Revenue growth has decelerated to 3.0% in 2026Q2 from 8.1% ten quarters earlier, while gross margin slipped to 45.5% from 49.1% and static SG&A of $42.5M kept operating margin at -5.4%.
Inogen, Inc. (INGN) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 339.11M | 348.67M | 335.7M | 315.66M | 377.24M | 358M | 308.49M | 361.94M | 358.11M | 249.44M | 202.83M | 159M | 112.54M | 75.44M | 48.58M | 30.63M |
| Revenue Growth % | -2.28% | 3.86% | 6.35% | -16.32% | 5.37% | 16.05% | -14.77% | 1.07% | 43.57% | 22.98% | 27.56% | 41.29% | 49.17% | 55.31% | 58.57% | - |
| Cost of Goods Sold | 178.84M | 182.78M | 180.96M | 188.96M | 223.71M | 181.52M | 170.31M | 190.08M | 179.53M | 128.2M | 105.52M | 82.75M | 57.02M | 36.45M | 24.63M | 15.93M |
| COGS % of Revenue | - | 52.42% | 53.91% | 59.86% | 59.3% | 50.7% | 55.21% | 52.52% | 50.13% | 51.4% | 52.02% | 52.04% | 50.67% | 48.32% | 50.7% | 52% |
| Gross Profit | 160.27M | 165.89M | 154.74M | 126.7M | 153.53M | 176.48M | 138.18M | 171.86M | 178.58M | 121.24M | 97.31M | 76.26M | 55.52M | 38.99M | 23.95M | 14.7M |
| Gross Margin % | 47.26% | 47.58% | 46.09% | 40.14% | 40.7% | 49.3% | 44.79% | 47.48% | 49.87% | 48.6% | 47.98% | 47.96% | 49.33% | 51.68% | 49.3% | 48% |
| Gross Profit Growth % | - | 7.2% | 22.13% | -17.48% | -13% | 27.72% | -19.6% | -3.76% | 47.3% | 24.59% | 27.61% | 37.36% | 42.38% | 62.81% | 62.87% | - |
| Operating Expenses | 188.12M | 196.09M | 197.26M | 236.09M | 238.78M | 167.24M | 150.21M | 152.07M | 140.69M | 93.65M | 74.45M | 61.21M | 45.01M | 34.53M | 23.12M | 16.43M |
| OpEx % of Revenue | - | 56.24% | 58.76% | 74.79% | 63.3% | 46.72% | 48.69% | 42.02% | 39.29% | 37.54% | 36.7% | 38.49% | 39.99% | 45.77% | 47.6% | 53.62% |
| Selling, General & Admin | 157.45M | 165.07M | 175.65M | 182.35M | 164.67M | 150.67M | 136.13M | 142.67M | 133.66M | 88.33M | 69.33M | 57.03M | 42.03M | 32.13M | 20.86M | 14.64M |
| SG&A % of Revenue | - | 47.34% | 52.32% | 57.77% | 43.65% | 42.09% | 44.13% | 39.42% | 37.32% | 35.41% | 34.18% | 35.86% | 37.35% | 42.59% | 42.94% | 47.78% |
| Research & Development | 21.69M | 19.4M | 21.61M | 20.84M | 21.94M | 16.58M | 14.08M | 9.4M | 7.03M | 5.31M | 5.11M | 4.18M | 2.98M | 2.4M | 2.26M | 1.79M |
| R&D % of Revenue | - | 5.56% | 6.44% | 6.6% | 5.82% | 4.63% | 4.56% | 2.6% | 1.96% | 2.13% | 2.52% | 2.63% | 2.65% | 3.18% | 4.66% | 5.84% |
| Other Operating Expenses | 2M | 11.62M | 0 | 32.89M | 52.16M | 0 | 0 | 0 | -696K | 0 | -329K | -404K | -88K | 196K | 10K | 0 |
| Operating Income | -38.41M | -30.21M | -42.52M | -109.39M | -85.24M | 9.24M | -12.03M | 19.79M | 37.89M | 27.59M | 22.86M | 15.05M | 10.51M | 4.46M | 829K | -1.72M |
| Operating Margin % | -11.33% | -8.66% | -12.66% | -34.65% | -22.6% | 2.58% | -3.9% | 5.47% | 10.58% | 11.06% | 11.27% | 9.47% | 9.34% | 5.92% | 1.71% | -5.62% |
| Operating Income Growth % | - | 28.95% | 61.13% | -28.32% | -1022.54% | 176.84% | -160.77% | -47.78% | 37.34% | 20.67% | 51.91% | 43.19% | 135.46% | 438.48% | 148.14% | - |
| EBITDA | -23.77M | -9.55M | -21.51M | -91.23M | -61.73M | 30.87M | 6.56M | 33.62M | 49.19M | 39.89M | 36.42M | 29.06M | 22.59M | 13.01M | 5.81M | 1.48M |
| EBITDA Margin % | -7.01% | -2.74% | -6.41% | -28.9% | -16.36% | 8.62% | 2.13% | 9.29% | 13.74% | 15.99% | 17.96% | 18.28% | 20.07% | 17.24% | 11.97% | 4.82% |
