Evolus (EOLS) financial statements
Evolus reported revenue of $297M in fiscal 2025, up 42.9% a year over 6 years.
Net income was -$52M.
Free cash flow was -$51M.
The diluted share count rose 290% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Evolus's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $0 | $35M | $57M | $100M | $149M | $202M | $266M | $297M |
| Cost of revenue | — | $0 | $8M | $18M | $44M | $59M | $65M | $84M | $100M |
| Gross profit | — | $0 | $27M | $38M | $56M | $90M | $138M | $182M | $197M |
| Research and development | $7M | $6M | $4M | $2M | $2M | $5M | $7M | $9M | $10M |
| Selling, general and admin | $5M | $29M | $114M | $98M | $112M | $142M | $165M | $198M | $221M |
| Operating income | -$12M | -$46M | -$99M | -$153M | -$44M | -$65M | -$49M | -$34M | -$33M |
| Interest expense | $5,000 | $863,000 | — | — | $1M | $9M | $14M | $19M | $20M |
| Pre-tax income | -$12M | -$47M | -$105M | -$163M | -$47M | -$74M | -$62M | -$50M | -$51M |
| Income tax | -$7M | $65,000 | -$15M | $77,000 | $42,000 | $95,000 | $176,000 | $664,000 | $677,000 |
| Net income | -$4M | -$47M | -$90M | -$163M | -$47M | -$74M | -$62M | -$50M | -$52M |
| EPS (diluted) | -$0.27 | -$1.92 | -$3.19 | -$4.83 | -$0.94 | -$1.33 | -$1.08 | -$0.81 | -$0.80 |
| Diluted shares | 17M | 24M | 28M | 34M | 50M | 56M | 57M | 62M | 64M |
| Gross margin | — | — | 77.1% | 67.6% | 56.3% | 60.4% | 68.1% | 68.5% | 66.3% |
| Operating margin | — | — | -283.3% | -270.7% | -44.6% | -44.0% | -24.4% | -12.9% | -11.0% |
| Net margin | — | — | -257.8% | -288.3% | -47.0% | -50.1% | -30.5% | -18.9% | -17.4% |
Balance sheet
Fiscal years, from Evolus's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $0 | $93M | $130M | $108M | $146M | $54M | $63M | $87M | $54M |
| Receivables | — | $0 | $11M | $10M | $15M | $22M | $31M | $48M | $55M |
| Inventory | — | $0 | $6M | $3M | $2M | $19M | $11M | $12M | $27M |
| Total current assets | $73M | $94M | $152M | $128M | $179M | $101M | $112M | $151M | $143M |
| Property, plant and equipment | $0 | $0 | $902,000 | $1M | $1M | $3M | $2M | $3M | $5M |
| Goodwill | $21M | $21M | $21M | $21M | $21M | $21M | $21M | $21M | $21M |
| Total assets | $152M | $172M | $240M | $209M | $257M | $178M | $189M | $233M | $226M |
| Total current liabilities | $213M | $5M | $24M | $180M | $58M | $47M | $48M | $63M | $75M |
| Long-term debt | — | $0 | $74M | — | — | — | — | $122M | $146M |
| Total liabilities | $228M | $87M | $161M | $282M | $176M | $159M | $210M | $227M | $249M |
| Shareholders' equity | -$76M | $84M | $79M | -$73M | $82M | $18M | -$21M | $6M | -$23M |
| Net debt | $0 | -$93M | -$36M | -$103M | -$146M | -$54M | -$63M | $35M | $92M |
Cash flow
Fiscal years, from Evolus's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$13M | -$26M | -$93M | -$58M | -$33M | -$85M | -$34M | -$18M | -$42M |
| Capital spending | $0 | $9,000 | $5M | $3M | $970,000 | $3M | $2M | $5M | $8M |
| Free cash flow | -$13M | -$26M | -$98M | -$61M | -$34M | -$88M | -$36M | -$23M | -$51M |
| Stock-based compensation | $586,000 | $7M | $10M | $11M | $10M | $11M | $16M | $22M | $21M |
| Net borrowing | — | $0 | $73M | -$523,000 | $0 | $0 | $50M | $0 | — |
| Free cash flow margin | — | — | -280.5% | -107.9% | -34.5% | -59.1% | -17.6% | -8.6% | -17.1% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for EOLS.
Open EOLS in InvestinglyQuestions
What was Evolus's revenue in 2025?
$297M in fiscal 2025, from its 10-K filing.
How much free cash flow does Evolus generate?
-$51M in fiscal 2025 (operating cash flow minus capital spending).
From Evolus's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.