Filing Flows › Penumbra (PEN) › Q2 2025
Penumbra (PEN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
Penumbra (PEN) reported revenue of $339M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +5% from the quarter before. Operating margin was 12.0%, net earnings $45.3M (13.3% of revenue).
Penumbra, Q2 2025: revenue $339M (+13% year over year), operating margin 12.0%, net earnings $45.3M, operating cash flow $44.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $339M | +5% | +13% |
| Gross profit | $224M | +4% | +38% |
| Operating profit | $40.8M | +1% | — |
| Net earnings | $45.3M | +15% | — |
| Operating cash flow | $44.9M | -8% | +99% |
| Free cash flow | $29.4M | -17% | +62% |
What changed
Revenue was $339.5M in Q2 2025, up 13% year over year and up 5% from the previous quarter. Thrombectomy was the largest line at 68% of revenue. Thrombectomy added $26.8M year over year (up 13%), 67% of the total change.
Gross margin was 66.0%, up 11.6 points from a year earlier. Operating profit was $40.8M, a 12.0% margin (up 39.1 points year over year). Operating expenses fell 25% while revenue rose 13%. The fastest-growing cost line was SG&A (+13%). Net earnings were $45.3M. The effective tax rate was 0.1%.
Operating cash flow was $44.9M (up 99% year over year), 99% of net earnings. Non-cash charges added back $5.5M of depreciation and amortization and $14.2M of share-based compensation. Working capital and other items used $20.1M. Capital expenditures of $15.6M left free cash flow of $29.4M.
Questions
What was Penumbra's revenue in the second quarter 2025?
Penumbra (PEN) reported revenue of $339M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +5% from the quarter before.
Was Penumbra profitable in the second quarter 2025?
Operating profit was $40.8M (12.0% of revenue) and net earnings $45.3M.
Source: Penumbra 10-Q on SEC EDGAR.