Filing Flows › Vicor (VICR) › Q3 2026 › vs Q3 2025
Vicor (VICR) Q3 2026 vs Q3 2025 (year over year)
Vicor's revenue rose $86.7M (+79%) from $110M in Q3 2025 to $197M in Q3 2026. The biggest changes: Royalty +$44.9M (+207%); Product +$42.2M (+48%); Non Recurring Engineering −$98K (-18%). Gross margin 68.3% against 57.5% (+10.8 pts).
Vicor, Q3 2026: revenue $197M (+78% year over year), operating margin 36.6%, net earnings $63.3M, operating cash flow $50.2M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 68.3% | 57.5% | +10.8 pts |
| Operating margin | 36.6% | 18.9% | +17.7 pts |
| Net margin | 32.1% | 25.6% | +6.5 pts |
| Free cash flow margin | 17.3% | 31.2% | -14.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Direct Customers Contract Manufacturers and Non Stocking Distributors | $89.2M | $52.7M | $36.5M | +69% |
| Stocking Distributors Net of Sales Allowances | $40.9M | $35.2M | $5.7M | +16% |
| Product | $130M | $87.8M | $42.2M | +48% |
| Royalty | $66.6M | $21.7M | $44.9M | +207% |
| Non Recurring Engineering | $462K | $560K | −$98K | -18% |
| Revenue | $197M | $110M | $86.7M | +79% |
| Gross profit | $135M | $63.5M | $71.2M | +112% |
| Cost of revenue | $62.4M | $46.9M | $15.5M | +33% |
| Other income, net | $6.6M | $2.4M | $4.2M | +174% |
| Operating profit | $72.1M | $20.9M | $51.2M | +245% |
| Operating expenses | $62.5M | $42.6M | $19.9M | +47% |
| Pre-tax earnings | $78.7M | $23.3M | $55.4M | +238% |
| Research & development | $24.0M | $19.9M | $4.1M | +21% |
| SG&A | $38.6M | $22.7M | $15.8M | +70% |
| Net earnings | $63.3M | $28.3M | $35.0M | +124% |
| Income tax | $15.4M | −$5.0M | $20.4M | — |
| Depreciation & amortization | $5.5M | $5.2M | $296K | +6% |
| Share-based compensation | $5.3M | $4.4M | $979K | +22% |
| Working capital & other | $24.0M | −$587K | $24.6M | — |
| Operating cash flow | $50.2M | $38.5M | $11.7M | +30% |
| Free cash flow (OCF − capex) | $34.0M | $34.5M | −$439K | -1% |
| Capital expenditures | $16.1M | $4.0M | $12.1M | +301% |
Questions
How much did Vicor's revenue grow year over year in Q3 2026?
Vicor's revenue rose $86.7M (+79%) from $110M in Q3 2025 to $197M in Q3 2026.
What drove Vicor's revenue change in Q3 2026?
Royalty +$44.9M (+207%); Product +$42.2M (+48%); Non Recurring Engineering −$98K (-18%).