| EBITDA Growth % | -105.21% | 55.62% | 76.42% | -47.8% | -299.98% | 370.84% | -80.5% | -31.64% | 23.3% | 9.53% | 25.32% | 28.65% | 73.67% | 123.77% | 293.83% | - |
| D&A (Non-Cash Add-back) | 14.64M | 20.66M | 21M | 18.15M | 23.51M | 21.63M | 18.58M | 13.83M | 11.29M | 12.3M | 13.56M | 14.01M | 12.08M | 8.54M | 4.98M | 3.2M |
| EBIT | -19.86M | -23.38M | -36.48M | -76.49M | -33.08M | 8.66M | -12.03M | 19.79M | 37.89M | 27.59M | 22.86M | 15.05M | 10.51M | 4.46M | 1.07M | -1.73M |
| Net Interest Income | 2.81M | 2.15M | 5.19M | 6.57M | 2.84M | 129K | 909K | 4.71M | 3.26M | 765K | 190K | 80K | -407K | -550K | -405K | -148K |
| Interest Income | 2.81M | 2.15M | 5.19M | 6.57M | 2.84M | 129K | 909K | 4.71M | 3.26M | 765K | 196K | 102K | 42K | 12K | 88K | 113K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6K | 22K | 449K | 562K | 493K | 261K |
| Other Income/Expense | 3.9M | 6.83M | 6.04M | 7.04M | 1.98M | -581K | 6.75M | 4.48M | 2.56M | 2.07M | -139K | -324K | -459K | -616K | -247K | -267K |
| Pretax Income | -34.51M | -23.38M | -36.48M | -102.34M | -83.27M | 8.66M | -5.28M | 24.27M | 40.45M | 29.66M | 22.73M | 14.73M | 10.05M | 3.85M | 582K | -1.99M |
| Pretax Margin % | -10.18% | -6.71% | -10.87% | -32.42% | -22.07% | 2.42% | -1.71% | 6.71% | 11.3% | 11.89% | 11.2% | 9.26% | 8.93% | 5.1% | 1.2% | -6.49% |
| Income Tax | -411K | -632K | -588K | 105K | 504K | 14.99M | 549K | 3.32M | -11.39M | 8.65M | 2.21M | 3.14M | 3.23M | -21.59M | 18K | 13K |
| Effective Tax Rate % | 1.19% | 2.7% | 1.61% | -0.1% | -0.61% | 173.14% | -10.4% | 13.69% | -28.15% | 29.18% | 9.71% | 21.33% | 32.09% | -560.99% | 3.09% | -0.65% |
| Net Income | -35.46M | -22.75M | -35.89M | -102.45M | -83.77M | -6.33M | -5.83M | 20.95M | 51.84M | 21M | 20.52M | 11.59M | 6.83M | 25.43M | 564K | -2M |
| Net Margin % | -10.46% | -6.52% | -10.69% | -32.46% | -22.21% | -1.77% | -1.89% | 5.79% | 14.48% | 8.42% | 10.12% | 7.29% | 6.07% | 33.71% | 1.16% | -6.54% |
| Net Income Growth % | -39.72% | 36.62% | 64.97% | -22.3% | -1222.79% | -8.65% | -127.82% | -59.59% | 146.86% | 2.35% | 77.12% | 69.72% | -73.16% | 4409.75% | 128.17% | - |
| Net Income (Continuing) | -35.46M | -22.75M | -35.89M | -102.45M | -83.77M | -6.33M | -5.83M | 20.95M | 51.84M | 21M | 20.52M | 11.59M | 6.83M | 25.43M | 564K | -2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.34 | -0.85 | -1.52 | -4.42 | -3.67 | -0.28 | -0.27 | 0.94 | 2.30 | 0.96 | 0.97 | 0.56 | 0.30 | 1.01 | -0.36 | -0.12 |
| EPS Growth % | -29.7% | 44.08% | 65.61% | -20.44% | -1210.71% | -3.7% | -128.72% | -59.13% | 139.58% | -1.03% | 73.21% | 86.67% | -70.3% | 380.56% | -200% | - |
| EPS (Basic) | - | -0.85 | -1.52 | -4.42 | -3.67 | -0.28 | -0.27 | 0.96 | 2.30 | 1.02 | 1.02 | 0.60 | 0.33 | 1.01 | -0.36 | -0.14 |
| Diluted Shares Outstanding | 26.46M | 27.18M | 23.65M | 23.18M | 22.85M | 22.49M | 21.98M | 22.24M | 22.51M | 21.9M | 21.1M | 20.71M | 18.04M | 18.05M | 16.35M | 16.35M |
| Basic Shares Outstanding | 26.46M | 27.18M | 23.65M | 23.18M | 22.85M | 22.49M | 21.98M | 21.82M | 22.51M | 20.68M | 20.07M | 19.4M | 16.18M | 18.05M | 14.52M | 14.52M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying INGN stock.
