Filing Flows › ICU Medical (ICUI) › Q3 2026 › vs Q3 2025
ICU Medical (ICUI) Q3 2026 vs Q3 2025 (year over year)
ICU Medical's revenue rose $23.4M (+4%) from $537M in Q3 2025 to $560M in Q3 2026. The biggest changes: Infusion Systems +$18.6M (+11%); Infusion Consumables +$13.3M (+5%); Vital Care −$8.5M (-11%). Gross margin 41.9% against 37.4% (+4.5 pts).
ICU Medical, Q3 2026: revenue $560M (+4% year over year), operating margin 9.3%, net earnings $26.8M, operating cash flow $99.6M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 41.9% | 37.4% | +4.5 pts |
| Operating margin | 9.3% | 2.6% | +6.8 pts |
| Net margin | 4.8% | -0.6% | +5.4 pts |
| Free cash flow margin | 14.9% | 5.1% | +9.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Infusion Consumables | $298M | $285M | $13.3M | +5% |
| Infusion Systems | $193M | $174M | $18.6M | +11% |
| Vital Care | $69.5M | $78.0M | −$8.5M | -11% |
| Revenue | $560M | $537M | $23.4M | +4% |
| Gross profit | $235M | $201M | $33.9M | +17% |
| Cost of revenue | $326M | $336M | −$10.4M | -3% |
| Operating profit | $52.3M | $13.7M | $38.6M | +281% |
| Operating expenses | $182M | $187M | −$4.7M | -3% |
| Pre-tax earnings | $34.0M | −$4.1M | $38.1M | — |
| Other expense, net | $18.3M | $17.8M | $509K | +3% |
| Research & development | $21.8M | $21.3M | $503K | +2% |
| SG&A | $154M | $153M | $1.6M | +1% |
| Other operating costs | $6.3M | $13.1M | −$6.9M | -52% |
| Net earnings | $26.8M | −$3.4M | $30.2M | — |
| Income tax | $7.2M | −$658K | $7.9M | — |
| Depreciation & amortization | $49.6M | $50.8M | −$1.2M | -2% |
| Share-based compensation | $11.9M | $15.2M | −$3.4M | -22% |
| Working capital & other | $11.3M | −$5.9M | $17.2M | — |
| Operating cash flow | $99.6M | $56.7M | $42.9M | +76% |
| Free cash flow (company-reported) | $83.4M | $27.6M | $55.8M | +202% |
| Purchase of property, plant and equipment, net | $16.2M | $29.1M | −$12.9M | -44% |
Questions
How much did ICU Medical's revenue grow year over year in Q3 2026?
ICU Medical's revenue rose $23.4M (+4%) from $537M in Q3 2025 to $560M in Q3 2026.
What drove ICU Medical's revenue change in Q3 2026?
Infusion Systems +$18.6M (+11%); Infusion Consumables +$13.3M (+5%); Vital Care −$8.5M (-11%).