Filing Flows › Tarsus Pharmaceuticals (TARS) › Q1 2026
Tarsus Pharmaceuticals (TARS) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Tarsus Pharmaceuticals (TARS) reported revenue of $162M for the first quarter 2026 (Q1 2026), +107% from a year earlier and +7% from the quarter before. Operating margin was -3.8%, net loss $7.0M (4.3% of revenue).
Tarsus Pharmaceuticals, Q1 2026: revenue $162M (+107% year over year), operating margin -3.8%, net loss $7.0M, operating cash flow −$24.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $162M | +7% | +107% |
| Operating profit | −$6.1M | — | — |
| Net earnings | −$7.0M | — | — |
| Operating cash flow | −$24.7M | -228% | — |
What changed
Revenue was $162.1M in Q1 2026, up 107% year over year and up 7% from the previous quarter. Product sales, net was the largest line at 90% of revenue. Product sales, net added $67.1M year over year (up 86%), 80% of the total change.
Operating costs exceeded revenue by $6.1M, an operating margin of -3.8%. Total costs grew 61% against revenue growth of 107%. The fastest-growing cost line was Cost of revenue (+80%). The quarter ended with a net loss of $7.0M, narrower than the previous quarter's $8.4M loss. Non-operating items added $1.5M, -33% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$24.7M. Non-cash charges added back $437K of depreciation and amortization and $12.0M of share-based compensation. Working capital and other items used $30.1M. Capital expenditures of $5.8M exceeded it, leaving free cash flow of −$30.5M.
Questions
What was Tarsus Pharmaceuticals' revenue in the first quarter 2026?
Tarsus Pharmaceuticals (TARS) reported revenue of $162M for the first quarter 2026 (Q1 2026), +107% from a year earlier and +7% from the quarter before.
Was Tarsus Pharmaceuticals profitable in the first quarter 2026?
Operating loss was $6.1M (-3.8% of revenue) and net loss $7.0M.