BRUKER CORP, 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
May 01, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Securities Act File Number 000-30833  
Entity Registrant Name BRUKER CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 04-3110160  
Entity Address, Address Line One 40 Manning Road  
Entity Address, City or Town Billerica  
Entity Address, Postal Zip Code 01821  
Entity Address, State or Province MA  
City Area Code 978  
Local Phone Number 663-3660  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001109354  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Common Stock    
Document Information [Line Items]    
Trading Symbol BRKR  
Security Exchange Name NASDAQ  
Title of 12(g) Security Common Stock, $0.01 par value per share  
Entity Common Stock, Shares Outstanding   152,225,624
Series A Mandatory Convertible Preferred Stock [member]    
Document Information [Line Items]    
Trading Symbol BRKRP  
Security Exchange Name NASDAQ  
Title of 12(g) Security 6.375% Series A Mandatory Convertible Preferred Stock, $0.01 par value per share  
Entity Common Stock, Shares Outstanding   2,760,000
v3.26.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 133.4 $ 298.8
Accounts receivable, net 542.7 544.9
Inventories 1,121.5 1,094.6
Other current assets 306.0 274.2
Total current assets 2,103.6 2,212.5
Property, plant and equipment, net 719.6 744.8
Goodwill and intangible assets, net 2,475.3 2,447.3
Other long-term assets 832.2 836.8
Total assets 6,130.7 6,241.4
Current liabilities:    
Current portion of long-term debt and finance lease obligations 8.4 16.6
Accounts payable 269.1 215.9
Current portion of deferred revenue and customer advances 479.7 441.3
Other current liabilities 597.9 605.4
Total current liabilities 1,355.1 1,279.2
Long-term debt 1,662.9 1,852.5
Other long-term liabilities 609.9 599.4
Redeemable noncontrolling interests 35.8 36.8
Total shareholders' equity 2,467.0 2,473.5
Total liabilities, redeemable noncontrolling interests and shareholders' equity $ 6,130.7 $ 6,241.4
v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Total revenue $ 823.4 $ 801.4
Total cost of revenue 443.6 410.2
Gross profit 379.8 391.2
Operating expenses:    
Selling, general and administrative 242.1 225.4
Research and development 101.3 97.1
Other charges, net 26.2 36.9
Total operating expenses 369.6 359.4
Operating income 10.2 31.8
Interest and other income (expense), net 11.7 (6.7)
Income before income taxes, equity in (losses) income of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries 21.9 25.1
Income tax provision 2.5 8.7
Equity in (losses) income of unconsolidated investees, net of tax (3.7) 0.4
Net income 15.7 16.8
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries 1.3 (0.6)
Net income attributable to Bruker Corporation 14.4 17.4
Dividends on Series A Mandatory Convertible Preferred Stock 10.9 0.0
Net income attributable to Bruker Corporation common shareholders $ 3.5 $ 17.4
Net income per common share attributable to Bruker Corporation common shareholders:    
Basic $ 0.02 $ 0.11
Diluted $ 0.02 $ 0.11
Weighted average common shares outstanding:    
Basic 152.2 151.6
Diluted 152.7 151.9
Product    
Total revenue $ 646.4 $ 643.3
Total cost of revenue 347.6 322.3
Service and other revenue    
Total revenue 177.0 158.1
Total cost of revenue $ 96.0 $ 87.9
v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Consolidated net income $ 15.7 $ 16.8
Other comprehensive income:    
Foreign currency translation (loss) before income taxes (28.9) 71.3
Income tax (benefit) expense on foreign currency translation adjustments (2.3) 0.5
Foreign currency translation (loss) gain after income taxes (26.6) 70.8
Designated hedging instruments:    
Gain (loss) on designated hedging instruments before income taxes 19.7 (50.7)
Income tax (benefit) expense related to designated hedging instruments 4.7 (12.1)
Gain (loss) on designated hedging instruments after income taxes 15.0 (38.6)
Other comprehensive income (loss), net of taxes 0.1 (0.6)
Total other comprehensive (loss) income (11.5) 31.6
Total Comprehensive income 4.2 48.4
Less: Comprehensive income attributable to noncontrolling interests 0.7 0.3
Less: Comprehensive (loss) income attributable to redeemable noncontrolling interests (0.2) 0.2
Total Comprehensive income attributable to Bruker Corporation $ 3.7 $ 47.9
v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Series A Preferred Stock
Total Shareholders' Equity Attributable to Bruker Corporation
Common Stock
Treasury Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss), Net of tax
Noncontrolling Interests in Consolidated Subsidiaries
Redeemable Noncontrolling Interests
Balance at beginning of period at Dec. 31, 2024 $ 1,797.1   $ 1,781.2 $ 1.8 $ (1,237.2) $ 713.4 $ 2,406.7 $ (103.5) $ 15.9 $ 18.1
Balance (in shares) at Dec. 31, 2024       151,677,952            
Balance Treasury Shares at Dec. 31, 2024         30,778,879          
Increase (Decrease) in Stockholders' Equity                    
Stock options exercised 0.4   0.4     0.4        
Stock options exercised (in shares)       18,771            
Restricted Stock units vested (in shares)       24,999            
Stock based compensation 5.2   5.2     5.2        
Employee stock purchase plan 0.4   0.4     0.4        
Shares Repurchased (10.1)   (10.1)   $ (10.0) (0.1)        
Shares Repurchased (in shares)       (200,731) 200,731          
Dividends to common shareholders (7.7)   (7.7)       (7.7)      
Proceeds from the sale of (distributions to) noncontrolling interests, net (0.5)               (0.5)  
Consolidated net income (loss) 17.1   17.4       17.4   (0.3) (0.4)
Other comprehensive loss 31.0   30.4         30.4 0.6 0.6
Balance at end of period at Mar. 31, 2025 1,832.9   1,817.2 $ 1.8 $ (1,247.2) 719.3 2,416.4 (73.1) 15.7 18.3
Balance ending (in shares) at Mar. 31, 2025       151,520,991            
Balance Treasury Shares at Mar. 31, 2025         30,979,610          
Balance at beginning of period at Dec. 31, 2025 2,473.5   2,456.5 $ 1.8 $ (1,242.2) 1,414.6 2,361.8 (79.5) 17.0 36.8
Balance (in shares) at Dec. 31, 2025   2,760,000   152,143,041            
Balance Treasury Shares at Dec. 31, 2025         30,904,588          
Increase (Decrease) in Stockholders' Equity                    
Stock options exercised 1.1   1.1     1.1        
Stock options exercised (in shares)       48,580            
Restricted Stock units vested (0.1)   (0.1)     (0.1)        
Restricted Stock units vested (in shares)       31,467            
Stock based compensation 5.5   5.5     5.5        
Employee stock purchase plan 0.5   0.5     0.5        
Dividends to Series A Mandatory Convertible Preferred Stock (10.9)   (10.9)       (10.9)      
Dividends to common shareholders (7.7)   (7.7)       (7.7)      
Loan repayments from noncontrolling interest 0.2               0.2  
Certain other acquisitions 0.5   0.5       0.5     (0.8)
Consolidated net income (loss) 15.4   14.4       14.4   1.0 0.3
Other comprehensive loss (11.0)   (10.7)         (10.7) (0.3) (0.5)
Balance at end of period at Mar. 31, 2026 $ 2,467.0   $ 2,449.1 $ 1.8 $ (1,242.2) $ 1,421.6 $ 2,358.1 $ (90.2) $ 17.9 $ 35.8
Balance ending (in shares) at Mar. 31, 2026   2,760,000   152,223,088            
Balance Treasury Shares at Mar. 31, 2026 30,904,588       30,904,588          
v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Consolidated net income $ 15.7 $ 16.8
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation and amortization 58.3 50.4
Other non-cash expenses, net 21.4 (11.5)
Accounts payable and accrued expenses 11.2 26.4
Inventories (47.2) (28.4)
Other changes in operating assets and liabilities, net 11.8 11.3
Net cash provided by operating activities 71.2 65.0
Cash flows from investing activities:    
Purchases of property, plant and equipment (24.2) (26.0)
Cash paid for acquisitions, net of cash acquired (16.0) (1.1)
Other investing activities, net 0.5 1.0
Net cash used in investing activities (39.7) (26.1)
Cash flows from financing activities:    
Repayments of revolving lines of credit 0.0 (167.9)
Proceeds from revolving lines of credit 0.0 139.9
Repayment of long-term debt (181.3) (7.7)
Proceeds from long-term debt 0.0 2.9
Payment of dividends to Series A Mandatory Convertible Preferred Shareholders (11.0) 0.0
Payment of dividends to common shareholders (7.6) (7.7)
Repurchase of common stock 0.0 (10.0)
Other financing activities, net (5.0) (0.7)
Net cash used in financing activities (204.9) (51.2)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 7.9 13.3
Net (decrease) increase in cash, cash equivalents and restricted cash (165.5) 1.0
Cash, cash equivalents and restricted cash at beginning of period 303.1 186.7
Cash, cash equivalents and restricted cash at end of period 137.6 187.7
Supplemental disclosure of cash flow information:    
Cash paid for interest 10.9 12.5
Cash paid for taxes 24.3 66.4
Restricted cash period beginning balance 4.3 3.3
Restricted cash period ending balance $ 4.2 $ 3.5
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure    
Net Income (Loss) $ 14.4 $ 17.4
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Description of Business
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business
1.
Description of Business

Bruker Corporation, together with its consolidated subsidiaries (“Bruker” or the “Company”), develops, manufactures, and distributes high-performance scientific instruments and analytical and diagnostic solutions that enable its customers to explore life and materials at microscopic, molecular, and cellular levels. Many of the Company’s products are used to detect, measure, and visualize structural characteristics of chemical, biological, and industrial material samples.

The Company has four reportable segments:

•
Bruker Scientific Instruments (“BSI”) BioSpin:

Designs, manufactures, and distributes life science tools based on magnetic resonance technology and provides automated laboratory research and development and quality control workflow solutions in a wide range of chemical research fields. Revenues are generated by academic and government research customers, pharmaceutical and biotechnology companies, and nonprofit laboratories, as well as chemical, food and beverage, clinical, and other industrial companies.

•
BSI CALID (Chemicals, Applied Markets, Life Science, In Vitro Diagnostics, Detection):

Designs, manufactures, and distributes life science mass spectrometry, applied spectrometry and ion mobility spectrometry solutions, analytical and process analysis instruments, and solutions based on infrared and Raman molecular spectroscopy technologies. Provides systems and assays for molecular diagnostics (“MDx”), biomedical systems/specialty IVD and microbiology, and radiological/nuclear detectors for Chemical, Biological, Radiological, Nuclear and Explosive (“CBRNE”) detection. Revenues are generated from academic institutions and medical schools; pharmaceutical, biotechnology, and diagnostics companies; contract research organizations; nonprofit and for-profit forensics laboratories; agriculture, food, and beverage safety laboratories; environmental and clinical microbiology laboratories; hospitals and government departments and agencies.

•
BSI NANO:

Designs, manufactures, and distributes advanced X-ray instruments, atomic force microscopy instrumentation, advanced fluorescence optical microscopy instruments, analytical tools for electron microscopes and X-ray metrology, defect-detection equipment for semiconductor process control, handheld, portable and mobile X-ray fluorescence spectrometry instruments, spark optical emission spectroscopy systems, chip cytometry products and services for targeted spatial proteomics, multi-omic services, optofluidic and proteomic barcoding platforms, and products and services for spatial genomics research and spatial biology. Revenues are generated from academic institutions, governmental customers, nanotechnology companies, semiconductor companies, raw material manufacturers, industrial companies, biotechnology and pharmaceutical companies, and other businesses involved in materials research and life science research analysis.

•
Bruker Energy & Supercon Technologies (“BEST”):

Develops and manufactures superconducting and non-superconducting materials and devices for use in renewable energy, energy infrastructure, healthcare, and high energy physics research. The segment focuses on metallic low temperature superconductors for use in magnetic resonance imaging, nuclear magnetic resonance, fusion energy research, and other applications. Revenues are generated from medical, clinical, pharmaceutical, and aerospace companies, as well as other businesses involved in materials research, fusion energy research, high energy physics, renewable energy, and environmental research. BEST also delivers extreme ultraviolet radiation (“EUV”/“XUV”) based technologies and solutions to world leading semiconductor companies and research labs.

The unaudited condensed consolidated financial statements represent the consolidated accounts of the Company. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements as of March 31, 2026, and December 31, 2025, and for the three months ended March 31, 2026, and 2025, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the financial information presented herein does not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2025, was derived from our audited financial statements, but does not include all disclosures required by GAAP. The condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025, that was filed with the SEC on February 27, 2026. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the Company’s financial

position, results of operations, comprehensive income, and cash flows have been included. The results for interim periods are not necessarily indicative of the results expected for any other interim period or the full year.

 

At March 31, 2026, the Company’s significant accounting policies, which are detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, have not changed.
v3.26.1
Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements
2.
Recent Accounting Pronouncements

 

In November 2025, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2025-09 – Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. This new guidance refines certain aspects of the hedge accounting guidance in ASC 815 to better align financial reporting with the economic effects of an entity's risk management activities and to address implementation issues identified since the hedge accounting guidance that was issued prior to this ASU. Specifically, the ASU provides improvements in the following five areas: (i) similar risk assessment of cash flow hedges, (ii) hedging forecasted interest payments on chose-your-rate debt instruments, (iii) cash flow hedges of nonfinancial forecasted transactions, (iv) net written options as hedging instruments, and (v) foreign currency-denominated debt instruments as a hedging instrument and hedged item. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual periods. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06 – Intangibles, Goodwill, and other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This new guidance modernizes the accounting for internal-use software by removing references to prescriptive project stages and introducing a new capitalization threshold based on management’s commitment to funding and the probability of project completion. Entities are also required to evaluate significant development uncertainty before capitalizing costs. The Company early adopted the ASU effective as of January 1, 2026, prospectively. The adoption did not have a material impact on the Company’s consolidated financial statements.

 

In November 2024, the FASB issued ASU No. 2024-03 – Income Statement - Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is evaluating the potential impact of this adoption on the consolidated financial statements and related disclosures.
v3.26.1
Acquisitions
 3 Months Ended
Mar. 31, 2026
Business Combination [Abstract]  
Acquisitions
3.
Acquisitions

During the three months ended March 31, 2026, and during the year ended December 31, 2025, the Company completed various acquisitions that collectively complemented the product offerings of the Company’s existing businesses.

The valuation methodology used to determine the fair value of the identifiable assets acquired and liabilities assumed, unless otherwise noted, is consistent with that described in Note 2, Summary of Significant Accounting Policies of the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

2026 Acquisitions

The following table presents the consideration transferred and the allocation to the identifiable assets acquired and liabilities assumed for the 2026 acquisitions (in millions):

 

Acquisition (Segment)

 

Tofwerk
 (BSI CALID)

 

Other

 

Total

 

Consideration Transferred:

 

 

 

 

 

 

 

Cash paid

 

$

30.3

 

$

7.7

 

$

38.0

 

Cash acquired

 

 

(21.4

)

 

(0.2

)

 

(21.6

)

Fair value of deferred consideration

 

 

27.0

 

 

—

 

 

27.0

 

Fair value of previously held equity interest

 

 

38.1

 

 

—

 

 

38.1

 

Working capital and other closing adjustments

 

 

—

 

 

(0.5

)

 

(0.5

)

Total consideration transferred, net of cash acquired

 

$

74.0

 

$

7.0

 

$

81.0

 

Allocation of Consideration Transferred:

 

 

 

 

 

 

 

Accounts receivable

 

 

6.5

 

 

0.3

 

 

6.8

 

Inventories

 

 

12.1

 

 

0.6

 

 

12.7

 

Other current assets

 

 

2.9

 

 

0.1

 

 

3.0

 

Property, plant and equipment

 

 

0.2

 

 

0.1

 

 

0.3

 

Other assets

 

 

9.5

 

 

—

 

 

9.5

 

Intangible assets:

 

 

 

 

 

 

 

Technology

 

 

32.7

 

 

6.9

 

 

39.6

 

Customer relationships

 

 

3.7

 

 

—

 

 

3.7

 

Trade name

 

 

1.4

 

 

—

 

 

1.4

 

Goodwill

 

 

36.4

 

 

—

 

 

36.4

 

Deferred taxes (net)

 

 

(7.8

)

 

(0.9

)

 

(8.7

)

Liabilities assumed

 

 

(23.6

)

 

(0.1

)

 

(23.7

)

Total consideration allocated

 

$

74.0

 

$

7.0

 

$

81.0

 

 

The table below summarizes information on the Tofwerk AG and its wholly owned subsidiaries (collectively “Tofwerk”) acquisition:

 

 

Tofwerk

Acquisition date

January 6, 2026

Activity of acquired business

Developer and manufacturer of high-performance time-of-flight (“TOF”) mass spectrometers and related analytical instrumentation used across environmental analysis, industrial monitoring, semiconductor applications, and scientific research. Tofwerk’s modular TOF platform enables real-time, high-resolution detection and quantification of complex chemical compositions. This acquisition enhances Bruker’s mass spectrometry portfolio by expanding our capabilities in TOF based solutions and strengthens our position in advanced environmental, industrial, and research markets that benefit from high sensitivity, real time mass spectrometric analysis.

Location

Thun, Switzerland

Percentage of voting equity interests acquired

Remaining 60.0% ownership interest in Tofwerk. The Company’s existing 40.0% interest in Tofwerk was previously accounted for under the equity method.

Business acquired

Outstanding share capital of Tofwerk.

 

On January 6, 2026, the Company acquired the remaining 60.0% ownership interest in Tofwerk and its subsidiaries. The transaction was accounted for as an acquisition achieved in stages. The acquisition date fair value of the existing interest was $38.1 million which resulted in a non-taxable gain of $12.2 million that the Company recognized in interest and other income (expense), net in the unaudited condensed consolidated statements of operations for the period. Refer to Note 11, Interest and other income (expense), net for further information. Based on the terms of the transaction and the nature of the negotiations, the Company determined there was no control premium factored into the purchase of the additional 60.0% interest. The fair value of the existing

interest in Tofwerk was determined using the implied business economic value of the entity based on the terms of the acquisition of the additional 60.0% interest.

As a result of the transaction, the Company recognized 100% of the identifiable assets acquired and liabilities assumed of Tofwerk at their respective acquisition‑date fair values. The excess of the total consideration transferred, together with the fair value of the previously held interest, over the fair value of identifiable net assets acquired was recorded as goodwill.

The most significant identifiable intangible asset acquired was technology. The fair value of the technology and customer relationships intangible assets was estimated using a multi-period excess earnings method. The fair value of the tradename intangible asset was estimated using a relief from royalty method. The following table presents estimated useful life for the acquired intangible assets as determined by the Company:

 

 

 

Tofwerk

Intangible Asset — Technology

 

4 years

Intangible Asset — Customer relationships

 

7 years

Intangible Asset — Tradename

 

13 years

 

The estimated useful life for the acquired technology intangible assets for the other acquisitions as determined by the Company was 3 years.

The Company believes goodwill to represent future economic benefits of the acquisitions that are not individually identifiable, primarily expected synergies from combining the businesses such as the elimination of surplus facilities and headcount, and the utilization of the Company’s existing commercial infrastructure to expand sales of the acquired businesses’ products and services. The Company does not expect the amounts allocated to goodwill to be deductible for tax purposes.

The Company recorded the provisional determination of the fair value of the identifiable assets acquired and liabilities assumed based on the information available at the time of the issuance of these financial statements for the Tofwerk acquisition and other acquisitions that occurred in the first quarter of 2026. Accordingly, the values recognized are subject to change until the Company finalizes the allocation of consideration transferred during the measurement period, which is no later than one year from the acquisition date. The final determination may result in asset and liability values that are different than the preliminary estimates.

 

Results of operations for 2026 acquired businesses

 

Results from the acquisitions included in the consolidated financial statements of the Company from the acquisition dates through March 31, 2026, include revenues of $13.0 million and pre-tax gains totaling $0.5 million. The tax effect of pre-tax gains incurred will be included in the related jurisdictional tax returns of the subsidiaries.

