Filing Flows › Esab (ESAB) › Q2 2026 › vs Q2 2025
Esab (ESAB) Q2 2026 vs Q2 2025 (year over year)
Esab's revenue rose $92.0M (+13%) from $716M in Q2 2025 to $808M in Q2 2026. The biggest changes: Equipment +$81.1M (+35%); Consumables +$11.0M (+2%). Gross margin 38.0% against 37.2% (+0.9 pts).
Esab, Q2 2026: revenue $808M (+13% year over year), operating margin 9.7%, net earnings $32.4M, operating cash flow $33.4M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 38.0% | 37.2% | +0.9 pts |
| Operating margin | 9.7% | 15.2% | -5.5 pts |
| Net margin | 4.0% | 9.3% | -5.3 pts |
| Free cash flow margin | 1.9% | 5.2% | -3.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Consumables | $495M | $484M | $11.0M | +2% |
| Equipment | $313M | $232M | $81.1M | +35% |
| Revenue | $808M | $716M | $92.0M | +13% |
| Gross profit | $307M | $266M | $41.2M | +15% |
| Cost of revenue | $500M | $450M | $50.9M | +11% |
| Operating profit | $78.7M | $109M | −$30.4M | -28% |
| Operating expenses | $228M | $157M | $71.5M | +46% |
| Pre-tax earnings | $45.7M | $86.4M | −$40.7M | -47% |
| Other expense, net | $33.0M | $22.7M | $10.3M | +45% |
| Net earnings | $32.4M | $66.9M | −$34.5M | -52% |
| Minority interests | $1.6M | $1.2M | $413K | +34% |
| Income tax | $11.7M | $18.3M | −$6.6M | -36% |
| Operating cash sources | $66.7M | $90.8M | −$24.1M | -27% |
| Depreciation & amortization | $27.9M | $19.4M | $8.5M | +44% |
| Share-based compensation | $6.4M | $4.5M | $1.9M | +42% |
| Working capital & other | $33.2M | $44.1M | −$10.9M | -25% |
| Operating cash flow | $33.4M | $46.6M | −$13.2M | -28% |
| Free cash flow (OCF − capex) | $15.7M | $37.4M | −$21.8M | -58% |
| Capital expenditures | $17.7M | $9.2M | $8.6M | +93% |
Questions
How much did Esab's revenue grow year over year in Q2 2026?
Esab's revenue rose $92.0M (+13%) from $716M in Q2 2025 to $808M in Q2 2026.
What drove Esab's revenue change in Q2 2026?
Equipment +$81.1M (+35%); Consumables +$11.0M (+2%).