ARROWHEAD PHARMACEUTICALS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ARROWHEAD PHARMACEUTICALS, 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	0.16	31.4	16.1	169	88	138	243	241	3.55	829
Research and development	62.1	50.9	53	81	129	206	297	353	506	607
General and administrative	23.6	17.5	19.1	26.6	52.3	81	124	92.5	98.8	124
Operating expenses	81.9	68.4	72.1	108	181	287	422	446	605	731
Operating income	-81.7	-37	-55.9	61.2	-93.2	-149	-179	-205	-601	98.3
Interest expense						0	0	18.3	32.4	89.4
Interest income						6.12	5.03	15.3	22.7	37.3
Other non-operating income	0.02	2.62	1.49	6.96	8.61	8.19	5.8	-1.49	-11.4	-46.8
Pre-tax income	-81.7	-34.4	-54.4	68.1	-84.6	-141	-173	-206	-612	51.5
Income tax	0	0	0	0.17	0	0	3.79	2.78	-2.77	21.4
Net income to minority interests					0	0	-0.43	-4	-10.2	31.7
Net income	-81.7	-34.4	-54.5	68	-84.6	-141	-176	-205	-599	-1.63
EBITDA	-78.5	-34	-52.9	63.9	-89	-142	-170	-194	-584	121
EPS, basic	-1.34	-0.47	-0.65	0.72	-0.84	-1.36	-1.67	-1.92	-5.00	-0.01
EPS, diluted	-1.34	-0.47	-0.65	0.69	-0.84	-1.36	-1.67	-1.92	-5.00	-0.01
Shares, basic (weighted)	61.1	73.9	83.6	93.9	101	104	105	107	120	134
Shares, diluted (weighted)	61.1	73.9	83.6	98.6	101	104	105	107	120	134

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	85.4	24.8	30.1	222	144	184	108	111	103	227
Short-term investments					85	127	0	293	578	693
Receivables	0.08	0.07	0.33	0.66	0.85	10.3	1.41	0	0	6.82
Other current assets	3.77	1.36	0.64	2.56	1.78	2.19	20.2	4.03	4.97	13.5
Total current assets	90.5	67.9	78.8	265	322	385	405	416	695	951
Property, plant and equipment	15.4	15.5	13.9	23.2	30.9	48.7	110	290	386	383
Lease right-of-use assets					16.1	17.3	58.3	45.3	45.3	43.9
Intangible assets	22.2	20.5	18.8	17.1	15.4	13.7	12	10.3	8.56	6.86
Other non-current assets	0.12	0.14	0.14	0.14	0.26	0.27	0.22	3.26	4.48	1.39
Total assets	128	104	112	350	523	710	692	766	1,140	1,385
Accounts payable	12.2	4.08	2.81	7.65	6.83	9.46	2.87	35.9	11.4	17.7
Accrued liabilities	4.59	4.56	5.04	6.5	5.39	14	46.9	39.8	63	90.4
Deferred revenue	2.57	5.27	0	77.8	19.3	111	74.1	0.87	0	2.4
Total current liabilities	25.6	18.7	12.4	97.1	40.7	147	139	105	103	195
Long-term debt	2.53	2.33	2.1
Lease liabilities					20	23.3	78.8	105	111	104
Other non-current liabilities	0.2	0.2	0.2				0
Total liabilities	33.2	23.2	16.4	106	60.7	301	274	478	949	882
Paid-in capital	494	514	583	664	965	1,053	1,219	1,300	1,806	2,140
Retained earnings	-398	-433	-487	-419	-504	-645	-821	-1,026	-1,626	-1,627
Treasury stock									0	-53.2
Other comprehensive income	0.01	0.03	-0.02	-0.39	0.02	-0.07	-0.14	-3.22	4.75	6.44
Shareholders' equity	95.6	81.4	95.8	245	462	409	399	271	185	466
Minority interests	-0.56	-0.56	-0.56	-0.56		0	19.8	15.8	5.62	37.4
Total equity	95	80.9	95.2	244	462	409	418	287	191	503
Total liabilities and equity	128	104	112	350	523	710	692	766	1,140	1,385
Shares outstanding	69.7	74.8	88.5	95.5	102	104	106	107	124	136

