Filing Flows › Liquidia (LQDA) › Q2 2026 › vs Q1 2026
Liquidia (LQDA) Q2 2026 vs Q1 2026 (quarter over quarter)
Liquidia's revenue rose $38.8M (+29%) from $133M in Q1 2026 to $172M in Q2 2026. The biggest changes: Product sales, net +$40.5M (+31%); Service revenue, net −$1.7M (-57%). Operating margin 49.8% against 46.3% (+3.5 pts).
Liquidia, Q2 2026: revenue $172M (19× year over year), operating margin 49.8%, net earnings $74.7M, operating cash flow $80.2M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 49.8% | 46.3% | +3.5 pts |
| Net margin | 43.5% | 39.8% | +3.7 pts |
| Free cash flow margin | 40.2% | 37.8% | +2.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Product sales, net | $170M | $130M | $40.5M | +31% |
| Service revenue, net | $1.3M | $3.0M | −$1.7M | -57% |
| Revenue | $172M | $133M | $38.8M | +29% |
| Operating profit | $85.5M | $61.5M | $24.0M | +39% |
| Costs & expenses | $86.2M | $71.4M | $14.8M | +21% |
| Pre-tax earnings | $81.7M | $56.8M | $24.9M | +44% |
| Other expense, net | $3.8M | $4.7M | −$902K | -19% |
| Research & development | $17.2M | $12.6M | $4.6M | +37% |
| SG&A | $57.4M | $46.9M | $10.5M | +22% |
| Other operating costs | $11.6M | $11.9M | −$302K | -3% |
| Net earnings | $74.7M | $52.9M | $21.9M | +41% |
| Income tax | $7.0M | $3.9M | $3.1M | +78% |
| Depreciation & amortization | $400K | $497K | −$97K | -20% |
| Share-based compensation | $10.4M | $9.2M | $1.2M | +13% |
| Working capital & other | $5.2M | $9.6M | −$4.3M | -45% |
| Operating cash flow | $80.2M | $53.0M | $27.3M | +51% |
| Free cash flow (OCF − capex) | $69.0M | $50.2M | $18.8M | +38% |
| Capital expenditures | $11.2M | $2.8M | $8.4M | +297% |
Questions
How much did Liquidia's revenue grow quarter over quarter in Q2 2026?
Liquidia's revenue rose $38.8M (+29%) from $133M in Q1 2026 to $172M in Q2 2026.
What drove Liquidia's revenue change in Q2 2026?
Product sales, net +$40.5M (+31%); Service revenue, net −$1.7M (-57%).