Filing Flows › Penumbra (PEN) › Q3 2026
Penumbra (PEN) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 29, 2026
Penumbra (PEN) reported revenue of $410M for the third quarter 2026 (Q3 2026), +16% from a year earlier and +5% from the quarter before. Operating margin was 12.4%, net earnings $42.3M (10.3% of revenue).
Penumbra, Q3 2026: revenue $410M (+16% year over year), operating margin 12.4%, net earnings $42.3M, operating cash flow $41.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $410M | +5% | +16% |
| Gross profit | $280M | +6% | +17% |
| Operating profit | $50.7M | +24% | +4% |
| Net earnings | $42.3M | +21% | -8% |
| Operating cash flow | $41.5M | -10% | -29% |
| Free cash flow | $26.4M | -19% | -37% |
What changed
Revenue was $410.1M in Q3 2026, up 16% year over year and up 5% from the previous quarter. Thrombectomy was the largest line at 68% of revenue. Thrombectomy added $42.7M year over year (up 18%), 77% of the total change.
Gross margin was 68.3%, up 0.6 points from Q3 2025. Operating profit was $50.7M, a 12.4% margin (down 1.4 points year over year). Of the extra revenue versus Q3 2025, 3% reached operating profit, below the 14% margin then. Operating expenses grew 20% against revenue growth of 16%. The fastest-growing cost line was SG&A (+21%). Net earnings were $42.3M, down 8% year over year. The effective tax rate was 24.9%.
Operating cash flow was $41.5M (down 29% year over year), 98% of net earnings. Non-cash charges added back $5.5M of depreciation and amortization and $14.8M of share-based compensation. Working capital and other items used $21.1M. Capital expenditures of $15.1M left free cash flow of $26.4M.
Questions
What was Penumbra's revenue in the third quarter 2026?
Penumbra (PEN) reported revenue of $410M for the third quarter 2026 (Q3 2026), +16% from a year earlier and +5% from the quarter before.
Was Penumbra profitable in the third quarter 2026?
Operating profit was $50.7M (12.4% of revenue) and net earnings $42.3M.
Source: Penumbra 10-Q on SEC EDGAR.