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Proto Labs (PRLB) Q3 2026 Earnings Report
PRLB Q3 2026 EPS Results
- Actual EPS
- $0.63
- Consensus EPS
- $0.60
- Beat/Miss
- Beat by +$0.03
- One Year Ago EPS
- $0.47
PRLB Q3 2026 Revenue Results
- Actual Revenue
- $154.32M
- Expected Revenue
- $149.31M
- Beat/Miss
- Beat by +$5.01M
- YoY Revenue Growth
- +14.00%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
Proto Labs's next earnings date is estimated for February 5, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Proto Labs reported record revenue, sustained double-digit growth, significant adjusted EPS and EBITDA gains, strong customer and industry demand, a raised full-year revenue outlook, and a healthy balance sheet. The main challenges were lower gross margin, declining Sheet Metal revenue, expected seasonal fourth-quarter softness, softer U.S. network demand and Europe's ongoing profitability transformation, but these issues did not outweigh the company's reported momentum and outlook.
For the fourth quarter of 2026, Proto Labs expects revenue between $143 million and $151 million, with the midpoint implying 8% revenue growth year-over-year; foreign currency is expected to have a negligible impact on revenue compared to the fourth quarter of 2025, non-GAAP add-backs are expected to include stock-based compensation expense of approximately $4.1 million and amortization expense of $900,000, the non-GAAP effective tax rate is expected to be between 19% and 21%, and non-GAAP earnings per share are expected to be between $0.46 and $0.54. The company raised its full year 2026 revenue growth outlook from a prior range of 8% to 10% to a new range of 10% to 11%. For the fourth quarter, gross margin is expected to be flat to slightly down quarter-over-quarter, SG&A expenses as a percent of revenue are expected to look more like the first and second quarter of the year, and in 2027 operating expense growth is expected to be much closer to revenue growth, while gross margin percentage is expected to be held.
- Record Quarterly Revenue and Sustained Double-Digit GrowthThird-quarter revenue reached a company-record $154.3 million, up 14.2% year-over-year in constant currencies. This was the fourth consecutive quarter of double-digit revenue growth.
- Strong Year-to-Date Financial PerformanceFor the first 9 months of 2026, year-over-year revenue grew 12%, adjusted operating margin expanded 300 basis points, and adjusted EPS grew 46%. Adjusted EPS was up 45.5% year-over-year year-to-date.
- Adjusted EPS and EBITDA ExpansionThird-quarter non-GAAP EPS was $0.63, up 33.4% year-over-year and the highest adjusted EPS reported since the third quarter of 2020. Adjusted EBITDA increased to $26.2 million, or 17% of revenue, compared with $21.1 million, or 15.6% of revenue, in the prior-year quarter. Year-to-date adjusted EBITDA was up 27.2% year-over-year.
- Higher Revenue per Customer and Customer GrowthRevenue per customer increased 17% year-over-year as larger strategic customers broadened their relationships with Proto Labs. The company served almost 21,000 customers during the quarter, up sequentially for the third consecutive quarter.
- Broad-Based Service Line GrowthEach of the three largest service lines grew double digits year-over-year. Factory CNC Machining revenue grew 16.7% in constant currencies, Injection Molding grew 12.6%, and 3D printing revenue increased 11.5%. Management also reported CNC Machining growth of 22% and global 3D printing growth of 12% in its prepared remarks.
- Demand Strength in High-Growth IndustriesThe company reported strong demand from aerospace, defense, space exploration, satellites, drones, robotics, electronics, telecommunications and data centers. Management said demand was particularly strong in U.S. factory CNC, with revenues growing over 20% for six consecutive quarters.
- Strong MJF and Metals Demand with Capacity ExpansionDemand for metals and HP's Multi Jet Fusion technology remained strong. MJF revenue in the U.S. factory operation was up more than 40% year-to-date, and the company is investing in additional capacity to support that growth.
