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ICU Medical (ICUI) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · ICU Medical (ICUI) Q3 2026 earnings results →
Q3 2026 Revenue up 4% year over year to $560M · 5¢ of every $1 of revenue kept as net profit · operating margin 9.3%
ICU Medical made $560M in Q3 2026 (+4% Y/Y): Infusion Consumables $298M, Infusion Systems $193M, Vital Care $69.5M. Operating margin 9.3%, net earnings $26.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $560.4M in Q3 2026, up 4% year over year and up 2% from the previous quarter. Infusion Consumables was the largest line at 53% of revenue. Infusion Systems added $18.6M year over year (up 11%), 79% of the total change. Vital Care declined 11%.
Gross margin was 41.9%, up 4.5 points from Q3 2025. Operating profit was $52.3M, a 9.3% margin (up 6.8 points year over year). Of the extra revenue versus Q3 2025, 165% reached operating profit, above the 3% margin then. Operating expenses fell 3% while revenue rose 4%. Net earnings were $26.8M. The effective tax rate was 21.1%.
Operating cash flow was $99.6M (up 76% year over year), 371% of net earnings. Non-cash charges added back $49.6M of depreciation and amortization and $11.9M of share-based compensation. Working capital and other items added $11.3M. After purchase of property, plant and equipment, net ($16.2M), free cash flow as the company reports it was $83.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $560M | +4% | 9.3% | $26.8M | $99.6M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $552M | +0.5% | 7.1% | $19.1M | $80.2M |
| Q1 2026 | 10-Q | May 7, 2026 | $530M | -12% | 2.6% | $30.1M | $38.9M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $537M | -9% | 2.6% | −$3.4M | $56.7M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $549M | -8% | 1.9% | $35.3M | $11.2M |
| Q1 2025 | 10-Q | May 8, 2025 | $605M | +7% | 2.1% | −$15.5M | $51.3M |
Charts
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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Customers and suppliers named in filings
Sells to
- INFU — 60% of its revenue · Stated in 10-K (sentence) · source
- LQDA · Stated in 10-K (named, share not stated) · source
About ICU Medical
First person pronouns used in this Annual Report on Form 10-K, such as “we,” “us,” and “our,” refer to ICU Medical, Inc. (“ICU”) and its subsidiaries unless context requires otherwise. ICU develops, manufactures and sells innovative medical products used in infusion therapy, vascular access, and vital care applications. Our team is focused on providing quality, innovation and value to our clinical customers worldwide. ICU's product portfolio includes ambulatory, syringe, and large volume IV pumps and safety software; dedicated and non-dedicated IV sets, needlefree IV connectors, peripheral IV catheters, sharps safety products, and sterile IV solutions offered on behalf of our joint venture; closed system transfer devices and pharmacy compounding systems; as well as a range of respiratory, anesthesia, patient monitoring, and temperature management products.
In its own words, from its 10-K, filed Feb 19, 2026.
ICU Medical against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +5%. Operating margin: 9.3% against the peers' median 13.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ICUI ICU Medical | Q3 2026 | $560M | +4% | 9.3% |
| 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: ICU Medical 10-Q on SEC EDGAR · CIK 883984 · Surgical & Medical Instruments & Apparatus
Guidance and outlook
13F: who owns ICUI and who is buying
More on ICUI
- How ICU Medical makes money: revenue by segment
- ICU Medical next earnings date and what analysts expect
- ICU Medical stock forecast, price target and fair value
- Who owns ICU Medical stock: holders, funds and Congress trades
- ICU Medical guidance and outlook
- Is ICU Medical a takeover target? LBO and rumors
- ICU Medical recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- ICU Medical guidance history: guided vs reported
- ICU Medical gross margin by quarter
- ICU Medical operating margin by quarter
- ICU Medical net income by quarter
- ICU Medical free cash flow by quarter
- ICU Medical R&D spending by quarter
- ICU Medical capital expenditures by quarter
- ICU Medical Infusion Consumables revenue by quarter
- ICU Medical Infusion Systems revenue by quarter
- ICU Medical Vital Care revenue by quarter