Supplemental Pro Forma Information for 2026 acquired businesses (unaudited)

The consolidated results for the quarter ended March 31, 2026, would not be materially different had the Tofwerk acquisition been completed on January 1, 2026, instead of January 6, 2026. The other acquisition completed during the quarter ended March 31, 2026 was not material to the Company. As such, additional pro forma information combining the results of operations of the Company and these acquisitions have not been included in the consolidated financial statements.

2025 Acquisitions

The following table presents the consideration transferred and the allocation to the identifiable assets acquired and liabilities assumed for the 2025 acquisitions (in millions):

 

Acquisition (Segment)

 

Recipe
 (BSI CALID)

 

Other
 (Various)

 

Total

 

Consideration Transferred:

 

 

 

 

 

 

 

Cash paid

 

$

58.8

 

$

20.0

 

$

78.8

 

Cash acquired

 

 

(5.2

)

 

(1.4

)

 

(6.6

)

Fair value of redeemable noncontrolling interest

 

 

27.5

 

 

1.1

 

 

28.6

 

Working capital and other closing adjustments

 

 

6.5

 

 

2.3

 

 

8.8

 

Total consideration transferred, net of cash acquired

 

$

87.6

 

$

22.0

 

$

109.6

 

Allocation of Consideration Transferred:

 

 

 

 

 

 

 

Accounts receivable

 

$

2.3

 

$

0.7

 

$

3.0

 

Inventories

 

 

7.7

 

 

1.0

 

 

8.7

 

Other current assets

 

 

0.1

 

 

0.6

 

 

0.7

 

Property, plant and equipment

 

 

21.2

 

 

1.2

 

 

22.4

 

Other assets

 

 

4.9

 

 

1.0

 

 

5.9

 

Intangible assets:

 

 

 

 

 

 

 

Technology

 

 

14.4

 

 

10.4

 

 

24.8

 

Customer relationships

 

 

30.2

 

 

0.9

 

 

31.1

 

Trade name

 

 

1.6

 

 

0.9

 

 

2.5

 

Goodwill

 

 

34.3

 

 

12.6

 

 

46.9

 

Deferred taxes (net)

 

 

(17.0

)

 

(0.7

)

 

(17.7

)

Liabilities assumed

 

 

(12.1

)

 

(6.6

)

 

(18.7

)

Total consideration allocated

 

$

87.6

 

$

22.0

 

$

109.6

 

 

The table below summarizes information on the Recipe Chemicals + Instruments GmbH (“Recipe”) acquisition:

 

 

Recipe

Acquisition date

April 14, 2025

Activity of acquired business

Provider of vendor-agnostic therapeutic drug monitoring (“TDM”) and other clinical in vitro diagnostic kits for Liquid chromatography-mass spectrometry systems utilizing triple-quadrupole time-of flight mass spectrometry (“LC-MS/MS”), High Performance Liquid Chromatography (“HPLC”), and Inductively Coupled Plasma Mass Spectrometry (“ICP-MS”) assays. This acquisition enhances Bruker's capabilities in small molecule clinical diagnostic assays with their existing kits, and ones to be developed, that can be used in our liquid chromatography triple-quadrupole mass spectrometers.

Location

Munich, Germany

Acquired interest

69.64%

Business acquired

Outstanding share capital of Recipe and Recipe’s interest in their majority owned subsidiary, WoBau GmbH (“WoBau”).

Redeemable noncontrolling interest – other shareholders

The Company entered into an agreement with the noncontrolling interest holders that provides the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 30.36% for cash at a contractually defined redemption value exercisable beginning in 2029. The rights associated with the noncontrolling interests are contingently redeemable at the option of the Company or the noncontrolling interest holder. As redemption of the rights is contingently redeemable at the option of the noncontrolling interest holder, the Company classifies the carrying amount of these rights in the mezzanine section on the consolidated balance sheet, which is presented above the equity section and below liabilities. The redeemable noncontrolling interest is initially measured at fair value and subsequently at the greater of the amount that would be paid if the settlement occurred as of the balance sheet date based on the contractually defined redemption value and its carrying amount adjusted for net income (loss) attributable to the noncontrolling interest. Adjustments to the carrying value of the redeemable noncontrolling interest are recorded through retained earnings. At the closing date the fair value of the redeemable noncontrolling interest was $27.5 million.

Additionally, the Company entered into an agreement with the noncontrolling interest holder of WoBau which provides the Company with the right to purchase the remaining 10.1% ownership interest of WoBau for cash at a price to be determined in the future, exercisable in 2029 or later. The rights associated with the noncontrolling interests are contingently redeemable at the option of the Company. At the closing date the fair value was determined to be de minimis.

 

In the acquisitions above, customer relationships and technology intangible assets were the most significant identifiable assets acquired. The fair value of the assets is estimated using a multi-period excess earnings method for customer relationships and a relief from royalty method for technology.

 

The following table presents estimated useful life for the acquired intangible assets related to the Recipe acquisition as determined by the Company:

 

 

 

Recipe

Intangible Asset — Technology

 

10 years

Intangible Asset — Customer relationships

 

15 years

Intangible Asset — Tradename

 

1 year

 

The amortization period for the intangible assets acquired for the Company’s other acquisitions is three to twelve years for the technology.

The Company believes goodwill to represent future economic benefits of the acquisitions that are not individually identifiable, primarily expected synergies from combining the businesses such as the elimination of surplus facilities and headcount, and the utilization of the Company’s existing commercial infrastructure to expand sales of the acquired businesses’ products and services. The Company does not expect the amounts allocated to goodwill to be deductible for tax purposes.

The Company has finalized its valuation of the assets acquired and liabilities assumed related to the acquisitions that occurred during the first half of 2025, within the measurement period, and no further material adjustments were made. For certain other acquisitions that occurred in the fourth quarter of 2025, the Company recorded the provisional determination of the fair value of the

identifiable assets acquired and liabilities assumed based on the information available as of the time of the issuance of these financial statements. Accordingly, the values recognized are subject to change until the Company finalizes the allocation of consideration transferred during the measurement period, which is no later than one year from the acquisition date. The final determination may result in asset and liability values that are different than the preliminary estimates.

 

Results of operations for 2025 acquired businesses

 

Results from the acquisitions included in the consolidated financial statements of the Company from the acquisition dates through December 31, 2025, include revenues of $19.2 million and pre-tax losses totaling $2.4 million. Pre-tax losses include purchased intangible amortization related to the acquisitions as well as acquisition-related expenses, which are recorded within Other charges, net in the consolidated statements of operations. Acquisition-related expenses primarily relate to pre-close services, legal and professional services associated with integration activities, and other transaction costs. The tax effect of pre-tax losses incurred will be included in the related jurisdictional tax returns of its subsidiaries.

Supplemental Pro Forma Information for 2025 acquired businesses (unaudited)

The consolidated results for the year ended December 31, 2025, would not be materially different had the 2025 acquisitions been completed on January 1, 2025. As such, additional pro forma information combining the results of operations of the Company and these acquisitions have not been included in the consolidated financial statements.
v3.26.1
Minority and Equity-method Investments
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Minority and Equity-method Investments
4.
Minority and Equity-method Investments

2026

As of March 31, 2026, the aggregate amount of equity investments without readily determinable fair value using the measurement alternative was $25.9 million. During the three months ended March 31, 2026, the Company completed one minority investment. Total cash consideration for the investment was de minimis.

The Company acquired a minority equity interest in NovAliX in 2024 and concurrent with the transaction, the Company entered into an agreement with the remaining shareholders that provides the Company with the right to purchase, and the shareholders with the right to sell, the remaining ownership of NovAliX for cash at a contractually defined redemption value exercisable beginning in 2029 and ending in 2034 (the “put option liability”). The fair value of the put option liability was estimated to be $10.9 million as of March 31, 2026, and $11.0 million as of December 31, 2025. The fair value measurement of the liability as of March 31, 2026, and as of December 31, 2025, included significant unobservable inputs as follows:

 

Instrument

Valuation Technique

Unobservable Input

Value

Equity interest purchase option liability

Discounted Cash Flow

Revenue Risk Premium

2.5%

 

 

EBITDA Risk Premium

9.8%

Refer to Note 11, Interest and other income (expense), net, for information on impairment charges to write down the carrying value of a certain minority investment for the three months ended March 31, 2026.

2025

As of December 31, 2025, the aggregate amount of equity investments without a readily determinable fair value using the measurement alternative was $26.3 million. During the year ended December 31, 2025, the Company completed several minority investments. The following table reflects the consideration transferred (in millions):

Name

 

Financial
Statement
Classification

 

Date Acquired

 

Total
Consideration

 

 

Cash
Consideration

 

Other minority investments

 

Other long-term assets

 

Various

 

$

8.2

 

 

$

7.2

 

During the year ended December 31, 2025, the Company identified qualitative indicators of impairment for certain minority investments which are accounted for under the measurement alternative. Such qualitative indicators of impairment included an updated assessment of the investee’s remaining operating cash runway, the likelihood and ability to raise additional capital, and

current business plans. The Company determined the fair value of these investments to be below their carrying amounts, as a result, the Company recorded impairment charges of $20.0 million during the year ended December 31, 2025, of which $1.9 million was recorded during the three months ended March 31, 2025, to write down the carrying values of these investments. The impairment charges are included in Interest and other income (expense), net in the unaudited condensed consolidated statements of operations.

v3.26.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
5.
Goodwill and Intangible Assets

Goodwill

The following table sets forth the changes in the carrying amount of goodwill (in millions):

 

 

 

 

Balance at December 31, 2025

 

$

1,547.7

 

Current period additions

 

 

36.4

 

Current period adjustments

 

 

—

 

Foreign currency effect

 

 

(11.2

)

Balance at March 31, 2026

 

$

1,572.9

 

The Company tests goodwill for impairment annually as of October 1 or more frequently if impairment indicators arise at the reporting unit level, which is the operating segment or one level below an operating segment. The Company has the option of performing a qualitative assessment to determine whether further impairment testing is necessary before performing the quantitative assessment. If as a result of the qualitative assessment, it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, a quantitative impairment test will be required.

Subsequent to March 31, 2026, the Company completed the merger of the Bruker Spatial Biology division and the Bruker Cellular Analysis Business Unit, with Bruker Spatial Biology as the surviving division. This merger triggered an interim goodwill impairment test, and if there is any resulting impairment charge, it will be recorded in the second quarter of 2026.

Intangible Assets

The following is a summary of intangible assets (in millions):

 

March 31, 2026

 

 

December 31, 2025

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Existing technology and related patents

 

$

817.8

 

 

$

(372.7

)

 

$

445.1

 

 

$

787.3

 

 

$

(358.2

)

 

$

429.1

 

Customer relationships

 

 

593.8

 

 

 

(178.5

)

 

 

415.3

 

 

 

594.6

 

 

 

(169.1

)

 

 

425.5

 

Trade names

 

 

68.7

 

 

 

(28.8

)

 

 

39.9

 

 

 

67.9

 

 

 

(27.4

)

 

 

40.5

 

Other

 

 

18.0

 

 

 

(15.9

)

 

 

2.1

 

 

 

18.1

 

 

 

(13.6

)

 

 

4.5

 

Intangible assets

 

$

1,498.3

 

 

$

(595.9

)

 

$

902.4

 

 

$

1,467.9

 

 

$

(568.3

)

 

$

899.6

 

For the three months ended March 31, 2026, and 2025, the Company recorded amortization expense of $32.5 million and $27.3 million, respectively, related to intangible assets subject to amortization.

On a quarterly basis, the Company reviews its intangible assets to determine if there have been any triggering events that could indicate an impairment. Impairment losses are recorded when indicators of impairment are present and the quoted market price, if available or the estimated fair value of those assets, are less than the assets’ carrying value, and are not recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Impairment costs are recorded in total cost of revenue and total operating expenses in the unaudited condensed consolidated statements of operations for the difference between the fair value and carrying value of the asset. During the three months ended March 31, 2026, the Company identified indicators of impairment due to the operating performance of certain asset groups and the decision to discontinue certain product lines due to restructurings plans as described in Note 10, Restructuring and Asset Impairments. In connection therewith, the Company determined that certain long-lived assets had net carrying values that were not recoverable and as result during the three months ended March 31, 2026, the Company recognized impairment charges of $0.7 million in cost of product revenue for existing technology and related patents intangible assets in the NANO segment, and $2.0 million in other charges, net for existing technology and related patents intangible assets in the CALID segment. During the three months ended March 31, 2025, the Company recognized a de minimis impairment charge to write off a trade name intangible asset which was no longer in use.

v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue
6.
Revenue

The following table presents the Company’s revenue by end customer geography for the three months ended March 31, (in millions):

 

 

2026

 

 

2025

 

United States

 

$

221.9

 

 

$

217.4

 

Germany

 

 

62.7

 

 

 

61.1

 

Europe excluding Germany

 

 

258.9

 

 

 

224.1

 

China

 

 

74.0

 

 

 

101.2

 

Asia Pacific excluding China

 

 

134.7

 

 

 

131.4

 

Other

 

 

71.2

 

 

 

66.2

 

Total revenue

 

$

823.4

 

 

$

801.4

 

The following table presents revenue for the Company recognized at a point in time versus over time for the three months ended March 31, (in millions):

 

 

 

2026

 

 

2025

 

Revenue recognized at a point in time

 

$

688.3

 

 

$

678.7

 

Revenue recognized over time

 

 

135.1

 

 

 

122.7

 

Total revenue

 

$

823.4

 

 

$

801.4

 

 

As of March 31, 2026, and December 31, 2025, the following balances were associated with revenue (in millions):

 

 

 

March 31,
2026

 

 

December 31,
2025

 

Contract assets

 

$

118.7

 

 

$

113.0

 

Contract liabilities (a)

 

 

586.1

 

 

 

550.4

 

Remaining performance obligations (b)

 

$

2,707.8

 

 

$

2,569.4

 
(a)
Approximately $186.5 million of the contract liability balance on December 31, 2025, was recognized as revenue during the three months ended March 31, 2026.
(b)
Bruker’s mix of remaining performance obligations consist of firm orders under non-cancelable purchase orders received from customers and the timing of revenue recognition can vary significantly due to a variety of factors. Bruker manufactures innovative scientific instruments and diagnostic solutions which can result in varying production and installation timing due to components, customization, manufacturing, assembly, testing processes, and customer site availability or readiness. Bruker’s expected completion of performance obligations can vary from year to year based on these and other factors. As a result, performance obligations on any particular date may be indicative of Bruker’s short-term revenue performance but is not necessarily a reliable indicator of long-term revenue performance. The Company will recognize revenues for these performance obligations as they are satisfied, the majority of which is expected to occur within the next twelve months.
The Company has historically generated higher levels of revenue in the fourth quarter and lower levels of revenue in the first quarter of the year, which it believes is influenced by its customers’ budgeting cycles.
v3.26.1
Business Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segment Information
7.
Business Segment Information

 

The Company's CEO is the chief operating decision maker. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We exclude from segment expenses and segment operating income certain corporate-related expenses and certain transactions or adjustments, such as costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, and costs associated with our global information technology transition initiatives. The Company's intersegment sales and transfers are accounted for at discounted market-based prices based on intersegment agreements. The chief operating decision maker uses segment operating income to assess the performance for each segment by comparing the results of each segment with one another, comparing actual results to budget and prior year, as well as to allocate resources.

The following table presents segment results for the three months ended March 31, 2026, and 2025, (in millions):

 

Three Months Ended
March 31, 2026

 

 

Three Months Ended
March 31, 2025

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

197.5

 

 

$

316.3

 

 

$

246.0

 

 

$

63.6

 

 

$

823.4

 

 

$

207.8

 

 

$

280.1

 

 

$

256.6

 

 

$

56.9

 

 

$

801.4

 

Intersegment revenue

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3.2

 

 

 

3.2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.4

 

 

 

2.4

 

Total segment revenue

 

$

197.5

 

 

$

316.3

 

 

$

246.0

 

 

$

66.8

 

 

$

826.6

 

 

$

207.8

 

 

$

280.1

 

 

$

256.6

 

 

$

59.3

 

 

$

803.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

102.7

 

 

$

139.3

 

 

$

120.2

 

 

$

52.5

 

 

$

414.7

 

 

$

109.7

 

 

$

117.8

 

 

$

118.9

 

 

$

46.4

 

 

$

392.8

 

Selling, general and administrative

 

 

41.8

 

 

 

81.3

 

 

 

68.5

 

 

 

5.9

 

 

 

197.5

 

 

 

39.0

 

 

 

72.9

 

 

 

69.3

 

 

 

5.3

 

 

 

186.5

 

Research and development

 

 

24.2

 

 

 

33.1

 

 

 

42.9

 

 

 

0.8

 

 

 

101.0

 

 

 

22.0

 

 

 

27.9

 

 

 

45.3

 

 

 

0.6

 

 

 

95.8

 

Segment operating income

 

$

28.8

 

 

$

62.6

 

 

$

14.4

 

 

$

7.6

 

 

$

113.4

 

 

$

37.1

 

 

$

61.5

 

 

$

23.1

 

 

$

7.0

 

 

$

128.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate, elimination and other (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

29.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

26.9

 

Adjustments and reconciling items (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70.0

 

Total consolidated operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

10.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

31.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes, equity in income (losses) of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

$

21.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

25.1

 
(a)
Represents corporate costs and intersegment eliminations not allocated to the reportable segments. These costs include general and administrative expenses not directly incurred by the segments such as professional fees incurred for the quarterly reviews and annual audit of the consolidated financial statements, personnel costs of corporate accounting, finance, legal, and IT resources, and other expense items.
(b)
Adjustments and reconciling items consist of costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, costs associated with our global information technology (“IT”) transition initiatives, goodwill, intangible assets, and other long-lived asset impairment charges, and other costs.

Refer to Note 6, Revenue for information on revenue by geographical area.

Total capital expenditures and depreciation and amortization by segment are as follows for the periods reported (in millions):

 

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Capital Expenditures:

 

 

 

 

 

 

BSI BioSpin

 

$

2.4

 

 

$

3.2

 

BSI CALID

 

 

6.7

 

 

 

8.4

 

BSI NANO

 

 

4.9

 

 

 

4.9

 

BEST

 

 

1.6

 

 

 

4.8

 

Corporate

 

 

2.3

 

 

 

4.7

 

Total capital expenditures

 

$

17.9

 

 

$

26.0

 

Depreciation and Amortization:

 

 

 

 

 

 

BSI BioSpin

 

$

11.7

 

 

$

10.4

 

BSI CALID

 

 

24.6

 

 

 

19.8

 

BSI NANO

 

 

17.0

 

 

 

16.7

 

BEST

 

 

2.6

 

 

 

2.1

 

Corporate

 

 

2.4

 

 

 

1.4

 

Total depreciation and amortization

 

$

58.3

 

 

$

50.4

 

Total assets by segment are as follows (in millions):

 

March 31,
2026

 

 

December 31,
2025

 

Assets:

 

 

 

 

 

 

BSI BioSpin, BSI CALID, BSI NANO & Corporate

 

$

5,978.4

 

 

$

6,094.2

 

BEST

 

 

194.7

 

 

 

192.4

 

Eliminations and other (a)

 

 

(42.4

)

 

 

(45.2

)

Total assets

 

$

6,130.7

 

 

$

6,241.4

 
(a)
Assets not allocated to the reportable segments and eliminations of intercompany transactions.

