Inogen (INGN) financial statements
Inogen reported revenue of $295M in fiscal 2025, up 6.5% a year over 9 years.
Net income was -$23M and the operating margin -10.2%, against 13.6% in 2016.
Free cash flow was -$14M.
The diluted share count rose 26% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Inogen's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $168M | $225M | $336M | $341M | $280M | $312M | $321M | $252M | $279M | $295M |
| Cost of revenue | $106M | $128M | $180M | $190M | $170M | $182M | $224M | $189M | $181M | $194M |
| Gross profit | $97M | $121M | $179M | $172M | $138M | $176M | $154M | $127M | $155M | $154M |
| Research and development | $5M | $5M | $7M | $9M | $14M | $17M | $22M | $21M | $22M | $19M |
| Selling, general and admin | $69M | $88M | $134M | $143M | $136M | $151M | $165M | $182M | $176M | $165M |
| Operating income | $23M | $28M | $38M | $20M | -$12M | $9M | -$85M | -$109M | -$43M | -$30M |
| Interest expense | $6,000 | — | — | — | — | — | — | — | — | — |
| Pre-tax income | $23M | $30M | $40M | $24M | -$5M | $9M | -$83M | -$102M | -$36M | -$23M |
| Income tax | $2M | $9M | -$11M | $3M | $549,000 | $15M | $504,000 | $105,000 | -$588,000 | -$632,000 |
| Net income | $21M | $21M | $52M | $21M | -$6M | -$6M | -$84M | -$102M | -$36M | -$23M |
| EPS (diluted) | $0.97 | $0.96 | $2.30 | $0.94 | -$0.27 | -$0.28 | -$3.67 | -$4.42 | -$1.52 | -$0.86 |
| Diluted shares | 21M | 22M | 23M | 22M | 22M | 22M | 23M | 23M | 24M | 27M |
| Gross margin | 57.9% | 53.8% | 53.1% | 50.5% | 49.3% | 56.6% | 47.9% | 50.4% | 55.5% | 52.2% |
| Operating margin | 13.6% | 12.2% | 11.3% | 5.8% | -4.3% | 3.0% | -26.6% | -43.5% | -15.3% | -10.2% |
| Net margin | 12.2% | 9.3% | 15.4% | 6.2% | -2.1% | -2.0% | -26.1% | -40.7% | -12.9% | -7.7% |
Balance sheet
Fiscal years, from Inogen's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $114M | $174M | $240M | $209M | $231M | $246M | $187M | $128M | $114M | $120M |
| Receivables | $31M | $31M | $37M | $34M | $30M | $24M | $63M | $42M | $30M | $39M |
| Inventory | $14M | $19M | $27M | $36M | $25M | $32M | $34M | $22M | $25M | $26M |
| Total current assets | $162M | $228M | $315M | $292M | $306M | $329M | $305M | $207M | $185M | $198M |
| Property, plant and equipment | $25M | $20M | $22M | $19M | $28M | $39M | $43M | $50M | $44M | $36M |
| Goodwill | — | $2M | $2M | $33M | $33M | $33M | $33M | $10M | $9M | $11M |
| Total assets | $214M | $275M | $376M | $447M | $462M | $490M | $405M | $326M | $296M | $299M |
| Total current liabilities | $23M | $34M | $47M | $50M | $57M | $62M | $65M | $72M | $77M | $64M |
| Total liabilities | $32M | $48M | $65M | $103M | $112M | $119M | $108M | $121M | $122M | $106M |
| Shareholders' equity | $182M | $227M | $310M | $345M | $350M | $370M | $297M | $205M | $174M | $192M |
| Net debt | -$93M | -$143M | -$197M | -$198M | -$212M | -$236M | -$187M | -$125M | -$114M | -$104M |
Cash flow
Fiscal years, from Inogen's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $31M | $60M | $60M | $41M | $37M | $24M | -$38M | -$3M | $6M | -$11M |
| Capital spending | $2M | $3M | $8M | $3M | $4M | $5M | $3M | $5M | $3M | $3M |
| Free cash flow | $29M | $58M | $52M | $37M | $33M | $18M | -$41M | -$8M | $3M | -$14M |
| Stock-based compensation | $7M | $10M | $13M | $9M | $8M | $11M | $12M | $7M | $7M | $8M |
| Net borrowing | -$315,000 | — | — | — | — | — | — | — | — | — |
| Free cash flow margin | 17.4% | 25.5% | 15.5% | 11.0% | 11.6% | 5.8% | -12.7% | -3.4% | 0.9% | -4.7% |
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Open INGN in InvestinglyQuestions
What was Inogen's revenue in 2025?
$295M in fiscal 2025, from its 10-K filing.
How much free cash flow does Inogen generate?
-$14M in fiscal 2025 (operating cash flow minus capital spending).
From Inogen's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.