Filing Flows › Penumbra (PEN) › Q2 2026 › vs Q1 2026
Penumbra (PEN) Q2 2026 vs Q1 2026 (quarter over quarter)
Penumbra's revenue rose $15.3M (+4%) from $375M in Q1 2026 to $390M in Q2 2026. The biggest changes: Embolization and Access +$10.2M (+8%); Thrombectomy +$5.1M (+2%). Gross margin 67.9% against 67.6% (+0.3 pts).
Penumbra, Q2 2026: revenue $390M (+15% year over year), operating margin 10.5%, net earnings $34.8M, operating cash flow $46.1M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 67.9% | 67.6% | +0.3 pts |
| Operating margin | 10.5% | 10.2% | +0.3 pts |
| Net margin | 8.9% | 8.7% | +0.2 pts |
| Free cash flow margin | 8.3% | 19.6% | -11.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Thrombectomy | $259M | $254M | $5.1M | +2% |
| Embolization and Access | $131M | $121M | $10.2M | +8% |
| Revenue | $390M | $375M | $15.3M | +4% |
| Gross profit | $265M | $253M | $11.5M | +5% |
| Cost of revenue | $125M | $121M | $3.8M | +3% |
| Other income, net | $5.1M | $3.5M | $1.7M | +49% |
| Operating profit | $41.0M | $38.2M | $2.8M | +7% |
| Operating expenses | $224M | $215M | $8.7M | +4% |
| Pre-tax earnings | $46.2M | $41.7M | $4.5M | +11% |
| Research & development | $25.4M | $22.4M | $3.0M | +13% |
| SG&A | $199M | $193M | $5.7M | +3% |
| Net earnings | $34.8M | $32.6M | $2.2M | +7% |
| Income tax | $11.4M | $9.1M | $2.3M | +25% |
| Depreciation & amortization | $5.6M | $4.6M | $1.0M | +23% |
| Share-based compensation | $13.7M | $14.6M | −$986K | -7% |
| Working capital & other | $8.0M | −$35.2M | $43.2M | — |
| Operating cash flow | $46.1M | $87.0M | −$40.9M | -47% |
| Free cash flow (OCF − capex) | $32.5M | $73.3M | −$40.8M | -56% |
| Capital expenditures | $13.5M | $13.7M | −$129K | -0.9% |
Questions
How much did Penumbra's revenue grow quarter over quarter in Q2 2026?
Penumbra's revenue rose $15.3M (+4%) from $375M in Q1 2026 to $390M in Q2 2026.
What drove Penumbra's revenue change in Q2 2026?
Embolization and Access +$10.2M (+8%); Thrombectomy +$5.1M (+2%).