Filing Flows › Penumbra (PEN) › Q3 2025
Penumbra (PEN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Penumbra (PEN) reported revenue of $355M for the third quarter 2025 (Q3 2025), +18% from a year earlier and +4% from the quarter before. Operating margin was 13.8%, net earnings $45.9M (12.9% of revenue).
Penumbra, Q3 2025: revenue $355M (+18% year over year), operating margin 13.8%, net earnings $45.9M, operating cash flow $58.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $355M | +4% | +18% |
| Gross profit | $240M | +7% | +20% |
| Operating profit | $48.8M | +20% | +38% |
| Net earnings | $45.9M | +1% | +55% |
| Operating cash flow | $58.3M | +30% | +3% |
| Free cash flow | $42.0M | +43% | -18% |
What changed
Revenue was $354.7M in Q3 2025, up 18% year over year and up 4% from the previous quarter. Thrombectomy was the largest line at 67% of revenue. Thrombectomy added $32.3M year over year (up 16%), 60% of the total change.
Gross margin was 67.8%, up 1.2 points from a year earlier. Operating profit was $48.8M, a 13.8% margin (up 2.0 points year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, above the 12% margin then. Operating expenses grew 16% against revenue growth of 18%. The fastest-growing cost line was SG&A (+21%). Net earnings were $45.9M, up 55% year over year. The effective tax rate was 12.4%.
Operating cash flow was $58.3M (up 3% year over year), 127% of net earnings. Non-cash charges added back $2.5M of depreciation and amortization and $15.9M of share-based compensation. Working capital and other items used $6.0M. Capital expenditures of $16.2M left free cash flow of $42.0M.
Questions
What was Penumbra's revenue in the third quarter 2025?
Penumbra (PEN) reported revenue of $355M for the third quarter 2025 (Q3 2025), +18% from a year earlier and +4% from the quarter before.
Was Penumbra profitable in the third quarter 2025?
Operating profit was $48.8M (13.8% of revenue) and net earnings $45.9M.
Source: Penumbra 10-Q on SEC EDGAR.