For the twelve months ended Jun 30, 2026, Liquidia Corporation reported $450.91M of revenue and $138.61M of net income.
LQDA revenue was $171.68M in fiscal Q2 2026 (ended Jun 30, 2026), up about 19-fold from a year earlier and up 29.2% from the prior quarter. For the full fiscal 2025 it was $158.32M, up about 11-fold from fiscal 2024. Compound annual growth was +192.5% over 5 years. It rose in 4 of the last 6 fiscal years. Fiscal 2025 is the highest of the 7 fiscal years on file.
LQDA net income was $74.72M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$41.58M a year earlier and up 41.4% from the prior quarter. For the full fiscal 2025 it was -$68.92M, compared with -$128.29M in fiscal 2024.
LQDA diluted EPS was $0.74 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$0.49 a year earlier and up 42.3% from the prior quarter. For the full fiscal 2025 it was -$0.80, compared with -$1.63 in fiscal 2024.
LQDA free cash flow was $69.01M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$40.54M a year earlier and up 37.6% from the prior quarter. For the full fiscal 2025 it was -$40.02M, compared with -$98.37M in fiscal 2024.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $158.32M | $14.00M | $17.49M | $15.94M | $12.85M | $739.6K | $8.07M |
| Cost of revenue | - | $5.88M | $2.89M | $2.86M | $3.02M | $237.7K | - |
| Gross profit | - | $8.12M | $14.60M | $13.08M | $9.83M | $501.9K | - |
| Research and development | $39.28M | $47.84M | $43.24M | $19.43M | $20.52M | $32.22M | $40.49M |
| Selling, general and admin | $157.18M | $81.57M | $44.74M | $32.41M | $23.11M | $27.37M | $13.60M |
| Operating income | -$51.38M | -$121.29M | -$73.38M | -$38.77M | -$33.80M | -$59.09M | -$46.82M |
| Interest expense | $24.17M | $14.65M | $6.27M | $2.34M | $762.0K | $858.0K | $1.37M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$68.92M | -$128.29M | -$78.50M | -$41.02M | -$34.58M | -$59.76M | -$47.58M |
| EPS, basic | -$0.80 | -$1.63 | -$1.21 | -$0.67 | -$0.70 | -$1.76 | -$2.57 |
| EPS, diluted | -$0.80 | -$1.63 | -$1.21 | -$0.67 | -$0.70 | -$1.76 | -$2.57 |
| Diluted shares | 86.1M | 78.7M | 65.0M | 61.0M | 49.7M | 33.9M | 18.5M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $190.68M | $176.48M | $83.68M | $93.28M | $57.49M | $65.32M | $55.80M |
| Receivables | $54.09M | $2.72M | $4.06M | $5.02M | $2.99M | $0 | - |
| Inventory | $23.80M | $241.0K | - | - | - | - | - |
| Current assets | $273.40M | $185.10M | $89.90M | $99.81M | $61.28M | $66.07M | $56.39M |
| Goodwill | $3.90M | $3.90M | $3.90M | $3.90M | $3.90M | $3.90M | $0 |
| Total assets | $327.93M | $230.31M | $118.33M | $129.20M | $93.73M | $99.53M | $68.84M |
| Current liabilities | $135.77M | $41.78M | $18.55M | $8.80M | $7.33M | $11.74M | $16.87M |
| Short-term debt | - | - | - | - | - | $0 | $5.59M |
| Long-term debt | - | - | - | $19.88M | $10.41M | $10.29M | $10.29M |
| Total debt | - | - | - | $19.88M | $10.41M | $10.29M | $15.88M |
| Total liabilities | $283.19M | $150.94M | $71.04M | $38.78M | $28.46M | $28.45M | $33.89M |
| Shareholders' equity | $44.75M | $79.38M | $47.29M | $90.42M | $65.27M | $71.09M | $34.95M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$35.69M | -$93.42M | -$41.56M | -$28.59M | -$34.03M | -$54.14M | -$48.28M |
