Fate Therapeutics, Inc. (FATE) Income Statement
FATE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFATE revenue and net income
Where FATE's revenue goes
2025Each bar shows an amount and its share of revenue. FATE kept −2,051.1% of revenue as net income.
FATE profit margins
FATE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −51.2% | −59.0% | −26.7% | +10.6% |
| Gross profit | — | — | — | — |
| 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.
FATE quarterly EPS vs estimates
Fate Therapeutics beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 12, 2026 (estimate $-0.27).
FATE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.6M | $13.6M | $63.5M | $96.3M | $55.8M | $31.4M | $10.7M | $4.7M | $4.1M | $4.4M |
| Cost of revenue | $12.9M | $118.5M | $157.2M | $13.8M | $5.8M | $125.6M | $87.8M | $56.0M | $34.4M | $26.5M |
| Gross profit | −$6.3M | −$104.9M | −$93.7M | $96.3M | $50.0M | −$94.2M | $10.7M | −$51.3M | −$30.3M | −$22.1M |
| Research & development | $107.8M | $135.0M | $172.6M | $320.5M | $215.5M | $125.6M | $87.8M | $56.0M | $34.4M | $26.5M |
| Sales, general & admin | $46.5M | $74.2M | $81.4M | $84.2M | $57.3M | $33.9M | $23.6M | $15.8M | $11.9M | $9.9M |
| Total operating expenses | $141.4M | $105.4M | $96.9M | $404.7M | $267.0M | $33.9M | $111.4M | $71.8M | $46.2M | $36.4M |
| Operating income | −$147.7M | −$210.3M | −$190.5M | −$308.4M | −$217.0M | −$128.1M | −$100.7M | −$67.1M | −$42.1M | −$32.0M |
| Interest income | $11.1M | $17.3M | $15.7M | $5.8M | $1.3M | $2.4M | $4.3M | $2.2M | $559,000 | $138,000 |
| Interest expense | — | — | — | $5.8M | $4.5M | $2.4M | $1.8M | $1.7M | $1.3M | $1.6M |
| Income before taxes | −$136.3M | −$186.3M | −$160.9M | −$281.7M | −$212.2M | −$173.4M | −$98.1M | −$66.6M | −$43.0M | −$33.5M |
| Income taxes | — | — | $18.1M | −$26.7M | −$5.8M | −$3.1M | −$441,000 | $2.2M | $297,000 | −$743,000 |
| Net income | −$136.3M | −$186.3M | −$160.9M | −$255.1M | −$212.2M | −$173.4M | −$98.1M | −$66.6M | −$43.0M | −$33.5M |
| EBITDA | −$127.0M | −$176.6M | −$142.6M | −$294.6M | −$206.3M | −$125.0M | −$94.2M | −$63.7M | −$40.7M | −$30.9M |
| EPS (diluted) | −$1.15 | −$1.64 | −$1.64 | −$2.90 | −$2.19 | −$2.08 | −$1.43 | −$1.20 | −$1.01 | −$1.06 |
| Gross margin | −94.1% | −769.6% | −147.4% | 100.0% | 89.5% | −299.6% | 100.0% | −1,081.9% | −736.8% | −500.9% |
| Operating margin | −2,222.4% | −1,542.6% | −299.9% | −320.2% | −388.6% | −407.5% | −943.1% | −1,415.4% | −1,025.9% | −726.1% |
| Net margin | −2,051.1% | −1,366.5% | −253.3% | −264.9% | −379.9% | −551.6% | −919.0% | −1,405.0% | −1,046.1% | −760.2% |
| 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 | $2.1M | $1.3M | $1.4M | $1.7M | $1.9M | $1.6M | $1.9M | $3.1M | $6.8M | $1.9M | $1.7M | $1.9M |
| Cost of revenue | $0 | $2.9M | $3.1M | $25.8M | $3.8M | $29.1M | $17.1M | $34.6M | $4.7M | $4.8M | $4.9M | $4.7M |
| Gross profit | $2.1M | −$1.6M | $1.4M | −$24.1M | −$1.9M | −$27.5M | −$15.3M | −$31.6M | $2.1M | −$2.9M | −$3.2M | −$2.8M |
| Research & development | $24.4M | $21.8M | $25.4M | $25.8M | $27.4M | $29.1M | $33.6M | $34.6M | $34.6M | $32.1M | $31.8M | $34.3M |
| Sales, general & admin | $8.8M | $9.6M | $10.7M | $10.6M | $11.4M | $13.8M | $15.3M | $20.8M | $17.3M | $20.9M | $17.9M | $18.9M |
| Total operating expenses | $33.2M | $31.4M | $36.1M | $10.6M | $35.1M | $13.8M | $46.5M | $20.8M | $47.1M | $48.2M | $44.9M | $48.5M |
