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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Arcus Biosciences reported revenue of $33M in the fiscal year ended Dec 2025, down 35.3% from the year before. Operating income was −$386M, an operating margin of −1169.7%, and net income was −$353M. Operating cash flow of −$482M less capital expenditure of $2M left free cash flow of −$484M. It held more cash than debt (net cash $123M).
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 383 | 38.0 | 37.0 | 51.0 | 33.0 |
| Research & development | 257 | 288 | 340 | 448 | 523 |
| Operating income | 54.0 | −280 | −340 | −330 | −386 |
| Interest expense | – | 2.0 | 2.0 | 4.0 | 8.0 |
| Pre-tax income | 55.0 | −266 | −301 | −282 | −353 |
| Income tax | 2.0 | 1.0 | 6.0 | 1.0 | 0.0 |
| Net income | 53.0 | −267 | −307 | −283 | −353 |
| Diluted EPS | 0.71 | −3.71 | −4.15 | −3.14 | −3.29 |
| Diluted shares | 74.0 | 72.0 | 74.0 | 90.1 | 107 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 148 | 206 | 127 | 150 | 222 |
| Current assets | 1,262 | 1,067 | 831 | 1,016 | 1,007 |
| Net PP&E | 32.0 | 35.0 | 51.0 | 47.0 | 40.0 |
| Total assets | 1,592 | 1,345 | 1,095 | 1,150 | 1,139 |
| Payables | 10.0 | 20.0 | 17.0 | 18.0 | 42.0 |
| Deferred revenue | 102 | 97.0 | 91.0 | 85.0 | 35.0 |
| Current liabilities | 166 | 193 | 184 | 226 | 231 |
| Long-term debt | – | – | 0.0 | 48.0 | 99.0 |
| Total liabilities | 750 | 688 | 633 | 665 | 508 |
| Shareholders' equity | 842 | 657 | 462 | 485 | 631 |
| Backlog (remaining obligations) | – | – | – | 522 | 256 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −256 | 438 | −306 | −170 | −482 |
| Capital expenditure | 26.0 | 6.0 | 24.0 | 6.0 | 2.0 |
| Free cash flow | −282 | 432 | −330 | −176 | −484 |
| Depreciation & amortisation | 4.0 | 6.0 | 8.0 | 10.0 | 10.0 |
| Stock-based compensation | 55.0 | 65.0 | 73.0 | 76.0 | 60.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −90.1% | −2.6% | 37.8% | −35.3% |
| Operating income growth (YoY) | – | −618.5% | – | – | – |
| EPS growth (YoY) | – | −622.5% | – | – | – |
| Operating margin | 14.1% | −736.8% | −918.9% | −647.1% | −1169.7% |
| Net margin | 13.8% | −702.6% | −829.7% | −554.9% | −1069.7% |
| Return on equityBlank when equity is negative | 6.3% | −40.6% | −66.5% | −58.4% | −55.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.8% | −24.3% | −37.3% | −35.7% | −42.5% |
| Free cash flow margin | −73.6% | 1136.8% | −891.9% | −345.1% | −1466.7% |
| Cash conversion (CFO ÷ net income) | −4.83x | −1.64x | 1.00x | 0.60x | 1.37x |
| Interest cover | – | −140x | −170x | −82.5x | −48.3x |
| Debt ÷ equity | – | – | 0.00x | 0.10x | 0.16x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | −127 | −102 | −123 |
| Current ratio | 7.60x | 5.53x | 4.52x | 4.50x | 4.36x |
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.