Glaukos
GKOS · NYSESurgical & Medical Instruments & Apparatus · Fiscal year ends Dec 31
Glaukos reported revenue of $507M in the fiscal year ended Dec 2025, up 32.3% from the year before. Operating income was −$200M, an operating margin of −39.3%, and net income was −$188M. Operating cash flow of −$15M less capital expenditure of $8M left free cash flow of −$22M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $294M | $283M | $315M | $383M | $507M |
| Cost of revenue | $67M | $69M | $76M | $94M | $112M |
| Gross profit | $227M | $214M | $239M | $289M | $283M |
| Selling, general & admin | $179M | $193M | $224M | $261M | $332M |
| Operating income | −$33M | −$82M | −$129M | −$122M | −$200M |
| Interest expense | $13M | $14M | $14M | $10M | $5M |
| Pre-tax income | −$49M | −$98M | −$134M | −$146M | −$193M |
| Income tax | $326,000 | $766,000 | $934,000 | $771,000 | −$5M |
| Net income | −$50M | −$99M | −$135M | −$146M | −$188M |
| Diluted EPS | −1.07 | −2.09 | −2.78 | −2.77 | −3.28 |
| Diluted shares | 46M | 47M | 48M | 53M | 57M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $101M | $120M | $93M | $170M | $91M |
| Receivables | $33M | $36M | $40M | $61M | $109M |
| Inventory | $23M | $38M | $42M | $58M | $64M |
| Current assets | $486M | $444M | $395M | $450M | $475M |
| Net PP&E | $69M | $94M | $103M | $98M | $113M |
| Goodwill | $66M | $66M | $66M | $66M | $67M |
| Total assets | $1B | $1B | $940M | $975M | $893M |
| Payables | $7M | $14M | $13M | $13M | $25M |
| Current liabilities | $63M | $72M | $74M | $75M | $101M |
| Total liabilities | $463M | $472M | $479M | $208M | $237M |
| Shareholders' equity | $587M | $530M | $462M | $767M | $656M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $25M | −$33M | −$58M | −$61M | −$15M |
| Capital expenditure | $48M | $30M | $20M | $6M | $8M |
| Free cash flow | −$23M | −$63M | −$78M | −$68M | −$22M |
| Depreciation & amortisation | $30M | $32M | $34M | $36M | $38M |
| Stock-based compensation | $30M | $39M | $44M | $50M | $63M |
| Acquisitions | – | – | – | – | $12M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −3.8% | 11.3% | 21.9% | 32.3% |
| Gross margin | 77.3% | 75.6% | 76.0% | 75.5% | 55.7% |
| Operating margin | −11.2% | −29.1% | −40.9% | −31.9% | −39.3% |
| Net margin | −16.9% | −35.1% | −42.8% | −38.2% | −37.0% |
| Return on equityBlank when equity is negative | −8.4% | −18.7% | −29.2% | −19.1% | −28.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −3.3% | −8.9% | −14.9% | −13.6% | −25.2% |
| Free cash flow margin | −7.8% | −22.4% | −24.8% | −17.6% | −4.4% |
| Cash conversion (CFO ÷ net income) | −0.50x | 0.33x | 0.43x | 0.42x | 0.08x |
| Receivable days | 42 | 47 | 46 | 58 | 78 |
| Inventory days | 126 | 200 | 203 | 224 | 207 |
| Payable days | 40 | 76 | 65 | 51 | 80 |
| Interest cover | −2.46x | −6.00x | −9.44x | −12.2x | −43.1x |
| Current ratio | 7.67x | 6.13x | 5.34x | 5.99x | 4.69x |
Recent filings
More in Surgical & Medical Instruments & Apparatus
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.