Innovate VATE Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Total Revenue by Business | ||||||
| Infrastructure | $1.3B+7.7% | $1.21B+14.0% | $1.06B+11.0% | $956.5M-7.0% | $1.03B-4.0% | |
| Life Sciences | $11M-12.0% | $12.5M-7.4% | $13.5M+0.7% | $13.4M+12.6% | $11.9M+21.4% | |
| Spectrum | $22.3M-3.9% | $23.2M-4.5% | $24.3M-3.2% | $25.1M-2.0% | $25.6M-0.4% | |
| Other Operating Income by Business | ||||||
| Infrastructure | -$1.5M-7.1% | -$1.4M-250% | -$400K0.0% | -$400K-104% | $11.3M+17.7% | |
| Life Sciences | $0— | $0— | $0— | $0— | $0— | |
| Spectrum | $1.1M+10.0% | $1M— | —— | —— | —— | |
| Income from operations by Business | ||||||
| Infrastructure | $62.3M+12.5% | $55.4M+25.1% | $44.3M+9.1% | $40.6M-38.0% | $65.5M-0.3% | |
| Life Sciences | -$10.1M+7.3% | -$10.9M+10.7% | -$12.2M+3.9% | -$12.7M+8.6% | -$13.9M+1.4% | |
| Cost of revenue by Business | ||||||
| Infrastructure | $1.11B+8.1% | $1.03B+15.1% | $891.9M+13.1% | $788.7M-6.2% | $840.8M-4.5% | |
| Life Sciences | $7.5M-10.7% | $8.4M-9.7% | $9.3M+2.2% | $9.1M+12.3% | $8.1M+26.6% | |
| Spectrum | $11.7M0.0% | $11.7M+1.7% | $11.5M0.0% | $11.5M0.0% | $11.5M0.0% | |
| Total Assets by Business | ||||||
| Infrastructure | $2.93B+2.7% | $2.85B+2.7% | $2.78B+1.5% | $2.74B+1.3% | $2.7B-2.7% | |
| Life Sciences | $38.9M-7.6% | $42.1M-5.2% | $44.4M-4.9% | $46.7M— | —— | |
| Spectrum | $699.9M-0.4% | $702.5M-0.6% | $706.9M-0.5% | $710.1M+0.2% | $708.7M+0.4% | |
| Total aggregate finance lease and debt principal payments by Business | ||||||
| Infrastructure | $383.6M-15.5% | $454.2M-11.2% | $511.2M-12.5% | $583.9M-9.1% | $642.5M-1.9% | |
| Life Sciences | $170.3M— | —— | —— | —— | —— | |
| Non-Operating Corporate | $1.9B+4.0% | $1.82B+2.9% | $1.77B+2.9% | $1.72B-0.2% | $1.72B-0.4% | |
| Spectrum | $278.8M0.0% | $278.8M0.0% | $278.8M0.0% | $278.8M0.0% | $278.8M0.0% | |
| SG&A by Business | ||||||
| Infrastructure | $117.9M+2.3% | $115.2M+1.8% | $113.2M-1.1% | $114.5M-5.8% | $121.5M-1.3% | |
| Life Sciences | $13.2M-9.6% | $14.6M-8.8% | $16M-3.6% | $16.6M-4.0% | $17.3M+1.2% | |
| Spectrum | $7.4M-2.6% | $7.6M+1.3% | $7.5M+1.4% | $7.4M+1.4% | $7.3M0.0% | |
| D&A by Business | ||||||
| Infrastructure | $11.9M-1.7% | $12.1M-1.6% | $12.3M0.0% | $12.3M+1.7% | $12.1M+0.8% | |
| Life Sciences | $400K0.0% | $400K0.0% | $400K0.0% | $400K0.0% | $400K0.0% | |
| Spectrum | $5M0.0% | $5M+4.2% | $4.8M-2.0% | $4.9M-2.0% | $5M-2.0% | |
| Investments by Business | ||||||
| Infrastructure | $0— | $0— | $0— | —— | —— | |
| Life Sciences | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | |
| Spectrum | $0— | $0— | $0— | —— | —— | |
| Accounts Receivable, before Allowance for Credit Loss, Current by Business | ||||||
| Infrastructure | $914.3M+2.6% | $890.8M+6.2% | $838.6M+10.2% | $760.7M+9.5% | $694.4M-13.3% | |
| Life Sciences | $7M-14.6% | $8.2M+3.8% | $7.9M+29.5% | $6.1M+27.1% | $4.8M+50.0% | |
