Filing Flows › Vicor (VICR) › Q2 2026 › vs Q2 2025
Vicor (VICR) Q2 2026 vs Q2 2025 (year over year)
Vicor's revenue rose $2.3M (+2%) from $141M in Q2 2025 to $143M in Q2 2026. The biggest changes: Product +$27.6M (+32%); Royalty +$20.1M (+194%). Gross margin 58.0% against 65.3% (-7.3 pts).
Vicor, Q2 2026: revenue $143M (+2% year over year), operating margin 24.3%, net earnings $49.8M, operating cash flow $34.1M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 58.0% | 65.3% | -7.3 pts |
| Operating margin | 24.3% | 32.2% | -7.8 pts |
| Net margin | 34.7% | 29.2% | +5.5 pts |
| Free cash flow margin | 16.0% | 41.8% | -25.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Direct Customers Contract Manufacturers and Non Stocking Distributors | $78.2M | $59.8M | $18.4M | +31% |
| Stocking Distributors Net of Sales Allowances | $32.7M | $23.6M | $9.1M | +39% |
| Non Recurring Engineering | $2.0M | $2.0M | $63K | +3% |
| Product | $113M | $85.3M | $27.6M | +32% |
| Royalty | $30.4M | $10.4M | $20.1M | +194% |
| Revenue | $143M | $141M | $2.3M | +2% |
| Gross profit | $83.1M | $92.1M | −$9.0M | -10% |
| Cost of revenue | $60.2M | $48.9M | $11.3M | +23% |
| Other income, net | $4.0M | $3.7M | $388K | +11% |
| Operating profit | $34.9M | $45.4M | −$10.5M | -23% |
| Operating expenses | $48.2M | $46.7M | $1.5M | +3% |
| Pre-tax earnings | $38.9M | $49.0M | −$10.1M | -21% |
| Research & development | $20.6M | $18.8M | $1.9M | +10% |
| SG&A | $27.6M | $28.0M | −$351K | -1% |
| Income tax benefit | $10.9M | −$7.8M | $18.7M | — |
| Net earnings | $49.8M | $41.2M | $8.6M | +21% |
| Depreciation & amortization | $5.4M | $5.2M | $233K | +4% |
| Share-based compensation | $4.2M | $3.7M | $471K | +13% |
| Working capital & other | $25.2M | −$15.1M | $40.4M | — |
| Operating cash flow | $34.1M | $65.2M | −$31.1M | -48% |
| Free cash flow (OCF − capex) | $23.0M | $59.0M | −$36.1M | -61% |
| Capital expenditures | $11.2M | $6.2M | $5.0M | +80% |
Questions
How much did Vicor's revenue grow year over year in Q2 2026?
Vicor's revenue rose $2.3M (+2%) from $141M in Q2 2025 to $143M in Q2 2026.
What drove Vicor's revenue change in Q2 2026?
Product +$27.6M (+32%); Royalty +$20.1M (+194%).