Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Arcus Biosciences, 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
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1.41
8.35
15
78
383
112
117
258
247
Research and development
14.2
47.2
49.6
78.5
159
257
288
340
448
523
General and administrative
3.94
7.64
13.6
25.2
43
72
104
117
120
110
Operating expenses
18.2
54.9
63.2
104
202
329
392
457
588
633
Operating income
-18.2
-53.4
-54.9
-88.7
-124
54
-280
-340
-330
-386
Interest expense
2
2
4
8
Other non-operating income
0.21
0.36
5.27
4
1
1
14
39
48
33
Pre-tax income
-84.7
-123
55
-266
-301
-282
-353
Income tax
2
1
6
1
0
Net income
-18
-53.1
-49.6
-84.7
-123
53
-267
-307
-283
-353
EBITDA
-16.9
-50.8
-51.2
-85.1
-121
58
-274
-332
-320
-376
EPS, basic
-20.80
-29.03
-1.43
-1.93
-2.24
0.76
-3.71
-4.15
-3.14
-3.29
EPS, diluted
-20.80
-29.03
-1.43
-1.93
-2.24
0.71
-3.71
-4.15
-3.14
-3.29
Shares, basic (weighted)
3.37
3.89
36.4
43.8
54.8
69.3
72
74
90.1
107
Shares, diluted (weighted)
0.86
1.83
34.6
43.8
54.8
74
72
74
90.1
107
Balance sheet
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
65.2
98.4
71.1
57.9
173
148
206
127
150
222
Short-term investments
555
351
803
632
828
759
Other current assets
1.14
2.32
4.05
5.47
18
19
34
18
15
Total current assets
177
259
193
736
1,262
1,067
831
1,016
1,007
Property, plant and equipment
11.2
11.1
9.33
10.8
32
35
51
47
40
Lease right-of-use assets
12.8
105
100
92
65
58
Long-term investments
6.44
182
129
107
14
29
Other non-current assets
1.5
0.28
0.87
6.25
116
114
106
73
63
Total assets
190
275
203
772
1,592
1,345
1,095
1,150
1,139
Accounts payable
3.82
3.1
4.7
15.7
10
20
17
18
42
Accrued liabilities
3.14
6.02
4.95
9.54
24.2
25
26
31
33
Deferred revenue
5
6.25
7
74.6
102
97
91
85
35
Total current liabilities
12.7
16.9
22.7
122
166
193
184
226
231
Lease liabilities
15.2
117
117
110
99
86
Other non-current liabilities
0.57
1.79
0.81
0.54
122
140
142
157
135
Total liabilities
36.6
40
39.3
270
750
688
633
665
508
Total debt
0
48
99
Paid-in capital
0.95
358
369
830
1,118
Retained earnings
-73.2
-123
-205
-328
-275
-542
-849
-1,132
-1,485
Other comprehensive income
-0.04
-0.11
0.06
0.04
-1
-7
0
0
Shareholders' equity
-20
-72.3
235
164
502
842
657
462
485
631
Total equity
-20
-72.3
235
164
502
842
657
462
485
631
Total liabilities and equity
190
275
203
772
1,592
1,345
1,095
1,150
1,139
Shares outstanding
4.09
44.5
45.9
65.1
70.8
72.9
75.5
92.2
125
Cash flow statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-18
-53.1
-49.6
-84.7
-123
53
-267
-307
-283
-353
Depreciation and amortization
1.31
2.61
3.66
3.58
3
4
6
8
10
10
Stock-based compensation
0.09
0.5
3.87
8.98
22
55
65
73
76
60
Change in payables
3.57
-0.27
-0.07
1.73
9
-5
8
-1
3
24
Cash from operations
-12.9
-25.1
-43
-73.5
111
-256
438
-306
-170
-482
Capital expenditures
-4.1
-5.51
-3.74
-1.93
-3
-26
-6
-24
-6
-2
Purchases of investments
-33.8
-96.8
-262
-248
-740
-719
-1,241
-788
-1,043
-1,076
Sales and maturities of investments
0
53.3
152
309
307
690
Cash from investing
-38.9
-49.1
-113
59.2
-434
-4
-413
194
-84
66
Debt issued
0
0
47
49
Stock issued
4.1
1.22
434
220
0
25
228
429
Share buybacks
0
-0.09
Cash from financing
70.1
107
129
1.12
439
237
33
33
277
488
Net change in cash
18.3
33.3
-27.4
-13.1
116
-23
58
-79
23
72
Free cash flow
-17
-30.6
-46.7
-75.4
108
-282
432
-330
-176
-484
Interest paid
0
0
1
7
Income taxes paid
0
3
5
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 $24.97 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-415.4%
Operating income / revenue.
EBITDA margin
-406.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-393.2%
Pre-tax income / revenue.
Net margin
-393.2%
Net income / revenue.
FCF margin
-406.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-405.1%
Cash from operations / revenue.
Return on equity (ROE)
-99.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-49.8%
Net income / average total assets.
Return on invested capital (ROIC)
-92.5%
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
424.8%
Research and development expense / revenue.
Stock-based pay / revenue
53.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.9%
Capital expenditures / revenue.
D&A / revenue
8.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-4.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
30.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
25.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
30.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-1.3%
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
4.7%
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
-1.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-5.4%
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
8.1%
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
19.2%
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
14.3%
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
14.4%
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
3.82x
Current assets / current liabilities.
Quick ratio
3.55x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.55x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.22x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
10.9%
Total debt / total assets.
Liabilities / assets
49.8%
Total liabilities / total assets.
Net debt
-$601.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
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
$0.93
Revenue / diluted weighted shares.
FCF per share
-$3.77
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$3.76
Cash from operations / diluted weighted shares.
Book value per share
$3.65
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
27.2x
Market cap / revenue.
P/B
6.85x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
6.85x
Market cap / tangible book value, when positive.
EV/Sales
22.0x
Enterprise value / revenue.
FCF yield
-14.9%
Free cash flow / market cap.
Earnings yield
-14.5%
Net income / market cap (the inverse of P/E).
What was Arcus Biosciences, Inc.'s revenue in fiscal 2025?
Arcus Biosciences, Inc. reported revenue of $247.0M for fiscal 2025, 4.3% lower than the year before.
Was Arcus Biosciences, Inc. profitable in fiscal 2025?
No. It reported a net loss of $353.0M.
How much free cash flow did Arcus Biosciences, Inc. generate in fiscal 2025?
Cash from operations of $482.0M minus capital expenditures of $2.0M left free cash flow of -$484.0M.
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.