Corcept Therapeutics
CORT · NasdaqPharmaceutical Preparations · Fiscal year ends Dec 31
Corcept Therapeutics reported revenue of $761M in the fiscal year ended Dec 2025, up 12.8% from the year before. Operating income was $45M, an operating margin of 5.9%, and net income was $100M. Operating cash flow of $142M less capital expenditure of $211,000 left free cash flow of $142M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $366M | $402M | $482M | $675M | $761M |
| Cost of revenue | $5M | $5M | $6M | $11M | $13M |
| Gross profit | $361M | $396M | $476M | $664M | $748M |
| Research & development | $114M | $131M | $184M | $247M | $255M |
| Selling, general & admin | $122M | $153M | $184M | $280M | $449M |
| Operating income | $124M | $113M | $107M | $137M | $45M |
| Pre-tax income | $125M | $116M | $125M | $161M | $66M |
| Income tax | $12M | $15M | $18M | $20M | −$33M |
| Net income | $113M | $101M | $106M | $141M | $100M |
| Diluted EPS | 0.89 | 0.87 | 0.94 | 1.23 | 0.82 |
| Diluted shares | 126M | 116M | 112M | 113M | 120M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $78M | $66M | $136M | $128M | $120M |
| Receivables | $28M | $31M | $41M | $54M | $60M |
| Inventory | $5M | $6M | $8M | $12M | $13M |
| Current assets | $266M | $499M | $459M | $472M | $485M |
| Net PP&E | $1M | $633,000 | $195,000 | $3M | $2M |
| Total assets | $424M | $583M | $622M | $841M | $837M |
| Payables | $7M | $12M | $17M | $15M | $40M |
| Current liabilities | $48M | $72M | $105M | $141M | $166M |
| Total liabilities | $48M | $82M | $115M | $161M | $189M |
| Shareholders' equity | $376M | $502M | $507M | $680M | $648M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $168M | $120M | $127M | $198M | $142M |
| Capital expenditure | $469,000 | $413,000 | $139,000 | $2M | $211,000 |
| Free cash flow | $167M | $120M | $127M | $196M | $142M |
| Depreciation & amortisation | $1M | $1M | $1M | $795,000 | $1M |
| Stock-based compensation | $43M | $42M | $49M | $61M | $85M |
| Share buybacks | – | $0 | $0 | $16M | $173M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.8% | 20.0% | 39.9% | 12.8% |
| Operating income growth (YoY) | – | −9.5% | −4.8% | 27.7% | −67.3% |
| EPS growth (YoY) | – | −2.2% | 8.0% | 30.9% | −33.3% |
| Gross margin | 98.6% | 98.7% | 98.7% | 98.4% | 98.3% |
| Operating margin | 34.0% | 28.0% | 22.2% | 20.3% | 5.9% |
| Net margin | 30.7% | 25.2% | 22.0% | 20.9% | 13.1% |
| Return on equityBlank when equity is negative | 29.9% | 20.2% | 20.9% | 20.8% | 15.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 33.1% | 22.0% | 20.8% | 19.6% | 6.7% |
| Free cash flow margin | 45.7% | 29.8% | 26.2% | 29.1% | 18.6% |
| Cash conversion (CFO ÷ net income) | 1.49x | 1.19x | 1.19x | 1.40x | 1.42x |
| Receivable days | 28 | 28 | 31 | 29 | 29 |
| Inventory days | 345 | 413 | 435 | 416 | 362 |
| Payable days | 477 | 812 | 980 | 516 | 1138 |
| Current ratio | 5.60x | 6.89x | 4.39x | 3.35x | 2.92x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.