Filing Flows › Penumbra (PEN) › Q2 2026 › vs Q2 2025
Penumbra (PEN) Q2 2026 vs Q2 2025 (year over year)
Penumbra's revenue rose $50.6M (+15%) from $339M in Q2 2025 to $390M in Q2 2026. The biggest changes: Thrombectomy +$28.7M (+12%); Embolization and Access +$21.9M (+20%). Gross margin 67.9% against 66.0% (+1.9 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 67.9% | 66.0% | +1.9 pts |
| Operating margin | 10.5% | 12.0% | -1.5 pts |
| Net margin | 8.9% | 13.3% | -4.4 pts |
| Free cash flow margin | 8.3% | 8.7% | -0.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Thrombectomy | $259M | $230M | $28.7M | +12% |
| Embolization and Access | $131M | $109M | $21.9M | +20% |
| Revenue | $390M | $339M | $50.6M | +15% |
| Gross profit | $265M | $224M | $40.9M | +18% |
| Cost of revenue | $125M | $115M | $9.7M | +8% |
| Other income, net | $5.1M | $4.5M | $666K | +15% |
| Operating profit | $41.0M | $40.8M | $211K | +0.5% |
| Operating expenses | $224M | $183M | $40.7M | +22% |
| Pre-tax earnings | $46.2M | $45.3M | $877K | +2% |
| Research & development | $25.4M | $23.2M | $2.2M | +9% |
| SG&A | $199M | $160M | $38.5M | +24% |
| Net earnings | $34.8M | $45.3M | −$10.5M | -23% |
| Income tax | $11.4M | $40K | $11.3M | 284× |
| Depreciation & amortization | $5.6M | $5.5M | $108K | +2% |
| Share-based compensation | $13.7M | $14.2M | −$575K | -4% |
| Working capital & other | $8.0M | $20.1M | −$12.1M | -60% |
| Operating cash flow | $46.1M | $44.9M | $1.1M | +3% |
| Free cash flow (OCF − capex) | $32.5M | $29.4M | $3.2M | +11% |
| Capital expenditures | $13.5M | $15.6M | −$2.0M | -13% |
Questions
How much did Penumbra's revenue grow year over year in Q2 2026?
Penumbra's revenue rose $50.6M (+15%) from $339M in Q2 2025 to $390M in Q2 2026.
What drove Penumbra's revenue change in Q2 2026?
Thrombectomy +$28.7M (+12%); Embolization and Access +$21.9M (+20%).