ICU Medical (ICUI) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and ICU Medical published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. ICU Medical reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• ICU Medical has one reportable segment and reports revenue by product line. Product-line figures are in millions as the release rounds them.
• ICU Medical sold 60% of its IV Solutions business, part of Vital Care, to a joint venture with Otsuka on May 1, 2025, and keeps a 40% interest. Q3 2026 results include $10.4 million of IEEPA tariff refunds, which adjusted EPS excludes.

Source: ICU Medical Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How ICU Medical splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• ICU Medical's Consumables revenue was $298 million in Q3 2026, up 5% from $285 million in Q3 2025, 53% of total revenue.
• ICU Medical's Infusion Systems revenue was $193 million in Q3 2026, up 11% from $174 million in Q3 2025, 34% of total revenue.
• ICU Medical's Vital Care revenue was $69.5 million in Q3 2026, down 11% from $78.0 million in Q3 2025, 12% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, ICU Medical said:

“The Company is reaffirming its full year 2026 guidance but expects to end the fiscal year towards the higher end of the guidance range.”

“The Company's previously provided full year GAAP net income remains estimated to be in the range of $73 million to $83 million and GAAP diluted earnings per share to be in the range of $2.89 to $3.29.”

“The Company's previously provided full year 2026 guidance of Adjusted EBITDA remains estimated to be in the range of $415 million to $435 million and adjusted diluted earnings per share to be in the range of $8.60 to $9.00.”

Source: ICU Medical Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ICUI forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for ICU Medical's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

ICU Medical makes infusion products for hospitals, alternate sites and home care, and reports revenue in three product lines. In Q3 2026 Consumables brought in $298.4 million of $560.4 million in GAAP revenue, Infusion Systems $192.5 million and Vital Care $69.5 million. Total revenue rose from $537.0 million. (ICU Medical Q3 2026 release, Nov 5, 2026)

Infusion Systems, which covers infusion pumps, dedicated IV sets and software, grew 10.7%, which ICU Medical attributed to approximately $16 million of higher sales volumes of large volume pump (LVP) hardware, including the Plum precision pumps cleared by the FDA in April 2025. Consumables grew 4.7%; price increases added approximately 1% and volumes in Infusion Therapy and Oncology approximately $17 million. (ICU Medical Form 10-Q, Q3 2026, Nov 5, 2026; ICU Medical Form 10-K, 2025, Feb 19, 2026)

Vital Care fell 10.9%, mainly on approximately $4 million lower sales volumes of Pain Management products. Vital Care used to include the IV Solutions business, which ICU Medical sold into a joint venture on May 1, 2025, retaining 40%; it still books contract manufacturing revenue from the joint venture, $4.2 million in the quarter. (ICU Medical Form 10-Q, Q3 2026, Nov 5, 2026; ICU Medical Q3 2026 release, Nov 5, 2026)

United States revenue was $361.2 million, against $307.1 million a year earlier, while Europe, the Middle East and Africa fell to $90.7 million from $115.1 million and APAC to $50.5 million from $57.5 million. ICU Medical sells heavily through distributors: a single distributor accounted for approximately 18% of consolidated revenues in 2025. (ICU Medical Form 10-Q, Q3 2026, Nov 5, 2026; ICU Medical Form 10-K, 2025, Feb 19, 2026)

ICU Medical earned $1.07 per diluted share on a GAAP basis in Q3 2026, against a loss of $0.14 a year earlier. GAAP gross margin rose to 42% from 37%, helped by $10.4 million of tariff refunds after the Supreme Court ruled in February 2026 that tariffs imposed under IEEPA lacked authority. (ICU Medical Q3 2026 release, Nov 5, 2026; ICU Medical Form 10-Q, Q3 2026, Nov 5, 2026)

Adjusted diluted EPS was $2.44 against $2.03. The largest add-back was intangible asset amortization of $0.99 a share, followed by stock compensation ($0.36), quality system and product-related remediation ($0.20) and restructuring, strategic transaction and integration costs ($0.19). Adjusted EPS takes the tariff refunds out, worth $0.32 a share, and a $0.10 discrete tax benefit. (ICU Medical Q3 2026 release, Nov 5, 2026)

Interest expense, net fell to $15.2 million from $19.8 million, and ICU Medical repaid $134.7 million of long-term debt in the first nine months. Diluted weighted average shares were 25,145 thousand. All $100.0 million of its repurchase plan remained available at September 30, 2026. (ICU Medical Q3 2026 release, Nov 5, 2026; ICU Medical Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

ICU Medical gives full-year GAAP and adjusted guidance in its release. With Q3 2026 it reaffirmed the 2026 ranges, saying it expects to finish toward the higher end: GAAP net income of $73 million to $83 million, GAAP diluted EPS of $2.89 to $3.29, Adjusted EBITDA of $415 million to $435 million and adjusted diluted EPS of $8.60 to $9.00. It gives no revenue guidance. (ICU Medical Q3 2026 release, Nov 5, 2026)

ICU Medical's 10-Q lists the 2025 FDA warning letter on modifications to the MedFusion Model 4000 syringe pump and CADD Solis VIP ambulatory pump as a risk to continued commercial activity; it submitted 510(k) applications for the next generation of both pumps in July 2025. (ICU Medical Form 10-Q, Q3 2026, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover ICU Medical, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones ICU Medical's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ICUI is on is ICUI a buy or a sell?, what analysts expect next is on the ICUI forecast, and what the company does is on the ICU Medical (ICUI) stock page.

Every number on this page can be traced to a document ICU Medical published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.