Filing Flows › Inogen (INGN) › Q4 2025
Inogen (INGN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Inogen (INGN) reported revenue of $81.7M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and -12% from the quarter before. Operating margin was -11.4%, net loss $7.1M (8.7% of revenue).
Inogen, Q4 2025: revenue $81.7M (+2% year over year), operating margin -11.4%, net loss $7.1M, operating cash flow −$943K. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $81.7M | -12% | +2% |
| Operating profit | −$9.3M | — | — |
| Net earnings | −$7.1M | — | — |
| Operating cash flow | −$943K | -144% | — |
What changed
Revenue was $81.7M in Q4 2025, up 2% year over year and down 12% from the previous quarter.
Gross margin was 43.1%, down 2.2 points from Q4 2024. Operating costs exceeded revenue by $9.3M, an operating margin of -11.4%. Operating expenses fell 7% while revenue rose 2%. The quarter ended with a net loss of $7.1M, wider than the previous quarter's $5.3M loss. Non-operating items added $1.9M, -26% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$943K. Non-cash charges added back $5.0M of depreciation and amortization and $1.8M of share-based compensation. Working capital and other items used $662K. Capital expenditures of $1.0M exceeded it, leaving free cash flow of −$1.9M.
Questions
What was Inogen's revenue in the fourth quarter 2025?
Inogen (INGN) reported revenue of $81.7M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and -12% from the quarter before.
Was Inogen profitable in the fourth quarter 2025?
Operating loss was $9.3M (-11.4% of revenue) and net loss $7.1M.
Source: Inogen 10-K on SEC EDGAR.