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Akebia Therapeutics (AKBA) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Akebia Therapeutics (AKBA) Q3 2026 earnings results →
Q3 2026 Revenue down 37% year over year to $36.9M · 39¢ of every $1 of revenue lost · operating margin -31.1%
Akebia Therapeutics made $36.9M in Q3 2026 (-37% Y/Y): Product revenue, net $34.8M, License, collaboration and other revenue $2.1M. Operating margin -31.1%, net loss $14.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $36.9M in Q3 2026, down 37% year over year and down 25% from the previous quarter. Auryxia was the largest line at 54% of revenue. Auryxia lost $22.4M year over year (down 53%), 103% of the total change.
Operating costs exceeded revenue by $11.5M, an operating margin of -31.1%. Total costs fell 11% while revenue fell 37%. The fastest-growing cost line was Other operating costs (+155%). The quarter ended with a net loss of $14.4M, wider than the previous quarter's $8.9M loss.
Operating cash flow was $2.3M (down 92% year over year). Non-cash charges added back $101K of depreciation and $2.8M of share-based compensation. Working capital and other items added $13.8M. Capital expenditures of $706K left free cash flow of $1.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $36.9M | -37% | -31.1% | −$14.4M | $2.3M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $49.1M | -21% | -12.9% | −$8.9M | $3.5M |
| Q1 2026 | 10-Q | May 7, 2026 | $53.5M | -7% | -8.8% | −$9.1M | −$21.2M |
| Q4 2025 | 10-K | Feb 26, 2026 | $57.6M | +24% | -14.8% | −$12.2M | $31.1M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $58.8M | +57% | 7.6% | $540K | $28.1M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $62.5M | +43% | 22.6% | $247K | $22.3M |
| Q1 2025 | 10-Q | May 8, 2025 | $57.3M | +76% | 23.6% | $6.1M | −$13.6M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- DVA — 25% of its revenue · Stated in 10-K (customer table) · source
- COR — 19% of its revenue · Stated in 10-K (customer table) · source
- MCK — 12% of its revenue · Stated in 10-K (customer table) · source
- CAH — 10% of its revenue · Stated in 10-K (customer table) · source
About Akebia Therapeutics
We are a fully integrated biopharmaceutical company with two commercial products for patients impacted by kidney disease. We have built a business focused on developing and commercializing innovative therapeutics that we believe serve as a foundation for future growth, including by contributing net product revenue to support the development and advancement of our robust pipeline of mid-stage programs targeting rare kidney diseases and early-stage programs targeting kidney disease and non-kidney focused indications. We have established the Company as a leader in the kidney community and believe our cross-organizational expertise in kidney disease positions us for success. Chronic kidney disease, or CKD , is a condition in which the kidneys are progressively damaged to the point that they cannot properly filter the blood circulating in the body.
In its own words, from its 10-K, filed Feb 26, 2026.
Akebia Therapeutics against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -37% against the peers' median +7%. Operating margin: -31.1% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AKBA Akebia Therapeutics | Q3 2026 | $36.9M | -37% | -31.1% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Akebia Therapeutics 10-Q on SEC EDGAR · CIK 1517022 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns AKBA and who is buying
More on AKBA
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Akebia Therapeutics operating margin by quarter
- Akebia Therapeutics net income by quarter
- Akebia Therapeutics free cash flow by quarter
- Akebia Therapeutics R&D spending by quarter
- Akebia Therapeutics capital expenditures by quarter
- Akebia Therapeutics Product revenue, net revenue by quarter
- Akebia Therapeutics License, collaboration and other revenue revenue by quarter