07M | 97.26M | 72.69M | 67.25M | 38.87M | 56.31M | 39.12M | 24.84M | 18.66M | 13.6M | 8.6M |
| Pretax Margin % | 21.75% | 23.46% | 6.12% | 21.87% | 23.94% | 27.79% | 23.5% | -5.1% | 15.03% | 8.07% | 4.25% | 10.64% | 8.88% | 2.87% | 11.57% | 8.22% | 15.92% | 17.07% | 13.36% | 11.65% | 22.77% | 24.41% | 19.1% | 19.14% | 13.02% | 21.35% | 19.18% | 17.25% | 16.93% | 18.3% | 15.87% |
| Income Tax | 54.38M | 65.39M | 37.56M | 88.51M | 89.39M | 113.23M | 80.28M | -36.32M | 35.36M | 73.98M | -23.39M | 6.4M | 2.46M | -31.76M | 15.62M | 1.26M | 28.81M | 34.56M | 29.76M | 25.55M | 35.53M | 35.04M | 23.98M | 24.41M | 15.72M | 21.9M | 18.09M | 10.95M | 5.49M | 4.8M | 3.3M |
| Effective Tax Rate % | 11.91% | 13.34% | 31% | 20.59% | 17.44% | 18.09% | 18.27% | 46.7% | 15.66% | 64.68% | -41.11% | 4.7% | 2.06% | -85.06% | 10.76% | 1.31% | 16.64% | 20.06% | 24.95% | 33.75% | 33.5% | 36.02% | 32.99% | 36.29% | 40.46% | 38.88% | 46.22% | 44.08% | 29.42% | 35.29% | 38.37% |
| Net Income | 402.17M | 424.88M | 83.59M | 341.3M | 423.21M | 512.6M | 359.19M | -41.45M | 190.38M | 40.39M | 80.4M | 130.15M | 116.36M | 69.07M | 129.51M | 96.04M | 144.31M | 137.77M | 89.03M | 50.12M | 70.54M | 62.23M | 48.7M | 42.85M | 23.14M | 34.42M | 21M | 13.89M | 13.17M | 8.8M | 5.3M |
| Net Margin % | 19.16% | 20.33% | 4.23% | 17.37% | 19.76% | 22.77% | 19.2% | -2.72% | 12.68% | 2.85% | 6.01% | 10.16% | 8.65% | 5.31% | 10.32% | 8.21% | 13.27% | 13.64% | 9.97% | 7.71% | 15.14% | 15.62% | 12.8% | 12.19% | 7.75% | 13.05% | 10.29% | 9.65% | 11.95% | 11.84% | 9.78% |
| Net Income Growth % | 329.31% | 408.28% | -75.51% | -19.35% | -17.44% | 42.71% | 966.45% | -121.77% | 371.31% | -49.76% | -38.22% | 11.84% | 68.47% | -46.66% | 34.85% | -33.45% | 4.75% | 54.74% | 77.63% | -28.94% | 13.36% | 27.76% | 13.66% | 85.16% | -32.76% | 63.88% | 51.22% | 5.49% | 49.61% | 66.04% | 120.83% |
| Net Income (Continuing) | 402.17M | 424.88M | 83.59M | 341.3M | 423.21M | 512.6M | 359.19M | -41.45M | 190.38M | 40.39M | 80.3M | 126.86M | 116.93M | 69.1M | 129.54M | 94.95M | 144.31M | 137.77M | 89.52M | 50.17M | 70.54M | 62.23M | 48.7M | 42.85M | 23.14M | 34.42M | 21M | 13.89M | 13.17M | 8.8M | 5.3M |
| 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 | 0 | 0 | 0 | 0 | 0 | 2.03M | 8.26M | 9.54M | 9.66M | 9.49M | 0 | 0 | 0 | 553K | 0 | 0 | 0 | 0 | 0 | 0 | 193K | 269K | 100K | 0 | 0 |
| EPS (Diluted) | 1.92 | 2.04 | 0.38 | 1.65 | 2.05 | 2.47 | 0.32 | -0.19 | 0.82 | 0.17 | 0.35 | 0.56 | 0.50 | 0.30 | 0.56 | 0.42 | 0.62 | 0.66 | 0.46 | 0.29 | 0.48 | 0.43 | 0.34 | 0.30 | 0.17 | 0.25 | 0.15 | 0.10 | 0.09 | 0.07 | 0.05 |
| EPS Growth % | 339.53% | 436.84% | -76.97% | -19.51% | -17% | 671.88% | 268.42% | -123.17% | 382.35% | -51.43% | -37.5% | 12% | 66.67% | -46.43% | 33.33% | -32.26% | -6.06% | 43.48% | 58.62% | -39.58% | 11.63% | 26.47% | 13.33% | 76.47% | -32% | 66.67% | 50% | 6.95% | 28.61% | 40.08% | 66.35% |
| EPS (Basic) | - | 2.04 | 0.39 | 1.67 | 2.08 | 2.52 | 0.33 | -0.19 | 0.84 | 0.18 | 0.36 | 0.57 | 0.52 | 0.31 | 0.57 | 0.43 | 0.64 | 0.70 | 0.47 | 0.31 | 0.49 | 0.44 | 0.34 | 0.30 | 0.17 | 0.25 | 0.16 | 0.10 | 0.09 | 0.07 | 0.05 |
| Diluted Shares Outstanding | 208.94M | 207.94M | 218.47M | 217.49M | 223.23M | 225.07M | 227.19M | 219.97M | 233.46M | 233.01M | 230.14M | 228.37M | 232.59M | 233.21M | 231.83M | 230.21M | 231.58M | 205.7M | 196.69M | 169.44M | 147.83M | 144.61M | 143.02M | 141.72M | 140.39M | 139.68M | 139.7M | 133.75M | 140.87M | 121.06M | 102.07M |
| Basic Shares Outstanding | 207.01M | 207.94M | 216.44M | 217.49M | 220.75M | 221.14M | 221.57M | 219.97M | 225.51M | 228.07M | 225.87M | 224.38M | 223.43M | 225.23M | 225.86M | 225.55M | 224.48M | 199.26M | 189.51M | 162.22M | 143.97M | 142.36M | 141.23M | 140.43M | 139.43M | 137.67M | 136.78M | 133.75M | 140.87M | 121.06M | 102.07M |
| Dividend Payout Ratio | - | 12.77% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Diagnostic market share erosion
