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Madrigal Pharmaceuticals (MDGL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Madrigal Pharmaceuticals (MDGL) Q3 2026 earnings results →
Q3 2026 Revenue up 50% year over year to $431M · 13¢ of every $1 of revenue kept as net profit · operating margin 13.0%
Madrigal Pharmaceuticals made $431M in Q3 2026 (+50% Y/Y). Operating margin 13.0%, net earnings $55.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $431.3M in Q3 2026, up 50% year over year and up 18% from the previous quarter.
Operating profit was $56.0M, a 13.0% margin (up 52.7 points year over year). Total costs fell 6% while revenue rose 50%. The fastest-growing cost line was Other operating costs (+109%). Net earnings were $55.4M. The effective tax rate was 0.0%.
Operating cash flow was $120.6M (up 51% year over year), 217% of net earnings. Non-cash charges added back $391K of depreciation and amortization and $38.9M of share-based compensation. Working capital and other items added $25.8M. Capital expenditures of $3.9M left free cash flow of $116.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $431M | +50% | 13.0% | $55.4M | $121M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $364M | +71% | -15.5% | −$57.9M | $23.3M |
| Q1 2026 | 10-Q | May 6, 2026 | $311M | +127% | -29.8% | −$94.4M | −$167M |
| Q4 2025 | 10-K | Feb 19, 2026 | $321M | +211% | -18.6% | −$58.6M | −$133M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $287M | +362% | -39.7% | −$114M | $79.8M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $213M | 15× | -22.2% | −$42.3M | −$47.1M |
| Q1 2025 | 10-Q | May 1, 2025 | $137M | — | -57.8% | −$73.2M | −$88.9M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Madrigal Pharmaceuticals
We are a biopharmaceutical company focused on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis (“MASH”), a serious liver disease with high unmet medical need that can lead to cirrhosis, liver failure, liver cancer, need for liver transplantation and premature mortality. MASH was previously known as nonalcoholic steatohepatitis (“NASH”). MASH is the leading cause of liver transplantation in women, the second leading cause of all liver transplantation in the United States and the fastest-growing indication for liver transplantation in Europe. Our medication, Rezdiffra (resmetirom), is a once-daily, oral, liver-directed thyroid hormone receptor beta (“THR-β”) agonist designed to target key underlying causes of MASH.
In its own words, from its 10-K, filed Feb 19, 2026.
Madrigal Pharmaceuticals against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +50% against the peers' median +10%. Operating margin: 13.0% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MDGL Madrigal Pharmaceuticals | Q3 2026 | $431M | +50% | 13.0% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Madrigal Pharmaceuticals 10-Q on SEC EDGAR · CIK 1157601 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns MDGL and who is buying
More on MDGL
- How Madrigal Pharmaceuticals makes money: revenue by segment
- Madrigal Pharmaceuticals stock forecast, price target and fair value
- Who owns Madrigal Pharmaceuticals stock: holders, funds and Congress trades
- Madrigal Pharmaceuticals guidance and outlook
- Is Madrigal Pharmaceuticals a takeover target? LBO and rumors
- Madrigal Pharmaceuticals recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results