Liquidia (LQDA) FY2025 results: revenue $158 million, up 1031.2% on the year
Liquidia Corp. (LQDA) reported revenue of $158 million for fiscal 2025, the year ended 31 December 2025, up 1031.2% on the year before. Net income was -$69 million, and diluted earnings per share $-0.80. The figures are the company's own, from the 10-K it filed with the SEC on 5 March 2026.
Revenue
$158 million
+1,031.2% on the year
FY2019FY2025
Operating margin
-32.5%
-866.6% a year earlier
FY2019FY2025
Net income
-$69 million
FY2019FY2025
Diluted EPS
-$0.80
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Full-year product sales reached $148.3 million: Product sales, net totaled $148.3 million for 2025. Shipments began in June 2025, and no product sales were recorded in 2024.
Fourth-quarter product sales were $90.1 million: Fourth-quarter product sales were $90.1 million, up from $51.7 million in the third quarter as reported in the prior release.
Second consecutive profitable quarter: Net income was $14.6 million in the fourth quarter and adjusted EBITDA was $27.3 million. Management called this the second consecutive quarter of profitability.
Prescriptions and patient starts since launch: As of February 28, 2026, the company had received more than 3,600 unique prescriptions and started more than 2,900 patients since the June 2025 launch.
SG&A nearly doubled on commercial build-out: SG&A was $157.2 million for 2025, up 93%, with higher personnel and stock-based compensation and $16.1 million more in commercial and consulting spend for YUTREPIA.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
-35.7
-93.4
-41.6
Capital expenditure
4.3
4.9
1.3
-12.4%
Free cash flow
-40.0
-98.4
-42.9
Free cash flow margin
-25.3%
-702.9%
-245.0%
Cash from investing
-6.3
-8.4
-11.3
Cash from financing
59.7
195
43.2
-69.3%
Depreciation and amortisation
1.5
2.2
2.2
-30.5%
Share-based compensation
29.5
18.8
10.1
+56.7%
Diluted shares, weighted
86m
79m
65m
+9.3%
Shares outstanding at period end
87m
85m
69m
+3.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
44.7
79.4
47.3
-43.6%
Debt
n/a
n/a
0.0
Operating lease liabilities
n/a
n/a
2.3
Finance lease liabilities
n/a
n/a
0.1
Other liabilities
283
151
68.7
+87.6%
Total liabilities and equity
328
230
118
+42.4%
Fixed assets
11.8
8.3
4.5
+42.7%
Goodwill
3.9
3.9
3.9
0.0%
Intangible assets
3.0
3.2
3.4
-6.5%
Cash and equivalents
191
176
83.7
+8.0%
Receivables
54.1
2.7
4.1
+1,889.4%
Inventory
23.8
0.2
n/a
+9,776.3%
Other assets
40.7
35.5
18.8
+14.5%
Total assets
328
230
118
+42.4%
10-K for the year ended 31 December 2025, filed 5 March 2026: the filing.