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Liquidia vs Arcutis Biotherapeutics: LQDA and ARQT compared
Liquidia is the larger company: $172M of revenue in its latest quarter (Q2 2026) against $144M for Arcutis Biotherapeutics (Q3 2026). Liquidia is growing faster (19× against +45% a year earlier). Liquidia is more profitable, with an operating margin of 49.8% against 6.6%.
Where the money goes: LQDA and ARQT
Liquidia (LQDA) · Q2 2026
Liquidia, Q2 2026: revenue $172M (19× year over year), operating margin 49.8%, net earnings $74.7M, operating cash flow $80.2M. The chart follows the revenue to costs, profit and cash.
Arcutis Biotherapeutics (ARQT) · Q3 2026
Arcutis Biotherapeutics, Q3 2026: revenue $144M (+45% year over year), operating margin 6.6%, net earnings $8.8M, operating cash flow $18.9M. The chart follows the revenue to costs, profit and cash.
| Liquidia (LQDA) | Arcutis Biotherapeutics (ARQT) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $172M | $144M |
| Revenue growth, Y/Y | 19× | +45% |
| Operating margin | 49.8% | 6.6% |
| Net earnings | $74.7M | $8.8M |
| Net margin | 43.5% | 6.1% |
| Operating cash flow | $80.2M | $18.9M |
| Free cash flow | $69.0M | $18.8M |
Where the revenue comes from
Liquidia
- Product sales, net: $170M (99%)
- Service revenue, net: $1.3M (1%)
Arcutis Biotherapeutics
- ZORYVE foam: $75.1M (52%)
- ZORYVE cream 0.3%: $37.8M (26%)
- ZORYVE cream 0.15%: $27.3M (19%)
- ZORYVE cream 0.05%: $3.7M (3%)
Questions
Which is bigger, Liquidia or Arcutis Biotherapeutics?
Liquidia is the larger company: $172M of revenue in its latest quarter (Q2 2026) against $144M for Arcutis Biotherapeutics (Q3 2026).
Is Liquidia or Arcutis Biotherapeutics growing faster?
Liquidia is growing faster (19× against +45% a year earlier).
Which is more profitable, Liquidia or Arcutis Biotherapeutics?
Liquidia is more profitable, with an operating margin of 49.8% against 6.6%.
More: Liquidia earnings · how Liquidia makes money · Arcutis Biotherapeutics earnings · how Arcutis Biotherapeutics makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 12, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.