Harrow (HROW) Q3 FY2026 earnings: revenue $99 million, up 38.6% on the year

Harrow, Inc. (HROW) reported revenue of $99 million for Q3 FY2026, the quarter ended 30 September 2026, up 38.6% on the same quarter a year earlier. Net income was $10 million, up 856.6% on the year, and diluted earnings per share $0.25. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2026.

Revenue

$99 million

+38.6% on the year · +40.5% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

11.6%

20.6% a year earlier

Q4 FY2024Q3 FY2026

Net income

$10 million

+856.6% on the year

Q4 FY2024Q3 FY2026

Diluted EPS

$0.25

+733.3% on the year

Q4 FY2024Q3 FY2026

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

What management said

Guidance figures: 1 lowered, 2 new, 1 kept.

Revenue rose 41% sequentially: Total revenue was $99.3 million, up 41% sequentially from $70.7 million and 39% year over year from $71.6 million.
Adjusted EBITDA turned positive again: Adjusted EBITDA was $21.2 million, against $(1.2) million in the second quarter and $22.8 million a year earlier; the nine-month total was $7.3 million.
VEVYE revenue and prescriptions grew: VEVYE revenue reached $39.7 million, up 35% sequentially and 75% year over year; total prescriptions rose about 17% sequentially and 83% year over year.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	99.3	70.7	71.6	+40.5%	+38.6%
Cost of revenue	24.4	20.3	17.7	+20.2%	+37.7%
Gross profit	74.9	50.4	53.9	+48.7%	+38.9%
Gross margin	75.4%	71.3%	75.3%
Research and development	10.3	8.1	3.3	+27.4%	+209.6%
Selling, general and administrative	53.1	53.3	35.9	-0.3%	+48.2%
Operating income	11.5	-11.0	14.7		-22.2%
Operating margin	11.6%	-15.6%	20.6%
Interest expense	6.2	6.3	6.0	-0.9%	+2.8%
Pre-tax income	10.3	-17.3	1.0		+906.2%
Income tax	0.5	0.0	0.0
Effective tax rate	4.9%	n/a	0.0%
Net income	9.8	-17.3	1.0		+856.6%
Net margin	9.8%	-24.4%	1.4%
Diluted EPS	$0.25	-$0.46	$0.03		+733.3%

$ 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	-8.6	-9.8	16.6
Capital expenditure	0.4	0.5	0.2	-23.6%	+78.6%
Free cash flow	-9.0	-10.2	16.4
Free cash flow margin	-9.1%	-14.5%	22.9%
Cash from investing	-0.4	-0.5	-0.2
Cash from financing	0.5	-0.5	5.0		-90.6%
Depreciation and amortisation	0.4	0.5	0.3	-3.0%	+36.8%
Share-based compensation	3.7	3.8	3.3	-1.6%	+14.0%
Diluted shares, weighted	39m	37m	39m	+3.2%	-0.9%
Shares outstanding at period end	38m	37m	37m	+0.1%	+1.3%

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	29.2	15.2	47.0	+92.0%	-37.9%
Non-controlling interest	-0.4	-0.4	-0.4
Debt	293	292	347	+0.1%	-15.7%
Operating lease liabilities	7.2	7.4	8.1	-2.3%	-11.0%
Other liabilities	114	102	n/a	+11.8%
Total liabilities and equity	443	417	363	+6.3%	+22.0%
Fixed assets	2.8	3.0	3.4	-4.8%	-16.6%
Goodwill	0.3	0.3	0.3	0.0%	0.0%
Intangible assets	170	176	172	-3.2%	-1.4%
Cash and equivalents	75.3	83.9	74.3	-10.2%	+1.4%
Receivables	155	119	77.6	+31.0%	+100.1%
Inventory	19.2	16.9	12.8	+13.7%	+49.8%
Other assets	20.0	18.6	22.2	+7.4%	-9.9%
Total assets	443	417	363	+6.3%	+22.0%

Questions

What was Harrow's revenue in Q3 FY2026?

Harrow (HROW) reported revenue of $99 million for Q3 FY2026, the quarter ended 30 September 2026, up 38.6% on the same quarter a year earlier.

