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Nephros (NEPH) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Nephros (NEPH) Q3 2026 earnings results →
Q3 2026 Revenue up 18% year over year to $5.6M · 9¢ of every $1 of revenue kept as net profit · operating margin 8.9%
Nephros made $5.6M in Q3 2026 (+18% Y/Y): Product $5.4M, Service Royalty and Other Revenues $191K. Operating margin 8.9%, net earnings $512K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
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What changed this quarter
Revenue was $5.6M in Q3 2026, up 18% year over year and down 7% from the previous quarter. Product was the largest line at 97% of revenue. Product added $835K year over year (up 18%), 97% of the total change.
Gross margin was 58.4%, down 2.7 points from Q3 2025. Operating profit was $501K, a 8.9% margin (up 2.3 points year over year). Of the extra revenue versus Q3 2025, 22% reached operating profit, above the 7% margin then. Operating expenses grew 7% against revenue growth of 18%. Net earnings were $512K, up 52% year over year. The effective tax rate was 0.0%.
Operating cash flow was −$150K. Non-cash charges added back $29K of depreciation and amortization and $60K of share-based compensation. Working capital and other items used $751K.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $5.6M | +18% | 8.9% | $512K | −$150K |
| Q2 2026 | 10-Q | Aug 10, 2026 | $6.0M | +36% | 20.2% | $1.2M | $681K |
| Q1 2026 | 10-Q | May 7, 2026 | $5.2M | +7% | 1.9% | $140K | −$1.7M |
| Q4 2025 | 10-K | Mar 12, 2026 | $4.7M | +22% | 0.4% | $62K | $185K |
| Q3 2025 | 10-Q | Nov 6, 2025 | $4.8M | +35% | 6.6% | $337K | $99K |
| Q2 2025 | 10-Q | Aug 7, 2025 | $4.4M | +36% | 5.6% | $237K | $994K |
| Q1 2025 | 10-Q | May 15, 2025 | $4.9M | +38% | 11.6% | $558K | $322K |
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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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 Nephros
Nephros is a commercial-stage company that develops and markets high-performance water filtration solutions for points of use, with a core focus on medical-grade water filtration. Our medical filtration portfolio includes two product lines: infection control and dialysis water. The infection control segment features both microfilters (0.1 micron), which retain bacteria, and ultrafilters (0.005 micron), which retain bacteria, viruses, and endotoxins to address a broader spectrum of waterborne pathogens including and beyond Legionella and Pseudomonas . The dialysis segment consists exclusively of ultrafilters, extending the same microbial and endotoxin retention capabilities to the purification of water and bicarbonate concentrate used in dialysis treatment, where endotoxin control is especially critical.
In its own words, from its 10-K, filed Mar 12, 2026.
Nephros against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +18% against the peers' median +5%. Operating margin: 8.9% against the peers' median 13.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NEPH Nephros | Q3 2026 | $5.6M | +18% | 8.9% |
| 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: Nephros 10-Q on SEC EDGAR · CIK 1196298 · Surgical & Medical Instruments & Apparatus
Guidance and outlook
13F: who owns NEPH and who is buying
More on NEPH
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results