| Operating income | −$31.1M | −$33.0M | −$34.7M | −$34.7M | −$37.0M | −$41.3M | −$61.7M | −$52.4M | −$45.1M | −$51.1M | −$48.1M | −$51.3M |
| Interest income | $1.6M | $1.9M | $2.2M | $2.6M | $2.9M | $3.3M | $3.9M | $4.4M | $4.8M | $4.1M | $4.4M | $4.7M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $9.7M | — |
| Income before taxes | −$30.2M | −$31.2M | −$32.4M | −$32.2M | −$34.1M | −$37.6M | −$52.2M | −$47.7M | −$38.4M | −$48.0M | −$44.1M | −$45.2M |
| Income taxes | — | — | — | — | — | — | −$4.8M | — | — | $4.8M | $18.8M | −$4.7M |
| Net income | −$30.2M | −$31.2M | −$32.4M | −$32.2M | −$34.1M | −$37.6M | −$52.2M | −$47.7M | −$38.4M | −$48.0M | −$44.1M | −$45.2M |
| EBITDA | −$27.8M | −$28.3M | −$29.3M | −$29.0M | −$30.8M | −$34.3M | −$42.2M | −$43.1M | −$33.7M | −$43.2M | −$39.2M | −$40.4M |
| EPS (diluted) | −$0.25 | −$0.26 | −$0.27 | −$0.27 | −$0.29 | −$0.32 | −$0.44 | −$0.40 | −$0.33 | −$0.47 | −$0.45 | −$0.46 |
| Gross margin | 100.0% | −124.6% | 100.0% | −1,384.1% | −100.4% | −1,688.6% | −821.5% | −1,027.2% | 30.3% | −150.4% | −191.5% | −143.8% |
| Operating margin | −1,495.4% | −2,540.4% | −2,536.2% | −1,995.1% | −1,938.5% | −2,534.1% | −3,319.8% | −1,703.9% | −665.7% | −2,652.9% | −2,868.4% | −2,637.8% |
| Net margin | −1,448.6% | −2,402.8% | −2,364.8% | −1,852.4% | −1,786.6% | −2,309.5% | −2,803.9% | −1,551.0% | −567.4% | −2,493.7% | −2,632.6% | −2,323.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FATE's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FATE financial results
In fiscal year 2025 (ended December 31, 2025), Fate Therapeutics reported revenue of $6.6 million, down 51.2% from the year before. It had a net loss of $136.3 million, a net profit margin of −2,051.1%. Diluted earnings per share came to −$1.15. Over five years revenue grew at an average rate of −26.7% a year.
See the FATE stock overview for the latest quote and news, or the FATE chart for price history and technical indicators.
FATE income statement FAQ
What is Fate Therapeutics's annual revenue?
Fate Therapeutics reported total revenue of $6.6 million for fiscal year 2025, which ended on December 31, 2025. That was down 51.2% from $13.6 million the previous year.
Is Fate Therapeutics profitable?
No. Fate Therapeutics reported a net loss of $136.3 million in fiscal 2025, a net profit margin of −2,051.1%; its operating margin was −2,222.4%.
What is Fate Therapeutics's gross margin?
Fate Therapeutics's gross margin was −94.1% in fiscal 2025: for every $100 of revenue, Fate Therapeutics kept $-94 after the direct cost of its products and services.
How much does Fate Therapeutics spend on research and development?
Fate Therapeutics spent $107.8 million on research and development in fiscal 2025, 1,622.5% of revenue.
How fast is Fate Therapeutics growing?
Revenue grew −26.7% a year on average over the last five fiscal years, from $31.4 million to $6.6 million.
What are Fate Therapeutics's earnings per share?
Fate Therapeutics earned $-1.15 per diluted share in fiscal 2025, compared with $-1.64 a year earlier.
When will Fate Therapeutics report its next earnings?
Fate Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 before the market opens.
When does Fate Therapeutics's fiscal year end?
Fate Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.