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Arrowhead Pharmaceuticals (ARWR) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 4, 2026 · Arrowhead Pharmaceuticals (ARWR) Q3 FY26 earnings results →

Q3 FY26 Revenue up 171% year over year to $75.3M · 238¢ of every $1 of revenue lost · operating margin -226.0%

Arrowhead Pharmaceuticals made $75.3M in Q3 FY26 (+171% Y/Y). Operating margin -226.0%, net loss $179M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 4, 2026.

Revenue$75.3M
Year over year+171%
Operating margin-226.0%
Net earnings−$179M
Operating cash flow−$177M

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 $75.3M in Q3 FY26, up 171% year over year and up 2% from the previous quarter.

Operating costs exceeded revenue by $170.1M, an operating margin of -226.0%. Total costs grew 27% against revenue growth of 171%. The fastest-growing cost line was SG&A (+52%). The quarter ended with a net loss of $178.9M, wider than the previous quarter's $137.6M loss.

Operating cash flow was −$177.5M. Non-cash charges added back $6.2M of depreciation and amortization and $14.9M of share-based compensation. Working capital and other items used $19.6M. Capital expenditures of $3.9M exceeded it, leaving free cash flow of −$181.3M.

Quarterly history

Arrowhead Pharmaceuticals revenue by quarterArrowhead Pharmaceuticals revenue by quarter$543MQ2 FY25$27.8MQ3 FY25$256MQ4 FY25$264MQ1 FY26$73.7MQ2 FY26$75.3MQ3 FY26
Arrowhead Pharmaceuticals net earnings by quarterArrowhead Pharmaceuticals net earnings by quarter$370MQ2 FY25−$179MQ3 FY25$16.1MQ4 FY25$30.8MQ1 FY26−$138MQ2 FY26−$179MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 4, 2026$75.3M+171%-226.0%−$179M−$177M
Q2 FY2610-QMay 7, 2026$73.7M-86%-191.6%−$138M$84.4M
Q1 FY2610-QFeb 5, 2026$264M106×15.5%$30.8M$13.5M
Q4 FY2510-KNov 25, 2025$256M—17.2%$16.1M$20.5M
Q3 FY2510-QAug 7, 2025$27.8M—-596.2%−$179M−$155M
Q2 FY2510-QMay 12, 2025$543M—70.2%$370M$460M

Charts

Arrowhead Pharmaceuticals: revenue growth, year over year and quarter over quarterArrowhead Pharmaceuticals: revenue growth, year over year and quarter over quarterY/YQ/Q-95%Q3 FY25+400%Q4 FY25+400%+3%Q1 FY26-86%-72%Q2 FY26+171%+2%Q3 FY26
Latest (Q3 FY26): Y/Y +171%, Q/Q +2%.
Arrowhead Pharmaceuticals: where the cash came from (+) and went (−), TTM to Q3 FY26Arrowhead Pharmaceuticals: where the cash came from (+) and went (−), TTM to Q3 FY26Other financing$886MOther investing−$786MNet borrowing (+) / repaid (−)−$115MCash drawn (+) / kept (−)$76.6MOperating cash flow−$59.1MCapital spending−$16.1MShares issued$13.3M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Arrowhead Pharmaceuticals: profit against cash, quarter by quarterArrowhead Pharmaceuticals: profit against cash, quarter by quarterNet incomeOperating cash flow−$173M−$137MQ4 FY24−$175M−$146MQ1 FY25$368M$460MQ2 FY25−$179M−$155MQ3 FY25$16.1M$20.5MQ4 FY25$28.2M$13.5MQ1 FY26−$138M$84.4MQ2 FY26−$179M−$177MQ3 FY26
Latest (Q3 FY26): Net income −$179M, Operating cash flow −$177M.
Arrowhead Pharmaceuticals: diluted shares by fiscal yearArrowhead Pharmaceuticals: diluted shares by fiscal year101MFY20104MFY21105MFY22107MFY23120MFY24134MFY25
+32.8% since FY20: more shares outstanding (issuance, stock pay).
Arrowhead Pharmaceuticals in its industry: growth against margin (225 companies, SIC 2834)Arrowhead Pharmaceuticals in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMARWR (+171%, -100%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵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 Arrowhead Pharmaceuticals

The Company develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and modes of delivery, the Company’s therapies trigger the RNA interference mechanism to induce rapid, deep and durable knockdown of target genes. There are currently 18 Arrowhead discovered drug candidates in clinical trials ranging from early stage (Phase 1) to late stage (Phase 3). In addition, the company has a robust discovery stage pipeline which is capable of generating multiple new clinical candidates each year.

In its own words, from its 10-K, filed Nov 25, 2025.

Arrowhead Pharmaceuticals against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +171% against the peers' median +10%. Operating margin: -226.0% against the peers' median 20.4%.

CompanyQuarterRevenueY/YOp. margin
ARWR Arrowhead PharmaceuticalsQ3 FY26$75.3M+171%-226.0%
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: Arrowhead Pharmaceuticals 10-Q on SEC EDGAR · CIK 879407 · Pharmaceutical Preparations

13F: who owns ARWR and who is buying

Largest holders of ARWR (13F)Largest holders of ARWR (13F)BlackRock$1.2BVanguard Group$1.0BAvoro Capital Advisors LLC$926MFMR LLC$655MVanguard Portfolio Management LLC$518MVanguard Capital Management LLC$498MState Street$464MInvesco$317MGeode Capital Management, LLC$299MFred Alger Management, LLC$269M
Funds' net buying of ARWR by quarter (13F)Funds' net buying of ARWR by quarter (13F)−$89.7M2024-09$31.1M2024-12$103M2025-03$23.5M2025-06$218M2025-09$200M2025-12$443M2026-03−$445M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ARWR

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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