Filing Flows › Healthstream (HSTM) › Q2 2026 › vs Q1 2026
Healthstream (HSTM) Q2 2026 vs Q1 2026 (quarter over quarter)
Healthstream's revenue rose $2.5M (+3%) from $81.2M in Q1 2026 to $83.7M in Q2 2026. The biggest changes: Subscription Services +$1.6M (+2%); Professional Services +$935K (+33%). Operating margin 9.9% against 9.3% (+0.7 pts).
Healthstream, Q2 2026: revenue $83.7M (+12% year over year), operating margin 9.9%, net earnings $6.7M, operating cash flow $13.4M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 9.9% | 9.3% | +0.7 pts |
| Net margin | 8.0% | 7.3% | +0.7 pts |
| Free cash flow margin | 15.0% | 32.5% | -17.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Subscription Services | $80.0M | $78.4M | $1.6M | +2% |
| Professional Services | $3.7M | $2.8M | $935K | +33% |
| Revenue | $83.7M | $81.2M | $2.5M | +3% |
| Other income, net | $375K | $308K | $67K | +22% |
| Operating profit | $8.3M | $7.5M | $809K | +11% |
| Costs & expenses | $75.4M | $73.7M | $1.7M | +2% |
| Pre-tax earnings | $8.7M | $7.8M | $876K | +11% |
| Cost of revenue | $29.0M | $27.8M | $1.3M | +5% |
| Research & development | $13.6M | $13.6M | −$25K | -0.2% |
| Sales & marketing | $13.5M | $13.0M | $543K | +4% |
| Other operating costs | $19.3M | $19.4M | −$55K | -0.3% |
| Net earnings | $6.7M | $5.9M | $759K | +13% |
| Income tax | $2.0M | $1.9M | $117K | +6% |
| Depreciation & amortization | $11.3M | $11.4M | −$90K | -0.8% |
| Share-based compensation | $1.1M | $1.3M | −$203K | -16% |
| Working capital & other | $5.6M | −$8.6M | $14.2M | — |
| Operating cash flow | $13.4M | $27.1M | −$13.7M | -51% |
| Free cash flow (OCF − capex) | $12.5M | $26.4M | −$13.9M | -53% |
| Capital expenditures | $910K | $740K | $170K | +23% |
Questions
How much did Healthstream's revenue grow quarter over quarter in Q2 2026?
Healthstream's revenue rose $2.5M (+3%) from $81.2M in Q1 2026 to $83.7M in Q2 2026.
What drove Healthstream's revenue change in Q2 2026?
Subscription Services +$1.6M (+2%); Professional Services +$935K (+33%).