Filing Flows › Penumbra (PEN) › Q1 2026
Penumbra (PEN) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Penumbra (PEN) reported revenue of $375M for the first quarter 2026 (Q1 2026), +16% from a year earlier and -3% from the quarter before. Operating margin was 10.2%, net earnings $32.6M (8.7% of revenue).
Penumbra, Q1 2026: revenue $375M (+16% year over year), operating margin 10.2%, net earnings $32.6M, operating cash flow $87.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $375M | -3% | +16% |
| Gross profit | $253M | -3% | +17% |
| Operating profit | $38.2M | -35% | -5% |
| Net earnings | $32.6M | -31% | -17% |
| Operating cash flow | $87.0M | +0.6% | +78% |
| Free cash flow | $73.3M | +8% | +106% |
What changed
Revenue was $374.8M in Q1 2026, up 16% year over year and down 3% from the previous quarter. Thrombectomy was the largest line at 68% of revenue. Thrombectomy added $27.4M year over year (up 12%), 54% of the total change.
Gross margin was 67.6%, up 1.0 points from Q1 2025. Operating profit was $38.2M, a 10.2% margin (down 2.2 points year over year). Operating profit fell $2.1M even though revenue rose $50.6M versus Q1 2025, so costs grew faster than sales. Operating expenses grew 23% against revenue growth of 16%. The fastest-growing cost line was SG&A (+26%). Net earnings were $32.6M, down 17% year over year. The effective tax rate was 21.8%.
Operating cash flow was $87.0M (up 78% year over year), 267% of net earnings. Non-cash charges added back $4.6M of depreciation and amortization and $14.6M of share-based compensation. Working capital and other items added $35.2M. Capital expenditures of $13.7M left free cash flow of $73.3M.
Questions
What was Penumbra's revenue in the first quarter 2026?
Penumbra (PEN) reported revenue of $375M for the first quarter 2026 (Q1 2026), +16% from a year earlier and -3% from the quarter before.
Was Penumbra profitable in the first quarter 2026?
Operating profit was $38.2M (10.2% of revenue) and net earnings $32.6M.
Source: Penumbra 10-Q on SEC EDGAR.