Filing Flows › United Therapeutics (UTHR) › Q3 2026
United Therapeutics (UTHR) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 4, 2026
United Therapeutics (UTHR) reported revenue of $832M for the third quarter 2026 (Q3 2026), +4% from a year earlier and +6% from the quarter before. Operating margin was 37.0%, net earnings $259M (31.1% of revenue).
United Therapeutics, Q3 2026: revenue $832M (+4% year over year), operating margin 37.0%, net earnings $259M, operating cash flow $306M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $832M | +6% | +4% |
| Gross profit | $733M | +7% | +5% |
| Operating profit | $308M | -7% | -21% |
| Net earnings | $259M | -22% | -24% |
| Operating cash flow | $306M | -2% | -45% |
| Free cash flow | $126M | -39% | -64% |
What changed
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.
Questions
What was United Therapeutics' revenue in the third quarter 2026?
United Therapeutics (UTHR) reported revenue of $832M for the third quarter 2026 (Q3 2026), +4% from a year earlier and +6% from the quarter before.
Was United Therapeutics profitable in the third quarter 2026?
Operating profit was $308M (37.0% of revenue) and net earnings $259M.