PAVmed Inc. (PAVM) Income Statement
PAVM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPAVM revenue and net income
Where PAVM's revenue goes
2025Each bar shows an amount and its share of revenue. PAVM kept 564.8% of revenue as net income.
PAVM profit margins
PAVM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −97.6% | −42.7% | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | −99.0% | — | — | — |
| 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.
PAVM quarterly EPS vs estimates
PAVmed beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 12, 2026 (estimate $-0.66).
PAVM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $71,000 | $3.0M | $2.5M | $377,000 | $500,000 | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | $323,000 | $6.0M | $6.4M | $3.6M | $585,000 | $23,000 | $14,226 | $9,790 | $7,110 | $3,793 |
| Gross profit | −$252,000 | −$3.0M | −$4.0M | −$3.2M | −$85,000 | −$23,000 | −$14,226 | −$9,790 | −$7,110 | −$3,793 |
| Research & development | $4.49B | $5.9M | $14.3M | $25.3M | $19.8M | $11.0M | $6.6M | $4.3M | $2.6M | $1.7M |
| Sales, general & admin | $16.25B | $36.2M | $48.5M | $60.7M | $34.3M | $12.4M | $7.7M | $6.3M | $5.4M | $3.9M |
| Total operating expenses | $21.6M | $41.4M | $64.8M | $87.8M | $54.3M | $23.4M | $14.3M | $10.6M | $8.0M | $5.7M |
| Operating income | −$21.8M | −$44.5M | −$68.8M | −$91.1M | −$54.4M | −$23.4M | −$14.3M | −$10.6M | −$8.0M | −$5.7M |
| Interest income | $29,000 | $254,000 | $505,000 | $169,000 | — | — | $591,270 | $5.6M | $1.9M | — |
| Interest expense | $21,000 | $45,000 | $589,000 | $1.3M | $5.8M | $53,000 | $32,667 | $2.4M | $724,684 | $0 |
| Income before taxes | −$2.5M | $28.4M | −$79.3M | −$103.2M | −$56.1M | −$35.9M | −$17.3M | −$18.2M | −$9.5M | −$5.7M |
| Income taxes | $1.30B | −$3.54B | −$12.99B | −$1.9M | −$5.8M | −$1.6M | −$1.3M | −$204,072 | $878,865 | −$1 |
| Net income | $401,000 | $39.8M | −$64.2M | −$89.0M | −$50.3M | −$34.3M | −$15.9M | −$18.0M | −$9.5M | −$5.7M |
| EBITDA | −$2.3M | $29.7M | −$75.7M | −$99.5M | −$55.9M | −$23.3M | −$16.7M | −$12.1M | −$11.2M | −$5.6M |
| EPS (diluted) | −$3.29 | −$25.01 | −$185.64 | −$207.23 | −$117.20 | −$252.17 | −$162.19 | −$278.19 | −$0.71 | −$121.60 |
| Gross margin | −354.9% | −101.6% | −161.8% | −858.6% | −17.0% | — | — | — | — | — |
| Operating margin | −30,712.7% | −1,485.4% | −2,805.7% | −24,161.0% | −10,878.6% | — | — | — | — | — |
| Net margin | 564.8% | 1,328.6% | −2,617.3% | −23,602.9% | −10,069.4% | — | — | — | — | — |
| 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 | $33,000 | $22,000 | $52,000 | $5,000 | $6,000 | $8,000 | $10,000 | $996,000 | $979,000 | $1.0M | $1.0M | $791,000 |
| Cost of revenue | $122,000 | $117,000 | $103,000 | $55,000 | $41,000 | $79,000 | $48,000 | $1.4M | $2.0M | $1.7M | $1.6M | $1.8M |
| Gross profit | −$89,000 | −$95,000 | −$51,000 | −$50,000 | −$35,000 | −$71,000 | −$38,000 | −$385,000 | −$992,000 | −$734,000 | −$562,000 | −$988,000 |
| Research & development | $2.1M | $1.4M | $1.8M | $1.1M | $790,000 | $787,000 | $807,000 | $1.5M | $1.6M | $1.9M | $3.6M | $3.2M |
| Sales, general & admin | $4.9M | $6.6M | $16.24B | $3.7M | $3.9M | $4.6M | $4.3M | $9.6M | $11.3M | $11.0M | $11.7M | $10.9M |
