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Harvard Bioscience (HBIO) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 11, 2026 · Harvard Bioscience (HBIO) Q2 2026 earnings results →

Q2 2026 Revenue up 11% year over year to $22.7M · 13¢ of every $1 of revenue lost · operating margin -4.3%

Harvard Bioscience made $22.7M in Q2 2026 (+11% Y/Y): Instruments, Equipment, Software, and Accessories $20.3M, Service, Maintenance, and Warranty Contracts $2.4M. Operating margin -4.3%, net loss $2.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.

Revenue$22.7M
Year over year+11%
Operating margin-4.3%
Net earnings−$2.9M
Operating cash flow$325K

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $22.7M in Q2 2026, up 11% year over year and up 10% from the previous quarter. Instruments, Equipment, Software, and Accessories was the largest line at 89% of revenue. Instruments, Equipment, Software, and Accessories added $2.1M year over year (up 12%), 93% of the total change.

Gross margin was 55.6%, down 0.8 points from Q2 2025. Operating costs exceeded revenue by $1.0M, an operating margin of -4.3%. Operating expenses grew 10% against revenue growth of 11%. The fastest-growing cost line was Sales & marketing (+19%). The quarter ended with a net loss of $2.9M, narrower than the previous quarter's $3.4M loss. Net interest and other expense of $1.9M was the main reason.

Operating cash flow was $325K (down 88% year over year). Non-cash charges added back $1.3M of depreciation and amortization and $380K of share-based compensation. Working capital and other items added $1.6M. Capital expenditures of $688K exceeded it, leaving free cash flow of −$363K.

Quarterly history

Harvard Bioscience revenue by quarterHarvard Bioscience revenue by quarter$24.6MQ4 2024$21.8MQ1 2025$20.4MQ2 2025$20.6MQ3 2025$23.7MQ4 2025$20.8MQ1 2026$22.7MQ2 2026
Harvard Bioscience net earnings by quarterHarvard Bioscience net earnings by quarter$18KQ4 2024−$50.3MQ1 2025−$2.3MQ2 2025−$1.2MQ3 2025−$2.8MQ4 2025−$3.4MQ1 2026−$2.9MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 11, 2026$22.7M+11%-4.3%−$2.9M$325K
Q1 202610-QMay 12, 2026$20.8M-5%-5.7%−$3.4M−$662K
Q4 202510-KMar 13, 2026$23.7M-3%7.2%−$2.8M−$96K
Q3 202510-QNov 6, 2025$20.6M-6%1.0%−$1.2M$1.1M
Q2 202510-QAug 11, 2025$20.4M-12%-4.0%−$2.3M$2.8M
Q1 202510-QMay 12, 2025$21.8M-11%-228.1%−$50.3M$3.0M
Q4 202410-KMar 14, 2025$24.6M-13%0.0%$18K$1.7M

Charts

Harvard Bioscience: revenue growth, year over year and quarter over quarterHarvard Bioscience: revenue growth, year over year and quarter over quarterY/YQ/Q-13%Q4 2024-11%-11%Q1 2025-12%-6%Q2 2025-6%+1%Q3 2025-3%+15%Q4 2025-5%-13%Q1 2026+11%+10%Q2 2026
Latest (Q2 2026): Y/Y +11%, Q/Q +10%.
Harvard Bioscience: where the cash came from (+) and went (−), TTM to Q2 2026Harvard Bioscience: where the cash came from (+) and went (−), TTM to Q2 2026Other financing$24.0MNet borrowing (+) / repaid (−)−$22.7MCapital spending−$1.8MCash drawn (+) / kept (−)$939KOther investing−$713KOperating cash flow$651KExchange rates−$231KTaxes on employees’ shares−$147K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Harvard Bioscience: profit against cash, quarter by quarterHarvard Bioscience: profit against cash, quarter by quarterNet incomeOperating cash flow−$4.8M−$842KQ3 2024$18K$1.7MQ4 2024−$50.3M$3.0MQ1 2025−$2.3M$2.8MQ2 2025−$1.2M$1.1MQ3 2025−$2.8M−$96KQ4 2025−$3.4M−$662KQ1 2026−$2.9M$325KQ2 2026
Latest (Q2 2026): Net income −$2.9M, Operating cash flow $325K.
Harvard Bioscience: diluted shares by fiscal yearHarvard Bioscience: diluted shares by fiscal year39MFY202040MFY202141MFY202242MFY202344MFY202444MFY2025
+14.9% since FY2020: more shares outstanding (issuance, stock pay).
Harvard Bioscience: long-term debt falling due (FY2025)Harvard Bioscience: long-term debt falling due (FY2025)$1.6M2027$6.5M2028$31.9M2029
Cash $8.6M, short-term investments —, long-term debt $35.9M at 2025-12-31.
Harvard Bioscience in its industry: growth against margin (23 companies, SIC 3826)Harvard Bioscience in its industry: growth against margin (23 companies, SIC 3826)revenue growth, year over year →↑ operating marginmedian +6%median -11%AWATAVTRILMNMTDBRKRRVTYBIOTXGCTKBPACBALMRQTRXMASSBNGORPIDPRPOSEERLCTCSCNDEYPTASTCHBIO (+11%, -4%)
Laboratory Analytical Instruments; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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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 Harvard Bioscience

Harvard Bioscience, Inc., a Delaware corporation, is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. Our products and services are sold globally to customers ranging from renowned academic institutions and government laboratories to the world’s leading pharmaceutical, biotechnology and contract research organizations (“CROs”). With operations in the United States, Europe and China, we sell through a combination of direct and distribution channels to customers around the world.

In its own words, from its 10-K, filed Mar 13, 2026.

Harvard Bioscience against its Laboratory Analytical Instruments peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +5%. Operating margin: -4.3% against the peers' median 8.2%.

CompanyQuarterRevenueY/YOp. margin
HBIO Harvard BioscienceQ2 2026$22.7M+11%-4.3%
A Agilent TechnologiesQ3 FY26$1.9B+8%23.6%
WAT WatersQ3 2026$1.8B+121%7.2%
AVTR AvantorQ3 2026$1.7B+5%8.2%
ILMN IlluminaQ3 2026$1.1B+4%27.0%
MTD Mettler Toledo InternationalQ3 2026$1.1B+6%27.4%
BRKR BrukerQ3 2026$874M+2%-10.4%
RVTY RevvityQ3 2026$729M+4%10.6%
BIO Bio-Rad LaboratoriesQ3 2026$656M+0.5%-7.6%

Source: Harvard Bioscience 10-Q on SEC EDGAR · CIK 1123494 · Laboratory Analytical Instruments

13F: who owns HBIO and who is buying

Largest holders of HBIO (13F)Largest holders of HBIO (13F)Weber Capital Management LLC$2.4MAcadian Asset Management LLC$1.1MVanguard Capital Management LLC$1.0MCorsair Capital Management, L.P.$755KTwo Sigma Investments, LP$704KRenaissance Technologies LLC$611KBlackRock$380KGeode Capital Management, LLC$293KEssex Investment Management Co LLC$214KMink Brook Asset Management LLC$205K
Funds' net buying of HBIO by quarter (13F)Funds' net buying of HBIO by quarter (13F)$14K2024-09$1K2024-12$02025-03$02025-06−$2K2025-09$02025-12$5.6M2026-03$50K2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on HBIO

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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