Filing Flows › Vericel (VCEL) › Q2 2026
Vericel (VCEL) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 30, 2026
Vericel (VCEL) reported revenue of $77.5M for the second quarter 2026 (Q2 2026), +22% from a year earlier and +13% from the quarter before. Operating margin was 0.6%, net earnings $2.2M (2.8% of revenue).
Vericel, Q2 2026: revenue $77.5M (+22% year over year), operating margin 0.6%, net earnings $2.2M, operating cash flow $16.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $77.5M | +13% | +22% |
| Gross profit | $56.4M | +14% | +21% |
| Operating profit | $434K | — | — |
| Net earnings | $2.2M | — | — |
| Operating cash flow | $16.2M | -1% | +97% |
| Free cash flow | $14.3M | — | 176× |
What changed
Revenue was $77.5M in Q2 2026, up 22% year over year and up 13% from the previous quarter.
Gross margin was 72.8%, down 0.9 points from Q2 2025. Operating profit was $434K, a 0.6% margin (up 3.8 points year over year). Operating expenses grew 15% against revenue growth of 22%. The fastest-growing cost line was Research & development (+11%). Net earnings were $2.2M. The effective tax rate was 0.0%. Non-operating items added $1.8M, 80% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $16.2M (up 97% year over year), 734% of net earnings. Non-cash charges added back $3.6M of depreciation and amortization and $9.1M of share-based compensation. Working capital and other items added $1.3M. After capital expenditures ($1.9M), free cash flow as the company reports it was $14.3M.
Questions
What was Vericel's revenue in the second quarter 2026?
Vericel (VCEL) reported revenue of $77.5M for the second quarter 2026 (Q2 2026), +22% from a year earlier and +13% from the quarter before.
Was Vericel profitable in the second quarter 2026?
Operating profit was $434K (0.6% of revenue) and net earnings $2.2M.
Source: Vericel 10-Q on SEC EDGAR.