Filing Flows › Innovate (VATE) › Q2 2026
Innovate (VATE) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Innovate (VATE) reported revenue of $422M for the second quarter 2026 (Q2 2026), +74% from a year earlier and +16% from the quarter before. Operating margin was 8.2%, net earnings $10.7M (2.5% of revenue).
Innovate, Q2 2026: revenue $422M (+74% year over year), operating margin 8.2%, net earnings $10.7M, operating cash flow −$24.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $422M | +16% | +74% |
| Gross profit | $79.5M | +49% | +74% |
| Operating profit | $34.5M | +245% | +604% |
| Net earnings | $10.7M | — | — |
| Operating cash flow | −$24.6M | -154% | -161% |
What changed
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.
Questions
What was Innovate's revenue in the second quarter 2026?
Innovate (VATE) reported revenue of $422M for the second quarter 2026 (Q2 2026), +74% from a year earlier and +16% from the quarter before.
Was Innovate profitable in the second quarter 2026?
Operating profit was $34.5M (8.2% of revenue) and net earnings $10.7M.
Source: Innovate 10-Q on SEC EDGAR.