Evolus, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Evolus, 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	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		0	34.9	56.5	99.7	149	202	266	297
Cost of revenue		0	8.01	18.3	43.5	58.8	64.5	84	100
Gross profit		0	26.9	38.2	56.1	89.8	138	182	197
Research and development	6.69	6.49	3.97	1.72	2.06	4.74	6.56	9.17	9.58
Selling, general and administrative		29.1	114	98.2	112	142	165	198	221
General and administrative	4.82	29.1
Operating expenses	11.7	46.1	126
Operating income	-11.7	-46.1	-98.9	-153	-44.4	-65.3	-49.2	-34.4	-32.7
Interest expense	0.01	0.86			1.4	9.1	13.8	18.7	19.7
Interest income	0	0.2
Other non-operating income		-0.86	-7.95	-10.5	0	-0.01	0.7	0.13	-0.54
Pre-tax income	-11.7	-46.8	-105	-163	-46.8	-74.3	-61.5	-49.8	-51
Income tax	-7.25	0.07	-15	0.08	0.04	0.1	0.18	0.66	0.68
Net income	-4.48	-46.9	-90	-163	-46.8	-74.4	-61.7	-50.4	-51.6
EBITDA	-11.5	-46.1	-94.8	-146	-38.8	-61.6	-44.1	-29.1	-25.2
EPS, basic	-0.27	-1.92	-3.19	-4.83	-0.94	-1.33	-1.08	-0.81	-0.80
EPS, diluted	-0.27	-1.92	-3.19	-4.83	-0.94	-1.33	-1.08	-0.81	-0.80
Shares, basic (weighted)	16.5	24.4	28.2	33.7	49.8	56.1	56.9	62	64.5
Shares, diluted (weighted)	16.5	24.4	28.2	33.7	49.8	56.1	56.9	62	64.5

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0	93.2	110	103	146	53.9	62.8	87	53.8
Short-term investments		0	19.9	5	0
Receivables		0	10.7	9.68	14.7	22.4	30.5	47.7	54.7
Inventory		0	6.41	3.35	1.76	18.9	11	12.2	27
Other current assets	0.19	1.18	5.33	2.19	11	1.68	2.36	1.2	3.67
Total current assets	72.8	94.3	152	128	179	101	112	151	143
Property, plant and equipment	0	0	0.9	1.3	1.37	2.62	2.09	3.22	5.37
Lease right-of-use assets		0	4.07	3.41	2.72	1.95	5.76	7.19	7.13
Goodwill	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2
Intangible assets	56.1	56.1	59.6	55.3	50.6	48.6	47.1	48.8	48
Other non-current assets	2.13	0.22	2.43	0.24	2.76	2.81	0.41	0.86	1.2
Total assets	152	172	240	209	257	178	189	233	226
Accounts payable	0.45	1.56	5.8	9.62	6.09	8.94	4.27	9.24	23.4
Accrued liabilities	0.98	3.72	14	9.1	30	24.8	33.8	40.8	35.6
Deferred revenue			1.71	3.08	7.93	9.01	11	14.5	11.5
Total current liabilities	213	5.28	24.4	180	57.7	46.5	48.3	63	75.3
Long-term debt	0	0	73.5					122	146
Lease liabilities		0	3.89	3.15	2.26	1.22	4.81	6.76	6.37
Total liabilities	228	87.5	161	282	176	159	210	227	249
Total debt		0	73.5		71.2	71.9	120	122	146
Paid-in capital	0	207	293	303	505	516	539	616	638
Retained earnings	-75.5	-123	-213	-376	-423	-497	-559	-609	-661
Other comprehensive income		0	0.01	0	0	-0.34	-0.43	-0.91	-0.16
Shareholders' equity	-75.5	84.4	79.5	-73	81.9	18.5	-20.7	5.52	-23.1
Total equity	-75.5	84.4	79.5	-73	81.9	18.5	-20.7	5.52	-23.1
Total liabilities and equity	152	172	240	209	257	178	189	233	226
Shares outstanding	16.5	27.3	33.6	33.7	55.6	56.3	57.8	63.5	65

