Filing Flows › Health Care › Pulmonx (LUNG)
Pulmonx (LUNG) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Pulmonx (LUNG) Q3 2026 earnings results →
Q3 2026 Revenue up 6% year over year to $22.8M · 37¢ of every $1 of revenue lost · operating margin -32.8%
Pulmonx made $22.8M in Q3 2026 (+6% Y/Y). Operating margin -32.8%, net loss $8.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $22.8M in Q3 2026, up 6% year over year and roughly flat from the previous quarter.
Gross margin was 76.2%, up 1.5 points from Q3 2025. Operating costs exceeded revenue by $7.5M, an operating margin of -32.8%. Operating expenses fell 18% while revenue rose 6%. The quarter ended with a net loss of $8.4M, narrower than the previous quarter's $10.1M loss.
Operating cash flow was −$3.2M. Non-cash charges added back $200K of depreciation and $3.6M of share-based compensation. Working capital and other items added $1.4M. Capital expenditures of $8K exceeded it, leaving free cash flow of −$3.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $22.8M | +6% | -32.8% | −$8.4M | −$3.2M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $22.8M | -5% | -39.8% | −$10.1M | −$5.2M |
| Q1 2026 | 10-Q | May 4, 2026 | $20.6M | -9% | -62.9% | −$13.7M | −$10.1M |
| Q4 2025 | 10-K | Mar 10, 2026 | $22.6M | -5% | -43.8% | −$10.4M | −$7.1M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $21.5M | +6% | -66.9% | −$14.0M | −$8.2M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $23.9M | +15% | -62.0% | −$15.2M | −$3.9M |
| Q1 2025 | 10-Q | May 2, 2025 | $22.5M | +20% | -64.6% | −$14.4M | −$13.2M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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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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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Pulmonx
We are a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease (“COPD”). Our solution, which is comprised of the Zephyr Endobronchial Valve (“Zephyr Valve”), the Chartis Pulmonary Assessment System (“Chartis System”) and the LungTraX Platform, is designed to treat severe emphysema patients who, despite medical management, are still profoundly symptomatic and either do not want or are ineligible for surgical approaches. Patients with severe emphysema generally experience a worse quality of life than patients with lung cancer, and we believe there is both an urgent clinical need and a strong market opportunity for a solution that is safe, effective and minimally invasive.
In its own words, from its 10-K, filed Mar 10, 2026.
Pulmonx against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +5%. Operating margin: -32.8% against the peers' median 13.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| LUNG Pulmonx | Q3 2026 | $22.8M | +6% | -32.8% |
| MDLN Medline | Q3 2026 | $7.9B | +10% | 6.4% |
| MMM 3M | Q3 2026 | $6.6B | +1% | 23.7% |
| SYK Stryker | Q3 2026 | $6.5B | +8% | 15.9% |
| BSX Boston Scientific | Q3 2026 | $5.1B | +1% | 16.1% |
| BDX Becton Dickinson | Q3 FY26 | $5.0B | +5% | 13.3% |
| BAX Baxter International | Q3 2026 | $3.0B | +5% | 7.6% |
| SOLV Solventum | Q3 2026 | $1.9B | -7% | 3.5% |
| RMD ResMed | Q1 FY27 | $1.4B | +6% | 32.0% |
Source: Pulmonx 10-Q on SEC EDGAR · CIK 1127537 · Surgical & Medical Instruments & Apparatus
Guidance and outlook
13F: who owns LUNG and who is buying
More on LUNG
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results