Revolution Medicines, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Revolution Medicines, 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	20.2	50	43	29.4	35.4	11.6	0	0
Research and development	51.1	91.8	132	187	253	423	592	987
General and administrative	9.41	12.4	21.4	30.5	40.6	75.6	97.3	195
Operating expenses	60.5	104	154	217	294	499	690	1,182
Operating income	-40.3	-54.1	-111	-188	-258	-487	-690	-1,182
Interest expense	0.12	0.11	0.07	0.01	0	0	0	24.2
Interest income	0.78	2.19	2.24	0.93	9.15	47.5	86.9	90.7
Other non-operating income	-1.46	2.08	2.17	0.92	9.15	47.3	88.7	51.1
Pre-tax income	-41.8	-52	-109	-187	-249	-440	-601	-1,131
Income tax		-4.37	-0.37	0	-0.42	-3.52	-0.75	0
Net income	-41.8	-47.7	-108	-187	-249	-436	-600	-1,131
EBITDA	-38.8	-51.8	-108	-185	-254	-482	-683	-1,175
EPS, basic	-21.24	-22.33	-2.01	-2.57	-3.08	-3.86	-3.58	-5.95
EPS, diluted	-21.24	-22.33	-2.01	-2.57	-3.08	-3.86	-3.58	-5.95
Shares, basic (weighted)	2.3	2.77	54.9	72.8	80.6	113	168	190
Shares, diluted (weighted)	2.3	2.77	54.9	72.8	80.6	113	168	190

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	69.6	16.7	104	108	161	696	543	384
Short-term investments		106	336	469	484	1,157	1,746	1,642
Other current assets		2.49	6.99	6.79	10.6	25.1	38.3	49.4
Total current assets		134	454	590	660	1,879	2,328	2,075
Property, plant and equipment		7.15	8.9	11.5	18.7	22.9	24.3	33.2
Lease right-of-use assets			27.4	59.7	55.1	77.1	118	132
Goodwill		14.6	14.6	14.6	14.6	14.6	14.6	14.6
Intangible assets		62	60.9	59.9	58.8	57.7	56.7	55.8
Other non-current assets		2.57	0.31	0.76	2.86	7.03	1.74	14.8
Total assets		221	567	738	812	2,062	2,558	2,355
Accounts payable		11.4	12.6	14.1	21.3	61.8	54.4	64.6
Accrued liabilities								5
Deferred revenue			12.1	12.4	4.46	0
Total current liabilities		43.1	47.2	60.4	62	144	164	290
Lease liabilities			29	60.4	57.4	80.6	123	142
Other non-current liabilities		0.66	0.63	0.63	0.3	1.46	0.67	1.21
Total liabilities		68	92.7	135	127	236	293	723
Paid-in capital		4.74	740	1,056	1,388	2,963	4,002	4,497
Retained earnings		-157	-266	-453	-701	-1,138	-1,738	-2,869
Other comprehensive income		0.07	0.12	-0.38	-1.78	0.54	1.32	3.24
Shareholders' equity	-108	-153	475	603	685	1,826	2,265	1,631
Total equity	-108	-153	475	603	685	1,826	2,265	1,631
Total liabilities and equity		221	567	738	812	2,062	2,558	2,355
Shares outstanding		3.29	66.6	74.1	90.4	165	186	197

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-41.8	-47.7	-108	-187	-249	-436	-600	-1,131
Depreciation and amortization	1.57	2.27	2.61	3.08	3.97	5.04	6.56	7.78
Stock-based compensation	0.86	3.16	8.89	20.7	31.2	61.8	79.2	118
Deferred income tax					-0.42	-3.85	-0.74	0
Change in receivables		-1.43	2.34	0.46	1.26	3.42	1.25	0
Change in payables	0.11	5.26	0.31	2.24	7.29	32.5	-6.47	9.54
Cash from operations	1.21	-49.6	-100	-147	-224	-351	-557	-898
Capital expenditures	-1.5	-2.59	-2.93	-6.53	-10.8	-7.73	-10.3	-16
Purchases of investments		-172	-544	-671	-613	-1,059	-2,137	-1,795
Sales and maturities of investments						0	0	6.38
Cash from investing	-1.34	-102	-234	-142	-24.1	-343	-554	118
Stock issued			420	281	248	324	728	0
Dividends paid			0
Cash from financing	60.8	98.7	423	294	301	1,229	959	622
Net change in cash	60.7	-52.9	88.5	4.88	52.9	536	-152	-158
Free cash flow	-0.29	-52.2	-103	-154	-235	-358	-568	-914

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 $204.97 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-67.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-40.9%	Net income / average total assets.
Return on invested capital (ROIC)	-71.8%	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	-28.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	33.5%	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	28.0%	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	-8.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	42.6%	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	32.9%	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	13.3%	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	33.1%	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	28.2%	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	11.4x	Current assets / current liabilities.
Quick ratio	11.1x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	11.1x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	39.7%	Total liabilities / total assets.
Interest coverage	-27.4x	Operating income / interest expense.
Working capital	$3.67B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.54B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$8.38	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	-$5.84	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$5.80	Cash from operations / diluted weighted shares.
Book value per share	$12.16	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.84	Tangible book value / shares outstanding.
Cash per share	$18.38	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$43.93B	Share price x shares outstanding.
Enterprise value	$39.99B	Market cap + total debt - cash - short-term investments.
P/B	16.9x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	17.3x	Market cap / tangible book value, when positive.
FCF yield	-2.8%	Free cash flow / market cap.
Earnings yield	-4.0%	Net income / market cap (the inverse of P/E).

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

Revolution Medicines, Inc. reported revenue of $0.0 for fiscal 2025.

Was Revolution Medicines, Inc. profitable in fiscal 2025?

No. It reported a net loss of $1.13B.

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

Cash from operations of $897.7M minus capital expenditures of $16.0M left free cash flow of -$913.7M.

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 Revolution Medicines, Inc.