Filing Flows › Innovex International (INVX) › Q4 2025
Innovex International (INVX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Innovex International (INVX) reported revenue of $274M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +14% from the quarter before. Operating margin was 9.4%, net earnings $14.0M (5.1% of revenue).
Innovex International, Q4 2025: revenue $274M (+9% year over year), operating margin 9.4%, net earnings $14.0M, operating cash flow $52.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $274M | +14% | +9% |
| Operating profit | $25.8M | -59% | -4% |
| Net earnings | $14.0M | -64% | -56% |
| Operating cash flow | $52.2M | +8% | +44% |
| Free cash flow | $43.3M | — | +51% |
What changed
Revenue was $273.6M in Q4 2025, up 9% year over year and up 14% from the previous quarter. Product was the largest line at 74% of revenue.
Operating profit was $25.8M, a 9.4% margin (down 1.3 points year over year). Operating profit fell $1.1M even though revenue rose $22.9M versus a year earlier, so costs grew faster than sales. Total costs grew 11% against revenue growth of 9%. The fastest-growing cost line was Cost of revenue (+17%). Net earnings were $14.0M, down 56% year over year. The effective tax rate was 48.2%.
Operating cash flow was $52.2M (up 44% year over year), 374% of net earnings. Non-cash charges added back $15.5M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items added $17.8M. After capital expenditures ($8.9M), free cash flow as the company reports it was $43.3M.
Questions
What was Innovex International's revenue in the fourth quarter 2025?
Innovex International (INVX) reported revenue of $274M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +14% from the quarter before.
Was Innovex International profitable in the fourth quarter 2025?
Operating profit was $25.8M (9.4% of revenue) and net earnings $14.0M.