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Innovate VATE Q4 2025 Annual earnings

Reported March 26, 2026 · After market close

Revenue$382.7MBeat by $131.0MDiluted EPS-$0.58Beat by $1.60
Revenue estimate$251.7M
EPS estimate-$2.18

Next report

Aug 5, 2026 (In 3 weeks)
Revenue estimate$251.7M
EPS estimate-$2.18

Financials

Q4 2025

Income statement

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Revenue$382.7M+61.7%
Gross profit$58.9M+26.9%
Operating income$14.3M+472%
Net income-$7.4M+55.4%
EPS (diluted)-$0.57+59.0%

Balance sheet

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Cash & equivalents$112.1M+127%
Total debt$1.3B+49.2%
Total equity-$240.1M-33.1%
Total assets$950.1M+6.6%

Cash flow

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Operating cash flow$101.1M+144%
Free cash flow$101.1M—

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$61.72M-5.8%
Enterprise value$1.27B+41.0%
P/S0×0.0×

Profitability

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Gross margin16%-2.8pp
Operating margin2.3%-1.3pp
Net margin-4.9%+6.1pp
FCF margin11.7%—

Returns & leverage

See full
Current ratio0.4×-0.4×

Segments

By product

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Commercial$125.7M+104%
Industrial$87.5M+33.8%
Transportation$58.3M+23.3%
Healthcare$48.9M+31.5%
Government$44.3M+626%

By segment

See full
Infrastructure$373.9M+65.7%
Spectrum$5.7M-16.2%
Life Sciences$3.1M-24.4%

Versus estimates

Revenue

Q1 2026$364.8MBeat by $113.1M
Q4 2025$382.7MBeat by $131.0M
Q3 2025$347.1MQ2 2025$242.0MQ1 2025$274.2MQ4 2024$236.6M

Diluted EPS

Q1 2026-$1.29Beat by $0.89
Q4 2025-$0.58Beat by $1.60
Q3 2025-$0.71Q2 2025-$1.67Q1 2025-$1.89Q4 2024-$1.29

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Questions, answered.

When did Innovate report Q4 2025 earnings?
Innovate (VATE) reported Q4 2025 earnings on March 26, 2026 after market close.
What were Innovate's Q4 2025 revenue and EPS?
Innovate reported revenue of $382.7M and diluted EPS of $-0.58 for Q4 2025.
Did Innovate beat estimates in Q4 2025?
Revenue beat the consensus estimate of $251.7M by $131.0M. EPS beat the consensus estimate of $-2.18 by $1.60.
How did Innovate's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 61.7% from $236.6M a year earlier and diluted EPS grew 55.0% from $-1.29.
Where can I find Innovate's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001006837-26-000013) and the 10-K periodic report (0001006837-26-000014) directly on SEC EDGAR. The filing index links above go to sec.gov.