Filing Flows › Inogen (INGN) › Q3 2025
Inogen (INGN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Inogen (INGN) reported revenue of $92.4M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +0.1% from the quarter before. Operating margin was -7.7%, net loss $5.3M (5.7% of revenue).
Inogen, Q3 2025: revenue $92.4M (+4% year over year), operating margin -7.7%, net loss $5.3M, operating cash flow $2.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $92.4M | +0.1% | +4% |
| Operating profit | −$7.1M | — | — |
| Net earnings | −$5.3M | — | — |
| Operating cash flow | $2.2M | -50% | -69% |
| Free cash flow | $1.6M | -56% | -70% |
What changed
Revenue was $92.4M in Q3 2025, up 4% year over year and roughly flat from the previous quarter.
Gross margin was 44.7%, down 1.8 points from a year earlier. Operating costs exceeded revenue by $7.1M, an operating margin of -7.7%. Operating expenses fell 1% while revenue rose 4%. The fastest-growing cost line was Research & development (+38%). The quarter ended with a net loss of $5.3M, wider than the previous quarter's $4.2M loss. Non-operating items added $1.7M, -31% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $2.2M (down 69% year over year). Non-cash charges added back $5.2M of depreciation and amortization and $1.8M of share-based compensation. Working capital and other items added $479K. Capital expenditures of $568K left free cash flow of $1.6M.
Questions
What was Inogen's revenue in the third quarter 2025?
Inogen (INGN) reported revenue of $92.4M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +0.1% from the quarter before.
Was Inogen profitable in the third quarter 2025?
Operating loss was $7.1M (-7.7% of revenue) and net loss $5.3M.
Source: Inogen 10-Q on SEC EDGAR.