Akebia Therapeutics (AKBA) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Akebia Therapeutics published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Product rows are in millions as the release rounds them, so they sum to $36.9 million against total revenues of $36.9 million.
• Akebia reports no adjusted EPS. Q3 2026 includes a $1.3 million restructuring charge for a July 2026 headcount reduction of about 7%.

Source: Akebia Therapeutics Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Akebia Therapeutics splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Akebia Therapeutics's Auryxia net product revenue revenue was $20.0 million in Q3 2026, down 53% from $42.5 million in Q3 2025, 54% of total revenue.
• Akebia Therapeutics's Vafseo net product revenue revenue was $14.8 million in Q3 2026, up 3% from $14.3 million in Q3 2025, 40% of total revenue.
• Akebia Therapeutics's License, collaboration and other revenue revenue was $2.1 million in Q3 2026, up 5% from $2.0 million in Q3 2025, 6% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Akebia gives no revenue or EPS range.

In its Q3 2026 release, Akebia Therapeutics said:

“We continue to expect Auryxia revenues to decrease in 2026 as compared to 2025 due to generic competition and pricing pressure.”

“We believe our existing cash resources and the cash we expect to generate from product, royalty, supply and license revenues, along with our plan to refinance our senior secured term loan facility, will enable us to fund our current operating plan for at least two years.”

Source: Akebia Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the AKBA forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues (in millions) and diluted net income (loss) per share, each as first reported in that quarter's release. Q3 2025 net income of $0.5 million rounded to $0.00 per share.

We do not hold a confirmed date for Akebia Therapeutics's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Akebia Therapeutics sells two kidney drugs in the U.S.: Auryxia (ferric citrate), a phosphate binder, and Vafseo (vadadustat), an oral HIF-PH inhibitor for anemia in dialysis patients. Total revenues fell to $36.9 million in Q3 2026 from $58.8 million. Auryxia brought in $20.0 million, Vafseo $14.8 million, and license, collaboration and other revenue $2.1 million. (Akebia Q3 2026 release, Nov 5, 2026; Akebia Form 10-K, 2025, Feb 26, 2026)

Akebia said the decline came from Auryxia, whose revenue fell from $42.5 million on lower net price and lower volume after it lost exclusivity in March 2025. An authorized generic has been sold since then, and Teva received approval for its own generic on March 11, 2026, which has since entered the market. (Akebia Q3 2026 release, Nov 5, 2026; Akebia Form 10-Q, Q3 2026, Nov 5, 2026)

Vafseo revenue rose to $14.8 million from $14.3 million, but was lower than in Q2 2026, which Akebia put down mainly to an inventory reduction at its largest customer. About 11,500 patients were on Vafseo at the end of the quarter, up about 8.1% from Q2 2026 and about 140% from Q3 2025, and about 1,300 prescribers had written it. (Akebia Q3 2026 release, Nov 5, 2026)

Vafseo's U.S. pricing depends on Medicare's Transitional Drug Add-on Payment Adjustment, a separate payment based on the drug's average sales price that runs for two years from January 1, 2025. The 10-K says that afterwards, for three more years, Medicare will adjust each dialysis treatment payment based on 65% of Vafseo's ASP. DaVita, Fresenius and U.S. Renal Care account for a vast majority of U.S. dialysis patients, and CSL Vifor holds the license to sell Vafseo to Fresenius. (Akebia Form 10-K, 2025, Feb 26, 2026; Akebia Form 10-Q, Q3 2026, Nov 5, 2026)

Akebia Therapeutics swung to a net loss of $14.4 million, or $(0.05) per share, from net income of $0.5 million, or $0.00 per share, in Q3 2025. Akebia reports no adjusted EPS. Lower revenue drove the loss; operating expenses fell to $42.0 million from $44.9 million. (Akebia Q3 2026 release, Nov 5, 2026)

Selling, general and administrative expenses fell to $23.5 million from $29.1 million on lower marketing and headcount costs, after a June 2026 commercial reorganization cut about 13% of the workforce and a July 2026 reduction cut about 7%, with a $1.3 million restructuring charge in Q3. Research and development rose to $16.2 million from $14.9 million on trials for praliciguat and ebribafusp alfa. Cost of goods sold fell to $6.4 million; Vafseo cost of goods sold still comes from pre-launch inventory that does not carry the full manufacturing cost. (Akebia Q3 2026 release, Nov 5, 2026; Akebia Form 10-Q, Q3 2026, Nov 5, 2026)

Weighted average basic shares were 276,862,564 against 264,786,432. Cash and cash equivalents were $159.3 million, against $155.5 million at June 30, 2026. Principal payments on Akebia's senior secured term loan would otherwise start on January 1, 2027, with $50.6 million due that year, and its two-year funding estimate depends on refinancing that loan. (Akebia Q3 2026 release, Nov 5, 2026; Akebia Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Akebia Therapeutics does not give a revenue or EPS range. Its release says it continues to expect Auryxia revenues to decrease in 2026 against 2025 because of generic competition and pricing pressure, and that its cash, expected revenues and a planned refinancing of its term loan will fund its current operating plan for at least two years. (Akebia Q3 2026 release, Nov 5, 2026)

For Vafseo, Akebia expects access to widen in 2027 from TDAPA-only patients to nearly all clinically eligible patients. It reported positive topline VOCAL data and the VOICE trial results, and expects initial data from its Phase 2 ebribafusp alfa basket trial in 2027. (Akebia Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Akebia Therapeutics, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Akebia Therapeutics's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning AKBA is on is AKBA a buy or a sell?, what analysts expect next is on the AKBA forecast, and what the company does is on the Akebia Therapeutics (AKBA) stock page.

Every number on this page can be traced to a document Akebia Therapeutics published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.