Executive Summary

Q3 2025 came in better than internal expectations with revenue of $860.5M and non-GAAP EPS of $0.45, but was still down year over year due to earlier academic demand weakness; GAAP EPS was a loss of $(0.41) on $119.4M of non‑cash impairments and $34.5M of restructuring charges .
Against S&P Global consensus, Bruker delivered a clean beat: revenue $860.5M vs $847.0M* and non‑GAAP EPS $0.45 vs $0.33*; sequential margin improved to 12.3% non‑GAAP operating margin from 9.0% in Q2, helped by cost and pricing actions, though tariffs/FX still weighed (Values retrieved from S&P Global).
Management cut FY25 guidance again to revenue $3.41–$3.44B (1–2% reported growth; organic −4% to −5%) and non‑GAAP EPS $1.85–$1.90, citing late Q3 orders and customer site delays pushing revenue into 2026; FY25 operating margin now expected down ~250 bps YoY; MCP dilution of ~$0.07 in FY25 and ~$0.20 in FY26 remains .
Orders and forward indicators improved: BSI book‑to‑bill >1.0, mid‑single‑digit organic bookings growth, high‑teens ACA/GOV order growth ex‑US, and “green shoots” in China (<$10M stimulus orders); backlog is ~7 months, up from 6.5 months in Q2 .
2026 setup: cost-savings now tracking to the high end of $100–$120M, expected to drive significant operating margin expansion (management pointing to ~300 bps potential) and double‑digit non‑GAAP EPS growth even on flat revenue, with partial demand recovery a further upside lever .

What Went Well and What Went Wrong

What Went Well

Orders inflected: mid‑single‑digit organic bookings growth in Q3; BSI book‑to‑bill >1.0; ACA/GOV orders up high‑teens % organically YoY outside the U.S.; biopharma had the strongest order growth; management: “we may be past the trough in demand” .
CALID strength and diagnostics resilience: year‑to‑date CALID revenue up low double‑digits with strong MALDI Biotyper and ELITech; 60% aftermarket mix supports stability; ELITech placements ~20% above plan (reagent rental ramp next year) .
Applied/security momentum: multi‑year ETD/CBRN wins (> $27M YTD) with European airports and defense customers highlight a steady, high‑margin consumables/service annuity in Detection .

Quotes:

CEO: “Our improved bookings in Q3 2025 and scientific instruments book‑to‑bill ratio above 1.0 make us optimistic that we may be past the trough in demand.”
CFO: “Q3 2025… came in above our expectations on both the top and bottom lines.”

What Went Wrong

Tariffs/FX and tough comps pressured margins: non‑GAAP operating margin fell to 12.3% (−260 bps YoY); headwinds included tariffs, FX, and absence of two 2GHz NMRs that benefited Q3’24 by >$25M .
GAAP loss on non‑cash charges: $119.4M goodwill/intangible impairments and $34.5M restructuring drove GAAP diluted loss per share to $(0.41) .
FY25 guidance lowered again: revenue trimmed to $3.41–$3.44B and non‑GAAP EPS to $1.85–$1.90, with late orders and site readiness shifting revenue into 2026; FY25 operating margin decline widened to ~250 bps .

Financial Results

Quarterly Performance (Actuals and Consensus)

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($M)	$801.4	$797.4	$860.5
Consensus Revenue ($M)*	$772.5	$810.2	$847.0
GAAP EPS ($)	$0.11	$0.05	$(0.41)
Non‑GAAP EPS ($)	$0.47	$0.32	$0.45
Consensus Non‑GAAP EPS ($)*	$0.44	$0.42	$0.33
Non‑GAAP Gross Margin (%)	51.3%	48.6%	50.1%
Non‑GAAP Operating Margin (%)	12.7%	9.0%	12.3%
Cash from Operations ($M)	$65.0	$(127.5)	$(33.2)
Free Cash Flow ($M)	$39.0	$(148.8)	$(54.1)

Values retrieved from S&P Global for consensus (denoted with *).

Q3 2025 vs Q3 2024: Revenue $860.5M vs $864.4M (−0.5%); Non‑GAAP EPS $0.45 vs $0.60; Non‑GAAP Op Margin 12.3% vs 14.9% .
Sequential: Revenue and margins improved from Q2; non‑GAAP op margin 12.3% vs 9.0% in Q2 .

