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Axsome Therapeutics (AXSM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · Axsome Therapeutics (AXSM) Q3 2026 earnings results →
Q3 2026 Revenue up 52% year over year to $260M · 5¢ of every $1 of revenue lost · operating margin -4.3%
Axsome Therapeutics made $260M in Q3 2026 (+52% Y/Y): Product $250M, Royalty and Milestone Revenue $9.7M. Operating margin -4.3%, net loss $12.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $259.7M in Q3 2026, up 52% year over year and up 19% from the previous quarter. Product was the largest line at 96% of revenue. Product added $80.2M year over year (up 47%), 90% of the total change.
Operating costs exceeded revenue by $11.1M, an operating margin of -4.3%. Total costs grew 25% against revenue growth of 52%. The fastest-growing cost line was Cost of revenue (+49%). The quarter ended with a net loss of $12.9M, narrower than the previous quarter's $51.3M loss.
Operating cash flow was −$9.5M. Non-cash charges added back $1.7M of depreciation and amortization and $26.4M of share-based compensation. Working capital and other items used $24.7M. Capital expenditures of $197K exceeded it, leaving free cash flow of −$9.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 2, 2026 | $260M | +52% | -4.3% | −$12.9M | −$9.5M |
| Q2 2026 | 10-Q | Aug 10, 2026 | $218M | +46% | -22.7% | −$51.3M | −$33.0M |
| Q1 2026 | 10-Q | May 4, 2026 | $191M | +57% | -33.1% | −$64.5M | −$20.7M |
| Q4 2025 | 10-K | Feb 23, 2026 | $196M | +65% | -13.8% | −$28.6M | −$18.7M |
| Q3 2025 | 10-Q | Nov 3, 2025 | $171M | +63% | -27.0% | −$47.2M | $1.0M |
| Q2 2025 | 10-Q | Aug 4, 2025 | $150M | +72% | -24.5% | −$48.0M | −$32.4M |
| Q1 2025 | 10-Q | May 5, 2025 | $121M | +62% | -46.9% | −$59.4M | −$43.4M |
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 Axsome Therapeutics
Axsome Therapeutics is a biopharmaceutical company leading a new era in the treatment of central nervous system (CNS) conditions. We deliver scientific breakthroughs by identifying critical gaps in care and develop differentiated products with a focus on novel mechanisms of action that enable meaningful advancements in patient outcomes. Our industry-leading neuroscience portfolio includes FDA-approved treatments for major depressive disorder, agitation associated with dementia due to Alzheimer’s disease, excessive daytime sleepiness associated with narcolepsy and obstructive sleep apnea, and migraine, as well as multiple novel product candidates addressing a broad range of serious neurological and psychiatric conditions that impact over 150 million people in the United States.
In its own words, from its 8-K, filed Aug 10, 2026.
Axsome Therapeutics against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +52% against the peers' median +10%. Operating margin: -4.3% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AXSM Axsome Therapeutics | Q3 2026 | $260M | +52% | -4.3% |
| 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: Axsome Therapeutics 10-Q on SEC EDGAR · CIK 1579428 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns AXSM and who is buying
More on AXSM
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- Who owns Axsome Therapeutics stock: holders, funds and Congress trades
- Axsome Therapeutics guidance and outlook
- Is Axsome Therapeutics a takeover target? LBO and rumors
- Axsome Therapeutics recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results