Heartflow (HTFL) financial statements
Heartflow reported revenue of $176M in fiscal 2025, up 42.1% a year over 2 years.
Net income was -$117M and the operating margin -36.4%, against -83.6% in 2023.
Free cash flow was -$59M.
The diluted share count rose 654% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Heartflow's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $87M | $126M | $176M |
| Cost of revenue | $29M | $31M | $41M |
| Gross profit | $58M | $94M | $135M |
| Research and development | $36M | $44M | $65M |
| Selling, general and admin | $95M | $112M | $134M |
| Operating income | -$73M | -$61M | -$64M |
| Interest expense | $25M | $23M | $15M |
| Pre-tax income | -$95M | -$96M | -$117M |
| Income tax | $547,000 | $53,000 | -$76,000 |
| Net income | -$96M | -$96M | -$117M |
| EPS (diluted) | -$25.32 | -$17.98 | -$3.17 |
| Diluted shares | 5M | 5M | 37M |
| Gross margin | 66.6% | 75.1% | 76.8% |
| Operating margin | -83.6% | -48.7% | -36.4% |
| Net margin | -109.7% | -76.6% | -66.3% |
Balance sheet
Fiscal years, from Heartflow's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $123M | $51M | $280M |
| Receivables | — | $25M | $29M |
| Total current assets | — | $82M | $220M |
| Property, plant and equipment | — | $9M | $9M |
| Total assets | — | $119M | $359M |
| Total current liabilities | — | $34M | $42M |
| Total liabilities | — | $210M | $59M |
| Shareholders' equity | -$778M | -$859M | $301M |
| Net debt | -$123M | -$51M | -$45M |
Cash flow
Fiscal years, from Heartflow's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | -$76M | -$69M | -$54M |
| Capital spending | $6M | $4M | $5M |
| Free cash flow | -$83M | -$73M | -$59M |
| Stock-based compensation | $12M | $10M | $14M |
| Share buybacks (net) | -$228,000 | — | — |
| Net borrowing | — | — | -$115M |
| Free cash flow margin | -94.7% | -58.3% | -33.5% |
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Open HTFL in InvestinglyQuestions
What was Heartflow's revenue in 2025?
$176M in fiscal 2025, from its 10-K filing.
How much free cash flow does Heartflow generate?
-$59M in fiscal 2025 (operating cash flow minus capital spending).
From Heartflow's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.