Ocular Therapeutix, Inc. (OCUL) Income Statement
OCUL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsOCUL revenue and net income
Where OCUL's revenue goes
2025Each bar shows an amount and its share of revenue. OCUL kept −513.2% of revenue as net income.
OCUL profit margins
OCUL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −18.7% | +0.2% | +24.4% | +40.3% |
| Gross profit | −22.1% | −1.2% | +24.2% | +41.3% |
| 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.
OCUL quarterly EPS vs estimates
Ocular Therapeutix beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: November 3, 2026 (estimate $-0.36).
OCUL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $51.8M | $63.7M | $58.4M | $51.5M | $43.5M | $17.4M | $4.2M | $2.0M | $1.9M | $1.9M |
| Cost of revenue | $6.6M | $5.6M | $5.3M | $4.5M | $4.4M | $2.1M | $2.3M | $465,000 | $457,000 | $443,000 |
| Gross profit | $45.2M | $58.1M | $53.2M | $47.0M | $39.1M | $15.3M | $1.9M | $1.5M | $1.5M | $1.4M |
| Research & development | $197.1M | $127.6M | $61.1M | $53.5M | $50.1M | $28.7M | $41.1M | $36.9M | $30.9M | $27.1M |
| Sales, general & admin | $118.3M | $102.2M | $74.5M | $72.1M | $67.1M | $49.5M | $46.6M | $23.7M | $32.5M | $17.7M |
| Total operating expenses | $315.4M | $229.9M | $135.5M | $125.6M | $117.2M | $78.2M | $87.7M | $60.6M | $63.4M | $44.8M |
| Operating income | −$270.0M | −$171.8M | −$82.4M | −$78.7M | −$78.0M | −$62.8M | −$85.8M | −$59.1M | −$61.9M | −$43.3M |
| Interest income | $18.4M | $20.3M | $2.9M | $798,000 | $33,000 | $168,000 | $1.2M | $879,000 | $424,000 | $304,000 |
| Interest expense | $11.8M | $13.6M | $11.3M | $7.0M | $6.7M | $6.8M | $6.1M | $1.7M | $1.9M | $1.7M |
| Income before taxes | −$265.9M | −$193.5M | −$80.7M | −$71.0M | −$6.6M | −$155.6M | −$86.4M | −$60.0M | −$63.4M | −$44.7M |
| Income taxes | — | — | $2.8M | −$7.6M | $4.3M | $4.0M | $3.6M | −$2.3M | $272,000 | $798,000 |
| Net income | −$265.9M | −$193.5M | −$80.7M | −$71.0M | −$6.6M | −$155.6M | −$86.4M | −$57.7M | −$63.4M | −$44.7M |
| EBITDA | −$249.8M | −$176.1M | −$66.4M | −$61.9M | $2.5M | −$146.1M | −$77.7M | −$56.0M | −$59.9M | −$42.1M |
| EPS (diluted) | −$1.43 | −$1.01 | −$1.11 | −$1.00 | −$0.91 | −$2.45 | −$2.03 | −$1.57 | −$2.20 | −$1.80 |
| Gross margin | 87.3% | 91.2% | 91.0% | 91.2% | 89.9% | 88.0% | 45.0% | 76.6% | 76.2% | 76.5% |
| Operating margin | −521.0% | −269.6% | −141.0% | −152.7% | −179.3% | −361.1% | −2,029.9% | −2,970.8% | −3,220.1% | −2,296.0% |
| Net margin | −513.2% | −303.7% | −138.1% | −138.0% | −15.1% | −894.3% | −2,043.3% | −2,899.1% | −3,296.2% | −2,369.0% |
| 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 | $13.5M | $10.8M | $13.2M | $14.5M | $13.5M | $10.7M | $17.1M | $15.4M | $16.4M | $14.8M | $14.8M | $15.1M |
| Cost of revenue | $2.0M | $1.3M | $1.6M | $1.8M | $1.9M | $1.3M | $1.2M | $1.6M | $1.5M | $1.3M | $1.4M | $1.4M |
| Gross profit | $11.5M | $9.5M | $11.7M | $12.8M | $11.5M | $9.4M | $15.9M | $13.9M | $14.9M | $13.4M | $13.4M | $13.7M |
| Research & development | $54.1M | $66.2M | $50.8M | $52.4M | $51.1M | $42.9M | $41.0M | $37.1M | $28.9M | $20.7M | $16.2M | $15.0M |
| Sales, general & admin | $39.4M | $36.6M | $30.6M | $29.1M | $28.1M | $30.5M | $25.4M | $22.8M | $29.7M | $24.3M | $43.7M | $17.9M |
| Total operating expenses | $93.6M | $102.8M | $81.4M | $81.5M | $79.2M | $73.4M | $66.4M | $59.9M | $58.5M | $45.1M | $33.5M | $32.9M |
