Heartflow, Inc. (HTFL) Income Statement
HTFL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHTFL revenue and net income
Where HTFL's revenue goes
2025Each bar shows an amount and its share of revenue. HTFL kept −66.3% of revenue as net income.
HTFL profit margins
HTFL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +39.9% | — | — | — |
| Gross profit | +43.1% | — | — | — |
| 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.
HTFL quarterly EPS vs estimates
Heartflow beat the analyst EPS estimate in 3 of the last 5 quarters. Next report: November 11, 2026 (estimate $-0.18).
HTFL income statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue | $176.0M | $125.8M | $87.2M |
| Cost of revenue | $40.8M | $31.4M | $29.1M |
| Gross profit | $135.2M | $94.4M | $58.1M |
| Research & development | $64.9M | $43.5M | $35.9M |
| Sales, general & admin | $134.3M | $112.2M | $95.1M |
| Total operating expenses | $199.3M | $155.7M | $131.0M |
| Operating income | −$64.1M | −$61.2M | −$72.9M |
| Interest income | $5.5M | $4.1M | $5.5M |
| Interest expense | $15.2M | $22.8M | $24.7M |
| Income before taxes | −$116.9M | −$96.4M | −$95.1M |
| Income taxes | −$76,000 | $53,000 | $547,000 |
| Net income | −$116.8M | −$96.4M | −$95.7M |
| EBITDA | −$93.1M | −$65.5M | −$62.8M |
| EPS (diluted) | −$1.49 | −$1.52 | −$19.13 |
| Gross margin | 76.8% | 75.1% | 66.6% |
| Operating margin | −36.4% | −48.7% | −83.6% |
| Net margin | −66.3% | −76.6% | −109.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $64.1M | $52.6M | $49.1M | $46.3M | $43.4M | $37.2M | $35.0M | $32.9M | $31.1M | $26.8M |
| Cost of revenue | $10.9M | $10.4M | $10.1M | $10.9M | $10.6M | $9.3M | $8.7M | $8.0M | $7.2M | $7.4M |
| Gross profit | $53.2M | $42.2M | $39.1M | $35.4M | $32.8M | $27.9M | $26.2M | $24.9M | $23.8M | $19.4M |
| Research & development | $26.3M | $21.6M | $18.7M | $17.3M | $15.0M | $13.9M | $12.3M | $11.9M | $9.9M | $9.4M |
| Sales, general & admin | $44.8M | $42.6M | $38.1M | $33.2M | $31.5M | $31.5M | $30.0M | $28.0M | $28.1M | $26.0M |
| Total operating expenses | $71.1M | $64.2M | $56.8M | $50.5M | $46.5M | $45.4M | $42.3M | $39.9M | $38.0M | $35.5M |
| Operating income | −$17.9M | −$22.0M | −$17.8M | −$15.1M | −$13.7M | −$17.5M | −$16.1M | −$14.9M | −$14.2M | −$16.1M |
| Interest income | $2.3M | $2.5M | $2.6M | $1.7M | $635,000 | $543,000 | $592,000 | $820,000 | $1.1M | $1.5M |
| Interest expense | $0 | $3,000 | $8,000 | $3.5M | $6.6M | $5.1M | $5.2M | $5.3M | $6.1M | $6.2M |
| Income before taxes | −$15.7M | −$27.4M | −$24.6M | −$50.8M | −$9.1M | −$32.3M | −$33.0M | −$19.1M | −$23.3M | −$21.0M |
| Income taxes | $22,000 | $23,000 | −$165,000 | $30,000 | $59,000 | −$296,000 | $5,000 | — | $120,000 | −$72,000 |
| Net income | −$15.7M | −$27.4M | −$24.4M | −$50.9M | −$9.2M | −$32.3M | −$33.0M | −$19.1M | −$23.4M | −$20.9M |
| EBITDA | −$13.5M | −$24.9M | −$22.3M | −$45.3M | −$371,000 | −$25.2M | −$25.5M | −$11.8M | −$15.3M | −$12.9M |
| EPS (diluted) | −$0.16 | −$0.16 | −$0.12 | −$0.27 | −$1.10 | — | — | — | — | — |
| Gross margin | 83.0% | 80.2% | 79.5% | 76.5% | 75.5% | 75.1% | 75.0% | 75.7% | 76.8% | 72.4% |
| Operating margin | −27.9% | −41.9% | −36.1% | −32.6% | −31.6% | −47.0% | −45.9% | −45.3% | −45.7% | −59.8% |
| Net margin | −24.6% | −52.1% | −49.7% | −109.9% | −21.2% | −86.9% | −94.3% | −58.1% | −75.3% | −78.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HTFL's financial statements (latest annual report filed March 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HTFL financial results
In fiscal year 2025 (ended December 31, 2025), Heartflow reported revenue of $176.0 million, up 39.9% from the year before. It had a net loss of $116.8 million, a net profit margin of −66.3%. Diluted earnings per share came to −$1.49.
See the HTFL stock overview for the latest quote and news, or the HTFL chart for price history and technical indicators.
HTFL income statement FAQ
What is Heartflow's annual revenue?
Heartflow reported total revenue of $176.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 39.9% from $125.8 million the previous year.
Is Heartflow profitable?
No. Heartflow reported a net loss of $116.8 million in fiscal 2025, a net profit margin of −66.3%; its operating margin was −36.4%.
What is Heartflow's gross margin?
Heartflow's gross margin was 76.8% in fiscal 2025: for every $100 of revenue, Heartflow kept $77 after the direct cost of its products and services.
How much does Heartflow spend on research and development?
Heartflow spent $64.9 million on research and development in fiscal 2025, 36.9% of revenue.
What are Heartflow's earnings per share?
Heartflow earned $-1.49 per diluted share in fiscal 2025, compared with $-1.52 a year earlier.
When will Heartflow report its next earnings?
Heartflow is expected to report results for the quarter ending September 30, 2026 on November 11, 2026 after the market closes.
When does Heartflow's fiscal year end?
Heartflow's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 18, 2026.