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Delcath Systems (DCTH) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 6, 2026 · Delcath Systems (DCTH) Q2 2026 earnings results →

Q2 2026 Revenue up 21% year over year to $29.1M · 9¢ of every $1 of revenue kept as net profit · operating margin 8.2%

Delcath Systems made $29.1M in Q2 2026 (+21% Y/Y): HEPZATO KIT $27.2M, CHEMOSAT $2.0M. Operating margin 8.2%, net earnings $2.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 6, 2026.

Revenue$29.1M

Year over year+21%

Operating margin8.2%

Net earnings$2.7M

Operating cash flow$5.7M

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 $29.1M in Q2 2026, up 21% year over year and up 17% from the previous quarter. HEPZATO KIT was the largest line at 93% of revenue. HEPZATO KIT added $4.7M year over year (up 21%), 94% of the total change.

Gross margin was 89.8%, up 3.5 points from Q2 2025. Operating profit was $2.4M, a 8.2% margin (down 2.5 points year over year). Operating profit fell $195K even though revenue rose $5.0M versus Q2 2025, so costs grew faster than sales. Operating expenses grew 30% against revenue growth of 21%. The fastest-growing cost line was Research & development (+51%). Net earnings were $2.7M, down 1% year over year. The effective tax rate was 15.5%. Non-operating items added $764K, 24% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $5.7M (down 22% year over year), 214% of net earnings. Non-cash charges added back $100K of depreciation and $5.1M of share-based compensation. Working capital and other items used $2.2M. Capital expenditures of $503K left free cash flow of $5.2M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q2 2026	10-Q	Aug 6, 2026	$29.1M	+21%	8.2%	$2.7M	$5.7M
Q1 2026	10-Q	May 7, 2026	$25.0M	+26%	-6.5%	−$1.1M	$857K
Q4 2025	10-K	Feb 26, 2026	$20.7M	+37%	-10.5%	−$1.9M	$8.2M
Q3 2025	10-Q	Nov 4, 2025	$20.6M	+84%	-1.9%	$830K	$4.8M
Q2 2025	10-Q	Aug 6, 2025	$24.2M	+211%	10.7%	$2.7M	$7.3M
Q1 2025	10-Q	May 8, 2025	$19.8M	+530%	3.2%	$1.1M	$2.2M
Q4 2024	10-K	Mar 6, 2025	$15.1M	28×	20.1%	−$3.4M	−$1.0M

Charts

Latest (Q2 2026): Y/Y +21%, Q/Q +17%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q2 2026): Net income $2.7M, Operating cash flow $5.7M.

+588.8% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2023.

Surgical & Medical Instruments & Apparatus; dot size is quarterly revenue; dashed lines are the industry's medians.