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Liquidia (LQDA) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 12, 2026 · Liquidia (LQDA) Q2 2026 earnings results →
Q2 2026 Revenue up 1843% year over year to $172M · 44¢ of every $1 of revenue kept as net profit · operating margin 49.8%
Liquidia made $172M in Q2 2026 (19× Y/Y): Product sales, net $170M, Service revenue, net $1.3M. Operating margin 49.8%, net earnings $74.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 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 $171.7M in Q2 2026, up 1843% year over year and up 29% from the previous quarter. Product sales, net was the largest line at 99% of revenue. Product sales, net added $163.9M year over year (up 2514%), 101% of the total change. Service revenue, net declined 44%.
Operating profit was $85.5M, a 49.8% margin (up 474.2 points year over year). Total costs grew 86% against revenue growth of 1843%. The fastest-growing cost line was Other operating costs (+672%). Net earnings were $74.7M. The effective tax rate was 8.5%.
Operating cash flow was $80.2M, 107% of net earnings. Non-cash charges added back $400K of depreciation and amortization and $10.4M of share-based compensation. Working capital and other items used $5.2M. Capital expenditures of $11.2M left free cash flow of $69.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 12, 2026 | $172M | 19× | 49.8% | $74.7M | $80.2M |
| Q1 2026 | 10-Q | May 11, 2026 | $133M | 43× | 46.3% | $52.9M | $53.0M |
| Q4 2025 | 10-K | Mar 5, 2026 | $92.0M | 32× | 21.5% | $14.6M | $44.2M |
| Q3 2025 | 10-Q | Nov 3, 2025 | $54.3M | 12× | 3.3% | −$3.5M | −$9.8M |
| Q2 2025 | 10-Q | Aug 12, 2025 | $8.8M | +142% | -424.4% | −$41.6M | −$39.5M |
| Q1 2025 | 10-Q | May 8, 2025 | $3.1M | +5% | n/m | −$38.4M | −$30.7M |
| Q4 2024 | 10-K | Mar 19, 2025 | $2.9M | -36% | n/m | −$38.5M | −$20.8M |
Charts
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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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Customers and suppliers named in filings
Buys from
About Liquidia
We are a biopharmaceutical company driven by science and compassion to revolutionize care for patients with challenging respiratory and vascular diseases such as pulmonary arterial hypertension (“PAH”) and pulmonary hypertension associated with interstitial lung disease (“PH-ILD”). We operate through our wholly owned operating subsidiaries, Liquidia Technologies, Inc. and Liquidia PAH, LLC, formerly known as RareGen. We currently generate revenue through the sale of YUTREPIA (treprostinil) inhalation powder (“YUTREPIA”) and pursuant to a promotion agreement with Sandoz Inc. (“Sandoz”), dated as of August 1, 2018, as amended (the “Promotion Agreement”), under which we share profit derived from the sale of Sandoz’s generic treprostinil injection (“Treprostinil Injection”) in the United States.
In its own words, from its 10-K, filed Mar 5, 2026.
Liquidia against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: 19× against the peers' median +10%. Operating margin: 49.8% against the peers' median 30.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| LQDA Liquidia | Q2 2026 | $172M | 19× | 49.8% |
| 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: Liquidia 10-Q on SEC EDGAR · CIK 1819576 · Pharmaceutical Preparations
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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