How much did Harrow earn in Q3 FY2026?

Net income for Q3 FY2026 was $10 million, up 856.6% on the year, and diluted earnings per share $0.25.

When did Harrow report Q3 FY2026 results?

Harrow filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 9 November 2026.

Quarterly results, the last 20 quarters

	Q4 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	20.2	22.1	23.3	22.8	20.3	26.1	33.5	34.3	36.4	34.6	48.9	49.3	66.8	47.8	63.7	71.6	89.1	44.2	70.7	99.3
Cost of revenue	5.1	6.0	6.5	6.7	6.2	8.3	10.0	10.1	11.3	10.6	12.5	12.0	14.1	15.5	16.2	17.7	18.5	17.2	20.3	24.4
Gross profit	15.1	16.2	16.8	16.1	14.2	17.8	23.5	24.2	25.1	24.0	36.4	37.2	52.7	32.3	47.5	53.9	70.6	27.0	50.4	74.9
Gross margin	75%	73%	72%	71%	70%	68%	70%	71%	69%	69%	74%	76%	79%	68%	75%	75%	79%	61%	71%	75%
R&D	3.9	0.7	0.9	0.8	0.7	0.7	1.2	1.4	3.3	2.1	3.1	2.3	4.8	3.0	2.9	3.3	11.7	5.9	8.1	10.3
SG&A	12.7	13.4	14.2	15.4	15.2	15.9	20.0	21.0	26.2	28.8	31.8	33.6	34.8	40.5	33.2	35.9	43.3	43.2	53.3	53.1
Operating income	-1.8	2.1	1.7	-0.1	-1.8	1.2	2.4	1.7	-4.9	-6.9	1.5	1.3	12.9	-11.2	11.4	14.7	15.6	-22.1	-11.0	11.5
Operating margin	-9%	9%	7%	-0%	-9%	5%	7%	5%	-13%	-20%	3%	3%	19%	-23%	18%	21%	17%	-50%	-16%	12%
Interest expense	1.9	1.8	1.8	1.8	1.9	4.7	5.7	5.7	5.1	5.4	5.5	5.5	6.4	6.5	6.4	6.0	5.2	5.5	6.3	6.2
Pre-tax income	-7.3	-2.4	-6.2	-6.4	1.1	-6.9	-4.2	-2.9	-9.7	-13.6	-5.8	-4.2	6.3	-17.8	5.0	1.0	10.4	-27.6	-17.3	10.3
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0%	0%	n/a	n/a	n/a	5%
Net income	-7.4	-2.4	-6.2	-6.5	1.1	-6.6	-4.2	-4.4	-9.1	-13.6	-6.5	-4.2	6.8	-17.8	5.0	1.0	6.6	-27.6	-17.3	9.8
Net margin	-37%	-11%	-27%	-28%	5%	-25%	-13%	-13%	-25%	-39%	-13%	-9%	10%	-37%	8%	1%	7%	-62%	-24%	10%
Diluted EPS	-$0.28	-$0.09	-$0.23	-$0.24	$0.05	-$0.22	-$0.14	-$0.13	-$0.26	-$0.38	-$0.18	-$0.12	$0.19	-$0.50	$0.13	$0.03	$0.17	-$0.74	-$0.46	$0.25
Operating cash flow	-1.5	1.0	4.9	-0.4	-3.7	-8.2	4.6	-1.2	8.7	-4.6	-2.7	3.0	-17.8	19.7	-0.8	16.6	8.4	-9.0	-9.8	-8.6
Capital expenditure	0.1	0.4	0.3	1.1	0.9	0.5	0.2	0.5	0.2	0.1	0.3	0.6	0.6	0.2	0.2	0.2	0.3	0.2	0.5	0.4
Free cash flow	-1.6	0.6	4.6	-1.5	-4.6	-8.7	4.3	-1.7	8.5	-4.7	-3.1	2.3	-18.3	19.5	-1.0	16.4	8.1	-9.2	-10.2	-9.0
Shares outstanding	27m	27m	27m	27m	30m	30m	30m	35m	35m	35m	35m	36m	36m	36m	37m	37m	37m	37m	37m	38m
Filing	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	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 9 November 2026: the filing.