| Total operating expenses | $6.9M | $7.9M | $6.8M | $4.8M | $4.7M | $5.4M | $5.1M | $11.2M | $12.7M | $13.3M | $15.8M | $14.5M |
| Operating income | −$7.0M | −$8.0M | −$6.8M | −$4.8M | −$4.7M | −$5.4M | −$5.2M | −$11.6M | −$13.7M | −$14.0M | −$16.4M | −$15.5M |
| Interest income | $10,000 | $19,000 | $5,000 | $10,000 | $8,000 | $8,000 | $2,000 | $70,000 | $110,000 | $72,000 | $97,000 | $124,000 |
| Interest expense | $2,000 | $3,000 | $5,000 | $8,000 | $4,000 | $4,000 | $7,000 | $12,000 | $11,000 | $16,000 | $19,000 | $159,000 |
| Income before taxes | −$6.6M | −$1.1M | −$2.8M | −$6.0M | −$12.3M | $18.6M | $1.1M | $60.7M | −$14.9M | −$18.5M | −$17.4M | −$21.8M |
| Income taxes | — | $5.92B | — | $317.0M | $984.0M | $928.0M | −$7.82B | −$3.60B | −$4.01B | $4.28B | −$3.4M | −$4.0M |
| Net income | −$5.4M | −$60,000 | −$1.3M | −$5.4M | −$11.9M | $19.0M | $1.4M | $64.4M | −$10.8M | −$15.2M | −$14.0M | −$17.7M |
| EBITDA | −$6.6M | −$1.0M | −$2.7M | −$6.0M | −$12.3M | $18.7M | $1.2M | $61.0M | −$14.6M | −$17.9M | −$16.7M | −$20.9M |
| EPS (diluted) | −$0.42 | −$1.17 | −$1.05 | −$0.60 | −$1.50 | −$0.14 | −$0.19 | −$16.20 | −$6.00 | −$2.62 | −$46.92 | −$37.45 |
| Gross margin | −269.7% | −431.8% | −98.1% | −1,000.0% | −583.3% | −887.5% | −380.0% | −38.7% | −101.3% | −72.7% | −53.6% | −124.9% |
| Operating margin | −21,278.8% | −36,522.7% | −13,082.7% | −96,880.0% | −78,583.3% | −68,075.0% | −51,870.0% | −1,162.4% | −1,397.8% | −1,389.7% | −1,561.8% | −1,963.1% |
| Net margin | −16,315.2% | −272.7% | −2,428.8% | −107,660.0% | −198,683.3% | 237,100.0% | 14,310.0% | 6,465.8% | −1,105.9% | −1,506.1% | −1,338.0% | −2,234.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PAVM's financial statements (latest annual report filed March 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PAVM financial results
In fiscal year 2025 (ended December 31, 2025), PAVmed reported revenue of $0.1 million, down 97.6% from the year before. It had net income of $0.4 million (down 99.0%), a net profit margin of 564.8%. Diluted earnings per share came to −$3.29.
See the PAVM stock overview for the latest quote and news, or the PAVM chart for price history and technical indicators.
PAVM income statement FAQ
What is PAVmed's annual revenue?
PAVmed reported total revenue of $0.1 million for fiscal year 2025, which ended on December 31, 2025. That was down 97.6% from $3.0 million the previous year.
Is PAVmed profitable?
Yes. PAVmed reported net income of $0.4 million in fiscal 2025, a net profit margin of 564.8%; its operating margin was −30,712.7%.
What is PAVmed's gross margin?
PAVmed's gross margin was −354.9% in fiscal 2025: for every $100 of revenue, PAVmed kept $-355 after the direct cost of its products and services.
How much does PAVmed spend on research and development?
PAVmed spent $4.5 billion on research and development in fiscal 2025, 6,326,760.6% of revenue.
What are PAVmed's earnings per share?
PAVmed earned $-3.29 per diluted share in fiscal 2025, compared with $-25.01 a year earlier.
When will PAVmed report its next earnings?
PAVmed is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 before the market opens.
When does PAVmed's fiscal year end?
PAVmed's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 27, 2026.