Filing Flows › Liquidia (LQDA) › Q1 2026
Liquidia (LQDA) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Liquidia (LQDA) reported revenue of $133M for the first quarter 2026 (Q1 2026), up 43-fold from a year earlier and +44% from the quarter before. Operating margin was 46.3%, net earnings $52.9M (39.8% of revenue).
Liquidia, Q1 2026: revenue $133M (43× year over year), operating margin 46.3%, net earnings $52.9M, operating cash flow $53.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $133M | +44% | 43× |
| Operating profit | $61.5M | +211% | — |
| Net earnings | $52.9M | +263% | — |
| Operating cash flow | $53.0M | +20% | — |
| Free cash flow | $50.2M | +19% | — |
What changed
Revenue was $132.9M in Q1 2026, up 4158% year over year and up 44% from the previous quarter. Product sales, net was the largest line at 98% of revenue. Service revenue, net declined 4%.
Operating profit was $61.5M, a 46.3% margin (up 1181.7 points year over year). Total costs grew 85% against revenue growth of 4158%. The fastest-growing cost line was Research & development (+80%). Net earnings were $52.9M. The effective tax rate was 6.9%.
Operating cash flow was $53.0M, 100% of net earnings. Non-cash charges added back $497K of depreciation and amortization and $9.2M of share-based compensation. Working capital and other items used $9.6M. Capital expenditures of $2.8M left free cash flow of $50.2M.
Questions
What was Liquidia's revenue in the first quarter 2026?
Liquidia (LQDA) reported revenue of $133M for the first quarter 2026 (Q1 2026), up 43-fold from a year earlier and +44% from the quarter before.
Was Liquidia profitable in the first quarter 2026?
Operating profit was $61.5M (46.3% of revenue) and net earnings $52.9M.
Source: Liquidia 10-Q on SEC EDGAR.