Filing Flows › Liquidia (LQDA) › Q2 2026
Liquidia (LQDA) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 12, 2026
Liquidia (LQDA) reported revenue of $172M for the second quarter 2026 (Q2 2026), up 19-fold from a year earlier and +29% from the quarter before. Operating margin was 49.8%, net earnings $74.7M (43.5% of revenue).
Liquidia, Q2 2026: revenue $172M (19× year over year), operating margin 49.8%, net earnings $74.7M, operating cash flow $80.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $172M | +29% | 19× |
| Operating profit | $85.5M | +39% | — |
| Net earnings | $74.7M | +41% | — |
| Operating cash flow | $80.2M | +51% | — |
| Free cash flow | $69.0M | +38% | — |
What changed
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.
Questions
What was Liquidia's revenue in the second quarter 2026?
Liquidia (LQDA) reported revenue of $172M for the second quarter 2026 (Q2 2026), up 19-fold from a year earlier and +29% from the quarter before.
Was Liquidia profitable in the second quarter 2026?
Operating profit was $85.5M (49.8% of revenue) and net earnings $74.7M.
Source: Liquidia 10-Q on SEC EDGAR.