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Tarsus Pharmaceuticals (TARS) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Tarsus Pharmaceuticals (TARS) Q3 2026 earnings results →
Q3 2026 Revenue up 64% year over year to $195M · 343¢ of every $1 of revenue lost · operating margin -340.3%
Tarsus Pharmaceuticals made $195M in Q3 2026 (+64% Y/Y). Operating margin -340.3%, net loss $668M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $194.6M in Q3 2026, up 64% year over year and up 12% from the previous quarter.
Operating costs exceeded revenue by $662.1M, an operating margin of -340.3%. Total costs grew 543% against revenue growth of 64%. The fastest-growing cost line was Research & development (+171%). The quarter ended with a net loss of $668.3M, wider than the previous quarter's $18.6M loss.
Operating cash flow was −$6.0M. Non-cash charges added back $1.0M of depreciation and amortization and $27.2M of share-based compensation. Working capital and other items added $634.1M. Capital expenditures of $1.2M exceeded it, leaving free cash flow of −$7.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $195M | +64% | -340.3% | −$668M | −$6.0M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $174M | +69% | -11.4% | −$18.6M | $61.2M |
| Q1 2026 | 10-Q | May 6, 2026 | $162M | +107% | -3.8% | −$7.0M | −$24.7M |
| Q4 2025 | 10-K | Feb 23, 2026 | $152M | +128% | -5.3% | −$8.4M | $19.3M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $119M | +147% | -12.2% | −$12.6M | $18.3M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $103M | +152% | -21.6% | −$20.3M | −$29.4M |
| Q1 2025 | 10-Q | May 1, 2025 | $78.3M | +184% | -33.5% | −$25.1M | −$20.7M |
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 Tarsus Pharmaceuticals
We are a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care. We launched XDEMVY ® (lotilaner ophthalmic solution) 0.25%, formerly known as TP-03, for the treatment of Demodex blepharitis, in August 2023 after receiving U.S. Food and Drug Administration (“FDA”) approval in July 2023. Demodex blepharitis is caused by the infestation of Demodex mites. Demodex blepharitis (“blephar” is a reference to eyelid and “itis” is a reference to inflammation) is a disease characterized by inflammation of the eyelid margin, redness and ocular irritation, including a specific type of eyelash dandruff called collarettes, which are pathognomonic for Demodex blepharitis. Poorly controlled and progressive Demodex blepharitis can lead to corneal damage over time and, in extreme cases, blindness.
In its own words, from its 10-K, filed Feb 23, 2026.
Tarsus Pharmaceuticals against its Biological Products, (No Diagnostic Substances) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +64% against the peers' median +29%. Operating margin: -340.3% against the peers' median 35.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TARS Tarsus Pharmaceuticals | Q3 2026 | $195M | +64% | -340.3% |
| AMGN Amgen | Q3 2026 | $10.4B | +8% | 35.8% |
| GILD Gilead Sciences | Q3 2026 | $8.3B | +7% | 41.7% |
| BIIB Biogen | Q3 2026 | $2.8B | +11% | -0.3% |
| MRNA Moderna | Q3 2026 | $1.3B | +29% | 9.9% |
| NBIX Neurocrine Biosciences | Q3 2026 | $1.1B | +41% | 29.5% |
| EXEL Exelixis | Q3 2026 | $659M | +10% | 40.8% |
| HALO Halozyme Therapeutics | Q3 2026 | $493M | +39% | 59.8% |
| MGTX MeiraGTx Holdings | Q2 2026 | $321M | 87× | 76.0% |
Source: Tarsus Pharmaceuticals 10-Q on SEC EDGAR · CIK 1819790 · Biological Products, (No Diagnostic Substances)
Guidance and outlook
13F: who owns TARS and who is buying
More on TARS
- How Tarsus Pharmaceuticals makes money: revenue by segment
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- Tarsus Pharmaceuticals stock forecast, price target and fair value
- Who owns Tarsus Pharmaceuticals stock: holders, funds and Congress trades
- Tarsus Pharmaceuticals guidance and outlook
- Tarsus 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