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Eton Pharmaceuticals (ETON) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Eton Pharmaceuticals (ETON) Q3 2026 earnings results →

Q3 2026 Revenue up 158% year over year to $57.9M · 61¢ of every $1 of revenue kept as net profit · operating margin 39.7%

Eton Pharmaceuticals made $57.9M in Q3 2026 (+158% Y/Y). Operating margin 39.7%, net earnings $35.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$57.9M
Year over year+158%
Operating margin39.7%
Net earnings$35.2M
Operating cash flow$35.2M

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 $57.9M in Q3 2026, up 158% year over year and up 54% from the previous quarter.

Gross margin was 76.5%, up 41.5 points from Q3 2025. Operating profit was $23.0M, a 39.7% margin (up 45.8 points year over year). Operating expenses grew 131% against revenue growth of 158%. The fastest-growing cost line was Research & development (+374%). Net earnings were $35.2M. The effective tax rate was -57.7%.

Operating cash flow was $35.2M (up 193% year over year), 100% of net earnings. Non-cash charges added back $1.4M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items used $4.8M. Capital expenditures of $13K left free cash flow of $35.2M.

Quarterly history

Eton Pharmaceuticals revenue by quarterEton Pharmaceuticals revenue by quarter$17.3MQ1 2025$18.9MQ2 2025$22.5MQ3 2025$21.3MQ4 2025$24.3MQ1 2026$37.6MQ2 2026$57.9MQ3 2026
Eton Pharmaceuticals net earnings by quarterEton Pharmaceuticals net earnings by quarter−$1.6MQ1 2025−$2.6MQ2 2025−$1.9MQ3 2025$1.5MQ4 2025$1.6MQ1 2026$11.6MQ2 2026$35.2MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$57.9M+158%39.7%$35.2M$35.2M
Q2 202610-QAug 13, 2026$37.6M+99%34.0%$11.6M$7.3M
Q1 202610-QMay 14, 2026$24.3M+40%9.9%$1.6M$7.4M
Q4 202510-KMar 19, 2026$21.3M+83%11.6%$1.5M−$11.6M
Q3 202510-QNov 6, 2025$22.5M+118%-6.1%−$1.9M$12.0M
Q2 202510-QAug 7, 2025$18.9M+109%-7.8%−$2.6M$8.0M
Q1 202510-QMay 13, 2025$17.3M+117%-2.7%−$1.6M$2.1M

Charts

Eton Pharmaceuticals: revenue growth, year over year and quarter over quarterEton Pharmaceuticals: revenue growth, year over year and quarter over quarterY/YQ/Q+117%Q1 2025+109%+10%Q2 2025+118%+19%Q3 2025+83%-5%Q4 2025+40%+14%Q1 2026+99%+55%Q2 2026+158%+54%Q3 2026
Latest (Q3 2026): Y/Y +158%, Q/Q +54%.
Eton Pharmaceuticals: where the cash came from (+) and went (−), TTM to Q3 2026Eton Pharmaceuticals: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$38.4MCash drawn (+) / kept (−)−$18.5MOther investing−$18.2MOther financing−$7.5MShares issued$6.0MCapital spending−$132K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Eton Pharmaceuticals: profit against cash, quarter by quarterEton Pharmaceuticals: profit against cash, quarter by quarterNet incomeOperating cash flow−$598K−$765KQ4 2024−$1.6M$2.1MQ1 2025−$2.6M$8.0MQ2 2025−$1.9M$12.0MQ3 2025$1.5M−$11.6MQ4 2025$1.6M$7.4MQ1 2026$11.6M$7.3MQ2 2026$35.2M$35.2MQ3 2026
Latest (Q3 2026): Net income $35.2M, Operating cash flow $35.2M.
Eton Pharmaceuticals in its industry: growth against margin (225 companies, SIC 2834)Eton Pharmaceuticals in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMETON (+158%, 40%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Eton Pharmaceuticals

Eton is an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases. We currently have eight commercial rare disease products: INCRELEX®, ALKINDI SPRINKLE®, KHINDIVI TM , GALZIN®, PKU GOLIKE®, Carglumic Acid, Betaine Anhydrous, and Nitisinone. We have five additional product candidates in late-stage development: ET-600, Amglidia®, ET-700, ET-800 and ZENEO® hydrocortisone autoinjector. INCRELEX® – This biologic product was approved by the FDA in August 2005 as a treatment for children who suffer from severe primary insulin-like growth factor 1 deficiency (SPIGFD). The product is approved in 40 territories, including the United States and the European Union. We acquired and launched the product in December 2024.

In its own words, from its 10-K, filed Mar 19, 2026.

Eton Pharmaceuticals against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +158% against the peers' median +10%. Operating margin: 39.7% against the peers' median 30.7%.

CompanyQuarterRevenueY/YOp. margin
ETON Eton PharmaceuticalsQ3 2026$57.9M+158%39.7%
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: Eton Pharmaceuticals 10-Q on SEC EDGAR · CIK 1710340 · Pharmaceutical Preparations

Guidance and outlook

Eton Pharmaceuticals: what its forward-looking statements are about (10-Q filed 2026-11-05)Eton Pharmaceuticals: what its forward-looking statements are about (10-Q filed 2026-11-05)Demand2Other2Costs1Legal & regulation1
6 statements; tone +0.00 (−1 all cautious, +1 all confident); 2 hedged.
Eton Pharmaceuticals: outlook statements against the filing beforeEton Pharmaceuticals: outlook statements against the filing beforeConfident1Cautious1

13F: who owns ETON and who is buying

Largest holders of ETON (13F)Largest holders of ETON (13F)Opaleye Management$104MNantahala Capital Management, LLC$85.1MEcoR1 Capital, LLC$78.6MBlackRock$68.6MVanguard Capital Management LLC$35.4MMorgan Stanley$27.8MState Street$25.4MGeode Capital Management, LLC$23.6MVanguard Group$22.8MOberweis Asset Management$18.2M
Funds' net buying of ETON by quarter (13F)Funds' net buying of ETON by quarter (13F)$573K2024-09$24.6M2024-12$13.6M2025-03$33.4M2025-06$17.3M2025-09−$27.2M2025-12$35.3M2026-03$115M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ETON

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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