Tandem Diabetes Care (TNDM) financial statements
Tandem Diabetes Care reported revenue of $1.0B in fiscal 2025, up 31.9% a year over 9 years.
Net income was -$205M and the operating margin -18.5%, against -92.6% in 2016.
Free cash flow was -$30M.
The diluted share count rose 2101% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Tandem Diabetes Care's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $84M | $108M | $184M | $362M | $499M | $703M | $801M | $748M | $940M | $1.0B |
| Cost of revenue | $61M | $64M | $94M | $168M | $238M | $327M | $388M | $380M | $451M | $469M |
| Gross profit | $24M | $44M | $90M | $194M | $261M | $376M | $413M | $368M | $490M | $546M |
| Research and development | $19M | $21M | $29M | $45M | $64M | $92M | $139M | $170M | $199M | $193M |
| Selling, general and admin | $83M | $86M | $105M | $166M | $205M | $262M | $336M | $353M | $390M | $445M |
| Operating income | -$78M | -$63M | -$45M | -$17M | -$8M | $23M | -$93M | -$233M | -$99M | -$187M |
| Interest expense | — | — | — | — | — | — | $6M | $10M | $7M | $8M |
| Pre-tax income | -$83M | -$73M | -$123M | -$25M | -$36M | $16M | -$93M | -$220M | -$92M | -$200M |
| Income tax | -$15,000 | $8,000 | $51,000 | $149,000 | -$2M | $335,000 | $2M | $2M | $4M | $4M |
| Net income | -$83M | -$73M | -$123M | -$25M | -$34M | $16M | -$95M | -$223M | -$96M | -$205M |
| EPS (diluted) | -$27.30 | -$12.87 | -$2.55 | -$0.42 | -$0.56 | $0.24 | -$1.47 | -$3.43 | -$1.47 | -$3.04 |
| Diluted shares | 3M | 6M | 48M | 59M | 61M | 64M | 64M | 65M | 65M | 67M |
| Gross margin | 28.0% | 41.0% | 48.9% | 53.6% | 52.2% | 53.5% | 51.5% | 49.2% | 52.1% | 53.8% |
| Operating margin | -92.6% | -58.5% | -24.3% | -4.6% | -1.6% | 3.2% | -11.6% | -31.2% | -10.5% | -18.5% |
| Net margin | -99.0% | -67.9% | -66.7% | -6.8% | -6.9% | 2.2% | -11.8% | -29.8% | -10.2% | -20.2% |
Balance sheet
Fiscal years, from Tandem Diabetes Care's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $54M | $14M | $129M | $176M | $485M | $624M | $617M | $468M | $438M | $293M |
| Receivables | $11M | $21M | $35M | $47M | $82M | $111M | $115M | $106M | $115M | $165M |
| Inventory | $21M | $27M | $20M | $49M | $64M | $69M | $111M | $158M | $150M | $129M |
| Total current assets | $92M | $64M | $188M | $276M | $637M | $812M | $850M | $748M | $724M | $618M |
| Property, plant and equipment | $18M | $20M | $17M | $33M | $50M | $50M | $69M | $77M | $78M | $84M |
| Total assets | $112M | $95M | $206M | $326M | $716M | $905M | $1.1B | $953M | $968M | $881M |
| Total current liabilities | $31M | $36M | $66M | $99M | $104M | $132M | $165M | $195M | $247M | $243M |
| Long-term debt | $81M | $83M | — | — | — | — | — | $285M | $308M | $310M |
| Total liabilities | $118M | $124M | $75M | $131M | $350M | $472M | $613M | $639M | $705M | $726M |
| Shareholders' equity | -$6M | -$29M | $131M | $195M | $366M | $433M | $440M | $314M | $263M | $155M |
| Net debt | $36M | $69M | -$42M | -$51M | -$95M | -$71M | -$173M | $226M | $280M | $219M |
Cash flow
Fiscal years, from Tandem Diabetes Care's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$61M | -$66M | -$8M | $42M | $25M | $111M | $50M | -$32M | $24M | -$10M |
| Capital spending | $9M | $6M | $3M | $20M | $27M | $14M | $34M | $27M | $19M | $20M |
| Free cash flow | -$70M | -$72M | -$11M | $22M | -$3M | $97M | $16M | -$59M | $5M | -$30M |
| Stock-based compensation | $12M | $13M | $24M | $58M | $58M | $61M | $85M | $88M | $101M | $92M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$30M | $0 |
| Free cash flow margin | -83.2% | -66.8% | -6.1% | 6.2% | -0.5% | 13.8% | 2.0% | -7.8% | 0.5% | -2.9% |
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Open TNDM in InvestinglyQuestions
What was Tandem Diabetes Care's revenue in 2025?
$1.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Tandem Diabetes Care generate?
-$30M in fiscal 2025 (operating cash flow minus capital spending).
From Tandem Diabetes Care's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.