- Factory Growth Outpaced Network GrowthFactory revenue growth was 17.5% year-over-year, compared with 3% growth for network revenue. Management said customers in the U.S. were increasingly choosing the factory for its speed, while network momentum was particularly strong in Europe.
- Operating Leverage Despite Continued InvestmentAdjusted operating expenses were 32.6% of revenue, down from 34.8% in the second quarter and 35.9% in the third quarter of 2025. Management attributed the operating leverage to strong revenue growth and actions to improve the cost structure while continuing to invest in strategic priorities.
- Healthy Cash Generation and Balance SheetProto Labs generated $22.8 million in cash from operations during the third quarter and repurchased $5 million of common stock. As of September 30, the company had $175 million of cash and investments and no debt.
- Raised Full-Year Revenue Growth OutlookThe company raised its full-year 2026 revenue growth outlook from 8% to 10% to a new range of 10% to 11%. Management expects 2026 to be its first year of double-digit organic revenue growth since 2018.
- Strategic Product and Network EnhancementsProto Labs launched new metal 3D printing heat treatments, FDM printing capabilities and additional CNC Machining surface finishes through ProDesk. It also continued improving the Proto Labs Network to accelerate order acceptance, improve partner communication and strengthen quality.
- Expansion of AI and Digital Manufacturing InitiativesThe company announced an enterprise implementation of Amazon Quick as part of its broader AI road map, initially focusing on go-to-market workflows, productivity, response times and order-to-quote processing. Proto Labs is also developing AI-assisted order checks and adding forward-deployed AI engineer roles, with enterprise-wide implementation continuing into 2027.
- Expanded Operational Leadership and India Capability CenterSam Ramahi was named Chief Operations Officer, bringing over 25 years of executive operational leadership. Proto Labs also inaugurated a new global capability center in India, where engineers are working on the manufacturing and AI road maps, including AI, automation and advanced manufacturing capabilities.
- Progress in Europe RevenueEuropean revenue grew double digits in the third quarter, partly due to go-to-market changes initiated late last year.
- Positive Outlook for Broad-Based A&D and Non-A&D DemandManagement said its aerospace and defense exposure is broad and includes space exploration, satellites, drones, neoprimes and primes. It also cited continued growth opportunities in robotics and data centers and expressed confidence in achieving double-digit growth for the foreseeable future.
- Recognition for Manufacturing InnovationProto Labs announced a partnership with MIT and a grant supporting U.S. manufacturing innovation research at the MIT Industrial Performance Center. The company was also named one of the only 500 U.S. companies on Business Insider's America's Most Innovative Businesses 2027 list.
- Planned 2027 Capacity and Strategic InvestmentsManagement expects to continue accelerating investment in capacity and the four strategic pillars: elevating customer experience, accelerating innovation, expanding into production and driving operational efficiency. It expects 2027 operating-expense growth to be much closer to revenue growth and expects to hold its gross-margin percentage going into 2027.
PRLB Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 05, 2027 | 2026 (Q4) | 0.49- | 0.44 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 0.600.63 | 0.47 | 34.04% (+0.16) | |
| Jul 31, 2026 | 2026 (Q2) | 0.530.60 | 0.41 | 46.34% (+0.19) | |
| May 01, 2026 | 2026 (Q1) | 0.400.54 | 0.33 | 63.64% (+0.21) | |
| Feb 06, 2026 | 2025 (Q4) | 0.350.44 | 0.38 | 15.79% (+0.06) | |
| Oct 31, 2025 | 2025 (Q3) | 0.390.47 | 0.47 | 0.00% (+0.00) | |
| Jul 31, 2025 | 2025 (Q2) | 0.350.41 | 0.38 | 7.89% (+0.03) | |
| May 02, 2025 | 2025 (Q1) | 0.290.33 | 0.4 | -17.50% (-0.07) | |
| Feb 07, 2025 | 2024 (Q4) | 0.320.38 | 0.46 | -17.39% (-0.08) | |
| Nov 01, 2024 | 2024 (Q3) | 0.320.47 | 0.51 | -7.84% (-0.04) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
