Liquidia Corporation (LQDA) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Liquidia published the results on November 10, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Liquidia's Q3 2026 net loss includes a $389.7 million litigation settlement charge. On October 13, 2026 it settled all six pending lawsuits with United Therapeutics and agreed to pay net $380.7 million in installments in 2026 and 2027.
• Service revenue came from a promotion agreement with Sandoz for Treprostinil Injection, which ended in October 2026. Liquidia says it will no longer generate service revenue.
• Liquidia does not publish a revenue or earnings outlook in its release.

Source: Liquidia Q3 2026 results, November 10, 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 Liquidia 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.

• Liquidia's Product sales, net (YUTREPIA) revenue was $223 million in Q3 2026, up 331% from $51.7 million in Q3 2025, 99% of total revenue.
• Liquidia's Service revenue, net revenue was $2.6 million in Q3 2026, down 4% from $2.7 million in Q3 2025, 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.

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

Total revenue and diluted net income (loss) per share, each as first reported in that quarter's release. Liquidia began shipping YUTREPIA in June 2025.

We do not hold a confirmed date for Liquidia'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 10, 2026

Liquidia had total revenue of $225.3 million in Q3 2026, against $54.3 million a year earlier. Almost all of it was YUTREPIA (treprostinil) inhalation powder: product sales, net, were $222.7 million, up from $51.7 million and up 31% from Q2 2026. Liquidia began shipping YUTREPIA in June 2025 after full FDA approval in May 2025, and attributes the $171.0 million increase to higher volume. (Liquidia Q3 2026 release (8-K Exhibit 99.1), Nov 10, 2026)

Liquidia sells YUTREPIA to specialty pharmacies and a specialty distributor, which sell it on to patients, clinics, hospitals and federal healthcare programs. Two customers took most of the volume: Customer A accounted for 44% and Customer B 47% of gross product sales in the first nine months of 2026. Net sales are gross sales less discounts, government chargebacks and rebates, distributor fees, copay assistance and returns. (Liquidia Form 10-Q, Q3 2026, Nov 10, 2026)

Liquidia reported $212.2 million of paid patient demand in Q3 2026, excluding voucher and patient access programs. Its prescriber base reached 1,300 through October, conversion of monthly referrals to patient starts stayed above 87%, and October 2026 patient shipments were the highest monthly level since launch. (Liquidia Q3 2026 release (8-K Exhibit 99.1), Nov 10, 2026)

Under its October 2026 settlement with United Therapeutics, Liquidia agreed not to appeal a ruling that certain claims of a patent on treating PH-ILD with inhaled treprostinil were valid and infringed. It has filed to remove the PH-ILD indication from YUTREPIA's label and stopped promoting YUTREPIA for PH-ILD. YUTREPIA stays on sale for PAH, and more than 70% of referrals in September included a PAH diagnosis. (Liquidia Q3 2026 release (8-K Exhibit 99.1), Nov 10, 2026)

Liquidia lost $236.3 million, or $2.64 per basic and diluted share, in Q3 2026, against a loss of $3.5 million, or $0.04, a year earlier. The loss comes from a $389.7 million litigation settlement charge: $330.4 million payable to United Therapeutics, less $10.0 million receivable from it, $60.3 million payable to parties in the Treprostinil Injection antitrust litigation, and write-offs tied to the Sandoz promotion agreement. (Liquidia Q3 2026 release (8-K Exhibit 99.1), Nov 10, 2026)

Liquidia reports no adjusted EPS. Its non-GAAP measure is adjusted EBITDA, which adds back the settlement charge and $13.7 million of stock-based compensation and was $140.5 million in Q3 2026. Before the charge, operating costs rose: research and development to $25.3 million, mainly for the L606 program, and selling, general and administrative to $59.0 million. (Liquidia Q3 2026 release (8-K Exhibit 99.1), Nov 10, 2026)

Liquidia recorded an income tax benefit of $30.1 million in the quarter, against none a year earlier. The loss per share uses 89,521,467 weighted average shares. Cash and cash equivalents were $396.1 million at September 30, 2026, before the settlement payments. (Liquidia Q3 2026 release (8-K Exhibit 99.1), Nov 10, 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.

Liquidia does not publish a revenue or earnings outlook in its release. It says it expects to fund the net $380.7 million settlement, payable in installments in 2026 and 2027, from current cash and cash equivalents and ongoing YUTREPIA sales. (Liquidia Q3 2026 release (8-K Exhibit 99.1), Nov 10, 2026)

Liquidia's pipeline timelines in the release: the RE-WARM Phase 2 study of YUTREPIA in SSc-RP, which received FDA Fast Track designation, anticipates primary completion in 1Q2027; Re-Spire, a global placebo-controlled efficacy study of L606 in PH-ILD, expects enrollment to complete in 2028; and a study of L606 in PH-COPD is anticipated to begin in the second half of 2027. (Liquidia Q3 2026 release (8-K Exhibit 99.1), Nov 10, 2026)

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

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