| Capital expenditures | $4.34M | $4.95M | $1.29M | $592.0K | $107.0K | $752.1K | $1.85M |
| Free cash flow | -$40.02M | -$98.37M | -$42.85M | -$29.18M | -$34.14M | -$54.90M | -$50.13M |
| Investing cash flow | -$6.34M | -$8.44M | -$11.29M | -$587.0K | -$107.0K | $247.9K | -$1.85M |
| Financing cash flow | $59.73M | $194.66M | $43.25M | $64.96M | $26.32M | $63.42M | $66.39M |
| Stock-based compensation | $29.47M | $18.81M | $10.09M | $9.30M | $6.75M | $3.95M | $3.38M |
| Depreciation and amortization | $1.53M | $2.20M | $2.18M | $3.65M | $5.61M | $3.13M | $2.57M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 1031.2% | -20.0% | 9.7% | 24.0% | 1637.8% | -90.8% | - |
| Gross margin | - | 58.0% | 83.5% | 82.1% | 76.5% | 67.9% | - |
| Operating margin | -32.5% | -866.6% | -419.6% | -243.3% | -263.0% | -7989.0% | -580.1% |
| Net margin | -43.5% | -916.6% | -448.9% | -257.4% | -269.0% | -8080.1% | -589.5% |
| Free cash flow margin | -25.3% | -702.9% | -245.0% | -183.1% | -265.6% | -7422.2% | -621.1% |
| Return on equity | -154.0% | -161.6% | -166.0% | -45.4% | -53.0% | -84.1% | -136.2% |
| Return on assets | -21.0% | -55.7% | -66.3% | -31.7% | -36.9% | -60.0% | -69.1% |
| Current ratio | 2.01 | 4.43 | 4.85 | 11.34 | 8.36 | 5.63 | 3.34 |
| Debt to equity | - | - | - | 0.22 | 0.16 | 0.14 | 0.45 |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $171.68M | $132.87M | $92.02M | $54.34M | $8.84M | $3.12M | $2.92M | $4.45M | $3.66M | $2.97M | $4.53M | $3.68M |
| Cost of revenue | - | - | - | - | - | $1.52M | $1.35M | $1.56M | $1.49M | $1.47M | $993.0K | $570.0K |
| Gross profit | - | - | - | - | - | $1.60M | $1.56M | $2.88M | $2.17M | $1.50M | $3.54M | $3.11M |
| Research and development | $17.18M | $12.57M | $16.94M | $9.35M | $6.02M | $6.97M | $16.48M | $11.89M | $9.42M | $10.06M | $12.83M | $7.44M |
| Selling, general and admin | $57.43M | $46.94M | $48.24M | $40.06M | $38.82M | $30.06M | $21.20M | $20.18M | $19.94M | $20.25M | $17.14M | $10.56M |
| Operating income | $85.52M | $61.50M | $19.79M | $1.77M | -$37.51M | -$35.42M | -$36.11M | -$29.19M | -$27.20M | -$28.80M | -$26.44M | -$14.89M |
| Interest expense | $6.30M | $6.49M | $6.90M | $6.95M | $5.66M | $4.67M | $4.51M | $3.66M | $3.33M | $3.16M | $1.96M | $1.76M |
| Pre-tax income | $81.70M | $56.78M | - | - | -$41.58M | -$38.37M | - | - | - | - | - | - |
| Income tax | $6.97M | $3.92M | - | - | $0 | $0 | - | - | - | - | - | - |
| Net income | $74.72M | $52.86M | $14.55M | -$3.53M | -$41.58M | -$38.37M | -$38.51M | -$31.03M | -$28.67M | -$30.08M | -$27.45M | -$15.79M |
| EPS, basic | $0.84 | $0.60 | $0.18 | -$0.04 | -$0.49 | -$0.45 | -$0.45 | -$0.40 | -$0.38 | -$0.40 | -$0.43 | -$0.24 |
| EPS, diluted | $0.74 | $0.52 | $0.18 | -$0.04 | -$0.49 | -$0.45 | -$0.45 | -$0.40 | -$0.38 | -$0.40 | -$0.43 | -$0.24 |
| Diluted shares | 101.4M | 101.1M | - | 86.3M | 85.6M | 85.2M | - | 78.3M | 76.4M | 75.4M | - | 64.9M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $284.18M | $222.79M | $190.68M | $157.50M | $173.42M | $169.76M | $176.48M | $204.37M | $133.09M | $157.86M | $83.68M | $76.22M |
| Receivables | $108.58M | $74.16M | $54.09M | $35.96M | $9.97M | $1.25M | $2.72M | $4.20M | $3.25M | $2.57M | $4.06M | $3.34M |
