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United Therapeutics (UTHR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · United Therapeutics (UTHR) Q3 2026 earnings results →
Q3 2026 Revenue up 4% year over year to $832M · 31¢ of every $1 of revenue kept as net profit · operating margin 37.0%
United Therapeutics made $832M in Q3 2026 (+4% Y/Y): Total Tyvaso $504M, Orenitram $145M, Remodulin $122M. Operating margin 37.0%, net earnings $259M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
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What changed this quarter
Revenue was $832.5M in Q3 2026, up 4% year over year and up 6% from the previous quarter. Tyvaso DPI was the largest line at 45% of revenue. Tyvaso DPI added $42.3M year over year (up 13%), 128% of the total change. Adcirca declined 54%.
Gross margin was 88.1%, up 0.7 points from Q3 2025. Operating profit was $307.8M, a 37.0% margin (down 11.6 points year over year). Operating profit fell $80.7M even though revenue rose $33.0M versus Q3 2025, so costs grew faster than sales. Operating expenses grew 37% against revenue growth of 4%. The fastest-growing cost line was Research & development (+119%). Net earnings were $258.6M, down 24% year over year. The effective tax rate was 30.6%.
Operating cash flow was $306.5M (down 45% year over year), 119% of net earnings. Non-cash charges added back $26.4M of depreciation and amortization and $41.0M of share-based compensation. Working capital and other items used $19.5M. Capital expenditures of $180.7M left free cash flow of $125.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $832M | +4% | 37.0% | $259M | $306M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $783M | -2% | 42.2% | $333M | $314M |
| Q1 2026 | 10-Q | May 6, 2026 | $782M | -2% | 41.7% | $275M | $463M |
| Q4 2025 | 10-K | Feb 25, 2026 | $790M | +7% | 45.1% | $364M | $346M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $800M | +7% | 48.6% | $339M | $562M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $799M | +12% | 45.6% | $310M | $192M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $794M | +17% | 48.2% | $322M | $461M |
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Customers and suppliers named in filings
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About United Therapeutics
Founded by our Chairperson and Chief Executive Officer, Martine Rothblatt, to find a cure for her daughter’s life-threatening rare disease, pulmonary arterial hypertension ( PAH ), United Therapeutics advances therapies for people living with serious diseases with unmet medical needs. Our mission is to transform the treatment of rare diseases and expand the availability of transplantable organs through innovative organ manufacturing technologies. As a public benefit corporation ( PBC ), we aim to deliver meaningful impacts for our patients, our people, our shareholders, and other stakeholders. Our public benefit purpose, as outlined in our charter and approved by our shareholders, is to provide a brighter future for patients through (a) the development of novel pharmaceutical therapies; and (b) technologies that expand the availability of transplantable organs .
In its own words, from its 10-K, filed Feb 25, 2026.
United Therapeutics against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +7%. Operating margin: 37.0% against the peers' median 30.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| UTHR United Therapeutics | Q3 2026 | $832M | +4% | 37.0% |
| 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: United Therapeutics 10-Q on SEC EDGAR · CIK 1082554 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns UTHR and who is buying
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- United Therapeutics gross margin by quarter
- United Therapeutics operating margin by quarter
- United Therapeutics net income by quarter
- United Therapeutics free cash flow by quarter
- United Therapeutics R&D spending by quarter
- United Therapeutics capital expenditures by quarter
- United Therapeutics Total Tyvaso revenue by quarter
- United Therapeutics Orenitram revenue by quarter
- United Therapeutics Remodulin revenue by quarter