Filing Flows › ICU Medical (ICUI) › Q2 2026 › vs Q1 2026
ICU Medical (ICUI) Q2 2026 vs Q1 2026 (quarter over quarter)
ICU Medical's revenue rose $21.5M (+4%) from $530M in Q1 2026 to $552M in Q2 2026. The biggest changes: Infusion Consumables +$11.0M (+4%); Infusion Systems +$9.4M (+5%); Vital Care +$1.1M (+1%). Gross margin 42.6% against 38.9% (+3.7 pts).
ICU Medical, Q2 2026: revenue $552M (+0.5% year over year), operating margin 7.1%, net earnings $19.1M, operating cash flow $80.2M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 42.6% | 38.9% | +3.7 pts |
| Operating margin | 7.1% | 2.6% | +4.5 pts |
| Net margin | 3.5% | 5.7% | -2.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Infusion Consumables | $289M | $278M | $11.0M | +4% |
| Infusion Systems | $189M | $180M | $9.4M | +5% |
| Vital Care | $73.4M | $72.3M | $1.1M | +1% |
| Revenue | $552M | $530M | $21.5M | +4% |
| Gross profit | $235M | $206M | $28.8M | +14% |
| Cost of revenue | $317M | $324M | −$7.4M | -2% |
| Operating profit | $39.1M | $13.6M | $25.5M | +188% |
| Operating expenses | $196M | $193M | $3.3M | +2% |
| Pre-tax earnings | $26.2M | −$4.6M | $30.7M | — |
| Other expense, net | $13.0M | $18.2M | −$5.2M | -29% |
| Research & development | $22.7M | $21.3M | $1.4M | +7% |
| SG&A | $152M | $155M | −$2.6M | -2% |
| Other operating costs | $21.3M | $16.8M | $4.5M | +27% |
| Net earnings | $19.1M | $30.1M | −$11.0M | -37% |
| Income tax | $7.1M | −$34.7M | $41.8M | — |
| Depreciation & amortization | $49.6M | $50.0M | −$414K | -0.8% |
| Share-based compensation | $11.9M | $14.0M | −$2.1M | -15% |
| Working capital & other | $420K | $55.3M | −$54.8M | -99% |
| Operating cash flow | $80.2M | $38.9M | $41.2M | +106% |
Questions
How much did ICU Medical's revenue grow quarter over quarter in Q2 2026?
ICU Medical's revenue rose $21.5M (+4%) from $530M in Q1 2026 to $552M in Q2 2026.
What drove ICU Medical's revenue change in Q2 2026?
Infusion Consumables +$11.0M (+4%); Infusion Systems +$9.4M (+5%); Vital Care +$1.1M (+1%).