Filing Flows › Penumbra (PEN) › Q3 2026 › vs Q2 2026
Penumbra (PEN) Q3 2026 vs Q2 2026 (quarter over quarter)
Penumbra's revenue rose $20.1M (+5%) from $390M in Q2 2026 to $410M in Q3 2026. The biggest changes: Thrombectomy +$20.2M (+8%); Embolization and Access −$77K (-0.1%). Gross margin 68.3% against 67.9% (+0.4 pts).
Penumbra, Q3 2026: revenue $410M (+16% year over year), operating margin 12.4%, net earnings $42.3M, operating cash flow $41.5M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 68.3% | 67.9% | +0.4 pts |
| Operating margin | 12.4% | 10.5% | +1.8 pts |
| Net margin | 10.3% | 8.9% | +1.4 pts |
| Free cash flow margin | 6.4% | 8.3% | -1.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Thrombectomy | $279M | $259M | $20.2M | +8% |
| Embolization and Access | $131M | $131M | −$77K | -0.1% |
| Revenue | $410M | $390M | $20.1M | +5% |
| Gross profit | $280M | $265M | $15.4M | +6% |
| Cost of revenue | $130M | $125M | $4.7M | +4% |
| Other income, net | $5.6M | $5.1M | $429K | +8% |
| Operating profit | $50.7M | $41.0M | $9.7M | +24% |
| Operating expenses | $230M | $224M | $5.7M | +3% |
| Pre-tax earnings | $56.3M | $46.2M | $10.1M | +22% |
| Research & development | $25.4M | $25.4M | −$35K | -0.1% |
| SG&A | $204M | $199M | $5.7M | +3% |
| Net earnings | $42.3M | $34.8M | $7.5M | +21% |
| Income tax | $14.0M | $11.4M | $2.7M | +23% |
| Depreciation & amortization | $5.5M | $5.6M | −$149K | -3% |
| Share-based compensation | $14.8M | $13.7M | $1.2M | +9% |
| Working capital & other | $21.1M | $8.0M | $13.1M | +163% |
| Operating cash flow | $41.5M | $46.1M | −$4.6M | -10% |
| Free cash flow (OCF − capex) | $26.4M | $32.5M | −$6.1M | -19% |
| Capital expenditures | $15.1M | $13.5M | $1.6M | +12% |
Questions
How much did Penumbra's revenue grow quarter over quarter in Q3 2026?
Penumbra's revenue rose $20.1M (+5%) from $390M in Q2 2026 to $410M in Q3 2026.
What drove Penumbra's revenue change in Q3 2026?
Thrombectomy +$20.2M (+8%); Embolization and Access −$77K (-0.1%).