Keros Therapeutics, Inc. (KROS) Income Statement
KROS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsKROS revenue and net income
Where KROS's revenue goes
2025Each bar shows an amount and its share of revenue. KROS kept 35.7% of revenue as net income.
KROS profit margins
KROS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6,775.0% | +130.2% | +150.0% | — |
| Gross profit | +6,732.5% | — | — | — |
| 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.
KROS quarterly EPS vs estimates
Keros Therapeutics beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.96).
KROS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $244.1M | $3.5M | $151,000 | $20.0M | $20.1M | $2.5M | $10.0M | $10.0M |
| Cost of revenue | $1.5M | $1.2M | $815,000 | $1.6M | $898,000 | $605,000 | $17.3M | $10.1M |
| Gross profit | $242.6M | $3.5M | $151,000 | −$1.6M | $20.1M | −$605,000 | −$7.3M | −$111,000 |
| Research & development | $129.6M | $173.6M | $135.3M | $87.3M | $55.1M | $33.9M | $17.4M | $10.1M |
| Sales, general & admin | $46.8M | $40.8M | $34.8M | $27.5M | $21.3M | $12.8M | $3.2M | $1.6M |
| Total operating expenses | $171.9M | $214.4M | $170.1M | $114.8M | $76.5M | $46.1M | $20.0M | $11.3M |
| Operating income | $70.6M | −$210.8M | −$169.9M | −$114.8M | −$56.4M | −$46.7M | −$10.6M | −$1.7M |
| Interest income | — | — | — | — | — | — | $2.6M | $37,000 |
| Interest expense | — | $0 | $0 | $1,000 | $4,000 | $6,000 | $8,000 | $6,000 |
| Income before taxes | $91.9M | −$187.1M | −$153.0M | −$104.7M | −$56.7M | −$45.5M | −$12.3M | −$1.1M |
| Income taxes | $4.9M | $300,000 | −$206,000 | $1,000 | $2.0M | −$172,000 | $8,000 | $257,000 |
| Net income | $87.0M | −$187.4M | −$153.0M | −$104.7M | −$58.7M | −$45.4M | −$12.3M | −$1.3M |
| EBITDA | $93.4M | −$185.8M | −$152.2M | −$104.0M | −$56.4M | −$44.9M | −$11.9M | −$774,000 |
| EPS (diluted) | $1.82 | −$5.01 | −$5.20 | −$4.15 | −$2.52 | −$6.82 | −$1.39 | — |
| Gross margin | 99.4% | 100.0% | 100.0% | −8.1% | 100.0% | −24.2% | −73.5% | −1.1% |
| Operating margin | 28.9% | −5,939.0% | −112,543.7% | −573.9% | −280.5% | −1,866.3% | −105.6% | −16.9% |
| Net margin | 35.7% | −5,277.5% | −101,319.2% | −523.4% | −292.3% | −1,814.4% | −123.4% | −13.4% |
| 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 | $18.2M | $367,000 | $385,000 | $14.3M | $18.2M | $211.2M | $3.0M | $388,000 | $37,000 | $83,000 | $143,000 | $8,000 |
| Cost of revenue | — | $403,000 | $400,000 | $395,000 | $370,000 | $344,000 | $332,000 | $314,000 | $306,000 | $277,000 | $247,000 | $551,000 |
| Gross profit | — | −$36,000 | $385,000 | $13.9M | $17.8M | $211.2M | $2.7M | $74,000 | $37,000 | $83,000 | $143,000 | −$543,000 |
| Research & development | $22.3M | $16.1M | $17.9M | $19.5M | $43.5M | $48.7M | $45.6M | $49.2M | $40.5M | $38.3M | $37.5M | $34.1M |
| Sales, general & admin | $8.6M | $10.1M | $11.7M | $10.1M | $14.5M | $10.5M | $10.7M | $9.8M | $10.3M | $10.3M | $9.1M | $9.1M |
| Total operating expenses | $30.9M | $25.8M | $29.7M | $29.3M | $57.6M | $59.2M | $56.0M | $58.7M | $50.5M | $48.6M | $46.6M | $42.7M |
