Filing Flows › Penumbra (PEN) › Q4 2025
Penumbra (PEN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Penumbra (PEN) reported revenue of $385M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and +9% from the quarter before. Operating margin was 15.4%, net earnings $47.3M (12.3% of revenue).
Penumbra, Q4 2025: revenue $385M (+22% year over year), operating margin 15.4%, net earnings $47.3M, operating cash flow $86.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $385M | +9% | +22% |
| Gross profit | $262M | +9% | +24% |
| Operating profit | $59.2M | +21% | +38% |
| Net earnings | $47.3M | +3% | +41% |
| Operating cash flow | $86.5M | +48% | +69% |
| Free cash flow | $68.0M | +62% | +49% |
What changed
Revenue was $385.4M in Q4 2025, up 22% year over year and up 9% from the previous quarter.
Gross margin was 68.0%, up 1.2 points from a year earlier. Operating profit was $59.2M, a 15.4% margin (up 1.8 points year over year). Of the extra revenue versus a year earlier, 24% reached operating profit, above the 14% margin then. Operating expenses grew 21% against revenue growth of 22%. The fastest-growing cost line was SG&A (+22%). Net earnings were $47.3M, up 41% year over year. The effective tax rate was 25.6%.
Operating cash flow was $86.5M (up 69% year over year), 183% of net earnings. Non-cash charges added back $4.5M of depreciation and amortization and $15.3M of share-based compensation. Working capital and other items added $19.4M. Capital expenditures of $18.4M left free cash flow of $68.0M.
Questions
What was Penumbra's revenue in the fourth quarter 2025?
Penumbra (PEN) reported revenue of $385M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and +9% from the quarter before.
Was Penumbra profitable in the fourth quarter 2025?
Operating profit was $59.2M (15.4% of revenue) and net earnings $47.3M.
Source: Penumbra 10-K on SEC EDGAR.