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Ardelyx (ARDX) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Ardelyx (ARDX) Q3 2026 earnings results →
Q3 2026 Revenue up 16% year over year to $128M · 1¢ of every $1 of revenue lost · operating margin 3.2%
Ardelyx made $128M in Q3 2026 (+16% Y/Y): Product sales, net $125M, Product supply revenue $1.4M, Non-cash royalty revenue related to the sale of future royalties $604K. Operating margin 3.2%, net loss $737K. 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 $127.7M in Q3 2026, up 16% year over year and up 6% from the previous quarter. IBSRELA was the largest line at 75% of revenue. IBSRELA added $18.1M year over year (up 23%), 105% of the total change. Non-cash royalty revenue related to the sale of future royalties declined 87%.
Operating profit was $4.0M, a 3.2% margin (down 1.1 points year over year). Operating profit fell $645K even though revenue rose $17.3M versus a year earlier, so costs grew faster than sales. Total costs grew 17% against revenue growth of 16%. The fastest-growing cost line was Research & development (+39%). The quarter ended with a net loss of $737K, narrower than the previous quarter's $16.7M loss. Net interest and other expense of $4.7M was the main reason.
Operating cash flow was $2.2M (up 495% year over year). Non-cash charges added back $621K of depreciation and amortization and $15.1M of share-based compensation. Working capital and other items used $12.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $128M | +16% | 3.2% | −$737K | $2.2M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $121M | +24% | -10.3% | −$16.7M | −$6.4M |
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About Ardelyx
We are a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet significant unmet medical needs. We currently market two therapies from the active ingredient tenapanor, a sodium/hydrogen exchanger (NHE3) inhibitor that was discovered and developed by Ardelyx. NHE3 is an antiporter expressed on the apical surface of the small and large intestines. Tenapanor is a minimally absorbed, first-in-class, oral, small molecule therapy. Tenapanor, branded as IBSRELA ® , is approved in the U.S. for the treatment of adults with irritable bowel syndrome with constipation. We believe that IBSRELA can bring meaningful benefit to the approximately 13 million Americans who suffer from the symptoms of IBS-C, many of whom continue to experience symptoms despite intervention with other therapies.
In its own words, from its 10-K, filed Feb 19, 2026.
Ardelyx against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +16% against the peers' median +10%. Operating margin: 3.2% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ARDX Ardelyx | Q3 2026 | $128M | +16% | 3.2% |
| 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: Ardelyx 10-Q on SEC EDGAR · CIK 1437402 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns ARDX and who is buying
More on ARDX
History
Every quarter: Q3 2026 results · Q2 2026 results