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Phathom Pharmaceuticals (PHAT) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Phathom Pharmaceuticals (PHAT) Q3 2026 earnings results →
Q3 2026 Revenue up 71% year over year to $84.7M · 16¢ of every $1 of revenue lost · operating margin -0.1%
Phathom Pharmaceuticals made $84.7M in Q3 2026 (+71% Y/Y). Operating margin -0.1%, net loss $13.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
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What changed this quarter
Revenue was $84.7M in Q3 2026, up 71% year over year and up 14% from the previous quarter.
Gross margin was 78.3%, down 9.2 points from Q3 2025. Operating costs exceeded revenue by $85K, an operating margin of -0.1%. Operating expenses grew 13% against revenue growth of 71%. The fastest-growing cost line was Research & development (+24%). The quarter ended with a net loss of $13.9M, narrower than the previous quarter's $17.6M loss. Net interest and other expense of $13.8M was the main reason.
Operating cash flow was $1.8M. Non-cash charges added back $120K of depreciation and amortization and $5.9M of share-based compensation. Working capital and other items added $9.7M. Capital expenditures of $110K left free cash flow of $1.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $84.7M | +71% | -0.1% | −$13.9M | $1.8M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $74.3M | +88% | -5.3% | −$17.6M | −$1.9M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $58.3M | +104% | -26.5% | −$30.4M | −$15.6M |
| Q4 2025 | 10-K | Feb 26, 2026 | $57.6M | +94% | -10.3% | −$21.1M | −$5.0M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $49.5M | +203% | -30.8% | −$30.0M | −$14.1M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $39.5M | +439% | -151.7% | −$75.8M | −$62.7M |
| Q1 2025 | 10-Q | May 1, 2025 | $28.5M | 15× | -276.5% | −$94.3M | −$84.9M |
Charts
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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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⚖️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 Phathom Pharmaceuticals
Phathom Pharmaceuticals is a biopharmaceutical company focused on the commercialization and development of novel treatments for gastrointestinal diseases. Phathom has in-licensed the exclusive rights to vonoprazan, a first-in-class potassium-competitive acid blocker (PCAB) for the U.S., Europe and Canada. Phathom currently markets vonoprazan in the United States as VOQUEZNA ® (vonoprazan) tablets for the relief of heartburn associated with Non-Erosive GERD in adults, the healing and maintenance of healing of Erosive GERD in adults and relief of associated heartburn, and as part of VOQUEZNA ® DUAL PAK ® (vonoprazan tablets, amoxicillin capsules) and VOQUEZNA ® TRIPLE PAK ® (vonoprazan tablets, amoxicillin capsules, clarithromycin tablets) for the treatment of H. pylori infection in adults.
In its own words, from its 8-K, filed Jul 30, 2026.
Phathom Pharmaceuticals against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +71% against the peers' median +10%. Operating margin: -0.1% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PHAT Phathom Pharmaceuticals | Q3 2026 | $84.7M | +71% | -0.1% |
| 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: Phathom Pharmaceuticals 10-Q on SEC EDGAR · CIK 1783183 · Pharmaceutical Preparations
13F: who owns PHAT and who is buying
More on PHAT
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- Phathom Pharmaceuticals next earnings date and what analysts expect
- Phathom Pharmaceuticals stock forecast, price target and fair value
- Who owns Phathom Pharmaceuticals stock: holders, funds and Congress trades
- Phathom Pharmaceuticals guidance and outlook
- Phathom 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
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