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Codexis (CDXS) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026 · Codexis (CDXS) Q2 2026 earnings results →
Q2 2026 Revenue down 3% year over year to $14.9M · 80¢ of every $1 of revenue lost · operating margin -75.3%
Codexis made $14.9M in Q2 2026 (-3% Y/Y): Product revenue $13.2M, Research and development revenue $1.7M. Operating margin -75.3%, net loss $12.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $14.9M in Q2 2026, down 3% year over year and down 2% from the previous quarter. Product revenue was the largest line at 89% of revenue. Research and development revenue lost $6.3M year over year (down 79%), 1514% of the total change.
Operating costs exceeded revenue by $11.2M, an operating margin of -75.3%. Total costs fell 7% while revenue fell 3%. The fastest-growing cost line was Cost of revenue (+67%). The quarter ended with a net loss of $12.0M, wider than the previous quarter's $8.7M loss.
Operating cash flow was −$9.6M. Non-cash charges added back $1.2M of depreciation and amortization and $1.6M of share-based compensation. Capital expenditures of $898K exceeded it, leaving free cash flow of −$10.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 11, 2026 | $14.9M | -3% | -75.3% | −$12.0M | −$9.6M |
| Q1 2026 | 10-Q | May 7, 2026 | $15.2M | +102% | -52.7% | −$8.7M | −$13.2M |
| Q4 2025 | 10-K | Mar 11, 2026 | $38.9M | +81% | 27.1% | $9.6M | $20.1M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $8.6M | -33% | -220.3% | −$19.6M | −$7.7M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $15.3M | +92% | -83.9% | −$13.3M | −$18.0M |
| Q1 2025 | 10-Q | May 14, 2025 | $7.5M | -56% | -271.6% | −$20.7M | −$13.8M |
| Q4 2024 | 10-K | Feb 27, 2025 | $21.5M | -19% | -34.2% | −$10.4M | −$16.5M |
Charts
Interactive views
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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 Codexis
We are a leading provider of technology solutions to improve therapeutics manufacturing. We focus on impacting the manufacturing process by using o ur proprietary CodeEvolver ® directed evolution technology platform to discover, develop, enhance, and commercialize novel, high-performance enzymes and other classes of proteins. Enzymes are naturally occurring biological molecules critical to almost all biochemical reactions. They can be precisely engineered and optimized for specific functions, and to have particular characteristics, such as an ability to survive environments in which natural enzymes cannot, or to perform (bio)chemical transformations that are different than those for which they naturally evolved.
In its own words, from its 10-K, filed Mar 11, 2026.
Codexis against its Industrial Organic Chemicals peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -3% against the peers' median +4%. Operating margin: -75.3% against the peers' median 15.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CDXS Codexis | Q2 2026 | $14.9M | -3% | -75.3% |
| LYB LyondellBasell Industries N.V. | Q3 2026 | $8.5B | +10% | 12.6% |
| WLK Westlake | Q3 2026 | $3.0B | +5% | 1.4% |
| IFF International Flavors & Fragrances | Q3 2026 | $1.9B | +4% | 8.2% |
| Union Carbide | Q3 2026 | $1.5B | +38% | 29.6% |
| NEU Newmarket | Q3 2026 | $717M | +4% | 20.0% |
| GPRE Green Plains | Q3 2026 | $496M | -2% | 18.7% |
| SXT Sensient Technologies | Q3 2026 | $456M | +11% | 15.9% |
| WLKP Westlake Chemical Partners LP | Q3 2026 | $314M | +2% | 30.4% |
Source: Codexis 10-Q on SEC EDGAR · CIK 1200375 · Industrial Organic Chemicals
13F: who owns CDXS and who is buying
More on CDXS
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results