Liquidia Corporation (LQDA) Income Statement
LQDA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsLQDA revenue and net income
Where LQDA's revenue goes
2025Each bar shows an amount and its share of revenue. LQDA kept −43.5% of revenue as net income.
LQDA profit margins
LQDA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1,031.2% | +115.0% | +192.5% | — |
| Gross profit | +1,687.3% | +123.0% | +210.6% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LQDA quarterly EPS vs estimates
Liquidia beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 2, 2026 (estimate $0.77).
LQDA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $158.3M | $14.0M | $17.5M | $15.9M | $12.9M | $739,628 | $8.1M | $2.7M | $7.3M | $13.2M |
| Cost of revenue | $13.2M | $5.9M | $2.9M | $2.9M | $3.0M | $237,712 | $807,192 | $121,391 | $319,759 | $918,778 |
| Gross profit | $145.1M | $8.1M | $14.6M | $13.1M | $9.8M | $501,916 | $7.3M | $2.6M | $6.9M | $12.3M |
| Research & development | $39.3M | $47.8M | $43.2M | $19.4M | $20.5M | $32.2M | $40.5M | $28.7M | $24.8M | $23.3M |
| Sales, general & admin | $157.2M | $81.6M | $45.5M | $32.4M | $23.1M | $27.4M | $13.6M | $8.8M | $10.2M | $4.8M |
| Total operating expenses | $196.5M | $129.4M | $88.0M | $51.8M | $43.6M | $59.6M | $54.1M | $37.5M | $35.0M | $28.2M |
| Operating income | −$51.4M | −$121.3M | −$73.4M | −$38.8M | −$33.8M | −$59.1M | −$46.8M | −$34.9M | −$28.0M | −$15.9M |
| Interest income | $6.6M | $7.7M | $3.2M | $1.1M | $33,435 | $184,359 | $613,716 | $304,981 | $268 | $14,906 |
| Interest expense | $24.2M | $12.5M | $6.3M | $2.3M | $762,000 | $857,998 | $1.4M | $19.0M | $13.0M | $85,865 |
| Income before taxes | −$68.9M | −$130.4M | −$78.5M | −$41.0M | −$34.6M | −$59.8M | −$47.6M | −$53.1M | −$29.2M | −$15.9M |
| Income taxes | — | — | −$2.2M | −$2.6M | −$4.8M | −$2.3M | −$1.2M | $720,391 | $13.0M | $14,906 |
| Net income | −$68.9M | −$130.4M | −$78.5M | −$41.0M | −$34.6M | −$59.8M | −$47.6M | −$53.1M | −$29.2M | −$15.9M |
| EBITDA | −$43.2M | −$115.7M | −$70.1M | −$35.0M | −$28.2M | −$55.8M | −$43.6M | −$32.6M | −$15.2M | −$15.2M |
| EPS (diluted) | −$0.83 | −$1.76 | −$1.17 | −$0.66 | −$0.71 | −$1.79 | −$2.61 | −$3.72 | −$3.40 | — |
| Gross margin | 91.6% | 58.0% | 83.5% | 82.1% | 76.5% | 67.9% | 90.0% | 95.5% | 95.6% | 93.0% |
| Operating margin | −32.5% | −866.6% | −419.6% | −243.3% | −263.0% | −7,989.0% | −580.1% | −1,288.1% | −386.2% | −120.0% |
| Net margin | −43.5% | −931.7% | −448.9% | −257.4% | −269.0% | −8,080.1% | −589.5% | −1,962.9% | −401.7% | −120.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $171.7M | $132.9M | $92.0M | $54.3M | $8.8M | $3.1M | $2.9M | $4.4M | $3.7M | $3.0M | $4.5M | $3.7M |
| Cost of revenue | $11.6M | $12.1M | $7.1M | $3.2M | $1.3M | $1.5M | $1.4M | $1.6M | $1.5M | $1.8M | $993,000 | $570,000 |
| Gross profit | $160.1M | $120.7M | $85.0M | $51.2M | $7.5M | $1.6M | $1.6M | $2.9M | $2.2M | $1.2M | $3.5M | $3.1M |
| Research & development | $17.2M | $12.3M | $16.9M | $9.3M | $6.0M | $7.0M | $16.5M | $11.9M | $9.4M | $9.8M | $12.8M | $7.4M |
| Sales, general & admin | $57.4M | $46.9M | $48.2M | $40.1M | $38.8M | $30.1M | $21.2M | $20.2M | $20.1M | $20.2M | $17.1M | $10.6M |
| Total operating expenses | $74.6M | $59.2M | $65.2M | $49.4M | $45.0M | $37.0M | $37.7M | $32.1M | $29.4M | $30.0M | $30.0M | $18.0M |
