Filing Flows › Phathom Pharmaceuticals (PHAT) › Q2 2026
Phathom Pharmaceuticals (PHAT) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 30, 2026
Phathom Pharmaceuticals (PHAT) reported revenue of $74.3M for the second quarter 2026 (Q2 2026), +88% from a year earlier and +27% from the quarter before. Operating margin was -5.3%, net loss $17.6M (23.7% of revenue).
Phathom Pharmaceuticals, Q2 2026: revenue $74.3M (+88% year over year), operating margin -5.3%, net loss $17.6M, operating cash flow −$1.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $74.3M | +27% | +88% |
| Operating profit | −$4.0M | — | — |
| Net earnings | −$17.6M | — | — |
| Operating cash flow | −$1.9M | — | — |
What changed
Revenue was $74.3M in Q2 2026, up 88% year over year and up 27% from the previous quarter.
Gross margin was 79.7%, down 7.6 points from Q2 2025. Operating costs exceeded revenue by $4.0M, an operating margin of -5.3%. Operating expenses fell 33% while revenue rose 88%. The quarter ended with a net loss of $17.6M, narrower than the previous quarter's $30.4M loss. Net interest and other expense of $13.6M was the main reason.
Operating cash flow was −$1.9M. Non-cash charges added back $114K of depreciation and amortization and $6.7M of share-based compensation. Working capital and other items added $8.8M. Capital expenditures of $44K exceeded it, leaving free cash flow of −$2.0M.
Questions
What was Phathom Pharmaceuticals' revenue in the second quarter 2026?
Phathom Pharmaceuticals (PHAT) reported revenue of $74.3M for the second quarter 2026 (Q2 2026), +88% from a year earlier and +27% from the quarter before.
Was Phathom Pharmaceuticals profitable in the second quarter 2026?
Operating loss was $4.0M (-5.3% of revenue) and net loss $17.6M.