Proto Labs (PRLB) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $149.3 million, up 10.6% year-over-year, driven by double-digit growth in CNC Machining and Injection Molding, especially in aerospace, defense, and medical sectors, with strategic focus on larger customers and operational improvements in Europe.

• Non-GAAP EPS increased to $0.60, up 45% year-over-year, with GAAP EPS at $0.38 (basic) and $0.37 (diluted), reflecting higher volumes and improved margins.

• Recognized by TIME magazine as one of America's best companies of 2026, highlighting innovation and leadership in digital manufacturing.

• Continued investment in AI, digital manufacturing, and operational efficiency, with new executive hires and ongoing transformation in Europe.

• Executed $5 million in share repurchases during Q2 2026, maintaining strong liquidity and no debt.

Financial highlights

• Non-GAAP gross margin was 46.8%, up 200 basis points year-over-year; GAAP gross margin reached 46.4%.

• Adjusted EBITDA was $25.1 million (16.8% of revenue), up from $19.7 million (14.6%) a year ago.

• Operating cash flow for Q2 2026 was $15.4 million; cash and investments totaled $162.9 million at quarter end.

• Revenue per customer contact increased 17% year-over-year to $7,239.

• Net income for Q2 2026 was $9.2 million, up from $4.4 million in Q2 2025.

Outlook and guidance

• Full-year 2026 revenue growth guidance raised to 8%-10%; Q3 2026 revenue expected between $145 million and $153 million.

• Q3 2026 non-GAAP EPS guidance of $0.56 to $0.64; GAAP diluted EPS projected at $0.34–$0.42.

• Foreign currency expected to have a $0.4 million unfavorable impact on Q3 2026 revenue.

• Q3 2026 non-GAAP effective tax rate projected at 23–24%.

• Management expects continued investment in technology and personnel to support growth and operational efficiency.