Eton Pharmaceuticals, Inc. (ETON) Income Statement
ETON 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsETON revenue and net income
Where ETON's revenue goes
2025Each bar shows an amount and its share of revenue. ETON kept −5.8% of revenue as net income.
ETON profit margins
ETON growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +104.9% | +55.5% | +359.6% | — |
| Gross profit | +82.6% | +44.0% | — | — |
| 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.
ETON quarterly EPS vs estimates
Eton Pharmaceuticals beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.34).
ETON income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $80.0M | $39.0M | $31.6M | $21.3M | $21.8M | $39,000 | $959,000 | $0 | $0 |
| Cost of revenue | $37.2M | $15.6M | $10.6M | $6.9M | $2.6M | $286,000 | $453,000 | $63,000 | $13,000 |
| Gross profit | $42.7M | $23.4M | $21.1M | $14.3M | $19.2M | −$247,000 | $506,000 | −$63,000 | −$13,000 |
| Research & development | $7.8M | $3.3M | $3.3M | $4.0M | $6.2M | $14.1M | $11.6M | $5.6M | $3.9M |
| Sales, general & admin | $35.8M | $22.8M | $19.0M | $18.6M | $14.5M | $12.8M | $7.6M | $4.7M | $4.8M |
| Total operating expenses | $42.7M | $26.0M | $22.3M | $22.6M | $20.7M | $26.9M | $19.1M | $10.3M | $7.1M |
| Operating income | $72,000 | −$2.6M | −$1.2M | −$8.3M | −$1.5M | −$27.1M | −$18.6M | −$10.3M | −$7.2M |
| Interest income | — | — | — | — | — | — | $281,000 | $164,000 | — |
| Interest expense | $4.8M | $2.0M | $1.1M | $955,000 | $1.0M | $889,000 | $281,000 | $164,000 | $0 |
| Income before taxes | −$4.6M | −$3.8M | −$689,000 | −$9.0M | −$2.0M | −$28.0M | −$18.3M | −$12.7M | −$7.2M |
| Income taxes | $43,000 | $15,000 | $247,000 | $761,000 | $1.0M | $859,000 | −$281,000 | −$2.6M | $0 |
| Net income | −$4.6M | −$3.8M | −$936,000 | −$9.0M | −$2.0M | −$28.0M | −$18.3M | −$12.7M | −$7.2M |
| EBITDA | $4.3M | −$657,000 | $212,000 | −$7.2M | −$1.5M | −$26.5M | −$18.2M | −$10.3M | −$7.1M |
| EPS (diluted) | $0.07 | −$0.15 | −$0.03 | −$0.35 | −$0.11 | −$1.36 | −$1.03 | −$2.24 | −$2.00 |
| Gross margin | 53.5% | 60.0% | 66.6% | 67.4% | 88.0% | −633.3% | 52.8% | — | — |
| Operating margin | 0.1% | −6.7% | −3.8% | −38.9% | −6.8% | −69,515.4% | −1,939.6% | — | — |
| Net margin | −5.8% | −9.8% | −3.0% | −42.4% | −9.0% | −71,717.9% | −1,910.3% | — | — |
| 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 | $37.6M | $24.3M | $21.3M | $22.5M | $18.9M | $17.3M | $11.6M | $10.3M | $9.1M | $8.0M | $7.3M | $7.0M |
| Cost of revenue | $12.2M | $9.5M | $8.2M | $14.6M | $7.0M | $7.4M | $5.2M | $4.0M | $3.4M | $3.0M | $3.7M | $2.6M |
| Gross profit | $25.4M | $14.7M | $13.1M | $7.9M | $11.9M | $9.9M | $6.5M | $6.3M | $5.6M | $5.0M | $3.6M | $4.4M |
| Research & development | $993,000 | $1.9M | $1.8M | $1.1M | $3.7M | $1.2M | $871,000 | $505,000 | $3.0M | $651,000 | $1.0M | $615,000 |
| Sales, general & admin | $11.6M | $10.4M | $8.9M | $8.1M | $9.7M | $9.2M | $6.7M | $5.3M | $5.6M | $5.2M | $4.6M | $4.3M |
| Total operating expenses | $12.6M | $12.3M | $10.6M | $9.2M | $13.4M | $10.3M | $5.8M | $5.8M | $8.6M | $5.8M | $5.6M | $5.0M |