| Spectrum | $6.8M-4.2% | $7.1M-2.7% | $7.3M+1.4% | $7.2M+1.4% | $7.1M+6.0% | |
| Capital cash expenditures by Business | ||||||
| Infrastructure | $28.2M+20.5% | $23.4M+1.3% | $23.1M+22.2% | $18.9M+14.5% | $16.5M-6.3% | |
| Life Sciences | -$100K— | $0+100% | -$100K0.0% | -$100K— | $0— | |
| Spectrum | $2.8M+3.7% | $2.7M-3.6% | $2.8M+21.7% | $2.3M+43.8% | $1.6M+14.3% | |
| Goodwill by Business | ||||||
| Infrastructure | $422.3M+0.1% | $421.9M+0.1% | $421.6M0.0% | $421.8M0.0% | $421.9M0.0% | |
| Spectrum | $85.6M0.0% | $85.6M0.0% | $85.6M0.0% | $85.6M0.0% | $85.6M0.0% | |
| Revenue by Product | ||||||
| Commercial | $425.7M+14.6% | $371.5M+20.8% | $307.5M+23.7% | $248.5M-7.7% | $269.1M-8.0% | |
| Convention | $3.9M-56.2% | $8.9M-26.4% | $12.1M-11.7% | $13.7M-4.9% | $14.4M+2.9% | |
| Energy | $21.1M+56.3% | $13.5M+92.9% | $7M-1.4% | $7.1M+2.9% | $6.9M-4.2% | |
| Government | $141.1M+9.5% | $128.8M+42.2% | $90.6M+55.1% | $58.4M+72.8% | $33.8M+189% | |
| Healthcare | $163.1M-6.0% | $173.6M+7.2% | $161.9M+5.0% | $154.2M-8.9% | $169.3M+11.7% | |
| Industrial | $358.2M+16.8% | $306.6M+7.8% | $284.5M+7.7% | $264.1M-11.5% | $298.3M-3.1% | |
| Leisure | $6.5M-49.6% | $12.9M-16.8% | $15.5M-14.4% | $18.1M+18.3% | $15.3M+57.7% | |
| Transportation | $182.3M-5.4% | $192.8M+6.1% | $181.8M-5.0% | $191.4M-12.8% | $219.6M-20.2% | |
| Remaining performance obligation amount by Product | ||||||
| Commercial | $1.29B-12.0% | $1.47B+13.3% | $1.3B+8.4% | $1.2B+22.9% | $973.7M+29.5% | |
| Convention | $1.6M-59.0% | $3.9M-64.9% | $11.1M-48.4% | $21.5M-18.3% | $26.3M-17.6% | |
| Energy | $68.6M+44.4% | $47.5M+111% | $22.5M+192% | $7.7M-6.1% | $8.2M-3.5% | |
| Government | $492.8M-16.0% | $586.4M-0.2% | $587.7M+29.9% | $452.4M+46.3% | $309.2M+104% | |
| Healthcare | $958.4M-3.7% | $995.2M-7.9% | $1.08B-5.4% | $1.14B-5.9% | $1.21B-9.2% | |
| Industrial | $1.5B+16.9% | $1.29B+41.3% | $909.6M+14.9% | $791.4M+19.0% | $665.1M+20.0% | |
| Transportation | $1.73B+22.5% | $1.41B+28.3% | $1.1B+45.6% | $756.3M+2.8% | $735.6M+8.0% | |
| Remaining performance obligation period by Product | ||||||
| Commercial | $0— | $0— | $0— | $0— | $0— | |
| Convention | $0— | $0— | $0— | $0— | $0— | |
| Energy | $0— | $0— | $0— | —— | —— | |
| Government | $0— | $0— | $0— | $0— | $0— | |
| Healthcare | $0— | $0— | $0— | $0— | $0— | |
| Industrial | $0— | $0— | $0— | $0— | $0— | |
| Transportation | $0— | $0— | $0— | $0— | $0— |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Innovate break its business down?
- Innovate (VATE) reports total revenue by business across 3 parts — Infrastructure, Life Sciences and Spectrum. Each is extracted from the segment footnotes and tracked over time.
- Where does Innovate's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Innovate's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
