Filing Flows › Madrigal Pharmaceuticals (MDGL) › Q3 2026
Madrigal Pharmaceuticals (MDGL) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 3, 2026
Madrigal Pharmaceuticals (MDGL) reported revenue of $431M for the third quarter 2026 (Q3 2026), +50% from a year earlier and +18% from the quarter before. Operating margin was 13.0%, net earnings $55.4M (12.9% of revenue).
Madrigal Pharmaceuticals, Q3 2026: revenue $431M (+50% year over year), operating margin 13.0%, net earnings $55.4M, operating cash flow $121M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $431M | +18% | +50% |
| Operating profit | $56.0M | — | — |
| Net earnings | $55.4M | — | — |
| Operating cash flow | $121M | +417% | +51% |
| Free cash flow | $117M | +511% | +48% |
What changed
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.
Questions
What was Madrigal Pharmaceuticals' revenue in the third quarter 2026?
Madrigal Pharmaceuticals (MDGL) reported revenue of $431M for the third quarter 2026 (Q3 2026), +50% from a year earlier and +18% from the quarter before.
Was Madrigal Pharmaceuticals profitable in the third quarter 2026?
Operating profit was $56.0M (13.0% of revenue) and net earnings $55.4M.