Filing Flows › United Therapeutics (UTHR) › Q1 2026
United Therapeutics (UTHR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
United Therapeutics (UTHR) reported revenue of $782M for the first quarter 2026 (Q1 2026), -2% from a year earlier and -1% from the quarter before. Operating margin was 41.7%, net earnings $275M (35.2% of revenue).
United Therapeutics, Q1 2026: revenue $782M (-2% year over year), operating margin 41.7%, net earnings $275M, operating cash flow $463M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $782M | -1% | -2% |
| Gross profit | $648M | -6% | -8% |
| Operating profit | $326M | -9% | -15% |
| Net earnings | $275M | -25% | -15% |
| Operating cash flow | $463M | +34% | +0.5% |
| Free cash flow | $362M | +109% | -6% |
What changed
Revenue was $781.5M in Q1 2026, down 2% year over year and down 1% from the previous quarter. Tyvaso DPI was the largest line at 42% of revenue. Nebulized Tyvaso lost $36.6M year over year (down 22%), 284% of the total change.
Gross margin was 82.9%, down 5.4 points from Q1 2025. Operating profit was $325.8M, a 41.7% margin (down 6.5 points year over year). Operating expenses grew 1% against a revenue fall of 2%. Net earnings were $274.9M, down 15% year over year. The effective tax rate was 13.6%.
Operating cash flow was $463.3M (roughly flat year over year), 169% of net earnings. Non-cash charges added back $22.6M of depreciation and amortization and $33.9M of share-based compensation. Working capital and other items added $131.9M. Capital expenditures of $100.8M left free cash flow of $362.5M.
Questions
What was United Therapeutics' revenue in the first quarter 2026?
United Therapeutics (UTHR) reported revenue of $782M for the first quarter 2026 (Q1 2026), -2% from a year earlier and -1% from the quarter before.
Was United Therapeutics profitable in the first quarter 2026?
Operating profit was $326M (41.7% of revenue) and net earnings $275M.