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Penumbra (PEN) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Penumbra (PEN) Q3 2026 earnings results →
Q3 2026 Revenue up 16% year over year to $410M · 10¢ of every $1 of revenue kept as net profit · operating margin 12.4%
Penumbra made $410M in Q3 2026 (+16% Y/Y): Thrombectomy $279M, Embolization and Access $131M. Operating margin 12.4%, net earnings $42.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 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 $410.1M in Q3 2026, up 16% year over year and up 5% from the previous quarter. Thrombectomy was the largest line at 68% of revenue. Thrombectomy added $42.7M year over year (up 18%), 77% of the total change.
Gross margin was 68.3%, up 0.6 points from Q3 2025. Operating profit was $50.7M, a 12.4% margin (down 1.4 points year over year). Of the extra revenue versus Q3 2025, 3% reached operating profit, below the 14% margin then. Operating expenses grew 20% against revenue growth of 16%. The fastest-growing cost line was SG&A (+21%). Net earnings were $42.3M, down 8% year over year. The effective tax rate was 24.9%.
Operating cash flow was $41.5M (down 29% year over year), 98% of net earnings. Non-cash charges added back $5.5M of depreciation and amortization and $14.8M of share-based compensation. Working capital and other items used $21.1M. Capital expenditures of $15.1M left free cash flow of $26.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $410M | +16% | 12.4% | $42.3M | $41.5M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $390M | +15% | 10.5% | $34.8M | $46.1M |
| Q1 2026 | 10-Q | May 6, 2026 | $375M | +16% | 10.2% | $32.6M | $87.0M |
| Q4 2025 | 10-K | Feb 25, 2026 | $385M | +22% | 15.4% | $47.3M | $86.5M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $355M | +18% | 13.8% | $45.9M | $58.3M |
| Q2 2025 | 10-Q | Jul 29, 2025 | $339M | +13% | 12.0% | $45.3M | $44.9M |
| Q1 2025 | 10-Q | Apr 23, 2025 | $324M | +16% | 12.4% | $39.2M | $49.0M |
Charts
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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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🔭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 Penumbra
References herein to “we,” “us,” “our,” the “Company,” and “Penumbra,” refer to Penumbra, Inc. and its consolidated subsidiaries unless expressly indicated or the context requires otherwise. Penumbra, the world’s leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety, and simplicity. Our team focuses on developing, manufacturing and marketing novel products for use by specialist physicians and other healthcare providers to drive improved clinical and health outcomes. We believe that the cost-effectiveness of our products is attractive to our customers.
In its own words, from its 10-K, filed Feb 25, 2026.
Penumbra against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +16% against the peers' median +5%. Operating margin: 12.4% against the peers' median 13.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PEN Penumbra | Q3 2026 | $410M | +16% | 12.4% |
| 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: Penumbra 10-Q on SEC EDGAR · CIK 1321732 · Surgical & Medical Instruments & Apparatus
13F: who owns PEN and who is buying
More on PEN
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results