Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Akebia Therapeutics, Inc. 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
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1.54
181
208
335
295
212
292
195
160
236
Cost of revenue
7.77
145
296
151
85.6
74.1
63.2
39.5
Gross profit
200
190
-1.83
61
207
120
97
197
Research and development
116
231
291
323
218
148
130
63.1
37.7
62.4
Selling, general and administrative
22.2
27
87.1
149
154
174
139
100
107
107
General and administrative
22.2
27
Operating expenses
138
258
378
476
376
325
288
167
147
173
Operating income
-136
-76.7
-178
-286
-378
-265
-80.8
-46.3
-50.5
23.5
Interest income
0.9
Other non-operating income
-0.19
0.2
0.08
-0.79
1.86
2.41
3.15
0.89
0.09
0.06
Pre-tax income
-136
-73.7
-172
-286
-385
-282
-94.2
-51.9
-69.4
-3.72
Income tax
-28.3
-6.63
0
0
0
0
0
1.62
Net income
-136
-73.7
-144
-280
-385
-282
-94.2
-51.9
-69.4
-5.35
EBITDA
-136
-76.1
-177
-284
-376
-263
-79.1
-44.7
-49
24.8
EPS, basic
-3.60
-1.69
-2.47
-2.36
-2.78
-1.70
-0.52
-0.28
-0.33
-0.02
EPS, diluted
-3.60
-1.69
-2.47
-2.36
-2.78
-1.70
-0.52
-0.28
-0.33
-0.02
Shares, basic (weighted)
37.7
43.5
58
118
138
166
183
187
211
257
Shares, diluted (weighted)
37.7
43.5
58
118
138
166
183
187
211
257
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
187
70.2
105
147
229
150
90.5
42.9
51.9
185
Short-term investments
65.1
218
217
0.25
Receivables
33.8
34.2
16.7
38.9
26.9
51.6
40.3
39.3
34.4
47
Inventory
114
116
61
36.6
21.6
15.7
16.2
15.6
Other current assets
2.16
6.35
15.7
6.63
14.9
33.1
17.2
5.75
7.32
3.77
Total current assets
296
358
468
310
371
271
185
118
114
253
Property, plant and equipment
2.61
3.62
8.02
10.4
8.62
6.75
5.21
3.63
2.2
1.22
Lease right-of-use assets
29
26.9
33.9
29.2
12.4
8.22
3.66
Goodwill
55.1
55.1
55.1
59
59
59
59
59
Intangible assets
328
291
144
108
72.1
36
0
Long-term investments
7.94
29.8
0.25
Other non-current assets
1.28
2.27
137
76
38
50.4
5.37
12.4
37.4
59.7
Total assets
300
364
997
771
644
529
356
242
221
377
Accounts payable
2.04
7
42.8
39.2
41.3
33.6
18
14.6
15.2
21.2
Accrued liabilities
30.3
52.4
151
129
131
109
75.8
67.7
63.5
122
Deferred revenue
82
81.7
57
39.8
15.2
20.9
3.74
0
0
2.68
Short-term debt
15
0
97.5
32
17.5
0
0
Total current liabilities
114
141
266
208
187
261
130
99.9
80.9
163
Long-term debt
75.8
96.4
0
34.1
17.2
38.7
48.3
Lease liabilities
27.5
24.6
33.7
29
8.95
3.55
0
Other non-current liabilities
0.03
0.02
29.6
30.2
60.6
84.2
15.7
8.89
4.75
1.82
Total liabilities
232
242
361
376
397
455
351
272
270
344
Total debt
15
75.8
96.4
97.5
66.1
34.7
38.7
48.3
Paid-in capital
365
494
1,151
1,189
1,425
1,537
1,562
1,578
1,629
1,716
Retained earnings
-297
-371
-514
-794
-1,178
-1,463
-1,557
-1,609
-1,678
-1,684
Other comprehensive income
-0.04
-0.44
-0.26
0
0.01
0.01
0.01
0.01
0.01
0.01
Shareholders' equity
68.1
123
636
393
244
74
5.23
-30.6
-49.2
32.6
Total equity
68.1
123
636
393
244
74
5.23
-30.6
-49.2
32.6
Total liabilities and equity
300
364
997
771
644
529
356
242
221
377
Shares outstanding
38.6
47.6
117
122
148
177
184
195
225
265
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-136
-73.7
-144
-280
-385
-282
-94.2
-51.9
-69.4
-5.35
Depreciation and amortization
0.3
0.62
0.9
2.25
2.08
1.93
1.65
1.59
1.46
1.27
Stock-based compensation
5.83
8.87
19
11.9
24.5
22.7
17.8
9.32
7.78
11.3
Deferred income tax
0
0
-28.5
-6.63
0
0
0
0
0
0
Change in receivables
-33.8
-0.39
33.4
-22.2
11.7
-24
11.3
0.99
4.05
-14.1
Change in inventory
0.03
-29.1
6.16
-24.9
19.1
-2.54
-28.4
-23.1
Change in payables
-0.27
4.96
13.7
1.37
3.68
-11.7
1.5
-5.24
-1.36
3.08
Cash from operations
57.9
-56.2
-97.5
-257
-110
-253
-73.2
-23.4
-40.7
68
Capital expenditures
-2.66
-1.62
-1.61
-6.66
-0.32
-0.06
-0.11
0
-0.03
-0.29
Purchases of investments
-147
-331
-224
0
-99.9
0
0
Sales and maturities of investments
