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Axsome Therapeutics AXSM Q2 2026 earnings

Reported August 10, 2026 · Before market open

Revenue$216.4MMiss by $4.8M
EPS-$0.99Miss by $0.10
Revenue estimate$221.1M
EPS estimate-$0.89
The second quarter was highly productive for Axsome. Our commercial business grew robustly, driven by strong underlying demand for our products, and we made important regulatory and clinical progress across our innovative neuroscience pipeline. We expect our commercial momentum to build over the balance of the year, in particular with anticipated continued Auvelity growth in Alzheimer's disease agitation and major depressive disorder. With a focus on commercial execution and advancement of our broad late-stage neuroscience pipeline targeting high unmet needs, novel indications, first-in-class mechanisms of action, and best-in-class product profiles, Axsome is well positioned to deliver substantial value to patients and shareholders.
Herriot Tabuteau

Next report

Nov 2, 2026 (in a month)
Revenue estimate$258.3M
EPS estimate-$0.49

Financials

Q2 2026

Income statement

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Revenue$218.4M+45.5%
Gross profit$204.8M+49.9%
Operating income-$49.6M-35.2%
Net income-$51.3M-7.0%
EPS (diluted)-$0.99-2.1%

Balance sheet

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Cash & equivalents$319.9M+5.6%
Total debt$224.7M+3.4%
Total equity$83.3M+14.0%
Total assets$761.4M+19.0%

Cash flow

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Operating cash flow-$33.0M-1.6%
CapEx$450.0K+3,362%
Free cash flow-$33.4M-3.0%

Valuation & ratios

Valuation

as of 09/17/26
See full
Market cap$11.1B+90.8%
Enterprise value$11.01B+92.0%
P/S14.3×+2.5×

Profitability

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Gross margin93.2%+1.8pp
Operating margin-24%-7.8pp
Net margin-24.7%-8.3pp
FCF margin-9.4%-3.6pp

Returns & leverage

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Return on equity-245.1%-27.6pp
Debt / equity2.7×-0.3×
Current ratio1.4×-0.1×

Segments

By product

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Royalty And Milestone Revenue$2.0M+86.5%
Royalty$1.5M+36.1%
Milestone Revenue$546.0K

FAQ

When did Axsome Therapeutics report Q2 2026 earnings?
Axsome Therapeutics (AXSM) reported Q2 2026 earnings on August 10, 2026 before market open.
What were Axsome Therapeutics's Q2 2026 revenue and EPS?
Axsome Therapeutics reported revenue of $216.4M and eps of $-0.99 for Q2 2026.
Did Axsome Therapeutics beat estimates in Q2 2026?
Revenue missed the consensus estimate of $221.1M by $4.8M. EPS missed the consensus estimate of $-0.89 by $0.10.
How did Axsome Therapeutics's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 44.2% from $150.0M a year earlier and eps declined 7.6% from $-0.92.
Where can I find Axsome Therapeutics's Q2 2026 SEC filings?
You can read the 8-K earnings release (0001193125-26-341206) and the 10-Q periodic report (0001193125-26-342360) directly on SEC EDGAR. The filing index links above go to sec.gov.