Vertex Pharmaceuticals (VRTX) financial statements
Vertex Pharmaceuticals reported revenue of $12.0B in fiscal 2025, up 24.2% a year over 9 years.
Net income was $4.0B and the operating margin 34.8%, against 0.6% in 2016.
Free cash flow was $3.2B, and the company returned $2.0B in net buybacks.
The diluted share count rose 5% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Vertex Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7B | $2.5B | $3.0B | $4.2B | $6.2B | $7.6B | $8.9B | $9.9B | $11.0B | $12.0B |
| Cost of revenue | $210M | $275M | $410M | $548M | $736M | $904M | $1.1B | $1.3B | $1.5B | $1.7B |
| Gross profit | $1.5B | $2.2B | $2.6B | $3.6B | $5.5B | $6.7B | $7.9B | $8.6B | $9.5B | $10.3B |
| Research and development | $1.0B | $1.3B | $1.4B | $1.8B | $1.8B | $3.1B | $2.5B | $3.2B | $3.6B | $3.9B |
| Selling, general and admin | $433M | $496M | $558M | $658M | $770M | $840M | $945M | $1.1B | $1.5B | $1.8B |
| Operating income | $10M | $123M | $635M | $1.2B | $2.9B | $2.8B | $4.3B | $3.8B | -$233M | $4.2B |
| Interest expense | — | $69M | $72M | $59M | $58M | — | $55M | $44M | $31M | $13M |
| Pre-tax income | -$67M | -$16M | $600M | $1.4B | $3.1B | $2.7B | $4.2B | $4.4B | $248M | $4.6B |
| Income tax | $17M | -$107M | -$1.5B | $218M | $405M | $388M | $910M | $760M | $784M | $690M |
| Net income | -$112M | $263M | $2.1B | $1.2B | $2.7B | $2.3B | $3.3B | $3.6B | -$536M | $4.0B |
| EPS (diluted) | -$0.46 | $1.04 | $8.09 | $4.51 | $10.29 | $9.01 | $12.82 | $13.89 | -$2.08 | $15.32 |
| Diluted shares | 245M | 253M | 259M | 261M | 263M | 260M | 259M | 260M | 258M | 258M |
| Gross margin | 87.6% | 88.9% | 86.6% | 86.8% | 88.1% | 88.1% | 87.9% | 87.2% | 86.1% | 86.2% |
| Operating margin | 0.6% | 5.0% | 20.8% | 28.8% | 46.0% | 36.7% | 48.2% | 38.8% | -2.1% | 34.8% |
| Net margin | -6.6% | 10.6% | 68.8% | 28.3% | 43.7% | 30.9% | 37.2% | 36.7% | -4.9% | 32.9% |
Balance sheet
Fiscal years, from Vertex Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | $2.1B | $3.2B | $3.8B | $6.7B | $7.5B | $10.8B | $11.2B | $6.1B | $6.6B |
| Receivables | $200M | $281M | $410M | $634M | $885M | $1.1B | $1.4B | $1.6B | $1.6B | $2.1B |
| Inventory | $78M | $112M | $124M | $168M | $281M | $353M | $461M | $739M | $1.2B | $1.7B |
| Total current assets | $1.8B | $2.6B | $3.8B | $4.8B | $8.1B | $9.6B | $13.2B | $14.1B | $9.6B | $11.2B |
| Property, plant and equipment | $698M | $789M | $812M | $745M | $958M | $1.1B | $1.1B | $1.2B | $1.2B | $1.5B |
| Goodwill | $50M | $50M | $50M | $1.0B | $1.0B | $1.0B | $1.1B | $1.1B | $1.1B | $1.1B |
| Total assets | $2.9B | $3.5B | $6.2B | $8.3B | $11.8B | $13.4B | $18.2B | $22.7B | $22.5B | $25.6B |
| Total current liabilities | $793M | $807M | $1.1B | $1.3B | $1.9B | $2.1B | $2.7B | $3.5B | $3.6B | $3.9B |
| Total liabilities | $1.6B | $1.5B | $1.8B | $2.2B | $3.1B | $3.3B | $4.2B | $5.1B | $6.1B | $7.0B |
| Shareholders' equity | $1.2B | $2.0B | $4.4B | $6.1B | $8.7B | $10.1B | $13.9B | $17.6B | $16.4B | $18.7B |
| Net debt | -$1.2B | -$1.7B | -$2.7B | -$3.1B | -$6.0B | -$6.8B | -$10.5B | -$10.4B | -$4.6B | -$5.1B |
Cash flow
Fiscal years, from Vertex Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $236M | $845M | $1.3B | $1.6B | $3.3B | $2.6B | $4.1B | $3.5B | -$493M | $3.6B |
| Capital spending | $57M | $99M | $95M | $75M | $260M | $235M | $205M | $200M | $298M | $438M |
| Free cash flow | $180M | $746M | $1.2B | $1.5B | $3.0B | $2.4B | $3.9B | $3.3B | -$790M | $3.2B |
| Stock-based compensation | $241M | $293M | $325M | $360M | $430M | $441M | $491M | $581M | $698M | $686M |
| Share buybacks (net) | $0 | $0 | -$350M | -$186M | -$539M | -$1.4B | $0 | -$428M | -$1.2B | -$2.0B |
| Free cash flow margin | 10.5% | 30.0% | 38.5% | 35.9% | 48.2% | 31.8% | 44.0% | 33.8% | -7.2% | 26.6% |
Questions
What was Vertex Pharmaceuticals's revenue in 2025?
$12.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Vertex Pharmaceuticals generate?
$3.2B in fiscal 2025 (operating cash flow minus capital spending).
From Vertex Pharmaceuticals's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.