OSI Systems Posts Record Q3, Boosts Liquidity With Mexico Payment, Reaffirms 2026 Outlook

Overview

• OSI reported record fiscal Q3 revenue of $453 million and non-GAAP earnings per share of $2.60.
• The company ended the quarter with about $1.9 billion in backlog, helped by a not-to-exceed roughly $235 million Homeland Defense award for over-the-horizon radar transmit subsystems tied to Golden Dome.
• Management said it collected about $74 million from a large Mexico receivable after the quarter, which improves near-term cash flow.
• The company kept its fiscal 2026 revenue and EPS guidance but warned that DHS procurement delays and the Middle East conflict could push some bookings and revenue into later periods.
• Outside Mexico, growth was broad, with Security up 25% year over year and the RF unit setting a roughly $38 million quarterly record as new production capacity came online, while Healthcare softened on U.S. order timing.