Revolution Medicines
RVMD · NasdaqBiological Products, (No Diagnostic Substances) · Fiscal year ends Dec 31
Revolution Medicines reported revenue of $0 in the fiscal year ended Dec 2025. Net income was −$1.1B. Operating cash flow of −$898M less capital expenditure of $16M left free cash flow of −$914M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $29M | $35M | $12M | $0 | $0 |
| Research & development | $187M | $253M | $423M | $592M | $987M |
| Operating income | −$188M | −$258M | −$487M | −$690M | −$1.2B |
| Interest expense | $12,000 | $0 | $0 | $0 | $24M |
| Pre-tax income | −$187M | −$249M | −$440M | −$601M | −$1.1B |
| Income tax | $0 | −$420,000 | −$4M | −$753,000 | $0 |
| Net income | −$187M | −$249M | −$436M | −$600M | −$1.1B |
| Diluted EPS | −2.57 | −3.08 | −3.86 | −3.58 | −5.95 |
| Diluted shares | 73M | 81M | 113M | 168M | 190M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $108M | $161M | $696M | $543M | $384M |
| Current assets | $590M | $660M | $1.9B | $2.3B | $2.1B |
| Net PP&E | $12M | $19M | $23M | $24M | $33M |
| Goodwill | $15M | $15M | $15M | $15M | $15M |
| Total assets | $738M | $812M | $2.1B | $2.6B | $2.4B |
| Payables | $14M | $21M | $62M | $54M | $65M |
| Deferred revenue | $12M | $4M | $0 | – | – |
| Current liabilities | $60M | $62M | $144M | $164M | $290M |
| Total liabilities | $135M | $127M | $236M | $293M | $723M |
| Shareholders' equity | $603M | $685M | $1.8B | $2.3B | $1.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$147M | −$224M | −$351M | −$557M | −$898M |
| Capital expenditure | $7M | $11M | $8M | $10M | $16M |
| Free cash flow | −$154M | −$235M | −$358M | −$568M | −$914M |
| Depreciation & amortisation | $3M | $4M | $5M | $7M | $8M |
| Stock-based compensation | $21M | $31M | $62M | $79M | $118M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.4% | −67.3% | −100.0% | – |
| Operating margin | −639.7% | −730.0% | −4207.1% | – | – |
| Net margin | −636.6% | −703.0% | −3768.3% | – | – |
| Return on equityBlank when equity is negative | −31.0% | −36.3% | −23.9% | −26.5% | −69.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −27.7% | −34.4% | −25.4% | −28.8% | −57.3% |
| Free cash flow margin | −523.0% | −664.8% | −3094.1% | – | – |
| Cash conversion (CFO ÷ net income) | 0.79x | 0.90x | 0.80x | 0.93x | 0.79x |
| Interest cover | −15667x | – | – | – | −48.8x |
| Current ratio | 9.77x | 10.7x | 13.1x | 14.2x | 7.14x |
Recent filings
More in Biological Products, (No Diagnostic Substances)
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.