The Company is unable, without unreasonable effort or expense, to disclose the amount of total assets by the BSI BioSpin, BSI CALID and BSI NANO Segments as well as the Corporate function and further, the Company’s chief operating decision maker does not receive long-lived asset information individually by these reportable segments and Corporate.

v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share
8.
Earnings Per Share

The following table sets forth the computation of basic and diluted weighted average shares outstanding and associated net income per common share attributable to Bruker Corporation common shareholders (in millions, except per share amounts):

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

Net income attributable to Bruker Corporation

 

$

14.4

 

 

$

17.4

 

 

Dividends on Series A Mandatory Convertible Preferred Stock

 

 

10.9

 

 

 

—

 

 

Net income attributable to Burker Corporation common shareholders

 

$

3.5

 

 

$

17.4

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

 

152.2

 

 

 

151.6

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

Stock options, restricted stock units, and employee stock purchase plan

 

 

0.5

 

 

 

0.3

 

 

Series A Mandatory Convertible Preferred Stock

 

 

—

 

 

 

—

 

 

Weighted average common shares outstanding - diluted

 

 

152.7

 

 

 

151.9

 

 

Net income per common share attributable to Bruker Corporation
     common shareholders:

 

 

 

 

 

 

 

Basic

 

$

0.02

 

 

$

0.11

 

 

Diluted

 

$

0.02

 

 

$

0.11

 

 

The methodology used to determine the earnings per common share attributable to Bruker Corporation common shareholders is consistent with that described in Note 2, Summary of Significant Accounting Policies of the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

The following common share equivalents have been excluded from the computation of diluted weighted average common shares outstanding, as their effect would have been anti-dilutive (amounts in millions of shares):

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

Stock options, restricted stock units, and employee stock purchase plan

 

 

1.1

 

 

 

1.0

 

 

Series A Mandatory Convertible Preferred Stock

 

 

19.2

 

 

 

—

 

 

 
v3.26.1
Other Charges, Net
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Other Charges, Net
9.
Other Charges, Net

The components of other charges, net are as follows (in millions):

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

Acquisition-related expenses, net (a)

 

$

4.1

 

 

$

6.2

 

 

Acquisition-related litigation charges

 

 

—

 

 

 

18.6

 

 

Restructuring charges

 

 

8.3

 

 

 

7.6

 

 

Long-lived asset impairment charges

 

 

12.9

 

 

 

0.7

 

 

Other

 

 

0.9

 

 

 

3.8

 

 

Other charges, net

 

$

26.2

 

 

$

36.9

 

 
(a)
Acquisition-related expenses relate primarily to transaction costs on potential and consummated acquisitions and integration costs of recently acquired entities.
v3.26.1
Restructuring and Asset Impairments
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Restructuring and Asset Impairments

10. Restructuring and Asset Impairments

The following table presents restructuring costs by segment as included within the Company’s unaudited condensed consolidated statements of operations (in millions):

 

Three Months Ended
March 31,

 

 

2026

 

 

2025

 

Cost of revenues:

 

 

 

 

 

 

BSI BioSpin

 

$

1.5

 

 

$

1.0

 

BSI CALID

 

 

(0.3

)

 

 

1.2

 

BSI NANO

 

 

8.3

 

 

 

0.4

 

Total Cost of revenues

 

$

9.5

 

 

$

2.6

 

Other charges, net:

 

 

 

 

 

 

BSI BioSpin

 

$

2.9

 

 

$

5.8

 

BSI CALID

 

 

1.5

 

 

 

1.0

 

BSI NANO

 

 

3.7

 

 

 

0.8

 

Corporate

 

 

0.2

 

 

—

 

Total Other charges, net

 

 

8.3

 

 

 

7.6

 

Total

 

$

17.8

 

 

$

10.2

 

The following table sets forth the changes in restructuring reserves, excluding costs of $7.4 million for scrapping, expired, or expiring inventory, for the three months ended March 31, 2026 (in millions):

 

 

Total

 

 

Severance

 

 

Exit Costs

 

 

Balance at December 31, 2025

 

$

32.2

 

 

$

31.9

 

 

$

0.3

 

 

Restructuring charges

 

 

10.4

 

 

 

9.8

 

 

 

0.6

 

 

Cash payments

 

 

(12.6

)

 

 

(12.0

)

 

 

(0.6

)

 

Non-cash adjustments

 

 

0.2

 

 

 

0.1

 

 

 

0.1

 

 

Foreign currency impact

 

 

(0.4

)

 

 

(0.4

)

 

 

—

 

 

Balance at March 31, 2026

 

$

29.8

 

 

$

29.4

 

 

$

0.4

 

 

 

Corporate wide restructuring plan: In the second quarter of 2025, the Company initiated a corporate-wide restructuring plan to be implemented across multiple functions and geographies to address macroeconomic conditions and uncertainties challenges, drive cost efficiencies and margin improvements, as well as to better align the Company’s product offerings (the “corporate-wide restructuring plan”). The corporate-wide restructuring plan includes a reduction in headcount, consolidation of leased facilities, and discontinuation of certain product offerings. The corporate-wide restructuring plan is expected to be completed during 2026.

 

The following table summarizes the charges incurred in connection with the corporate-wide restructuring plan by reportable segment for the three months ended March 31, 2026 (amounts in millions):

 

BSI BioSpin

 

 

 

Severance and termination charges

 

$

2.1

 

Inventory product restructuring charges

 

 

0.8

 

Other restructuring charges

 

 

0.1

 

Total BSI BioSpin

 

 

3.0

 

BSI CALID

 

 

 

Severance and termination charges

 

 

2.0

 

Inventory product restructuring charges

 

 

(0.9

)

Total BSI CALID

 

 

1.1

 

BSI NANO

 

 

 

Severance and termination charges

 

 

(0.1

)

Total BSI NANO

 

 

(0.1

)

Corporate

 

 

 

Severance and termination charges

 

 

0.2

 

Other restructuring charges

 

 

0.1

 

Total Corporate

 

 

0.3

 

Total Corporate wide restructuring charges (a)

 

$

4.3

 
(a)
The Company made severance, exit, and other restructuring payments of $11.9 million for the three months ended March 31, 2026.

 

As of March 31, 2026, the Company expects to incur additional restructuring charges of $4.5 million primarily related to legal fees in connection with corporate-wide restructuring plan through the remainder of 2026. However, there may be additional costs in addition to those known as of March 31, 2026, that will be recognized through the remainder of 2026. Refer to Note 12, Restructuring of the Annual Report on Form 10K for the year ended December 31, 2025, for further information on this restructuring plan.

 

BSI NANO restructuring plan: In the first quarter of 2026, the Company initiated a restructuring plan to be implemented in the BSI NANO segment to drive cost efficiencies and margin improvements primarily through the consolidation of certain divisions (the “BSI NANO restructuring plan”). The BSI NANO restructuring plan includes a reduction in headcount, merger of divisions within the segment, consolidation of leased facilities, and discontinuation of certain product offerings. The BSI NANO restructuring plan is expected to be completed during 2026.

 

The following table summarizes the charges incurred in connection with the BSI NANO restructuring plan for the three months ended March 31, 2026 (amounts in millions):

 

BSI NANO Restructuring Plan

 

 

 

Severance and termination charges

 

$

4.5

 

Inventory product restructuring charges

 

 

7.6

 

Other restructuring charges

 

 

0.2

 

Total BSI NANO (a)

 

$

12.3

 
(a)
The Company made severance, exit, and other restructuring payments of less than $0.1 million for the three months ended March 31, 2026.

 

In connection with the BSI NANO restructuring plan, the BSI NANO segment deemed certain right of use (“ROU”) assets, fixed assets, and existing technology and related patents intangible assets’ carrying value to be lower than its fair value. As a result, the segment recorded impairment charges totaling $3.1 million for ROU assets, $8.7 million for fixed assets, and $0.7 million for existing technology and related patents intangible assets during the three months ended March 31, 2026.

v3.26.1
Interest and Other Income (Expense), Net
 3 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Interest and Other Income (Expense), Net
11.
Interest and Other Income (Expense), Net

The components of interest and other income (expenses), net are as follows (in millions):

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

Interest income

 

$

4.9

 

 

$

3.1

 

 

Interest expense

 

 

(12.2

)

 

 

(13.1

)

 

Impairment of minority investments

 

 

(0.6

)

 

 

(1.9

)

 

Exchange gains, net on foreign currency transactions

 

 

4.4

 

 

 

4.3

 

 

Gain on remeasurement of previously held equity interest in Tofwerk

 

 

12.2

 

 

 

—

 

 

Other income

 

 

3.0

 

 

 

0.9

 

 

Interest and other income (expense), net

 

$

11.7

 

 

$

(6.7

)

 

 
v3.26.1
Provision for Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Provision for Income Taxes
12.
Provision for Income Taxes

The components of provision for income taxes are as follows (in millions):

 

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Income Tax Provision

 

$

2.5

 

 

$

8.7

 

Effective Tax Rates (a)

 

 

11.4

%

 

 

34.7

%

Penalties and Interest (recorded in provision for income taxes for unrecognized tax benefits)

 

$

0.4

 

 

$

0.8

 
(a)
The decrease in the Company's effective tax rate was primarily due to changes in jurisdictional mix and the impact of a nontaxable gain associated with the acquisition of Tofwerk (refer to Note 3, Acquisitions for more information).

 

The table below summaries unrecognized tax benefits and accrued interest and penalties components (in millions):

 

 

 

March 31,
2026

 

 

December 31,
2025

 

Unrecognized Tax Benefits (a)

 

$

74.1

 

 

$

72.8

 

Accrued Interest and Penalties (b)

 

$

6.7

 

 

$

6.4

 
(a)
This excludes penalties and interest. If these unrecognized tax benefits were recognized, there would be a reduction of the Company's effective tax rate.
(b)
These are related to uncertain tax positions and were included in other long-term liabilities on the Company's unaudited condensed consolidated balance sheets.

 

The Company files tax returns in the United States, which include federal, state and local jurisdictions, and many foreign jurisdictions with varying statutes of limitations. The Company considers Germany, the United States and Switzerland to be its significant tax jurisdictions. The majority of the Company’s earnings are derived in Germany and Switzerland. Accounting for the various federal and local taxing authorities, the statutory rates for 2026 are approximately 30.0% and 20.0% for Germany and Switzerland, respectively. The mix of earnings in those two jurisdictions resulted in an increase of approximately 7.8% from the U.S. statutory rate of 21.0% in the three months ended March 31, 2026.

The Organization for Economic Co-operation and Development introduced its Pillar Two Framework Model Rules (“Pillar 2”), which provides guidance for a global minimum tax. Various countries have either enacted or are in the process of enacting legislation to implement this framework. Our income tax provision for the three months ended March 31, 2026 reflects currently enacted legislation and guidance related to the model rules. This enacted legislation and guidance did not have a material impact on our income tax provision for the three months ended March 31, 2026. The Company continues to monitor the countries in which it operates as they enact legislation implementing Pillar 2.
v3.26.1
Inventories
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Inventories
13.
Inventories

Inventories consisted of the following (in millions):

 

March 31,
2026

 

 

December 31,
2025

 

Raw materials

 

$

393.4

 

 

$

392.0

 

Work-in-process

 

 

374.2

 

 

 

343.6

 

Finished goods

 

 

234.3

 

 

 

243.1

 

Demonstration units

 

 

119.6

 

 

 

115.9

 

Total Inventories

 

$

1,121.5

 

 

$

1,094.6

 

Finished goods include in-transit systems shipped to the Company’s customers for which control has not passed on to the customers. As of March 31, 2026, and December 31, 2025, the value of finished goods inventory-in-transit was $71.8 million and $81.1 million, respectively.

v3.26.1
Other Current Assets
 3 Months Ended
Mar. 31, 2026
Other Assets [Abstract]  
Other Current Assets
14.
Other Current Assets

Other current assets consisted of the following (in millions):

 

March 31,
2026

 

 

December 31,
2025

 

Unbilled receivables

 

$

118.2

 

 

$

112.5

 

Income and other taxes receivable (note 12)

 

 

84.8

 

 

 

74.2

 

Prepaid expenses

 

 

41.0

 

 

 

35.2

 

Deposits with vendors

 

 

28.2

 

 

 

23.8

 

Lease receivable

 

 

4.7

 

 

 

4.4

 

Other assets

 

 

29.1

 

 

 

24.1

 

Other current assets

 

$

306.0

 

 

$

274.2

 

 
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt
15.
Debt

The Company’s debt obligations consist of the following (in millions):

 

 

March 31,
2026

 

 

December 31,
2025

 

2024 term loan agreements (a):

 

 

 

 

 

 

CHF 150 million loan due March 2029, 1.41%

 

 

—

 

 

 

180.8

 

CHF 150 million loan due March 2031, 1.68%

 

 

187.3

 

 

 

189.0

 

Note Purchase Agreements (NPA – Senior notes) (b):

 

 

 

 

 

 

CHF 50 million due April 15, 2034, 2.56%

 

 

62.4

 

 

 

63.0

 

CHF 146 million due April 15, 2036, 2.62%, and CHF 50 million due April 15, 2036, 2.60%

 

 

244.8

 

 

 

247.0

 

CHF 135 million due April 15, 2039, 2.71%, and CHF 50 million due April 15, 2039, 2.62%

 

 

231.0

 

 

 

233.1

 

CHF 300 million due December 8, 2031, 0.88%

 

 

374.7

 

 

 

378.1

 

CHF 297 million due December 11, 2029, 1.01%

 

 

370.9

 

 

 

374.3

 

EUR 150 million due December 8, 2031, 1.03%

 

 

173.2

 

 

 

176.0

 

Other loans

 

 

10.6

 

 

 

11.2

 

Unamortized debt issuance costs

 

 

(2.0

)

 

 

(2.4

)

Total notes and loans outstanding

 

$

1,652.9

 

 

$

1,850.1

 

Finance lease obligations

 

 

18.4

 

 

 

19.0

 

Total debt

 

$

1,671.3

 

 

$

1,869.1

 

Current portion of long-term debt and finance lease obligations

 

 

(8.4

)

 

 

(16.6

)

Total long-term debt, less current portion

 

$

1,662.9

 

 

$

1,852.5

 
(a)
Amounts outstanding under the Term Loan Agreements bear interest at a rate equal to the Swiss Average Rate Overnight (“SARON”), plus a margin ranging from (i) 1.000% to 1.500% in the case of the three- and five-year term loan facilities and (ii) 1.250% to 1.750% in the case of the seven-year term loan facilities, in each case, based on the Company’s leverage ratio, provided, however, that if the loans are required to bear interest determined by reference to an Alternate Base Rate (“ABR Loans”), then such ABR Loans shall bear interest equal to (i) the federal funds effective rate plus ½ of 1%, (ii) the prime rate announced by Bank of America, N.A., and (iii) 1%, plus a margin ranging from 0.100% to 0.200%, based on the Company’s leverage ratio.
(b)
The fair value of the Company's long-term fixed interest rate debt was $1,407.4 million and $1,432.2 million as of March 31, 2026, and December 31, 2025, respectively.

 

Significant borrowings and repayments:

The following table summarizes the Company’s debt borrowings and repayments for the three months ended March 31, 2026, and 2025 (amounts in millions):

 

 

 

March 31,
2026

 

 

March 31,
2025

 

Proceeds from revolving lines of credit:

 

 

 

 

 

 

2024 Amended and Restated Credit Agreement

 

$

—

 

 

$

139.9

 

Proceeds from revolving lines of credit - Total

 

$

—

 

 

$

139.9

 

 

 

 

 

 

 

 

Repayments of revolving lines of credit:

 

 

 

 

 

 

2024 Amended and Restated Credit Agreement

 

$

—

 

 

$

(167.9

)

Repayments of revolving lines of credit - Total

 

$

—

 

 

$

(167.9

)

 

 

 

 

 

 

 

Proceeds from long-term debt:

 

 

 

 

 

 

Other

 

$

—

 

 

$

2.9

 

Proceeds from long-term debt - Total

 

$

—

 

 

$

2.9

 

 

 

 

 

 

 

 

Repayment of long-term debt:

 

 

 

 

 

 

USD notes under the 2019 Term Loan Agreement

 

$

—

 

 

$

(3.8

)

CHF notes under the 2024 Term Loan Agreement

 

 

(179.1

)

 

 

(2.1

)

Other

 

 

(2.2

)

 

 

(1.8

)

Repayment of long-term debt - Total

 

$

(181.3

)

 

$

(7.7

)

 

Revolving Credit Facility:

As of March 31, 2026, the maximum commitments and net amounts available under (i) the 2024 Revolving Credit Agreement and (ii) other lines of credit with various financial institutions located primarily in Germany and Switzerland that are unsecured and typically due upon demand are as follows (dollars in millions):

 

 

Weighted
Average
Interest Rate

 

Total Amount
Committed by
Lenders

 

 

Outstanding
Borrowings

 

 

Outstanding
Letters of
Credit

 

 

Total
Amount
Available

 

2024 Amended and Restated Credit
     Agreement (a)

 

0.20%

 

$

900.0

 

 

$

—

 

 

$

0.7

 

 

$

899.3

 

Bank guarantees and working capital line

 

varies

 

 

215.2

 

 

 

—

 

 

 

215.2

 

 

 

—

 

Total revolving lines of credit

 

 

 

$

1,115.2

 

 

$

—

 

 

$

215.9

 

 

$

899.3

 
(a)
Any debt outstanding under the 2024 Amended and Restated Revolving Credit Agreement is due at the end of its term in January 2029, and borrowings under this agreement may also be prepaid, at the Company’s option, in whole or in part without premium or penalty.

As of March 31, 2026, the Company was in compliance with the financial covenants of all debt agreements.

v3.26.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
16.
Fair Value of Financial Instruments

The Company measures the following financial assets and liabilities at fair value on a recurring basis. The following tables set forth the Company’s financial instruments and present them within the fair value hierarchy using the lowest level of input that is significant to the fair value measurement (in millions):

 

March 31, 2026

 

Total

 

 

Quoted Prices
in Active
Markets
Available
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

 

7.0

 

 

 

—

 

 

 

7.0

 

 

 

—

 

Total assets recorded at fair value

 

$

7.0

 

 

$

—

 

 

$

7.0

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (note 18)

 

$

10.4

 

 

$

—

 

 

$

—

 

 

$

10.4

 

Hybrid instruments liabilities (note 19)

 

 

19.7

 

 

 

—

 

 

 

—

 

 

 

19.7

 

Interest rate and cross-currency swap agreements (note 17)

 

 

33.7

 

 

 

—

 

 

 

33.7

 

 

 

—

 

Forward currency contracts

 

 

2.1

 

 

 

—

 

 

 

2.1

 

 

 

—

 

Equity interest purchase option liability (a)

 

 

10.9

 

 

 

—

 

 

 

—

 

 

 

10.9

 

Total liabilities recorded at fair value

 

$

76.8

 

 

$

—

 

 

$

35.8

 

 

$

41.0

 

 

December 31, 2025

 

Total

 

 

Quoted Prices
in Active
Markets
Available
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

 

2.8

 

 

 

—

 

 

 

2.8

 

 

 

—

 

Total assets recorded at fair value

 

$

2.8

 

 

$

—

 

 

$

2.8

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (note 18)

 

$

10.2

 

 

$

—

 

 

$

—

 

 

$

10.2

 

Hybrid instruments liabilities (note 19)

 

 

19.6

 

 

 

—

 

 

 

—

 

 

 

19.6

 

Interest rate and cross-currency swap agreements (note 17)

 

 

37.8

 

 

 

—

 

 

 

37.8

 

 

 

—

 

Forward currency contracts

 

 

1.0

 

 

 

—

 

 

 

1.0

 

 

 

—

 

Equity interest purchase option liability (a)

 

 

11.0

 

 

 

—

 

 

 

—

 

 

 

11.0

 

Total liabilities recorded at fair value

 

$

79.6

 

 

$

—

 

 

$

38.8

 

 

$

40.8

 
(a)
Equity interest purchase option liability is related to NovAliX. Refer to Note 4, Minority and Equity-Method Investments, for more information.

 

Refer to Note 2, Summary of Significant Accounting Policies to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025, for further information on the risks and valuation methodology used for assets and liabilities measured or disclosed at fair value.

v3.26.1
Derivative and Designated Hedging Instruments
 3 Months Ended
Mar. 31, 2026
Derivative and Designated Hedging Instruments Disclosure [Abstract]  
Derivative and Designated Hedging Instruments
17.
Derivative Instruments and Hedging Instruments

The Company's major exposure relates to foreign exchange rate risk. The Company’s exposure to foreign exchange rate risk includes exchange risk as a result of non-U.S. operations having functional currencies other than the U.S. Dollar, which is managed by cross-currency swap agreements and long-term debt designated as net investment hedges. As of March 31, 2026, the Company had several cross-currency swap agreements that qualify for hedge accounting with a notional value of $122.3 million of U.S. Dollar to Swiss Franc and a notional value of $122.3 million of U.S. Dollar to Euro to hedge the variability in the movement of foreign currency exchange rates on portions of its Euro and Swiss Franc denominated net asset investments.

