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Heron Therapeutics (HRTX) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · Heron Therapeutics (HRTX) Q2 2026 earnings results →

Q2 2026 Revenue up 1% year over year to $37.7M · 15¢ of every $1 of revenue lost · operating margin -5.4%

Heron Therapeutics made $37.7M in Q2 2026 (+1% Y/Y): CINVANTI $21.8M, ZYNRELEF $11.1M, Aponvie $4.3M. Operating margin -5.4%, net loss $5.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.

Revenue$37.7M
Year over year+1%
Operating margin-5.4%
Net earnings−$5.5M
Operating cash flow−$2.2M

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 $37.7M in Q2 2026, up 1% year over year and up 9% from the previous quarter. CINVANTI was the largest line at 58% of revenue. ZYNRELEF added $2.9M year over year (up 35%), 615% of the total change. SUSTOL declined 78%.

Gross margin was 69.3%, down 4.2 points from Q2 2025. Operating costs exceeded revenue by $2.0M, an operating margin of -5.4%. Operating expenses fell 3% while revenue rose 1%. The fastest-growing cost line was Sales & marketing (+22%). The quarter ended with a net loss of $5.5M, narrower than the previous quarter's $8.1M loss. Net interest and other expense of $3.4M was the main reason.

Operating cash flow was −$2.2M. Non-cash charges added back $452K of depreciation and amortization and $3.2M of share-based compensation. Working capital and other items used $354K. Capital expenditures of $138K exceeded it, leaving free cash flow of −$2.4M.

Quarterly history

Heron Therapeutics revenue by quarterHeron Therapeutics revenue by quarter$40.8MQ4 2024$38.9MQ1 2025$37.2MQ2 2025$38.2MQ3 2025$40.6MQ4 2025$34.7MQ1 2026$37.7MQ2 2026
Heron Therapeutics net earnings by quarterHeron Therapeutics net earnings by quarter$3.7MQ4 2024$2.6MQ1 2025−$2.4MQ2 2025−$17.5MQ3 2025−$3.0MQ4 2025−$8.1MQ1 2026−$5.5MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 10, 2026$37.7M+1%-5.4%−$5.5M−$2.2M
Q1 202610-QMay 11, 2026$34.7M-11%-13.7%−$8.1M−$1.5M
Q4 202510-KFeb 26, 2026$40.6M-0.5%0.1%−$3.0M−$9.2M
Q3 202510-QNov 4, 2025$38.2M+16%-10.7%−$17.5M$1.3M
Q2 202510-QAug 8, 2025$37.2M+3%-4.4%−$2.4M−$10.9M
Q1 202510-QMay 6, 2025$38.9M+12%8.1%$2.6M−$8.9M
Q4 202410-KFeb 27, 2025$40.8M+19%10.2%$3.7M−$11.8M

Charts

Heron Therapeutics: revenue growth, year over year and quarter over quarterHeron Therapeutics: revenue growth, year over year and quarter over quarterY/YQ/Q+19%Q4 2024+12%-5%Q1 2025+3%-4%Q2 2025+16%+3%Q3 20250%+6%Q4 2025-11%-14%Q1 2026+1%+9%Q2 2026
Latest (Q2 2026): Y/Y +1%, Q/Q +9%.
Heron Therapeutics: where the cash came from (+) and went (−), TTM to Q2 2026Heron Therapeutics: where the cash came from (+) and went (−), TTM to Q2 2026Other financing$13.1MOperating cash flow−$11.6MCash drawn (+) / kept (−)−$4.2MOther investing$2.7MCapital spending−$529KShares issued$491KAsset & business sales$45K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Heron Therapeutics: profit against cash, quarter by quarterHeron Therapeutics: profit against cash, quarter by quarterNet incomeOperating cash flow−$4.8M$3.4MQ3 2024$3.7M−$11.8MQ4 2024$2.6M−$8.9MQ1 2025−$2.4M−$10.9MQ2 2025−$17.5M$1.3MQ3 2025−$3.0M−$9.2MQ4 2025−$8.1M−$1.5MQ1 2026−$5.5M−$2.2MQ2 2026
Latest (Q2 2026): Net income −$5.5M, Operating cash flow −$2.2M.
Heron Therapeutics: diluted shares by fiscal yearHeron Therapeutics: diluted shares by fiscal year91MFY20200MFY2021109MFY2022138MFY2023152MFY2024167MFY2025
+83.7% since FY2020: more shares outstanding (issuance, stock pay).
Heron Therapeutics in its industry: growth against margin (225 companies, SIC 2834)Heron Therapeutics in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMHRTX (+1%, -5%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

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 Heron Therapeutics

We are a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care. Our advanced science, patented technologies, and innovative approach to drug discovery and development have allowed us to create and commercialize a portfolio of products that aim to advance the standard of care for acute care and oncology patients. ZYNRELEF is a dual-acting local anesthetic that delivers a fixed-dose combination of the local anesthetic bupivacaine and a low dose of the nonsteroidal anti-inflammatory drug meloxicam.

In its own words, from its 10-K, filed Feb 26, 2026.

Heron Therapeutics against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +1% against the peers' median +7%. Operating margin: -5.4% against the peers' median 20.4%.

CompanyQuarterRevenueY/YOp. margin
HRTX Heron TherapeuticsQ2 2026$37.7M+1%-5.4%
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: Heron Therapeutics 10-Q on SEC EDGAR · CIK 818033 · Pharmaceutical Preparations

13F: who owns HRTX and who is buying

Largest holders of HRTX (13F)Largest holders of HRTX (13F)Rubric Capital Management LP$12.8MVanguard Group$12.8MClearline Capital LP$4.9MBlackRock$4.5MVelan Capital Investment Manageme…$3.7MVanguard Capital Management LLC$3.3MTejara Capital$2.8MTang Capital Management LLC$2.7MGeode Capital Management, LLC$1.8MMillennium Management LLC$1.7M
Funds' net buying of HRTX by quarter (13F)Funds' net buying of HRTX by quarter (13F)−$7.3M2024-09$835K2024-12$20.4M2025-03$13.1M2025-06$26.7M2025-09$6.6M2025-12−$257K2026-03−$9.9M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on HRTX

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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