Vertex (VERX) financial statements
Vertex reported revenue of $748M in fiscal 2025, up 15.5% a year over 7 years.
Net income was $7M and the operating margin 0.3%, against -1.0% in 2018.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Vertex's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $272M | $322M | $375M | $426M | $492M | $572M | $667M | $748M |
| Cost of revenue | $96M | $110M | $165M | $162M | $193M | $224M | $241M | $267M |
| Gross profit | $177M | $211M | $209M | $264M | $298M | $349M | $426M | $482M |
| Research and development | $24M | $31M | $54M | $44M | $42M | $58M | $67M | $84M |
| Selling, general and admin | $116M | $139M | $248M | $206M | $247M | $286M | $323M | $375M |
| Operating income | -$3M | $32M | -$105M | -$3M | -$8M | -$18M | -$2M | $2M |
| Pre-tax income | -$4M | $31M | -$108M | -$4M | -$10M | -$22M | $2M | $8M |
| Income tax | $2M | -$155,000 | -$33M | -$2M | $2M | -$9M | $55M | $368,000 |
| Net income | -$6M | $31M | -$75M | -$1M | -$12M | -$13M | -$53M | $7M |
| Gross margin | 64.9% | 65.7% | 55.9% | 62.0% | 60.7% | 60.9% | 63.9% | 64.3% |
| Operating margin | -1.0% | 9.9% | -28.0% | -0.7% | -1.6% | -3.1% | -0.3% | 0.3% |
| Net margin | -2.2% | 9.7% | -20.0% | -0.3% | -2.5% | -2.3% | -7.9% | 1.0% |
Balance sheet
Fiscal years, from Vertex's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $56M | $76M | $303M | $73M | $92M | $68M | $296M | $314M |
| Receivables | $62M | $70M | $77M | $77M | $103M | $142M | $164M | $183M |
| Total current assets | — | $166M | $403M | $196M | $243M | $267M | $536M | $561M |
| Property, plant and equipment | — | $55M | $57M | $97M | $101M | $101M | $178M | $210M |
| Goodwill | — | $0 | $16M | $270M | $252M | $258M | $358M | $392M |
| Total assets | — | $265M | $559M | $670M | $719M | $760M | $1.2B | $1.3B |
| Total current liabilities | — | $335M | $292M | $369M | $403M | $441M | $537M | $575M |
| Long-term debt | — | $682,000 | $225,000 | — | $47M | $44M | $335M | $337M |
| Total liabilities | — | $377M | $329M | $440M | $489M | $507M | $987M | $1.0B |
| Shareholders' equity | -$126M | -$130M | $229M | $230M | $230M | $253M | $179M | $259M |
| Net debt | -$56M | -$24M | -$302M | -$73M | -$43M | -$22M | $39M | $23M |
Cash flow
Fiscal years, from Vertex's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $80M | $92M | $60M | $90M | $64M | $74M | $165M | $166M |
| Capital spending | $33M | $38M | $33M | $43M | $60M | $68M | $72M | — |
| Free cash flow | $47M | $55M | $27M | $47M | $3M | $6M | $93M | — |
| Stock-based compensation | $5M | $9M | $148M | $26M | $20M | $34M | $47M | $58M |
| Dividends paid | $28M | $29M | $146M | — | — | — | — | — |
| Share buybacks (net) | -$1M | -$841,000 | — | — | — | — | — | -$10M |
| Net borrowing | -$3M | -$6M | -$51M | — | -$938,000 | -$2M | -$47M | — |
| Free cash flow margin | 17.3% | 17.1% | 7.1% | 11.0% | 0.7% | 1.1% | 14.0% | — |
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What was Vertex's revenue in 2025?
$748M in fiscal 2025, from its 10-K filing.
From Vertex's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.