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Fortress Biotech (FBIO) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Fortress Biotech (FBIO) Q2 2026 earnings results →
Q2 2026 Revenue up 14% year over year to $18.7M · 3¢ of every $1 of revenue kept as net profit · operating margin -53.5%
Fortress Biotech made $18.7M in Q2 2026 (+14% Y/Y): Journey $18.5M, Fortress $208K. Operating margin -53.5%, net earnings $602K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
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 $18.7M in Q2 2026, up 14% year over year and up 17% from the previous quarter. Journey was the largest line at 99% of revenue. Journey added $3.5M year over year (up 23%), 152% of the total change.
Operating costs exceeded revenue by $10.0M, an operating margin of -53.5%. Total costs fell 46% while revenue rose 14%. The fastest-growing cost line was Cost of revenue (+24%). Net earnings were −$468K. The effective tax rate was 34.7%. Non-operating items added $10.9M, 1185% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$59.3M. Non-cash charges added back $1.1M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items used $63.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $18.7M | +14% | -53.5% | $602K | −$59.3M |
| Q1 2026 | 10-Q | May 14, 2026 | $16.0M | +22% | -48.3% | $137M | $204M |
| Q4 2025 | 10-K | Mar 31, 2026 | $16.1M | +6% | -29.8% | −$5.4M | −$12.5M |
| Q3 2025 | 10-Q | Nov 14, 2025 | $17.6M | +20% | -38.6% | $8.8M | −$6.1M |
| Q2 2025 | 10-Q | Aug 14, 2025 | $16.4M | +10% | -222.2% | −$11.7M | −$27.6M |
| Q1 2025 | 10-Q | May 15, 2025 | $13.1M | +0.8% | -169.9% | −$24.7M | −$19.6M |
| Q4 2024 | 10-K | Mar 31, 2025 | $15.1M | -24% | -157.6% | −$26.3M | −$12.9M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵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 Fortress Biotech
Fortress Biotech, Inc. (“Fortress” or the “Company”) is a biopharmaceutical company focused on acquiring and advancing assets to enhance long-term value for shareholders through product revenue, equity holding and dividend and royalty revenue streams. Fortress works in concert with our extensive network of key opinion leaders to identify and evaluate promising products and product candidates for potential acquisition. We have executed arrangements in partnership with some of the world’s foremost universities, research institutes and pharmaceutical companies, including City of Hope National Medical Center (“COH” or “City of Hope”), Dana-Farber Cancer Institute, Nationwide Children’s Hospital, Columbia University, the University of Pennsylvania, AstraZeneca plc, Dr. Reddy’s Laboratories, Ltd. (“DRL”), and Sun Pharmaceutical Industries Limited (“Sun Pharma”).
In its own words, from its 10-K, filed Mar 31, 2026.
Fortress Biotech against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +14% against the peers' median +10%. Operating margin: -53.5% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FBIO Fortress Biotech | Q2 2026 | $18.7M | +14% | -53.5% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Fortress Biotech 10-Q on SEC EDGAR · CIK 1429260 · Pharmaceutical Preparations
13F: who owns FBIO and who is buying
More on FBIO
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results