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Vericel (VCEL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Vericel (VCEL) Q3 2026 earnings results →
Q3 2026 Revenue up 26% year over year to $85.4M · 17¢ of every $1 of revenue kept as net profit · operating margin 14.3%
Vericel made $85.4M in Q3 2026 (+26% Y/Y). Operating margin 14.3%, net earnings $14.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $85.4M in Q3 2026, up 26% year over year and up 10% from the previous quarter.
Gross margin was 73.3%, down 0.1 points from Q3 2025. Operating profit was $12.2M, a 14.3% margin (up 9.2 points year over year). Of the extra revenue versus Q3 2025, 49% reached operating profit, above the 5% margin then. Operating expenses grew 9% against revenue growth of 26%. Net earnings were $14.2M, up 179% year over year. The effective tax rate was 0.0%.
Operating cash flow was $17.7M (down 20% year over year), 125% of net earnings. Non-cash charges added back $3.6M of depreciation and amortization and $7.8M of share-based compensation. Working capital and other items used $7.9M. After capital expenditures ($2.0M), free cash flow as the company reports it was $15.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $85.4M | +26% | 14.3% | $14.2M | $17.7M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $77.5M | +22% | 0.6% | $2.2M | $16.2M |
| Q1 2026 | 10-Q | May 7, 2026 | $68.4M | +30% | -11.8% | −$6.3M | $16.4M |
| Q4 2025 | 10-K | Feb 26, 2026 | $92.9M | +23% | 24.1% | $23.2M | $15.0M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $67.5M | +17% | 5.1% | $5.1M | $22.1M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $63.2M | +20% | -3.2% | −$553K | $8.2M |
| Q1 2025 | 10-Q | May 8, 2025 | $52.6M | +3% | -24.3% | −$11.2M | $6.6M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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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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🔍Earnings qualityinteractive
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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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🏭Its industry’s money flow (input-output)interactive
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About Vericel
Vericel Corporation is a leading provider of advanced therapies for the sports medicine and severe burn care markets. We have a highly differentiated portfolio of cell therapy and specialty biologic products that combines innovations in biology with medical technologies. We were among the first companies to achieve commercial success in the complex field of cell therapies with treatments that use tissue engineering to regenerate skin and healthy knee cartilage. We currently market two U.S. Food and Drug Administration (“FDA”) approved autologous cell therapy products and one FDA-approved specialty biologic product in the U.S. MACI ® is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults.
In its own words, from its 10-K, filed Feb 26, 2026.
Vericel against its Biological Products, (No Diagnostic Substances) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +26% against the peers' median +26%. Operating margin: 14.3% against the peers' median 35.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VCEL Vericel | Q3 2026 | $85.4M | +26% | 14.3% |
| AMGN Amgen | Q3 2026 | $10.4B | +8% | 35.8% |
| GILD Gilead Sciences | Q3 2026 | $8.3B | +7% | 41.7% |
| BIIB Biogen | Q3 2026 | $2.8B | +11% | -0.3% |
| MRNA Moderna | Q3 2026 | $1.3B | +29% | 9.9% |
| NBIX Neurocrine Biosciences | Q3 2026 | $1.1B | +41% | 29.5% |
| EXEL Exelixis | Q3 2026 | $659M | +10% | 40.8% |
| HALO Halozyme Therapeutics | Q3 2026 | $493M | +39% | 59.8% |
| MGTX MeiraGTx Holdings | Q2 2026 | $321M | 87× | 76.0% |
Source: Vericel 10-Q on SEC EDGAR · CIK 887359 · Biological Products, (No Diagnostic Substances)
Guidance and outlook
13F: who owns VCEL and who is buying
More on VCEL
- How Vericel makes money: revenue by segment
- Vericel next earnings date and what analysts expect
- Vericel stock forecast, price target and fair value
- Who owns Vericel stock: holders, funds and Congress trades
- Vericel guidance and outlook
- Is Vericel a takeover target? LBO and rumors
- Vericel recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results