In addition, the Company has foreign currency exposure at a transaction level, and this is addressed by forward currency contracts for significant exposures, which have not been designated as accounting hedges.

 

The following table presents the Company's notional amounts outstanding under foreign exchange contracts, cross-currency interest rate swap agreements, and long-term debt designated as net investment hedges, as well as the respective fair value of the instruments (in millions):

 

 

 

March 31, 2026

 

 

December 31, 2025

 

 

Notional (in USD)

 

 

Fair Value

 

 

Notional (in USD)

 

 

Fair Value

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

244.6

 

 

$

(33.7

)

 

$

248.2

 

 

$

(37.8

)

Long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

1,644.3

 

 

 

(199.9

)

 

 

1,660.5

 

 

 

(216.0

)

Total derivatives designated as hedging instruments

 

$

1,888.9

 

 

$

(233.6

)

 

$

1,908.7

 

 

$

(253.8

)

Derivatives not designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

 

 

 

 

 

 

 

 

 

 

 

Other current assets

 

$

781.0

 

 

$

7.0

 

 

$

855.8

 

 

$

2.8

 

Other current liabilities

 

 

305.5

 

 

 

(2.1

)

 

 

257.3

 

 

 

(1.0

)

Total derivatives not designated as hedging instruments

 

 

1,086.5

 

 

 

4.9

 

 

 

1,113.1

 

 

 

1.8

 

Total derivatives

 

$

2,975.4

 

 

$

(228.7

)

 

$

3,021.8

 

 

$

(252.0

)

 

The following is a summary of the gain (loss) included in Interest and other income (expense), net in the unaudited condensed consolidated statements of operations and comprehensive income related to the derivative instruments described above (in millions):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Derivatives not designated as hedging instruments

 

 

 

 

 

 

Forward currency contracts

 

$

0.6

 

 

$

4.2

 

Embedded derivatives in purchase and delivery contracts

 

 

(0.1

)

 

 

0.2

 

 

 

0.5

 

 

 

4.4

 

Derivatives designated as cash flow hedging instruments

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

—

 

 

$

1.9

 

Derivatives designated as net investment hedging instruments

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

1.2

 

 

$

1.3

 

 

 

1.2

 

 

 

3.2

 

Total

 

$

1.7

 

 

$

7.6

 

 

The following is a summary of the gain (loss) included in Accumulated other comprehensive income, net of tax in the unaudited condensed consolidated statements of operations and comprehensive income related to the derivative instruments described above (in millions):

 

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Derivatives designated as cash flow hedging instruments

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

—

 

 

$

(2.1

)

 

 

—

 

 

 

(2.1

)

Derivatives designated as net investment hedging instruments

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

2.7

 

 

$

(5.4

)

Long-term debt

 

 

12.3

 

 

 

(31.1

)

 

 

15.0

 

 

 

(36.5

)

Total

 

$

15.0

 

 

$

(38.6

)

The Company's exposure to interest rate risk related primarily to outstanding variable rate debt under the U.S. Dollar denominated 2019 Term Loan and adverse movements in the related market rates. This exposure was managed as part of an interest rate swap which involved us paying fixed, receiving floating. The interest rate swap agreement was terminated during the third quarter of 2025 following the repayment of the 2019 Term Loan.
v3.26.1
Contingent Consideration
 3 Months Ended
Mar. 31, 2026
Business Combination, Contingent Consideration, Liability [Abstract]  
Contingent Consideration

18. Contingent Consideration:

The following table sets forth the changes in contingent consideration liabilities (in millions):

 

 

 

 

 

Balance at December 31, 2025

 

$

10.2

 

Current period additions

 

 

—

 

Current period adjustments

 

 

0.3

 

Current period settlements

 

 

—

 

Foreign currency effect

 

 

(0.1

)

Balance at March 31, 2026

 

$

10.4

 

 

Changes in fair value subsequent to acquisition are recognized in Acquisition-related expenses, net included in Other charges, net, in the unaudited condensed consolidated statements of operations. Contingent consideration payments in excess of the acquisition date fair value are included in net cash provided by operating activities, and the original acquisition date values are included in net cash provided by (used in) financing activities in the unaudited condensed consolidated statements of cash flows. The contingent consideration is categorized as Level 3 in the fair value hierarchy and changes in fair value subsequent to acquisition are recognized in earnings. The carrying value and changes in fair value subsequent to acquisition recognized for contingent consideration are not material to the Company’s financial condition or result of operations, therefore additional disclosures regarding the significant unobservable inputs and sensitivity analysis have been omitted. Refer to Note 2, Summary of Significant Accounting Policies of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, for more information on the Company’s policy on contingent consideration.

v3.26.1
Hybrid Instruments Liabilities
 3 Months Ended
Mar. 31, 2026
Hybrid Instruments [Abstract]  
Hybrid Instruments Liabilities

19. Hybrid Instruments Liabilities:

Related to certain other majority owned acquisitions, the Company has entered into agreements with the noncontrolling interest holders that provide the Company with the right to purchase, and the noncontrolling interest holders with the right to sell the remaining ownerships for cash at contractually defined redemption values. Refer to Note 2, Summary of Significant Accounting Policies of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, for more information on the Company’s policy on hybrid instruments liabilities.

The following table sets forth the changes in hybrid instruments liability (in millions):

 

 

 

 

 

Balance at December 31, 2025

 

$

19.6

 

Acquisitions

 

 

—

 

Current period adjustments

 

 

0.1

 

Current period settlements

 

 

—

 

Foreign currency effect

 

 

—

 

Balance at March 31, 2026

 

$

19.7

 

The Level 3 fair value measurements of our hybrid instrument liabilities include the following significant unobservable inputs for the three months ended March 31, 2026:

 

Hybrid Instrument Liabilities

Valuation Technique

Unobservable Input

Value

Put / Call Options

Option Pricing Model

Revenue Risk Premium

4.7%

 

 

EBITDA Risk Premium

11.7%

 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
20.
Commitments and Contingencies

The Company’s product offerings include technologies and related intellectual property rights that are either developed or acquired. Such technologies and rights, particularly patents, are a significant part of ongoing product development and differentiation. Lawsuits, claims, and proceedings of a nature that claim infringement of patents or patent licenses owned by others are considered normal to the business and may be pending from time to time against the Company. Intellectual property litigation is inherently complex and unpredictable. Although monetary and injunctive relief is typically sought, remedies and restitution are generally not determined until the conclusion of the trial court proceedings and can be modified on appeal. Accordingly, the outcomes of individual cases are difficult to time, predict or quantify.

Loss contingency provisions are recorded if the potential loss from any claim, asserted or unasserted, or legal proceeding related to patents, products, and other matters, is considered probable and the amount can be reasonably estimated, or a range of loss can be determined. If the estimate of a probable loss is a range and no amount within the range is more likely, management’s best estimate is represented by the minimum amount of the range. If a material loss is not reasonably estimable, but is considered probable, or a material loss is reasonably possible, but not probable, disclosure would be provided below. The outcome of any of these proceedings cannot be accurately predicted, and the ultimate resolution of any of these existing matters, net of amounts accrued in the Company's balance sheet, may have a material adverse effect on the Company's business or financial condition.

Third parties might allege that the Company or its collaborators are infringing their patent rights or that the Company is otherwise violating their intellectual property rights. An adverse outcome in any of these proceedings could result in one or more of the following and have a material impact on our business or consolidated results of operations and financial position: (i) loss of patent protection; (ii) inability to continue to engage in certain activities; (iii) payment of significant damages, royalties, penalties, and/or license fees to third parties; and, (iv) with respect to products acquired through acquisitions accounted for as business combinations, potentially significant intangible asset impairment charges.

At March 31, 2026, and December 31, 2025, the accrual for several unresolved legal matters that are probable and estimable was $5.6 million and $5.4 million, respectively. In management’s opinion, the Company is not currently involved in any legal proceedings individually or in the aggregate that could materially adversely impact our operating results and cash flows.

In December 2025, the Company entered into a settlement and patent license agreement with AbCellera Biologics Inc. (“AbCellera”) and The University of British Columbia (“UBC”) resolving a previous patent litigation matter. The settlement included an agreement by the Company to pay $36.0 million to AbCellera in two equal installments over the first two quarters of 2026, as well as royalties on sales of the Company’s Beacon Optofluidic platform products in designated market segments until the expiration of the

applicable patents. As of March 31, 2026, the remaining unpaid portion of the settlement liability was $18.0 million and is expected to be paid by the end of the second quarter of 2026.

 

In May 2025, the Company entered into a settlement and global cross license agreements with 10x Genomics, Inc. (“10x”) resolving a previous patent litigation matter. The settlement included an agreement by the Company to pay $68.0 million to 10x in four quarterly installments beginning in the third quarter of 2025, as well as royalties on sales of the Company’s GeoMx Digital Spatial Profiler and CosMx Spatial Molecular Imager products until the expiration of the applicable patents. As of March 31, 2026, the remaining unpaid portion of the settlement liability was $15.8 million (plus accrued interest), and this was subsequently paid in April 2026.
v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
21.
Shareholders’ Equity

 

At March 31, 2026, the Company had 183,127,676 shares issued and 152,223,088 shares outstanding of common stock (260,000,000 shares authorized with $0.01 par value).

 

Mandatory Convertible Preferred Stock

As of March 31, 2026, the Company had 2,760,000 shares of Series A mandatory convertible preferred stock outstanding or $693.7 million in aggregate liquidation preference (5,000,000 shares authorized with $0.01 par value). When, and if declared by the Company’s board of directors, dividends on the Series A mandatory convertible preferred stock are payable quarterly at a rate per annum equal to 6.375% on the liquidation preference of $250 per share. Dividends on the Series A mandatory convertible preferred stock are cumulative, and the Series A mandatory convertible preferred stock, unless previously converted or redeemed, will automatically convert into the Company’s common stock on September 1, 2028. Unless converted earlier in accordance with its terms, each share of Series A mandatory convertible preferred stock will automatically convert on the mandatory conversion date into between 6.9534 and 8.5179 shares of Common Stock, in each case, subject to customary anti-dilution adjustments. The number of shares of Common Stock issuable upon mandatory conversion will be determined based on the average volume weighted average price per share of Common Stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to September 1, 2028. If upon mandatory conversion, the Board of Directors has not declared and paid all or any portion of the accumulated and unpaid dividends payable on the outstanding shares of the Series A mandatory convertible preferred stock, the applicable conversion rate will be adjusted so that converting holders receive an additional number of shares of Bruker common stock having a market value generally equal to the amount of such undeclared, accumulated and unpaid dividends.

If a “fundamental change” as defined in the Certificate of Designations, occurs on or prior to September 1, 2028, then holders of the Mandatory Convertible Preferred Stock will be entitled to convert all or any portion of their shares (but in no event in increments of less than one share of the Mandatory Convertible Preferred Stock), into shares of the Company’s common stock at the fundamental change conversion rate, as defined in the Certificate of Designations, for a specified period of time, and also to receive an amount to compensate such holders for unpaid accumulated dividends and any remaining future scheduled dividend payments.

Share Repurchase Program

In May 2023, the Company’s Board of Directors approved a share repurchase program (the “2023 Repurchase Program”) authorizing the purchase of up to $500.0 million of the Company’s common stock over a two-year period, in amounts, at prices, and at such times as management deems appropriate, subject to market conditions, legal requirements and other considerations. The 2023 Repurchase Program expired in May 2025 and has not been renewed. At March 31, 2026, the Company held 30,904,588 shares of treasury stock at cost.

Stock-Based Compensation

The Company recorded stock-based compensation expense as follows in the unaudited condensed consolidated statements of operations and comprehensive income (in millions):

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

Stock options

 

$

0.5

 

 

$

0.5

 

 

Restricted stock units

 

 

5.0

 

 

 

4.7

 

 

Employee Stock Purchase Plan

 

 

0.5

 

 

 

0.4

 

 

Total stock-based compensation expense

 

$

6.0

 

 

$

5.6

 

 

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

Cost of product revenue

 

$

0.6

 

 

$

0.5

 

 

Selling, general and administrative

 

 

4.6

 

 

 

4.4

 

 

Research and development

 

 

0.8

 

 

 

0.7

 

 

Total stock-based compensation expense

 

$

6.0

 

 

$

5.6

 

 

In addition to the awards above, the Company recorded stock-based compensation expense within other charges, net of $0.1 million and $0.6 million in the three months ended March 31, 2026, and 2025, respectively, related to the fair value changes of hybrid instruments associated with the option rights of certain minority shareholders of the Company’s majority owned acquisitions.

At March 31, 2026, the Company expected to recognize pre-tax stock-based compensation expense of $4.2 million associated with outstanding stock option awards granted under the Company's stock plans over the weighted average remaining service period of 2.7 years. The Company also expects to recognize additional pre-tax stock-based compensation expense of $41.1 million associated with outstanding restricted stock units granted under the Company's 2016 Incentive Compensation Plan over the weighted average remaining service period of 2.6 years.
v3.26.1
Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2026
2025 Acquisitions  
Acquisitions  
Schedule of Consideration Transferred, Allocation to Identifiable Assets Acquired and Liabilities Assumed and Respective Reporting Segment for Each Acquisitions

The following table presents the consideration transferred and the allocation to the identifiable assets acquired and liabilities assumed for the 2025 acquisitions (in millions):

 

Acquisition (Segment)

 

Recipe
 (BSI CALID)

 

Other
 (Various)

 

Total

 

Consideration Transferred:

 

 

 

 

 

 

 

Cash paid

 

$

58.8

 

$

20.0

 

$

78.8

 

Cash acquired

 

 

(5.2

)

 

(1.4

)

 

(6.6

)

Fair value of redeemable noncontrolling interest

 

 

27.5

 

 

1.1

 

 

28.6

 

Working capital and other closing adjustments

 

 

6.5

 

 

2.3

 

 

8.8

 

Total consideration transferred, net of cash acquired

 

$

87.6

 

$

22.0

 

$

109.6

 

Allocation of Consideration Transferred:

 

 

 

 

 

 

 

Accounts receivable

 

$

2.3

 

$

0.7

 

$

3.0

 

Inventories

 

 

7.7

 

 

1.0

 

 

8.7

 

Other current assets

 

 

0.1

 

 

0.6

 

 

0.7

 

Property, plant and equipment

 

 

21.2

 

 

1.2

 

 

22.4

 

Other assets

 

 

4.9

 

 

1.0

 

 

5.9

 

Intangible assets:

 

 

 

 

 

 

 

Technology

 

 

14.4

 

 

10.4

 

 

24.8

 

Customer relationships

 

 

30.2

 

 

0.9

 

 

31.1

 

Trade name

 

 

1.6

 

 

0.9

 

 

2.5

 

Goodwill

 

 

34.3

 

 

12.6

 

 

46.9

 

Deferred taxes (net)

 

 

(17.0

)

 

(0.7

)

 

(17.7

)

Liabilities assumed

 

 

(12.1

)

 

(6.6

)

 

(18.7

)

Total consideration allocated

 

$

87.6

 

$

22.0

 

$

109.6

 

 
Summary of Information on Acquisitions to Company's Financial Statements

The table below summarizes information on the Recipe Chemicals + Instruments GmbH (“Recipe”) acquisition:

 

 

Recipe

Acquisition date

April 14, 2025

Activity of acquired business

Provider of vendor-agnostic therapeutic drug monitoring (“TDM”) and other clinical in vitro diagnostic kits for Liquid chromatography-mass spectrometry systems utilizing triple-quadrupole time-of flight mass spectrometry (“LC-MS/MS”), High Performance Liquid Chromatography (“HPLC”), and Inductively Coupled Plasma Mass Spectrometry (“ICP-MS”) assays. This acquisition enhances Bruker's capabilities in small molecule clinical diagnostic assays with their existing kits, and ones to be developed, that can be used in our liquid chromatography triple-quadrupole mass spectrometers.

Location

Munich, Germany

Acquired interest

69.64%

Business acquired

Outstanding share capital of Recipe and Recipe’s interest in their majority owned subsidiary, WoBau GmbH (“WoBau”).

Redeemable noncontrolling interest – other shareholders

The Company entered into an agreement with the noncontrolling interest holders that provides the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 30.36% for cash at a contractually defined redemption value exercisable beginning in 2029. The rights associated with the noncontrolling interests are contingently redeemable at the option of the Company or the noncontrolling interest holder. As redemption of the rights is contingently redeemable at the option of the noncontrolling interest holder, the Company classifies the carrying amount of these rights in the mezzanine section on the consolidated balance sheet, which is presented above the equity section and below liabilities. The redeemable noncontrolling interest is initially measured at fair value and subsequently at the greater of the amount that would be paid if the settlement occurred as of the balance sheet date based on the contractually defined redemption value and its carrying amount adjusted for net income (loss) attributable to the noncontrolling interest. Adjustments to the carrying value of the redeemable noncontrolling interest are recorded through retained earnings. At the closing date the fair value of the redeemable noncontrolling interest was $27.5 million.

Additionally, the Company entered into an agreement with the noncontrolling interest holder of WoBau which provides the Company with the right to purchase the remaining 10.1% ownership interest of WoBau for cash at a price to be determined in the future, exercisable in 2029 or later. The rights associated with the noncontrolling interests are contingently redeemable at the option of the Company. At the closing date the fair value was determined to be de minimis.
Schedule of Estimated Useful Life for the Acquired Intangible Assets

The following table presents estimated useful life for the acquired intangible assets related to the Recipe acquisition as determined by the Company:

 

 

 

Recipe

Intangible Asset — Technology

 

10 years

Intangible Asset — Customer relationships

 

15 years

Intangible Asset — Tradename

 

1 year
2026 Acquisitions  
Acquisitions  
Schedule of Consideration Transferred, Allocation to Identifiable Assets Acquired and Liabilities Assumed and Respective Reporting Segment for Each Acquisitions

The following table presents the consideration transferred and the allocation to the identifiable assets acquired and liabilities assumed for the 2026 acquisitions (in millions):

 

Acquisition (Segment)

 

Tofwerk
 (BSI CALID)

 

Other

 

Total

 

Consideration Transferred:

 

 

 

 

 

 

 

Cash paid

 

$

30.3

 

$

7.7

 

$

38.0

 

Cash acquired

 

 

(21.4

)

 

(0.2

)

 

(21.6

)

Fair value of deferred consideration

 

 

27.0

 

 

—

 

 

27.0

 

Fair value of previously held equity interest

 

 

38.1

 

 

—

 

 

38.1

 

Working capital and other closing adjustments

 

 

—

 

 

(0.5

)

 

(0.5

)

Total consideration transferred, net of cash acquired

 

$

74.0

 

$

7.0

 

$

81.0

 

Allocation of Consideration Transferred:

 

 

 

 

 

 

 

Accounts receivable

 

 

6.5

 

 

0.3

 

 

6.8

 

Inventories

 

 

12.1

 

 

0.6

 

 

12.7

 

Other current assets

 

 

2.9

 

 

0.1

 

 

3.0

 

Property, plant and equipment

 

 

0.2

 

 

0.1

 

 

0.3

 

Other assets

 

 

9.5

 

 

—

 

 

9.5

 

Intangible assets:

 

 

 

 

 

 

 

Technology

 

 

32.7

 

 

6.9

 

 

39.6

 

Customer relationships

 

 

3.7

 

 

—

 

 

3.7

 

Trade name

 

 

1.4

 

 

—

 

 

1.4

 

Goodwill

 

 

36.4

 

 

—

 

 

36.4

 

Deferred taxes (net)

 

 

(7.8

)

 

(0.9

)

 

(8.7

)

Liabilities assumed

 

 

(23.6

)

 

(0.1

)

 

(23.7

)

Total consideration allocated

 

$

74.0

 

$

7.0

 

$

81.0

 
Summary of Information on Acquisitions to Company's Financial Statements

The table below summarizes information on the Tofwerk AG and its wholly owned subsidiaries (collectively “Tofwerk”) acquisition:

 

 

Tofwerk

Acquisition date

January 6, 2026

Activity of acquired business

Developer and manufacturer of high-performance time-of-flight (“TOF”) mass spectrometers and related analytical instrumentation used across environmental analysis, industrial monitoring, semiconductor applications, and scientific research. Tofwerk’s modular TOF platform enables real-time, high-resolution detection and quantification of complex chemical compositions. This acquisition enhances Bruker’s mass spectrometry portfolio by expanding our capabilities in TOF based solutions and strengthens our position in advanced environmental, industrial, and research markets that benefit from high sensitivity, real time mass spectrometric analysis.