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-81.7	-34.4	-54.5	68	-84.6	-141	-176	-209	-610	30.1
Depreciation and amortization	3.26	2.99	3	2.7	4.2	6.6	8.7	10.7	16.9	22.2
Stock-based compensation	11.6	7.89	8.45	12.4	43.4	76.7	121	78.1	74	63.4
Deferred income tax						0	0	0	0	0
Change in receivables	-0.08	0.01	-0.26	-0.33	-0.18	-9.41	8.85	1.41	0	-57
Change in payables	2.55	-3.51	-1.27	4.84	-0.82	2.63	-6.59	33	-5.54	6.29
Cash from operations	-64.4	-23.9	-47.2	173	-95.8	171	-136	-154	-463	180
Capital expenditures	-3.86	-7.92	-1.42	-12	-12	-23.6	-52.8	-177	-141	-22.7
Purchases of investments		-45	-52.1	-90.3	-279	-241	-223	-246	-721	-796
Sales and maturities of investments	17.3	4.25	46.1	54.5	50.1	123	271	327	442	690
Cash from investing	13.4	-48.6	-7.43	-47.7	-241	-142	-5.42	-96.2	-420	-129
Stock issued	52.2	12.4	56.6	60.5	250	0	0	0	429	241
Cash from financing	55.1	12.1	60	66.4	258	11.3	65.2	253	871	74
Exchange rate effect					0.41	-0.09	-0.07	-0.12	4.2	-0.4
Net change in cash	4.15	-60.5	5.29	192	-78.2	40.9	-76.4	3.01	-12.4	124
Free cash flow	-68.3	-31.9	-48.6	161	-108	148	-189	-331	-604	157
Interest paid	0.01	0.19	0.17	0.03	0	0	0	0	0	0.02
Income taxes paid	0	0	-0	-0.3	0.1	-0	-0	0	-3.74	0.81

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 $65.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-33.8%	Operating income / revenue.
EBITDA margin	-30.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-37.7%	Pre-tax income / revenue.
Net margin	-47.8%	Net income / revenue.
FCF margin	-11.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-8.8%	Cash from operations / revenue.
Return on equity (ROE)	-68.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-15.1%	Net income / average total assets.
Return on invested capital (ROIC)	-43.5%	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	108.0%	Research and development expense / revenue.
Stock-based pay / revenue	10.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	3.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	23,258.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	50.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	56.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	151.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.4%	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	0.2%	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	21.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	26.0%	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	21.5%	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	11.7%	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	8.3%	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	5.8%	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	5.90x	Current assets / current liabilities.
Quick ratio	5.68x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	5.65x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	77.9%	Total liabilities / total assets.
Interest coverage	-2.45x	Operating income / interest expense.
Working capital	$1.39B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$459.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Fixed asset turnover	1.79x	Revenue / average property, plant and equipment.
Receivables turnover	78.2x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.23	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	$4.67	Revenue / diluted weighted shares.
FCF per share	-$0.52	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.41	Cash from operations / diluted weighted shares.
Book value per share	$3.30	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.26	Tangible book value / shares outstanding.
Cash per share	$11.35	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$9.31B	Share price x shares outstanding.
Enterprise value	$7.71B	Market cap + total debt - cash - short-term investments.
P/S	13.9x	Market cap / revenue.
P/B	20.0x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	20.2x	Market cap / tangible book value, when positive.
EV/Sales	11.5x	Enterprise value / revenue.
FCF yield	-0.8%	Free cash flow / market cap.
Earnings yield	-3.4%	Net income / market cap (the inverse of P/E).

What was ARROWHEAD PHARMACEUTICALS, INC.'s revenue in fiscal 2025?

ARROWHEAD PHARMACEUTICALS, INC. reported revenue of $829.4M for fiscal 2025, 23,258.2% higher than the year before.

Was ARROWHEAD PHARMACEUTICALS, INC. profitable in fiscal 2025?

No. It reported a net loss of $1.6M.

How much free cash flow did ARROWHEAD PHARMACEUTICALS, INC. generate in fiscal 2025?

Cash from operations of $179.6M minus capital expenditures of $22.7M left free cash flow of $156.9M.

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.

Open interactive statements, quarterly figures and charts

Back to ARROWHEAD PHARMACEUTICALS, INC.