Filing Flows › Penumbra (PEN) › Q2 2026
Penumbra (PEN) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 30, 2026
Penumbra (PEN) reported revenue of $390M for the second quarter 2026 (Q2 2026), +15% from a year earlier and +4% from the quarter before. Operating margin was 10.5%, net earnings $34.8M (8.9% of revenue).
Penumbra, Q2 2026: revenue $390M (+15% year over year), operating margin 10.5%, net earnings $34.8M, operating cash flow $46.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $390M | +4% | +15% |
| Gross profit | $265M | +5% | +18% |
| Operating profit | $41.0M | +7% | +0.5% |
| Net earnings | $34.8M | +7% | -23% |
| Operating cash flow | $46.1M | -47% | +3% |
| Free cash flow | $32.5M | -56% | +11% |
What changed
Revenue was $390.0M in Q2 2026, up 15% year over year and up 4% from the previous quarter. Thrombectomy was the largest line at 66% of revenue. Thrombectomy added $28.7M year over year (up 12%), 57% of the total change.
Gross margin was 67.9%, up 1.9 points from Q2 2025. Operating profit was $41.0M, a 10.5% margin (down 1.5 points year over year). Of the extra revenue versus Q2 2025, 0% reached operating profit, below the 12% margin then. Operating expenses grew 22% against revenue growth of 15%. The fastest-growing cost line was SG&A (+24%). Net earnings were $34.8M, down 23% year over year. The effective tax rate was 24.6%.
Operating cash flow was $46.1M (up 3% year over year), 132% of net earnings. Non-cash charges added back $5.6M of depreciation and amortization and $13.7M of share-based compensation. Working capital and other items used $8.0M. Capital expenditures of $13.5M left free cash flow of $32.5M.
Questions
What was Penumbra's revenue in the second quarter 2026?
Penumbra (PEN) reported revenue of $390M for the second quarter 2026 (Q2 2026), +15% from a year earlier and +4% from the quarter before.
Was Penumbra profitable in the second quarter 2026?
Operating profit was $41.0M (10.5% of revenue) and net earnings $34.8M.
Source: Penumbra 10-Q on SEC EDGAR.