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ARS Pharmaceuticals (SPRY) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · ARS Pharmaceuticals (SPRY) Q3 2026 earnings results →
Q3 2026 Revenue up 16% year over year to $37.7M · 94¢ of every $1 of revenue lost · operating margin -90.6%
ARS Pharmaceuticals made $37.7M in Q3 2026 (+16% Y/Y): Product $33.4M, Revenue Under Supply Agreements $2.6M, Revenue Under Collaboration Agreements $1.7M. Operating margin -90.6%, net loss $35.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $37.7M in Q3 2026, up 16% year over year and up 12% from the previous quarter. Product was the largest line at 89% of revenue. Product added $2.1M year over year (up 7%), 41% of the total change.
Operating costs exceeded revenue by $34.2M, an operating margin of -90.6%. Total costs fell 16% while revenue rose 16%. The fastest-growing cost line was Research & development (+564%). The quarter ended with a net loss of $35.6M, narrower than the previous quarter's $62.3M loss.
Operating cash flow was −$33.7M. Non-cash charges added back $415K of depreciation and amortization and $8.1M of share-based compensation. Working capital and other items used $6.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $37.7M | +16% | -90.6% | −$35.6M | −$33.7M |
| Q2 2026 | 10-Q | Aug 13, 2026 | $33.7M | +114% | -182.6% | −$62.3M | −$60.9M |
| Q1 2026 | 10-Q | May 15, 2026 | $22.7M | +184% | -265.2% | −$60.6M | −$44.9M |
| Q4 2025 | 10-K | Mar 9, 2026 | $28.1M | -68% | -147.6% | −$41.3M | −$43.5M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $32.5M | 16× | -163.7% | −$51.2M | −$47.0M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $15.7M | 31× | -302.9% | −$44.9M | −$39.6M |
| Q1 2025 | 10-Q | May 14, 2025 | $8.0M | — | -466.3% | −$33.9M | −$40.7M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About ARS Pharmaceuticals
As used in this Annual Report, unless the context indicates or otherwise requires, “ARS,” “ARS Pharma,” the “company,” “we,” “us,” “our,” and other similar terms refer to ARS Pharmaceuticals, Inc., a Delaware corporation and its consolidated subsidiaries. neffy and EURneffy are trademarks of ours that we use in this Annual Report. This Annual Report also includes trademarks, trade names, and service marks that are the property of other organizations. Solely for convenience, our trademarks and trade names referred to in this Annual Report appear without the ® or ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable licensor, to our trademark and trade names.
In its own words, from its 10-K, filed Mar 9, 2026.
ARS Pharmaceuticals against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +16% against the peers' median +10%. Operating margin: -90.6% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SPRY ARS Pharmaceuticals | Q3 2026 | $37.7M | +16% | -90.6% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: ARS Pharmaceuticals 10-Q on SEC EDGAR · CIK 1671858 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns SPRY and who is buying
More on SPRY
- How ARS Pharmaceuticals makes money: revenue by segment
- ARS Pharmaceuticals next earnings date and what analysts expect
- ARS Pharmaceuticals stock forecast, price target and fair value
- Who owns ARS Pharmaceuticals stock: holders, funds and Congress trades
- ARS Pharmaceuticals guidance and outlook
- ARS Pharmaceuticals recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results