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How Liquidia (LQDA) makes money
Liquidia (LQDA) made $172M of revenue in the second quarter 2026 (Q2 2026), up 19-fold from a year earlier. Product sales, net brought in $170M (99%); Service revenue, net brought in $1.3M (1%). Of every dollar of revenue, 50¢ was left as operating profit, 44¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Product sales, net | $170M | 99.2% | +31% | 26× |
| Service revenue, net | $1.3M | 0.8% | -57% | -44% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $172M | 100.0% |
| Operating profit | $85.5M | 49.8% |
| Income tax | $7.0M | 4.1% |
| Net earnings | $74.7M | 43.5% |
| Operating cash flow | $80.2M | 46.7% |
| Free cash flow | $69.0M | 40.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $172M | 19× |
| Q1 2026 | $133M | 43× |
| Q4 2025 | $92.0M | 32× |
| Q3 2025 | $54.3M | 12× |
| Q2 2025 | $8.8M | +142% |
| Q1 2025 | $3.1M | +5% |
| Q4 2024 | $2.9M | -36% |
From Liquidia's 10-Q filed Aug 12, 2026 (on EDGAR).
Questions
How does Liquidia make money?
Liquidia (LQDA) made $172M of revenue in the second quarter 2026 (Q2 2026), up 19-fold from a year earlier. Product sales, net brought in $170M (99%); Service revenue, net brought in $1.3M (1%). Of every dollar of revenue, 50¢ was left as operating profit, 44¢ was left as net earnings.
What is Liquidia's biggest business?
Product sales, net: $170M in the second quarter 2026, 99% of revenue, up 26-fold from a year earlier.
What is Liquidia's profit margin?
Net earnings were $74.7M, 43.5% of revenue, in the second quarter 2026; the operating margin was 49.8%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.