Arcutis Biotherapeutics (ARQT) Q3 FY2026 earnings: revenue $144 million, up 45.1% on the year

Arcutis Biotherapeutics, Inc. (ARQT) reported revenue of $144 million for Q3 FY2026, the quarter ended 30 September 2026, up 45.1% on the same quarter a year earlier. Net income was $9 million, up 18.8% on the year, and diluted earnings per share $0.06. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$144 million

+45.1% on the year · +10.8% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

6.6%

8.6% a year earlier

Q4 FY2024Q3 FY2026

Net income

$9 million

+18.8% on the year · -41.4% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.06

0.0% on the year · -45.5% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 2 kept.

Product revenue rose 45% year over year: Net product revenue was $143.9 million, up from $99.2 million a year earlier and 11% above the second quarter of 2026.
Demand growth drove both comparisons: Management attributed the year-over-year and sequential increases to increasing demand across products.
Foam led quarterly sales by formulation: Management said all products grew in the quarter: $75.1 million for ZORYVE topical foam 0.3%, $37.8 million for cream 0.3%, $27.3 million for cream 0.15% and $3.7 million for cream 0.05%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	144	130	99.2	+10.8%	+45.1%
Cost of revenue	12.5	10.9	8.7	+13.9%	+43.5%
Gross profit	131	119	90.5	+10.5%	+45.2%
Gross margin	91.3%	91.6%	91.2%
Research and development	22.4	20.4	19.6	+10.2%	+14.4%
Selling, general and administrative	99.6	82.1	62.4	+21.3%	+59.6%
Operating income	9.4	16.4	8.5	-42.6%	+10.7%
Operating margin	6.6%	12.7%	8.6%
Interest expense	3.0	3.4	3.1	-13.1%	-3.6%
Income tax	0.2	0.1	0.1	+43.4%	+143.8%
Net income	8.8	15.0	7.4	-41.4%	+18.8%
Net margin	6.1%	11.6%	7.5%
Diluted EPS	$0.06	$0.11	$0.06	-45.5%	0.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	18.9	12.6	-1.8	+49.5%
Capital expenditure	0.1	0.2	0.0	-38.6%
Free cash flow	18.8	12.5	-1.8	+50.6%
Free cash flow margin	13.1%	9.6%	-1.8%
Cash from investing	-22.1	-15.2	-25.2
Cash from financing	2.5	2.0	1.5	+23.3%	+66.2%
Share-based compensation	12.4	12.8	10.0	-3.2%	+23.1%
Diluted shares, weighted	137m	136m	133m	+0.7%	+3.0%
Shares outstanding at period end	126m	126m	120m	+0.3%	+4.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	244	221	158	+10.6%	+54.3%
Debt	109	109	108	+0.5%	+0.8%
Operating lease liabilities	5.2	5.2	5.3	-0.2%	-1.0%
Other liabilities	166	154	99.1	+7.8%	+67.3%
Total liabilities and equity	524	489	371	+7.3%	+41.4%
Fixed assets	0.8	0.9	1.2	-8.7%	-34.5%
Intangible assets	13.1	13.7	15.4	-4.1%	-14.6%
Investments	226	204	144	+10.6%	+57.1%
Cash and equivalents	33.4	34.1	47.1	-2.2%	-29.2%
Receivables	171	155	115	+10.4%	+48.8%
Inventory	45.7	38.9	22.4	+17.5%	+103.7%
Other assets	34.1	41.4	25.8	-17.6%	+32.2%
Total assets	524	489	371	+7.3%	+41.4%

Questions

What was Arcutis Biotherapeutics' revenue in Q3 FY2026?

Arcutis Biotherapeutics (ARQT) reported revenue of $144 million for Q3 FY2026, the quarter ended 30 September 2026, up 45.1% on the same quarter a year earlier.

How much did Arcutis Biotherapeutics earn in Q3 FY2026?

Net income for Q3 FY2026 was $9 million, up 18.8% on the year, and diluted earnings per share $0.06.

When did Arcutis Biotherapeutics report Q3 FY2026 results?

Arcutis Biotherapeutics filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	0.0	0.0	0.0	0.7	3.0	2.8	5.2	38.1	13.5	49.6	30.9	44.8	71.4	65.8	81.5	99.2	130	105	130	144
Cost of revenue	n/a	n/a	n/a	n/a	n/a	0.8	0.8	1.2	2.2	3.3	3.5	5.5	6.9	8.8	7.5	8.7	11.7	9.8	10.9	12.5
Gross profit	n/a	n/a	n/a	n/a	n/a	2.0	4.4	36.9	11.3	46.3	27.4	39.3	64.5	57.0	74.0	90.5	118	95.6	119	131
Gross margin	n/a	n/a	n/a	n/a	n/a	72%	85%	97%	83%	93%	89%	88%	90%	87%	91%	91%	91%	91%	92%	91%
R&D	40.6	40.6	38.2	69.7	33.9	35.3	25.2	26.2	23.8	23.1	19.3	19.5	14.5	17.5	19.5	19.6	20.5	30.6	20.4	22.4
SG&A	16.5	22.0	27.6	35.5	37.0	42.9	46.0	47.6	48.7	54.8	58.2	58.8	57.6	64.0	69.2	62.4	79.0	74.1	82.1	99.6
Operating income	-57.1	-62.6	-65.8	-105	-68.4	-76.3	-66.8	-36.9	-61.2	-31.6	-50.1	-39.1	-7.6	-24.5	-14.6	8.5	18.4	-9.1	16.4	9.4
Operating margin	n/a	n/a	n/a	-14448%	-2311%	-2742%	-1286%	-97%	-452%	-64%	-162%	-87%	-11%	-37%	-18%	9%	14%	-9%	13%	7%
Interest expense	0.0	1.8	2.0	4.9	6.9	7.0	7.3	7.6	7.8	7.5	7.5	6.7	5.6	3.0	3.0	3.1	3.0	4.4	3.4	3.0
Net income	-57.0	-64.3	-67.4	-108	-72.0	-80.1	-71.0	-44.8	-66.3	-35.4	-52.3	-41.5	-10.8	-25.1	-15.9	7.4	17.4	-11.3	15.0	8.8
Net margin	n/a	n/a	n/a	-14856%	-2432%	-2880%	-1368%	-117%	-490%	-71%	-170%	-93%	-15%	-38%	-19%	7%	13%	-11%	12%	6%
Diluted EPS	-$1.14	-$1.27	-$1.31	-$1.89	-$1.18	-$1.31	-$1.16	-$0.73	-$0.72	-$0.32	-$0.42	-$0.33	-$0.09	-$0.20	-$0.13	$0.06	$0.13	-$0.09	$0.11	$0.06
Operating cash flow	-40.9	-57.0	-62.0	-67.7	-71.1	-80.3	-66.5	-44.0	-56.2	-31.6	-45.1	-34.7	-0.7	-30.4	0.3	-1.8	26.2	2.2	12.6	18.9
Capital expenditure	0.1	0.1	0.1	0.0	0.1	0.1	0.3	0.1	0.0	0.0	0.0	0.1	0.0	0.6	0.1	0.0	0.0	0.0	0.2	0.1
Free cash flow	-41.0	-57.1	-62.1	-67.7	-71.2	-80.4	-66.8	-44.0	-56.2	-31.6	-45.1	-34.8	-0.7	-31.0	0.2	-1.8	26.2	2.2	12.5	18.8
Shares outstanding	50m	51m	52m	61m	61m	61m	62m	62m	97m	116m	116m	117m	118m	119m	120m	120m	123m	125m	126m	126m
Filing	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 4 November 2026: the filing.