Acacia Research (ACTG) financial statements
Acacia Research reported revenue of $285M in fiscal 2025, up 20.2% a year over 8 years.
Net income was $22M.
Free cash flow was $73M.
The diluted share count rose 92% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Acacia Research's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $65M | $132M | $11M | $30M | $88M | $59M | $125M | $122M | $285M |
| Cost of revenue | — | — | $109M | $18M | $25M | $36M | $37M | $53M | $93M | $201M |
| Gross profit | — | — | $22M | -$7M | $5M | $52M | $22M | $72M | $30M | $84M |
| Research and development | — | — | — | — | $0 | $200,000 | $626,000 | $735,000 | — | — |
| Selling, general and admin | $33M | $27M | $19M | $16M | $24M | $37M | $61M | $51M | $63M | $78M |
| Operating income | -$37M | -$27M | -$25M | -$23M | -$20M | $15M | -$40M | $21M | -$33M | $6M |
| Interest expense | — | — | — | $0 | $10M | $8M | $6M | $2M | $6M | $9M |
| Pre-tax income | -$37M | $25M | -$104M | -$19M | $108M | $175M | -$127M | $67M | -$38M | $31M |
| Income tax | $18M | $3M | $1M | -$2M | -$1M | $24M | -$16M | -$2M | -$3M | $7M |
| Net income | -$54M | $22M | -$105M | -$17M | $109M | $149M | -$125M | $67M | -$36M | $22M |
| EPS (diluted) | -$1.08 | $0.44 | -$2.10 | -$0.40 | $1.48 | $1.91 | -$3.13 | $0.58 | -$0.36 | $0.22 |
| Diluted shares | 50M | 51M | 50M | 51M | 57M | 49M | 42M | 75M | 99M | 96M |
| Gross margin | — | — | 16.9% | -62.6% | 16.6% | 59.0% | 36.9% | 57.8% | 24.2% | 29.6% |
| Operating margin | — | -41.7% | -18.8% | -208.2% | -65.5% | 16.5% | -67.7% | 16.7% | -26.9% | 2.2% |
| Net margin | — | 33.9% | -79.9% | -152.2% | 366.8% | 169.5% | -211.2% | 53.6% | -29.5% | 7.6% |
Balance sheet
Fiscal years, from Acacia Research's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $158M | $137M | $162M | $151M | $166M | $707M | $386M | $440M | $274M | $307M |
| Receivables | $27M | $153,000 | $33M | $511,000 | $506,000 | $10M | $8M | $81M | $27M | $26M |
| Inventory | — | — | — | — | $0 | $9M | $14M | $11M | $27M | $27M |
| Total current assets | $188M | $140M | $201M | $173M | $458M | $731M | $428M | $555M | $420M | $450M |
| Property, plant and equipment | $127,000 | — | — | — | $270,000 | $4M | $4M | $2M | $24M | $21M |
| Goodwill | — | — | — | — | $0 | $7M | $8M | $9M | $29M | $26M |
| Total assets | $296M | $309M | $224M | $218M | $511M | $799M | $483M | $634M | $756M | $771M |
| Total current liabilities | $28M | $10M | $31M | $12M | $125M | $200M | $87M | $28M | $50M | $49M |
| Total liabilities | $29M | $13M | $33M | $35M | $212M | $354M | $194M | $44M | $204M | $187M |
| Shareholders' equity | $266M | $294M | $189M | $173M | $277M | $419M | $258M | $568M | $515M | $543M |
| Net debt | -$139M | -$137M | -$129M | -$57M | -$166M | -$309M | -$288M | -$340M | -$271M | -$307M |
Cash flow
Fiscal years, from Acacia Research's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $34M | $13M | $21M | -$2M | -$20M | $13M | -$37M | -$23M | $50M | $75M |
| Capital spending | $4,000 | $2,000 | $34,000 | $183,000 | $199,000 | $91,000 | $732,000 | $189,000 | $149M | $3M |
| Free cash flow | $34M | $13M | $21M | -$2M | -$20M | $13M | -$38M | -$23M | -$99M | $73M |
| Stock-based compensation | $9M | $9M | -$317,000 | $1M | $2M | $2M | $4M | $3M | $5M | $6M |
| Dividends paid | $0 | $0 | — | $0 | $1M | $1M | $3M | $1M | $0 | — |
| Share buybacks (net) | -$82,000 | $0 | -$5M | $0 | -$4M | -$4M | -$51M | $0 | -$20M | $0 |
| Net borrowing | — | — | — | $0 | $110M | $115M | $0 | — | — | — |
| Free cash flow margin | — | 19.8% | 15.8% | -22.2% | -66.5% | 15.0% | -64.3% | -18.1% | -80.6% | 25.5% |
| Dividends per share | — | — | — | — | $0.02 | $0.03 | $0.07 | $0.02 | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for ACTG.
Open ACTG in InvestinglyQuestions
What was Acacia Research's revenue in 2025?
$285M in fiscal 2025, from its 10-K filing.
How much free cash flow does Acacia Research generate?
$73M in fiscal 2025 (operating cash flow minus capital spending).
From Acacia Research's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.