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Ocular Therapeutix (OCUL) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 3, 2026 · Ocular Therapeutix (OCUL) Q2 2026 earnings results →

Q2 2026 Revenue up 0% year over year to $13.5M · 585¢ of every $1 of revenue lost · operating margin -609.3%

Ocular Therapeutix made $13.5M in Q2 2026 (+0.1% Y/Y). Operating margin -609.3%, net loss $78.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 3, 2026.

Revenue$13.5M
Year over year+0.1%
Operating margin-609.3%
Net earnings−$78.8M
Operating cash flow−$67.3M

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 $13.5M in Q2 2026, roughly flat year over year and up 25% from the previous quarter.

Operating costs exceeded revenue by $82.1M, an operating margin of -609.3%. Total costs grew 18% against flat revenue. The fastest-growing cost line was General & admin (+54%). The quarter ended with a net loss of $78.8M, narrower than the previous quarter's $88.6M loss.

Operating cash flow was −$67.3M. Non-cash charges added back $1.9M of depreciation and amortization and $14.6M of share-based compensation. Working capital and other items used $5.0M. Capital expenditures of $3.4M exceeded it, leaving free cash flow of −$70.6M.

Quarterly history

Ocular Therapeutix revenue by quarterOcular Therapeutix revenue by quarter$17.1MQ4 2024$10.7MQ1 2025$13.5MQ2 2025$14.5MQ3 2025$13.2MQ4 2025$10.8MQ1 2026$13.5MQ2 2026
Ocular Therapeutix net earnings by quarterOcular Therapeutix net earnings by quarter−$48.4MQ4 2024−$64.1MQ1 2025−$67.8MQ2 2025−$69.4MQ3 2025−$64.7MQ4 2025−$88.6MQ1 2026−$78.8MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 3, 2026$13.5M+0.1%-609.3%−$78.8M−$67.3M
Q1 202610-QMay 5, 2026$10.8M+0.8%-865.5%−$88.6M−$66.0M
Q4 202510-KFeb 5, 2026$13.2M-22%-526.5%−$64.7M−$54.2M
Q3 202510-QNov 4, 2025$14.5M-6%-472.3%−$69.4M−$50.7M
Q2 202510-QAug 5, 2025$13.5M-18%-502.6%−$67.8M−$55.2M
Q1 202510-QMay 5, 2025$10.7M-28%-597.5%−$64.1M−$44.7M
Q4 202410-KMar 3, 2025$17.1M+15%-296.1%−$48.4M−$39.4M

Charts

Ocular Therapeutix: revenue growth, year over year and quarter over quarterOcular Therapeutix: revenue growth, year over year and quarter over quarterY/YQ/Q+15%Q4 2024-28%-37%Q1 2025-18%+26%Q2 2025-6%+8%Q3 2025-22%-9%Q4 2025+1%-19%Q1 2026+0%+25%Q2 2026
Latest (Q2 2026): Y/Y +0%, Q/Q +25%.
Ocular Therapeutix: where the cash came from (+) and went (−), TTM to Q2 2026Ocular Therapeutix: where the cash came from (+) and went (−), TTM to Q2 2026Other financing$447MOperating cash flow−$238MCash drawn (+) / kept (−)−$208MCapital spending−$16.9MShares issued$15.3M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Ocular Therapeutix: profit against cash, quarter by quarterOcular Therapeutix: profit against cash, quarter by quarterNet incomeOperating cash flow−$36.5M−$36.6MQ3 2024−$48.4M−$39.4MQ4 2024−$64.1M−$44.7MQ1 2025−$67.8M−$55.2MQ2 2025−$69.4M−$50.7MQ3 2025−$64.7M−$54.2MQ4 2025−$88.6M−$66.0MQ1 2026−$78.8M−$67.3MQ2 2026
Latest (Q2 2026): Net income −$78.8M, Operating cash flow −$67.3M.
Ocular Therapeutix: diluted shares by fiscal year (split-adjusted)Ocular Therapeutix: diluted shares by fiscal year (split-adjusted)122MFY2020164MFY2021165MFY2022171MFY2023158MFY2024187MFY2025
+54.1% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2024.
Ocular Therapeutix in its industry: growth against margin (225 companies, SIC 2834)Ocular Therapeutix in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMOCUL (+0%, -100%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵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 Ocular Therapeutix

Ocular Therapeutix, Inc. is an integrated biopharmaceutical company committed to redefining the retina experience. AXPAXLI™ (also known as OTX-TKI), Ocular’s investigational product candidate for retinal disease, is an axitinib intravitreal hydrogel based on its ELUTYX™ proprietary bioresorbable hydrogel-based formulation technology. AXPAXLI is currently in Phase 3 clinical trials for wet age-related macular degeneration (wet AMD) and diabetic retinal disease, including non-proliferative diabetic retinopathy (NPDR).

In its own words, from its 8-K, filed Aug 3, 2026.

Ocular Therapeutix against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.1% against the peers' median +7%. Operating margin: -609.3% against the peers' median 20.4%.

CompanyQuarterRevenueY/YOp. margin
OCUL Ocular TherapeutixQ2 2026$13.5M+0.1%-609.3%
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: Ocular Therapeutix 10-Q on SEC EDGAR · CIK 1393434 · Pharmaceutical Preparations

13F: who owns OCUL and who is buying

Largest holders of OCUL (13F)Largest holders of OCUL (13F)FMR LLC$323MDeep Track Capital, LP$193MBlackRock$190MVanguard Group$141MAvoro Capital Advisors LLC$123MSummer Road LLC$120MVR Adviser, LLC$102MVanguard Capital Management LLC$86.7MPrice T Rowe Associates$74.9MLogos Global Management LP$52.0M
Funds' net buying of OCUL by quarter (13F)Funds' net buying of OCUL by quarter (13F)−$72.3M2024-09−$27.5M2024-12$30.1M2025-03$181M2025-06$351M2025-09$28.6M2025-12$126M2026-03−$1.8M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on OCUL

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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