Arrowhead Pharmaceuticals (ARWR) financial statements
Arrowhead Pharmaceuticals reported revenue of $829M in fiscal 2025, up 159.0% a year over 9 years.
Net income was -$2M and the operating margin 11.9%, against -51627.1% in 2016.
Free cash flow was $157M.
The diluted share count rose 119% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Arrowhead Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $158,333 | $31M | $16M | $169M | $88M | $138M | $243M | $241M | $4M | $829M |
| Research and development | $62M | $51M | $53M | $81M | $129M | $206M | $297M | $353M | $506M | $607M |
| Selling, general and admin | $24M | $17M | $19M | $27M | $52M | $81M | $124M | $93M | $99M | $124M |
| Operating income | -$82M | -$37M | -$56M | $61M | -$93M | -$149M | -$179M | -$205M | -$601M | $98M |
| Interest expense | — | — | — | — | — | $0 | $0 | $18M | $32M | $89M |
| Pre-tax income | -$82M | -$34M | -$54M | $68M | -$85M | -$141M | -$173M | -$206M | -$612M | $52M |
| Income tax | $2,400 | $2,400 | $2,400 | $174,000 | $2,000 | $2,000 | $4M | $3M | -$3M | $21M |
| Net income | -$82M | -$34M | -$54M | $68M | -$85M | -$141M | -$176M | -$205M | -$599M | -$2M |
| EPS (diluted) | -$1.34 | -$0.47 | -$0.65 | $0.69 | -$0.84 | -$1.36 | -$1.67 | -$1.92 | -$5.00 | -$0.01 |
| Diluted shares | 61M | 74M | 84M | 99M | 101M | 104M | 105M | 107M | 120M | 134M |
| Operating margin | -51627.1% | -117.8% | -346.5% | 36.3% | -105.9% | -107.8% | -73.4% | -85.2% | -16927.1% | 11.9% |
| Net margin | -51614.6% | -109.5% | -337.3% | 40.3% | -96.1% | -101.9% | -72.4% | -85.3% | -16882.4% | -0.2% |
Balance sheet
Fiscal years, from Arrowhead Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $85M | $25M | $30M | $222M | $229M | $311M | $108M | $404M | $681M | $919M |
| Receivables | $75,000 | $67,797 | $327,375 | $661,361 | $846,000 | $10M | $1M | $0 | $0 | $7M |
| Total current assets | $91M | $68M | $79M | $265M | $322M | $385M | $405M | $416M | $695M | $951M |
| Property, plant and equipment | $15M | $16M | $14M | $23M | $31M | $49M | $110M | $290M | $386M | $383M |
| Total assets | $128M | $104M | $112M | $350M | $523M | $710M | $692M | $766M | $1.1B | $1.4B |
| Total current liabilities | $26M | $19M | $12M | $97M | $41M | $147M | $139M | $105M | $103M | $195M |
| Total liabilities | $33M | $23M | $16M | $106M | $61M | $301M | $274M | $478M | $949M | $882M |
| Shareholders' equity | $96M | $81M | $96M | $245M | $462M | $409M | $399M | $271M | $185M | $466M |
| Net debt | -$85M | -$25M | -$30M | -$222M | -$144M | -$184M | -$108M | -$111M | -$103M | -$227M |
Cash flow
Fiscal years, from Arrowhead Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$64M | -$24M | -$47M | $173M | -$96M | $171M | -$136M | -$154M | -$463M | $180M |
| Capital spending | $4M | $8M | $1M | $12M | $12M | $24M | $53M | $177M | $141M | $23M |
| Free cash flow | -$68M | -$32M | -$49M | $161M | -$108M | $148M | -$189M | -$331M | -$604M | $157M |
| Stock-based compensation | $12M | $8M | $8M | $12M | $43M | $77M | $121M | $78M | $74M | $63M |
| Free cash flow margin | -43129.2% | -101.4% | -301.3% | 95.4% | -122.5% | 106.8% | -77.7% | -137.3% | -17018.3% | 18.9% |
Questions
What was Arrowhead Pharmaceuticals's revenue in 2025?
$829M in fiscal 2025, from its 10-K filing.
How much free cash flow does Arrowhead Pharmaceuticals generate?
$157M in fiscal 2025 (operating cash flow minus capital spending).
From Arrowhead Pharmaceuticals's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.