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How Delcath Systems (DCTH) makes money

Delcath Systems (DCTH) made $29.1M of revenue in the second quarter 2026 (Q2 2026), +21% from a year earlier. HEPZATO KIT brought in $27.2M (93%); CHEMOSAT brought in $2.0M (7%). Of every dollar of revenue, 90¢ was left as gross profit, 8¢ was left as operating profit, 9¢ was left as net earnings.

Drawing the Sankey…

Delcath Systems revenue by segment, Q2 2026Delcath Systems revenue by segment, Q2 2026HEPZATO KIT$27.2MCHEMOSAT$2.0M
Delcath Systems: revenue by line, Q4 2024 to Q2 2026Delcath Systems: revenue by line, Q4 2024 to Q2 2026HEPZATO KITCHEMOSATHEPZATO KIT: $27.2M latest$27.2MCHEMOSAT: $2.0M latestQ4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
HEPZATO KIT went from 91% of revenue in Q4 2024 to 93% in Q2 2026, the largest shift in the mix.
Delcath Systems revenue by quarterDelcath Systems revenue by quarter$15.1MQ4 2024$19.8MQ1 2025$24.2MQ2 2025$20.6MQ3 2025$20.7MQ4 2025$25.0MQ1 2026$29.1MQ2 2026
Delcath Systems: where each dollar of revenue goesDelcath Systems: where each dollar of revenue goesCost of revenue10¢Gross profit90¢Operating expenses82¢Operating profit8¢Income tax2¢Net earnings9¢Operating cash flow20¢Free cash flow18¢

Revenue by segment, Q2 2026

SegmentRevenueShareQ/QY/Y
HEPZATO KIT$27.2M93.2%+17%+21%
CHEMOSAT$2.0M6.8%+13%+19%

Where each dollar of revenue goes

LineQ2 2026% of revenue
Revenue$29.1M100.0%
Cost of revenue$3.0M10.2%
Gross profit$26.1M89.8%
Operating expenses$23.8M81.5%
Operating profit$2.4M8.2%
Income tax$491K1.7%
Net earnings$2.7M9.2%
Operating cash flow$5.7M19.6%
Free cash flow$5.2M17.9%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 2026$29.1M+21%
Q1 2026$25.0M+26%
Q4 2025$20.7M+37%
Q3 2025$20.6M+84%
Q2 2025$24.2M+211%
Q1 2025$19.8M+530%
Q4 2024$15.1M28×

From Delcath Systems' 10-Q filed Aug 6, 2026 (on EDGAR).

Questions

How does Delcath Systems make money?

Delcath Systems (DCTH) made $29.1M of revenue in the second quarter 2026 (Q2 2026), +21% from a year earlier. HEPZATO KIT brought in $27.2M (93%); CHEMOSAT brought in $2.0M (7%). Of every dollar of revenue, 90¢ was left as gross profit, 8¢ was left as operating profit, 9¢ was left as net earnings.

What is Delcath Systems' biggest business?

HEPZATO KIT: $27.2M in the second quarter 2026, 93% of revenue, +21% from a year earlier.

What is Delcath Systems' profit margin?

Net earnings were $2.7M, 9.2% of revenue, in the second quarter 2026; the operating margin was 8.2%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.