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CorMedix (CRMD) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · CorMedix (CRMD) Q2 2026 earnings results →

Q2 2026 Revenue up 156% year over year to $102M · 25¢ of every $1 of revenue kept as net profit · operating margin 42.1%

CorMedix made $102M in Q2 2026 (+156% Y/Y): Product sales, net $94.3M, Contract revenue $5.0M, Grant income $2.6M. Operating margin 42.1%, net earnings $26.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.

Revenue$102M
Year over year+156%
Operating margin42.1%
Net earnings$26.0M
Operating cash flow$86.2M

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 $101.9M in Q2 2026, up 157% year over year and down 20% from the previous quarter. DefenCath was the largest line at 65% of revenue. DefenCath added $26.4M year over year (up 66%), 42% of the total change.

Gross margin was 75.7%, down 19.6 points from Q2 2025. Operating profit was $42.9M, a 42.1% margin (down 7.1 points year over year). Of the extra revenue versus Q2 2025, 38% reached operating profit, below the 49% margin then. Operating expenses grew 87% against revenue growth of 157%. The fastest-growing cost line was Research & development (+174%). Net earnings were $26.0M, up 31% year over year. The effective tax rate was 32.9%.

Operating cash flow was $86.2M (up 188% year over year), 332% of net earnings. Non-cash charges added back $10.5M of depreciation and amortization and $4.1M of share-based compensation. Working capital and other items added $45.6M. Capital expenditures of $561K left free cash flow of $85.7M.

Quarterly history

CorMedix revenue by quarterCorMedix revenue by quarter$31.2MQ4 2024$39.1MQ1 2025$39.7MQ2 2025$104MQ3 2025$129MQ4 2025$127MQ1 2026$102MQ2 2026
CorMedix net earnings by quarterCorMedix net earnings by quarter$13.5MQ4 2024$20.6MQ1 2025$19.8MQ2 2025$109MQ3 2025$14.0MQ4 2025$38.6MQ1 2026$26.0MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 13, 2026$102M+156%42.1%$26.0M$86.2M
Q1 202610-QMay 14, 2026$127M+226%50.0%$38.6M$42.4M
Q4 202510-KMar 5, 2026$129M+312%46.0%$14.0M$94.5M
Q3 202510-QNov 12, 2025$104M+810%49.2%$109M$30.9M
Q2 202510-QAug 7, 2025$39.7M49×49.2%$19.8M$30.0M
Q1 202510-QMay 6, 2025$39.1M—51.5%$20.6M$19.7M
Q4 202410-KMar 25, 2025$31.2M—41.4%$13.5M−$5.6M

Charts

CorMedix: revenue growth, year over year and quarter over quarterCorMedix: revenue growth, year over year and quarter over quarterY/YQ/Q+25%Q1 2025+400%+2%Q2 2025+400%+162%Q3 2025+312%+23%Q4 2025+226%-1%Q1 2026+156%-20%Q2 2026
Latest (Q2 2026): Y/Y +156%, Q/Q -20%.
CorMedix: where the cash came from (+) and went (−), TTM to Q2 2026CorMedix: where the cash came from (+) and went (−), TTM to Q2 2026Other investing−$282MOperating cash flow$254MOther financing$125MCash drawn (+) / kept (−)−$98.3MShares issued$7.4MCapital spending−$3.5MTaxes on employees’ shares−$2.4MNot reconciled−$1K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
CorMedix: profit against cash, quarter by quarterCorMedix: profit against cash, quarter by quarterNet incomeOperating cash flow−$2.8M−$13.6MQ3 2024$13.5M−$5.6MQ4 2024$20.6M$19.7MQ1 2025$19.8M$30.0MQ2 2025$109M$30.9MQ3 2025$14.0M$94.5MQ4 2025$38.6M$42.4MQ1 2026$26.0M$86.2MQ2 2026
Latest (Q2 2026): Net income $26.0M, Operating cash flow $86.2M.
CorMedix: diluted shares by fiscal yearCorMedix: diluted shares by fiscal year29MFY202038MFY202140MFY202251MFY20230MFY20240MFY2025
-99.7% since FY2020: buybacks shrank the count.
CorMedix in its industry: growth against margin (225 companies, SIC 2834)CorMedix in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVAMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMCRMD (+156%, 42%)
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 CorMedix

CorMedix Inc. (collectively, with our wholly owned subsidiaries, referred to herein as “we,” “us,” “our” or the “Company”) is a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions. Our primary focus has been commercializing DefenCath® (taurolidine and heparin), in the U.S., which we launched in 2024 in the hemodialysis setting. The name DefenCath is the U.S. proprietary name approved by the U.S. Food and Drug Administration (“FDA”).

In its own words, from its 10-K, filed Mar 5, 2026.

CorMedix against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +156% against the peers' median +10%. Operating margin: 42.1% against the peers' median 30.7%.

CompanyQuarterRevenueY/YOp. margin
CRMD CorMedixQ2 2026$102M+156%42.1%
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: CorMedix 10-Q on SEC EDGAR · CIK 1410098 · Pharmaceutical Preparations

13F: who owns CRMD and who is buying

Largest holders of CRMD (13F)Largest holders of CRMD (13F)Vanguard Group$52.3MBlackRock$49.6MDeep Track Capital, LP$49.3MVanguard Capital Management LLC$24.6MState Street$18.2MRoyce & Associates LP$17.1MGeode Capital Management, LLC$15.3MUBS Group AG$14.7MOberweis Asset Management$10.4MAlyeska Investment Group, L.P.$6.7M
Funds' net buying of CRMD by quarter (13F)Funds' net buying of CRMD by quarter (13F)$16.5M2024-09−$1.6M2024-12$4.8M2025-03$119M2025-06$108M2025-09−$19.5M2025-12−$6.1M2026-03$23.9M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CRMD

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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