Stratasys Q2 2026: Defense Revenue Up 17% and Consumables Hit a Record

Stratasys delivered a mixed but workable quarter. Revenue came in at $137.6 million, essentially flat against Q2 2025, but the 3.7% sequential gain from Q1 shows the business is moving in the right direction. What stands out is where that growth is coming from: aerospace and defense revenue jumped 17% year-over-year, and consumables hit an all-time high of $66.3 million.

Consumables as a Signal

CEO Dr. Yoav Zeif called the consumables number proof that the manufacturing strategy is gaining real traction. Manufacturing materials drove the record, which matters because consumables revenue carries healthier margins than printer hardware. A customer who buys a Stratasys printer and then keeps spending on materials is a stickier, more profitable relationship than a one-off hardware sale.

Operating Picture

The GAAP operating loss narrowed to $13.5 million from $16.6 million a year ago, but the non-GAAP operating income was barely positive at $0.1 million. Adjusted EBITDA for the full year is expected to land between $25 million and $30 million. Non-GAAP operating margins should land between 0.7% and 1.5%, which is thin but at least pointing the right direction.

Full-Year Outlook

Stratasys is reaffirming its full-year revenue guidance of $565 million to $575 million. Gross margins are expected to range from 46.7% to 47.1%, with roughly $7 million of drag from tariffs and foreign exchange. Non-GAAP net income is projected at $8 million to $12.5 million for the year. Capital expenditures are budgeted at $20 million to $25 million.

MarkForged Still Pending

The pending acquisition of MarkForged would bring continuous carbon fiber technology into the fold, which would meaningfully strengthen Stratasys's industrial materials story. That deal has not closed yet, but Zeif flagged it as a near-term catalyst. Defense is clearly the growth vector, but Stratasys is not entirely dependent on military contracts. The consumables record shows the commercial manufacturing pitch is also working.