Filing Flows › ICU Medical (ICUI) › Q1 2026
ICU Medical (ICUI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
ICU Medical (ICUI) reported revenue of $530M for the first quarter 2026 (Q1 2026), -12% from a year earlier. Operating margin was 2.6%, net earnings $30.1M (5.7% of revenue).
ICU Medical, Q1 2026: revenue $530M (-12% year over year), operating margin 2.6%, net earnings $30.1M, operating cash flow $38.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $530M | — | -12% |
| Operating profit | $13.6M | -1% | +5% |
| Net earnings | $30.1M | — | — |
| Operating cash flow | $38.9M | — | -24% |
| Free cash flow | $27.6M | — | -25% |
What changed
Revenue was $530.2M in Q1 2026, down 12% year over year. Infusion Consumables was the largest line at 52% of revenue. Vital Care lost $99.8M year over year (down 58%), 134% of the total change.
Gross margin was 38.9%, up 4.1 points from Q1 2025. Operating profit was $13.6M, a 2.6% margin (up 0.4 points year over year). Operating expenses fell 2% while revenue fell 12%. Net earnings were $30.1M.
Operating cash flow was $38.9M (down 24% year over year), 129% of net earnings. Non-cash charges added back $50.0M of depreciation and amortization and $14.0M of share-based compensation. Working capital and other items used $55.3M. After purchase of property, plant and equipment, net ($11.3M), free cash flow as the company reports it was $27.6M.
Questions
What was ICU Medical's revenue in the first quarter 2026?
ICU Medical (ICUI) reported revenue of $530M for the first quarter 2026 (Q1 2026), -12% from a year earlier.
Was ICU Medical profitable in the first quarter 2026?
Operating profit was $13.6M (2.6% of revenue) and net earnings $30.1M.
Source: ICU Medical 10-Q on SEC EDGAR.