Liquidia Corp (LQDA) financials
Liquidia revenue and earnings by year
Liquidia's revenue was $158 million in the fiscal year to December 31, 2025, up 1031.2% from the year before. Net income was -$68.9 million, -43.5% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 31.8% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 158 | 14 | 17 | 16 | 13 | 1 | 8 | 3 | 7 | 13 |
| Revenue growth | 1031.2% | -20.0% | 9.7% | 24.0% | 1637.8% | -90.8% | 198.2% | -62.7% | -45.1% | — |
| Gross profit | 145 | 8 | 15 | 13 | 10 | 1 | 7 | 3 | 7 | 12 |
| Gross margin | 91.6% | 58.0% | 83.5% | 82.1% | 76.5% | 67.9% | 90.0% | 95.5% | 95.6% | 93.0% |
| Operating income | -51 | -121 | -73 | -39 | -34 | -59 | -47 | -35 | -28 | -16 |
| Operating margin | -32.5% | -866.6% | -419.6% | -243.3% | -263.0% | -7989.0% | -580.1% | -1288.1% | -386.2% | -120.0% |
| Net income | -69 | -128 | -79 | -41 | -35 | -60 | -48 | -53 | -29 | -16 |
| Net margin | -43.5% | -916.6% | -448.9% | -257.4% | -269.0% | -8080.1% | -589.5% | -1962.9% | -401.7% | -120.6% |
| Diluted EPS | -$0.80 | -$1.63 | -$1.21 | -$0.67 | -$0.70 | -$1.79 | -$2.62 | — | — | — |
| Free cash flow | -40 | -98 | -43 | -29 | -34 | -55 | -50 | -33 | -27 | -17 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open LQDA in Markets.
How Liquidia makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Product | $170M | 99.2% |
| Services | $1.30M | 0.8% |
See also: LQDA valuation and P/E history · LQDA returns
No forecast, no recommendation. This page describes Liquidia Corp from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.