According to recent financial filings, QGEN's revenue growth has decelerated to 1.8% in 2026Q1, reflecting a challenging transition as the company moves past pandemic-era testing volumes and navigates a more cautious academic research funding environment that continues to weigh on its top-line performance.
The current revenue trajectory suggests that the company is struggling to find a new growth baseline following the volatility of the COVID-19 period. Investors should monitor whether the 'Five Pillars' strategy can sufficiently offset the decline in legacy testing volumes to return the company to sustainable mid-single-digit growth.
As reported in quarterly statements, QGEN maintained a gross margin of 62.9% in 2026Q1, demonstrating the inherent pricing power of its proprietary sample preparation consumables despite the significant margin compression observed during the anomalous 2024Q2 period due to one-time operational charges.
The stability of gross margins near the 62% level indicates that the company's 'razor-blade' business model remains intact. However, the sensitivity of operating margins to product mix shifts suggests that management must maintain strict discipline in its R&D and SG&A spending to protect bottom-line profitability.
Based on the provided income statement data, QGEN's operating margin of 23.7% in 2026Q1 highlights a lack of significant operating leverage, as SG&A expenses continue to consume a substantial portion of gross profit, limiting the scalability of the company's current diagnostic and research platform.
The inability to consistently expand operating margins despite stable gross margins suggests that the company's cost structure is heavily weighted toward fixed overheads. This warrants further investigation into whether the current investment in the 'Five Pillars' will eventually yield the expected efficiency gains or if structural costs will remain a persistent drag.
Data from recent filings indicates that QGEN's net income has experienced significant fluctuations, with EPS falling to 0.33 in 2026Q1, a decline of 19.5% year-over-year, which appears to be driven by both top-line stagnation and the ongoing impact of non-operating items on the bottom line.
The variability in net income suggests that investors should look beyond headline EPS to understand the underlying cash-generating capability of the business. The consistent presence of stock-based compensation and potential integration costs from acquisitions necessitates a cautious approach when evaluating the sustainability of current earnings levels.
As highlighted in the provided financial data, the 2026Q1 revenue growth of 1.8% may indicate that QGEN's competitive moat in sample preparation is being tested by emerging automated T-cell assays and increased competition in the latent TB market, which could threaten its primary diagnostic growth driver.
Short-sellers would likely focus on the potential for margin compression if the company is forced to lower prices to defend its market share against more agile, automated competitors. The reliance on a few key diagnostic pillars makes the company vulnerable to any successful disruption in its core clinical workflows.
Quick answers to the most common questions about buying QGEN stock.
For fiscal year 2025, Qiagen N.V. (QGEN) reported total revenue of $2.09B. This represents a 3756.1% increase compared to $54.2M in 1996.
Qiagen N.V. (QGEN) is profitable, generating $424.9M in net income for the fiscal year ending 2025 with a net profit margin of 20.3%.
Qiagen N.V. (QGEN) reported an operating income of $520.3M, resulting in an operating profit margin of 24.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Qiagen N.V. (QGEN) generated $1.29B in gross profit for the year, representing a gross profit margin of 61.8%. This demonstrates the company's core pricing power and production efficiency.