Mirion Technologies Inc (NYSE:MIR) reported financial results for the fourth quarter and full year of 2025, delivering a mixed performance that fell short of Wall Street's top-line expectations for the quarter. The company's forward guidance for 2026, however, paints a picture of accelerating growth, driven by strategic acquisitions and tailwinds in its core nuclear power markets.
Quarterly Performance Versus Estimates
For the fourth quarter of 2025, Mirion posted revenue of $277.4 million, representing a 9.1% increase compared to the same period last year. Despite this growth, the figure came in below analyst consensus estimates of approximately $283.1 million. On the bottom line, the company reported a non-GAAP earnings per share (EPS) of $0.15, which was 7.8% lower than the estimated $0.16 per share.
The market's immediate reaction to this earnings miss was negative. Following the release, Mirion's stock declined approximately 4.4% in after-hours trading, suggesting investor disappointment with the quarterly results relative to expectations.
Full-Year 2025 Results and Strategic Highlights
For the full fiscal year 2025, Mirion reported total revenue of $925.4 million, up from $860.8 million in 2024. The company highlighted several key achievements:
- Record Orders: The company booked over $1 billion in orders for the year, including approximately $150 million from a previously identified large opportunity pipeline.
- Nuclear Power Growth: Management emphasized strength across all three nuclear power verticals: new utility-scale reactors, the installed base, and small modular reactors (SMRs).
- Profitability Improvement: The company reported a net income attributable to Mirion of $28.8 million for the year, a significant improvement from a net loss of $36.1 million in 2024.
Chairman and CEO Thomas Logan stated the company "concluded another successful year, highlighted by record orders, strong tailwinds from key strategic end-markets, and a broadening nuclear power portfolio," adding that Mirion delivered on its Adjusted EBITDA and Adjusted Free Cash Flow targets.
2026 Guidance and Comparison to Analyst Expectations
Looking ahead, Mirion provided detailed guidance for the full year 2026, forecasting robust growth that appears largely in line with or ahead of current analyst models.
The company's 2026 outlook includes:
- Revenue growth of approximately 22% to 24% (including foreign exchange and acquisition-related tailwinds).
- Organic revenue growth of 5% to 7%.
- Adjusted EBITDA of $285 million to $300 million.
- Adjusted EPS in a range of $0.50 to $0.57 per share.
This guidance implies a 2026 revenue target of roughly $1.13 billion to $1.15 billion at the midpoint. This range sits comfortably alongside the current analyst consensus estimate for 2026 sales of approximately $1.15 billion. The projected Adjusted EBITDA margin of 25% to 26% indicates management's confidence in continued operational efficiency and margin expansion.
Market Reaction and Path Forward
The post-earnings stock dip reflects the market's focus on the quarterly revenue and EPS miss. However, the substantial and detailed guidance for 2026 suggests the company views any near-term softness as overshadowed by a strong multi-year growth trajectory fueled by its nuclear end markets and recent acquisitions like Paragon Energy Solutions and Certrec.
Investors will likely weigh the slight quarterly disappointment against the promising full-year results and the aggressive growth forecast. The company's ability to convert its record order book into revenue and hit its 2026 targets will be critical for regaining positive momentum.
For a detailed breakdown of future earnings estimates and historical performance, you can review Mirion's earnings and estimates page here.
Disclaimer: This article is for informational purposes only and does not constitute financial advice, a recommendation to buy or sell any security, or an endorsement of any investment strategy. Investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions.
