Filing Flows › IPG Photonics (IPGP) › Q2 2026 › vs Q2 2025
IPG Photonics (IPGP) Q2 2026 vs Q2 2025 (year over year)
IPG Photonics's revenue rose $27.9M (+11%) from $251M in Q2 2025 to $279M in Q2 2026. The biggest changes: Lasers and Components +$23.6M (+12%); Systems +$4.2M (+8%). Gross margin 40.4% against 37.3% (+3.1 pts).
IPG Photonics, Q2 2026: revenue $279M (+11% year over year), operating margin 1.6%, net earnings $5.2M, operating cash flow $37.8M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 40.4% | 37.3% | +3.1 pts |
| Operating margin | 1.6% | 0.0% | +1.6 pts |
| Net margin | 1.9% | 2.6% | -0.8 pts |
| Free cash flow margin | 6.1% | -7.0% | +13.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Lasers and Components | $220M | $196M | $23.6M | +12% |
| Systems | $58.8M | $54.5M | $4.2M | +8% |
| Revenue | $279M | $251M | $27.9M | +11% |
| Gross profit | $113M | $93.6M | $19.0M | +20% |
| Cost of revenue | $166M | $157M | $8.9M | +6% |
| Other income, net | $8.0M | $8.2M | −$157K | -2% |
| Operating profit | $4.5M | $104K | $4.4M | 44× |
| Operating expenses | $108M | $93.5M | $14.5M | +16% |
| Pre-tax earnings | $12.5M | $8.3M | $4.3M | +52% |
| Research & development | $31.0M | $29.9M | $1.1M | +4% |
| Sales & marketing | $23.8M | $25.6M | −$1.7M | -7% |
| General & admin | $36.5M | $34.9M | $1.7M | +5% |
| Other operating costs | $16.6M | $3.1M | $13.5M | +437% |
| Net earnings | $5.2M | $6.6M | −$1.4M | -21% |
| Income tax | $7.3M | $1.7M | $5.6M | +338% |
| Depreciation & amortization | $15.5M | $15.8M | −$303K | -2% |
| Share-based compensation | $10.3M | $11.3M | −$1.0M | -9% |
| Working capital & other | $6.7M | −$35.9M | $42.7M | — |
| Operating cash flow | $37.8M | −$2.2M | $40.0M | — |
| Free cash flow (OCF − capex) | $17.1M | −$17.6M | $34.7M | — |
| Capital expenditures | $20.7M | $15.4M | $5.4M | +35% |
Questions
How much did IPG Photonics's revenue grow year over year in Q2 2026?
IPG Photonics's revenue rose $27.9M (+11%) from $251M in Q2 2025 to $279M in Q2 2026.
What drove IPG Photonics's revenue change in Q2 2026?
Lasers and Components +$23.6M (+12%); Systems +$4.2M (+8%).