Filing Flows › Emergent BioSolutions (EBS) › Q3 2026 › vs Q3 2025
Emergent BioSolutions (EBS) Q3 2026 vs Q3 2025 (year over year)
Emergent BioSolutions's revenue fell $121M (-52%) from $231M in Q3 2025 to $110M in Q3 2026. The biggest changes: MCM Product sales −$83.1M (-58%); Commercial Product sales −$31.4M (-42%); All other revenue −$6.6M (-48%).
Emergent BioSolutions, Q3 2026: revenue $110M (-52% year over year), operating margin -33.9%, net loss $32.7M, operating cash flow $100M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 88.0% | -2.5% | +90.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| MCM Product sales | $59.4M | $142M | −$83.1M | -58% |
| Commercial Product sales | $43.5M | $74.9M | −$31.4M | -42% |
| All other revenue | $7.1M | $13.7M | −$6.6M | -48% |
| Revenue | $110M | $231M | −$121M | -52% |
| Other income, net | $900K | −$18.9M | $19.8M | — |
| Income tax benefit | $3.7M | −$6.4M | $10.1M | — |
| Net loss | $32.7M | −$51.2M | $83.9M | — |
| Costs & expenses | $147M | $231M | −$83.8M | -36% |
| Operating costs | $147M | $155M | −$7.3M | -5% |
| Cost of revenue | $80.8M | $85.9M | −$5.1M | -6% |
| Research & development | $9.4M | $13.5M | −$4.1M | -30% |
| SG&A | $46.5M | $38.9M | $7.6M | +20% |
| Other operating costs | $10.6M | $16.3M | −$5.7M | -35% |
| Operating cash sources | $133M | −$53.5M | $186M | — |
| Depreciation & amortization | $17.0M | $23.4M | −$6.4M | -27% |
| Share-based compensation | $4.2M | $4.8M | −$600K | -12% |
| Working capital & other | $112M | −$81.7M | $193M | — |
| Net loss absorbed | $32.7M | −$51.2M | $83.9M | — |
| Operating cash flow | $100M | −$2.3M | $102M | — |
| Free cash flow (OCF − capex) | $96.8M | −$5.7M | $102M | — |
| Capital expenditures | $3.3M | $3.4M | −$100K | -3% |
Questions
How much did Emergent BioSolutions's revenue grow year over year in Q3 2026?
Emergent BioSolutions's revenue fell $121M (-52%) from $231M in Q3 2025 to $110M in Q3 2026.
What drove Emergent BioSolutions's revenue change in Q3 2026?
MCM Product sales −$83.1M (-58%); Commercial Product sales −$31.4M (-42%); All other revenue −$6.6M (-48%).