Filing Flows › Penumbra (PEN) › How it makes money
How Penumbra (PEN) makes money
Penumbra (PEN) made $410M of revenue in the third quarter 2026 (Q3 2026), +16% from a year earlier. Thrombectomy brought in $279M (68%); Embolization and Access brought in $131M (32%). Of every dollar of revenue, 68¢ was left as gross profit, 12¢ was left as operating profit, 10¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Thrombectomy | $279M | 68.1% | +8% | +18% |
| Embolization and Access | $131M | 31.9% | -0.1% | +11% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $410M | 100.0% |
| Cost of revenue | $130M | 31.7% |
| Gross profit | $280M | 68.3% |
| Operating expenses | $230M | 56.0% |
| Operating profit | $50.7M | 12.4% |
| Income tax | $14.0M | 3.4% |
| Net earnings | $42.3M | 10.3% |
| Operating cash flow | $41.5M | 10.1% |
| Free cash flow | $26.4M | 6.4% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $410M | +16% |
| Q2 2026 | $390M | +15% |
| Q1 2026 | $375M | +16% |
| Q4 2025 | $385M | +22% |
| Q3 2025 | $355M | +18% |
| Q2 2025 | $339M | +13% |
| Q1 2025 | $324M | +16% |
From Penumbra's 10-Q filed Oct 29, 2026 (on EDGAR).
Questions
How does Penumbra make money?
Penumbra (PEN) made $410M of revenue in the third quarter 2026 (Q3 2026), +16% from a year earlier. Thrombectomy brought in $279M (68%); Embolization and Access brought in $131M (32%). Of every dollar of revenue, 68¢ was left as gross profit, 12¢ was left as operating profit, 10¢ was left as net earnings.
What is Penumbra's biggest business?
Thrombectomy: $279M in the third quarter 2026, 68% of revenue, +18% from a year earlier.
What is Penumbra's profit margin?
Net earnings were $42.3M, 10.3% of revenue, in the third quarter 2026; the operating margin was 12.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.