Penumbra (PEN) financial statements
Penumbra reported revenue of $1.4B in fiscal 2025, up 20.4% a year over 9 years.
Net income was $178M and the operating margin 13.5%, against -0.5% in 2016.
Free cash flow was $175M.
The diluted share count rose 17% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Penumbra's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $263M | $334M | $445M | $547M | $560M | $748M | $847M | $1.1B | $1.2B | $1.4B |
| Cost of revenue | $92M | $117M | $152M | $175M | $222M | $272M | $312M | $376M | $440M | $461M |
| Gross profit | $171M | $217M | $293M | $372M | $338M | $475M | $535M | $683M | $755M | $942M |
| Research and development | $24M | $32M | $36M | $52M | $90M | $105M | $79M | $84M | $95M | $90M |
| Selling, general and admin | $148M | $184M | $226M | $273M | $287M | $378M | $450M | $506M | $574M | $663M |
| Operating income | -$1M | $1M | -$852,000 | $48M | -$39M | -$8M | $6M | $74M | $9M | $189M |
| Interest expense | — | — | — | — | — | $2M | $2M | $2M | $1M | $1M |
| Pre-tax income | -$869,000 | $2M | $2M | $50M | -$38M | -$11M | $4M | $80M | $21M | $205M |
| Income tax | -$16M | -$4M | -$4M | $3M | -$19M | -$13M | $6M | -$11M | $7M | $27M |
| Net income | $15M | $5M | $7M | $48M | -$16M | $5M | -$2M | $91M | $14M | $178M |
| EPS (diluted) | $0.44 | $0.13 | $0.18 | $1.34 | -$0.44 | $0.14 | -$0.05 | $2.32 | $0.36 | $4.52 |
| Diluted shares | 33M | 35M | 36M | 36M | 36M | 38M | 38M | 39M | 39M | 39M |
| Gross margin | 64.9% | 65.1% | 65.7% | 68.0% | 60.3% | 63.6% | 63.2% | 64.5% | 63.2% | 67.1% |
| Operating margin | -0.5% | 0.3% | -0.2% | 8.7% | -6.9% | -1.0% | 0.7% | 6.9% | 0.8% | 13.5% |
| Net margin | 5.6% | 1.4% | 1.5% | 8.9% | -2.8% | 0.7% | -0.2% | 8.6% | 1.2% | 12.7% |
Balance sheet
Fiscal years, from Penumbra's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $129M | $215M | $201M | $189M | $265M | $255M | $188M | $289M | $340M | $545M |
| Receivables | $43M | $58M | $82M | $106M | $115M | $134M | $203M | $202M | $168M | $190M |
| Inventory | $73M | $95M | $116M | $153M | $220M | $264M | $334M | $388M | $407M | $432M |
| Total current assets | $264M | $382M | $411M | $463M | $618M | $681M | $756M | $915M | $951M | $1.2B |
| Property, plant and equipment | $21M | $31M | $35M | $52M | $48M | $59M | $65M | $73M | $63M | $117M |
| Goodwill | $0 | $8M | $8M | $8M | $8M | $166M | $166M | $166M | $166M | $167M |
| Total assets | $308M | $477M | $515M | $666M | $823M | $1.2B | $1.4B | $1.6B | $1.5B | $1.8B |
| Total current liabilities | $36M | $52M | $66M | $91M | $106M | $123M | $145M | $151M | $158M | $183M |
| Total liabilities | $42M | $76M | $93M | $180M | $185M | $290M | $372M | $377M | $382M | $399M |
| Shareholders' equity | $267M | $400M | $422M | $486M | $641M | $954M | $999M | $1.2B | $1.2B | $1.4B |
| Net debt | -$13M | -$51M | -$68M | -$73M | -$70M | -$59M | -$70M | -$167M | -$324M | -$187M |
Cash flow
Fiscal years, from Penumbra's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$13M | $13M | $29M | $27M | -$33M | $10M | -$56M | $97M | $168M | $239M |
| Capital spending | $14M | $13M | $10M | $22M | $25M | $21M | $19M | $15M | $21M | $64M |
| Free cash flow | -$26M | $159,000 | $19M | $5M | -$58M | -$12M | -$75M | $82M | $147M | $175M |
| Stock-based compensation | $15M | $18M | $18M | $21M | $26M | $66M | $37M | $51M | $46M | $59M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$100M | $0 |
| Free cash flow margin | -10.0% | 0.0% | 4.3% | 0.8% | -10.3% | -1.6% | -8.8% | 7.8% | 12.3% | 12.5% |
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Open PEN in InvestinglyQuestions
What was Penumbra's revenue in 2025?
$1.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Penumbra generate?
$175M in fiscal 2025 (operating cash flow minus capital spending).
From Penumbra's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.