Adaptive Biotechnologies (ADPT) financial statements
Adaptive Biotechnologies reported revenue of $277M in fiscal 2025, up 28.0% a year over 8 years.
Net income was -$59M and the operating margin -20.6%, against -115.7% in 2017.
Free cash flow was -$49M.
The diluted share count rose 1144% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Adaptive Biotechnologies's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $38M | $56M | $85M | $98M | $154M | $185M | $170M | $179M | $277M |
| Cost of revenue | $16M | $20M | $22M | $23M | $49M | $58M | $76M | $72M | $71M |
| Gross profit | $23M | $36M | $63M | $76M | $105M | $127M | $95M | $107M | $206M |
| Research and development | $32M | $39M | $71M | $116M | $142M | $142M | $122M | $103M | $94M |
| Selling, general and admin | $33M | $45M | $69M | $111M | $170M | $184M | $173M | $158M | $167M |
| Operating income | -$44M | -$50M | -$78M | -$153M | -$209M | -$200M | -$227M | -$163M | -$57M |
| Interest expense | — | — | — | — | — | $4M | $14M | $12M | $12M |
| Pre-tax income | — | — | -$69M | -$146M | -$207M | -$200M | -$225M | -$160M | -$59M |
| Income tax | — | — | $0 | — | — | — | $0 | $0 | $0 |
| Net income | -$43M | -$46M | -$69M | -$146M | -$207M | -$200M | -$225M | -$159M | -$59M |
| EPS (diluted) | -$3.50 | -$3.67 | -$1.01 | -$1.11 | -$1.48 | -$1.40 | -$1.56 | -$1.08 | -$0.39 |
| Diluted shares | 12M | 13M | 69M | 131M | 140M | 143M | 144M | 147M | 152M |
| Gross margin | 59.2% | 64.7% | 73.8% | 77.1% | 68.1% | 68.7% | 55.6% | 59.7% | 74.2% |
| Operating margin | -115.7% | -89.4% | -92.1% | -155.3% | -135.4% | -108.0% | -133.3% | -90.8% | -20.6% |
| Net margin | -111.4% | -83.4% | -80.6% | -148.6% | -134.3% | -108.0% | -132.3% | -89.1% | -21.5% |
Balance sheet
Fiscal years, from Adaptive Biotechnologies's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | — | $165M | $577M | $688M | $353M | $498M | $346M | $222M | $227M |
| Receivables | — | $5M | $13M | $10M | $17M | $40M | $38M | $42M | $50M |
| Inventory | — | $8M | $9M | $14M | $19M | $14M | $14M | $8M | $10M |
| Total current assets | — | $181M | $613M | $727M | $403M | $562M | $410M | $284M | $300M |
| Property, plant and equipment | — | $19M | $60M | $40M | $85M | $83M | $68M | $49M | $34M |
| Goodwill | — | $119M | $119M | $119M | $119M | $119M | $119M | $119M | $119M |
| Total assets | — | $333M | $912M | $1.1B | $923M | $857M | $661M | $539M | $513M |
| Total current liabilities | — | $23M | $78M | $105M | $114M | $110M | $88M | $98M | $90M |
| Long-term debt | — | — | — | — | — | $125M | $131M | $132M | $127M |
| Total liabilities | — | $30M | $341M | $373M | $319M | $393M | $353M | $337M | $288M |
| Shareholders' equity | -$225M | -$258M | $571M | $743M | $604M | $464M | $308M | $203M | $219M |
| Net debt | — | -$55M | -$97M | -$123M | -$139M | $35M | $66M | $85M | $61M |
Cash flow
Fiscal years, from Adaptive Biotechnologies's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$35M | -$32M | $205M | -$150M | -$193M | -$184M | -$156M | -$95M | -$46M |
| Capital spending | $2M | $6M | $11M | $19M | $62M | $16M | $11M | $4M | $3M |
| Free cash flow | -$37M | -$39M | $194M | -$168M | -$254M | -$200M | -$167M | -$99M | -$49M |
| Stock-based compensation | $7M | $11M | $13M | $25M | $43M | $55M | $63M | $54M | $51M |
| Free cash flow margin | -97.0% | -69.3% | 228.3% | -171.3% | -164.9% | -108.1% | -98.1% | -55.3% | -17.7% |
Questions
What was Adaptive Biotechnologies's revenue in 2025?
$277M in fiscal 2025, from its 10-K filing.
How much free cash flow does Adaptive Biotechnologies generate?
-$49M in fiscal 2025 (operating cash flow minus capital spending).
From Adaptive Biotechnologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.