Arrowhead Pharmaceuticals, Inc. (ARWR) Income Statement
ARWR FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsARWR revenue and net income
Where ARWR's revenue goes
FY2025Each bar shows an amount and its share of revenue. ARWR kept −0.2% of revenue as net income.
ARWR profit margins
ARWR growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +23,258.2% | +50.5% | +56.6% | +115.6% |
| Gross profit | — | +50.5% | +56.6% | +115.6% |
| 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.
ARWR quarterly EPS vs estimates
Arrowhead Pharmaceuticals beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 24, 2026 (estimate $-1.59).
ARWR income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $829.4M | $3.6M | $240.7M | $243.2M | $138.3M | $88.0M | $168.8M | $16.1M | $31.4M | $158,333 |
| Cost of revenue | $23.9M | $18.6M | $12.5M | $10.4M | $0 | $0 | $423 | $67.4M | $63.7M | $82.5M |
| Gross profit | $829.4M | −$15.0M | $228.2M | $243.2M | $138.3M | $88.0M | $168.8M | $16.1M | $31.4M | $158,333 |
| Research & development | $607.2M | $489.2M | $342.3M | $297.3M | $206.3M | $123.5M | $76.6M | $48.3M | $46.3M | $41.5M |
| Sales, general & admin | $121.9M | $98.8M | $92.5M | $124.4M | $81.0M | $52.3M | $26.6M | $19.1M | $17.5M | $23.6M |
| Total operating expenses | $731.1M | $586.0M | $433.2M | $421.7M | $287.3M | $175.2M | $103.2M | $67.4M | $63.7M | $82.5M |
| Operating income | $98.3M | −$601.1M | −$205.0M | −$178.5M | −$149.0M | −$93.2M | $61.2M | −$55.9M | −$37.0M | −$81.7M |
| Interest income | $37.3M | $22.7M | $15.3M | $5.0M | $6.1M | — | $7.0M | $1.5M | $1.3M | $35,230 |
| Interest expense | $89.4M | $32.4M | $18.3M | $5.0M | $6.1M | $9.19B | $6.96B | $1.05B | $415.1M | $265.8M |
| Income before taxes | $51.5M | −$612.5M | −$206.5M | −$172.7M | −$140.8M | −$84.6M | $68.1M | −$54.4M | −$34.4M | −$81.7M |
| Income taxes | $21.4M | −$2.8M | $2.8M | $3.8M | $2,000 | $2,000 | $174,000 | $2,400 | $2,400 | $2,400 |
| Net income | −$1.6M | −$599.5M | −$205.3M | −$176.5M | −$140.8M | −$84.6M | $68.0M | −$54.5M | −$34.4M | −$81.7M |
| EBITDA | $164.8M | −$561.5M | −$175.7M | −$168.1M | −$132.6M | −$87.2M | $65.6M | −$51.2M | −$32.3M | −$76.4M |
| EPS (diluted) | −$0.01 | −$5.01 | −$1.92 | −$1.68 | −$1.36 | −$0.84 | $0.69 | −$0.66 | −$0.47 | −$1.33 |
| Gross margin | 100.0% | −423.7% | 94.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | 11.9% | −16,927.1% | −85.2% | −73.4% | −107.8% | −105.9% | 36.3% | −346.5% | −117.8% | −51,627.1% |
| Net margin | −0.2% | −16,882.4% | −85.3% | −72.6% | −101.9% | −96.1% | 40.3% | −337.3% | −109.5% | −51,614.6% |
| 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 | $75.3M | $73.7M | $264.0M | $256.5M | $27.8M | $542.7M | $2.5M | $23.6M | $0 | $0 | $3.6M | $16.1M |
| Cost of revenue | $0 | $6.4M | $6.4M | $6.4M | $6.2M | $6.1M | $5.2M | $5.0M | $4.8M | $4.5M | $4.3M | $3.9M |
| Gross profit | $75.3M | $73.7M | $264.0M | $256.5M | $27.8M | $542.7M | $2.5M | −$5.0M | −$4.8M | −$4.5M | −$712,000 | $12.2M |
| Research & development | $198.2M | $173.3M | $177.2M | $174.7M | $162.4M | $133.1M | $137.0M | $131.4M | $148.2M | $97.0M | $112.6M | $96.4M |
| Sales, general & admin | $46.6M | $41.2M | $45.5M | $37.2M | $30.4M | $27.9M | $26.9M | $25.8M | $23.7M | $25.1M | $23.2M | $24.2M |
| Total operating expenses | $245.3M | $215.0M | $223.2M | $212.4M | $193.3M | $161.5M | $163.9M | $157.2M | $171.4M | $121.7M | $135.8M | $120.6M |
| Operating income | −$170.1M | −$141.3M | $40.8M | $44.1M | −$165.6M | $381.2M | −$161.4M | −$162.2M | −$176.1M | −$126.2M | −$136.5M | −$108.3M |
