Adaptive Biotechnologies Corporation (ADPT) Income Statement
ADPT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsADPT revenue and net income
Where ADPT's revenue goes
2025Each bar shows an amount and its share of revenue. ADPT kept −21.5% of revenue as net income.
ADPT profit margins
ADPT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +54.8% | +14.3% | +23.0% | — |
| Gross profit | +92.4% | +17.3% | +22.1% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ADPT quarterly EPS vs estimates
Adaptive Biotechnologies beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.10).
ADPT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $277.0M | $179.0M | $170.3M | $185.3M | $154.3M | $98.4M | $85.1M | $55.7M | $38.4M |
| Cost of revenue | $71.4M | $72.1M | $75.6M | $57.9M | $49.3M | $22.5M | $22.3M | $19.7M | $15.7M |
| Gross profit | $205.6M | $106.9M | $94.7M | $127.4M | $105.0M | $75.9M | $62.8M | $36.0M | $22.8M |
| Research & development | $93.8M | $103.0M | $122.1M | $141.8M | $142.3M | $116.1M | $70.7M | $39.2M | $32.0M |
| Sales, general & admin | $167.3M | $157.6M | $172.5M | $184.1M | $170.0M | $110.9M | $68.8M | $44.9M | $32.7M |
| Total operating expenses | $262.7M | $269.4M | $321.8M | $327.6M | $314.0M | $228.7M | $141.2M | $85.8M | $66.4M |
| Operating income | −$57.1M | −$162.5M | −$227.0M | −$200.2M | −$209.0M | −$152.8M | −$78.4M | −$49.8M | −$44.5M |
| Interest income | $9.4M | $14.5M | $13.5M | $4.1M | $1.7M | $6.6M | $9.8M | $3.3M | $1.6M |
| Interest expense | $11.8M | $11.6M | $13.8M | $4.2M | $1.7M | $0 | $0 | $0 | $0 |
| Income before taxes | −$59.5M | −$159.6M | −$225.3M | −$200.4M | −$207.3M | −$146.2M | −$68.6M | −$46.4M | −$42.8M |
| Income taxes | — | — | −$54,000 | −$57.9M | −$1.7M | −$6.6M | −$9.8M | $3.3M | −$804,000 |
| Net income | −$59.5M | −$159.5M | −$225.2M | −$200.2M | −$207.3M | −$146.2M | −$68.6M | −$46.4M | −$42.8M |
| EBITDA | −$29.8M | −$128.8M | −$189.3M | −$175.2M | −$193.3M | −$144.3M | −$70.6M | −$43.8M | −$37.8M |
| EPS (diluted) | −$0.61 | −$1.06 | −$1.38 | −$1.41 | −$1.47 | −$1.11 | −$0.59 | −$0.44 | −$3.57 |
| Gross margin | 74.2% | 59.7% | 55.6% | 68.7% | 68.1% | 77.1% | 73.8% | 64.7% | 59.2% |
| Operating margin | −20.6% | −90.8% | −133.3% | −108.0% | −135.4% | −155.3% | −92.1% | −89.4% | −115.7% |
| Net margin | −21.5% | −89.1% | −132.3% | −108.0% | −134.3% | −148.6% | −80.6% | −83.4% | −111.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $71.6M | $70.9M | $71.7M | $94.0M | $58.9M | $52.4M | $47.5M | $46.4M | $43.2M | $41.9M | $45.8M | $37.9M |
| Cost of revenue | $20.6M | $18.7M | $18.2M | $18.2M | $18.0M | $17.0M | $18.0M | $16.7M | $19.3M | $18.1M | $19.6M | $19.3M |
| Gross profit | $51.0M | $52.2M | $53.5M | $75.8M | $40.9M | $35.5M | $29.4M | $29.8M | $23.9M | $23.8M | $26.2M | $18.6M |
| Research & development | $19.2M | $23.6M | $21.8M | $23.7M | $24.1M | $24.2M | $23.2M | $24.2M | $25.4M | $30.2M | $28.7M | $28.5M |
| Sales, general & admin | $47.6M | $47.3M | $44.0M | $41.4M | $41.4M | $40.4M | $39.6M | $37.8M | $38.2M | $41.9M | $42.6M | $40.6M |
| Total operating expenses | $66.7M | $71.4M | $66.2M | $65.5M | $65.9M | $65.1M | $63.3M | $62.4M | $71.2M | $72.6M | $97.2M | $69.5M |