| Inventory | $36.18M | $28.51M | $23.80M | $24.53M | $6.44M | $1.35M | $241.0K | $38.0K | - | - | - | - |
| Current assets | $437.71M | $333.06M | $273.40M | $226.72M | $195.58M | $177.21M | $185.10M | $214.21M | $147.26M | $167.94M | $89.90M | $82.98M |
| Goodwill | $3.90M | $3.90M | $3.90M | $3.90M | $3.90M | $3.90M | $3.90M | $3.90M | $3.90M | $3.90M | $3.90M | $3.90M |
| Total assets | $521.92M | $401.53M | $327.93M | $275.98M | $257.41M | $227.43M | $230.31M | $252.89M | $177.36M | $197.12M | $118.33M | $111.64M |
| Current liabilities | $189.30M | $149.74M | $135.77M | $102.94M | $78.41M | $60.52M | $41.78M | $33.84M | $24.22M | $21.93M | $18.55M | $12.16M |
| Total liabilities | $326.80M | $292.95M | $283.19M | $253.93M | $242.22M | $177.72M | $150.94M | $142.37M | $114.64M | $100.01M | $71.04M | $63.63M |
| Shareholders' equity | $195.11M | $108.58M | $44.75M | $22.05M | $15.19M | $49.71M | $79.38M | $112.76M | $72.84M | $97.11M | $47.29M | $48.01M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $80.24M | $52.99M | $44.24M | -$9.77M | -$39.48M | -$30.68M | -$20.81M | -$25.08M | -$22.66M | -$24.87M | -$15.98M | -$11.56M |
| Capital expenditures | $11.23M | $2.83M | $2.04M | $911.0K | $1.06M | $330.0K | $1.29M | $1.75M | $1.29M | $624.0K | $206.0K | $475.0K |
| Free cash flow | $69.01M | $50.16M | $42.21M | -$10.68M | -$40.54M | -$31.01M | -$22.10M | -$26.83M | -$23.95M | -$25.49M | -$16.19M | -$12.04M |
| Investing cash flow | -$12.23M | -$2.83M | -$4.04M | -$911.0K | -$1.06M | -$330.0K | -$4.78M | -$1.75M | -$1.29M | -$624.0K | -$206.0K | -$10.47M |
| Financing cash flow | -$6.61M | -$18.05M | -$7.02M | -$5.25M | $47.71M | $24.29M | -$2.30M | $98.10M | -$814.0K | $99.67M | $23.64M | $10.06M |
| Stock-based compensation | $10.37M | $9.22M | $7.21M | $7.90M | $6.93M | $7.44M | $5.03M | $4.88M | $4.37M | $4.52M | $2.55M | $2.49M |
| Depreciation and amortization | $300.0K | $497.0K | $320.0K | $300.0K | $200.0K | $451.0K | $518.0K | $300.0K | $200.0K | $489.0K | $506.0K | $300.0K |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 1842.7% | 4158.5% | 3054.6% | 1121.7% | 141.5% | 5.0% | -35.6% | 20.9% | -23.5% | -33.9% | -15.5% | 16.2% |
| Gross margin | - | - | - | - | - | 51.4% | 53.6% | 64.8% | 59.2% | 50.6% | 78.1% | 84.5% |
| Operating margin | 49.8% | 46.3% | 21.5% | 3.3% | -424.4% | -1135.4% | -1237.8% | -656.2% | -743.3% | -969.1% | -583.4% | -404.9% |
| Net margin | 43.5% | 39.8% | 15.8% | -6.5% | -470.5% | -1229.7% | -1320.2% | -697.6% | -783.5% | -1012.2% | -605.8% | -429.3% |
| Free cash flow margin | 40.2% | 37.8% | 45.9% | -19.7% | -458.7% | -993.9% | -757.7% | -603.2% | -654.6% | -857.7% | -357.3% | -327.2% |
| Current ratio | 2.31 | 2.22 | 2.01 | 2.20 | 2.49 | 2.93 | 4.43 | 6.33 | 6.08 | 7.66 | 4.85 | 6.83 |
Source: XBRL data Liquidia Corporation files with the SEC, latest filing dated Aug 12, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| LQDA | $450.91M | +2233.6% | $138.61M | 30.7% | $4.28B |
| UTHR | $3.19B | +1.9% | $1.23B | 38.6% | $24.81B |
| TVTX | $651.03M | +49.4% | -$121.51M | -18.7% | $4.96B |
| VCYT | $581.78M | +17.5% | $126.85M | 21.8% | $2.09B |