| Operating income | −$30.9M | −$25.9M | −$29.3M | −$15.4M | −$39.8M | $152.0M | −$53.3M | −$58.7M | −$50.4M | −$48.5M | −$46.5M | −$43.3M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Income before taxes | −$28.7M | −$23.7M | −$25.0M | −$8.7M | −$32.9M | $158.5M | −$45.7M | −$53.0M | −$45.3M | −$43.1M | −$40.2M | −$39.4M |
| Income taxes | $2.2M | — | −$1.5M | −$1.4M | −$2.2M | $10.0M | $300,000 | — | — | −$277,000 | $3.8M | −$210,000 |
| Net income | −$28.7M | −$23.7M | −$23.5M | −$7.3M | −$30.7M | $148.5M | −$46.0M | −$53.0M | −$45.3M | −$43.1M | −$40.2M | −$39.4M |
| EBITDA | −$28.3M | −$23.3M | −$24.6M | −$8.3M | −$32.5M | $158.8M | −$29.1M | −$52.6M | −$45.0M | −$42.8M | −$40.0M | −$38.9M |
| EPS (diluted) | −$1.45 | −$1.21 | −$0.86 | −$0.18 | −$0.76 | $3.62 | −$1.14 | −$1.41 | −$1.25 | −$1.21 | −$1.34 | −$1.33 |
| Gross margin | — | −9.8% | 100.0% | 97.2% | 98.0% | 100.0% | 89.1% | 19.1% | 100.0% | 100.0% | 100.0% | −6,787.5% |
| Operating margin | −170.3% | −7,051.0% | −7,602.6% | −107.9% | −219.2% | 72.0% | −1,750.6% | −15,117.8% | −136,321.6% | −58,413.3% | −32,486.0% | −541,000.0% |
| Net margin | −158.0% | −6,459.9% | −6,093.8% | −51.0% | −169.0% | 70.3% | −1,513.0% | −13,648.5% | −122,316.2% | −51,944.6% | −28,142.0% | −493,000.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in KROS's financial statements (latest annual report filed March 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
KROS financial results
In fiscal year 2025 (ended December 31, 2025), Keros Therapeutics reported revenue of $244.1 million, up 6,775.0% from the year before. It had net income of $87.0 million, a net profit margin of 35.7%. Diluted earnings per share came to $1.82. Over five years revenue grew at an average rate of 150.0% a year.
See the KROS stock overview for the latest quote and news, or the KROS chart for price history and technical indicators.
KROS income statement FAQ
What is Keros Therapeutics's annual revenue?
Keros Therapeutics reported total revenue of $244.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 6,775.0% from $3.5 million the previous year.
Is Keros Therapeutics profitable?
Yes. Keros Therapeutics reported net income of $87.0 million in fiscal 2025, a net profit margin of 35.7%; its operating margin was 28.9%.
What is Keros Therapeutics's gross margin?
Keros Therapeutics's gross margin was 99.4% in fiscal 2025: for every $100 of revenue, Keros Therapeutics kept $99 after the direct cost of its products and services.
How much does Keros Therapeutics spend on research and development?
Keros Therapeutics spent $129.6 million on research and development in fiscal 2025, 53.1% of revenue.
How fast is Keros Therapeutics growing?
Revenue grew 150.0% a year on average over the last five fiscal years, from $2.5 million to $244.1 million.
What are Keros Therapeutics's earnings per share?
Keros Therapeutics earned $1.82 per diluted share in fiscal 2025, compared with $-5.01 a year earlier.
When will Keros Therapeutics report its next earnings?
Keros Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Keros Therapeutics's fiscal year end?
Keros Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 4, 2026.