Proto Labs (PRLB) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue was $154.3M, up 14.0% reported and 14.2% in constant currency; fourth consecutive quarter of double-digit revenue growth.

• 9M revenue rose 11.7% to $443.0M; adjusted operating margin expanded 300 bps and adjusted EPS rose 45.5%.

• Revenue per customer contact increased 16.6%–17% YoY as the customer mix shifted toward larger strategic customers.

Financial highlights

• GAAP net income increased 63.0% to $11.8M from $7.2M; GAAP diluted EPS was $0.48 versus $0.30.

• Non-GAAP diluted EPS was $0.63, up 33.4% YoY from $0.47; non-GAAP operating margin rose to 11.9% from 10.0%.

• Adjusted EBITDA was $26.2M, or 17.0% of revenue, versus $21.1M and 15.6% in Q3 2025.

• Non-GAAP gross margin was 44.5%, down 140 bps YoY and 230 bps QoQ, reflecting materials, machine upgrades, and labor costs.

• 9M operating income rose to $35.6M from $18.3M; net income rose to $29.0M from $15.2M.

Outlook and guidance

• FY 2026 revenue growth guidance was raised to 10%–11% from 8%–10%.

• Q4 revenue guidance is $143M–$151M; non-GAAP diluted EPS guidance is $0.46–$0.54.

• Q4 assumptions include typical holiday softness, gross margin flat to slightly down QoQ, a 19%–21% non-GAAP tax rate, and ~24M diluted shares.

• For 2027, gross margin percentage is expected to hold, while operating expense growth is expected to move closer to revenue growth as investment accelerates.