Glaukos (GKOS) Q3 2026 earnings summary

Executive summary

• Record Q3 net sales of $211.0M, up 58% YoY on reported and constant-currency bases.

• GAAP net income was $2.0M, or $0.03 diluted EPS; non-GAAP net income was $28.5M, or $0.47 diluted EPS.

• Growth was led by iDose TR and Epioxa, alongside continued pipeline progress.

Financial highlights

• Q3 revenue was $211.0M versus $133.5M; 9M revenue was $547.2M versus $364.3M.

• Q3 operating income was $0.8M versus an operating loss of $16.4M; non-GAAP operating income was $27.3M versus a $9.3M loss.

• 9M GAAP net loss narrowed to $36.1M from $54.0M; non-GAAP net income was $9.8M versus a $35.4M loss.

• Q3 SG&A rose 58% to $130.9M and R&D rose 26% to $48.1M; 9M operating expenses increased 41% to $485.0M.

Outlook and guidance

• FY26 net sales guidance raised to $775M–$785M from $680M–$700M; the midpoint increased by $90M.

• Preliminary FY27 net sales outlook is $1B, including scenarios with a proposed or finalized iDose LCD; further franchise detail to follow.

• FY26 iDose sales are expected in the low $280Ms, up from prior expectations of $275M–$280M and more than double FY25.

• FY26 operating expenses are expected near $630M, up just over 30% YoY; Q4 expense growth is expected at 25%–30%, with operating leverage maintained.

• SG&A and R&D are expected to grow with commercial infrastructure, market access and clinical development; 2026 capital expenditures are expected to exceed 2025.