162
150
243
153
60.2
40
0
Cash from investing
12.7
-177
36.6
211
-40
39.9
-0.11
0
-0.03
-7.93
Debt issued
0
77.7
20
0
0
0
45
10
Debt repaid
-32
-37.1
-0.46
Stock issued
0.12
373
0.65
0.56
1.23
0
0.07
0
0.39
1.68
Cash from financing
66.9
116
96.6
89
232
134
14.6
-25.2
49.7
72.9
Net change in cash
138
-117
35.7
42.7
81.3
-79.3
-58.7
-48.6
8.97
133
Free cash flow
55.2
-57.8
-99.1
-264
-111
-253
-73.3
-23.4
-40.7
67.7
Interest paid
0.78
7.84
9.63
6.76
6.06
5.04
6.08
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 $0.90 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
79.6%
Gross profit / revenue.
Operating margin
-6.9%
Operating income / revenue.
EBITDA margin
-6.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-12.7%
Pre-tax income / revenue.
Net margin
-13.5%
Net income / revenue.
FCF margin
18.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
19.0%
Cash from operations / revenue.
Return on equity (ROE)
-118.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-8.5%
Net income / average total assets.
R&D / revenue
32.2%
Research and development expense / revenue.
SG&A / revenue
51.9%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
6.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.6%
Capital expenditures / revenue.
D&A / revenue
0.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
47.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-6.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-4.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
102.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-1.7%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 3y
84.1%
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
-33.2%
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
70.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
1.9%
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
-10.2%
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
21.9%
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
12.1%
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
13.2%
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
1.43x
Current assets / current liabilities.
Quick ratio
1.30x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.97x
(Cash + short-term investments) / current liabilities.
Debt / equity
1.98x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
14.2%
Total debt / total assets.
Liabilities / assets
92.8%
Total liabilities / total assets.
Net debt
-$106.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Capex / operating cash flow
3.1%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.11
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
$0.81
Revenue / diluted weighted shares.
FCF per share
$0.15
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.15
Cash from operations / diluted weighted shares.
Book value per share
$0.09
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.13x
Market cap / revenue.
P/B
9.92x
Market cap / shareholders' equity. Only when equity is positive.
P/FCF
6.17x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
5.98x
Market cap / cash from operations, when positive.
EV/Sales
0.65x
Enterprise value / revenue.
EV/FCF
3.53x
Enterprise value / free cash flow, when both are positive.
FCF yield
16.2%
Free cash flow / market cap.
Earnings yield
-11.9%
Net income / market cap (the inverse of P/E).
What was Akebia Therapeutics, Inc.'s revenue in fiscal 2025?
Akebia Therapeutics, Inc. reported revenue of $236.2M for fiscal 2025, 47.5% higher than the year before.
Was Akebia Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $5.3M.
How much free cash flow did Akebia Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $68.0M minus capital expenditures of $291.0K left free cash flow of $67.7M.
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.