Filing Flows › Madrigal Pharmaceuticals (MDGL) › Q2 2026
Madrigal Pharmaceuticals (MDGL) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 30, 2026
Madrigal Pharmaceuticals (MDGL) reported revenue of $364M for the second quarter 2026 (Q2 2026), +71% from a year earlier and +17% from the quarter before. Operating margin was -15.5%, net loss $57.9M (15.9% of revenue).
Madrigal Pharmaceuticals, Q2 2026: revenue $364M (+71% year over year), operating margin -15.5%, net loss $57.9M, operating cash flow $23.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $364M | +17% | +71% |
| Operating profit | −$56.3M | — | — |
| Net earnings | −$57.9M | — | — |
| Operating cash flow | $23.3M | — | — |
| Free cash flow | $19.1M | — | — |
What changed
Revenue was $364.3M in Q2 2026, up 71% year over year and up 17% from the previous quarter.
Operating costs exceeded revenue by $56.3M, an operating margin of -15.5%. Total costs grew 62% against revenue growth of 71%. The fastest-growing cost line was Other operating costs (+341%). The quarter ended with a net loss of $57.9M, narrower than the previous quarter's $94.4M loss.
Operating cash flow was $23.3M. Non-cash charges added back $381K of depreciation and amortization and $35.4M of share-based compensation. Working capital and other items added $45.5M. Capital expenditures of $4.3M left free cash flow of $19.1M.
Questions
What was Madrigal Pharmaceuticals' revenue in the second quarter 2026?
Madrigal Pharmaceuticals (MDGL) reported revenue of $364M for the second quarter 2026 (Q2 2026), +71% from a year earlier and +17% from the quarter before.
Was Madrigal Pharmaceuticals profitable in the second quarter 2026?
Operating loss was $56.3M (-15.5% of revenue) and net loss $57.9M.