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Royalty Pharma (RPRX) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 5, 2026
Royalty Pharma (RPRX) reported revenue of $674M for the second quarter 2026 (Q2 2026), +16% from a year earlier and +7% from the quarter before. Operating margin was 19.7%, net earnings $17.9M (2.7% of revenue).
Royalty Pharma, Q2 2026: revenue $674M (+16% year over year), operating margin 19.7%, net earnings $17.9M, operating cash flow $728M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $674M | +7% | +16% |
| Operating profit | $133M | -76% | -37% |
| Net earnings | $17.9M | -94% | -44% |
| Operating cash flow | $728M | +1% | +100% |
What changed
Revenue was $674.1M in Q2 2026, up 16% year over year and up 7% from the previous quarter. Income from financial royalty assets was the largest line at 95% of revenue. Income from financial royalty assets added $87.6M year over year (up 16%), 92% of the total change.
Operating profit was $133.1M, a 19.7% margin (down 16.5 points year over year). Operating profit fell $76.7M even though revenue rose $95.5M versus Q2 2025, so costs grew faster than sales. Total costs grew 47% against revenue growth of 16%. Net earnings were $17.9M, down 44% year over year. The effective tax rate was 0.0%.
Operating cash flow was $728.5M (up 100% year over year), 894% of net income including minority interests. Non-cash charges added back $1.3M of depreciation and $107.1M of share-based compensation. Working capital and other items added $538.6M.
Questions
What was Royalty Pharma's revenue in the second quarter 2026?
Royalty Pharma (RPRX) reported revenue of $674M for the second quarter 2026 (Q2 2026), +16% from a year earlier and +7% from the quarter before.
Was Royalty Pharma profitable in the second quarter 2026?
Operating profit was $133M (19.7% of revenue) and net earnings $17.9M.
Source: Royalty Pharma 10-Q on SEC EDGAR.