United Therapeutics (UTHR) Q3 FY2026 earnings: revenue $832 million, up 4.1% on the year

United Therapeutics Corp. (UTHR) reported revenue of $832 million for Q3 FY2026, the quarter ended 30 September 2026, up 4.1% on the same quarter a year earlier. Net income was $259 million, down 23.6% on the year, and diluted earnings per share $5.71. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$832 million

+4.1% on the year · +6.3% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

37.0%

48.6% a year earlier

Q4 FY2024Q3 FY2026

Net income

$259 million

-23.6% on the year · -22.3% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$5.71

-20.3% on the year · -21.5% on the quarter

Q4 FY2024Q3 FY2026

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

What management said

Guidance figures: 2 new.

Revenue rose four percent: Total revenues were $832.5 million, up four percent from $799.5 million in the third quarter of 2025, the company reported.
Net income and EPS declined: Net income was $258.6 million, down 24 percent. Diluted EPS was $5.71 against $7.16, down 20 percent; basic EPS was $6.06 against $7.73.
Tyvaso DPI sales grew 13 percent: Tyvaso DPI revenue was $378.5 million against $336.2 million. The company attributed the growth to higher quantities sold of $43.9 million and a price increase.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	832	783	800	+6.3%	+4.1%
Cost of revenue	99.1	99.5	101	-0.4%	-1.8%
Gross profit	733	684	699	+7.3%	+5.0%
Gross margin	88.1%	87.3%	87.4%
Research and development	279	146	128	+90.8%	+119.0%
Selling, general and administrative	146	207	183	-29.2%	-19.8%
Operating income	308	331	388	-7.0%	-20.8%
Operating margin	37.0%	42.2%	48.6%
Interest expense	2.9	2.9	3.0	0.0%	-3.3%
Pre-tax income	373	373	438	+0.0%	-14.9%
Income tax	114	39.7	99.3	+187.7%	+15.0%
Effective tax rate	30.6%	10.7%	22.7%
Net income	259	333	339	-22.3%	-23.6%
Net margin	31.1%	42.5%	42.4%
Diluted EPS	$5.71	$7.27	$7.16	-21.5%	-20.3%

$ 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	306	314	562	-2.3%	-45.5%
Capital expenditure	181	108	210	+67.3%	-14.2%
Free cash flow	126	206	352	-38.8%	-64.2%
Free cash flow margin	15.1%	26.2%	44.0%
Cash from investing	-511	87.5	141
Cash from financing	-410	122	-956
Depreciation and amortisation	26.4	24.2	21.9	+9.1%	+20.5%
Share-based compensation	41.0	43.4	39.1	-5.5%	+4.9%
Buybacks	500	0.0	1,000		-50.0%
Diluted shares, weighted	45m	46m	47m	-1.1%	-4.2%
Shares outstanding at period end	42m	43m	43m	-0.7%	-1.2%

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	6,276	6,400	6,590	-1.9%	-4.8%
Debt	0.0	0.0	0.0
Other liabilities	758	820	761	-7.5%	-0.4%
Total liabilities and equity	7,034	7,220	7,351	-2.6%	-4.3%
Fixed assets	2,042	1,930	1,556	+5.8%	+31.3%
Investments	2,347	2,000	2,995	+17.3%	-21.6%
Cash and equivalents	1,189	1,803	1,340	-34.1%	-11.3%
Receivables	349	310	298	+12.3%	+17.1%
Inventory	202	194	176	+4.2%	+14.4%
Other assets	906	982	986	-7.8%	-8.2%
Total assets	7,034	7,220	7,351	-2.6%	-4.3%

Questions

What was United Therapeutics' revenue in Q3 FY2026?

United Therapeutics (UTHR) reported revenue of $832 million for Q3 FY2026, the quarter ended 30 September 2026, up 4.1% on the same quarter a year earlier.

How much did United Therapeutics earn in Q3 FY2026?

Net income for Q3 FY2026 was $259 million, down 23.6% on the year, and diluted earnings per share $5.71.

When did United Therapeutics report Q3 FY2026 results?

United Therapeutics filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 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	415	462	467	516	492	507	596	609	615	678	715	749	736	794	799	800	790	782	783	832
Cost of revenue	34.6	25.9	29.7	37.2	58.8	52.3	64.1	70.1	71.0	72.9	77.8	83.1	75.9	92.5	87.6	101	103	133	99.5	99.1
Gross profit	381	436	437	479	433	455	532	539	544	605	637	666	660	702	711	699	687	648	684	733
Gross margin	92%	94%	94%	93%	88%	90%	89%	88%	88%	89%	89%	89%	90%	88%	89%	87%	87%	83%	87%	88%
R&D	82.9	69.0	93.9	66.1	93.9	82.9	89.0	84.7	151	104	140	104	134	149	134	128	140	138	146	279
SG&A	n/a	79.0	142	98.4	163	87.3	130	128	132	144	178	219	168	170	212	183	191	184	207	146
Operating income	170	288	202	314	176	284	313	327	260	356	320	343	358	383	364	388	357	326	331	308
Operating margin	41%	62%	43%	61%	36%	56%	53%	54%	42%	53%	45%	46%	49%	48%	46%	49%	45%	42%	42%	37%
Interest expense	4.7	4.7	6.2	9.2	12.3	13.8	14.8	15.6	15.1	13.3	11.6	10.1	7.9	6.1	7.3	3.0	3.1	3.0	2.9	2.9
Pre-tax income	140	309	151	312	179	292	335	352	295	399	355	389	396	424	408	438	444	318	373	373
Tax rate	20%	22%	23%	23%	26%	17%	23%	24%	27%	23%	22%	20%	24%	24%	24%	23%	18%	14%	11%	31%
Net income	112	240	116	239	132	241	259	268	217	307	278	309	301	322	310	339	364	275	333	259
Net margin	27%	52%	25%	46%	27%	48%	43%	44%	35%	45%	39%	41%	41%	41%	39%	42%	46%	35%	43%	31%
Diluted EPS	$2.38	$5.03	$2.41	$4.91	$2.65	$4.86	$5.24	$5.38	$4.36	$6.17	$5.85	$6.39	$6.19	$6.63	$6.41	$7.16	$7.70	$5.82	$7.27	$5.71
Operating cash flow	175	289	127	259	128	375	106	346	151	376	232	377	341	461	192	562	346	463	314	306
Capital expenditure	70.6	13.5	17.0	68.8	39.5	41.3	44.7	65.7	78.7	38.2	45.1	76.5	86.7	74.9	62.2	210	173	101	108	181
Free cash flow	104	275	110	190	88.7	334	61.6	280	72.0	338	187	301	254	386	130	352	173	362	206	126
Buybacks	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	0.0	1,000	0.0	0.0	0.0	0.0	0.0	1,000	0.0	1,500	0.0	500
Shares outstanding	45m	45m	45m	46m	46m	47m	47m	47m	47m	44m	44m	45m	45m	45m	45m	43m	44m	42m	43m	42m
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. 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 4 November 2026: the filing.