Location

Thun, Switzerland

Percentage of voting equity interests acquired

Remaining 60.0% ownership interest in Tofwerk. The Company’s existing 40.0% interest in Tofwerk was previously accounted for under the equity method.

Business acquired

Outstanding share capital of Tofwerk.
Schedule of Estimated Useful Life for the Acquired Intangible Assets The following table presents estimated useful life for the acquired intangible assets as determined by the Company:

 

 

 

Tofwerk

Intangible Asset — Technology

 

4 years

Intangible Asset — Customer relationships

 

7 years

Intangible Asset — Tradename

 

13 years
v3.26.1
Minority and Equity-method Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Acquisitions 2025  
Schedule of Equity Method Investments [Line Items]  
Schedule of minority investments During the year ended December 31, 2025, the Company completed several minority investments. The following table reflects the consideration transferred (in millions):

Name

 

Financial
Statement
Classification

 

Date Acquired

 

Total
Consideration

 

 

Cash
Consideration

 

Other minority investments

 

Other long-term assets

 

Various

 

$

8.2

 

 

$

7.2

 
Acquisitions 2026  
Schedule of Equity Method Investments [Line Items]  
Schedule of minority investments The fair value measurement of the liability as of March 31, 2026, and as of December 31, 2025, included significant unobservable inputs as follows:

 

Instrument

Valuation Technique

Unobservable Input

Value

Equity interest purchase option liability

Discounted Cash Flow

Revenue Risk Premium

2.5%

 

 

EBITDA Risk Premium

9.8%
v3.26.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in the carrying amount of goodwill

The following table sets forth the changes in the carrying amount of goodwill (in millions):

 

 

 

 

Balance at December 31, 2025

 

$

1,547.7

 

Current period additions

 

 

36.4

 

Current period adjustments

 

 

—

 

Foreign currency effect

 

 

(11.2

)

Balance at March 31, 2026

 

$

1,572.9

 
Summary of intangible assets

The following is a summary of intangible assets (in millions):

 

March 31, 2026

 

 

December 31, 2025

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Existing technology and related patents

 

$

817.8

 

 

$

(372.7

)

 

$

445.1

 

 

$

787.3

 

 

$

(358.2

)

 

$

429.1

 

Customer relationships

 

 

593.8

 

 

 

(178.5

)

 

 

415.3

 

 

 

594.6

 

 

 

(169.1

)

 

 

425.5

 

Trade names

 

 

68.7

 

 

 

(28.8

)

 

 

39.9

 

 

 

67.9

 

 

 

(27.4

)

 

 

40.5

 

Other

 

 

18.0

 

 

 

(15.9

)

 

 

2.1

 

 

 

18.1

 

 

 

(13.6

)

 

 

4.5

 

Intangible assets

 

$

1,498.3

 

 

$

(595.9

)

 

$

902.4

 

 

$

1,467.9

 

 

$

(568.3

)

 

$

899.6

 
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of revenue disaggregated by Group, end customer geographical location and timing of recognition

The following table presents the Company’s revenue by end customer geography for the three months ended March 31, (in millions):

 

 

2026

 

 

2025

 

United States

 

$

221.9

 

 

$

217.4

 

Germany

 

 

62.7

 

 

 

61.1

 

Europe excluding Germany

 

 

258.9

 

 

 

224.1

 

China

 

 

74.0

 

 

 

101.2

 

Asia Pacific excluding China

 

 

134.7

 

 

 

131.4

 

Other

 

 

71.2

 

 

 

66.2

 

Total revenue

 

$

823.4

 

 

$

801.4

 

The following table presents revenue for the Company recognized at a point in time versus over time for the three months ended March 31, (in millions):

 

 

 

2026

 

 

2025

 

Revenue recognized at a point in time

 

$

688.3

 

 

$

678.7

 

Revenue recognized over time

 

 

135.1

 

 

 

122.7

 

Total revenue

 

$

823.4

 

 

$

801.4

 
Schedule of contract balances associated with revenue

As of March 31, 2026, and December 31, 2025, the following balances were associated with revenue (in millions):

 

 

 

March 31,
2026

 

 

December 31,
2025

 

Contract assets

 

$

118.7

 

 

$

113.0

 

Contract liabilities (a)

 

 

586.1

 

 

 

550.4

 

Remaining performance obligations (b)

 

$

2,707.8

 

 

$

2,569.4

 
(a)
Approximately $186.5 million of the contract liability balance on December 31, 2025, was recognized as revenue during the three months ended March 31, 2026.
(b)
Bruker’s mix of remaining performance obligations consist of firm orders under non-cancelable purchase orders received from customers and the timing of revenue recognition can vary significantly due to a variety of factors. Bruker manufactures innovative scientific instruments and diagnostic solutions which can result in varying production and installation timing due to components, customization, manufacturing, assembly, testing processes, and customer site availability or readiness. Bruker’s expected completion of performance obligations can vary from year to year based on these and other factors. As a result, performance obligations on any particular date may be indicative of Bruker’s short-term revenue performance but is not necessarily a reliable indicator of long-term revenue performance. The Company will recognize revenues for these performance obligations as they are satisfied, the majority of which is expected to occur within the next twelve months.
v3.26.1
Business Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Revenue, Operating Income and Total Assets by Reportable Segment

The following table presents segment results for the three months ended March 31, 2026, and 2025, (in millions):

 

Three Months Ended
March 31, 2026

 

 

Three Months Ended
March 31, 2025

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

197.5

 

 

$

316.3

 

 

$

246.0

 

 

$

63.6

 

 

$

823.4

 

 

$

207.8

 

 

$

280.1

 

 

$

256.6

 

 

$

56.9

 

 

$

801.4

 

Intersegment revenue

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3.2

 

 

 

3.2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.4

 

 

 

2.4

 

Total segment revenue

 

$

197.5

 

 

$

316.3

 

 

$

246.0

 

 

$

66.8

 

 

$

826.6

 

 

$

207.8

 

 

$

280.1

 

 

$

256.6

 

 

$

59.3

 

 

$

803.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

102.7

 

 

$

139.3

 

 

$

120.2

 

 

$

52.5

 

 

$

414.7

 

 

$

109.7

 

 

$

117.8

 

 

$

118.9

 

 

$

46.4

 

 

$

392.8

 

Selling, general and administrative

 

 

41.8

 

 

 

81.3

 

 

 

68.5

 

 

 

5.9

 

 

 

197.5

 

 

 

39.0

 

 

 

72.9

 

 

 

69.3

 

 

 

5.3

 

 

 

186.5

 

Research and development

 

 

24.2

 

 

 

33.1

 

 

 

42.9

 

 

 

0.8

 

 

 

101.0

 

 

 

22.0

 

 

 

27.9

 

 

 

45.3

 

 

 

0.6

 

 

 

95.8

 

Segment operating income

 

$

28.8

 

 

$

62.6

 

 

$

14.4

 

 

$

7.6

 

 

$

113.4

 

 

$

37.1

 

 

$

61.5

 

 

$

23.1

 

 

$

7.0

 

 

$

128.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate, elimination and other (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

29.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

26.9

 

Adjustments and reconciling items (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70.0

 

Total consolidated operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

10.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

31.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes, equity in income (losses) of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

$

21.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

25.1

 
(a)
Represents corporate costs and intersegment eliminations not allocated to the reportable segments. These costs include general and administrative expenses not directly incurred by the segments such as professional fees incurred for the quarterly reviews and annual audit of the consolidated financial statements, personnel costs of corporate accounting, finance, legal, and IT resources, and other expense items.
(b)
Adjustments and reconciling items consist of costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, costs associated with our global information technology (“IT”) transition initiatives, goodwill, intangible assets, and other long-lived asset impairment charges, and other costs.

Total assets by segment are as follows (in millions):

 

March 31,
2026

 

 

December 31,
2025

 

Assets:

 

 

 

 

 

 

BSI BioSpin, BSI CALID, BSI NANO & Corporate

 

$

5,978.4

 

 

$

6,094.2

 

BEST

 

 

194.7

 

 

 

192.4

 

Eliminations and other (a)

 

 

(42.4

)

 

 

(45.2

)

Total assets

 

$

6,130.7

 

 

$

6,241.4

 
Assets not allocated to the reportable segments and eliminations of intercompany transactions.
Summary of capital expenditures and depreciation and amortization by segment

Total capital expenditures and depreciation and amortization by segment are as follows for the periods reported (in millions):

 

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Capital Expenditures:

 

 

 

 

 

 

BSI BioSpin

 

$

2.4

 

 

$

3.2

 

BSI CALID

 

 

6.7

 

 

 

8.4

 

BSI NANO

 

 

4.9

 

 

 

4.9

 

BEST

 

 

1.6

 

 

 

4.8

 

Corporate

 

 

2.3

 

 

 

4.7

 

Total capital expenditures

 

$

17.9

 

 

$

26.0

 

Depreciation and Amortization:

 

 

 

 

 

 

BSI BioSpin

 

$

11.7

 

 

$

10.4

 

BSI CALID

 

 

24.6

 

 

 

19.8

 

BSI NANO

 

 

17.0

 

 

 

16.7

 

BEST

 

 

2.6

 

 

 

2.1

 

Corporate

 

 

2.4

 

 

 

1.4

 

Total depreciation and amortization

 

$

58.3

 

 

$

50.4

 
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Computation of basic and diluted weighted average shares outstanding and net income per common share

The following table sets forth the computation of basic and diluted weighted average shares outstanding and associated net income per common share attributable to Bruker Corporation common shareholders (in millions, except per share amounts):

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

Net income attributable to Bruker Corporation

 

$

14.4

 

 

$

17.4

 

 

Dividends on Series A Mandatory Convertible Preferred Stock

 

 

10.9

 

 

 

—

 

 

Net income attributable to Burker Corporation common shareholders

 

$

3.5

 

 

$

17.4

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

 

152.2

 

 

 

151.6

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

Stock options, restricted stock units, and employee stock purchase plan

 

 

0.5

 

 

 

0.3

 

 

Series A Mandatory Convertible Preferred Stock

 

 

—

 

 

 

—

 

 

Weighted average common shares outstanding - diluted

 

 

152.7

 

 

 

151.9

 

 

Net income per common share attributable to Bruker Corporation
     common shareholders:

 

 

 

 

 

 

 

Basic

 

$

0.02

 

 

$

0.11

 

 

Diluted

 

$

0.02

 

 

$

0.11

 

 
Schedule of common share equivalents have been excluded from the computation of diluted weighted-average shares outstanding, as their effect would have been anti-dilutive

The following common share equivalents have been excluded from the computation of diluted weighted average common shares outstanding, as their effect would have been anti-dilutive (amounts in millions of shares):

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

Stock options, restricted stock units, and employee stock purchase plan

 

 

1.1

 

 

 

1.0

 

 

Series A Mandatory Convertible Preferred Stock

 

 

19.2

 

 

 

—

 

 

 
v3.26.1
Other Charges, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Schedule of components of other charges, net

The components of other charges, net are as follows (in millions):

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

Acquisition-related expenses, net (a)

 

$

4.1

 

 

$

6.2

 

 

Acquisition-related litigation charges

 

 

—

 

 

 

18.6

 

 

Restructuring charges

 

 

8.3

 

 

 

7.6

 

 

Long-lived asset impairment charges

 

 

12.9

 

 

 

0.7

 

 

Other

 

 

0.9

 

 

 

3.8

 

 

Other charges, net

 

$

26.2

 

 

$

36.9

 

 
(a)
Acquisition-related expenses relate primarily to transaction costs on potential and consummated acquisitions and integration costs of recently acquired entities.
v3.26.1
Restructuring and Asset Impairments (Tables)
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Summary of restructuring costs by segment

The following table presents restructuring costs by segment as included within the Company’s unaudited condensed consolidated statements of operations (in millions):

 

Three Months Ended
March 31,

 

 

2026

 

 

2025

 

Cost of revenues:

 

 

 

 

 

 

BSI BioSpin

 

$

1.5

 

 

$

1.0

 

BSI CALID

 

 

(0.3

)

 

 

1.2

 

BSI NANO

 

 

8.3

 

 

 

0.4

 

Total Cost of revenues

 

$

9.5

 

 

$

2.6

 

Other charges, net:

 

 

 

 

 

 

BSI BioSpin

 

$

2.9

 

 

$

5.8

 

BSI CALID

 

 

1.5

 

 

 

1.0

 

BSI NANO

 

 

3.7

 

 

 

0.8

 

Corporate

 

 

0.2

 

 

—

 

Total Other charges, net

 

 

8.3

 

 

 

7.6

 

Total

 

$

17.8

 

 

$

10.2

 
Schedule of changes in restructuring reserves, excluding costs of scrapping expired or expiring inventory

The following table sets forth the changes in restructuring reserves, excluding costs of $7.4 million for scrapping, expired, or expiring inventory, for the three months ended March 31, 2026 (in millions):

 

 

Total

 

 

Severance

 

 

Exit Costs

 

 

Balance at December 31, 2025

 

$

32.2

 

 

$

31.9

 

 

$

0.3

 

 

Restructuring charges

 

 

10.4

 

 

 

9.8

 

 

 

0.6

 

 

Cash payments

 

 

(12.6

)

 

 

(12.0

)

 

 

(0.6

)

 

Non-cash adjustments

 

 

0.2

 

 

 

0.1

 

 

 

0.1

 

 

Foreign currency impact

 

 

(0.4

)

 

 

(0.4

)

 

 

—

 

 

Balance at March 31, 2026

 

$

29.8

 

 

$

29.4

 

 

$

0.4

 

 
Schedule of restrucuring charges incurred in connection with the corporate-wide restructuring plans

The following table summarizes the charges incurred in connection with the corporate-wide restructuring plan by reportable segment for the three months ended March 31, 2026 (amounts in millions):

 

BSI BioSpin

 

 

 

Severance and termination charges

 

$

2.1

 

Inventory product restructuring charges

 

 

0.8

 

Other restructuring charges

 

 

0.1

 

Total BSI BioSpin

 

 

3.0

 

BSI CALID

 

 

 

Severance and termination charges

 

 

2.0

 

Inventory product restructuring charges

 

 

(0.9

)

Total BSI CALID

 

 

1.1

 

BSI NANO

 

 

 

Severance and termination charges

 

 

(0.1

)

Total BSI NANO

 

 

(0.1

)

Corporate

 

 

 

Severance and termination charges

 

 

0.2

 

Other restructuring charges

 

 

0.1

 

Total Corporate

 

 

0.3

 

Total Corporate wide restructuring charges (a)

 

$

4.3

 
(a)
The Company made severance, exit, and other restructuring payments of $11.9 million for the three months ended March 31, 2026.
Summary of charges incurred in connection with BSI NANO restructuring plan

The following table summarizes the charges incurred in connection with the BSI NANO restructuring plan for the three months ended March 31, 2026 (amounts in millions):

 

BSI NANO Restructuring Plan

 

 

 

Severance and termination charges

 

$

4.5

 

Inventory product restructuring charges

 

 

7.6

 

Other restructuring charges

 

 

0.2

 

Total BSI NANO (a)

 

$

12.3

 
(a)
The Company made severance, exit, and other restructuring payments of less than $0.1 million for the three months ended March 31, 2026.
v3.26.1
Interest and Other Income (Expense), Net (Tables)
 3 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Schedule of components of interest and other income (expense), net

The components of interest and other income (expenses), net are as follows (in millions):

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

Interest income

 

$

4.9

 

 

$

3.1

 

 

Interest expense

 

 

(12.2

)

 

 

(13.1

)

 

Impairment of minority investments

 

 

(0.6

)

 

 

(1.9

)

 

Exchange gains, net on foreign currency transactions

 

 

4.4

 

 

 

4.3

 

 

Gain on remeasurement of previously held equity interest in Tofwerk

 

 

12.2

 

 

 

—

 

 

Other income

 

 

3.0

 

 

 

0.9

 

 

Interest and other income (expense), net

 

$

11.7

 

 

$

(6.7

)

 

 
v3.26.1
Provision for Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Components of provision for income taxes

The components of provision for income taxes are as follows (in millions):

 

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Income Tax Provision

 

$

2.5

 

 

$

8.7

 

Effective Tax Rates (a)

 

 

11.4

%

 

 

34.7

%

Penalties and Interest (recorded in provision for income taxes for unrecognized tax benefits)

 

$

0.4

 

 

$

0.8

 
(a)
The decrease in the Company's effective tax rate was primarily due to changes in jurisdictional mix and the impact of a nontaxable gain associated with the acquisition of Tofwerk (refer to Note 3, Acquisitions for more information).
Components of unrecognized tax benefits and accrued interest and penalties

The table below summaries unrecognized tax benefits and accrued interest and penalties components (in millions):

 

 

 

March 31,
2026

 

 

December 31,
2025

 

Unrecognized Tax Benefits (a)

 

$

74.1

 

 

$

72.8

 

Accrued Interest and Penalties (b)

 

$

6.7

 

 

$

6.4

 
(a)
This excludes penalties and interest. If these unrecognized tax benefits were recognized, there would be a reduction of the Company's effective tax rate.
(b)
These are related to uncertain tax positions and were included in other long-term liabilities on the Company's unaudited condensed consolidated balance sheets.
v3.26.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventories

Inventories consisted of the following (in millions):

 

March 31,
2026

 

 

December 31,
2025

 

Raw materials

 

$

393.4

 

 

$

392.0

 

Work-in-process

 

 

374.2

 

 

 

343.6

 

Finished goods

 

 

234.3

 

 

 

243.1

 

Demonstration units

 

 

119.6

 

 

 

115.9

 

Total Inventories

 

$

1,121.5

 

 

$

1,094.6

 
v3.26.1
Other Current Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Other Assets [Abstract]  
Schedule of other current assets

Other current assets consisted of the following (in millions):

 

March 31,
2026

 

 

December 31,
2025

 

Unbilled receivables

 

$

118.2

 

 

$

112.5

 

Income and other taxes receivable (note 12)

 

 

84.8

 

 

 

74.2

 

Prepaid expenses

 

 

41.0

 

 

 

35.2

 

Deposits with vendors

 

 

28.2

 

 

 

23.8

 

Lease receivable

 

 

4.7

 

 

 

4.4

 

Other assets

 

 

29.1

 

 

 

24.1

 

Other current assets

 

$

306.0

 

 

$

274.2

 

 
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Components of Debt Obligations

The Company’s debt obligations consist of the following (in millions):

 

 

March 31,
2026

 

 

December 31,
2025

 

2024 term loan agreements (a):

 

 

 

 

 

 

CHF 150 million loan due March 2029, 1.41%

 

 

—

 

 

 

180.8

 

CHF 150 million loan due March 2031, 1.68%

 

 

187.3

 

 

 

189.0

 

Note Purchase Agreements (NPA – Senior notes) (b):

 

 

 

 

 

 

CHF 50 million due April 15, 2034, 2.56%

 

 

62.4

 

 

 

63.0

 

CHF 146 million due April 15, 2036, 2.62%, and CHF 50 million due April 15, 2036, 2.60%

 

 

244.8

 

 

 

247.0

 

CHF 135 million due April 15, 2039, 2.71%, and CHF 50 million due April 15, 2039, 2.62%

 

 

231.0

 

 

 

233.1

 

CHF 300 million due December 8, 2031, 0.88%

 

 

374.7

 

 

 

378.1

 

