Penumbra (PEN) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 revenue reached $385.4 million, up 22.1% year-over-year; full year revenue was $1,403.7 million, up 17.5% year-over-year.

• Net income for Q4 2025 was $47.3 million; full year net income was $177.7 million.

• Adjusted EBITDA for Q4 2025 was $79.1 million (20.5% margin); full year adjusted EBITDA was $266.8 million (19.0% margin).

• No financial guidance for 2026 due to the proposed acquisition by Boston Scientific.

Financial highlights

• Q4 2025 gross profit was $262.1 million (68.0% margin), up from $210.7 million (66.8%) in Q4 2024.

• Full year 2025 gross profit was $942.4 million (67.1% margin), up from $755.0 million (63.2%) in 2024, which included a one-time $33.4 million inventory impairment charge.

• Q4 2025 operating income was $59.2 million (15.4% margin); full year operating income was $189.2 million (13.5% margin).

• Q4 2025 EPS was $1.20 (diluted); full year EPS was $4.52 (diluted).

Outlook and guidance

• No financial guidance for 2026 due to the pending acquisition by Boston Scientific.