Schrodinger, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Schrodinger, 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

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	85.5	108	138	181	217	208	256
Cost of revenue	36.5	44.6	72.3	79.9	76	75.5	113
Gross profit	49.1	63.5	65.6	101	141	132	143
Research and development	39.4	64.7	90.9	126	182	202	173
Selling and marketing	21.4	17.8	22.2	30.6	37.2	39.9	41
General and administrative	27	41.9	64	90.8	99.1	99.7	95.4
Operating expenses	87.8	124	177	248	318	341	310
Operating income	-38.7	-60.9	-111	-147	-177	-209	-167
Interest income	1.88	2.25	1.06	3.95
Other non-operating income	12.7	34.6	10.6	-2.31	220	23.6	64.6
Pre-tax income	-26	-26.3	-101	-149	42.9	-186	-102
Income tax	-0.29	0.35	0.41	0.06	2.2	1.41	0.94
Net income to minority interests	-1.11	-2.17	-0.83	-0	0
Net income	-24.6	-24.5	-100	-149	40.7	-187	-103
EBITDA	-35.1	-57.3	-109	-142	-172	-203	-161
EPS, basic	-4.09	-0.41	-1.42	-2.10	0.57	-2.57	-1.41
EPS, diluted	-4.09	-0.41	-1.42	-2.10	0.54	-2.57	-1.41
Shares, basic (weighted)	6	60	70.6	71.2	71.8	72.7	73.4
Shares, diluted (weighted)	6	60	70.6	71.2	75	72.7	73.4

Balance sheet

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	26	202	120	90.5	155	147	231
Short-term investments	59.8	440	456	361	308	205	165
Receivables	18.7	31.4	31.7	56	66	236	83
Other current assets	6.47	4.41	5.03	8.57	9.93	12.2	12.5
Total current assets	119	683	625	534	568	635	519
Property, plant and equipment	6.27	5.14	10	14.2	23.3	24.2	19.5
Lease right-of-use assets	12.8	10.1	75.4	106	118	112	103
Goodwill			0	4.79	4.79	4.79	4.79
Intangible assets			0	0.59	0
Other non-current assets	2.34	2.35	2.85	3.31	6.01	4.16	6.27
Total assets	155	746	756	689	803	823	726
Accounts payable	3.52	8.4	8.08	9.47	16.8	10.7	11.5
Deferred revenue	25.1	45.4	55.4	57.9	56.2	112	113
Total current liabilities	45	73.2	91.2	109	134	192	189
Lease liabilities	8.89	7.22	77.8	105	111	101	92.8
Other non-current liabilities	0.9	0.65	0.3	0.8	0.67	0.15	1.28
Total liabilities	57	122	199	241	254	402	362
Paid-in capital	11.7	753	787	829	886	946	992
Retained earnings	-105	-130	-230	-379	-338	-526	-629
Other comprehensive income	0.02	0.32	-0.65	-2.38	0.28	0.22	0.11
Shareholders' equity	-93.4	624	557	448	549	421	364
Minority interests	0.04	0	0.01	0.01	0
Total equity	-93.3	624	557	448	549	421	364
Total liabilities and equity	155	746	756	689	803	823	726
Shares outstanding	6.12	60.7	61.8	62.2	63

Cash flow statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-25.7	-26.6	-101	-149	40.7	-187	-103
Depreciation and amortization	3.64	3.66	2.85	4.34	5.55	6.16	6.02
Stock-based compensation	2.19	10.5	26.5	39.6	47.8	49.9	43
Deferred income tax		0	0	0	0	-0.25	-0.61
Change in receivables	-5.04	-12.7	-0.32	-23.7	-10	-170	153
Change in payables	-0.29	4.88	-0.41	1.18	7.32	-6.12	0.91
Cash from operations	-26.1	16.8	-70.7	-120	-137	-157	13.9
Capital expenditures	-1.84	-2.54	-7.17	-8.01	-13.4	-7.31	-1.44
Acquisitions		0	0	-6.43	0	0
Purchases of investments	-110	-520	-415	-271	-321	-251	-313
Sales and maturities of investments	57.2	139	393	365	384	362	355
Cash from investing	-53.9	-382	-16.8	90	193	149	57.9
Stock issued	0.55	4.18	7.93	0	0	8.87	0
Cash from financing	28.7	541	7.95	2.11	9.05	10.1	2.93
Net change in cash	-51.2	176	-79.5	-27.6	65.3	1.59	74.7
Free cash flow	-27.9	14.2	-77.8	-128	-150	-165	12.5
Income taxes paid	0.14	0.38	0.45	0.79	2.83	1.08	-0.01

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 $28.85 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	56.9%	Gross profit / revenue.
Operating margin	-59.2%	Operating income / revenue.
EBITDA margin	-57.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-20.0%	Pre-tax income / revenue.
Net margin	-21.0%	Net income / revenue.
FCF margin	-50.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-49.0%	Cash from operations / revenue.
Return on equity (ROE)	-16.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-8.5%	Net income / average total assets.
Return on invested capital (ROIC)	-294.9%	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	65.2%	Research and development expense / revenue.
Stock-based pay / revenue	14.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	23.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.2%	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	17.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-3.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-2.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-13.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.7%	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	-10.2%	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	-11.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.8%	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	-0.5%	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	1.1%	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	1.1%	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	4.1%	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	2.71x	Current assets / current liabilities.
Quick ratio	2.50x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.38x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	48.6%	Total liabilities / total assets.
Working capital	$296.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$324.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.40x	Revenue / average total assets.
Fixed asset turnover	13.3x	Revenue / average property, plant and equipment.
Receivables turnover	12.1x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
Days payables	34 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.72	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	$3.42	Revenue / diluted weighted shares.
FCF per share	-$1.72	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$1.67	Cash from operations / diluted weighted shares.
Book value per share	$4.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.28	Tangible book value / shares outstanding.
Cash per share	$5.46	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.16B	Share price x shares outstanding.
Enterprise value	$1.74B	Market cap + total debt - cash - short-term investments.
P/S	8.33x	Market cap / revenue.
P/B	6.56x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.66x	Market cap / tangible book value, when positive.
EV/Sales	6.73x	Enterprise value / revenue.
FCF yield	-6.0%	Free cash flow / market cap.
Earnings yield	-2.5%	Net income / market cap (the inverse of P/E).

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

Schrodinger, Inc. reported revenue of $255.9M for fiscal 2025, 23.3% higher than the year before.

Was Schrodinger, Inc. profitable in fiscal 2025?

No. It reported a net loss of $103.3M.

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

Cash from operations of $13.9M minus capital expenditures of $1.4M left free cash flow of $12.5M.

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.

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