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Heartflow (HTFL) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Heartflow (HTFL) Q2 2026 earnings results →
Q2 2026 Revenue up 48% year over year to $64.1M · 25¢ of every $1 of revenue lost · operating margin -27.9%
Heartflow made $64.1M in Q2 2026 (+48% Y/Y). Operating margin -27.9%, net loss $15.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
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What changed this quarter
Revenue was $64.1M in Q2 2026, up 48% year over year and up 22% from the previous quarter.
Gross margin was 83.0%, up 7.5 points from Q2 2025. Operating costs exceeded revenue by $17.9M, an operating margin of -27.9%. Operating expenses grew 53% against revenue growth of 48%. The fastest-growing cost line was Research & development (+75%). The quarter ended with a net loss of $15.7M, narrower than the previous quarter's $27.4M loss.
Operating cash flow was −$8.6M. Non-cash charges added back $1.2M of depreciation and amortization and $7.9M of share-based compensation. Working capital and other items used $2.0M. Capital expenditures of $1.9M exceeded it, leaving free cash flow of −$10.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $64.1M | +48% | -27.9% | −$15.7M | −$8.6M |
| Q1 2026 | 10-Q | May 14, 2026 | $52.6M | +41% | -56.1% | −$27.4M | −$30.1M |
| Q4 2025 | 10-K | Mar 18, 2026 | $49.1M | +40% | -36.1% | −$24.4M | −$10.6M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $46.3M | +40% | -32.6% | −$50.9M | −$3.0M |
| Q2 2025 | 10-Q | Sep 19, 2025 | $43.4M | +40% | -31.6% | −$9.2M | −$27.3M |
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About Heartflow
We provide software and artificial intelligence (“AI”) designed to deliver a more accurate and clinically effective non-invasive solution for diagnosing and managing coronary artery disease (“CAD”), a leading cause of death worldwide. As of December 31, 2025, our Heartflow Platform has been used to assess CAD in more than 600,000 patients, including 219,000 in 2025 alone. We believe that we are the most widely adopted AI-powered test for CAD. Our novel platform leverages AI and advanced computational fluid dynamics to create a personalized 3D model of a patient’s heart from a single coronary computed tomography angiography (“CCTA”), a specialized type of scan that provides detailed images of the heart’s arteries.
In its own words, from its 10-K, filed Mar 18, 2026.
Heartflow against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +48% against the peers' median +5%. Operating margin: -27.9% against the peers' median 13.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HTFL Heartflow | Q2 2026 | $64.1M | +48% | -27.9% |
| 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: Heartflow 10-Q on SEC EDGAR · CIK 1464521 · Surgical & Medical Instruments & Apparatus
Guidance and outlook
13F: who owns HTFL and who is buying
More on HTFL
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results