Revenue: As of FY2026 Q2, the actual value is USD 193.13 M, beating the estimate of USD 189.32 M.

EPS: As of FY2026 Q2, the actual value is USD 0.23, missing the estimate of USD 0.25.

EBIT: As of FY2026 Q2, the actual value is USD 13.96 M.

Financial Highlights for Q2 2026

Revenue

Mistras Group, Inc. reported revenue of $193.1 million, an increase of 4.2% year-over-year, driven by demand growth in Infrastructure, Power Generation, and Aerospace & Defense end markets. Segment Revenue: North America: $156,629 thousand. International: $38,010 thousand. Products and Systems: $3,918 thousand. Corporate and eliminations: - $5,425 thousand. Revenue by Industry: Oil & Gas: $94,348 thousand. Aerospace & Defense: $27,168 thousand. Industrials: $20,461 thousand. Power Generation & Transmission: $14,911 thousand. Other Process Industries: $10,383 thousand. Infrastructure, Research & Engineering: $14,227 thousand. Petrochemical: $3,600 thousand. Other: $8,034 thousand. Revenue by Type: Integrated Field Solutions: $164,186 thousand. In-Laboratory Services: $28,946 thousand.

Gross Profit

Gross profit was $56.4 million, reflecting a gross profit margin of 29.2%, which increased by 10 basis points.

Operating Profit

Income from operations was $12.9 million, an increase of $4.5 million or 53.6% compared to the prior year.

Net Income

GAAP net income was $7.6 million, while non-GAAP net income was $9.1 million.

Adjusted EBITDA (non-GAAP)

Adjusted EBITDA reached a record $25.8 million, an increase of 7.0%, with an Adjusted EBITDA margin of 13.3%, up 30 basis points.

Operating Costs

• Cost of revenue: $130,965 thousand.
• Selling, general and administrative expenses: $38,722 thousand.
• Reorganization and other costs: $1,527 thousand.
• Environmental expense: $460 thousand.
• Research and engineering: $243 thousand.
• Depreciation and amortization: $2,547 thousand.
• Interest expense: $4,138 thousand.
• Provision for income taxes: $2,269 thousand.

Financial Highlights for Six Months Ended June 30, 2026

Revenue

Revenue for the first half of 2026 was $362.2 million, an increase of 4.4%, driven by demand growth in Infrastructure, Power Generation, and Aerospace & Defense end markets. Segment Revenue: North America: $291,950 thousand. International: $74,300 thousand. Products and Systems: $6,571 thousand. Corporate and eliminations: - $10,655 thousand. Revenue by Industry: Oil & Gas: $179,830 thousand. Aerospace & Defense: $54,807 thousand. Industrials: $39,104 thousand. Power Generation & Transmission: $21,436 thousand. Other Process Industries: $19,398 thousand. Infrastructure, Research & Engineering: $27,515 thousand. Petrochemical: $7,436 thousand. Other: $12,640 thousand. Revenue by Type: Integrated Field Solutions: $304,047 thousand. In-Laboratory Services: $58,119 thousand.

Gross Profit

Gross profit was $101.2 million, reflecting a gross profit margin of 27.9%, an increase of 60 basis points.

Operating Profit

Income from operations was $17.6 million, an increase of $10.2 million or 137.7% compared to the prior year period.

Net Income

GAAP net income was $10.0 million, while non-GAAP net income was $11.7 million.

Adjusted EBITDA (non-GAAP)

Adjusted EBITDA was $40.1 million, an increase of 10.9%, with an Adjusted EBITDA margin of 11.1%, up 70 basis points.

Operating Costs

• Cost of revenue: $249,782 thousand.
• Selling, general and administrative expenses: $75,708 thousand.
• Reorganization and other costs: $2,002 thousand.
• Environmental expense: $329 thousand.
• Research and engineering: $464 thousand.
• Depreciation and amortization: $5,046 thousand.
• Interest expense: $7,017 thousand.
• Provision for income taxes: $2,647 thousand.

Cash Flow & Debt

Operating Cash Flow

Net cash provided by operating activities was $17.7 million in the first half of 2026, an increase from net cash used of - $3.6 million in the prior year period.

Free Cash Flow (non-GAAP)

Free cash flow was $3.7 million in the first half of 2026, compared to - $15.9 million in the prior year comparable period.

Gross Debt

Gross debt was $172.1 million as of June 30, 2026, a decrease from $178.0 million as of December 31, 2025.

Net Debt (non-GAAP)

Net debt was $150.1 million as of June 30, 2026.

Debt Leverage Ratio

The trailing 12-month total consolidated debt leverage ratio was 2.2x as of June 30, 2026, which is the lowest since 2018 and well within the credit agreement’s requirement of 3.75x.

Outlook Guidance

Mistras Group, Inc. is increasing its full-year 2026 guidance, projecting revenue between $740.0 million and $755.0 million and Adjusted EBITDA between $92.0 million and $95.0 million. This updated guidance reflects continued strength in strategic growth markets, partially offset by reduced activity in the Oil & Gas market due to ongoing macroeconomic factors. The company anticipates favorable demand trends in Aerospace & Defense and Infrastructure end markets will support growth for the remainder of the year.