Filing Flows › United Therapeutics (UTHR) › Q2 2026
United Therapeutics (UTHR) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 5, 2026
United Therapeutics (UTHR) reported revenue of $783M for the second quarter 2026 (Q2 2026), -2% from a year earlier and +0.2% from the quarter before. Operating margin was 42.2%, net earnings $333M (42.5% of revenue).
United Therapeutics, Q2 2026: revenue $783M (-2% year over year), operating margin 42.2%, net earnings $333M, operating cash flow $314M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $783M | +0.2% | -2% |
| Gross profit | $684M | +6% | -4% |
| Operating profit | $331M | +2% | -9% |
| Net earnings | $333M | +21% | +8% |
| Operating cash flow | $314M | -32% | +64% |
| Free cash flow | $206M | -43% | +59% |
What changed
Revenue was $783.3M in Q2 2026, down 2% year over year and roughly flat from the previous quarter. Tyvaso DPI was the largest line at 42% of revenue. Nebulized Tyvaso lost $28.4M year over year (down 18%), 186% of the total change.
Gross margin was 87.3%, down 1.7 points from Q2 2025. Operating profit was $330.8M, a 42.2% margin (down 3.4 points year over year). Operating expenses grew 2% against a revenue fall of 2%. Net earnings were $333.0M, up 8% year over year. The effective tax rate was 10.7%.
Operating cash flow was $313.6M (up 64% year over year), 94% of net earnings. Non-cash charges added back $24.2M of depreciation and amortization and $43.4M of share-based compensation. Working capital and other items used $87.0M. Capital expenditures of $108.0M left free cash flow of $205.6M.
Questions
What was United Therapeutics' revenue in the second quarter 2026?
United Therapeutics (UTHR) reported revenue of $783M for the second quarter 2026 (Q2 2026), -2% from a year earlier and +0.2% from the quarter before.
Was United Therapeutics profitable in the second quarter 2026?
Operating profit was $331M (42.2% of revenue) and net earnings $333M.