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Vertex Pharmaceuticals (VRTX) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Vertex Pharmaceuticals (VRTX) Q3 2026 earnings results →

Q3 2026 Revenue up 12% year over year to $3.4B · 19¢ of every $1 of revenue kept as net profit · operating margin 20.7%

Vertex Pharmaceuticals made $3.4B in Q3 2026 (+12% Y/Y): Total CF product revenues, net $3.3B, CASGEVY $99.2M, JOURNAVX $58.3M. Operating margin 20.7%, net earnings $654M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$3.4B
Year over year+12%
Operating margin20.7%
Net earnings$654M
Operating cash flow$643M

Drawing the Sankey…

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Vertex Pharmaceuticals Q3 2026 revenue breakdown: Sankey diagram of revenue (Total CF product revenues, net, CASGEVY, JOURNAVX), costs, profit and cash flow
Vertex Pharmaceuticals Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.4B in Q3 2026, up 12% year over year and up 3% from the previous quarter. TRIKAFTA/KAFTRIO was the largest line at 71% of revenue. ALYFTREK added $0.46B year over year (up 186%), 126% of the total change. TRIKAFTA/KAFTRIO declined 8%.

Operating profit was $0.71B, a 20.7% margin (down 17.8 points year over year). Operating profit fell $0.47B even though revenue rose $0.36B versus Q3 2025, so costs grew faster than sales. Total costs grew 44% against revenue growth of 12%. The fastest-growing cost line was SG&A (+90%). Net earnings were $0.65B, down 40% year over year. The effective tax rate was 16.6%.

Operating cash flow was $0.64B (down 48% year over year), 98% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization and $0.17B of share-based compensation. Working capital and other items used $0.25B. Capital expenditures of $0.10B left free cash flow of $0.55B.

Quarterly history

Vertex Pharmaceuticals revenue by quarterVertex Pharmaceuticals revenue by quarter$2.8BQ1 2025$3.0BQ2 2025$3.1BQ3 2025$3.2BQ4 2025$3.0BQ1 2026$3.3BQ2 2026$3.4BQ3 2026
Vertex Pharmaceuticals net earnings by quarterVertex Pharmaceuticals net earnings by quarter$646MQ1 2025$1.0BQ2 2025$1.1BQ3 2025$1.2BQ4 2025$1.0BQ1 2026$1.1BQ2 2026$654MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 3, 2026$3.4B+12%20.7%$654M$643M
Q2 202610-QAug 4, 2026$3.3B+12%37.4%$1.1B$1.1B
Q1 202610-QMay 5, 2026$3.0B+8%38.1%$1.0B$1.4B
Q4 202510-KFeb 13, 2026$3.2B+10%37.8%$1.2B$498M
Q3 202510-QNov 4, 2025$3.1B+11%38.6%$1.1B$1.2B
Q2 202510-QAug 5, 2025$3.0B+12%38.8%$1.0B$1.1B
Q1 202510-QMay 6, 2025$2.8B+3%22.7%$646M$819M

Charts

Vertex Pharmaceuticals: revenue growth, year over year and quarter over quarterVertex Pharmaceuticals: revenue growth, year over year and quarter over quarterY/YQ/Q+3%Q1 2025+12%+7%Q2 2025+11%+4%Q3 2025+10%+4%Q4 2025+8%-6%Q1 2026+12%+12%Q2 2026+12%+3%Q3 2026
Latest (Q3 2026): Y/Y +12%, Q/Q +3%.
Vertex Pharmaceuticals: where the cash came from (+) and went (−), TTM to Q3 2026Vertex Pharmaceuticals: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$6.4BOther financing$4.5BOperating cash flow$3.7BBuybacks−$1.1BCapital spending−$492MTaxes on employees’ shares−$315MShares issued$152MExchange rates−$41.6MCash drawn (+) / kept (−)−$40.8M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Vertex Pharmaceuticals: profit against cash, quarter by quarterVertex Pharmaceuticals: profit against cash, quarter by quarterNet incomeOperating cash flow$913M$585MQ4 2024$646M$819MQ1 2025$1.0B$1.1BQ2 2025$1.1B$1.2BQ3 2025$1.2B$498MQ4 2025$1.0B$1.4BQ1 2026$1.1B$1.1BQ2 2026$654M$643MQ3 2026
Latest (Q3 2026): Net income $654M, Operating cash flow $643M.
Vertex Pharmaceuticals: diluted shares by fiscal yearVertex Pharmaceuticals: diluted shares by fiscal year263MFY2020260MFY2021259MFY2022260MFY2023258MFY2024258MFY2025
-2.1% since FY2020: buybacks shrank the count.
Vertex Pharmaceuticals in its industry: growth against margin (225 companies, SIC 2834)Vertex Pharmaceuticals in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMVRTX (+12%, 21%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Vertex Pharmaceuticals

We are a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases, with a focus on specialty markets. We have seven approved medicines: five that treat the underlying cause of cystic fibrosis (“CF”), a life-threatening genetic disease, one that treats severe sickle cell disease (“SCD”) and transfusion dependent beta thalassemia (“TDT”), life shortening inherited blood disorders, and one that treats moderate-to-severe acute pain. Our clinical-stage pipeline includes programs in CF, SCD, beta thalassemia, acute and peripheral neuropathic pain, APOL1-mediated kidney disease, IgA nephropathy and other autoimmune renal diseases and cytopenias, type 1 diabetes, myotonic dystrophy type 1, and autosomal dominant polycystic kidney disease.

In its own words, from its 10-K, filed Feb 13, 2025.

Vertex Pharmaceuticals against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +10%. Operating margin: 20.7% against the peers' median 20.7%.

CompanyQuarterRevenueY/YOp. margin
VRTX Vertex PharmaceuticalsQ3 2026$3.4B+12%20.7%
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: Vertex Pharmaceuticals 10-Q on SEC EDGAR · CIK 875320 · Pharmaceutical Preparations

Guidance and outlook

Vertex Pharmaceuticals Revenue: guidance against what was reportedVertex Pharmaceuticals Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2025$12.0BFY2026
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Vertex Pharmaceuticals: what its forward-looking statements are about (10-Q filed 2026-11-03)Vertex Pharmaceuticals: what its forward-looking statements are about (10-Q filed 2026-11-03)Other12Products4Capital spending2Costs2Demand1
21 statements; tone +0.10 (−1 all cautious, +1 all confident); 0 hedged.
Vertex Pharmaceuticals: outlook statements against the filing beforeVertex Pharmaceuticals: outlook statements against the filing beforeConfident3Cautious1

13F: who owns VRTX and who is buying

Largest holders of VRTX (13F)Largest holders of VRTX (13F)Capital World Investors$13.0BBlackRock$12.0BVanguard Group$10.9BCapital Research Global Investors$9.7BVanguard Capital Management LLC$8.2BState Street$5.9BInvesco$4.0BGeode Capital Management, LLC$3.0BVanguard Portfolio Management LLC$2.4BCapital International Investors$2.3B
Funds' net buying of VRTX by quarter (13F)Funds' net buying of VRTX by quarter (13F)−$377M2024-09$1.5B2024-12$1.3B2025-03$1.5B2025-06−$2.7B2025-09$2.9B2025-12−$1.1B2026-03$1.4B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on VRTX

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：福泰制药（VRTX）财报

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