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Other financials

Income statement

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Revenue$364.3M+71.2%
Gross profit$43.5M
Net income-$57.9M-37.0%
EPS (diluted)-$1.99-4.7%

Balance sheet

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Cash & equivalents$292.9M+53.2%
Total debt$377.9M+179%
Total equity$523.7M-24.7%
Total assets$1.2B+22.6%

Cash flow

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Operating cash flow-$167.4M-88.4%
CapEx$4.3M
Free cash flow-$171.3M-92.7%

Valuation

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Market cap$11.88B+57.6%
Enterprise value$11.96B+59.9%
P/S9.3×-5.4×

Profitability

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Gross margin96.5%
Operating margin-25.1%-9.2pp
Net margin-25.3%-8.8pp
FCF margin-59.8%-29.6pp

Returns & leverage

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Return on equity-53.3%+47.0pp
Debt / equity0.7×+0.5×
Current ratio3.2×-1.9×

Where this comes from

Reported directly by Madrigal Pharmaceuticals, Inc. in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The source filing: Madrigal Pharmaceuticals, Inc.’s 10-Q, filed July 30, 2026.

Filed
Jul 30, 2026, 9:06 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-050845
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Research and development91,17854,081199,87098,253
Selling, general and administrative289,375196,858557,896364,734
Total operating expenses420,560260,004824,620476,565
Loss from operations(56,308)(47,202)(149,031)(126,513)
Interest income7,1048,22715,34717,597
Interest expense(7,940)(3,264)(15,759)(6,561)
Other expense, net(795)(42)(2,887)(42)
Net loss$(57,939)$(42,281)$(152,330)$(115,519)

Item 1. Financial Statements (Unaudited):

FAQ

What is Madrigal Pharmaceuticals, Inc.'s operating income?
Madrigal Pharmaceuticals, Inc. (MDGL) reported operating income of -$56.31M in Q2 2026.
How has Madrigal Pharmaceuticals, Inc.'s operating income changed year-over-year?
Madrigal Pharmaceuticals, Inc.'s operating income decreased by 19.3% year-over-year, from -$47.2M to -$56.31M.
What is the long-term trend for Madrigal Pharmaceuticals, Inc.'s operating income?
Over 4 years (2021 to 2025), Madrigal Pharmaceuticals, Inc.'s operating income has grown at a 5.5% compound annual growth rate (CAGR), from -$242.48M to -$300.1M.
What does operating income mean?
Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

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