Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Adaptive Biotechnologies Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2017
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
38.4
55.7
85.1
98.4
154
185
170
179
277
Cost of revenue
15.7
19.7
22.3
22.5
49.3
57.9
75.6
72.1
71.4
Gross profit
22.8
36
62.8
75.9
105
127
94.7
107
206
Research and development
32
39.2
70.7
116
142
142
122
103
93.8
Selling and marketing
16.8
24.5
38.5
61.4
95.5
95.6
88.6
84.8
94.6
General and administrative
15.9
20.4
30.3
49.5
74.5
88.5
83.9
72.8
72.7
Operating income
-44.5
-49.8
-78.4
-153
-209
-200
-227
-163
-57.1
Interest expense
4.24
13.8
11.6
11.8
Pre-tax income
-68.6
-146
-207
-200
-225
-160
-59.5
Income tax
0
0
0
Net income to minority interests
-0.02
-0.18
-0.05
-0.1
0.04
Net income
-42.8
-46.4
-68.6
-146
-207
-200
-225
-159
-59.5
EBITDA
-40.4
-45.5
-72.3
-146
-197
-179
-207
-145
-41.1
EPS, basic
-3.50
-3.67
-1.01
-1.11
-1.48
-1.40
-1.56
-1.08
-0.39
EPS, diluted
-3.50
-3.67
-1.01
-1.11
-1.48
-1.40
-1.56
-1.08
-0.39
Shares, basic (weighted)
12.2
12.6
69.2
131
140
143
144
147
152
Shares, diluted (weighted)
12.2
12.6
69.2
131
140
143
144
147
152
Balance sheet
FY2017
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
55
96.6
123
139
90
65.1
47.9
70.5
Short-term investments
110
480
565
214
408
281
174
156
Receivables
4.81
12.7
10
17.4
40.1
38
41.7
50.4
Inventory
7.84
9.07
14.1
19.3
14.5
14.4
8.44
9.82
Other current assets
3.06
14.1
14.5
13
9.44
11.4
11.3
13
Total current assets
181
613
727
403
562
410
284
300
Property, plant and equipment
19.1
60.4
39.7
85.3
83.4
68.2
48.6
34.1
Lease right-of-use assets
99.4
87.7
80.8
52.1
45.8
40.6
Goodwill
119
119
119
119
119
119
119
119
Intangible assets
13.6
11.9
10.2
8.53
6.83
5.13
3.43
1.73
Long-term investments
105
119
217
33.7
13.2
Other non-current assets
0.19
0.78
0.6
0.88
2.06
3.59
2.29
1.21
Total assets
333
912
1,116
923
857
661
539
513
Accounts payable
1.79
4.45
3.24
3.31
8.08
7.72
7.27
6.47
Accrued liabilities
2.56
4.37
13.2
9.34
12.4
8.6
8.16
7.7
Deferred revenue
12.7
61
73.3
80.5
64.1
48.6
55.7
45.2
Short-term debt
0.87
4.64
Total current liabilities
22.8
78.3
105
114
110
88
98.1
89.9
Long-term debt
125
131
132
127
Lease liabilities
104
107
98.8
89.4
79.1
70.2
Other non-current liabilities
0.09
0.02
0.02
Total liabilities
29.9
341
373
319
393
353
337
288
Total debt
125
131
133
131
Paid-in capital
37.9
936
1,254
1,324
1,387
1,453
1,506
1,582
Retained earnings
-296
-365
-512
-719
-919
-1,144
-1,304
-1,363
Other comprehensive income
-0.11
0.67
0.89
-1.14
-4.12
0.22
0.17
0.25
Shareholders' equity
-225
-258
571
743
604
464
308
203
219
Minority interests
0.11
-0.07
-0.12
-0.22
6.21
Total equity
-225
-258
571
743
604
464
308
202
225
Total liabilities and equity
333
912
1,116
923
857
661
539
513
Shares outstanding
12.8
125
138
141
143
145
148
154
Cash flow statement
FY2017
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-42.8
-46.4
-68.6
-146
-207
-200
-225
-160
-59.5
Depreciation and amortization
4.1
4.3
6.09
6.77
12.3
20.9
19.6
17.4
16
Stock-based compensation
7.01
11.1
13.1
24.8
43.3
55.5
62.9
53.6
51.5
Change in receivables
-2.43
0.78
-7.82
2.61
-7.36
-22.6
2.03
-3.74
-8.65
Change in inventory
-2.7
-3.05
-1.23
-4.99
-5.2
0.82
-2.84
5.37
-1
Change in payables
-1.52
2.19
6.15
7.5
3.94
7.11
-5.41
0.67
0.67
Cash from operations
-34.9
-32.3
205
-150
-193
-184
-156
-95.2
-46
Capital expenditures
-2.42
-6.3
-11.2
-18.8
-61.7
-16.3
-10.7
-3.66
-2.96
Purchases of investments
-125
-147
-884
-695
-317
-279
-430
-244
-182
Sales and maturities of investments
164
154
414
597
560
298
570
326
223
Cash from investing
36.4
0.74
-482
-117
181
2.91
130
77.8
38
Stock issued
0.22
1.27
321
272
26.7
7.89
2.25
0.24
17.9
Cash from financing
50
1.25
320
294
27.1
132
2.25
0.24
30.4
Net change in cash
51.6
-30.3
43.6
26.9
15.6
-48.8
-24.4
-17.2
22.4
Free cash flow
-37.3
-38.6
194
-168
-254
-200
-167
-98.9
-48.9
Interest paid
0.49
8.99
8.86
12.6
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $29.43 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
75.6%
Gross profit / revenue.
Operating margin
-12.2%
Operating income / revenue.
EBITDA margin
-7.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-20.7%
Net income / revenue.
FCF margin
-7.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-6.8%
Cash from operations / revenue.
Return on equity (ROE)
-44.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-10.0%
Net income / average total assets.
R&D / revenue
28.6%
Research and development expense / revenue.
Stock-based pay / revenue
15.9%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.0%
Capital expenditures / revenue.
D&A / revenue
4.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
54.8%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
14.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
23.0%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
92.4%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
17.3%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
22.1%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
7.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-22.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-21.7%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-4.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-15.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-14.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
3.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
2.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
2.9%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
4.79x
Current assets / current liabilities.
Quick ratio
4.49x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.92x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.00x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.0%
Total debt / total assets.
Liabilities / assets
76.5%
Total liabilities / total assets.
Net debt
-$344.3M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.40
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.93
Revenue / diluted weighted shares.
FCF per share
-$0.15
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.13
Cash from operations / diluted weighted shares.
Book value per share
$0.90
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
15.2x
Market cap / revenue.
P/B
32.9x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
204x
Market cap / tangible book value, when positive.
EV/Sales
14.1x
Enterprise value / revenue.
FCF yield
-0.5%
Free cash flow / market cap.
Earnings yield
-1.4%
Net income / market cap (the inverse of P/E).
What was Adaptive Biotechnologies Corp's revenue in fiscal 2025?
Adaptive Biotechnologies Corp reported revenue of $277.0M for fiscal 2025, 54.8% higher than the year before.
Was Adaptive Biotechnologies Corp profitable in fiscal 2025?
No. It reported a net loss of $59.5M.
How much free cash flow did Adaptive Biotechnologies Corp generate in fiscal 2025?
Cash from operations of $46.0M minus capital expenditures of $3.0M left free cash flow of -$48.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.