Sarepta Therapeutics (SRPT) Q3 FY2026 earnings: revenue $381 million, down 4.5% on the year

Sarepta Therapeutics, Inc. (SRPT) reported revenue of $381 million for Q3 FY2026, the quarter ended 30 September 2026, down 4.5% on the same quarter a year earlier. Net income was -$28 million, and diluted earnings per share $-0.27. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$381 million

-4.5% on the year · -5.0% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-2.4%

-25.9% a year earlier

Q4 FY2024Q3 FY2026

Net income

-$28 million

Q4 FY2024Q3 FY2026

Diluted EPS

-$0.27

Q4 FY2024Q3 FY2026

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

What management said

Guidance figures: 2 narrowed.

Net product revenue fell year on year: Products net revenue was $323.8 million in the quarter, versus $370.0 million a year earlier. Total revenues were $381.4 million, down $18.0 million, mainly from lower ELEVIDYS volume after the label narrowed to ambulatory patients.
Operating result turned to GAAP loss: GAAP operating loss was $9.0 million, against non-GAAP operating income of $22.9 million. Diluted GAAP loss per share was $0.27; non-GAAP diluted EPS was $0.13.
PMO and ELEVIDYS revenue split: Net product revenue comprised $240.3 million of PMO revenue and $83.5 million of ELEVIDYS revenue in the quarter. Second-quarter PMO revenue was $230.6 million and ELEVIDYS $98.1 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	381	401	399	-5.0%	-4.5%
Gross profit	n/a	n/a	219
Gross margin	n/a	n/a	54.9%
Research and development	82.5	91.3	219	-9.5%	-62.3%
Selling, general and administrative	119	108	91.9	+10.2%	+29.1%
Operating income	-9.0	13.3	-103
Operating margin	-2.4%	3.3%	-25.9%
Interest expense	21.6	-21.5	7.6		+185.7%
Pre-tax income	-25.8	-1.7	-194
Income tax	2.7	3.1	-14.1	-14.2%
Net income	-28.5	-4.9	-50.6
Net margin	-7.5%	-1.2%	-12.7%
Diluted EPS	-$0.27	-$0.05	-$0.50

$ 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	60.0	197	-14.6	-69.6%
Capital expenditure	2.9	0.6	22.9	+428.6%	-87.2%
Free cash flow	57.0	197	-37.5	-71.0%
Free cash flow margin	15.0%	49.0%	-9.4%
Cash from investing	-158	-93.4	232
Cash from financing	0.0	0.0	-118
Depreciation and amortisation	5.9	10.4	18.4	-43.3%	-68.0%
Share-based compensation	26.7	24.5	14.9	+9.0%	+79.2%
Buybacks	n/a	n/a	0.0
Diluted shares, weighted	106m	105m	100m	+0.5%	+5.7%
Shares outstanding at period end	107m	106m	105m	+1.5%	+2.4%

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	1,529	1,528	1,320	+0.1%	+15.8%
Debt	857	848	1,035	+1.1%	-17.2%
Operating lease liabilities	196	198	215	-1.3%	-9.0%
Other liabilities	584	615	923	-5.0%	-36.7%
Total liabilities and equity	3,166	3,189	3,493	-0.7%	-9.4%
Fixed assets	319	326	359	-2.1%	-11.0%
Intangible assets	29.8	30.6	29.7	-2.5%	+0.5%
Investments	515	363	239	+41.9%	+115.5%
Cash and equivalents	473	571	613	-17.2%	-22.9%
Receivables	369	377	396	-2.0%	-6.7%
Inventory	876	904	1,077	-3.1%	-18.7%
Other assets	584	617	780	-5.3%	-25.1%
Total assets	3,166	3,189	3,493	-0.7%	-9.4%

Questions

What was Sarepta Therapeutics' revenue in Q3 FY2026?

Sarepta Therapeutics (SRPT) reported revenue of $381 million for Q3 FY2026, the quarter ended 30 September 2026, down 4.5% on the same quarter a year earlier.

How much did Sarepta Therapeutics earn in Q3 FY2026?

Net loss for Q3 FY2026 was $28 million, and the diluted loss per share $0.27.

When did Sarepta Therapeutics report Q3 FY2026 results?

Sarepta Therapeutics filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 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	201	211	233	230	258	254	261	332	397	413	363	467	658	745	611	399	443	731	401	381
Gross profit	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	309	316	338	506	474	361	219	-29.1	n/a	n/a	n/a
Gross margin	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	75%	87%	72%	77%	64%	59%	55%	-7%	n/a	n/a	n/a
R&D	197	194	252	217	214	246	242	194	196	200	180	224	200	773	204	219	325	154	91.3	82.5
SG&A	78.1	71.8	154	105	120	111	119	121	132	127	139	128	164	134	138	91.9	128	109	108	119
Operating income	-106	-86.9	-211	-131	-107	-138	-134	-20.8	24.6	34.9	-0.7	22.2	162	-300	116	-103	-412	358	13.3	-9.0
Operating margin	-53%	-41%	-90%	-57%	-41%	-54%	-51%	-6%	6%	8%	-0%	5%	25%	-40%	19%	-26%	-93%	49%	3%	-2%
Interest expense	16.0	15.8	16.0	14.7	6.7	6.3	5.2	5.2	5.2	4.2	4.8	4.9	-32.3	-4.5	5.2	7.6	-46.4	-21.7	-21.5	21.6
Pre-tax income	-122	-104	-228	-256	-101	-513	-14.6	-33.2	40.4	41.4	13.6	34.0	172	-384	154	-194	-278	343	-1.7	-25.8
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-13%	13%	52%	1%	7%	n/a	-28%	n/a	n/a	4%	n/a	n/a
Net income	-122	-105	-231	-258	-109	-517	-23.9	-40.9	45.7	36.1	6.5	33.6	159	-448	197	-50.6	-412	331	-4.9	-28.5
Net margin	-61%	-50%	-99%	-112%	-42%	-204%	-9%	-12%	12%	9%	2%	7%	24%	-60%	32%	-13%	-93%	45%	-1%	-7%
Diluted EPS	-$1.43	-$1.20	-$2.65	-$2.94	-$1.24	-$5.86	-$0.27	-$0.46	$0.79	$0.37	$0.07	$0.34	$1.50	-$4.60	$1.89	-$0.50	-$3.93	$2.88	-$0.05	-$0.27
Operating cash flow	-29.3	-101	-66.8	-65.0	-92.4	-209	-122	-115	-54.7	-242	14.9	-70.7	92.0	-583	261	-14.6	131	-203	197	60.0
Capital expenditure	2.2	5.6	9.1	8.2	8.0	9.5	17.9	29.7	19.0	32.4	29.2	37.3	38.1	43.7	31.8	22.9	3.6	2.1	0.6	2.9
Free cash flow	-31.5	-107	-75.9	-73.2	-100	-219	-140	-144	-73.7	-275	-14.2	-108	54.0	-627	230	-37.5	128	-205	197	57.0
Buybacks	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	0.0	n/a	n/a	n/a	n/a
Shares outstanding	87m	87m	88m	88m	88m	93m	93m	94m	94m	94m	95m	95m	97m	98m	98m	105m	105m	106m	106m	107m
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-K	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 quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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 5 November 2026: the filing.