Filing Flows › Penumbra (PEN) › Q3 2026 › vs Q3 2025
Penumbra (PEN) Q3 2026 vs Q3 2025 (year over year)
Penumbra's revenue rose $55.5M (+16%) from $355M in Q3 2025 to $410M in Q3 2026. The biggest changes: Thrombectomy +$42.7M (+18%); Embolization and Access +$12.7M (+11%). Gross margin 68.3% against 67.8% (+0.6 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 68.3% | 67.8% | +0.6 pts |
| Operating margin | 12.4% | 13.8% | -1.4 pts |
| Net margin | 10.3% | 12.9% | -2.6 pts |
| Free cash flow margin | 6.4% | 11.8% | -5.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Thrombectomy | $279M | $236M | $42.7M | +18% |
| Embolization and Access | $131M | $118M | $12.7M | +11% |
| Revenue | $410M | $355M | $55.5M | +16% |
| Gross profit | $280M | $240M | $39.9M | +17% |
| Cost of revenue | $130M | $114M | $15.6M | +14% |
| Other income, net | $5.6M | $3.5M | $2.1M | +60% |
| Operating profit | $50.7M | $48.8M | $1.9M | +4% |
| Operating expenses | $230M | $192M | $38.0M | +20% |
| Pre-tax earnings | $56.3M | $52.3M | $4.0M | +8% |
| Research & development | $25.4M | $22.7M | $2.7M | +12% |
| SG&A | $204M | $169M | $35.3M | +21% |
| Net earnings | $42.3M | $45.9M | −$3.6M | -8% |
| Income tax | $14.0M | $6.5M | $7.6M | +117% |
| Depreciation & amortization | $5.5M | $2.5M | $3.0M | +120% |
| Share-based compensation | $14.8M | $15.9M | −$1.1M | -7% |
| Working capital & other | $21.1M | $6.0M | $15.1M | +251% |
| Operating cash flow | $41.5M | $58.3M | −$16.8M | -29% |
| Free cash flow (OCF − capex) | $26.4M | $42.0M | −$15.6M | -37% |
| Capital expenditures | $15.1M | $16.2M | −$1.1M | -7% |
Questions
How much did Penumbra's revenue grow year over year in Q3 2026?
Penumbra's revenue rose $55.5M (+16%) from $355M in Q3 2025 to $410M in Q3 2026.
What drove Penumbra's revenue change in Q3 2026?
Thrombectomy +$42.7M (+18%); Embolization and Access +$12.7M (+11%).