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Liquidia Technologies Inc (LQDA) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

HEALTHCARE · DRUG MANUFACTURERS - SPECIALTY & GENERIC · DATA UPDATED 2026-09-19

Liquidia Technologies Inc (LQDA) operates in the DRUG MANUFACTURERS - SPECIALTY & GENERIC industry and is headquartered in Morrisville, United States with about 216 employees. Its market capitalization is roughly $6 billion. In the fiscal year ended 2025-12-31, LQDA reported $158M in revenue and ($69M) in net income.

Liquidia Corporation, a biopharmaceutical company, develops, manufactures, and commercializes various products for rare cardiopulmonary diseases in the United States.

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LQDA Revenue & Earnings History — Annual Income Statement

Income statementTTM → 2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-31
Total Revenue$451M$158M$14M$17M$16M$13M$1M$8M$3M$7M$13M
Gross Profit$417M$145M$8M$15M$13M$10M$1M$7M$3M$7M$12M
Gross Margin %92.5%91.6%58.0%83.5%82.1%76.5%67.9%90.0%95.5%95.6%93.0%
Operating Income (EBIT)$170M($51M)($121M)($73M)($39M)($34M)($59M)($47M)($35M)($28M)($16M)
Operating Margin %37.7%-32.5%-866.6%-419.6%-243.3%-263.0%-7989.0%-580.1%-1288.1%-386.2%-120.0%
Net Income$139M($69M)($130M)($79M)($41M)($35M)($60M)($48M)($53M)($29M)($16M)
Net Margin %30.8%-43.5%-931.6%-448.9%-257.4%-269.0%-8080.1%-589.5%-1962.9%-401.7%-120.6%
EBITDA($43M)($116M)($70M)($35M)($28M)($56M)($43M)($33M)($15M)($15M)
Earnings Per Share (EPS)$1.37$-0.80$-1.66$-1.21$-0.67$-0.70$-1.76$-2.57$-7.42$-3.40$-3.13
Shares Outstanding (M)86M79M65M61M50M34M18M7M9M5M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LQDA Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-302024-06-30
Total Revenue$172M$133M$92M$54M$9M$3M$3M$4M$4M
Gross Profit$160M$121M$85M$51M$8M$2M$2M$3M$2M
Gross Margin %93.0%90.9%92.3%94.2%85.4%51.4%53.6%64.8%59.2%
Operating Income (EBIT)$86M$62M$20M$2M($38M)($35M)($36M)($29M)($27M)
Operating Margin %50.0%46.3%21.5%3.2%-424.4%-1135.4%-1237.8%-656.2%-743.3%
Net Income$75M$53M$15M($4M)($42M)($38M)($38M)($23M)($28M)
Net Margin %43.6%39.8%15.8%-6.5%-470.5%-1229.7%-1315.4%-520.6%-763.6%
EBITDA$64M$22M$4M($36M)($33M)($33M)($20M)($25M)
Earnings Per Share (EPS)$0.74$0.52$0.15$-0.04$-0.49$-0.45$-0.45$-0.30
Shares Outstanding (M)101M100M86M86M85M85M78M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LQDA Free Cash Flow History

Cash flowTTM → 2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-31
Cash from Operations (CFO)$78M($36M)($93M)($42M)($29M)($34M)($54M)($48M)($32M)($24M)($14M)
Capital Expenditures (CapEx)$18M$4M$5M$1M$1M$0M$1M$2M$1M$3M$3M
Free Cash Flow (FCF)$60M($40M)($98M)($43M)($29M)($34M)($55M)($50M)($33M)($27M)($17M)
FCF Margin %13.3%-25.3%-702.9%-245.0%-183.1%-265.6%-7422.2%-621.1%-1208.0%-369.7%-127.4%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LQDA Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-30
Cash from Operations (CFO)$80M($36M)$44M($10M)($39M)($31M)($21M)($25M)
Capital Expenditures (CapEx)$11M$4M$2M$1M$1M$0M$5M$2M
Free Cash Flow (FCF)$69M($40M)$42M($11M)($41M)($31M)($26M)($27M)
FCF Margin %-30.1%45.9%-19.7%-458.7%-993.9%-877.7%-603.2%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LQDA Balance Sheet History

Balance sheet2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-31
Total Assets$522M$328M$230M$118M$129M$94M$100M$69M$49M$15M$8M
Cash & Cash Equivalents$284M$191M$176M$84M$93M$57M$65M$56M$40M$3M$1M
Total Liabilities$327M$283M$153M$71M$39M$28M$28M$34M$31M$49M$27M
Total Debt (Short + Long-Term)$55M$192M$116M$47M$21M$11M$12M$18M$12M$22M$8M
Total Shareholders' Equity$195M$45M$77M$47M$90M$65M$71M$35M$19M($34M)($18M)

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive LQDA viewer.

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