RECURSION PHARMACEUTICALS, INC. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data RECURSION 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
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
2.32
3.96
10.2
39.8
44.6
58.8
74.7
Cost of revenue
0
0
48.3
42.6
45.2
71
Gross profit
3.96
10.2
-8.43
1.99
13.6
3.73
Research and development
45.8
63.3
135
156
241
314
475
General and administrative
19
25.3
57.7
81.6
111
178
177
Operating expenses
64.8
88.6
193
Operating income
-62.4
-84.6
-183
-246
-350
-479
-648
Interest expense
0.64
1.36
2.95
0.06
0.1
1.57
1.81
Other non-operating income
0.56
-2.39
-3.7
6.25
17.9
14.2
3.24
Pre-tax income
-186
-239
-332
-465
-645
Income tax
0
0
0
0
-4.06
-1.13
-0.14
Net income
-61.9
-87
-186
-239
-328
-464
-645
EBITDA
-60
-80.7
-174
-234
-326
-443
-564
EPS, basic
-2.87
-3.99
-1.49
-1.36
-1.58
-1.69
-1.44
EPS, diluted
-2.87
-3.99
-1.49
-1.36
-1.58
-1.69
-1.44
Shares, basic (weighted)
21.6
21.8
125
176
208
274
447
Shares, diluted (weighted)
21.6
21.8
125
176
208
274
447
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
75.2
262
285
550
392
594
743
Short-term investments
0
231
0
Receivables
0.16
0.03
0
Other current assets
2.16
7.51
15.9
40.2
38.1
28.6
Total current assets
266
535
570
438
714
813
Property, plant and equipment
26
64.7
88.2
86.5
141
104
Lease right-of-use assets
0
33.3
33.7
65.9
45.3
Goodwill
0.8
0.8
0.8
52.1
149
162
Intangible assets
1.69
1.39
1.31
36.4
336
310
Other non-current assets
0.65
0.04
0
0.26
8.83
12.8
Total assets
299
610
701
654
1,449
1,474
Accounts payable
1.07
2.82
4.59
3.95
21.6
18.1
Accrued liabilities
10.5
32.3
32.9
46.6
81.9
70.2
Deferred revenue
10
10
56.7
36.4
61.8
37.6
Short-term debt
0.04
8.43
9.09
Total current liabilities
23.1
46.7
100
93.2
187
148
Long-term debt
11.4
0.63
0.54
1.1
19
9.56
Lease liabilities
0
44.4
43.4
67.3
46.6
Other non-current liabilities
0
4.73
2.08
Total liabilities
56.6
67.4
215
190
414
343
Total debt
0.72
1.14
27.4
18.7
Paid-in capital
7.31
943
1,125
1,431
2,474
3,170
Retained earnings
-214
-400
-640
-968
-1,431
-2,076
Other comprehensive income
0
-0.13
0
0
-7.64
36.7
Shareholders' equity
-124
-206
543
486
463
1,035
1,131
Total equity
-124
-206
543
486
463
1,035
1,131
Total liabilities and equity
299
610
701
654
1,449
1,474
Shares outstanding
22.3
170
191
234
397
528
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-61.9
-87
-186
-239
-328
-464
-645
Depreciation and amortization
2.49
3.94
8.41
11.8
24.4
36.5
83.7
Stock-based compensation
1.39
4.29
14.8
27.9
53.5
81.7
111
Deferred income tax
0
-4.06
-1.63
-0.37
Change in receivables
-0.03
-0.01
0.11
Change in payables
-0.34
-0.19
1.75
1.77
-0.99
6.44
-2.62
Cash from operations
-57
-45.4
-159
-83.5
-288
-359
-372
Capital expenditures
-3.91
-5.83
-39.8
-37.1
-12
-13.7
-6.47
Acquisitions
0
-2.6
0
0
1.84
277
0
Purchases of investments
0
0
-301
0
0
0
-3.81
Sales and maturities of investments
231
0.48
0
0
Cash from investing
-3.91
-8.74
-272
193
-10.2
260
-16.9
Debt repaid
-11.2
-0.08
-12.8
-0.09
-0.77
Stock issued
0
463
144
128
300
529
Cash from financing
120
246
459
154
140
304
522
Exchange rate effect
0
0
-0.31
0.19
-3.41
18
Net change in cash
59.5
192
28.2
264
-158
202
151
Free cash flow
-61
-51.2
-198
-121
-300
-373
-378
Interest paid
0.49
0.99
0.68
0.06
0.1
Income taxes paid
0
0.24
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.55 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
29.2%
Gross profit / revenue.
Operating margin
-725.4%
Operating income / revenue.
EBITDA margin
-617.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-703.8%
Pre-tax income / revenue.
Net margin
-697.1%
Net income / revenue.
FCF margin
-458.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-455.1%
Cash from operations / revenue.
Return on equity (ROE)
-52.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-38.9%
Net income / average total assets.
Return on invested capital (ROIC)
-106.3%
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
546.0%
Research and development expense / revenue.
Stock-based pay / revenue
129.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
2.9%
Capital expenditures / revenue.
D&A / revenue
108.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
26.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
23.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
79.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-72.6%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 5y
-1.2%
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
9.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
32.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
1.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
28.1%
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
37.6%
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
63.2%
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
36.6%
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
83.0%
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
5.01x
Current assets / current liabilities.
Quick ratio
4.47x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
4.47x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.01x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
1.0%
Total debt / total assets.
Liabilities / assets
25.9%
Total liabilities / total assets.
Net debt
-$538.0M
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
$0.13
Revenue / diluted weighted shares.
FCF per share
-$0.58
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.57
Cash from operations / diluted weighted shares.
Book value per share
$1.61
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
27.9x
Market cap / revenue.
P/B
2.10x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
4.03x
Market cap / tangible book value, when positive.
EV/Sales
20.0x
Enterprise value / revenue.
FCF yield
-16.4%
Free cash flow / market cap.
Earnings yield
-25.0%
Net income / market cap (the inverse of P/E).
What was RECURSION PHARMACEUTICALS, INC.'s revenue in fiscal 2025?
RECURSION PHARMACEUTICALS, INC. reported revenue of $74.7M for fiscal 2025, 26.9% higher than the year before.
Was RECURSION PHARMACEUTICALS, INC. profitable in fiscal 2025?
No. It reported a net loss of $644.8M.
How much free cash flow did RECURSION PHARMACEUTICALS, INC. generate in fiscal 2025?
Cash from operations of $371.8M minus capital expenditures of $6.5M left free cash flow of -$378.3M.
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.