CHF 297 million due December 11, 2029, 1.01%

 

 

370.9

 

 

 

374.3

 

EUR 150 million due December 8, 2031, 1.03%

 

 

173.2

 

 

 

176.0

 

Other loans

 

 

10.6

 

 

 

11.2

 

Unamortized debt issuance costs

 

 

(2.0

)

 

 

(2.4

)

Total notes and loans outstanding

 

$

1,652.9

 

 

$

1,850.1

 

Finance lease obligations

 

 

18.4

 

 

 

19.0

 

Total debt

 

$

1,671.3

 

 

$

1,869.1

 

Current portion of long-term debt and finance lease obligations

 

 

(8.4

)

 

 

(16.6

)

Total long-term debt, less current portion

 

$

1,662.9

 

 

$

1,852.5

 
(a)
Amounts outstanding under the Term Loan Agreements bear interest at a rate equal to the Swiss Average Rate Overnight (“SARON”), plus a margin ranging from (i) 1.000% to 1.500% in the case of the three- and five-year term loan facilities and (ii) 1.250% to 1.750% in the case of the seven-year term loan facilities, in each case, based on the Company’s leverage ratio, provided, however, that if the loans are required to bear interest determined by reference to an Alternate Base Rate (“ABR Loans”), then such ABR Loans shall bear interest equal to (i) the federal funds effective rate plus ½ of 1%, (ii) the prime rate announced by Bank of America, N.A., and (iii) 1%, plus a margin ranging from 0.100% to 0.200%, based on the Company’s leverage ratio.
(b)
The fair value of the Company's long-term fixed interest rate debt was $1,407.4 million and $1,432.2 million as of March 31, 2026, and December 31, 2025, respectively.
Summary of Debt Borrowings and Repayments The following table summarizes the Company’s debt borrowings and repayments for the three months ended March 31, 2026, and 2025 (amounts in millions):

 

 

 

March 31,
2026

 

 

March 31,
2025

 

Proceeds from revolving lines of credit:

 

 

 

 

 

 

2024 Amended and Restated Credit Agreement

 

$

—

 

 

$

139.9

 

Proceeds from revolving lines of credit - Total

 

$

—

 

 

$

139.9

 

 

 

 

 

 

 

 

Repayments of revolving lines of credit:

 

 

 

 

 

 

2024 Amended and Restated Credit Agreement

 

$

—

 

 

$

(167.9

)

Repayments of revolving lines of credit - Total

 

$

—

 

 

$

(167.9

)

 

 

 

 

 

 

 

Proceeds from long-term debt:

 

 

 

 

 

 

Other

 

$

—

 

 

$

2.9

 

Proceeds from long-term debt - Total

 

$

—

 

 

$

2.9

 

 

 

 

 

 

 

 

Repayment of long-term debt:

 

 

 

 

 

 

USD notes under the 2019 Term Loan Agreement

 

$

—

 

 

$

(3.8

)

CHF notes under the 2024 Term Loan Agreement

 

 

(179.1

)

 

 

(2.1

)

Other

 

 

(2.2

)

 

 

(1.8

)

Repayment of long-term debt - Total

 

$

(181.3

)

 

$

(7.7

)
Summary of Maximum Commitments and Net Amounts Available Under the 2024 Credit Agreement and Other Lines of Credit

As of March 31, 2026, the maximum commitments and net amounts available under (i) the 2024 Revolving Credit Agreement and (ii) other lines of credit with various financial institutions located primarily in Germany and Switzerland that are unsecured and typically due upon demand are as follows (dollars in millions):

 

 

Weighted
Average
Interest Rate

 

Total Amount
Committed by
Lenders

 

 

Outstanding
Borrowings

 

 

Outstanding
Letters of
Credit

 

 

Total
Amount
Available

 

2024 Amended and Restated Credit
     Agreement (a)

 

0.20%

 

$

900.0

 

 

$

—

 

 

$

0.7

 

 

$

899.3

 

Bank guarantees and working capital line

 

varies

 

 

215.2

 

 

 

—

 

 

 

215.2

 

 

 

—

 

Total revolving lines of credit

 

 

 

$

1,115.2

 

 

$

—

 

 

$

215.9

 

 

$

899.3

 
(a)
Any debt outstanding under the 2024 Amended and Restated Revolving Credit Agreement is due at the end of its term in January 2029, and borrowings under this agreement may also be prepaid, at the Company’s option, in whole or in part without premium or penalty.
v3.26.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of financial instruments recorded at fair value on a recurring basis The following tables set forth the Company’s financial instruments and present them within the fair value hierarchy using the lowest level of input that is significant to the fair value measurement (in millions):

 

March 31, 2026

 

Total

 

 

Quoted Prices
in Active
Markets
Available
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

 

7.0

 

 

 

—

 

 

 

7.0

 

 

 

—

 

Total assets recorded at fair value

 

$

7.0

 

 

$

—

 

 

$

7.0

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (note 18)

 

$

10.4

 

 

$

—

 

 

$

—

 

 

$

10.4

 

Hybrid instruments liabilities (note 19)

 

 

19.7

 

 

 

—

 

 

 

—

 

 

 

19.7

 

Interest rate and cross-currency swap agreements (note 17)

 

 

33.7

 

 

 

—

 

 

 

33.7

 

 

 

—

 

Forward currency contracts

 

 

2.1

 

 

 

—

 

 

 

2.1

 

 

 

—

 

Equity interest purchase option liability (a)

 

 

10.9

 

 

 

—

 

 

 

—

 

 

 

10.9

 

Total liabilities recorded at fair value

 

$

76.8

 

 

$

—

 

 

$

35.8

 

 

$

41.0

 

 

December 31, 2025

 

Total

 

 

Quoted Prices
in Active
Markets
Available
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

 

2.8

 

 

 

—

 

 

 

2.8

 

 

 

—

 

Total assets recorded at fair value

 

$

2.8

 

 

$

—

 

 

$

2.8

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (note 18)

 

$

10.2

 

 

$

—

 

 

$

—

 

 

$

10.2

 

Hybrid instruments liabilities (note 19)

 

 

19.6

 

 

 

—

 

 

 

—

 

 

 

19.6

 

Interest rate and cross-currency swap agreements (note 17)

 

 

37.8

 

 

 

—

 

 

 

37.8

 

 

 

—

 

Forward currency contracts

 

 

1.0

 

 

 

—

 

 

 

1.0

 

 

 

—

 

Equity interest purchase option liability (a)

 

 

11.0

 

 

 

—

 

 

 

—

 

 

 

11.0

 

Total liabilities recorded at fair value

 

$

79.6

 

 

$

—

 

 

$

38.8

 

 

$

40.8

 
(a)
Equity interest purchase option liability is related to NovAliX. Refer to Note 4, Minority and Equity-Method Investments, for more information.
v3.26.1
Derivative and Hedging Designated Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative and Designated Hedging Instruments Disclosure [Abstract]  
Schedule of fair value and balance sheet location of derivative instruments

The following table presents the Company's notional amounts outstanding under foreign exchange contracts, cross-currency interest rate swap agreements, and long-term debt designated as net investment hedges, as well as the respective fair value of the instruments (in millions):

 

 

 

March 31, 2026

 

 

December 31, 2025

 

 

Notional (in USD)

 

 

Fair Value

 

 

Notional (in USD)

 

 

Fair Value

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

244.6

 

 

$

(33.7

)

 

$

248.2

 

 

$

(37.8

)

Long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

1,644.3

 

 

 

(199.9

)

 

 

1,660.5

 

 

 

(216.0

)

Total derivatives designated as hedging instruments

 

$

1,888.9

 

 

$

(233.6

)

 

$

1,908.7

 

 

$

(253.8

)

Derivatives not designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

 

 

 

 

 

 

 

 

 

 

 

Other current assets

 

$

781.0

 

 

$

7.0

 

 

$

855.8

 

 

$

2.8

 

Other current liabilities

 

 

305.5

 

 

 

(2.1

)

 

 

257.3

 

 

 

(1.0

)

Total derivatives not designated as hedging instruments

 

 

1,086.5

 

 

 

4.9

 

 

 

1,113.1

 

 

 

1.8

 

Total derivatives

 

$

2,975.4

 

 

$

(228.7

)

 

$

3,021.8

 

 

$

(252.0

)
Schedule of impact on net income of unrealized gains and losses resulting from changes in the fair value of derivative instruments

The following is a summary of the gain (loss) included in Interest and other income (expense), net in the unaudited condensed consolidated statements of operations and comprehensive income related to the derivative instruments described above (in millions):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Derivatives not designated as hedging instruments

 

 

 

 

 

 

Forward currency contracts

 

$

0.6

 

 

$

4.2

 

Embedded derivatives in purchase and delivery contracts

 

 

(0.1

)

 

 

0.2

 

 

 

0.5

 

 

 

4.4

 

Derivatives designated as cash flow hedging instruments

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

—

 

 

$

1.9

 

Derivatives designated as net investment hedging instruments

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

1.2

 

 

$

1.3

 

 

 

1.2

 

 

 

3.2

 

Total

 

$

1.7

 

 

$

7.6

 

 

The following is a summary of the gain (loss) included in Accumulated other comprehensive income, net of tax in the unaudited condensed consolidated statements of operations and comprehensive income related to the derivative instruments described above (in millions):

 

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Derivatives designated as cash flow hedging instruments

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

—

 

 

$

(2.1

)

 

 

—

 

 

 

(2.1

)

Derivatives designated as net investment hedging instruments

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

2.7

 

 

$

(5.4

)

Long-term debt

 

 

12.3

 

 

 

(31.1

)

 

 

15.0

 

 

 

(36.5

)

Total

 

$

15.0

 

 

$

(38.6

)
v3.26.1
Contingent Consideration (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Contingent Consideration, Liability [Abstract]  
Schedule of changes in contingent consideration liabilities

The following table sets forth the changes in contingent consideration liabilities (in millions):

 

 

 

 

 

Balance at December 31, 2025

 

$

10.2

 

Current period additions

 

 

—

 

Current period adjustments

 

 

0.3

 

Current period settlements

 

 

—

 

Foreign currency effect

 

 

(0.1

)

Balance at March 31, 2026

 

$

10.4

 
v3.26.1
Hybrid Instruments Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Hybrid Instruments [Abstract]  
Schedule of changes in hybrid instrument liability

The following table sets forth the changes in hybrid instruments liability (in millions):

 

 

 

 

 

Balance at December 31, 2025

 

$

19.6

 

Acquisitions

 

 

—

 

Current period adjustments

 

 

0.1

 

Current period settlements

 

 

—

 

Foreign currency effect

 

 

—

 

Balance at March 31, 2026

 

$

19.7

 
Schedule of fair value measurements of hybrid instrument liabilities

The Level 3 fair value measurements of our hybrid instrument liabilities include the following significant unobservable inputs for the three months ended March 31, 2026:

 

Hybrid Instrument Liabilities

Valuation Technique

Unobservable Input

Value

Put / Call Options

Option Pricing Model

Revenue Risk Premium

4.7%

 

 

EBITDA Risk Premium

11.7%

 
v3.26.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Schedule of the impact of stock-based compensation expense

The Company recorded stock-based compensation expense as follows in the unaudited condensed consolidated statements of operations and comprehensive income (in millions):

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

Stock options

 

$

0.5

 

 

$

0.5

 

 

Restricted stock units

 

 

5.0

 

 

 

4.7

 

 

Employee Stock Purchase Plan

 

 

0.5

 

 

 

0.4

 

 

Total stock-based compensation expense

 

$

6.0

 

 

$

5.6

 

 

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

Cost of product revenue

 

$

0.6

 

 

$

0.5

 

 

Selling, general and administrative

 

 

4.6

 

 

 

4.4

 

 

Research and development

 

 

0.8

 

 

 

0.7

 

 

Total stock-based compensation expense

 

$

6.0

 

 

$

5.6

 

