Filing Flows › Protagonist Therapeutics (PTGX) › Q2 2026
Protagonist Therapeutics (PTGX) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 5, 2026
Protagonist Therapeutics (PTGX) reported revenue of $213M for the second quarter 2026 (Q2 2026), up 38-fold from a year earlier and +279% from the quarter before. Operating margin was 74.4%, net earnings $163M (76.3% of revenue).
Protagonist Therapeutics, Q2 2026: revenue $213M (38× year over year), operating margin 74.4%, net earnings $163M, operating cash flow $219M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $213M | +279% | 38× |
| Operating profit | $159M | — | — |
| Net earnings | $163M | 43× | — |
| Operating cash flow | $219M | — | — |
| Free cash flow | $219M | — | — |
What changed
Revenue was $213.5M in Q2 2026, up 3749% year over year and up 279% from the previous quarter.
Operating profit was $158.8M, a 74.4% margin (up 832.4 points year over year). Total costs grew 15% against revenue growth of 3749%. The fastest-growing cost line was General & admin (+20%). Net earnings were $162.8M. The effective tax rate was 1.4%.
Operating cash flow was $219.1M, 135% of net earnings. Non-cash charges added back $397K of depreciation and amortization and $14.0M of share-based compensation. Working capital and other items added $41.8M. Capital expenditures of $168K left free cash flow of $218.9M.
Questions
What was Protagonist Therapeutics' revenue in the second quarter 2026?
Protagonist Therapeutics (PTGX) reported revenue of $213M for the second quarter 2026 (Q2 2026), up 38-fold from a year earlier and +279% from the quarter before.
Was Protagonist Therapeutics profitable in the second quarter 2026?
Operating profit was $159M (74.4% of revenue) and net earnings $163M.