Segment and Geographic Breakdown (Q3 2025 vs Q3 2024)

Segment ($M)	Q3 2024	Q3 2025
Bruker BioSpin	$233.0	$208.7
Bruker CALID	$279.4	$312.7
Bruker Nano	$287.1	$266.5
BSI Total	$799.5	$787.9
BEST	$68.7	$73.8
Eliminations	$(3.8)	$(1.2)
Total Revenue	$864.4	$860.5

Geography ($M)	Q3 2024	Q3 2025
United States	$239.0	$226.0
Europe	$289.9	$312.5
Asia Pacific	$262.4	$252.5
Other	$73.1	$69.5
Total	$864.4	$860.5

KPIs and Drivers

KPI	Q3 2025
Organic Revenue Growth YoY	−4.5%
FX Impact	+2.9% tailwind
M&A Contribution	+1.1%
BSI Organic Revenue Growth	−5.4%
BEST Organic Revenue Growth (net of interco)	+6.9%
Non‑GAAP Operating Margin	12.3%
BSI Book‑to‑Bill	>1.0
Backlog	~7 months
Free Cash Flow ($M)	$(54.1)

Guidance Changes

Metric	Period	Previous Guidance (Aug 4, 2025)	Current Guidance (Nov 3, 2025)	Change
Revenue ($B)	FY 2025	$3.43–$3.50	$3.41–$3.44	Lowered
Non‑GAAP EPS ($)	FY 2025	$1.95–$2.05	$1.85–$1.90	Lowered
Organic Revenue Growth	FY 2025	−2% to −4%	−4% to −5%	Lowered
FX Tailwind	FY 2025	~+2.5%	~+2.5%	Maintained
M&A Revenue	FY 2025	~+3.5%	~+3.5%	Maintained
Operating Margin YoY	FY 2025	~−210 bps	~−250 bps	Worsened
MCP Dilution	FY 2025 / FY 2026	~$0.07 / ~$0.20	~$0.07 / ~$0.20	Unchanged
Dividend	Q3 2025	$0.05/share declared	—	—

Management cited late Q3 orders and customer site readiness pushing some Q4 revenue into 2026; Q4 organic revenue expected to be mid‑ to high‑single‑digit decline YoY with sequential EPS improvement .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2 2025)	Current Period (Q3 2025)	Trend
AI/Technology initiatives (timsOmni, timsMetabo, timsUltra AIP)	New launches highlighted; early traction in proteomics/metabolomics	Continued positive reception; early life‑science MS traction; diagnostics and lab automation emphasized	Improving
Supply chain/Tariffs/FX	Q2 margins hit by tariffs/FX; mitigation underway	Tariffs/FX continue to pressure margins; mix headwind from 2GHz NMR comp; flexibility to shift NMR builds if Swiss tariffs escalate	Persistent headwind
Academic/Government funding	Q2: US academic softness; uncertainty around NIH/NSF	ACA/GOV orders +high‑teens ex‑US; US sequentially better; mini NIH budget flush; US shutdown risk not baked in	Early recovery ex‑US
Biopharma demand	Q2: weaker orders, esp. US	Strongest order growth among end‑markets in Q3; sequential revenue improvement	Improving
China	Q2: weak; stimulus delayed	Green shoots; < $10M stimulus‑related orders; sequentially better; China revenue flat YoY	Stabilizing
Spatial Biology	Growth driver; placements ongoing	Better orders in Q3 for CosMX/CellScape; consumables uptick; PaintScape early	Improving
Diagnostics (MALDI/ELITech)	Strong in H1; aftermarket 60%	Business “a delight,” high single‑digit growth; placements > plan	Solid/stable
Cost-savings	Expanded to $100–$120M for FY26	Tracking to high end; ~300 bps margin expansion targeted even on flat sales	On track
Backlog/Book-to-bill	BSI b2b mid‑0.9x in Q2; backlog ~6.5 months	BSI b2b >1.0x; backlog ~7 months	Improving

Management Commentary

Strategic positioning: “Our transformed… portfolio is fundamentally very strong in post‑genomic drug discovery and disease biology… Spatial Biology… diagnostics… and emerging $100M automated AI labs.” — CEO Frank Laukien .
Orders and outlook: “We were encouraged by our mid‑single digit percentage organic bookings growth… scientific instruments segment book‑to‑bill ratio greater than 1.0… For FY2026, our major cost-savings initiatives are… expected to deliver significant operating margin expansion and EPS growth.” .
Margin drivers: “Non‑GAAP operating margin was 12.3%… impacted by tariffs, foreign exchange, and the headwind from the prior year comparison of two gigahertz‑class NMRs… [but] represented a meaningful sequential improvement over 9.0% in Q2.” — CFO Gerald Herman .
Academic/China color: “ACA/GOV orders grew in the high teens %… robust order growth outside of the U.S.… green shoots of stimulus funding in China… less than $10M” — CEO .

