Quarterly ResultMay 12, 2026, 07:13 AM
Vestis Q2 Net Income $2.6M vs. $(27.8)M Loss; Initiates Restructuring Plan
AI Summary
Vestis Corp reported a significant financial turnaround for the second quarter of fiscal 2026, achieving a net income of $2.6 million compared to a net loss of $27.8 million in the prior year period. Operating income also improved substantially to $26.8 million from an $8.6 million loss year-over-year, despite a slight revenue decrease to $659.4 million. For the six months, the net loss narrowed to $3.8 million from $27.0 million. The company also initiated a multi-year business transformation and restructuring plan, estimated to cost $30 million to $35 million, to enhance operational efficiency and strengthen long-term performance.
Key Highlights
- Q2 2026 Net Income was $2.6 million, a significant improvement from $(27.8) million loss YoY.
- Q2 2026 Operating Income reached $26.8 million, up from $(8.6) million loss in prior year.
- Q2 2026 Revenue was $659.4 million, a slight decrease from $665.2 million YoY.
- Six-month Net Loss improved to $(3.8) million from $(27.0) million loss YoY.
- Six-month Operating Income increased to $43.4 million, up from $21.8 million YoY.
- Initiated a multi-year business transformation and restructuring plan with estimated costs of $30M-$35M.
- Recognized $17.1 million in consulting fees and $6.5 million in severance for the plan.
- Cash and cash equivalents increased to $50.3 million as of April 3, 2026, from $29.7 million.
Price Impact
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