 
v3.26.1
Description of Business (Details)
 3 Months Ended
Mar. 31, 2026
Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 4
v3.26.1
Acquisitions - Schedule of Consideration Transferred and Allocation to Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Consideration Transferred:    
Cash paid $ 38.0 $ 78.8
Cash acquired (21.6) (6.6)
Fair value of deferred consideration 27.0  
Fair value of previously held equity interest 38.1  
Fair value of redeemable noncontrolling interest   28.6
Working capital and other closing adjustments (0.5) 8.8
Total consideration transferred, net of cash acquired 81.0 109.6
Allocation of Consideration Transferred:    
Accounts receivable 6.8 3.0
Inventories 12.7 8.7
Other current assets 3.0 0.7
Property, plant and equipment 0.3 22.4
Other assets 9.5 5.9
Goodwill 1,572.9 1,547.7
Deferred taxes (net) (8.7) (17.7)
Liabilities assumed (23.7) (18.7)
Total consideration allocated 81.0 109.6
Operating segments    
Allocation of Consideration Transferred:    
Goodwill 36.4 46.9
Technology    
Allocation of Consideration Transferred:    
Intangible assets 39.6 24.8
Customer Relationships    
Allocation of Consideration Transferred:    
Intangible assets 3.7 31.1
Trade Names    
Allocation of Consideration Transferred:    
Intangible assets 1.4 2.5
Recipe    
Consideration Transferred:    
Cash paid   58.8
Cash acquired   (5.2)
Fair value of redeemable noncontrolling interest   27.5
Working capital and other closing adjustments   6.5
Total consideration transferred, net of cash acquired   87.6
Allocation of Consideration Transferred:    
Accounts receivable   2.3
Inventories   7.7
Other current assets   0.1
Property, plant and equipment   21.2
Other assets   4.9
Goodwill   34.3
Deferred taxes (net)   (17.0)
Liabilities assumed   (12.1)
Total consideration allocated   87.6
Recipe | Technology    
Allocation of Consideration Transferred:    
Intangible assets   14.4
Recipe | Customer Relationships    
Allocation of Consideration Transferred:    
Intangible assets   30.2
Recipe | Trade Names    
Allocation of Consideration Transferred:    
Intangible assets   1.6
Tofwerk    
Consideration Transferred:    
Cash paid 30.3  
Cash acquired (21.4)  
Fair value of deferred consideration 27.0  
Fair value of previously held equity interest 38.1  
Working capital and other closing adjustments 0.0  
Total consideration transferred, net of cash acquired 74.0  
Allocation of Consideration Transferred:    
Accounts receivable 6.5  
Inventories 12.1  
Other current assets 2.9  
Property, plant and equipment 0.2  
Other assets 9.5  
Goodwill 36.4  
Deferred taxes (net) (7.8)  
Liabilities assumed (23.6)  
Total consideration allocated 74.0  
Tofwerk | Technology    
Allocation of Consideration Transferred:    
Intangible assets 32.7  
Tofwerk | Customer Relationships    
Allocation of Consideration Transferred:    
Intangible assets 3.7  
Tofwerk | Trade Names    
Allocation of Consideration Transferred:    
Intangible assets 1.4  
Other    
Consideration Transferred:    
Cash paid 7.7 20.0
Cash acquired (0.2) (1.4)
Fair value of deferred consideration 0.0  
Fair value of previously held equity interest 0.0  
Fair value of redeemable noncontrolling interest   1.1
Working capital and other closing adjustments (0.5) 2.3
Total consideration transferred, net of cash acquired 7.0 22.0
Allocation of Consideration Transferred:    
Accounts receivable 0.3 0.7
Inventories 0.6 1.0
Other current assets 0.1 0.6
Property, plant and equipment 0.1 1.2
Other assets 0.0 1.0
Goodwill 12.6
Deferred taxes (net) (0.9) (0.7)
Liabilities assumed (0.1) (6.6)
Total consideration allocated 7.0 22.0
Other | Technology    
Allocation of Consideration Transferred:    
Intangible assets 6.9 10.4
Other | Customer Relationships    
Allocation of Consideration Transferred:    
Intangible assets 0.0 0.9
Other | Trade Names    
Allocation of Consideration Transferred:    
Intangible assets $ 0.0 $ 0.9
v3.26.1
Acquisitions - Summary of Information on Acquisitions to Company's Financial Statements (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Jan. 06, 2026
Tofwerk and Subsidiaries    
Business Combination [Line Items]    
Equity method investment, ownership percentage 40.00%  
Recipe    
Business Combination [Line Items]    
Acquisition date Apr. 14, 2025  
Percentage of voting equity interests acquired 69.64%  
Redeemable noncontrolling interest $ 27.5  
Recipe | Other Shareholders [Member]    
Business Combination [Line Items]    
Remaining percentage of cash 30.36%  
Tofwerk    
Business Combination [Line Items]    
Acquisition date Jan. 06, 2026  
Tofwerk | Tofwerk and Subsidiaries    
Business Combination [Line Items]    
Percentage of voting equity interests acquired 60.00% 60.00%
WoBau [Member]    
Business Combination [Line Items]    
Remaining ownership percentage under options that can be exercised after acquisition period 10.10%  
v3.26.1
Acquisitions - Schedule of Estimated Useful Life for the Acquired Intangible Assets (Details)
 3 Months Ended
Mar. 31, 2026
Recipe | Intangible Asset - Technology  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Amortization period for intangible assets acquired 10 years
Recipe | Intangible Asset - Customer relationships  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Amortization period for intangible assets acquired 15 years
Recipe | Intangible Asset - Tradenames  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Amortization period for intangible assets acquired 1 year
Tofwerk | Intangible Asset - Technology  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Amortization period for intangible assets acquired 4 years
Tofwerk | Intangible Asset - Customer relationships  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Amortization period for intangible assets acquired 7 years
Tofwerk | Intangible Asset - Tradenames  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Amortization period for intangible assets acquired 13 years
v3.26.1
Acquisitions (Additional Information) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jan. 06, 2026
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Business Combination [Line Items]        
Total revenue   $ 823.4 $ 801.4  
Pre-tax gains   21.9 25.1  
Net Income (Loss)   14.4 $ 17.4  
2025 Acquisitions        
Business Combination [Line Items]        
Total revenue       $ 19.2
Net Income (Loss)       $ 2.4
2026 Acquisitions        
Business Combination [Line Items]        
Total revenue   13.0    
Pre-tax gains   $ 0.5    
Tofwerk        
Business Combination [Line Items]        
Fair value of existing interest $ 38.1      
Business acquisition percentage of identifiable assets acquired and liabilities 100.00%      
Non-taxable gain $ 12.2      
Tofwerk | Tofwerk and Subsidiaries        
Business Combination [Line Items]        
Ownership percentage acquired 60.00% 60.00%    
Tofwerk | Intangible Asset - Technology        
Business Combination [Line Items]        
Amortization period for intangible assets acquired   4 years    
Other Acquisitions | Intangible Asset - Technology        
Business Combination [Line Items]        
Amortization period for intangible assets acquired   3 years    
v3.26.1
Minority and Equity-method Investments - Schedule of Consideration Transferred and the Respective Reportable Segment for Each Acquisition (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]      
Total consideration $ 81.0   $ 109.6
Investment, Type [Extensible Enumeration]   Investment In Businesses [Member]  
Other Investment      
Schedule of Equity Method Investments [Line Items]      
Total consideration   $ 8.2  
Cash consideration   $ 7.2  
v3.26.1
Minority and Equity-method Investments - Schedule of fair value measurements of the liability included significant unobservable inputs (Details) - Equity interest purchase option liability - Discounted Cash Flow
Mar. 31, 2026
Revenue Risk Premium  
Schedule of Equity Method Investments [Line Items]  
Value 0.025
EBITDA Risk Premium  
Schedule of Equity Method Investments [Line Items]  
Value 0.098
v3.26.1
Minority and Equity-method Investments - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2025
Mar. 31, 2026
Schedule of Equity Method Investments [Line Items]      
Equity interest without readily determinable fair value amount   $ 26.3 $ 25.9
Put Option | Valuation Technique, Discounted Cash Flow | NovaAliX      
Schedule of Equity Method Investments [Line Items]      
Estimated fair value of the liability   11.0 $ 10.9
Equity Investments 2025      
Schedule of Equity Method Investments [Line Items]      
Asset impairment charges $ 1.9 $ 20.0  
v3.26.1
Goodwill and Intangible Assets - Goodwill (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Goodwill  
Balance at the beginning of the period $ 1,547.7
Current period additions/adjustments 36.4
Current period adjustments 0.0
Foreign currency effect (11.2)
Balance at the end of the period $ 1,572.9
v3.26.1
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Intangible assets      
Gross Carrying Amount, intangible assets $ 1,498.3   $ 1,467.9
Accumulated Amortization, intangible assets (595.9)   (568.3)
Net Carrying Amount, intangible assets 902.4   899.6
Amortization expense related to intangible assets subject to amortization 32.5 $ 27.3  
Existing Technology and Related Patents      
Intangible assets      
Gross Carrying Amount, intangible assets 817.8   787.3
Accumulated Amortization, intangible assets (372.7)   (358.2)
Net Carrying Amount, intangible assets 445.1   429.1
Customer Relationships      
Intangible assets      
Gross Carrying Amount, intangible assets 593.8   594.6
Accumulated Amortization, intangible assets (178.5)   (169.1)
Net Carrying Amount, intangible assets 415.3   425.5
Trade Names      
Intangible assets      
Gross Carrying Amount, intangible assets 68.7   67.9
Accumulated Amortization, intangible assets (28.8)   (27.4)
Net Carrying Amount, intangible assets 39.9   40.5
Other      
Intangible assets      
Gross Carrying Amount, intangible assets 18.0   18.1
Accumulated Amortization, intangible assets (15.9)   (13.6)
Net Carrying Amount, intangible assets $ 2.1   $ 4.5
v3.26.1
Goodwill and Intangible Assets - Additional Information (Details) - Existing Technology and Related Patents
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Cost of product revenue | BSI NANO  
Goodwill [Line Items]  
Asset impairment charges $ 0.7
Other charges, net | BSI CALID  
Goodwill [Line Items]  
Asset impairment charges $ 2.0
v3.26.1
Revenue - Disaggregation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues disaggregated by Group    
Total revenue $ 823.4 $ 801.4
Revenue recognized at a point in time    
Revenues disaggregated by Group    
Total revenue 688.3 678.7
Revenue recognized over time    
Revenues disaggregated by Group    
Total revenue 135.1 122.7
United States    
Revenues disaggregated by Group    
Total revenue 221.9 217.4
Germany    
Revenues disaggregated by Group    
Total revenue 62.7 61.1
Europe Excluding Germany    
Revenues disaggregated by Group    
Total revenue 258.9 224.1
China    
Revenues disaggregated by Group    
Total revenue 74.0 101.2
Asia Pacific Excluding China    
Revenues disaggregated by Group    
Total revenue 134.7 131.4
Other    
Revenues disaggregated by Group    
Total revenue $ 71.2 $ 66.2
v3.26.1
Revenue - Schedule of Contract Balances Associated with Revenue (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Contract assets $ 118.7 $ 113.0
Contract liabilities [1] 586.1 550.4
Remaining performance obligations [2] $ 2,707.8 $ 2,569.4
[1] Approximately $186.5 million of the contract liability balance on December 31, 2025, was recognized as revenue during the three months ended March 31, 2026.
[2] Bruker’s mix of remaining performance obligations consist of firm orders under non-cancelable purchase orders received from customers and the timing of revenue recognition can vary significantly due to a variety of factors. Bruker manufactures innovative scientific instruments and diagnostic solutions which can result in varying production and installation timing due to components, customization, manufacturing, assembly, testing processes, and customer site availability or readiness. Bruker’s expected completion of performance obligations can vary from year to year based on these and other factors. As a result, performance obligations on any particular date may be indicative of Bruker’s short-term revenue performance but is not necessarily a reliable indicator of long-term revenue performance. The Company will recognize revenues for these performance obligations as they are satisfied, the majority of which is expected to occur within the next twelve months.
v3.26.1
Revenue - Schedule of Contract Balances Associated with Revenue (Parenthetical) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue recognition during the period $ 186.5
v3.26.1
Business Segment Information - Information by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Business segment information      
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember    
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The chief operating decision maker uses segment operating income to assess the performance for each segment by comparing the results of each segment with one another, comparing actual results to budget and prior year, as well as to allocate resources.    
Total segment revenue $ 823.4 $ 801.4  
Operating expenses:      
Selling, general and administrative 242.1 225.4  
Research and development 101.3 97.1  
Operating Income 10.2 31.8  
Interest and other income (expense), net 11.7 (6.7)  
Income before income taxes, equity in (losses) income of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries 21.9 25.1  
Assets 6,130.7   $ 6,241.4
Capital Expenditures 17.9 26.0  
Depreciation and Amortization 58.3 50.4  
Operating segments      
Business segment information      
Total segment revenue 826.6 803.8  
Operating expenses:      
Cost of revenue 414.7 392.8  
Selling, general and administrative 197.5 186.5  
Research and development 101.0 95.8  
Operating Income 113.4 128.7  
Intersegment revenue      
Business segment information      
Total segment revenue 3.2 2.4  
Corporate, eliminations and other      
Operating expenses:      
Operating Income [1] 29.1 26.9  
Assets [2] (42.4)   (45.2)
BSI BioSpin      
Business segment information      
Total segment revenue 197.5 207.8  
Operating expenses:      
Capital Expenditures 2.4 3.2  
Depreciation and Amortization 11.7 10.4  
BSI BioSpin | Operating segments      
Business segment information      
Total segment revenue 197.5 207.8  
Operating expenses:      
Cost of revenue 102.7 109.7  
Selling, general and administrative 41.8 39.0  
Research and development 24.2 22.0  
Operating Income 28.8 37.1  
BSI BioSpin | Intersegment revenue      
Business segment information      
Total segment revenue 0.0 0.0  
BSI CALID      
Business segment information      
Total segment revenue 316.3 280.1  
Operating expenses:      
Capital Expenditures 6.7 8.4  
Depreciation and Amortization 24.6 19.8  
BSI CALID | Operating segments      
Business segment information      
Total segment revenue 316.3 280.1  
Operating expenses:      
Cost of revenue 139.3 117.8  
Selling, general and administrative 81.3 72.9  
Research and development 33.1 27.9  
Operating Income 62.6 61.5  
BSI CALID | Intersegment revenue      
Business segment information      
Total segment revenue 0.0 0.0  
BSI Nano      
Business segment information      
Total segment revenue 246.0 256.6  
Operating expenses:      
Capital Expenditures 4.9 4.9  
Depreciation and Amortization 17.0 16.7  
BSI Nano | Operating segments      
Business segment information      
Total segment revenue 246.0 256.6  
Operating expenses:      
Cost of revenue 120.2 118.9  
Selling, general and administrative 68.5 69.3  
Research and development 42.9 45.3  
Operating Income 14.4 23.1  
BSI Nano | Intersegment revenue      
Business segment information      
Total segment revenue 0.0 0.0  
BEST      
Business segment information      
Total segment revenue 63.6 56.9  
Operating expenses:      
Capital Expenditures 1.6 4.8  
Depreciation and Amortization 2.6 2.1  
BEST | Operating segments      
Business segment information      
Total segment revenue 66.8 59.3  
Operating expenses:      
Cost of revenue 52.5 46.4  
Selling, general and administrative 5.9 5.3  
Research and development 0.8 0.6  
Operating Income 7.6 7.0  
Assets 194.7   192.4
BEST | Intersegment revenue      
Business segment information      
Total segment revenue 3.2 2.4  
BSI Biospin, BSI CALID, BSI NANO & Corporate | Operating segments      
Operating expenses:      
Assets 5,978.4   $ 6,094.2
Corporate      
Operating expenses:      
Capital Expenditures 2.3 4.7  
Depreciation and Amortization 2.4 1.4  
Adjustments and Reconciling Items      
Operating expenses:      
Operating Income [3] $ 74.1 $ 70.0  
[1] Represents corporate costs and intersegment eliminations not allocated to the reportable segments. These costs include general and administrative expenses not directly incurred by the segments such as professional fees incurred for the quarterly reviews and annual audit of the consolidated financial statements, personnel costs of corporate accounting, finance, legal, and IT resources, and other expense items.
[2] Assets not allocated to the reportable segments and eliminations of intercompany transactions.
[3] Adjustments and reconciling items consist of costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, costs associated with our global information technology (“IT”) transition initiatives, goodwill, intangible assets, and other long-lived asset impairment charges, and other costs.
v3.26.1
Earnings Per Share - Computation (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Net income attributable to Bruker Corporation $ 14.4 $ 17.4
Dividends on Series A Mandatory Convertible Preferred Stock 10.9 0.0
Net income attributable to Bruker Corporation common shareholders $ 3.5 $ 17.4
Weighted average common shares outstanding:    
Weighted average common shares outstanding - basic 152.2 151.6
Effect of dilutive securities:    
Stock options, restricted stock units, and employee stock purchase plan 0.5 0.3
Series A Mandatory Convertible Preferred Stock 0.0 0.0
Weighted average common shares outstanding - diluted 152.7 151.9
Net income per common share attributable to Bruker Corporation common shareholders:    
Basic $ 0.02 $ 0.11
Diluted $ 0.02 $ 0.11
v3.26.1
Earnings Per Share - Anti-Dilutive Stock Options (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Stock Options, Restricted Stock Units, and Employee Stock Purchase Plan    
Anti-dilutive securities    
Number of shares excluded from the computation of diluted earnings per share 1.1 1.0
6.375% Series A Mandatory Convertible Preferred Stock    
Anti-dilutive securities    
Number of shares excluded from the computation of diluted earnings per share 19.2 0.0
v3.26.1
Other Charges, Net - Components of other charges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring and Related Activities [Abstract]    
Acquisition-related expenses, net [1] $ 4.1 $ 6.2
Acquisition-related litigation charges 0.0 18.6
Restructuring charges 8.3 7.6
Long-lived asset impairment charges 12.9 0.7
Other 0.9 3.8
Other charges, net $ 26.2 $ 36.9
[1] Acquisition-related expenses relate primarily to transaction costs on potential and consummated acquisitions and integration costs of recently acquired entities.
v3.26.1
Restructuring and Asset Impairments - Summary of restructuring costs by segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring charges    
Restructuring expenses $ 17.8 $ 10.2
Corporate    
Restructuring charges    
Restructuring expenses $ 0.2 $ 0.0
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag Other Nonrecurring Expense Other Nonrecurring Expense
Cost of revenues    
Restructuring charges    
Restructuring expenses $ 9.5 $ 2.6
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag Cost of Revenue Cost of Revenue
Cost of revenues | BSI BioSpin    
Restructuring charges    
Restructuring expenses $ 1.5 $ 1.0
Cost of revenues | BSI CALID    
Restructuring charges    
Restructuring expenses (0.3) 1.2
Cost of revenues | BSI Nano    
Restructuring charges    
Restructuring expenses 8.3 0.4
Other charges, net [Member]    
Restructuring charges    
Restructuring expenses $ 8.3 $ 7.6
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag Other Nonrecurring Expense Other Nonrecurring Expense
Other charges, net [Member] | BSI BioSpin    
Restructuring charges    
Restructuring expenses $ 2.9 $ 5.8
Other charges, net [Member] | BSI CALID    
Restructuring charges    
Restructuring expenses 1.5 1.0
Other charges, net [Member] | BSI Nano    
Restructuring charges    
Restructuring expenses $ 3.7 $ 0.8
v3.26.1
Restructuring and Asset Impairments - Restructuring reserves (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Restructuring Reserve [Roll Forward]  
Balance at the beginning of the period $ 32.2
Restructuring charges 10.4
Cash payments (12.6)
Non-cash adjustments 0.2
Foreign currency impact (0.4)
Balance at the end of the period 29.8
Severance  
Restructuring Reserve [Roll Forward]  
Balance at the beginning of the period 31.9
Restructuring charges 9.8
Cash payments (12.0)
Non-cash adjustments 0.1
Foreign currency impact (0.4)
Balance at the end of the period 29.4
Exit Costs  
Restructuring Reserve [Roll Forward]  
Balance at the beginning of the period 0.3
Restructuring charges 0.6
Cash payments (0.6)
Non-cash adjustments 0.1
Foreign currency impact 0.0
Balance at the end of the period $ 0.4
v3.26.1
Restructuring and Asset Impairments - Schedule of restructuring charges incurred in connection with the corporate-wide restructuring plans (Details) - Corporate Wide Restructuring Plan
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Restructuring Cost and Reserve [Line Items]  
Charges incurred to date $ 4.3 [1]
BSI BioSpin  
Restructuring Cost and Reserve [Line Items]  
Charges incurred to date 3.0
BSI BioSpin | Severance and Termination Charges  
Restructuring Cost and Reserve [Line Items]  
Charges incurred to date 2.1
BSI BioSpin | Inventory product restructuring charges  
Restructuring Cost and Reserve [Line Items]  
Charges incurred to date 0.8
BSI BioSpin | Other restructuring charges  
Restructuring Cost and Reserve [Line Items]  
Charges incurred to date 0.1
BSI CALID  
Restructuring Cost and Reserve [Line Items]  
Charges incurred to date 1.1
BSI CALID | Severance and Termination Charges  
Restructuring Cost and Reserve [Line Items]  
Charges incurred to date 2.0
BSI CALID | Inventory product restructuring charges  
Restructuring Cost and Reserve [Line Items]  
Charges incurred to date (0.9)
BSI Nano  
Restructuring Cost and Reserve [Line Items]  
Charges incurred to date (0.1)
BSI Nano | Severance and Termination Charges  
Restructuring Cost and Reserve [Line Items]  
Charges incurred to date (0.1)
Corporate  
Restructuring Cost and Reserve [Line Items]  
Charges incurred to date 0.3
Corporate | Severance and Termination Charges  
Restructuring Cost and Reserve [Line Items]  
Charges incurred to date 0.2
Corporate | Other restructuring charges  
Restructuring Cost and Reserve [Line Items]  
Charges incurred to date $ 0.1
[1] The Company made severance, exit, and other restructuring payments of $11.9 million for the three months ended March 31, 2026.
v3.26.1
Restructuring and Asset Impairments - Schedule of restructuring charges incurred in connection with the corporate-wide restructuring plans (Parenthetical) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Restructuring Cost and Reserve [Line Items]  
Severance payment $ 12.6
Severance and Termination Charges | Corporate Wide Restructuring Plan  
Restructuring Cost and Reserve [Line Items]  
Severance payment $ 11.9
v3.26.1
Restructuring and Asset Impairments - Summary of charges incurred in connection with BSI NANO restructuring plan (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]    
Restructuring Charges $ 17.8 $ 10.2
BSI NANO Restructuring Plan    
Restructuring Cost and Reserve [Line Items]    
Restructuring Charges [1] 12.3  
Severance and Termination Charges | BSI NANO Restructuring Plan    
Restructuring Cost and Reserve [Line Items]    
Restructuring Charges 4.5  
Inventory product restructuring charges | BSI NANO Restructuring Plan    
Restructuring Cost and Reserve [Line Items]    
Restructuring Charges 7.6  
Other restructuring charges | BSI NANO Restructuring Plan    
Restructuring Cost and Reserve [Line Items]    
Restructuring Charges $ 0.2  
[1] The Company made severance, exit, and other restructuring payments of less than $0.1 million for the three months ended March 31, 2026.
v3.26.1
Restructuring and Asset Impairments - Summary of charges incurred in connection with BSI NANO restructuring plan (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]    
Restructuring Charges $ 17.8 $ 10.2
Severance and Termination Charges | BSI NANO Restructuring Plan | Maximum    
Restructuring Cost and Reserve [Line Items]    
Restructuring Charges $ 0.1  
v3.26.1
Restructuring and Asset Impairments - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 17.8 $ 10.2
BSI NANO Restructuring Plan    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges [1] 12.3  
BSI NANO Restructuring Plan | Right Of Use Assets    
Restructuring Cost and Reserve [Line Items]    
