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ImmunityBio (IBRX) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 4, 2026 · ImmunityBio (IBRX) Q2 2026 earnings results →
Q2 2026 Revenue up 94% year over year to $51.2M · 450¢ of every $1 of revenue lost · operating margin -120.4%
ImmunityBio made $51.2M in Q2 2026 (+94% Y/Y): Product revenue, net $50.7M, Other revenues $568K. Operating margin -120.4%, net loss $230M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 4, 2026.
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What changed this quarter
Revenue was $51.2M in Q2 2026, up 94% year over year and up 16% from the previous quarter. Product revenue, net was the largest line at 99% of revenue. Product revenue, net added $24.3M year over year (up 92%), 98% of the total change.
Operating costs exceeded revenue by $61.7M, an operating margin of -120.4%. Total costs grew 16% against revenue growth of 94%. The fastest-growing cost line was Cost of revenue (+119%). The quarter ended with a net loss of $230.4M, narrower than the previous quarter's $632.8M loss. Net interest and other expense of $168.7M was the main reason.
Operating cash flow was −$66.5M. Non-cash charges added back $4.4M of depreciation and amortization and $8.5M of share-based compensation. Working capital and other items added $151.0M. Capital expenditures of $3.5M exceeded it, leaving free cash flow of −$70.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 4, 2026 | $51.2M | +94% | -120.4% | −$230M | −$66.5M |
| Q1 2026 | 10-Q | May 7, 2026 | $44.2M | +168% | -157.9% | −$633M | −$75.4M |
| Q4 2025 | 10-K | Feb 23, 2026 | $38.3M | +407% | -169.0% | −$62.0M | −$70.4M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $32.1M | +425% | -173.5% | −$67.3M | −$68.9M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $26.4M | 25× | -269.8% | −$92.6M | −$79.7M |
| Q1 2025 | 10-Q | May 12, 2025 | $16.5M | 413× | -390.1% | −$130M | −$85.9M |
| Q4 2024 | 10-K | Mar 3, 2025 | $7.6M | 54× | -919.0% | −$59.2M | −$85.1M |
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About ImmunityBio
This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include, but are not limited to: • our ability to successfully commercialize ANKTIVA globally in NMIBC, NSCLC or other indications or any future approved products in the U.S. or internationally;
In its own words, from its 10-K, filed Feb 23, 2026.
ImmunityBio against its Biological Products, (No Diagnostic Substances) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +94% against the peers' median +29%. Operating margin: -120.4% against the peers' median 35.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| IBRX ImmunityBio | Q2 2026 | $51.2M | +94% | -120.4% |
| AMGN Amgen | Q3 2026 | $10.4B | +8% | 35.8% |
| GILD Gilead Sciences | Q3 2026 | $8.3B | +7% | 41.7% |
| BIIB Biogen | Q3 2026 | $2.8B | +11% | -0.3% |
| MRNA Moderna | Q3 2026 | $1.3B | +29% | 9.9% |
| NBIX Neurocrine Biosciences | Q3 2026 | $1.1B | +41% | 29.5% |
| EXEL Exelixis | Q3 2026 | $659M | +10% | 40.8% |
| HALO Halozyme Therapeutics | Q3 2026 | $493M | +39% | 59.8% |
| MGTX MeiraGTx Holdings | Q2 2026 | $321M | 87× | 76.0% |
Source: ImmunityBio 10-Q on SEC EDGAR · CIK 1326110 · Biological Products, (No Diagnostic Substances)
13F: who owns IBRX and who is buying
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results