Filing Flows › Emergent BioSolutions (EBS) › Q2 2026 › vs Q2 2025
Emergent BioSolutions (EBS) Q2 2026 vs Q2 2025 (year over year)
Emergent BioSolutions's revenue rose $93.4M (+66%) from $141M in Q2 2025 to $234M in Q2 2026. The biggest changes: MCM Product sales +$110M (+188%); Commercial Product sales −$15.1M (-22%); All other revenue −$1.1M (-7%).
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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 23.0% | 73.5% | -50.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| MCM Product sales | $168M | $58.4M | $110M | +188% |
| Commercial Product sales | $52.4M | $67.5M | −$15.1M | -22% |
| All other revenue | $13.9M | $15.0M | −$1.1M | -7% |
| Revenue | $234M | $141M | $93.4M | +66% |
| Net loss | $180M | $12.0M | $168M | 15× |
| Costs & expenses | $414M | $158M | $257M | +163% |
| Operating costs | $359M | $139M | $220M | +158% |
| Interest & other, net | $41.2M | $18.4M | $22.8M | +124% |
| Income tax | $13.9M | −$4.8M | $18.7M | — |
| Cost of revenue | $97.1M | $66.9M | $30.2M | +45% |
| Research & development | $9.2M | $12.5M | −$3.3M | -26% |
| SG&A | $44.6M | $43.7M | $900K | +2% |
| Other operating costs | $208M | $16.2M | $192M | 13× |
| Operating cash sources | $236M | $118M | $118M | +100% |
| Depreciation & amortization | $24.0M | $23.5M | $500K | +2% |
| Share-based compensation | $6.9M | $4.6M | $2.3M | +50% |
| Working capital & other | $205M | $90.3M | $115M | +127% |
| Net loss absorbed | $180M | $12.0M | $168M | 15× |
| Operating cash flow | $56.1M | $106M | −$50.3M | -47% |
| Free cash flow (OCF − capex) | $54.0M | $104M | −$49.5M | -48% |
| Capital expenditures | $2.1M | $2.9M | −$800K | -28% |
Questions
How much did Emergent BioSolutions's revenue grow year over year in Q2 2026?
Emergent BioSolutions's revenue rose $93.4M (+66%) from $141M in Q2 2025 to $234M in Q2 2026.
What drove Emergent BioSolutions's revenue change in Q2 2026?
MCM Product sales +$110M (+188%); Commercial Product sales −$15.1M (-22%); All other revenue −$1.1M (-7%).