Filing Flows › Liquidia (LQDA) › Q2 2026 › vs Q2 2025
Liquidia (LQDA) Q2 2026 vs Q2 2025 (year over year)
Liquidia's revenue rose $163M (19×) from $8.8M in Q2 2025 to $172M in Q2 2026. The biggest changes: Product sales, net +$164M (26×); Service revenue, net −$1.0M (-44%). Operating margin 49.8% against -424.4% (+474.2 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 49.8% | -424.4% | +474.2 pts |
| Net margin | 43.5% | -470.5% | +514.0 pts |
| Free cash flow margin | 40.2% | -458.7% | +498.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Product sales, net | $170M | $6.5M | $164M | 26× |
| Service revenue, net | $1.3M | $2.3M | −$1.0M | -44% |
| Revenue | $172M | $8.8M | $163M | 19× |
| Operating profit | $85.5M | −$37.5M | $123M | — |
| Costs & expenses | $86.2M | $46.3M | $39.8M | +86% |
| Pre-tax earnings | $81.7M | −$41.6M | $123M | — |
| Other expense, net | $3.8M | $4.1M | −$254K | -6% |
| Research & development | $17.2M | $6.0M | $11.2M | +185% |
| SG&A | $57.4M | $38.8M | $18.6M | +48% |
| Other operating costs | $11.6M | $1.5M | $10.1M | +672% |
| Net earnings | $74.7M | −$41.6M | $116M | — |
| Income tax | $7.0M | $0 | $7.0M | — |
| Depreciation & amortization | $400K | $281K | $119K | +42% |
| Share-based compensation | $10.4M | $6.9M | $3.4M | +50% |
| Working capital & other | $5.2M | $5.1M | $135K | +3% |
| Operating cash flow | $80.2M | −$39.5M | $120M | — |
| Free cash flow (OCF − capex) | $69.0M | −$40.5M | $110M | — |
| Capital expenditures | $11.2M | $1.1M | $10.2M | +963% |
Questions
How much did Liquidia's revenue grow year over year in Q2 2026?
Liquidia's revenue rose $163M (19×) from $8.8M in Q2 2025 to $172M in Q2 2026.
What drove Liquidia's revenue change in Q2 2026?
Product sales, net +$164M (26×); Service revenue, net −$1.0M (-44%).