Novanta Q4 Revenue Up 9%, Adjusted EPS Up 20% on 25% Bookings Rise
Novanta’s Q4 GAAP revenue rose 9% to $258.3 million with adjusted EPS up 20% to $0.91 and EBITDA up 17% to $60.7 million, driven by a 25% rise in bookings and a 1.11x book-to-bill. Full year GAAP revenue hit $980.6 million (+3.3%) with adjusted EPS of $3.29.
1. Fourth Quarter Results
Novanta reported GAAP revenue of $258.3 million for Q4 2025, a 9% increase year-over-year, with GAAP diluted EPS of $0.45. Non-GAAP adjusted EPS rose 20% to $0.91 and adjusted EBITDA increased 17% to $60.7 million, while operating cash flow declined to $8.8 million.
2. Full Year 2025 Performance
For the full year 2025, GAAP revenue reached $980.6 million, up 3.3% from 2024, with GAAP diluted EPS of $1.47. Non-GAAP adjusted EPS climbed to $3.29 and adjusted EBITDA totaled $221.0 million, with acquisitions and favorable foreign exchange contributing a combined 3.8% to revenue.
3. Bookings, Cash Flow and Outlook
Customer bookings rose 25% in Q4, driving a book-to-bill ratio of 1.11x, and management expects momentum to continue into 2026. The company’s regional manufacturing expansion increased net working capital temporarily but should complete by mid-2026, supporting future cash flow improvements and potential strategic acquisitions.