| Interest income | $16.9M | $16.9M | $9.7M | $9.1M | $11.0M | $9.6M | $7.6M | $7.2M | $6.5M | $6.2M | $2.8M | $3.9M |
| Interest expense | $24.6M | $23.8M | $22.5M | $21.7M | $24.4M | $21.6M | $21.6M | $14.6M | $5.1M | $7.2M | $5.4M | $5.3M |
| Income before taxes | −$178.9M | −$137.6M | $28.3M | $36.1M | −$179.1M | $369.6M | −$175.1M | −$172.8M | −$174.0M | −$127.0M | −$138.7M | −$109.0M |
| Income taxes | $11,000 | $7,000 | $29,000 | $20.0M | −$437,000 | $1.8M | $103,000 | $546,000 | −$3.2M | −$1.7M | −$3.3M | $2.0M |
| Net income | −$194.3M | −$132.7M | $30.8M | −$23.8M | −$175.2M | $370.4M | −$173.1M | −$170.5M | −$170.8M | −$125.3M | −$132.9M | −$109.7M |
| EBITDA | −$147.7M | −$107.4M | $57.2M | $64.2M | −$148.5M | $397.3M | −$148.2M | −$153.1M | −$164.1M | −$115.2M | −$129.1M | −$99.9M |
| EPS (diluted) | −$1.36 | −$0.93 | $0.22 | −$0.11 | −$1.26 | $2.75 | −$1.39 | −$1.37 | −$1.38 | −$1.02 | −$1.24 | −$1.02 |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | −21.3% | — | — | −20.1% | 76.0% |
| Operating margin | −226.0% | −191.6% | 15.5% | 17.2% | −596.2% | 70.2% | −6,456.5% | −687.6% | — | — | −3,845.3% | −673.0% |
| Net margin | −258.2% | −180.0% | 11.7% | −9.3% | −631.1% | 68.3% | −6,923.4% | −722.9% | — | — | −3,741.6% | −681.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ARWR's financial statements (latest annual report filed November 25, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ARWR financial results
In fiscal year 2025 (ended September 30, 2025), Arrowhead Pharmaceuticals reported revenue of $829.4 million, up 23,258.2% from the year before. It had a net loss of $1.6 million, a net profit margin of −0.2%. Diluted earnings per share came to −$0.01. Over five years revenue grew at an average rate of 56.6% a year.
See the ARWR stock overview for the latest quote and news, or the ARWR chart for price history and technical indicators.
ARWR income statement FAQ
What is Arrowhead Pharmaceuticals's annual revenue?
Arrowhead Pharmaceuticals reported total revenue of $829.4 million for fiscal year 2025, which ended on September 30, 2025. That was up 23,258.2% from $3.6 million the previous year.
Is Arrowhead Pharmaceuticals profitable?
No. Arrowhead Pharmaceuticals reported a net loss of $1.6 million in fiscal 2025, a net profit margin of −0.2%; its operating margin was 11.9%.
What is Arrowhead Pharmaceuticals's gross margin?
Arrowhead Pharmaceuticals's gross margin was 100.0% in fiscal 2025: for every $100 of revenue, Arrowhead Pharmaceuticals kept $100 after the direct cost of its products and services.
How much does Arrowhead Pharmaceuticals spend on research and development?
Arrowhead Pharmaceuticals spent $607.2 million on research and development in fiscal 2025, 73.2% of revenue.
How fast is Arrowhead Pharmaceuticals growing?
Revenue grew 56.6% a year on average over the last five fiscal years, from $88.0 million to $829.4 million.
What are Arrowhead Pharmaceuticals's earnings per share?
Arrowhead Pharmaceuticals earned $-0.01 per diluted share in fiscal 2025, compared with $-5.01 a year earlier.
When will Arrowhead Pharmaceuticals report its next earnings?
Arrowhead Pharmaceuticals is expected to report results for the quarter ending September 30, 2026 on November 24, 2026 after the market closes.
When does Arrowhead Pharmaceuticals's fiscal year end?
Arrowhead Pharmaceuticals's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on November 25, 2025.