QDEL (QDEL) financial statements
QDEL reported revenue of $2.7B in fiscal 2025, up 10.4% a year over 5 years.
Net income was -$1.1B and the operating margin -33.7%, against 63.8% in 2020.
Free cash flow was -$83M.
The diluted share count rose 56% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from QDEL's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $1.7B | $1.7B | $3.3B | $3.0B | $2.8B | $2.7B |
| Cost of revenue | $305M | $420M | $1.3B | $1.5B | $1.5B | $1.5B |
| Gross profit | $1.4B | $1.3B | $1.9B | $1.5B | $1.3B | $1.3B |
| Research and development | $84M | $96M | $188M | $245M | $219M | $186M |
| Selling, general and admin | $181M | $240M | $621M | $763M | $767M | $746M |
| Operating income | $1.1B | $906M | $844M | $139M | -$2.0B | -$919M |
| Interest expense | — | — | $76M | $148M | $164M | $178M |
| Pre-tax income | $1.0B | $900M | $736M | -$29M | -$2.1B | -$1.1B |
| Income tax | $230M | $196M | $187M | -$19M | -$80M | $24M |
| Net income | $810M | $704M | $549M | -$10M | -$2.1B | -$1.1B |
| EPS (diluted) | $18.60 | $16.43 | $9.56 | -$0.15 | -$30.54 | -$16.69 |
| Diluted shares | 44M | 43M | 57M | 67M | 67M | 68M |
| Gross margin | 81.6% | 75.3% | 59.3% | 49.9% | 46.2% | 46.7% |
| Operating margin | 63.8% | 53.3% | 25.8% | 4.6% | -70.5% | -33.7% |
| Net margin | 48.8% | 41.5% | 16.8% | -0.3% | -73.7% | -41.5% |
Balance sheet
Fiscal years, from QDEL's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $490M | $828M | $345M | $167M | $98M | $170M |
| Receivables | — | $378M | $454M | $303M | $282M | $417M |
| Inventory | — | $199M | $524M | $578M | $534M | $578M |
| Total current assets | — | $1.4B | $1.6B | $1.3B | $1.2B | $1.4B |
| Property, plant and equipment | — | $349M | $1.3B | $1.4B | $1.4B | $1.4B |
| Goodwill | — | $337M | $2.5B | $2.5B | $650M | $0 |
| Total assets | — | $2.4B | $8.9B | $8.6B | $6.4B | $5.8B |
| Total current liabilities | — | $324M | $1.0B | $834M | $999M | $966M |
| Long-term debt | — | $700,000 | $2.4B | $2.3B | $2.1B | $2.5B |
| Total liabilities | — | $501M | $3.9B | $3.6B | $3.4B | $3.8B |
| Shareholders' equity | $1.3B | $1.9B | $4.9B | $5.0B | $3.0B | $1.9B |
| Net debt | -$490M | -$802M | $2.3B | $2.3B | $2.4B | $2.5B |
Cash flow
Fiscal years, from QDEL's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $630M | $806M | $885M | $280M | $83M | $105M |
| Capital spending | $65M | $293M | $141M | $209M | $195M | $188M |
| Free cash flow | $565M | $513M | $744M | $71M | -$112M | -$83M |
| Stock-based compensation | $21M | $25M | $48M | $52M | $42M | $46M |
| Share buybacks (net) | -$44M | -$104M | -$74M | -$7M | $0 | $0 |
| Net borrowing | — | — | — | -$228M | -$143M | -$2.3B |
| Free cash flow margin | 34.0% | 30.2% | 22.8% | 2.4% | -4.0% | -3.0% |
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Open QDEL in InvestinglyQuestions
What was QDEL's revenue in 2025?
$2.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does QDEL generate?
-$83M in fiscal 2025 (operating cash flow minus capital spending).
From QDEL's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.