For fiscal year 2025, Inogen, Inc. (INGN) reported total revenue of $348.7M. This represents a 1038.2% increase compared to $30.6M in 2011.
Inogen, Inc. (INGN) reported a net loss of $22.7M for the fiscal year ending 2025.
Inogen, Inc. (INGN) reported an operating income of $-30.2M, resulting in an operating profit margin of -8.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Inogen, Inc. (INGN) generated $165.9M in gross profit for the year, representing a gross profit margin of 47.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SG&A intensity blocks breakeven
Metrics are mathematically derived from official filings.
Growth Deceleration Now Structural
Inogen's year-over-year revenue growth has decelerated from 8.1% in 2024Q1 to 3.0% in 2026Q2, with quarterly revenue climbing from $78.0M to $95.1M, a pattern that suggests the recovery phase is maturing, based on Inogen's reported quarterly income statements.
The deceleration appears structural rather than episodic: each successive growth print has come in lower than the last (8.1% to 5.5% to 4.0% to 3.0%), implying that the demand drivers lifting 2024 have largely run their course. Clear seasonality is also embedded in the series, with Q3 revenue peaking near $92M while Q4 troughs around $80M, so sequential comparisons can mislead on underlying momentum. Whether the 11.8% sequential rebound into 2026Q2 reflects unit volume, pricing, or channel restocking is not discernible from the income statement alone, which warrants monitoring of disclosure around mix.
Volatile Gross Margin Undermines Pricing Power
Gross margin has fluctuated between 44.1% and 50.8% over ten quarters, falling to 45.5% in 2026Q2 from 49.1% in the prior period, suggesting pricing or input-cost headwinds; Inogen's reported gross margins also sit well below diagnostic peers like Lantheus at 61.1%.
The roughly 660 basis point swing between 2025Q1 (44.2%) and 2025Q3 (50.8%) looks more like mix and shipment-timing noise than durable structural improvement, since the gain did not hold. Notably, COGS grew 19.6% sequentially into 2026Q2 ($43.3M to $51.8M) against only 11.8% revenue growth, which mathematically compressed gross margin and hints at adverse channel or product mix rather than volume leverage. Given the peer set is heterogeneous (Lantheus at 61.1%, CorVel at 24.3%), the comparison is directional only, but it does suggest Inogen lacks the premium pricing moat that profitable device franchises typically enjoy.
Static SG&A Blocks Operating Leverage
SG&A has held near $40-44M per quarter regardless of revenue level, meaning overhead is not scaling with the top line; even as gross profit improved to $43.3M in 2026Q2, operating income remained negative at -$5.1M, per Inogen's quarterly filings.
SG&A intensity is the binding constraint: the line has consumed 43.6-52.1% of revenue across the ten quarters and was still 44.7% in 2026Q2, essentially flat against 44.8% in the prior-year quarter, implying management has not yet converted incremental sales into fixed-cost absorption. The improvement in operating margin from -20.9% (2024Q1) to -5.4% (2026Q2) therefore appears driven almost entirely by an $8.9M increase in gross profit dollars rather than overhead discipline. R&D has oscillated between $3.5M and $6.6M without a discernible trend, suggesting project phasing rather than a deliberate investment cadence.
Losses Narrowing on Non-Operating Tailwinds
Net losses have narrowed from -$14.6M in 2024Q1 to -$3.9M in 2026Q2, though stock-based compensation of $1.8-2.4M per quarter remains a persistent non-cash drag; the recurring gap between operating and net loss also reflects non-operating items warranting scrutiny.
In the most recent quarter, the net loss (-$3.9M) was materially smaller than the operating loss (-$5.1M), and the same pattern held in 2025Q3, 2025Q4 and 2026Q1, which suggests recurring non-operating income (likely interest) is cushioning the bottom line rather than core operations improving. Diluted EPS has accordingly improved from -$0.62 to -$0.14, but stock-based compensation of roughly 2% of revenue is a steady dilution overhang that investors should track against any future equity-funded growth. On balance, the earnings trajectory appears operationally-driven at the gross line but flattered below the operating line.
Breakeven Case Rests on Unproven Discipline
A short-seller would note that SG&A consumes roughly 45% of revenue and gross margin is highly variable quarter-to-quarter, meaning the path to breakeven depends on cost control Inogen has not yet demonstrated; underlying growth has also decelerated across ten quarters, from 8.1% to 3.0%, per Inogen's reported figures.
At the 2026Q2 cost base, roughly $2-3M of incremental quarterly revenue would be needed to reach operating breakeven, yet the company has not posted that level of sequential improvement without seasonal tailwinds, so the margin of safety is thin. The most credible bear case is that recent margin recovery reflects favorable product mix that could reverse, as it did between 2025Q3 (50.8%) and 2026Q2 (45.5%), leaving the loss position structurally intact. Investors should treat the narrowing loss as encouraging but condition any breakeven thesis on evidence of sustained SG&A leverage, which the reported figures do not yet confirm.