Vertex Pharmaceuticals (VRTX) Q2 FY2026 earnings: revenue $3.3 billion, up 12.5% on the year

Vertex Pharmaceuticals Inc. (VRTX) reported revenue of $3.3 billion for Q2 FY2026, the quarter ended 30 June 2026, up 12.5% on the same quarter a year earlier. Net income was $1.1 billion, up 6.5% on the year, and diluted earnings per share $4.31. The figures are the company's own, from the 10-Q it filed with the SEC on 4 August 2026.

Revenue

$3.3 billion

+12.5% on the year · +11.6% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

37.4%

38.8% a year earlier

Q3 FY2024Q2 FY2026

Net income

$1.1 billion

+6.5% on the year · +6.6% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$4.31

+8.0% on the year · +7.2% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 1 raised, 7 kept.

Total revenue rose 12 percent: The company reported total revenue of $3.33 billion, up 12% from the second quarter of 2025. Management attributed the increase mainly to cystic fibrosis therapies and growth in additional disease areas.
ALYFTREK revenue more than tripled: ALYFTREK revenue was $573.6 million, against $156.8 million a year earlier. New U.S. initiations and ex-U.S. uptake were cited as drivers.
Spending rose on launch and renal build-out: GAAP combined expenses were $1.6 billion and non-GAAP $1.4 billion, against $1.4 billion and $1.2 billion. Management said the increase reflected JOURNAVX launch investment and the renal build-out led by povetacicept.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	3,334	2,987	2,965	+11.6%	+12.5%
Cost of revenue	489	393	408	+24.5%	+20.0%
Gross profit	2,845	2,594	2,557	+9.7%	+11.2%
Gross margin	85.3%	86.8%	86.3%
Research and development	994	962	978	+3.3%	+1.6%
Selling, general and administrative	582	494	425	+17.9%	+37.1%
Operating income	1,247	1,138	1,151	+9.6%	+8.3%
Operating margin	37.4%	38.1%	38.8%
Interest expense	n/a	n/a	3.7
Pre-tax income	1,392	1,253	1,283	+11.1%	+8.5%
Income tax	292	222	250	+31.8%	+16.8%
Effective tax rate	21.0%	17.7%	19.5%
Net income	1,100	1,031	1,033	+6.6%	+6.5%
Net margin	33.0%	34.5%	34.8%
Diluted EPS	$4.31	$4.02	$3.99	+7.2%	+8.0%

$ 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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,125	1,428	1,073	-21.2%	+4.9%
Capital expenditure	112	133	146	-15.9%	-23.0%
Free cash flow	1,013	1,295	927	-21.7%	+9.3%
Free cash flow margin	30.4%	43.3%	31.3%
Cash from investing	-45.8	-432	-484
Cash from financing	-427	-539	-349
Depreciation and amortisation	56.5	55.9	51.7	+1.1%	+9.3%
Share-based compensation	170	166	167	+2.3%	+1.7%
Buybacks	470	337	392	+39.4%	+19.8%
Diluted shares, weighted	255m	256m	259m	-0.4%	-1.4%
Shares outstanding at period end	253m	254m	256m	-0.3%	-1.1%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	20,248	19,362	17,175	+4.6%	+17.9%
Debt	0.0	0.0	0.0
Operating lease liabilities	1,978	1,986	1,527	-0.4%	+29.5%
Other liabilities	5,198	5,136	5,334	+1.2%	-2.6%
Total liabilities and equity	27,423	26,484	24,037	+3.5%	+14.1%
Goodwill	1,088	1,088	1,088	0.0%	0.0%
Intangible assets	413	418	436	-1.4%	-5.2%
Investments	7,498	7,504	7,056	-0.1%	+6.3%
Cash and equivalents	6,144	5,493	4,972	+11.8%	+23.6%
Receivables	2,134	1,996	1,894	+6.9%	+12.7%
Inventory	1,765	1,767	1,499	-0.1%	+17.7%
Other assets	8,382	8,218	7,092	+2.0%	+18.2%
Total assets	27,423	26,484	24,037	+3.5%	+14.1%

Questions

What was Vertex Pharmaceuticals' revenue in Q2 FY2026?

