Filing Flows › Phathom Pharmaceuticals (PHAT) › Q3 2026 › vs Q3 2025
Phathom Pharmaceuticals (PHAT) Q3 2026 vs Q3 2025 (year over year)
Phathom Pharmaceuticals's revenue rose $35.2M (+71%) from $49.5M in Q3 2025 to $84.7M in Q3 2026.
Phathom Pharmaceuticals, Q3 2026: revenue $84.7M (+71% year over year), operating margin -0.1%, net loss $13.9M, operating cash flow $1.8M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 2.0% | -28.6% | +30.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $84.7M | $49.5M | $35.2M | +71% |
| Net loss | $13.9M | $30.0M | −$16.1M | -54% |
| Costs & expenses | $98.6M | $79.5M | $19.1M | +24% |
| Operating costs | $84.8M | $64.8M | $20.0M | +31% |
| Interest & other, net | $13.8M | $14.7M | −$890K | -6% |
| Cost of revenue | $18.4M | $6.2M | $12.2M | +197% |
| Research & development | $8.7M | $7.0M | $1.7M | +24% |
| SG&A | $57.7M | $51.6M | $6.1M | +12% |
| Operating cash sources | $15.7M | $15.9M | −$122K | -0.8% |
| Depreciation & amortization | $120K | $156K | −$36K | -23% |
| Share-based compensation | $5.9M | $9.3M | −$3.4M | -36% |
| Working capital & other | $9.7M | $6.4M | $3.3M | +51% |
| Net loss absorbed | $13.9M | $30.0M | −$16.1M | -54% |
| Operating cash flow | $1.8M | −$14.1M | $16.0M | — |
| Free cash flow (OCF − capex) | $1.7M | −$14.1M | $15.9M | — |
| Capital expenditures | $110K | $27K | $83K | +307% |
Questions
How much did Phathom Pharmaceuticals's revenue grow year over year in Q3 2026?
Phathom Pharmaceuticals's revenue rose $35.2M (+71%) from $49.5M in Q3 2025 to $84.7M in Q3 2026.