Pulmonx Corporation (LUNG) Revenue History
Annual and quarterly revenue from 2018 to present
LUNG Revenue Over Time (2018–2025)
LUNG Revenue Growth History
7 of 7 years with positive growth- FY2018 revenue growth
- N/A
- FY2019 revenue growth
- +62.9%
- FY2020 revenue growth
- +0.4%
- FY2021 revenue growth
- +47.9%
- FY2022 revenue growth
- +10.8%
- FY2023 revenue growth
- +28.0%
- FY2024 revenue growth
- +22.0%
- FY2025 revenue growth
- +8.0%
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $22.6M | -4.9% |
| Q3 2025 | $21.5M | +5.5% |
| Q2 2025 | $23.9M | +14.8% |
| Q1 2025 | $22.5M | +19.5% |
| Q4 2024 | $23.8M | +23.3% |
| Q3 2024 | $20.4M | +15.4% |
| Q2 2024 | $20.8M | +20.9% |
| Q1 2024 | $18.9M | +29.7% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown
LUNG's revenue distribution by segment and geography
By Geography
LUNG Revenue Analysis (2018–2025)
Current Revenue & Growth
As of June 22, 2026, Pulmonx Corporation (LUNG) generated trailing twelve-month (TTM) revenue of $90.5 million, reflecting slight decline in growth of -4.9% year-over-year. The most recent quarter (Q4 2025) recorded $22.6 million in revenue, up 5.1% sequentially.
Historical Growth Trajectory
LUNG's 5-year compound annual growth rate (CAGR) stands at +22.6%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +19.0% is below the 5-year average, signalling a growth deceleration in recent years. Pulmonx Corporation's highest annual revenue of $90.5 million was recorded in 2025, an all-time high.
Peer Comparison
Compared to Healthcare sector peers — including INSP (+8.9% YoY), NVCR (+8.5% YoY), and ATRC (+15.0% YoY) — LUNG has underperformed the peer group in revenue growth. Compare LUNG vs INSP →
LUNG Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| LUNGCurrent | $90M | -4.9% | +22.6% | -59.3% | |
 INSP | $912M | +8.9% | +51.2% | 5.6% | |
 NVCR | $655M | +8.5% | +5.8% | -23.5% | |
 ATRC | $535M | +15.0% | +20.9% | -0.6% | |
 PRCT | $308M | +29.3% | +109.0% | -33.7% | |
 MMSI | $1.5B | +11.2% | +9.5% | 12.2% |
LUNG Historical Revenue Data (2018–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $90.5M | +8.0% | $67.1M | 74.2% | $-53,663,000 | -59.3% |
| 2024 | $83.8M | +22.0% | $62.0M | 74.0% | $-57,704,000 | -68.9% |
| 2023 | $68.7M | +28.0% | $50.8M | 73.9% | $-61,935,000 | -90.2% |
| 2022 | $53.7M | +10.8% | $39.9M | 74.3% | $-58,637,000 | -109.3% |
| 2021 | $48.4M | +47.9% | $35.6M | 73.6% | $-47,304,000 | -97.7% |
| 2020 | $32.7M | +0.4% | $21.2M | 64.8% | $-32,332,000 | -98.8% |
| 2019 | $32.6M | +62.9% | $22.4M | 68.8% | $-17,838,000 | -54.7% |
| 2018 | $20.0M | - | $12.3M | 61.4% | $-15,052,000 | -75.2% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
LUNG — Frequently Asked Questions
Quick answers to the most common questions about buying LUNG stock.
Is LUNG's revenue growth accelerating or slowing?
LUNG revenue growth is slowing. TTM revenue is $90M, up -4.9% year-over-year — below the 5-year CAGR of +22.6%. The deceleration suggests maturing end-markets or increased competition.
What is LUNG's revenue history from 2018 to 2026?
Pulmonx Corporation (LUNG) revenue history spans 2018 to 2026. TTM revenue as of 2026 is $90M, growing at -4.9% YoY. The 5-year CAGR is +22.6%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is LUNG's long-term revenue growth rate (CAGR)?
Pulmonx Corporation's 5-year revenue CAGR of +22.6% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -4.9% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for LUNG.
Why does LUNG's quarterly revenue fluctuate?
LUNG quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Pulmonx Corporation's revenue data from 2018 to 2026 shows full historical quarterly detail on this page.
How is LUNG's revenue distributed by segment?
LUNG reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does LUNG's revenue compare to industry peers?
Pulmonx Corporation (LUNG) with TTM revenue of $90M and -4.9% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.