Vertex Pharmaceuticals (VRTX) reported revenue of $3.3 billion for Q2 FY2026, the quarter ended 30 June 2026, up 12.5% on the same quarter a year earlier.

How much did Vertex Pharmaceuticals earn in Q2 FY2026?

Net income for Q2 FY2026 was $1.1 billion, up 6.5% on the year, and diluted earnings per share $4.31.

When did Vertex Pharmaceuticals report Q2 FY2026 results?

Vertex Pharmaceuticals filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 4 August 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	2,073	2,098	2,196	2,334	2,303	2,375	2,493	2,484	2,518	2,691	2,646	2,772	2,912	2,770	2,965	3,076	3,190	2,987	3,334	3,441
Cost of revenue	247	246	262	289	283	267	309	319	368	343	372	393	423	363	408	415	466	393	489	526
Gross profit	1,825	1,852	1,934	2,045	2,019	2,108	2,185	2,165	2,150	2,348	2,274	2,379	2,489	2,407	2,557	2,662	2,724	2,594	2,845	2,915
Gross margin	88%	88%	88%	88%	88%	89%	88%	87%	85%	87%	86%	86%	85%	87%	86%	87%	85%	87%	85%	85%
R&D	694	603	600	645	694	743	786	810	825	789	967	876	999	980	978	978	974	962	994	1,321
SG&A	255	215	215	247	267	241	263	264	369	343	372	372	378	396	425	445	487	494	582	844
Operating income	878	1,041	1,106	1,127	1,034	779	1,026	1,038	988	1,140	-3,515	1,116	1,026	630	1,151	1,186	1,206	1,138	1,247	713
Operating margin	42%	50%	50%	48%	45%	33%	41%	42%	39%	42%	-133%	40%	35%	23%	39%	39%	38%	38%	37%	21%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	11.2	10.9	n/a	10.4	9.9	7.5	2.8	3.0	3.7	3.3	3.3	n/a	n/a	36.0
Pre-tax income	871	955	1,024	1,176	1,077	892	1,162	1,179	1,148	1,279	-3,391	1,224	1,136	730	1,283	1,299	1,331	1,253	1,392	783
Tax rate	12%	20%	21%	21%	24%	22%	21%	12%	16%	14%	n/a	15%	20%	12%	19%	17%	11%	18%	21%	17%
Net income	770	762	810	930	819	700	916	1,035	969	1,100	-3,594	1,045	913	646	1,033	1,083	1,191	1,031	1,100	654
Net margin	37%	36%	37%	40%	36%	29%	37%	42%	38%	41%	-136%	38%	31%	23%	35%	35%	37%	35%	33%	19%
Diluted EPS	$2.98	$2.96	$3.13	$3.59	$3.15	$2.69	$3.52	$3.97	$3.71	$4.21	-$13.92	$4.01	$3.50	$2.49	$3.99	$4.20	$4.65	$4.02	$4.31	$2.56
Operating cash flow	995	956	1,140	956	1,078	900	1,134	1,268	235	1,307	-3,754	1,370	585	819	1,073	1,241	498	1,428	1,125	643
Capital expenditure	61.7	63.6	53.3	54.2	33.6	42.1	59.6	40.6	58.1	68.4	69.0	67.7	92.6	40.7	146	102	149	133	112	97.3
Free cash flow	933	893	1,086	901	1,045	858	1,075	1,228	176	1,238	-3,823	1,302	492	778	927	1,140	349	1,295	1,013	546
Buybacks	368	0.0	0.0	0.0	0.0	133	28.3	117	150	131	320	308	418	426	392	1,071	128	337	470	127
Shares outstanding	254m	256m	256m	257m	257m	258m	258m	258m	258m	258m	258m	258m	257m	257m	256m	254m	254m	254m	253m	254m
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 June 2026, filed 4 August 2026: the filing.