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-4.48	-46.9	-90	-163	-46.8	-74.4	-61.7	-50.4	-51.6
Depreciation and amortization	0.22	0.01	4.13	7.03	5.62	3.72	5.13	5.3	7.51
Stock-based compensation	0.59	6.97	9.52	10.6	9.58	10.8	16.5	22.3	20.7
Deferred income tax	-6.26	0.07	-15.1	0.03	0.02	-0.02	0.01	-0.02	0.02
Change in receivables		0	-11	-1.09	-5.57	-9.39	-9.52	-19.6	-11.5
Change in inventory		0	-4.48	4.54	-2.98	-10.7	4.19	3.25	-11.1
Change in payables	-2.43	1.28	0.18	2.32	-0.79	0.97	-1.02	0.39	10.1
Cash from operations	-13.2	-25.7	-93.4	-57.9	-33.4	-84.9	-34	-18	-42.3
Capital expenditures	0	-0.01	-0.35	-0.82	-0.39	-1.62	-0.47	-1.47	-3.44
Purchases of investments		0	-114	-74.7	0
Cash from investing	0	-0.01	-23.4	12.2	4.03	-2.94	-1.63	-4.82	-8.45
Debt issued		0	73.9			0	50	0
Debt repaid		0	-1.04	-0.52	0	0
Stock issued	0	67.7	73.3	0		0	0	51.2	0
Cash from financing	13	119	134	38.3	73.1	-4.15	44.6	47.4	17.3
Exchange rate effect					0	-0.34	-0.09	-0.48	0.25
Net change in cash	-0.19	93.2	16.7	-7.33	43.7	-92.3	8.92	24.1	-33.1
Free cash flow	-13.2	-25.7	-93.7	-58.7	-33.8	-86.5	-34.5	-19.5	-45.7
Interest paid		0	5.17	7.24	0.14	8	12.7	17.5	14.8
Income taxes paid			0	0.07	0.01	0.08	0.12	0.24	1.22

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 $7.97 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	66.7%	Gross profit / revenue.
Operating margin	-5.9%	Operating income / revenue.
EBITDA margin	-3.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-10.6%	Pre-tax income / revenue.
Net margin	-10.8%	Net income / revenue.
FCF margin	-5.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-4.9%	Cash from operations / revenue.
Return on assets (ROA)	-13.8%	Net income / average total assets.
Return on invested capital (ROIC)	-18.3%	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	3.1%	Research and development expense / revenue.
SG&A / revenue	68.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	6.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	26.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	39.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	30.0%	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	38.8%	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	-518.4%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-2.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.3%	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	1.6%	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	4.0%	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	4.8%	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	13.8%	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	1.70x	Current assets / current liabilities.
Quick ratio	1.09x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.46x	(Cash + short-term investments) / current liabilities.
Debt / assets	63.2%	Total debt / total assets.
Liabilities / assets	112.5%	Total liabilities / total assets.
Net debt	$111.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-1.15x	Operating income / interest expense.
Working capital	$68.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	27.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$97.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.28x	Revenue / average total assets.
Fixed asset turnover	62.7x	Revenue / average property, plant and equipment.
Inventory turnover	2.57x	Cost of revenue / average inventory.
Days inventory	142 days	365 x average inventory / cost of revenue.
Receivables turnover	5.07x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	154 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	60 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.52	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	$4.80	Revenue / diluted weighted shares.
FCF per share	-$0.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.23	Cash from operations / diluted weighted shares.
Book value per share	-$0.47	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.48	Tangible book value / shares outstanding.
Cash per share	$0.68	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$526.4M	Share price x shares outstanding.
Enterprise value	$638.0M	Market cap + total debt - cash - short-term investments.
P/S	1.66x	Market cap / revenue.
EV/Sales	2.02x	Enterprise value / revenue.
FCF yield	-3.5%	Free cash flow / market cap.
Earnings yield	-6.5%	Net income / market cap (the inverse of P/E).

What was Evolus, Inc.'s revenue in fiscal 2025?

Evolus, Inc. reported revenue of $297.2M for fiscal 2025, 11.6% higher than the year before.

Was Evolus, Inc. profitable in fiscal 2025?

No. It reported a net loss of $51.6M.

How much free cash flow did Evolus, Inc. generate in fiscal 2025?

Cash from operations of $42.3M minus capital expenditures of $3.4M left free cash flow of -$45.7M.

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.

Open interactive statements, quarterly figures and charts

Back to Evolus, Inc.