Filing Flows › ICU Medical (ICUI) › Q2 2026 › vs Q2 2025
ICU Medical (ICUI) Q2 2026 vs Q2 2025 (year over year)
ICU Medical's revenue rose $2.8M (+0.5%) from $549M in Q2 2025 to $552M in Q2 2026. The biggest changes: Vital Care −$34.6M (-32%); Infusion Systems +$21.3M (+13%); Infusion Consumables +$16.1M (+6%). Gross margin 42.6% against 37.9% (+4.7 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 42.6% | 37.9% | +4.7 pts |
| Operating margin | 7.1% | 1.9% | +5.2 pts |
| Net margin | 3.5% | 6.4% | -3.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Infusion Consumables | $289M | $273M | $16.1M | +6% |
| Infusion Systems | $189M | $168M | $21.3M | +13% |
| Vital Care | $73.4M | $108M | −$34.6M | -32% |
| Revenue | $552M | $549M | $2.8M | +0.5% |
| Gross profit | $235M | $208M | $27.0M | +13% |
| Cost of revenue | $317M | $341M | −$24.2M | -7% |
| Operating profit | $39.1M | $10.6M | $28.5M | +270% |
| Operating expenses | $196M | $197M | −$1.6M | -0.8% |
| Pre-tax earnings | $26.2M | $36.5M | −$10.4M | -28% |
| Other expense, net | $13.0M | −$25.9M | $38.9M | — |
| Research & development | $22.7M | $21.9M | $835K | +4% |
| SG&A | $152M | $159M | −$7.5M | -5% |
| Other operating costs | $21.3M | $16.2M | $5.1M | +31% |
| Net earnings | $19.1M | $35.3M | −$16.3M | -46% |
| Income tax | $7.1M | $1.2M | $5.9M | +500% |
| Depreciation & amortization | $49.6M | $49.7M | −$52K | -0.1% |
| Share-based compensation | $11.9M | $14.5M | −$2.6M | -18% |
| Working capital & other | $420K | $88.2M | −$87.8M | -100% |
| Operating cash flow | $80.2M | $11.2M | $68.9M | +615% |
Questions
How much did ICU Medical's revenue grow year over year in Q2 2026?
ICU Medical's revenue rose $2.8M (+0.5%) from $549M in Q2 2025 to $552M in Q2 2026.
What drove ICU Medical's revenue change in Q2 2026?
Vital Care −$34.6M (-32%); Infusion Systems +$21.3M (+13%); Infusion Consumables +$16.1M (+6%).