Filing Flows › Akebia Therapeutics (AKBA) › Q2 2026 › vs Q2 2025
Akebia Therapeutics (AKBA) Q2 2026 vs Q2 2025 (year over year)
Akebia Therapeutics's revenue fell $13.3M (-21%) from $62.5M in Q2 2025 to $49.1M in Q2 2026. The biggest changes: Product revenue, net −$13.7M (-23%); License, collaboration and other revenue +$352K (+18%); Royalty payments +$100K (—).
Akebia Therapeutics, Q2 2026: revenue $49.1M (-21% year over year), operating margin -12.9%, net loss $8.9M, operating cash flow $3.5M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 5.0% | 35.6% | -30.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Auryxia | $25.5M | $47.2M | −$21.7M | -46% |
| Vafseo | $21.3M | $13.3M | $8.0M | +60% |
| Product revenue, net | $46.8M | $60.5M | −$13.7M | -23% |
| License, collaboration and other revenue | $2.4M | $2.0M | $352K | +18% |
| Royalty payments | $100K | $0 | $100K | — |
| Revenue | $49.1M | $62.5M | −$13.3M | -21% |
| Net loss | $8.9M | −$247K | $9.2M | — |
| Costs & expenses | $58.0M | $62.5M | −$4.4M | -7% |
| Operating costs | $55.5M | $48.4M | $7.1M | +15% |
| Interest & other, net | $2.5M | $13.8M | −$11.3M | -82% |
| Income tax | $70K | $0 | $70K | — |
| Cost of revenue | $10.4M | $9.9M | $505K | +5% |
| Research & development | $14.1M | $11.0M | $3.0M | +28% |
| SG&A | $28.2M | $26.6M | $1.6M | +6% |
| Other operating costs | $2.8M | $896K | $1.9M | +212% |
| Operating cash sources | $12.4M | $22.1M | −$9.7M | -44% |
| Depreciation | $585K | $316K | $269K | +85% |
| Share-based compensation | $3.2M | $2.7M | $550K | +21% |
| Working capital & other | $8.6M | $19.1M | −$10.5M | -55% |
| Net loss absorbed | $8.9M | −$247K | $9.2M | — |
| Operating cash flow | $3.5M | $22.3M | −$18.8M | -84% |
| Free cash flow (OCF − capex) | $2.4M | $22.2M | −$19.8M | -89% |
| Capital expenditures | $1.1M | $126K | $953K | +756% |
Questions
How much did Akebia Therapeutics's revenue grow year over year in Q2 2026?
Akebia Therapeutics's revenue fell $13.3M (-21%) from $62.5M in Q2 2025 to $49.1M in Q2 2026.
What drove Akebia Therapeutics's revenue change in Q2 2026?
Product revenue, net −$13.7M (-23%); License, collaboration and other revenue +$352K (+18%); Royalty payments +$100K (—).