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Innovate (VATE) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 6, 2026 · Innovate (VATE) Q2 2026 earnings results →
Q2 2026 Revenue up 74% year over year to $422M · 3¢ of every $1 of revenue kept as net profit · operating margin 8.2%
Innovate made $422M in Q2 2026 (+74% Y/Y): Infrastructure $414M, Spectrum Segment $5.4M, Life Sciences $2.2M. Operating margin 8.2%, net earnings $10.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 6, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $421.6M in Q2 2026, up 74% year over year and up 16% from the previous quarter. Infrastructure was the largest line at 98% of revenue. Infrastructure added $180.9M year over year (up 78%), 101% of the total change. Life Sciences declined 31%.
Gross margin was 18.9%, unchanged from Q2 2025. Operating profit was $34.5M, a 8.2% margin (up 6.2 points year over year). Of the extra revenue versus Q2 2025, 16% reached operating profit, above the 2% margin then. Operating expenses grew 11% against revenue growth of 74%. The fastest-growing cost line was SG&A (+18%). Net earnings were $10.7M. The effective tax rate was 51.4%.
Operating cash flow was −$24.6M. Non-cash charges added back $7.0M of depreciation and amortization and $400K of share-based compensation. Working capital and other items used $44.4M. Capital expenditures of $100K exceeded it, leaving free cash flow of −$24.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 6, 2026 | $422M | +74% | 8.2% | $10.7M | −$24.6M |
| Q1 2026 | 10-Q | May 14, 2026 | $365M | +33% | 2.7% | −$17.1M | $45.5M |
| Q4 2025 | 10-K | Mar 26, 2026 | $383M | +62% | 3.7% | −$7.6M | $101M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $347M | +43% | 1.8% | −$9.6M | $19.2M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $242M | -23% | 2.0% | −$21.0M | $40.4M |
| Q1 2025 | 10-Q | May 6, 2025 | $274M | -13% | 1.2% | −$25.8M | −$14.1M |
| Q4 2024 | 10-K | Mar 31, 2025 | $237M | -34% | 1.1% | −$17.3M | $41.4M |
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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About Innovate
Unless the context otherwise requires, in this Annual Report on Form 10-K, "INNOVATE," means INNOVATE Corp. and the "Company," "we" and "our" mean INNOVATE together with its consolidated subsidiaries. This Annual Report on Form 10-K contains forward-looking statements. See "Management’s Discussion and Analysis of Financial Condition and Results of Operations - Special Note Regarding Forward-Looking Statements."
In its own words, from its 10-K, filed Mar 26, 2026.
Innovate against its Fabricated Structural Metal Products peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +74% against the peers' median +14%. Operating margin: 8.2% against the peers' median 9.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VATE Innovate | Q2 2026 | $422M | +74% | 8.2% |
| VMI Valmont Industries | Q3 2026 | $1.1B | +6% | 15.7% |
| ACA Arcosa | Q2 2026 | $659M | +2% | 12.8% |
| PRLB Proto Labs | Q3 2026 | $154M | +14% | 9.4% |
| TPCS Techprecision | Q1 FY27 | $9.1M | +23% | -0.5% |
Source: Innovate 10-Q on SEC EDGAR · CIK 1006837 · Fabricated Structural Metal Products
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results