Grifols, S.A. (GRFS) Income Statement
GRFS 2025 at a glance
Fiscal year ended December 31, 2025 · eurosGRFS revenue and net income
Where GRFS's revenue goes
2025Each bar shows an amount and its share of revenue. GRFS kept 5.3% of revenue as net income.
GRFS profit margins
GRFS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +0.2% | +6.0% | — | — |
| Gross profit | −7.7% | +5.2% | — | — |
| Operating income | −0.4% | +14.9% | — | — |
| Net income | +146.1% | +27.8% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GRFS income statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | €7.23B | €7.21B | €6.59B | €6.06B | €4.93B |
| Cost of revenue | €4.65B | €4.42B | €4.11B | €3.85B | €2.97B |
| Gross profit | €2.58B | €2.79B | €2.48B | €2.21B | €1.96B |
| Research & development | €358.3M | €384.0M | €395.3M | €361.1M | €354.9M |
| Sales, general & admin | €1.06B | €1.14B | €1.27B | €1.11B | €436.7M |
| Total operating expenses | €1.39B | €1.60B | €1.70B | €1.43B | €1.37B |
| Operating income | €1.19B | €1.19B | €782.3M | €782.4M | €595.1M |
| Interest income | €34.0M | €44.4M | €62.3M | €33.9M | €11.6M |
| Interest expense | €600.3M | €773.2M | €516.1M | €444.5M | €233.8M |
| Income before taxes | €590.7M | €444.0M | €207.0M | €338.0M | €350.5M |
| Income taxes | €110.5M | €231.2M | €43.3M | €90.1M | €85.1M |
| Net income | €386.1M | €156.9M | €42.3M | €185.0M | €188.7M |
| EBITDA | €1.62B | €1.48B | €1.17B | €1.19B | €944.0M |
| Gross margin | 35.7% | 38.7% | 37.7% | 36.5% | 39.8% |
| Operating margin | 16.4% | 16.5% | 11.9% | 12.9% | 12.1% |
| Net margin | 5.3% | 2.2% | 0.6% | 3.1% | 3.8% |
| 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 | €1.87B | €1.73B | €1.96B | €1.87B | €1.89B | €1.79B | €1.98B | €1.79B | €1.82B | €1.63B | €1.77B | €1.60B |
| Cost of revenue | €1.17B | €1.10B | €1.28B | €1.11B | €1.15B | €1.08B | €1.21B | €1.07B | €1.15B | €977.3M | €1.08B | €965.6M |
| Gross profit | €704.0M | €630.2M | €680.4M | €751.5M | €743.8M | €704.6M | €766.5M | €726.8M | €670.4M | €648.4M | €689.8M | €631.8M |
| Research & development | €86.0M | €91.5M | €135.5M | €97.0M | €96.2M | €96.0M | €115.0M | €87.9M | €90.7M | €90.5M | €113.6M | €87.7M |
| Sales, general & admin | €289.0M | €281.0M | €155.3M | — | €282.8M | €325.0M | €269.5M | €319.4M | €299.7M | — | €379.6M | €300.3M |
| Total operating expenses | €375.0M | €377.1M | €408.2M | €368.2M | €394.9M | €435.8M | €394.6M | €409.7M | €371.1M | €444.6M | €466.8M | €381.2M |
| Operating income | €329.0M | €253.1M | €272.2M | €383.3M | €348.9M | €268.9M | €371.9M | €317.0M | €299.3M | €203.8M | €223.0M | €250.6M |
| Interest income | — | — | — | — | €9.6M | — | — | — | €14.1M | — | — | — |
| Interest expense | €80.3M | €141.3M | €158.5M | €156.1M | €141.4M | €153.6M | €15.9M | €197.6M | €202.5M | €170.0M | €91.0M | €150.9M |
| Income before taxes | €247.0M | €113.8M | €110.1M | €198.1M | €190.5M | €115.3M | €210.5M | €119.4M | €67.0M | €47.1M | €76.7M | €99.6M |
| Income taxes | €64.0M | €24.4M | −€14.5M | €54.7M | €52.1M | €22.8M | €126.8M | €37.4M | €42.2M | €24.8M | €27.6M | €5.6M |
| Net income | €154.0M | €74.2M | €97.3M | €127.0M | €117.1M | €59.7M | €69.0M | €51.7M | €14.8M | €21.4M | €56.0M | €59.5M |
| EBITDA | €535.0M | €360.8M | €396.9M | €457.1M | €438.9M | €405.0M | €336.5M | €468.1M | €380.6M | €347.5M | €334.6M | €358.6M |
| Gross margin | 37.6% | 36.5% | 34.7% | 40.3% | 39.3% | 39.5% | 38.8% | 40.5% | 36.9% | 39.9% | 39.0% | 39.6% |
| Operating margin | 17.6% | 14.6% | 13.9% | 20.5% | 18.4% | 15.1% | 18.8% | 17.7% | 16.5% | 12.5% | 12.6% | 15.7% |
| Net margin | 8.2% | 4.3% | 5.0% | 6.8% | 6.2% | 3.3% | 3.5% | 2.9% | 0.8% | 1.3% | 3.2% | 3.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported in GRFS's financial statements (latest annual report filed April 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GRFS financial results
In fiscal year 2025 (ended December 31, 2025), Grifols reported revenue of €7.2 billion, up 0.2% from the year before. It had net income of €386.1 million (up 146.1%), a net profit margin of 5.3%. Figures are in euros, the currency of its financial statements.
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GRFS income statement FAQ
What is Grifols's annual revenue?
Grifols reported total revenue of €7.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 0.2% from €7.2 billion the previous year.
Is Grifols profitable?
Yes. Grifols reported net income of €386.1 million in fiscal 2025, a net profit margin of 5.3%; its operating margin was 16.4%.
What is Grifols's gross margin?
Grifols's gross margin was 35.7% in fiscal 2025: for every $100 of revenue, Grifols kept $36 after the direct cost of its products and services.
How much does Grifols spend on research and development?
Grifols spent €358.3 million on research and development in fiscal 2025, 5.0% of revenue.
When does Grifols's fiscal year end?
Grifols's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 17, 2026.