Asset impairment charges 3.1  
BSI NANO Restructuring Plan | Fixed Assets    
Restructuring Cost and Reserve [Line Items]    
Asset impairment charges 8.7  
BSI NANO Restructuring Plan | Technology and Related Patents    
Restructuring Cost and Reserve [Line Items]    
Asset impairment charges 0.7  
Corporate-wide restructuring plan    
Restructuring Cost and Reserve [Line Items]    
Additional restructuring charges 4.5  
Provision for Excess Inventory    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 7.4  
[1] The Company made severance, exit, and other restructuring payments of less than $0.1 million for the three months ended March 31, 2026.
v3.26.1
Interest and Other Income (Expense), Net - Schedule of components of interest and other income (expense), net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Other Income and Expenses [Abstract]    
Interest income $ 4.9 $ 3.1
Interest expense (12.2) (13.1)
Impairment of minority investments (0.6) (1.9)
Exchange gains on foreign currency transactions 4.4 4.3
Gain on remeasurement of previously held equity interest in Tofwerk 12.2 0.0
Other income 3.0 0.9
Interest and other income (expense), net $ 11.7 $ (6.7)
v3.26.1
Provision for Income Taxes - Components of Provision for Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax provision $ 2.5 $ 8.7
Effective tax rates (as a percent) [1] 11.40% 34.70%
Penalties and Interest (recorded in provision for income taxes for unrecognized tax benefits) $ 0.4 $ 0.8
[1] The decrease in the Company's effective tax rate was primarily due to changes in jurisdictional mix and the impact of a nontaxable gain associated with the acquisition of Tofwerk (refer to Note 3, Acquisitions for more information).
v3.26.1
Provision for Income Taxes - Components of Unrecognized Tax Benefits and Accrued Interest and Penalties (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Income Tax Disclosure [Abstract]    
Unrecognized tax benefits [1] $ 74.1 $ 72.8
Accrued interest and penalties [2] $ 6.7 $ 6.4
[1] This excludes penalties and interest. If these unrecognized tax benefits were recognized, there would be a reduction of the Company's effective tax rate.
[2] These are related to uncertain tax positions and were included in other long-term liabilities on the Company's unaudited condensed consolidated balance sheets.
v3.26.1
Provision for Income Taxes - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
Provision for Income Taxes  
Statutory tax rate (as a percent) 21.00%
Change in tax rate - foreign jurisdictions (as a percent) 7.80%
Germany  
Provision for Income Taxes  
Statutory tax rate (as a percent) 30.00%
Switzerland  
Provision for Income Taxes  
Statutory tax rate (as a percent) 20.00%
v3.26.1
Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Raw materials $ 393.4 $ 392.0
Work-in-process 374.2 343.6
Finished goods 234.3 243.1
Demonstration units 119.6 115.9
Total Inventories 1,121.5 1,094.6
Inventory-in-transit $ 71.8 $ 81.1
v3.26.1
Other Current Assets - Schedule of other current assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Other Assets [Abstract]    
Unbilled receivables $ 118.2 $ 112.5
Income and other taxes receivable (note 12) 84.8 74.2
Prepaid expenses 41.0 35.2
Deposits with vendors 28.2 23.8
Lease receivable 4.7 4.4
Other assets 29.1 24.1
Other current assets $ 306.0 $ 274.2
v3.26.1
Debt - Components (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt    
Unamortized debt issuance costs $ (2.0) $ (2.4)
Total notes and loans outstanding 1,652.9 1,850.1
Total debt 1,671.3 1,869.1
Current portion of long-term debt and finance lease obligations (8.4) (16.6)
Total long-term debt, less current portion 1,662.9 1,852.5
CHF loan due 2029    
Debt    
Debt, before unamortized debt issuance costs [1] 0.0 180.8
CHF loan due 2031    
Debt    
Debt, before unamortized debt issuance costs [1] 187.3 189.0
CHF loan due April 15, 2034    
Debt    
Debt, before unamortized debt issuance costs [2] 62.4 63.0
CHF loan due April 15, 2036    
Debt    
Debt, before unamortized debt issuance costs [2] 244.8 247.0
CHF loan due April 15, 2039    
Debt    
Debt, before unamortized debt issuance costs [2] 231.0 233.1
CHF loan due December 8, 2031    
Debt    
Debt, before unamortized debt issuance costs [2] 374.7 378.1
CHF loan due December 11, 2029    
Debt    
Debt, before unamortized debt issuance costs [2] 370.9 374.3
EUR loan due December 8, 2031    
Debt    
Debt, before unamortized debt issuance costs [2] 173.2 176.0
Other loans    
Debt    
Debt, before unamortized debt issuance costs 10.6 11.2
Finance lease obligations    
Debt    
Total debt $ 18.4 $ 19.0
[1] Amounts outstanding under the Term Loan Agreements bear interest at a rate equal to the Swiss Average Rate Overnight (“SARON”), plus a margin ranging from (i) 1.000% to 1.500% in the case of the three- and five-year term loan facilities and (ii) 1.250% to 1.750% in the case of the seven-year term loan facilities, in each case, based on the Company’s leverage ratio, provided, however, that if the loans are required to bear interest determined by reference to an Alternate Base Rate (“ABR Loans”), then such ABR Loans shall bear interest equal to (i) the federal funds effective rate plus ½ of 1%, (ii) the prime rate announced by Bank of America, N.A., and (iii) 1%, plus a margin ranging from 0.100% to 0.200%, based on the Company’s leverage ratio.
[2] The fair value of the Company's long-term fixed interest rate debt was $1,407.4 million and $1,432.2 million as of March 31, 2026, and December 31, 2025, respectively.
v3.26.1
Debt - Components (Parenthetical) (Details)
€ in Millions, SFr in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2026
CHF (SFr)
Mar. 31, 2026
EUR (€)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]          
Maximum borrowing capacity | $ $ 1,115.2        
Repayment of long-term debt | $ 181.3     $ 7.7  
Long-term fixed interest rate debt | $ $ 1,407.4       $ 1,432.2
CHF loan due March 2029          
Debt Instrument [Line Items]          
Note purchase agreements, amount   SFr 150 [1]      
Debt Instrument, Interest Rate During Period 1.41% [1] 1.41% [1] 1.41% [1]    
CHF loan due March 2031          
Debt Instrument [Line Items]          
Note purchase agreements, amount   SFr 150 [1]      
Debt Instrument, Interest Rate During Period 1.68% [1] 1.68% [1] 1.68% [1]    
CHF loan due April 15, 2034          
Debt Instrument [Line Items]          
Note purchase agreements, amount   SFr 50 [2]      
Debt Instrument, Interest Rate During Period 2.56% [2] 2.56% [2] 2.56% [2]    
CHF loan due April 15, 2036          
Debt Instrument [Line Items]          
Note purchase agreements, amount   SFr 146 [2]      
Debt Instrument, Interest Rate During Period 2.62% [2] 2.62% [2] 2.62% [2]    
CHF loan due April 15, 2036, One          
Debt Instrument [Line Items]          
Note purchase agreements, amount   SFr 50 [2]      
Debt Instrument, Interest Rate During Period 2.60% [2] 2.60% [2] 2.60% [2]    
CHF loan due April 15, 2039          
Debt Instrument [Line Items]          
Note purchase agreements, amount   SFr 135 [2]      
Debt Instrument, Interest Rate During Period 2.71% [2] 2.71% [2] 2.71% [2]    
CHF loan due April 15, 2039, One          
Debt Instrument [Line Items]          
Note purchase agreements, amount   SFr 50 [2]      
Debt Instrument, Interest Rate During Period 2.62% [2] 2.62% [2] 2.62% [2]    
CHF loan due December 8, 2031          
Debt Instrument [Line Items]          
Note purchase agreements, amount   SFr 300 [2]      
Debt Instrument, Interest Rate During Period 0.88% [2] 0.88% [2] 0.88% [2]    
CHF loan due December 11, 2029          
Debt Instrument [Line Items]          
Note purchase agreements, amount   SFr 297 [2]      
Debt Instrument, Interest Rate During Period 1.01% [2] 1.01% [2] 1.01% [2]    
EUR loan due December 8, 2031          
Debt Instrument [Line Items]          
Note purchase agreements, amount | €     € 150 [2]    
Debt Instrument, Interest Rate During Period 1.03% [2] 1.03% [2] 1.03% [2]    
Three and five-year term loan | Minimum | SARON          
Debt Instrument [Line Items]          
Interest rate added to base rate (as a percent) 1.00% 1.00% 1.00%    
Three and five-year term loan | Maximum | SARON          
Debt Instrument [Line Items]          
Interest rate added to base rate (as a percent) 1.50% 1.50% 1.50%    
Seven year term loan | Minimum | SARON          
Debt Instrument [Line Items]          
Interest rate added to base rate (as a percent) 1.25% 1.25% 1.25%    
Seven year term loan | Maximum | SARON          
Debt Instrument [Line Items]          
Interest rate added to base rate (as a percent) 1.75% 1.75% 1.75%    
Term loan agreements          
Debt Instrument [Line Items]          
Interest rate terms the loans are required to bear interest determined by reference to an Alternate Base Rate (“ABR Loans”), then such ABR Loans shall bear interest equal to (i) the federal funds effective rate plus ½ of 1%, (ii) the prime rate announced by Bank of America, N.A., and (iii) 1%, plus a margin ranging from 0.100% to 0.200%, based on the Company’s leverage ratio. the loans are required to bear interest determined by reference to an Alternate Base Rate (“ABR Loans”), then such ABR Loans shall bear interest equal to (i) the federal funds effective rate plus ½ of 1%, (ii) the prime rate announced by Bank of America, N.A., and (iii) 1%, plus a margin ranging from 0.100% to 0.200%, based on the Company’s leverage ratio. the loans are required to bear interest determined by reference to an Alternate Base Rate (“ABR Loans”), then such ABR Loans shall bear interest equal to (i) the federal funds effective rate plus ½ of 1%, (ii) the prime rate announced by Bank of America, N.A., and (iii) 1%, plus a margin ranging from 0.100% to 0.200%, based on the Company’s leverage ratio.    
Term loan agreements | SARON          
Debt Instrument [Line Items]          
Debt Instrument, description of variable rate basis SARON” SARON” SARON”    
Term loan agreements | Prime rate          
Debt Instrument [Line Items]          
Debt Instrument, description of variable rate basis prime rate prime rate prime rate    
Interest rate added to base rate (as a percent) 1.00% 1.00% 1.00%    
Term loan agreements | Federal Funds          
Debt Instrument [Line Items]          
Debt Instrument, description of variable rate basis the federal funds effective rate plus ½ of 1% the federal funds effective rate plus ½ of 1% the federal funds effective rate plus ½ of 1%    
Term loan agreements | Minimum | Prime rate          
Debt Instrument [Line Items]          
Interest rate added to base rate (as a percent) 0.10% 0.10% 0.10%    
Term loan agreements | Maximum | Prime rate          
Debt Instrument [Line Items]          
Interest rate added to base rate (as a percent) 0.20% 0.20% 0.20%    
[1] Amounts outstanding under the Term Loan Agreements bear interest at a rate equal to the Swiss Average Rate Overnight (“SARON”), plus a margin ranging from (i) 1.000% to 1.500% in the case of the three- and five-year term loan facilities and (ii) 1.250% to 1.750% in the case of the seven-year term loan facilities, in each case, based on the Company’s leverage ratio, provided, however, that if the loans are required to bear interest determined by reference to an Alternate Base Rate (“ABR Loans”), then such ABR Loans shall bear interest equal to (i) the federal funds effective rate plus ½ of 1%, (ii) the prime rate announced by Bank of America, N.A., and (iii) 1%, plus a margin ranging from 0.100% to 0.200%, based on the Company’s leverage ratio.
[2] The fair value of the Company's long-term fixed interest rate debt was $1,407.4 million and $1,432.2 million as of March 31, 2026, and December 31, 2025, respectively.
v3.26.1
Debt - Debt Borrowings and Repayments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Proceeds from revolving lines of credit $ 0.0 $ 139.9
Repayments of revolving lines of credit 0.0 (167.9)
Proceeds from long-term debt 0.0 2.9
Proceeds from long-term debt, Other 0.0 2.9
Repayment of long-term debt (181.3) (7.7)
Repayment of long-term debt, Other (2.2) (1.8)
2024 Amended and Restated Credit Agreement    
Debt Instrument [Line Items]    
Proceeds from revolving lines of credit 0.0 139.9
Repayments of revolving lines of credit 0.0 (167.9)
USD notes under the 2019 Term Loan Agreement    
Debt Instrument [Line Items]    
Repayment of long-term debt 0.0 (3.8)
CHF Notes Under the 2024 Term Loan Agreement    
Debt Instrument [Line Items]    
Repayment of long-term debt $ (179.1) $ (2.1)
v3.26.1
Debt - Revolving Loan Arrangements (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Revolving lines of credit  
Total Amount Committed by Lenders $ 1,115.2
Outstanding Borrowings 0.0
Outstanding Letters of Credit 215.9
Total Amount Available $ 899.3
Amended and Restated Credit Agreement | Domestic Line Of Credit  
Revolving lines of credit  
Weighted Average Interest Rate (as a percent) 0.20% [1]
Total Amount Committed by Lenders $ 900.0 [1]
Outstanding Borrowings 0.0 [1]
Outstanding Letters of Credit 0.7 [1]
Total Amount Available 899.3 [1]
Bank guarantees and working capital line  
Revolving lines of credit  
Total Amount Committed by Lenders 215.2
Outstanding Letters of Credit $ 215.2
[1] Any debt outstanding under the 2024 Amended and Restated Revolving Credit Agreement is due at the end of its term in January 2029, and borrowings under this agreement may also be prepaid, at the Company’s option, in whole or in part without premium or penalty.
v3.26.1
Fair Value of Financial Instruments - Hierarchy (Details) - Recurring basis - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Forward currency contracts $ 7.0 $ 2.8
Total assets recorded at fair value 7.0 2.8
Liabilities:    
Contingent consideration (note 18) 10.4 10.2
Hybrid instruments liabilities (note 19) 19.7 19.6
Interest rate and cross-currency swap agreements (note 17) $ 33.7 $ 37.8
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Forward currency contracts $ 2.1 $ 1.0
Equity interest purchase option liability [1] 10.9 11.0
Total liabilities recorded at fair value 76.8 79.6
Quoted Prices in Active Markets Available (Level 1)    
Assets:    
Total assets recorded at fair value 0.0 0.0
Significant Other Observable Inputs (Level 2)    
Assets:    
Forward currency contracts 7.0 2.8
Total assets recorded at fair value 7.0 2.8
Liabilities:    
Interest rate and cross-currency swap agreements (note 17) $ 33.7 $ 37.8
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Forward currency contracts $ 2.1 $ 1.0
Total liabilities recorded at fair value 35.8 38.8
Significant Unobservable Inputs (Level 3)    
Assets:    
Total assets recorded at fair value 0.0 0.0
Liabilities:    
Contingent consideration (note 18) 10.4 10.2
Hybrid instruments liabilities (note 19) 19.7 19.6
Equity interest purchase option liability [1] 10.9 11.0
Total liabilities recorded at fair value $ 41.0 $ 40.8
[1] Equity interest purchase option liability is related to NovAliX. Refer to Note 4, Minority and Equity-Method Investments, for more information.
v3.26.1
Derivative and Designated Hedging Instruments - Risk Management (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Embedded derivatives in purchase and delivery contracts    
Notional Amount $ 2,975.4 $ 3,021.8
U.S. to Swiss Franc cross-currency and interest rate swap agreements    
Embedded derivatives in purchase and delivery contracts    
Notional Amount 122.3  
U.S. to Euro cross-currency and interest rate swap agreements    
Embedded derivatives in purchase and delivery contracts    
Notional Amount $ 122.3  
v3.26.1
Derivative and Designated Hedging Instruments - Balance Sheet (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivative instruments and hedging activities    
Derivative Assets (Liabilities) $ (228.7) $ (252.0)
Derivative, Notional Amount 2,975.4 3,021.8
Designated as hedging instrument    
Derivative instruments and hedging activities    
Derivative Assets (Liabilities) (233.6) (253.8)
Derivative Asset, Notional Amount 1,888.9 1,908.7
Designated as hedging instrument | Long-term debt    
Derivative instruments and hedging activities    
Derivative Assets (Liabilities) (199.9) (216.0)
Derivative Asset, Notional Amount 1,644.3 1,660.5
Designated as hedging instrument | Interest rate and cross currency swap agreements    
Derivative instruments and hedging activities    
Other current liabilities $ (33.7) $ (37.8)
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Derivative Liability, Notional Amount $ 244.6 $ 248.2
Not designated as hedging instruments    
Derivative instruments and hedging activities    
Derivative Assets (Liabilities) 4.9 1.8
Derivative, Notional Amount 1,086.5 1,113.1
Not designated as hedging instruments | Forward currency contract    
Derivative instruments and hedging activities    
Other current assets 7.0 2.8
Other current liabilities $ (2.1) $ (1.0)
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Derivative Liability, Notional Amount $ 305.5 $ 257.3
Derivative Asset, Notional Amount $ 781.0 $ 855.8
v3.26.1
Derivative and Designated Hedging Instruments - Income and Comprehensive Income Statement (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative instruments and hedging activities    
Impact on net income of unrealized gains and losses $ 1.7 $ 7.6
Not designated as hedging instruments    
Derivative instruments and hedging activities    
Impact on net income of unrealized gains and losses $ 0.5 $ 4.4
Not designated as hedging instruments | Forward currency contract    
Derivative instruments and hedging activities    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and other income (expense), net Interest and other income (expense), net
Impact on net income of unrealized gains and losses $ 0.6 $ 4.2
Not designated as hedging instruments | Embedded derivatives in purchase and delivery contracts    
Derivative instruments and hedging activities    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and other income (expense), net Interest and other income (expense), net
Impact on net income of unrealized gains and losses $ (0.1) $ 0.2
Designated as hedging instrument    
Derivative instruments and hedging activities    
Impact on net income of unrealized gains and losses 1.2 3.2
Designated as hedging instrument | Other Comprehensive Income    
Derivative instruments and hedging activities    
Impact on net income of unrealized gains and losses $ 15.0 $ (38.6)
Designated as hedging instrument | Cash Flow Hedging | Interest rate and cross currency swap agreements    
Derivative instruments and hedging activities    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and other income (expense), net Interest and other income (expense), net
Impact on net income of unrealized gains and losses $ 0.0 $ 1.9
Designated as hedging instrument | Cash Flow Hedging | Other Comprehensive Income | Interest rate and cross currency swap agreements    
Derivative instruments and hedging activities    
Impact on net income of unrealized gains and losses 0.0 (2.1)
Designated as hedging instrument | Net Investment Hedging    
Derivative instruments and hedging activities    
Impact on net income of unrealized gains and losses $ 15.0 $ (36.5)
Designated as hedging instrument | Net Investment Hedging | Interest rate and cross currency swap agreements    
Derivative instruments and hedging activities    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and other income (expense), net Interest and other income (expense), net
Impact on net income of unrealized gains and losses $ 1.2 $ 1.3
Designated as hedging instrument | Net Investment Hedging | Other Comprehensive Income    
Derivative instruments and hedging activities    
Impact on net income of unrealized gains and losses 0.0 (2.1)
Designated as hedging instrument | Net Investment Hedging | Other Comprehensive Income | Interest rate and cross currency swap agreements    
Derivative instruments and hedging activities    
Impact on net income of unrealized gains and losses $ 2.7 $ (5.4)
Designated as hedging instrument | Net Investment Hedging | Other Comprehensive Income | Long-term debt    
Derivative instruments and hedging activities    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Total Comprehensive income Total Comprehensive income
Impact on net income of unrealized gains and losses $ 12.3 $ (31.1)
v3.26.1
Contingent consideration - Schedule of Changes in Contingent Consideration Liabilities (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Balance at Beginning $ 10.2
Current period additions 0.0
Current period adjustments 0.3
Current period settlements 0.0
Foreign currency effect (0.1)
Balance at End $ 10.4
v3.26.1
Hybrid Instruments Liabilities - Schedule of Changes in Hybrid Instrument Liability (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Hybrid instruments liabilities  
Balance at Beginning $ 10.2
Acquisitions 0.0
Current period adjustments 0.3
Current period settlements 0.0
Foreign currency effect (0.1)
Balance at End 10.4
Hybrid instrument  
Hybrid instruments liabilities  
Balance at Beginning 19.6
Acquisitions 0.0
Current period adjustments 0.1
Current period settlements 0.0
Foreign currency effect 0.0
Balance at End $ 19.7
v3.26.1
Hybrid Instruments Liabilities - Schedule of Fair Value Measurements of Hybrid Instrument Liabilities (Details) - Significant Unobservable Inputs (Level 3) - Valuation Technique, Option Pricing Model - Hybrid instrument
 3 Months Ended
Mar. 31, 2026
Revenue Risk Premium  
Derivatives, Fair Value [Line Items]  
Range 4.70%
EBITDA Risk Premium  
Derivatives, Fair Value [Line Items]  
Range 11.70%
v3.26.1
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Jun. 30, 2026
Dec. 31, 2025
Letters of Credit and Guarantees      
Accrual for legal matters $ 5.6   $ 5.4
Nano String      
Letters of Credit and Guarantees      
Loss Contingency, Settlement Agreement, Terms The settlement included an agreement by the Company to pay $68.0 million to 10x in four quarterly installments beginning in the third quarter of 2025, as well as royalties on sales of the Company’s GeoMx Digital Spatial Profiler and CosMx Spatial Molecular Imager products until the expiration of the applicable patents.    
Litigation settlement, Amount $ 68.0    
Remaining unpaid settlement liability 15.8    
AbCellera [Member]      
Letters of Credit and Guarantees      
Litigation settlement, Amount $ 36.0    
Remaining unpaid settlement liability   $ 18.0  
v3.26.1
Shareholders' Equity (Additional Information) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
May 31, 2023
Class of Stock [Line Items]      
Common stock, shares issued 183,127,676    
Common stock, shares outstanding 152,223,088    
Common stock, shares authorized 260,000,000    
Common stock, par value (in dollars per share) $ 0.01    
Preferred stock liquidation preference value $ 693.7    
Preferred stock liquidation preference $ 250    
Preferred stock, shares authorized 5,000,000    
Preferred stock, par value (in dollars per share) $ 0.01    
Treasury stock, shares 30,904,588    
Preferred stock settlement terms The number of shares of Common Stock issuable upon mandatory conversion will be determined based on the average volume weighted average price per share of Common Stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to September 1, 2028.    
Stock-based compensation expense $ 6.0 $ 5.6  
Expected pre-tax stock-based compensation expense $ 4.2    
Weighted average remaining service period 2 years 8 months 12 days    
2016 Incentive Compensation Plan [Member]      
Class of Stock [Line Items]      
Expected pre-tax stock-based compensation expense $ 41.1    
Weighted average remaining service period 2 years 7 months 6 days    
Other charges, net [Member]      
Class of Stock [Line Items]      
Stock-based compensation expense $ 0.1 $ 0.6  
May 2023 Repurchase Program      
Class of Stock [Line Items]      
Amount approved for repurchase of common stock     $ 500.0
Mandatory Convertible Preferred Stock [Member]      
Class of Stock [Line Items]      
Preferred stock, shares outstanding 2,760,000    
Preferred stock dividend rate 6.375%    
Mandatory conversion date Sep. 01, 2028    
Mandatory Convertible Preferred Stock [Member] | Maximum [Member]      
Class of Stock [Line Items]      
Automatic conversion limit 8.5179    
Mandatory Convertible Preferred Stock [Member] | Minimum [Member]      
Class of Stock [Line Items]      
Automatic conversion limit 6.9534    
v3.26.1
Shareholders' Equity - Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock-based compensation expense $ 6.0 $ 5.6
Cost of product revenue    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock-based compensation expense 0.6 0.5
Selling, general and administrative    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock-based compensation expense 4.6 4.4
Research and development    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock-based compensation expense 0.8 0.7
Other charges, net [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock-based compensation expense 0.1 0.6
Employee Stock Option    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock-based compensation expense 0.5 0.5
Restricted stock units    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock-based compensation expense 5.0 4.7
Employee Stock Purchase Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock-based compensation expense $ 0.5 $ 0.4