| Operating income | $12.8M | $2.4M | $2.5M | −$1.4M | −$1.5M | −$470,000 | $629,000 | $509,000 | −$2.9M | −$800,000 | −$2.0M | −$548,000 |
| Interest expense | $1.1M | $840,000 | $1.2M | $1.2M | $1.2M | $1.2M | $1.3M | $8,000 | $52,000 | $11,000 | $361,000 | $31,000 |
| Income before taxes | $11.7M | $1.6M | $1.4M | −$2.0M | −$2.5M | −$1.5M | −$511,000 | $501,000 | −$3.0M | −$811,000 | −$2.0M | −$579,000 |
| Income taxes | $140,000 | $20,000 | −$69,000 | −$28,000 | $66,000 | $74,000 | $87,000 | −$126,000 | $54,000 | $208,724 | $247,000 | $241,586 |
| Net income | $11.6M | $1.6M | $1.5M | −$1.9M | −$2.6M | −$1.6M | −$598,000 | $627,000 | −$3.0M | −$811,000 | −$2.3M | −$579,000 |
| EBITDA | $14.2M | $1.9M | $3.6M | $266,000 | −$316,000 | $678,000 | −$156,000 | $787,000 | −$2.7M | −$566,000 | −$2.5M | −$346,000 |
| EPS (diluted) | $0.35 | $0.14 | $0.19 | $0.04 | −$0.10 | −$0.06 | −$0.02 | $0.02 | −$0.12 | −$0.03 | −$0.09 | −$0.02 |
| Gross margin | 67.6% | 60.7% | 61.6% | 35.0% | 63.0% | 57.1% | 55.6% | 61.0% | 62.0% | 62.9% | 49.6% | 62.6% |
| Operating margin | 34.0% | 9.9% | 11.6% | −6.1% | −7.8% | −2.7% | 5.4% | 4.9% | −32.3% | −10.0% | −27.3% | −7.8% |
| Net margin | 30.8% | 6.4% | 7.0% | −8.6% | −13.7% | −9.1% | −5.1% | 6.1% | −33.5% | −10.2% | −30.8% | −8.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ETON's financial statements (latest annual report filed March 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ETON financial results
In fiscal year 2025 (ended December 31, 2025), Eton Pharmaceuticals reported revenue of $80.0 million, up 104.9% from the year before. It had a net loss of $4.6 million, a net profit margin of −5.8%. Diluted earnings per share came to $0.07. Over five years revenue grew at an average rate of 359.6% a year.
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ETON income statement FAQ
What is Eton Pharmaceuticals's annual revenue?
Eton Pharmaceuticals reported total revenue of $80.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 104.9% from $39.0 million the previous year.
Is Eton Pharmaceuticals profitable?
No. Eton Pharmaceuticals reported a net loss of $4.6 million in fiscal 2025, a net profit margin of −5.8%; its operating margin was 0.1%.
What is Eton Pharmaceuticals's gross margin?
Eton Pharmaceuticals's gross margin was 53.5% in fiscal 2025: for every $100 of revenue, Eton Pharmaceuticals kept $53 after the direct cost of its products and services.
How much does Eton Pharmaceuticals spend on research and development?
Eton Pharmaceuticals spent $7.8 million on research and development in fiscal 2025, 9.7% of revenue.
How fast is Eton Pharmaceuticals growing?
Revenue grew 359.6% a year on average over the last five fiscal years, from $0.0 million to $80.0 million.
What are Eton Pharmaceuticals's earnings per share?
Eton Pharmaceuticals earned $0.07 per diluted share in fiscal 2025, compared with $-0.15 a year earlier.
When will Eton Pharmaceuticals report its next earnings?
Eton Pharmaceuticals is expected to report results for the quarter ending September 30, 2026 on November 5, 2026.
When does Eton Pharmaceuticals's fiscal year end?
Eton Pharmaceuticals's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 19, 2026.