Filing Flows › Phathom Pharmaceuticals (PHAT) › Q3 2026
Phathom Pharmaceuticals (PHAT) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 29, 2026
Phathom Pharmaceuticals (PHAT) reported revenue of $84.7M for the third quarter 2026 (Q3 2026), +71% from a year earlier and +14% from the quarter before. Operating margin was -0.1%, net loss $13.9M (16.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $84.7M | +14% | +71% |
| Operating profit | −$85K | — | — |
| Net earnings | −$13.9M | — | — |
| Operating cash flow | $1.8M | — | — |
| Free cash flow | $1.7M | — | — |
What changed
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.
Questions
What was Phathom Pharmaceuticals' revenue in the third quarter 2026?
Phathom Pharmaceuticals (PHAT) reported revenue of $84.7M for the third quarter 2026 (Q3 2026), +71% from a year earlier and +14% from the quarter before.
Was Phathom Pharmaceuticals profitable in the third quarter 2026?
Operating loss was $85K (-0.1% of revenue) and net loss $13.9M.