U.S. Revenue was Inogen’s largest region in fiscal 2025, bringing in $156.48M of $295.30M (53%).
| Geography | FY 2012 | FY 2015 | FY 2016 | FY 2017 | FY 2019 | FY 2020 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| U.S. Revenue | $133.34M | $162.21M | $161.55M | $156.48M | ||||||
| International Revenue | — | $89.40M | $117.21M | $138.83M | ||||||
| Non-U.S. Revenue | $101.16M | — | — | — | ||||||
| Total | $234.50M | $251.61M | $278.76M | $295.30M |
Inogen brought in $295.30M from its two regions in fiscal 2025, the year ended December 31, 2025. That was up 5.9% from $278.76M in fiscal 2024. U.S. Revenue was the largest at $156.48M (53.0%), ahead of International Revenue at $138.83M (47.0%).
Compared with fiscal 2024, International Revenue grew 18.4% to $138.83M, while U.S. Revenue fell 3.1% to $156.48M.
Inogen began breaking out International Revenue in fiscal 2023, when it brought in $89.40M. Inogen stopped reporting Non-U.S. Revenue as a separate region after fiscal 2022, when it brought in $101.16M.
Business To Business was Inogen’s largest revenue line in fiscal 2022, bringing in $187.21M of $320.55M (58%).
| Contract With Customer Sales Channel | FY 2016 | FY 2017 | FY 2019 | FY 2020 | FY 2022 |
|---|---|---|---|---|---|
| Direct-To-Consumer | $156.16M | $121.62M | $133.34M | ||
| Business To Business | $106.43M | $96.42M | $187.21M | ||
| Total | $262.59M | $218.04M | $320.55M |
Inogen brought in $320.55M from its two revenue lines in fiscal 2022, the year ended December 31, 2022. That was up 47.0% from $218.04M in fiscal 2020, the previous year with figures. Business To Business was the largest at $187.21M (58.4%), ahead of Direct-To-Consumer at $133.34M (41.6%).
Compared with fiscal 2020, the previous year with figures, Business To Business grew 94.2% to $187.21M and Direct-To-Consumer grew 9.6% to $133.34M. From fiscal 2019 to 2022, combined revenue from these revenue lines grew from $262.59M to $320.55M, a compound annual growth rate of 6.9%. Business To Business' share of the total rose from 40.5% to 58.4%.
Inogen (INGN) reports its revenue by geography and by contract with customer sales channel. In fiscal 2025, U.S. Revenue was its largest region, bringing in $156.48M (53.0% of the total), followed by International Revenue at $138.83M (47.0%).
U.S. Revenue was Inogen's largest region in fiscal 2025, bringing in $156.48M, or 53.0% of the $295.30M total across its two regions.
Business To Business was Inogen's largest revenue line in fiscal 2022, bringing in $187.21M, or 58.4% of the $320.55M total across its two revenue lines.
International Revenue grew faster than U.S. Revenue in fiscal 2025, up 18.4% from $117.21M to $138.83M. U.S. Revenue fell 3.1% to $156.48M.
Every figure comes from Inogen's annual financial filings, as reported. Each line keeps the name Inogen gives it, and years follow its fiscal calendar.
Inogen's revenue by geography goes back to fiscal 2012, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.