Filing Flows › Emergent BioSolutions (EBS) › Q2 2026 › vs Q1 2026
Emergent BioSolutions (EBS) Q2 2026 vs Q1 2026 (quarter over quarter)
Emergent BioSolutions's revenue rose $78.2M (+50%) from $156M in Q1 2026 to $234M in Q2 2026. The biggest changes: MCM Product sales +$66.2M (+65%); Commercial Product sales +$9.5M (+22%); All other revenue +$2.5M (+22%).
Emergent BioSolutions, Q2 2026: revenue $234M (+66% year over year), operating margin -53.4%, net loss $180M, operating cash flow $56.1M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 23.0% | -23.2% | +46.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| MCM Product sales | $168M | $102M | $66.2M | +65% |
| Commercial Product sales | $52.4M | $42.9M | $9.5M | +22% |
| All other revenue | $13.9M | $11.4M | $2.5M | +22% |
| Revenue | $234M | $156M | $78.2M | +50% |
| Net loss | $180M | −$6.8M | $187M | — |
| Costs & expenses | $414M | $159M | $256M | +161% |
| Operating costs | $359M | $146M | $214M | +147% |
| Interest & other, net | $41.2M | −$2.9M | $44.1M | — |
| Income tax | $13.9M | $6.6M | $7.3M | +111% |
| Cost of revenue | $97.1M | $72.0M | $25.1M | +35% |
| Research & development | $9.2M | $10.5M | −$1.3M | -12% |
| SG&A | $44.6M | $46.6M | −$2.0M | -4% |
| Other operating costs | $208M | $16.5M | $192M | 13× |
| Operating cash sources | $236M | −$40.6M | $277M | — |
| Depreciation & amortization | $24.0M | $23.5M | $500K | +2% |
| Share-based compensation | $6.9M | $1.9M | $5.0M | +263% |
| Working capital & other | $205M | −$66.0M | $271M | — |
| Net loss absorbed | $180M | −$6.8M | $187M | — |
| Operating cash flow | $56.1M | −$33.8M | $89.9M | — |
| Free cash flow (OCF − capex) | $54.0M | −$36.2M | $90.2M | — |
| Capital expenditures | $2.1M | $2.4M | −$300K | -12% |
Questions
How much did Emergent BioSolutions's revenue grow quarter over quarter in Q2 2026?
Emergent BioSolutions's revenue rose $78.2M (+50%) from $156M in Q1 2026 to $234M in Q2 2026.
What drove Emergent BioSolutions's revenue change in Q2 2026?
MCM Product sales +$66.2M (+65%); Commercial Product sales +$9.5M (+22%); All other revenue +$2.5M (+22%).