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Inogen (INGN) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 7, 2026 · Inogen (INGN) Q2 2026 earnings results →
Q2 2026 Revenue up 3% year over year to $95.1M · 4¢ of every $1 of revenue lost · operating margin -5.4%
Inogen made $95.1M in Q2 2026 (+3% Y/Y). Operating margin -5.4%, net loss $3.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 7, 2026.
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What changed this quarter
Revenue was $95.1M in Q2 2026, up 3% year over year and up 12% from the previous quarter.
Gross margin was 45.5%, up 0.7 points from Q2 2025. Operating costs exceeded revenue by $5.1M, an operating margin of -5.4%. Operating expenses grew 2% against revenue growth of 3%. The fastest-growing cost line was Research & development (+13%). The quarter ended with a net loss of $3.9M, narrower than the previous quarter's $8.3M loss. Non-operating items added $1.1M, -27% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $2.9M (down 32% year over year). Non-cash charges added back $4.7M of depreciation and amortization and $1.8M of share-based compensation. Working capital and other items added $328K. Capital expenditures of $711K left free cash flow of $2.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 7, 2026 | $95.1M | +3% | -5.4% | −$3.9M | $2.9M |
| Q1 2026 | 10-Q | May 8, 2026 | $85.1M | +3% | -11.0% | −$8.3M | −$6.7M |
| Q4 2025 | 10-K | Feb 27, 2026 | $81.7M | +2% | -11.4% | −$7.1M | −$943K |
| Q3 2025 | 10-Q | Nov 6, 2025 | $92.4M | +4% | -7.7% | −$5.3M | $2.2M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $92.3M | +4% | -6.6% | −$4.2M | $4.3M |
| Q1 2025 | 10-Q | May 8, 2025 | $82.3M | +6% | -9.3% | −$6.2M | −$16.8M |
| Q4 2024 | 10-K | Feb 28, 2025 | $80.1M | +6% | -14.2% | −$9.8M | −$3.0M |
Charts
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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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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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Customers and suppliers named in filings
Sells to
- Medicare & Medicaid — 68% of its revenue · Stated in 10-K (sentence) · source
About Inogen
Inogen, Inc. is a medical technology business that primarily focuses on respiratory health. We develop, manufacture, and market innovative respiratory health products, including portable oxygen concentrators, or POCs, used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions and the Simeox ® product for airway clearance treatment. In addition, we have started distributing the Inogen Voxi ® 5 stationary oxygen concentrator as well as the Aurora ® continuous positive airway pressure, or CPAP, masks in the United States. Our proprietary Inogen One ® and Inogen Rove ® POC systems concentrate the air around the patient to offer a source of supplemental oxygen 24 hours a day, seven days a week with a battery and can be plugged into an outlet when at home, in a car, or in a public place with outlets available.
In its own words, from its 10-K, filed Feb 27, 2026.
Inogen against its Orthopedic, Prosthetic & Surgical Appliances & Supplies peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +9%. Operating margin: -5.4% against the peers' median 16.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| INGN Inogen | Q2 2026 | $95.1M | +3% | -5.4% |
| ISRG Intuitive Surgical | Q3 2026 | $3.0B | +22% | 19.4% |
| ZBH Zimmer Biomet Holdings | Q3 2026 | $2.1B | +3% | 14.9% |
| EW Edwards Lifesciences | Q3 2026 | $1.7B | +10% | 17.4% |
| STE Steris | Q2 FY27 | $1.6B | +9% | 18.5% |
| ALGN Align Technology | Q3 2026 | $1.0B | +2% | 16.7% |
| ENOV Enovis | Q3 2026 | $559M | +2% | 0.6% |
| MSA MSA Safety | Q3 2026 | $536M | +14% | 16.4% |
| CDRE Cadre Holdings | Q3 2026 | $203M | +30% | 14.0% |
Source: Inogen 10-Q on SEC EDGAR · CIK 1294133 · Orthopedic, Prosthetic & Surgical Appliances & Supplies
13F: who owns INGN and who is buying
More on INGN
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results