ICU Medical (ICUI) Q3 FY2026 earnings: revenue $560 million, up 4.4% on the year

ICU Medical Inc. (ICUI) reported revenue of $560 million for Q3 FY2026, the quarter ended 30 September 2026, up 4.4% on the same quarter a year earlier. Net income was $27 million, and diluted earnings per share $1.07. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$560 million

+4.4% on the year · +1.6% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

9.3%

2.6% a year earlier

Q4 FY2024Q3 FY2026

Net income

$27 million

+40.7% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$1.07

+40.8% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 raised, 1 kept.

Revenue rose 4% in quarter: Third quarter GAAP revenue was $560.4 million against $537.0 million, a 4% increase. Non-GAAP organic revenue growth was 5%, excluding foreign currency and divestitures.
Adjusted EPS and EBITDA increased: Adjusted diluted EPS was $2.44 against $2.03. Adjusted EBITDA was $113.9 million against $105.9 million. Both are non-GAAP measures.
Infusion Systems led growth: Infusion Systems revenue was $192.5 million against $173.9 million, up 11% on GAAP and non-GAAP organic bases. Nine-month GAAP revenue rose 10%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	560	552	537	+1.6%	+4.4%
Cost of revenue	326	317	336	+2.9%	-3.1%
Gross profit	235	235	201	-0.1%	+16.9%
Gross margin	41.9%	42.6%	37.4%
Research and development	21.8	22.7	21.3	-4.2%	+2.4%
Selling, general and administrative	154	152	153	+1.6%	+1.1%
Operating income	52.3	39.1	13.7	+33.7%	+281.4%
Operating margin	9.3%	7.1%	2.6%
Interest expense	15.2	15.7	19.8	-3.2%	-23.1%
Pre-tax income	36.2	23.1	-2.5	+56.3%
Income tax	7.2	7.1	-0.7	+1.7%
Effective tax rate	19.9%	30.5%	n/a
Net income	26.8	19.1	-3.4	+40.7%
Net margin	4.8%	3.5%	-0.6%
Diluted EPS	$1.07	$0.76	-$0.14	+40.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	99.6	80.2	56.7	+24.2%	+75.6%
Capital expenditure	16.2	18.5	29.1	-12.6%	-44.3%
Free cash flow	83.4	61.6	27.6	+35.3%	+201.8%
Free cash flow margin	14.9%	11.2%	5.1%
Cash from investing	-13.9	-20.1	-30.0
Cash from financing	-81.0	-50.2	-25.7
Depreciation and amortisation	49.6	49.6	50.8	0.0%	-2.4%
Share-based compensation	11.9	11.9	15.2	-0.1%	-22.2%
Diluted shares, weighted	25m	25m	25m	+0.4%	+1.9%
Shares outstanding at period end	25m	25m	25m	+0.0%	+1.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	2,191	2,152	2,127	+1.8%	+3.0%
Debt	1,152	1,231	1,314	-6.4%	-12.3%
Operating lease liabilities	33.8	36.6	46.6	-7.8%	-27.6%
Finance lease liabilities	6.1	3.7	4.0	+63.0%	+53.0%
Other liabilities	561	548	611	+2.3%	-8.3%
Total liabilities and equity	3,944	3,971	4,103	-0.7%	-3.9%
Fixed assets	445	447	456	-0.4%	-2.4%
Goodwill	1,483	1,484	1,499	-0.1%	-1.1%
Intangible assets	536	568	665	-5.5%	-19.3%
Cash and equivalents	302	298	300	+1.2%	+0.7%
Receivables	206	184	192	+12.4%	+7.7%
Inventory	607	607	622	-0.0%	-2.4%
Other assets	364	383	370	-4.9%	-1.5%
Total assets	3,944	3,971	4,103	-0.7%	-3.9%

Questions

What was ICU Medical's revenue in Q3 FY2026?

ICU Medical (ICUI) reported revenue of $560 million for Q3 FY2026, the quarter ended 30 September 2026, up 4.4% on the same quarter a year earlier.

How much did ICU Medical earn in Q3 FY2026?

Net income for Q3 FY2026 was $27 million, and diluted earnings per share $1.07.

When did ICU Medical report Q3 FY2026 results?

ICU Medical filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	341	543	561	598	578	569	549	553	588	567	596	589	630	605	549	537	541	530	552	560
Cost of revenue	213	374	393	411	403	377	357	369	416	381	389	384	403	395	341	336	338	324	317	326
Gross profit	127	169	168	186	175	192	192	184	172	185	207	205	227	210	208	201	203	206	235	235
Gross margin	37%	31%	30%	31%	30%	34%	35%	33%	29%	33%	35%	35%	36%	35%	38%	37%	38%	39%	43%	42%
R&D	13.2	23.9	22.6	23.1	23.4	19.8	22.3	20.9	22.4	21.8	23.4	21.0	22.4	23.3	21.9	21.3	21.1	21.3	22.7	21.8
SG&A	81.5	153	159	153	143	153	151	149	155	158	160	163	159	157	159	153	156	155	152	154
Operating income	23.8	-42.2	-0.0	-0.5	-0.2	9.4	2.8	22.9	-12.2	-10.7	7.7	8.2	37.7	12.9	10.6	13.7	5.6	13.6	39.1	52.3
Operating margin	7%	-8%	-0%	-0%	-0%	2%	1%	4%	-2%	-2%	1%	1%	6%	2%	2%	3%	1%	3%	7%	9%
Interest expense	0.4	13.1	15.4	17.8	24.5	22.5	24.1	24.2	31.9	23.8	23.8	24.7	34.2	22.0	20.5	19.8	30.9	16.5	15.7	15.2
Pre-tax income	n/a	-54.8	-16.9	-21.3	n/a	-13.4	-22.9	-5.4	-36.7	-36.8	-19.5	-17.9	8.2	-10.9	33.7	-2.5	-15.9	-4.0	23.1	36.2
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	390%	n/a	3%	n/a	n/a	n/a	31%	20%
Net income	19.9	-38.1	-7.5	-13.2	-15.5	-9.8	-9.9	7.2	-17.1	-39.5	-21.4	-33.0	-23.8	-15.5	35.3	-3.4	-15.7	30.1	19.1	26.8
Net margin	6%	-7%	-1%	-2%	-3%	-2%	-2%	1%	-3%	-7%	-4%	-6%	-4%	-3%	6%	-1%	-3%	6%	3%	5%
Diluted EPS	$0.91	-$1.61	-$0.31	-$0.55	-$0.65	-$0.41	-$0.41	$0.30	-$0.71	-$1.63	-$0.88	-$1.35	-$0.97	-$0.63	$1.43	-$0.14	-$0.64	$1.20	$0.76	$1.07
Operating cash flow	82.6	-1.3	-61.4	2.3	-1.7	41.2	-1.5	35.2	91.3	45.8	82.0	36.1	40.2	51.3	11.2	56.7	60.6	38.9	80.2	99.6
Capital expenditure	22.1	23.6	24.4	20.7	21.6	14.2	18.3	21.5	29.9	15.9	19.5	19.9	24.1	14.6	19.7	29.1	24.6	11.3	18.5	16.2
Free cash flow	60.5	-24.9	-85.8	-18.4	-23.3	27.0	-19.8	13.7	61.3	29.9	62.5	16.2	16.1	36.7	-8.5	27.6	36.0	27.6	61.6	83.4
Shares outstanding	21m	24m	24m	24m	24m	24m	24m	24m	24m	24m	24m	24m	25m	25m	25m	25m	25m	25m	25m	25m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.