Filing Flows › Innovate (VATE) › Q2 2026 › vs Q2 2025
Innovate (VATE) Q2 2026 vs Q2 2025 (year over year)
Innovate's revenue rose $180M (+74%) from $242M in Q2 2025 to $422M in Q2 2026. The biggest changes: Infrastructure +$181M (+78%); Life Sciences −$1.0M (-31%); Spectrum Segment −$300K (-5%). Gross margin 18.9% against 18.8% (+0.0 pts).
Innovate, Q2 2026: revenue $422M (+74% year over year), operating margin 8.2%, net earnings $10.7M, operating cash flow −$24.6M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 18.9% | 18.8% | +0.0 pts |
| Operating margin | 8.2% | 2.0% | +6.2 pts |
| Net margin | 2.5% | -8.2% | +10.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Infrastructure | $414M | $233M | $181M | +78% |
| Spectrum Segment | $5.4M | $5.7M | −$300K | -5% |
| Life Sciences | $2.2M | $3.2M | −$1.0M | -31% |
| Revenue | $422M | $242M | $180M | +74% |
| Gross profit | $79.5M | $45.6M | $33.9M | +74% |
| Cost of revenue | $342M | $196M | $146M | +74% |
| Operating profit | $34.5M | $4.9M | $29.6M | +604% |
| Operating expenses | $45.0M | $40.7M | $4.3M | +11% |
| Pre-tax earnings | $25.5M | −$16.8M | $42.3M | — |
| Other expense, net | $9.0M | $21.7M | −$12.7M | -59% |
| SG&A | $41.5M | $35.1M | $6.4M | +18% |
| Other operating costs | $3.5M | $5.6M | −$2.1M | -38% |
| Net earnings | $10.7M | −$19.8M | $30.5M | — |
| Minority interests | $1.7M | −$1.2M | $2.9M | — |
| Income tax | $13.1M | $4.2M | $8.9M | +212% |
| Operating cash sources | $42.7M | −$52.1M | $94.8M | — |
| Depreciation & amortization | $7.0M | $7.4M | −$400K | -5% |
| Share-based compensation | $400K | $700K | −$300K | -43% |
| Cash used in operations | $24.6M | −$40.4M | $65.0M | — |
| Working capital & other | $42.7M | −$52.1M | $94.8M | — |
Questions
How much did Innovate's revenue grow year over year in Q2 2026?
Innovate's revenue rose $180M (+74%) from $242M in Q2 2025 to $422M in Q2 2026.
What drove Innovate's revenue change in Q2 2026?
Infrastructure +$181M (+78%); Life Sciences −$1.0M (-31%); Spectrum Segment −$300K (-5%).