Arcutis Biotherapeutics, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Arcutis Biotherapeutics, 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
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
0
3.69
59.6
197
376
Cost of revenue
0
0.75
4.99
19.1
36.7
Gross profit
0
2.93
54.6
177
339
Research and development
17.9
36.5
115
146
182
111
76.4
77.1
Selling, general and administrative
61
122
185
229
275
General and administrative
1.8
6.61
21.3
61
122
Operating expenses
19.7
43.1
137
207
305
Operating income
-19.7
-43.1
-137
-207
-302
-241
-128
-12.2
Interest expense
0
0
15.7
29.7
27.2
12.1
Interest income
12.5
16.1
8.9
Other non-operating income
0.48
1.14
0.97
0.17
-9.83
-0.73
0.05
0.44
Pre-tax income
-206
-311
-256
-130
-8.24
Income tax
0
0
0
0
0
3.11
0.65
1.17
Net income
-19.3
-42
-136
-206
-311
-262
-140
-16.1
EBITDA
-19.7
-43.1
-137
-206
-301
-240
-128
-11.5
EPS, basic
-15.53
-22.78
-3.80
-4.18
-5.66
-3.78
-1.16
-0.13
EPS, diluted
-15.53
-22.78
-3.80
-4.18
-5.66
-3.78
-1.16
-0.13
Shares, basic (weighted)
1.24
1.84
35.7
49.4
55
69.3
121
127
Shares, diluted (weighted)
1.24
1.84
35.7
49.4
55
69.3
121
127
Balance sheet
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
39.4
63.3
65.1
96.4
53.6
88.4
71.3
42.9
Short-term investments
37.9
219
291
356
183
157
178
Receivables
0
8.46
25.8
73.1
146
Inventory
0
7.51
13.1
14.5
22.6
Other current assets
5.21
6.84
14.2
10.6
18.7
19.7
21.1
Total current assets
106
293
403
437
330
336
411
Property, plant and equipment
0.23
2.02
2.26
1.88
1.54
1.04
1.04
Lease right-of-use assets
0.26
3.35
3.04
2.72
2.36
1.95
4.47
Intangible assets
0
7.19
6.44
9.48
14.8
Other non-current assets
0.05
0.08
0.08
0.08
0.6
0.6
1.42
Total assets
107
298
408
449
341
349
433
Accounts payable
1.41
7.14
7.35
8.83
12
14.2
12.5
Accrued liabilities
3.65
15.5
25.5
28.3
33.9
66.8
116
Short-term debt
0
0
1
Total current liabilities
5.24
22.6
33.3
37.8
46.7
81
130
Long-term debt
0
72.4
198
202
107
108
Lease liabilities
0.13
4.96
4.77
4.12
3.38
2.56
5.27
Other non-current liabilities
0.18
0.08
0.03
0
0.85
0.57
0.43
Total liabilities
5.55
27.6
110
240
253
191
243
Total debt
0
72.4
198
202
107
109
Paid-in capital
1.24
473
706
930
1,071
1,279
1,328
Retained earnings
-66.3
-202
-408
-720
-982
-1,122
-1,138
Other comprehensive income
-0
-0
-0.26
-1.09
0
-0.01
-0.04
Shareholders' equity
-24
-65
271
298
210
88.7
158
189
Total equity
-24
-65
271
298
210
88.7
158
189
Total liabilities and equity
107
298
408
449
341
349
433
Shares outstanding
2.12
43.3
50.3
61
96.8
118
123
Cash flow statement
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-19.3
-42
-136
-206
-311
-262
-140
-16.1
Depreciation and amortization
0
0.07
0.12
0.45
0.62
0.8
0.6
0.7
Stock-based compensation
0.15
0.82
7.94
23.9
32.7
38.8
41.7
40.4
Deferred income tax
0
0
0
-0.15
0.05
Change in receivables
0
0
-8.46
-17.3
-47.3
-73.2
Change in inventory
0
0
-7.51
-5.62
-0.4
-7.33
Change in payables
1.26
-0.46
5.67
0.25
1.57
3.15
2.23
-1.69
Cash from operations
-14.1
-42.8
-113
-175
-258
-247
-112
-5.63
Capital expenditures
0
-0.3
-0.32
-1
-0.33
-0.43
-0.14
-0.69
Purchases of investments
-11.5
-60.8
-279
-293
-415
-226
-255
-247
Sales and maturities of investments
0
34.8
97.6
218
351
407
289
Cash from investing
-11.5
-26.3
-182
-76
-87.2
180
28.8
-30.3
Debt issued
0
0
74
125
0
0
Debt repaid
0
0
-100
0
Stock issued
0
0
128
207
162
0
162
0
Cash from financing
61.6
93.1
298
282
302
101
66.2
6.97
Net change in cash
36
23.9
3.29
31.4
-43.1
34.4
-17.4
-28.7
Free cash flow
-14.1
-43.1
-113
-176
-258
-247
-112
-6.31
Interest paid
0
0
0.14
12.6
25.4
22.2
10.3
Income taxes paid
0
0
0
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 $26.92 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
91.1%
Gross profit / revenue.
Operating margin
7.4%
Operating income / revenue.
Net margin
6.1%
Net income / revenue.
FCF margin
8.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
8.5%
Cash from operations / revenue.
Return on equity (ROE)
12.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
5.8%
Net income / average total assets.
Return on invested capital (ROIC)
9.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
19.6%
Research and development expense / revenue.
SG&A / revenue
64.1%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
9.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.0%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
91.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
367.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
91.3%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
387.3%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
20.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-3.3%
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
-6.9%
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
24.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-1.2%
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
7.7%
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
5.2%
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
32.2%
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
29.0%
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
2.92x
Current assets / current liabilities.
Quick ratio
2.46x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.49x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.49x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
22.3%
Total debt / total assets.
Liabilities / assets
54.8%
Total liabilities / total assets.
Net debt
-$129.7M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
FCF conversion
137.3%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
0.4%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.21
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
$3.41
Revenue / diluted weighted shares.
FCF per share
$0.29
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.29
Cash from operations / diluted weighted shares.
Book value per share
$1.76
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
119x
Market cap / net income. Only when net income is positive.
P/S
7.29x
Market cap / revenue.
P/B
15.3x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
16.4x
Market cap / tangible book value, when positive.
P/FCF
86.4x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
86.1x
Market cap / cash from operations, when positive.
EV/Sales
7.01x
Enterprise value / revenue.
EV/EBIT
95.0x
Enterprise value / operating income, when both are positive.
EV/FCF
83.1x
Enterprise value / free cash flow, when both are positive.
FCF yield
1.2%
Free cash flow / market cap.
Earnings yield
0.8%
Net income / market cap (the inverse of P/E).
What was Arcutis Biotherapeutics, Inc.'s revenue in fiscal 2025?
Arcutis Biotherapeutics, Inc. reported revenue of $376.1M for fiscal 2025, 91.3% higher than the year before.
Was Arcutis Biotherapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $16.1M.
How much free cash flow did Arcutis Biotherapeutics, Inc. generate in fiscal 2025?
Cash from operations of $5.6M minus capital expenditures of $686.0K left free cash flow of -$6.3M.
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.