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Carlsmed (CARL) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 5, 2026 · Carlsmed (CARL) Q2 2026 earnings results →
Q2 2026 Revenue up 57% year over year to $18.9M · 55¢ of every $1 of revenue lost · operating margin -58.3%
Carlsmed made $18.9M in Q2 2026 (+57% Y/Y). Operating margin -58.3%, net loss $10.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.
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What changed this quarter
Revenue was $18.9M in Q2 2026, up 57% year over year and up 18% from the previous quarter.
Gross margin was 76.8%, up 3.4 points from Q2 2025. Operating costs exceeded revenue by $11.0M, an operating margin of -58.3%. Operating expenses grew 66% against revenue growth of 57%. The fastest-growing cost line was General & admin (+128%). The quarter ended with a net loss of $10.5M, wider than the previous quarter's $8.7M loss.
Operating cash flow was −$7.4M. Non-cash charges added back $130K of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $751K. Capital expenditures of $121K exceeded it, leaving free cash flow of −$7.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 5, 2026 | $18.9M | +57% | -58.3% | −$10.5M | −$7.4M |
| Q1 2026 | 10-Q | May 5, 2026 | $16.1M | +58% | -57.6% | −$8.7M | −$13.0M |
| Q4 2025 | 10-K | Feb 25, 2026 | $15.2M | +61% | -61.4% | −$8.6M | −$5.3M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $13.1M | +98% | -69.1% | −$8.5M | −$8.5M |
| Q2 2025 | 10-Q | Aug 28, 2025 | $12.1M | +99% | -53.8% | −$6.8M | −$7.0M |
Charts
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💵Where each $1 goesinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Carlsmed
Carlsmed is a medical technology company pioneering AI-enabled personalized spine surgery solutions with a mission to improve outcomes and decrease the cost of healthcare for spine surgery and beyond.
In its own words, from its 8-K, filed Aug 5, 2026.
Carlsmed against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +57% against the peers' median +5%. Operating margin: -58.3% against the peers' median 13.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CARL Carlsmed | Q2 2026 | $18.9M | +57% | -58.3% |
| MDLN Medline | Q3 2026 | $7.9B | +10% | 6.4% |
| MMM 3M | Q3 2026 | $6.6B | +1% | 23.7% |
| SYK Stryker | Q3 2026 | $6.5B | +8% | 15.9% |
| BSX Boston Scientific | Q3 2026 | $5.1B | +1% | 16.1% |
| BDX Becton Dickinson | Q3 FY26 | $5.0B | +5% | 13.3% |
| BAX Baxter International | Q3 2026 | $3.0B | +5% | 7.6% |
| SOLV Solventum | Q3 2026 | $1.9B | -7% | 3.5% |
| RMD ResMed | Q1 FY27 | $1.4B | +6% | 32.0% |
Source: Carlsmed 10-Q on SEC EDGAR · CIK 1794546 · Surgical & Medical Instruments & Apparatus
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results