| Operating income | −$82.1M | −$93.3M | −$69.8M | −$68.7M | −$67.6M | −$63.9M | −$50.6M | −$46.0M | −$43.6M | −$31.6M | −$20.1M | −$19.2M |
| Interest income | $5.4M | $6.0M | $7.3M | $3.7M | $3.5M | $3.8M | $4.7M | $5.7M | $6.0M | $3.9M | $1.5M | $1.2M |
| Interest expense | $2.8M | $2.8M | $2.8M | $3.0M | $3.0M | $3.0M | $3.1M | $3.2M | $3.2M | $4.1M | $4.2M | $3.4M |
| Income before taxes | −$78.8M | −$88.6M | −$64.7M | −$69.4M | −$67.8M | −$64.1M | −$48.4M | −$36.5M | −$43.8M | −$64.8M | −$29.2M | −$516,000 |
| Income taxes | — | — | — | — | — | — | — | — | — | −$920,000 | −$7.2M | −$890,000 |
| Net income | −$78.8M | −$88.6M | −$64.7M | −$69.4M | −$67.8M | −$64.1M | −$48.4M | −$36.5M | −$43.8M | −$64.8M | −$29.2M | −$516,000 |
| EBITDA | −$74.1M | −$84.6M | −$60.6M | −$65.3M | −$63.8M | −$60.1M | −$44.3M | −$32.3M | −$39.6M | −$59.9M | −$24.1M | $3.8M |
| EPS (diluted) | −$0.35 | −$0.40 | −$0.29 | −$0.38 | −$0.39 | −$0.37 | −$0.29 | −$0.22 | −$0.26 | −$0.24 | −$0.35 | −$0.19 |
| Gross margin | 85.1% | 87.7% | 88.0% | 87.8% | 85.6% | 88.2% | 92.8% | 89.9% | 90.8% | 91.0% | 90.6% | 90.9% |
| Operating margin | −609.3% | −865.5% | −526.5% | −472.3% | −502.6% | −597.5% | −296.1% | −298.2% | −265.1% | −214.0% | −135.5% | −127.4% |
| Net margin | −584.5% | −821.6% | −488.0% | −477.3% | −503.9% | −598.7% | −283.3% | −236.6% | −266.3% | −438.9% | −197.4% | −3.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in OCUL's financial statements (latest annual report filed February 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
OCUL financial results
In fiscal year 2025 (ended December 31, 2025), Ocular Therapeutix reported revenue of $51.8 million, down 18.7% from the year before. It had a net loss of $265.9 million, a net profit margin of −513.2%. Diluted earnings per share came to −$1.43. Over five years revenue grew at an average rate of 24.4% a year.
See the OCUL stock overview for the latest quote and news, or the OCUL chart for price history and technical indicators.
OCUL income statement FAQ
What is Ocular Therapeutix's annual revenue?
Ocular Therapeutix reported total revenue of $51.8 million for fiscal year 2025, which ended on December 31, 2025. That was down 18.7% from $63.7 million the previous year.
Is Ocular Therapeutix profitable?
No. Ocular Therapeutix reported a net loss of $265.9 million in fiscal 2025, a net profit margin of −513.2%; its operating margin was −521.0%.
What is Ocular Therapeutix's gross margin?
Ocular Therapeutix's gross margin was 87.3% in fiscal 2025: for every $100 of revenue, Ocular Therapeutix kept $87 after the direct cost of its products and services.
How much does Ocular Therapeutix spend on research and development?
Ocular Therapeutix spent $197.1 million on research and development in fiscal 2025, 380.3% of revenue.
How fast is Ocular Therapeutix growing?
Revenue grew 24.4% a year on average over the last five fiscal years, from $17.4 million to $51.8 million.
What are Ocular Therapeutix's earnings per share?
Ocular Therapeutix earned $-1.43 per diluted share in fiscal 2025, compared with $-1.01 a year earlier.
When will Ocular Therapeutix report its next earnings?
Ocular Therapeutix is expected to report results for the quarter ending September 30, 2026 on November 3, 2026.
When does Ocular Therapeutix's fiscal year end?
Ocular Therapeutix's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 5, 2026.