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Aquestive Therapeutics (AQST) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Aquestive Therapeutics (AQST) Q3 2026 earnings results →
Q3 2026 Revenue down 41% year over year to $7.6M · 218¢ of every $1 of revenue lost · operating margin -191.5%
Aquestive Therapeutics made $7.6M in Q3 2026 (-41% Y/Y): Manufacture and supply revenue $6.7M, License and Royalty Revenue $824K, Co-development and research fees $74K. Operating margin -191.5%, net loss $16.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
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What changed this quarter
Revenue was $7.6M in Q3 2026, down 41% year over year and down 45% from the previous quarter. Manufacture and supply revenue was the largest line at 88% of revenue. Manufacture and supply revenue lost $4.8M year over year (down 42%), 92% of the total change.
Operating costs exceeded revenue by $14.5M, an operating margin of -191.5%. Total costs fell 9% while revenue fell 41%. The quarter ended with a net loss of $16.5M, narrower than the previous quarter's $22.9M loss.
Operating cash flow was −$7.0M. Non-cash charges added back $156K of depreciation and $2.1M of share-based compensation. Working capital and other items added $7.2M. Capital expenditures of $584K exceeded it, leaving free cash flow of −$7.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $7.6M | -41% | -191.5% | −$16.5M | −$7.0M |
| Q2 2026 | 10-Q | Aug 11, 2026 | $13.8M | +38% | -59.5% | −$22.9M | −$9.4M |
| Q1 2026 | 10-Q | May 13, 2026 | $14.4M | +66% | -29.1% | −$8.1M | −$14.8M |
| Q4 2025 | 10-K | Mar 4, 2026 | $13.0M | +10% | -221.6% | −$31.9M | −$8.5M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $12.8M | -5% | -89.6% | −$15.4M | −$12.6M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $10.0M | -50% | -113.6% | −$13.5M | −$7.9M |
| Q1 2025 | 10-Q | May 12, 2025 | $8.7M | -28% | -222.1% | −$22.9M | −$23.4M |
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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🔍Earnings qualityinteractive
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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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About Aquestive Therapeutics
Aquestive is a pharmaceutical company advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies. We are developing pharmaceutical products to deliver complex molecules through administrations that are alternatives to invasive and inconvenient standard of care therapies. We are advancing our late stage non-device based epinephrine prodrug product candidate for the treatment of severe allergic reactions, including anaphylaxis, under the "Anaphylm™" trade name, and our AdrenaVerse™ epinephrine prodrug pipeline platform. We have four licensed commercialized products which are marketed by our licensees in the U.S. and around the world. We are the exclusive manufacturer of these licensed products.
In its own words, from its 10-K, filed Mar 4, 2026.
Aquestive Therapeutics against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -41% against the peers' median +7%. Operating margin: -191.5% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AQST Aquestive Therapeutics | Q3 2026 | $7.6M | -41% | -191.5% |
| 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: Aquestive Therapeutics 10-Q on SEC EDGAR · CIK 1398733 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns AQST and who is buying
More on AQST
- How Aquestive Therapeutics makes money: revenue by segment
- Aquestive Therapeutics next earnings date and what analysts expect
- Aquestive Therapeutics stock forecast, price target and fair value
- Who owns Aquestive Therapeutics stock: holders, funds and Congress trades
- Aquestive Therapeutics guidance and outlook
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results