nvst-20260403

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 3, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			For the transition period from to

Commission File Number: 001-39054

ENVISTA HOLDINGS CORPORATION

(Exact name of Registrant as specified in its charter)


Delaware		83-2206728
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

200 S. Kraemer Blvd., Building E		92821-6208
Brea,	California
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: 714-817-7000

Securities Registered Pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	NVST	New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-accelerated Filer

☐

Smaller Reporting company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of shares of common stock outstanding as of May 1, 2026, was 162,727,923.

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION
		PAGE
Item 1.	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Operations	2
	Condensed Consolidated Statements of Comprehensive Income	3
	Condensed Consolidated Statements of Changes in Stockholders' Equity	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	35

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	38
Item 4.	Mine Safety Disclosures	38
Item 5.	Other Information	38
Item 6.	Exhibits	39

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ENVISTA HOLDINGS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

($ in millions, except share amounts)


	As of
	April 3, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	1,082.8	$	1,211.7
Trade accounts receivable, less allowance for credit losses of $23.7 and $22.5, respectively	436.6		429.6
Inventories, net	300.3		288.1
Prepaid expenses and other current assets	99.4		97.2
Total current assets	1,919.1		2,026.6
Property, plant and equipment, net	298.7		296.8
Operating lease right-of-use assets	143.6		142.1
Other long-term assets	223.8		228.1
Goodwill, net	2,359.8		2,358.2
Other intangible assets, net	633.0		627.2
Total assets	$	5,578.0	$	5,679.0
LIABILITIES AND EQUITY
Current liabilities:

Trade accounts payable	$	170.0	$	191.6
Accrued expenses and other liabilities	577.9		622.0
Operating lease liabilities	38.7		39.0
Total current liabilities	786.6		852.6
Operating lease liabilities	111.4		110.4
Other long-term liabilities	161.4		161.4
Long-term debt	1,439.1		1,448.3
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 15.0 million shares authorized; no shares issued or outstanding at April 3, 2026 and December 31, 2025	—		—
Common stock, $0.01 par value, 500.0 million shares authorized; 176.2 million shares issued and 162.9 million shares outstanding at April 3, 2026; 175.4 million shares issued and 163.8 million shares outstanding at December 31, 2025	1.8		1.8
Treasury stock at cost; 13.3 million shares and 11.6 million shares at April 3, 2026 and December 31, 2025, respectively	(273.5)		(224.5)
Additional paid-in capital	3,896.0		3,882.6
Accumulated deficit	(401.7)		(440.4)
Accumulated other comprehensive loss	(143.1)		(113.2)


Total stockholders’ equity	3,079.5		3,106.3
Total liabilities and stockholders’ equity	$	5,578.0	$	5,679.0

See the accompanying Notes to the Condensed Consolidated Financial Statements.

ENVISTA HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

($ and shares in millions, except per share amounts)


	Three Months Ended
	April 3, 2026		March 28, 2025
Sales	$	705.5	$	616.9
Cost of sales	315.4		280.9
Gross profit	390.1		336.0
Operating expenses:
Selling, general and administrative	297.6		271.7
Research and development	30.0		25.3

Operating profit	62.5		39.0
Nonoperating (expense) income:
Other expense, net	(2.9)		(0.7)
Interest expense, net	(7.4)		(9.3)
Income before income taxes	52.2		29.0
Income tax expense	13.5		11.0
Net income	$	38.7	$	18.0

Earnings per share:
Earnings - basic	$	0.24	$	0.10
Earnings - diluted	$	0.23	$	0.10
Average common stock and common equivalent shares outstanding:
Basic	163.9		172.4
Diluted	166.4		173.6

See the accompanying Notes to the Condensed Consolidated Financial Statements.

ENVISTA HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

($ in millions)


	Three Months Ended
	April 3, 2026		March 28, 2025
Net income	$	38.7	$	18.0
Other comprehensive income, net of income taxes:
Foreign currency translation adjustments	(29.7)		98.1

Pension plan adjustments	(0.2)		(0.1)
Total other comprehensive (loss) income, net of income taxes	(29.9)		98.0
Comprehensive income	$	8.8	$	116.0

See the accompanying Notes to the Condensed Consolidated Financial Statements.

ENVISTA HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

($ in millions)


	Three Months Ended April 3, 2026
	Common Stock		Treasury Stock		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Equity










Balance, December 31, 2025	$	1.8	$	(224.5)	$	3,882.6	$	(440.4)	$	(113.2)	$	3,106.3
Common stock-based award activity	—		—		13.4		—		—		13.4
Purchase of treasury shares	—		(49.0)		—		—		—		(49.0)
Net income	—		—		—		38.7		—		38.7
Other comprehensive loss	—		—		—		—		(29.9)		(29.9)
Balance, April 3, 2026	$	1.8	$	(273.5)	$	3,896.0	$	(401.7)	$	(143.1)	$	3,079.5


	Three Months Ended March 28, 2025
	Common Stock		Treasury Stock		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Equity










Balance, December 31, 2024	$	1.7	$	(50.5)	$	3,842.1	$	(487.4)	$	(371.1)	$	2,934.8
Common stock-based award activity	—		—		7.9		—		—		7.9
Purchase of treasury shares	—		(22.6)		—		—		—		(22.6)
Net income	—		—		—		18.0		—		18.0
Other comprehensive income	—		—		—		—		98.0		98.0
Balance, March 28, 2025	$	1.7	$	(73.1)	$	3,850.0	$	(469.4)	$	(273.1)	$	3,036.1

See the accompanying Notes to the Condensed Consolidated Financial Statements.

ENVISTA HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

($ in millions)


	Three Months Ended
	April 3, 2026		March 28, 2025
Cash flows from operating activities:
Net income	$	38.7	$	18.0
Noncash items:
Depreciation	10.4		9.1
Amortization	18.8		18.8
Allowance for credit losses	4.4		1.3
Stock-based compensation expense	10.2		7.1
Loss on investments in rabbi trust, net	0.9		0.6
Loss on equity investments	2.0		—
Loss on sale of property, plant and equipment	0.1		—
Restructuring charges	—		0.2



Non-cash operating lease costs	9.1		8.4

Amortization of debt discount and issuance costs	1.0		1.1

Change in trade accounts receivable	(13.3)		(21.3)
Change in inventories	(9.6)		(10.1)
Change in trade accounts payable	(21.4)		(15.1)
Change in prepaid expenses and other assets	(3.1)		(7.8)
Change in accrued expenses and other liabilities	(39.8)		0.8
Change in operating lease liabilities	(11.7)		(10.8)
Net cash (used in) provided by operating activities	(3.3)		0.3
Cash flows from investing activities:
Payments for additions to property, plant and equipment	(12.5)		(5.9)
Purchases of investments held in rabbi trust	(3.4)		(0.7)
Proceeds from sale of investments held in rabbi trust	0.5		0.7
Proceeds from sales of property, plant and equipment	0.1		0.5

Acquisitions, net of cash acquired	(54.4)		(3.6)


All other investing activities, net	0.8		0.2
Net cash used in investing activities	(68.9)		(8.8)
Cash flows from financing activities:

Proceeds from stock option exercises	3.5		0.8
Cash paid for treasury stock under the stock repurchase program	(42.7)		(14.6)
Treasury stock purchases related to tax withholding on equity awards	(6.0)		(3.8)

SEC Form 10-Q filed by Envista Holdings Corporation