| Operating income | −$15.8M | −$19.2M | −$12.8M | $10.3M | −$25.0M | −$29.6M | −$33.8M | −$32.6M | −$47.3M | −$48.8M | −$71.1M | −$51.0M |
| Interest income | $2.3M | $2.1M | $2.1M | $2.2M | $2.4M | $2.7M | $3.1M | $3.5M | $3.8M | $4.2M | $4.6M | $4.3M |
| Interest expense | $2.7M | $2.9M | $3.0M | $3.0M | $2.9M | $2.9M | $3.0M | $2.9M | $2.7M | $3.0M | $3.0M | $3.7M |
| Income before taxes | −$39.9M | −$20.0M | −$13.6M | $9.5M | −$25.6M | −$29.9M | −$33.7M | −$32.1M | −$46.2M | −$47.5M | −$69.5M | −$50.3M |
| Income taxes | — | — | — | — | — | — | — | — | −$26,000 | $4.2M | −$26,000 | −$5.8M |
| Net income | −$39.8M | −$20.0M | −$13.6M | $9.5M | −$25.6M | −$29.9M | −$33.7M | −$32.1M | −$46.2M | −$47.5M | −$69.4M | −$50.3M |
| EBITDA | −$12.1M | −$14.4M | −$6.4M | $16.9M | −$18.1M | −$28.0M | −$26.3M | −$24.6M | −$38.5M | −$39.3M | −$61.1M | −$40.9M |
| EPS (diluted) | −$0.10 | −$0.13 | −$0.09 | −$0.15 | −$0.17 | −$0.20 | −$0.23 | −$0.22 | −$0.29 | −$0.32 | −$0.30 | −$0.35 |
| Gross margin | 71.2% | 73.6% | 74.6% | 80.7% | 69.4% | 67.6% | 62.0% | 64.1% | 55.3% | 56.9% | 57.2% | 49.0% |
| Operating margin | −22.0% | −27.1% | −17.8% | 10.9% | −42.5% | −56.4% | −71.3% | −70.3% | −109.6% | −116.5% | −155.2% | −134.4% |
| Net margin | −55.6% | −28.3% | −18.9% | 10.2% | −43.5% | −56.9% | −71.0% | −69.1% | −107.0% | −113.5% | −151.7% | −132.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ADPT's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ADPT financial results
In fiscal year 2025 (ended December 31, 2025), Adaptive Biotechnologies reported revenue of $277.0 million, up 54.8% from the year before. It had a net loss of $59.5 million, a net profit margin of −21.5%. Diluted earnings per share came to −$0.61. Over five years revenue grew at an average rate of 23.0% a year.
See the ADPT stock overview for the latest quote and news, or the ADPT chart for price history and technical indicators.
ADPT income statement FAQ
What is Adaptive Biotechnologies's annual revenue?
Adaptive Biotechnologies reported total revenue of $277.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 54.8% from $179.0 million the previous year.
Is Adaptive Biotechnologies profitable?
No. Adaptive Biotechnologies reported a net loss of $59.5 million in fiscal 2025, a net profit margin of −21.5%; its operating margin was −20.6%.
What is Adaptive Biotechnologies's gross margin?
Adaptive Biotechnologies's gross margin was 74.2% in fiscal 2025: for every $100 of revenue, Adaptive Biotechnologies kept $74 after the direct cost of its products and services.
How much does Adaptive Biotechnologies spend on research and development?
Adaptive Biotechnologies spent $93.8 million on research and development in fiscal 2025, 33.9% of revenue.
How fast is Adaptive Biotechnologies growing?
Revenue grew 23.0% a year on average over the last five fiscal years, from $98.4 million to $277.0 million.
What are Adaptive Biotechnologies's earnings per share?
Adaptive Biotechnologies earned $-0.61 per diluted share in fiscal 2025, compared with $-1.06 a year earlier.
When will Adaptive Biotechnologies report its next earnings?
Adaptive Biotechnologies is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Adaptive Biotechnologies's fiscal year end?
Adaptive Biotechnologies's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.