Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Vaxcyte, 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
Research and development
30.1
45.6
73.6
78.4
169
332
477
794
General and administrative
5.39
8.55
16
25.3
39.8
60.7
92.9
129
Operating expenses
35.5
54.2
89.6
104
232
468
570
924
Operating income
-35.5
-54.2
-89.6
-104
-232
-468
-570
-924
Interest expense
0.08
0.04
0.01
0.01
0
0
0
Interest income
0.9
0.63
0.24
0.34
8.36
62.9
110
120
Other non-operating income
6.05
3.88
0.36
3.59
8.77
65.8
106
157
Income tax
0
0
0
Net income
-29.5
-50.3
-89.2
-100
-223
-402
-464
-767
EBITDA
-34.5
-52.9
-88.2
-102
-229
-465
-563
-907
EPS, basic
-8.12
-13.25
-3.02
-1.93
-3.44
-4.14
-3.80
-5.63
EPS, diluted
-8.12
-13.25
-3.02
-1.93
-3.44
-4.14
-3.80
-5.63
Shares, basic (weighted)
3.63
3.8
29.5
51.9
64.9
97.2
122
136
Shares, diluted (weighted)
3.63
3.8
29.5
51.9
64.9
97.2
122
136
Dividend per share
0.00
0.00
0.00
0.00
0.00
0.00
Balance sheet
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
66.1
59
386
69
835
397
388
174
Short-term investments
177
96.7
683
1,359
1,387
Other current assets
2.75
2.8
10.4
1.99
2.11
2.04
1.59
Total current assets
61.7
389
256
943
1,096
1,788
1,627
Property, plant and equipment
3.39
3.27
7.95
10.4
79.6
198
257
Lease right-of-use assets
28
21.3
31
72.1
116
Long-term investments
27.1
26.5
163
1,388
882
Other non-current assets
0.58
0.55
4.09
4.56
37.6
64.4
119
Total assets
65.7
393
324
1,006
1,408
3,511
3,003
Accounts payable
3.38
29.8
6.76
9.8
14.6
48.5
70.9
Accrued liabilities
1.31
3.77
8.79
15.4
59.8
29.1
31.1
Total current liabilities
11.1
46.9
28.7
40.5
145
140
206
Lease liabilities
11.5
12
22.1
65.2
111
Other non-current liabilities
0.24
0.11
0.1
0.01
0
0.1
0.1
Total liabilities
11.8
47
40.3
52.6
167
205
317
Paid-in capital
2.97
544
583
1,476
2,165
4,698
4,839
Retained earnings
-109
-199
-299
-522
-924
-1,388
-2,155
Other comprehensive income
-0.24
-0.36
0.18
-3.87
1.59
Shareholders' equity
-57.7
-106
346
284
954
1,240
3,306
2,686
Total equity
-57.7
-106
346
284
954
1,240
3,306
2,686
Total liabilities and equity
65.7
393
324
1,006
1,408
3,511
3,003
Shares outstanding
4.06
51.1
53
79.5
95.4
125
131
Cash flow statement
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-29.5
-50.3
-89.2
-100
-223
-402
-464
-767
Depreciation and amortization
1.04
1.23
1.41
1.8
2.83
3.16
7
16.4
Stock-based compensation
0.75
1.19
5.43
10.7
23.7
48.8
84.8
139
Change in payables
1.27
0.87
26.1
-12.5
2.9
11.2
34.6
19.9
Cash from operations
-30.5
-47.1
-46.6
-121
-171
-297
-453
-656
Capital expenditures
-1.77
-1.2
-1.16
-6.56
-5.84
-16.1
-22.4
-13.7
Purchases of investments
0
-336
-103
-1,330
-3,087
-1,211
Sales and maturities of investments
0
101
169
612
1,133
1,531
Cash from investing
-1.77
-1.2
-1.11
-212
74.6
-773
-2,006
437
Stock issued
0.01
0.32
0
13.9
97.3
90.7
196
Cash from financing
62.2
41.6
375
17.8
862
640
2,449
2.01
Exchange rate effect
-0.34
0.09
-0.44
0.14
-6.69
0.43
2.44
Net change in cash
30
-7.11
327
-316
766
-437
-9.36
-214
Free cash flow
-32.2
-48.3
-47.8
-128
-176
-313
-475
-669
Interest paid
0.08
0.04
0.01
0.01
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 $56.21 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-38.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-33.9%
Net income / average total assets.
Return on invested capital (ROIC)
-35.8%
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%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-18.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
41.2%
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
50.7%
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
-14.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
44.0%
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
50.2%
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
11.6%
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
28.0%
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
35.7%
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
5.72x
Current assets / current liabilities.
Quick ratio
5.48x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
5.48x
(Cash + short-term investments) / current liabilities.
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.
FCF per share
-$6.19
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$6.10
Cash from operations / diluted weighted shares.
Book value per share
$19.05
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
3.03x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.03x
Market cap / tangible book value, when positive.
FCF yield
-10.7%
Free cash flow / market cap.
Earnings yield
-12.7%
Net income / market cap (the inverse of P/E).
Was Vaxcyte, Inc. profitable in fiscal 2025?
No. It reported a net loss of $766.6M.
How much free cash flow did Vaxcyte, Inc. generate in fiscal 2025?
Cash from operations of $655.6M minus capital expenditures of $13.7M left free cash flow of -$669.3M.
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.