Filing Flows › Liquidia (LQDA) › Q4 2025
Liquidia (LQDA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 5, 2026
Liquidia (LQDA) reported revenue of $92.0M for the fourth quarter 2025 (Q4 2025), up 32-fold from a year earlier and +69% from the quarter before. Operating margin was 21.5%, net earnings $14.6M (15.8% of revenue).
Liquidia, Q4 2025: revenue $92.0M (32× year over year), operating margin 21.5%, net earnings $14.6M, operating cash flow $44.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $92.0M | +69% | 32× |
| Operating profit | $19.8M | 11× | — |
| Net earnings | $14.6M | — | — |
| Operating cash flow | $44.2M | — | — |
| Free cash flow | $42.2M | — | — |
What changed
Revenue was $92.0M in Q4 2025, up 3055% year over year and up 69% from the previous quarter. Product sales, net was the largest line at 98% of revenue.
Operating profit was $19.8M, a 21.5% margin (up 1259.3 points year over year). Total costs grew 85% against revenue growth of 3055%. The fastest-growing cost line was SG&A (+128%). Net earnings were $14.6M. The effective tax rate was 0.0%.
Operating cash flow was $44.2M, 304% of net earnings. Non-cash charges added back $320K of depreciation and amortization and $7.2M of share-based compensation. Working capital and other items added $22.2M. Capital expenditures of $2.0M left free cash flow of $42.2M.
Questions
What was Liquidia's revenue in the fourth quarter 2025?
Liquidia (LQDA) reported revenue of $92.0M for the fourth quarter 2025 (Q4 2025), up 32-fold from a year earlier and +69% from the quarter before.
Was Liquidia profitable in the fourth quarter 2025?
Operating profit was $19.8M (21.5% of revenue) and net earnings $14.6M.
Source: Liquidia 10-K on SEC EDGAR.