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Harrow (HROW) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · Harrow (HROW) Q2 2026 earnings results →
Q2 2026 Revenue up 11% year over year to $70.7M · 24¢ of every $1 of revenue lost · operating margin -15.6%
Harrow made $70.7M in Q2 2026 (+11% Y/Y): Product sales, net $70.6M, Other revenues $90K. Operating margin -15.6%, net loss $17.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
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What changed this quarter
Revenue was $70.7M in Q2 2026, up 11% year over year and up 60% from the previous quarter. Product sales, net was the largest line at 100% of revenue. Product sales, net added $6.9M year over year (up 11%), 100% of the total change.
Gross margin was 71.3%, down 3.3 points from Q2 2025. Operating costs exceeded revenue by $11.0M, an operating margin of -15.6%. Operating expenses grew 70% against revenue growth of 11%. The fastest-growing cost line was Research & development (+181%). The quarter ended with a net loss of $17.3M, narrower than the previous quarter's $27.6M loss.
Operating cash flow was −$9.8M. Non-cash charges added back $460K of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items added $3.3M. Capital expenditures of $491K exceeded it, leaving free cash flow of −$10.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 10, 2026 | $70.7M | +11% | -15.6% | −$17.3M | −$9.8M |
| Q1 2026 | 10-Q | May 11, 2026 | $44.2M | -8% | -50.0% | −$27.6M | −$9.0M |
| Q4 2025 | 10-K | Mar 2, 2026 | $89.1M | +33% | 17.5% | $6.6M | $8.4M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $71.6M | +45% | 20.6% | $1.0M | $16.6M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $63.7M | +30% | 17.9% | $5.0M | −$803K |
| Q1 2025 | 10-Q | May 8, 2025 | $47.8M | +38% | -23.5% | −$17.8M | $19.7M |
| Q4 2024 | 10-K | Mar 27, 2025 | $66.8M | +84% | 19.3% | $6.8M | −$17.8M |
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About Harrow
We are a leading provider of ophthalmic disease management solutions in North America, and were founded with a commitment to deliver safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes. For over a decade, we have partnered with U.S. eyecare professionals to develop a comprehensive portfolio of high-quality products used to manage ophthalmic conditions affecting both the front and back of the eye, such as dry eye disease, wet (or neovascular) age-related macular degeneration, cataracts, refractive errors, glaucoma, and a range of other ocular surface conditions and retina diseases. By prioritizing clinical value – to the provider and the patient – Harrow empowers professionals to enhance patient outcomes and preserve vision.
In its own words, from its 10-K, filed Mar 2, 2026.
Harrow against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +10%. Operating margin: -15.6% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HROW Harrow | Q2 2026 | $70.7M | +11% | -15.6% |
| 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: Harrow 10-Q on SEC EDGAR · CIK 1360214 · Pharmaceutical Preparations
13F: who owns HROW and who is buying
More on HROW
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results