Executive Summary

Q4 FY2025 delivered strong top-line and margin expansion: revenue rose 36.1% YoY to $77.15M with gross margin up ~540 bps YoY to 31.2%, aided by higher domestic volume and Nu Aire contribution; adjusted EPS was $1.95 vs $1.55 LY and GAAP EPS was $1.63 (prior-year GAAP boosted by tax benefits) .
Adjusted operating metrics accelerated: adjusted EBITDA grew 64% YoY to $10.32M; backlog ended at $214.6M (down modestly from January’s $221.6M but up vs $155.6M last April), supporting multi-quarter revenue visibility .
Mix/scale and Nu Aire integration offset Q3 softness; corporate costs elevated due to acquisition, purchase accounting, and SOX 404(b) readiness, but are non-core and adjusted out by management .
No formal forward guidance provided; near-term stock narrative likely centers on sustained backlog strength, domestic execution, and Nu Aire integration synergy cadence vs rising leverage/interest expense and International delivery timing .

What Went Well and What Went Wrong

What Went Well

Domestic outperformance and Nu Aire contribution: Domestic sales +54.7% YoY to $55.49M with Domestic EBITDA up to $8.76M; management cited “higher manufacturing volumes” and incorporation of Nu Aire results .
Margin expansion and adj. EPS beat vs LY: Gross profit rose to $24.04M and gross margin to 31.2%; adjusted EPS $1.95 vs $1.55 LY; adjusted EBITDA $10.32M vs $6.28M LY .
Management tone confident on strategy and backlog: “Kewaunee again delivered another strong quarter… Our strategy to emphasize investments in our product portfolio and manufacturing assets while strengthening our dealer and distribution relationships continues to drive performance improvement.” — CEO Thomas D. Hull III .

What Went Wrong

Corporate costs and interest drag: Corporate EBITDA loss of ($1.51M) reflects acquisition/purchase accounting fees and SOX 404(b) costs; interest expense rose to $1.16M in Q4 on higher debt from Nu Aire deal .
International still recovering: International sales up 3.9% YoY but profitability remains below Domestic; site delays improved in Q4 but were a full-year headwind .
GAAP EPS down YoY due to non-recurring prior-year tax items: Q4 FY2024 benefited from pension termination-related tax benefits and a valuation allowance release; FY2025 Q4 GAAP EPS $1.63 vs $3.71 LY on those one-offs despite stronger operations .

Financial Results

Summary P&L and Margins (oldest → newest)

Metric	Q4 2024	Q2 2025	Q3 2025	Q4 2025
Revenue ($M)	$56.70	$47.76	$67.17	$77.15
Diluted EPS (GAAP)	$3.71	$1.01	$0.45	$1.63
Adjusted Diluted EPS (non-GAAP)	$1.55	$1.41	$1.09	$1.95
EBITDA ($M)	$2.27	$4.88	$3.73	$9.67
Adjusted EBITDA ($M)	$6.28	$6.42	$5.73	$10.32
Gross Margin %	25.8%	29.2%	27.4%	31.2%
EBIT (Operating) Margin %	9.7%	9.3%	3.4%	11.0%
Net Income Margin %	19.5%	6.3%	2.0%	6.3%

Notes: Margins calculated from reported Statement of Operations; prior-year Q4 GAAP margins inflated by non-recurring tax items .

Segment Breakdown – Q4 FY2025

Segment	Sales ($M)	EBITDA ($M)
Domestic	$55.49	$8.76
International	$21.66	$2.43
Corporate	N/A	($1.51)
Total/Consolidated	$77.15	$9.67

KPIs and Balance Sheet Indicators

KPI	Oct 31, 2024	Jan 31, 2025	Apr 30, 2025
Order Backlog ($M)	$184.4	$221.6	$214.6
Working Capital ($M)	$60.0	$58.4	$64.7
Total Cash on Hand ($M)	$29.66	$12.34	$17.16
Long-term Debt ($M)	$28.05	$65.82	$60.73
Debt/Equity	0.59x	1.29x	0.99x

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
All metrics	FY/Q4 FY2025	None provided	None provided	N/A

No formal quantitative guidance was issued in the Q4 FY2025 materials .

