Ardelyx (ARDX) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Ardelyx published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Ardelyx's net loss per share rounds to $(0.00) in both Q3 2026 and Q3 2025; the table shows it as $0.00.
• Ardelyx reports in thousands; figures here are converted to millions. Ardelyx reports no adjusted EPS.

Source: Ardelyx Q3 2026 results, November 3, 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 Ardelyx 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.

• Ardelyx's IBSRELA revenue was $96.3 million in Q3 2026, up 23% from $78.2 million in Q3 2025, 75% of total revenue.
• Ardelyx's XPHOZAH revenue was $29.2 million in Q3 2026, up 7% from $27.4 million in Q3 2025, 23% of total revenue.
• Ardelyx's Product supply revenue revenue was $1.4 million in Q3 2026, 1% of total revenue.
• Ardelyx's Licensing revenue revenue was $0.2 million in Q3 2026, up 764% from $0.0 million in Q3 2025, under 1% of total revenue.
• Ardelyx's Non-cash royalty revenue related to the sale of future royalties revenue was $0.6 million in Q3 2026, down 87% from $4.8 million in Q3 2025, under 1% 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

In its Q3 2026 release, Ardelyx said:

“Full-year 2026 revenue guidance for IBSRELA reiterated to be between $350 and $370 million.”

“Full-year 2026 revenue guidance for XPHOZAH reiterated to be between $110 and $120 million.”

“Full-year 2026 operating expense guidance reiterated to be below $500 million.”

“IBSRELA long-term guidance of achieving $1 billion in annual revenue remains.”

Source: Ardelyx Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ARDX forecast page.

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

Total revenues and GAAP basic and diluted EPS, each as first reported in that quarter's release. A $0.00 entry is a net loss that rounds to $(0.00) per share.

We do not hold a confirmed date for Ardelyx'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 3, 2026

Ardelyx sells two medicines built on the same molecule, tenapanor. IBSRELA treats irritable bowel syndrome with constipation (IBS-C) in adults and brought in $96.3 million in Q3 2026, up 23%. XPHOZAH reduces serum phosphorus in adults with chronic kidney disease on dialysis and brought in $29.2 million, up 7%. Together, total product revenue was $125.5 million, up 19%, and total revenues including partner income were $127.7 million. (Ardelyx Q3 2026 release, Nov 3, 2026)

Ardelyx said IBSRELA growth was driven by increases in total writers and total prescriptions. Its earnings presentation adds that it is spending to remove the payor friction that doctors and patients face when first starting IBSRELA, including a direct-to-consumer TV campaign with a goal of reaching more than 10 million people in the target audience. (Ardelyx Q3 2026 release, Nov 3, 2026; Ardelyx Q3 2026 earnings presentation, Nov 3, 2026)

XPHOZAH's slower growth traces to Medicare. XPHOZAH became part of the ESRD PPS, Medicare's bundled payment for dialysis, on January 1, 2025, so Medicare Part D no longer covers it. Ardelyx says this had a negative and material impact on XPHOZAH revenue in 2025 and will mean a materially lower pace of growth than it expected before the change. (Ardelyx Form 10-Q, Q3 2026, Nov 3, 2026)

The rest of revenue comes from partners. Non-cash royalty revenue from Kyowa Kirin fell to $604 thousand from $4.8 million, and product supply revenue from Fosun Pharma was $1.4 million. Sales are concentrated among a few customers: in 2025 gross product sales to BioRidge Pharma were equal to 65.9% of total revenues, Cardinal Health 21.4%, McKesson 17.9% and Cencora 17.3%. (Ardelyx Form 10-Q, Q3 2026, Nov 3, 2026; Ardelyx Form 10-K, 2025, Feb 19, 2026)

Ardelyx posted a net loss of $0.7 million in Q3 2026, or $(0.00) per share, against $1.0 million, or $(0.00), a year earlier. It had operating income of $4.0 million, but interest expense of $5.9 million and $1.5 million of non-cash interest on its sale of future royalties outweighed it. (Ardelyx Q3 2026 release, Nov 3, 2026)

Ardelyx reports only GAAP EPS. Selling, general and administrative expenses rose to $93.9 million from $83.6 million, which Ardelyx tied to investments to address access barriers for IBSRELA, and research and development rose to $25.2 million from $18.1 million, mainly for the ACCEL Phase 3 trial in chronic idiopathic constipation. The net loss included $15.1 million of share-based compensation. (Ardelyx Q3 2026 release, Nov 3, 2026)

Shares used to compute EPS were 250,007,187, against 241,908,407 a year earlier. The earnings presentation puts gross profit margin above 95% and names 2027 as the profitability target. (Ardelyx Q3 2026 release, Nov 3, 2026; Ardelyx Q3 2026 earnings presentation, Nov 3, 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.

Ardelyx gives product-level revenue guidance in its release and reiterated all of it: 2026 IBSRELA revenue between $350 and $370 million, XPHOZAH revenue between $110 and $120 million, and operating expenses below $500 million. It also keeps its long-term goal of $1 billion in annual IBSRELA revenue. (Ardelyx Q3 2026 release, Nov 3, 2026)

IBSRELA revenue for the first nine months was $252.6 million, so the full-year range implies roughly $97.4 million to $117.4 million in Q4 2026. Topline data from the ACCEL trial of tenapanor in CIC, which completed enrollment ahead of schedule, is expected in the second half of 2027. (Ardelyx Q3 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Ardelyx, 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 Ardelyx'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 ARDX is on is ARDX a buy or a sell?, what analysts expect next is on the ARDX forecast, and what the company does is on the Ardelyx (ARDX) stock page.

Every number on this page can be traced to a document Ardelyx 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.