| Operating income | $85.5M | $61.5M | $19.8M | $1.8M | −$37.5M | −$35.4M | −$36.1M | −$29.2M | −$27.2M | −$28.8M | −$26.4M | −$14.9M |
| Interest income | $2.5M | $1.8M | $1.7M | $1.6M | $1.6M | $1.7M | $2.1M | $1.8M | $1.9M | $1.9M | $948,000 | $862,000 |
| Interest expense | $6.3M | $6.5M | $6.9M | $6.9M | $5.7M | $4.7M | $4.4M | $3.0M | $2.6M | $2.5M | $2.0M | $1.8M |
| Income before taxes | $81.7M | $56.8M | $14.6M | −$3.5M | −$41.6M | −$38.4M | −$38.4M | −$23.2M | −$27.9M | −$40.9M | −$27.4M | −$15.8M |
| Income taxes | $7.0M | $3.9M | — | — | — | — | — | — | — | $445,724 | −$2.4M | $862,000 |
| Net income | $74.7M | $52.9M | $14.6M | −$3.5M | −$41.6M | −$38.4M | −$38.4M | −$23.2M | −$27.9M | −$40.9M | −$27.4M | −$15.8M |
| EBITDA | $88.4M | $63.8M | $21.8M | $3.9M | −$35.6M | −$33.2M | −$33.5M | −$19.5M | −$24.8M | −$37.9M | −$25.0M | −$13.5M |
| EPS (diluted) | −$0.49 | $0.52 | $0.15 | −$0.04 | −$0.49 | −$0.45 | −$0.46 | −$0.39 | −$0.37 | −$0.54 | −$0.42 | −$0.24 |
| Gross margin | 93.3% | 90.9% | 92.3% | 94.2% | 85.4% | 51.4% | 53.6% | 64.8% | 59.2% | 40.9% | 78.1% | 84.5% |
| Operating margin | 49.8% | 46.3% | 21.5% | 3.3% | −424.4% | −1,135.4% | −1,237.8% | −656.2% | −743.3% | −969.1% | −583.4% | −404.9% |
| Net margin | 43.5% | 39.8% | 15.8% | −6.5% | −470.5% | −1,229.7% | −1,315.4% | −520.6% | −763.7% | −1,377.1% | −605.8% | −429.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in LQDA's financial statements (latest annual report filed March 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LQDA financial results
In fiscal year 2025 (ended December 31, 2025), Liquidia reported revenue of $158.3 million, up 1,031.2% from the year before. It had a net loss of $68.9 million, a net profit margin of −43.5%. Diluted earnings per share came to −$0.83. Over five years revenue grew at an average rate of 192.5% a year.
See the LQDA stock overview for the latest quote and news, or the LQDA chart for price history and technical indicators.
LQDA income statement FAQ
What is Liquidia's annual revenue?
Liquidia reported total revenue of $158.3 million for fiscal year 2025, which ended on December 31, 2025. That was up 1,031.2% from $14.0 million the previous year.
Is Liquidia profitable?
No. Liquidia reported a net loss of $68.9 million in fiscal 2025, a net profit margin of −43.5%; its operating margin was −32.5%.
What is Liquidia's gross margin?
Liquidia's gross margin was 91.6% in fiscal 2025: for every $100 of revenue, Liquidia kept $92 after the direct cost of its products and services.
How much does Liquidia spend on research and development?
Liquidia spent $39.3 million on research and development in fiscal 2025, 24.8% of revenue.
How fast is Liquidia growing?
Revenue grew 192.5% a year on average over the last five fiscal years, from $0.7 million to $158.3 million.
What are Liquidia's earnings per share?
Liquidia earned $-0.83 per diluted share in fiscal 2025, compared with $-1.76 a year earlier.
When will Liquidia report its next earnings?
Liquidia is expected to report results for the quarter ending September 30, 2026 on November 2, 2026.
When does Liquidia's fiscal year end?
Liquidia's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 5, 2026.