Filing Flows › GigaCloud Technology (GCT) › Q2 2026 › vs Q1 2026
GigaCloud Technology (GCT) Q2 2026 vs Q1 2026 (quarter over quarter)
GigaCloud Technology's revenue rose $52.2M (+15%) from $359M in Q1 2026 to $412M in Q2 2026. The biggest changes: Product revenues +$47.9M (+20%); Service revenues +$4.3M (+4%). Gross margin 25.6% against 23.9% (+1.8 pts).
GigaCloud Technology, Q2 2026: revenue $412M (+28% year over year), operating margin 11.5%, net earnings $42.3M, operating cash flow $48.4M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 25.6% | 23.9% | +1.8 pts |
| Operating margin | 11.5% | 11.8% | -0.3 pts |
| Net margin | 10.3% | 10.6% | -0.3 pts |
| Free cash flow margin | 11.0% | -7.3% | +18.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Last-mile delivery service | $70.0M | $69.0M | $1.0M | +2% |
| Warehousing service | $16.0M | $16.1M | −$24K | -0.1% |
| Ocean transportation service | $10.7M | $7.8M | $2.8M | +36% |
| Packaging service | $9.3M | $9.5M | −$244K | -3% |
| Platform commission | $6.2M | $5.5M | $740K | +13% |
| Others | $5.4M | $5.5M | −$50K | -0.9% |
| Drayage service | $3.1M | $3.1M | −$12K | -0.4% |
| Service revenues | $121M | $117M | $4.3M | +4% |
| Product revenues | $291M | $243M | $47.9M | +20% |
| Revenue | $412M | $359M | $52.2M | +15% |
| Gross profit | $106M | $85.8M | $19.7M | +23% |
| Cost of revenue | $306M | $274M | $32.4M | +12% |
| Other income, net | $2.4M | $3.4M | −$1.0M | -30% |
| Operating profit | $47.5M | $42.5M | $5.0M | +12% |
| Operating expenses | $58.0M | $43.4M | $14.7M | +34% |
| Pre-tax earnings | $49.9M | $45.9M | $4.0M | +9% |
| Research & development | $2.7M | $2.4M | $333K | +14% |
| Sales & marketing | $36.2M | $31.2M | $4.9M | +16% |
| General & admin | $19.2M | $9.8M | $9.4M | +96% |
| Net earnings | $42.3M | $38.1M | $4.2M | +11% |
| Income tax | $7.6M | $7.8M | −$219K | -3% |
| Depreciation & amortization | $2.2M | $2.2M | −$21K | -0.9% |
| Share-based compensation | $11.2M | $345K | $10.9M | 33× |
| Working capital & other | $7.3M | $62.4M | −$55.1M | -88% |
| Operating cash flow | $48.4M | −$21.7M | $70.2M | — |
| Free cash flow (OCF − capex) | $45.1M | −$26.2M | $71.3M | — |
| Capital expenditures | $3.3M | $4.5M | −$1.2M | -26% |
Questions
How much did GigaCloud Technology's revenue grow quarter over quarter in Q2 2026?
GigaCloud Technology's revenue rose $52.2M (+15%) from $359M in Q1 2026 to $412M in Q2 2026.
What drove GigaCloud Technology's revenue change in Q2 2026?
Product revenues +$47.9M (+20%); Service revenues +$4.3M (+4%).