Filing Flows › Akebia Therapeutics (AKBA) › Q3 2026 › vs Q3 2025
Akebia Therapeutics (AKBA) Q3 2026 vs Q3 2025 (year over year)
Akebia Therapeutics's revenue fell $21.9M (-37%) from $58.8M in Q3 2025 to $36.9M in Q3 2026. The biggest changes: Product revenue, net −$22.0M (-39%); License, collaboration and other revenue +$99K (+5%).
Akebia Therapeutics, Q3 2026: revenue $36.9M (-37% year over year), operating margin -31.1%, net loss $14.4M, operating cash flow $2.3M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 4.4% | 47.7% | -43.3 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Auryxia | $20.0M | $42.5M | −$22.4M | -53% |
| Vafseo | $14.8M | $14.3M | $476K | +3% |
| Product revenue, net | $34.8M | $56.8M | −$22.0M | -39% |
| License, collaboration and other revenue | $2.1M | $2.0M | $99K | +5% |
| Revenue | $36.9M | $58.8M | −$21.9M | -37% |
| Net loss | $14.4M | −$540K | $14.9M | — |
| Costs & expenses | $51.3M | $58.8M | −$7.5M | -13% |
| Operating costs | $48.4M | $54.3M | −$6.0M | -11% |
| Interest & other, net | $2.7M | $3.3M | −$577K | -18% |
| Income tax | $175K | $615K | −$440K | -72% |
| Cost of revenue | $6.4M | $9.4M | −$3.0M | -32% |
| Research & development | $16.2M | $14.9M | $1.2M | +8% |
| SG&A | $23.5M | $29.1M | −$5.6M | -19% |
| Other operating costs | $2.3M | $896K | $1.4M | +155% |
| Operating cash sources | $16.7M | $27.6M | −$10.9M | -39% |
| Depreciation | $101K | $318K | −$217K | -68% |
| Share-based compensation | $2.8M | $3.2M | −$420K | -13% |
| Working capital & other | $13.8M | $24.0M | −$10.2M | -43% |
| Net loss absorbed | $14.4M | −$540K | $14.9M | — |
| Operating cash flow | $2.3M | $28.1M | −$25.8M | -92% |
| Free cash flow (OCF − capex) | $1.6M | $28.0M | −$26.4M | -94% |
| Capital expenditures | $706K | $77K | $629K | +817% |
Questions
How much did Akebia Therapeutics's revenue grow year over year in Q3 2026?
Akebia Therapeutics's revenue fell $21.9M (-37%) from $58.8M in Q3 2025 to $36.9M in Q3 2026.
What drove Akebia Therapeutics's revenue change in Q3 2026?
Product revenue, net −$22.0M (-39%); License, collaboration and other revenue +$99K (+5%).