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Vicor (VICR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 26, 2026 · Vicor (VICR) Q3 2026 earnings results →
Q3 2026 Revenue up 78% year over year to $197M · 32¢ of every $1 of revenue kept as net profit · operating margin 36.6%
Vicor made $197M in Q3 2026 (+78% Y/Y): Product $130M, Royalty $66.6M, Non Recurring Engineering $462K. Operating margin 36.6%, net earnings $63.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 26, 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 $197.1M in Q3 2026, up 79% year over year and up 38% from the previous quarter. Direct Customers Contract Manufacturers and Non Stocking Distributors was the largest line at 45% of revenue. Royalty added $44.9M year over year (up 207%), 52% of the total change. Non Recurring Engineering declined 18%.
Gross margin was 68.3%, up 10.8 points from Q3 2025. Operating profit was $72.1M, a 36.6% margin (up 17.7 points year over year). Of the extra revenue versus Q3 2025, 59% reached operating profit, above the 19% margin then. Operating expenses grew 47% against revenue growth of 79%. The fastest-growing cost line was SG&A (+70%). Net earnings were $63.3M, up 124% year over year. The effective tax rate was 19.6%.
Operating cash flow was $50.2M (up 30% year over year), 79% of net earnings. Non-cash charges added back $5.5M of depreciation and amortization and $5.3M of share-based compensation. Working capital and other items used $24.0M. Capital expenditures of $16.1M left free cash flow of $34.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 26, 2026 | $197M | +78% | 36.6% | $63.3M | $50.2M |
| Q2 2026 | 10-Q | Jul 29, 2026 | $143M | +2% | 24.3% | $49.8M | $34.1M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $113M | +20% | 14.9% | $20.7M | −$3.9M |
| Q4 2025 | 10-K | Mar 2, 2026 | $107M | +12% | 14.6% | $46.5M | $15.7M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $110M | +18% | 18.9% | $28.3M | $38.5M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $141M | +64% | 32.2% | $41.2M | $65.2M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $94.0M | +12% | -0.2% | $2.6M | $20.1M |
Charts
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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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⚖️Fair value by methodinteractive
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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 Vicor
We design, develop, manufacture, and market modular power components and power systems for converting electrical power (expressed as “watts,” and represented by the symbol “W”, with wattage being the product of voltage, expressed as “volts,” and represented by the symbol “V,” and current, expressed as “amperes,” and represented by the symbol “I”). In electrically-powered devices utilizing alternating current (“AC”) voltage from a primary AC source (for example, a wall outlet), a power system converts AC voltage into the stable direct current (“DC”) voltage necessary to power subsystems and/or individual applications and devices (known as “loads”). In many electronic devices, this DC voltage may be further converted to one or more voltages and currents required by a range of loads.
In its own words, from its 10-K, filed Mar 2, 2026.
Vicor against its Electronic Components, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +78% against the peers' median +40%. Operating margin: 36.6% against the peers' median 11.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VICR Vicor | Q3 2026 | $197M | +78% | 36.6% |
| VRT Vertiv Holdings | Q3 2026 | $4.3B | +61% | 22.8% |
| AEIS Advanced Energy Industries | Q3 2026 | $696M | +50% | 20.6% |
| VREX Varex Imaging | Q3 FY26 | $210M | +4% | 10.8% |
| PI Impinj | Q3 2026 | $112M | +17% | 4.1% |
| NSYS Nortech Systems | Q2 2026 | $33.5M | +9% | 1.9% |
| MPTI M-tron Industries | Q2 2026 | $15.1M | +14% | 11.4% |
| ESP Espey Manufacturing & Electronics | Q4 FY26 | $13.5M | +40% | 25.8% |
| MVIS Microvision | Q3 2026 | $2.4M | +896% | -889.0% |
Source: Vicor 10-Q on SEC EDGAR · CIK 751978 · Electronic Components, NEC
Guidance and outlook
13F: who owns VICR and who is buying
More on VICR
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Vicor gross margin by quarter
- Vicor operating margin by quarter
- Vicor net income by quarter
- Vicor free cash flow by quarter
- Vicor R&D spending by quarter
- Vicor capital expenditures by quarter
- Vicor Product revenue by quarter
- Vicor Royalty revenue by quarter
- Vicor Non Recurring Engineering revenue by quarter