Filing Flows › Liquidia (LQDA) › Q1 2026 › vs Q4 2025
Liquidia (LQDA) Q1 2026 vs Q4 2025 (quarter over quarter)
Liquidia's revenue rose $40.8M (+44%) from $92.0M in Q4 2025 to $133M in Q1 2026. The biggest changes: Product sales, net +$39.8M (+44%); Service revenue, net +$1.1M (+55%). Operating margin 46.3% against 21.5% (+24.8 pts).
Liquidia, Q1 2026: revenue $133M (43× year over year), operating margin 46.3%, net earnings $52.9M, operating cash flow $53.0M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 46.3% | 21.5% | +24.8 pts |
| Net margin | 39.8% | 15.8% | +24.0 pts |
| Free cash flow margin | 37.8% | 45.9% | -8.1 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Product sales, net | $130M | $90.1M | $39.8M | +44% |
| Service revenue, net | $3.0M | $1.9M | $1.1M | +55% |
| Revenue | $133M | $92.0M | $40.8M | +44% |
| Operating profit | $61.5M | $19.8M | $41.7M | +211% |
| Costs & expenses | $71.4M | $72.2M | −$873K | -1% |
| Pre-tax earnings | $56.8M | $14.6M | $42.2M | +290% |
| Other expense, net | $4.7M | $5.2M | −$510K | -10% |
| Research & development | $12.6M | $16.9M | −$4.4M | -26% |
| SG&A | $46.9M | $48.2M | −$1.3M | -3% |
| Other operating costs | $11.9M | $7.1M | $4.8M | +68% |
| Net earnings | $52.9M | $14.6M | $38.3M | +263% |
| Income tax | $3.9M | $0 | $3.9M | — |
| Depreciation & amortization | $497K | $320K | $177K | +55% |
| Share-based compensation | $9.2M | $7.2M | $2.0M | +28% |
| Working capital & other | $9.6M | −$22.2M | $31.7M | — |
| Operating cash flow | $53.0M | $44.2M | $8.7M | +20% |
| Free cash flow (OCF − capex) | $50.2M | $42.2M | $8.0M | +19% |
| Capital expenditures | $2.8M | $2.0M | $792K | +39% |
Questions
How much did Liquidia's revenue grow quarter over quarter in Q1 2026?
Liquidia's revenue rose $40.8M (+44%) from $92.0M in Q4 2025 to $133M in Q1 2026.
What drove Liquidia's revenue change in Q1 2026?
Product sales, net +$39.8M (+44%); Service revenue, net +$1.1M (+55%).