$AVTR

Avantor, Inc.

CIK:0001722482|SEC Filings

Unaudited condensed consolidated statements of operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 1,692.3	$ 1,683.4	$ 3,273.7	$ 3,264.8
Cost of sales	1,155.3	1,129.3	2,236.0	2,175.8
Gross profit	537.0	554.1	1,037.7	1,089.0
Selling, general and administrative expenses	415.2	425.3	816.4	812.8
Operating income	121.8	128.8	221.3	276.2
Interest expense, net	(39.4)	(43.4)	(82.3)	(85.6)
Loss on extinguishment of debt	(0.6)	0.0	(1.2)	0.0
Other expense, net	(0.6)	(3.7)	(1.1)	(23.2)
Income before income taxes	81.2	81.7	136.7	167.4
Income tax expense	(43.1)	(17.0)	(55.3)	(38.2)
Net income	$ 38.1	$ 64.7	$ 81.4	$ 129.2
Earnings per share:
Basic	$ 0.06	$ 0.09	$ 0.12	$ 0.19
Diluted	$ 0.06	$ 0.09	$ 0.12	$ 0.19
Weighted average shares outstanding:
Basic	676.2	681.5	675.9	681.3
Diluted	677.2	681.8	676.9	682.0

Unaudited condensed consolidated statements of cash flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 81.4	$ 129.2
Reconciling adjustments:
Depreciation and amortization	210.6	202.4
Stock-based compensation expense	24.0	27.9
Non-cash restructuring charges	5.0	0.0
Provision for accounts receivable and inventory	27.2	26.9
Deferred income tax expense (benefit)	6.1	(30.0)
Amortization of deferred financing costs	3.5	4.5
Loss on extinguishment of debt	1.2	0.0
Foreign currency remeasurement (gain) loss	(0.9)	3.8
Pension termination charges	0.0	18.1
Changes in assets and liabilities:
Accounts receivable	(80.7)	(55.7)
Inventory	(46.7)	(33.3)
Accounts payable	17.7	19.1
Accrued interest	(1.1)	1.4
Other assets and liabilities	(11.7)	(52.9)
Other	1.3	2.3
Net cash provided by operating activities	236.9	263.7
Cash flows from investing activities:
Capital expenditures	(71.1)	(57.6)
Other	1.1	0.1
Net cash used in investing activities	(70.0)	(57.5)
Cash flows from financing activities:
Debt repayments	(217.5)	(38.1)
Proceeds received from exercise of stock options	1.9	2.6
Shares repurchased to satisfy employee tax obligations for vested stock-based awards	(3.9)	(5.0)
Other	(0.1)	0.0
Net cash used in financing activities	(219.6)	(40.5)
Effect of currency rate changes on cash and cash equivalents	(5.9)	21.8
Net change in cash, cash equivalents and restricted cash	(58.6)	187.5
Cash, cash equivalents and restricted cash, beginning of period	368.3	264.7
Cash, cash equivalents and restricted cash, end of period	$ 309.7	$ 452.2

Unaudited condensed consolidated balance sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 306.8	$ 365.4
Accounts receivable, net of allowances of $26.6 and $29.6	1,138.9	1,074.6
Inventory	828.7	818.2
Other current assets	187.8	193.0
Total current assets	2,462.2	2,451.2
Property, plant and equipment, net of accumulated depreciation and impairment charges of $787.4 and $744.7	772.1	766.8
Other intangible assets, net (see note 7)	3,014.2	3,193.8
Goodwill, net (see note 7)	4,935.4	4,986.9
Other assets	412.0	396.0
Total assets	11,595.9	11,794.7
Liabilities and stockholders’ equity
Current portion of debt	37.0	30.8
Accounts payable	743.2	741.7
Employee-related liabilities	157.2	162.7
Accrued interest	46.2	47.3
Other current liabilities	398.4	396.4
Total current liabilities	1,382.0	1,378.9
Debt, net of current portion	3,660.8	3,915.5
Deferred income tax liabilities	539.9	557.1
Other liabilities	383.0	378.2
Total liabilities	5,965.7	6,229.7
Commitments and contingencies (see note 8)
Common stock including paid-in capital, $0.01 par value, 750.0 shares authorized; 683.1 and 682.0 shares issued	4,006.9	3,984.8
Treasury stock at cost, 6.6 shares	(75.7)	(75.7)
Accumulated earnings	1,754.2	1,672.8
Accumulated other comprehensive loss	(55.2)	(16.9)
Total stockholders’ equity	5,630.2	5,565.0
Total liabilities and stockholders’ equity	$ 11,595.9	$ 11,794.7