Filing Flows › Impinj (PI) › Q2 2026 › vs Q2 2025
Impinj (PI) Q2 2026 vs Q2 2025 (year over year)
Impinj's revenue rose $10.5M (+11%) from $97.9M in Q2 2025 to $108M in Q2 2026. The biggest changes: Endpoint I Cs +$11.8M (+14%); Systems −$1.3M (-10%). Gross margin 58.6% against 57.8% (+0.8 pts).
Impinj, Q2 2026: revenue $108M (+11% year over year), operating margin 9.7%, net earnings $12.2M, operating cash flow $31.6M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 58.6% | 57.8% | +0.8 pts |
| Operating margin | 9.7% | 11.1% | -1.4 pts |
| Net margin | 11.3% | 11.8% | -0.5 pts |
| Free cash flow margin | 26.9% | 27.9% | -1.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Endpoint I Cs | $96.4M | $84.6M | $11.8M | +14% |
| Systems | $12.0M | $13.3M | −$1.3M | -10% |
| Revenue | $108M | $97.9M | $10.5M | +11% |
| Gross profit | $63.5M | $56.6M | $6.9M | +12% |
| Cost of revenue | $44.8M | $41.3M | $3.6M | +9% |
| Other income, net | $1.6M | $828K | $796K | +96% |
| Operating profit | $10.5M | $10.9M | −$370K | -3% |
| Operating expenses | $53.0M | $45.7M | $7.3M | +16% |
| Pre-tax earnings | $12.1M | $11.7M | $426K | +4% |
| Research & development | $29.3M | $24.7M | $4.6M | +19% |
| Sales & marketing | $9.8M | $8.7M | $1.1M | +12% |
| General & admin | $13.4M | $11.8M | $1.6M | +13% |
| Other operating costs | $534K | $521K | $13K | +2% |
| Income tax benefit | $92K | −$149K | $241K | — |
| Net earnings | $12.2M | $11.6M | $667K | +6% |
| Depreciation & amortization | $3.9M | $3.7M | $180K | +5% |
| Share-based compensation | $16.3M | $13.0M | $3.3M | +25% |
| Working capital & other | $800K | −$5.6M | $6.4M | — |
| Operating cash flow | $31.6M | $33.9M | −$2.3M | -7% |
| Free cash flow (OCF − capex) | $29.2M | $27.3M | $1.9M | +7% |
| Capital expenditures | $2.4M | $6.5M | −$4.1M | -63% |
Questions
How much did Impinj's revenue grow year over year in Q2 2026?
Impinj's revenue rose $10.5M (+11%) from $97.9M in Q2 2025 to $108M in Q2 2026.
What drove Impinj's revenue change in Q2 2026?
Endpoint I Cs +$11.8M (+14%); Systems −$1.3M (-10%).