Q&A Highlights

Orders and book‑to‑bill: Management would not extrapolate Q3 into Q4 yet, but confirmed BSI book‑to‑bill >1.0 and improved ACA/GOV orders, especially ex‑US; backlog now ~7 months vs 6.5 months in Q2 .
Ultra‑high‑field NMR: Expect at least one gigahertz‑class order in Q4 (non‑US); Q3 YoY decline partly due to >$25M revenue from two 2GHz systems in Q3’24 .
Government shutdown risk: Not baked into guidance; viewed as potentially minor if brief, but extended shutdown could delay grants/installations .
2026 framework: Cost actions ~95% initiated; expecting high end of $100–$120M savings and ~300 bps margin expansion even on flat revenue; some savings phase in during Q2’26 .
Revenue pushouts: Certain sites requested delivery in Q1 instead of Q NB; late orders in September shift revenue to 2026; ELITech reagent‑rental placements build revenue over 6–7 years .

Estimates Context

Q3 2025: Revenue $860.5M vs $847.0M*; non‑GAAP EPS $0.45 vs $0.33* — both beats (helped by sequential margin improvement and improved bookings) (Values retrieved from S&P Global).
Q2 2025: Revenue $797.4M vs $810.2M* (miss), non‑GAAP EPS $0.32 vs $0.42* (miss), reflecting tariff/FX headwinds and softer orders (Values retrieved from S&P Global).
Q1 2025: Revenue $801.4M vs $772.5M* (beat), non‑GAAP EPS $0.47 vs $0.44* (beat) on robust BSI growth and better-than-expected margins (Values retrieved from S&P Global).

Consensus detail (S&P Global):

Q1 2025: Revenue $772.5M*, EPS $0.44*; Q2 2025: Revenue $810.2M*, EPS $0.42*; Q3 2025: Revenue $847.0M*, EPS $0.33* (Values retrieved from S&P Global).

Guidance Changes — Detail and Drivers

FY25 revenue to $3.41–$3.44B and non‑GAAP EPS to $1.85–$1.90 on late Q3 orders and site delays; components: organic −4% to −5%, M&A +3.5%, FX +2.5% .
FY25 operating margin decline now ~250 bps YoY (M&A −60 bps, tariffs −60 bps, FX −65 bps, organic −65 bps); Q4 EPS to improve sequentially but remain down YoY; MCP dilutive by ~$0.07 in FY25 and ~$0.20 in FY26 .
2026: “Double‑digit non‑GAAP EPS growth” expected even on flat revenue, primarily from $100–$120M cost saves; partial demand recovery would be incremental .

Key Takeaways for Investors

Q3 delivered a clean beat vs consensus on revenue and non‑GAAP EPS despite YoY declines; sequential margin recovery is underway, aided by price and cost actions (Values retrieved from S&P Global).
Orders/book‑to‑bill and backlog point to improving fundamentals into 2026: BSI b2b >1.0, ACA/GOV orders inflecting ex‑US, biopharma orders strongest, China showing small stimulus; backlog ~7 months .
FY25 reset likely de‑risks Q4 and sets a lower bar; some Q4 revenue has slipped into 2026 due to site readiness and late orders .
2026 operating leverage is the core catalyst: management tracking to high end of $100–$120M cost saves with ~300 bps margin expansion and double‑digit EPS growth even if revenue is flat .
Watch tariff/FX and U.S. policy: tariffs/FX remain headwinds; U.S. government shutdown risk and NIH/NSF disbursement cadence could affect near‑term orders and installs (not embedded in guidance) .
Segment mix matters: CALID and diagnostics (MALDI/ELITech) provide durable growth/aftermarket; Detection (ETD/CBRN) offers multi‑year consumables annuity; BioSpin/Nano more sensitive to academic/industrial cycles .
Trading lens: Near‑term sentiment likely balanced between estimate beat and guidance cut; improving order trends and 2026 margin/EPS setup are key stock catalysts.

Appendix

Additional Q3 2025 P&L and Non‑GAAP Reconciliations

GAAP operating loss $(51.8)M vs $68.1M in Q3’24; impairments $119.4M and restructuring $34.5M; non‑GAAP operating income $105.9M (12.3% margin) vs $129.1M (14.9%) .
Non‑GAAP gross margin 50.1% vs 51.2% Q3’24 .

Cash Flow and Balance Sheet

Q3 operating cash flow $(33.2)M; free cash flow $(54.1)M .
Cash and cash equivalents $293.1M at 9/30/25; total debt $2.01B ($24.3M current, $1.98B long‑term) .

Consensus vs Actuals by Quarter (S&P Global)

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue Consensus Mean ($M)*	772.5	810.2	847.0
Revenue Actual ($M)	801.4	797.4	860.5
Primary EPS Consensus Mean ($)*	0.44	0.42	0.33
Non‑GAAP EPS Actual ($)	0.47	0.32	0.45

Values retrieved from S&P Global (denoted with *).

BRUKER CORP (BRKR)·Q3 2025 Earnings Summary