Arvinas (ARVN) financial statements
Arvinas reported revenue of $263M in fiscal 2025, up 55.8% a year over 8 years.
Net income was -$81M and the operating margin -45.1%, against -326.7% in 2017.
Free cash flow was -$276M, and the company returned $92M in net buybacks.
The diluted share count rose 3636% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Arvinas's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8M | $14M | $43M | $26M | $54M | $131M | $78M | $263M | $263M |
| Research and development | $29M | $45M | $67M | $108M | $180M | $315M | $380M | $348M | $285M |
| Selling, general and admin | $4M | $13M | $27M | $38M | $62M | $80M | $100M | $165M | $96M |
| Operating income | -$25M | -$44M | -$52M | -$121M | -$188M | -$263M | -$402M | -$250M | -$118M |
| Interest expense | $50,357 | $57,440 | $100,000 | $100,000 | $100,000 | $0 | $0 | $0 | — |
| Pre-tax income | — | — | — | -$115M | -$184M | -$251M | -$364M | -$198M | -$80M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $21M | $900,000 | $600,000 | $300,000 |
| Net income | -$24M | -$41M | -$70M | -$119M | -$191M | -$282M | -$367M | -$199M | -$81M |
| EPS (diluted) | -$15.08 | -$25.45 | -$2.13 | -$3.02 | -$3.82 | -$5.31 | -$6.62 | -$2.77 | -$1.14 |
| Diluted shares | 2M | 9M | 33M | 40M | 50M | 53M | 56M | 72M | 71M |
| Operating margin | -326.7% | -305.8% | -119.8% | -466.4% | -351.5% | -200.3% | -511.5% | -95.0% | -45.1% |
| Net margin | -317.3% | -289.6% | -163.5% | -460.6% | -356.3% | -215.0% | -467.9% | -75.5% | -30.8% |
Balance sheet
Fiscal years, from Arvinas's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $39M | $188M | $281M | $689M | $1.5B | $1.2B | $1.3B | $1.0B | $685M |
| Receivables | $25M | $3M | — | $1M | $15M | $1M | $0 | $6M | $1M |
| Total current assets | $66M | $196M | $291M | $703M | $1.6B | $1.2B | $1.3B | $1.1B | $701M |
| Property, plant and equipment | $1M | $4M | $8M | $12M | $13M | $13M | $12M | $7M | $5M |
| Total assets | $67M | $199M | $302M | $717M | $1.6B | $1.3B | $1.3B | $1.1B | $718M |
| Total current liabilities | $18M | $23M | $33M | $49M | $262M | $295M | $257M | $230M | $142M |
| Long-term debt | $151,122 | $2M | $2M | $2M | $1M | $1M | $800,000 | $600,000 | $400,000 |
| Total liabilities | $67M | $63M | $75M | $75M | $800M | $704M | $645M | $530M | $284M |
| Shareholders' equity | -$61M | $137M | $227M | $642M | $782M | $565M | $660M | $562M | $434M |
| Net debt | -$31M | -$1M | -$7M | -$586M | -$107M | -$80M | -$311M | -$100M | -$142M |
Cash flow
Fiscal years, from Arvinas's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5M | -$16M | -$41M | -$90M | $559M | -$274M | -$348M | -$259M | -$274M |
| Capital spending | $1M | $3M | $6M | $6M | $5M | $7M | $3M | $2M | $2M |
| Free cash flow | $4M | -$19M | -$47M | -$96M | $555M | -$280M | -$351M | -$261M | -$276M |
| Stock-based compensation | $245,048 | $12M | $20M | $30M | $57M | $76M | $72M | $88M | $44M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$92M |
| Net borrowing | -$161,363 | $2M | -$200,000 | $0 | $0 | $0 | $0 | -$400,000 | -$200,000 |
| Free cash flow margin | 54.1% | -132.3% | -109.1% | -371.0% | 1034.9% | -213.3% | -446.8% | -99.1% | -105.0% |
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Open ARVN in InvestinglyQuestions
What was Arvinas's revenue in 2025?
$263M in fiscal 2025, from its 10-K filing.
How much free cash flow does Arvinas generate?
-$276M in fiscal 2025 (operating cash flow minus capital spending).
From Arvinas's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.