Earnings Call Themes & Trends

No Q4 FY2025 earnings call transcript was available in our document set; themes reflect management commentary from press releases.

Topic	Previous Mentions (Q2 FY2025)	Previous Mentions (Q3 FY2025)	Current Period (Q4 FY2025)	Trend
Nu Aire integration and purchase accounting	Announced acquisition; costs of ~$2.3M YTD; integration to start in Q3	First quarter with Nu Aire; adj. add-backs $2.51M pre-tax; emphasized transparency on adjustments	Continued integration; Q4 adjustments: $1.26M pre-tax; FY adjustments: $6.04M pre-tax	Integration progressing; costs taper over time
Backlog strength	$184.4M backlogged; strong demand	$221.6M; supports visibility across end-markets	$214.6M; still robust vs $155.6M LY	Elevated and diversified
International delivery timing	India site delays lowered sales	International challenged by site delays	Delays decreased in Q4; deliveries and billings improved	Improving
Domestic momentum	Domestic sales +6.5% YoY; strong demand	Domestic +63.6% YoY; Nu Aire included	Domestic +54.7% YoY; strong profitability	Strong/consistent
Cost structure/SOX 404(b)	Corporate EBITDA pressured; SOX 404(b) prep	Continued corporate cost pressure (M&A, SOX)	Corporate costs persist; adjusted out	Headwind but non-core
Macro/tariffs/supply chain	—	Emphasis on supply chain resiliency	Cites geopolitical uncertainty, unclear tariffs, and supply disruptions; positioning as resilient	Ongoing macro watch item

Management Commentary

“Kewaunee again delivered another strong quarter, closing out fiscal year 2025 on a high note… Our strategy to emphasize investments in our product portfolio and manufacturing assets while strengthening our dealer and distribution relationships continues to drive performance improvement.” — Thomas D. Hull III, CEO .
“Kewaunee’s backlog stands at a robust $222 million, highlighting the strength, stability, and diversity of the markets we serve.” — CEO (Q3 release) .
“While our industry has been facing a period of instability driven by geopolitical uncertainty, unclear tariff policies and ongoing supply chain disruptions, Kewaunee has responded with resilience.” — CEO .
On Nu Aire: “A significant step forward… to bring together two market leaders with complementary strengths, shared values, and a common vision for the future of laboratory innovation.” — CEO .

Q&A Highlights

No Q4 FY2025 earnings call transcript or Q&A was available; no call themes or analyst questions to report for the period (we searched transcripts and slides and found none) [ListDocuments: 0 results for earnings-call-transcript May–Aug 2025].

Estimates Context

S&P Global consensus estimates for KEQU were not available for Q4 FY2025 (or for Q2–Q3 FY2025), so we cannot provide vs-consensus comparisons. Values retrieved from S&P Global.

Period	Revenue Consensus	EPS Consensus
Q4 FY2025	N/A*	N/A*
Q3 FY2025	N/A*	N/A*
Q2 FY2025	N/A*	N/A*

Note: Actual revenues for Q4/Q3/Q2 were $77.15M/$67.17M/$47.76M, respectively .

Key Takeaways for Investors

Quality of beat on core operations: Despite lack of Street estimates, adjusted EPS/EBITDA acceleration and margin expansion point to improving earnings power post-Nu Aire integration .
Backlog durability should support revenue through FY2026 even with quarterly cadence variability; watch conversion pace and International site readiness .
Integration math: Non-core acquisition and purchase accounting costs ($1.26M pre-tax in Q4; $6.04M for FY) should taper; monitor synergy capture vs elevated interest burden and leverage (LT debt $60.7M; D/E 0.99x) .
Domestic remains the growth engine; International improving into Q4 after earlier delays—trend suggests tailwinds as sites normalize .
Prior-year comparability: FY2024/Q4 had non-recurring pension/valuation allowance tax benefits; use adjusted comparisons for a cleaner trajectory .
Near-term trading frame: Positive setup on margins/backlog/integration progress; offset by debt/interest optics and lack of explicit guidance—headline catalysts will be backlog conversion, Nu Aire synergy disclosures, and corporate cost normalization .

KEWAUNEE SCIENTIFIC CORP /DE/ (KEQU)·Q4 2025 Earnings Summary