Vaxcyte, Inc. (PCVX) Income Statement
PCVX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPCVX revenue and net income
PCVX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| 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.
PCVX quarterly EPS vs estimates
Vaxcyte beat the analyst EPS estimate in 1 of the last 8 quarters. Next report: November 3, 2026 (estimate $-1.84).
PCVX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | — | $15.8M | $75.0M | $9.2M | $1.8M | $1.4M | $1.2M | $1.0M | — |
| Gross profit | — | −$15.8M | −$75.0M | −$9.2M | −$1.8M | −$1.4M | −$1.2M | −$1.0M | — |
| Research & development | $794.3M | $476.6M | $332.3M | $169.5M | $78.4M | $73.6M | $45.6M | $30.1M | $12.8M |
| Sales, general & admin | $129.4M | $92.9M | $70.9M | $39.8M | $25.3M | $16.0M | $8.5M | $5.4M | $5.0M |
| Total operating expenses | $923.7M | $569.5M | $468.0M | $232.3M | $103.7M | $88.2M | $52.9M | $35.5M | $17.4M |
| Operating income | −$923.7M | −$569.5M | −$468.0M | −$232.3M | −$103.7M | −$89.6M | −$54.2M | −$35.5M | −$17.8M |
| Interest income | $119.7M | $110.0M | $62.9M | $8.4M | $344,000 | $244,000 | $632,000 | $903,000 | $155,000 |
| Interest expense | — | $0 | $0 | $2,000 | $7,000 | $7,000 | $40,000 | $75,000 | $0 |
| Income before taxes | −$766.6M | −$463.9M | −$402.3M | −$223.5M | −$100.1M | −$89.2M | −$50.3M | −$29.5M | −$17.2M |
| Income taxes | — | — | −$402.3M | $16.2M | $7,000 | −$1.4M | $3.2M | $6.1M | — |
| Net income | −$766.6M | −$463.9M | −$402.3M | −$223.5M | −$100.1M | −$89.2M | −$50.3M | −$29.5M | −$17.2M |
| EBITDA | −$741.8M | −$448.1M | −$392.1M | −$214.0M | −$96.6M | −$87.8M | −$49.0M | −$28.4M | −$17.2M |
| EPS (diluted) | −$5.62 | −$3.80 | −$4.13 | −$3.43 | −$1.93 | −$2.83 | −$1.08 | −$7.37 | — |
| 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 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $14.4M | $0 |
| Cost of revenue | — | $5.9M | −$5.0M | — | $5.0M | — | — | $4.5M | $3.5M | $3.1M | $2.9M | $2.5M |
| Gross profit | — | −$5.9M | $5.0M | — | −$5.0M | — | — | −$4.5M | −$3.5M | −$3.1M | $11.5M | −$2.5M |
| Research & development | $267.9M | $312.8M | $242.1M | $209.9M | $194.2M | $148.1M | $133.6M | $116.9M | $131.5M | $94.6M | $104.2M | $97.4M |
| Sales, general & admin | $34.9M | $33.1M | $32.2M | $32.4M | $32.0M | $32.7M | $28.6M | $23.0M | $21.5M | $19.9M | $20.5M | $15.6M |
| Total operating expenses | $302.8M | $340.0M | $279.3M | $242.4M | $221.2M | $180.8M | $162.2M | $139.9M | $153.0M | $114.5M | $196.7M | $113.0M |
| Operating income | −$302.8M | −$345.9M | −$274.3M | −$242.4M | −$226.2M | −$180.8M | −$162.2M | −$139.9M | −$153.0M | −$114.5M | −$196.7M | −$113.0M |
| Interest income | $25.8M | $26.6M | $26.5M | $29.3M | $31.1M | $32.9M | $36.5M | $28.1M | $23.8M | $21.7M | $17.6M | $18.5M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $10.7M | $0 |
| Income before taxes | −$284.3M | −$320.6M | −$246.5M | −$212.8M | −$166.6M | −$140.7M | −$137.1M | −$103.1M | −$128.7M | −$95.0M | −$180.8M | −$92.7M |
| Income taxes | — | — | — | — | — | — | — | −$4.5M | — | −$19.3M | $14.6M | −$2.5M |
| Net income | −$284.3M | −$320.6M | −$246.5M | −$212.8M | −$166.6M | −$140.7M | −$137.1M | −$103.1M | −$128.7M | −$95.0M | −$180.8M | −$92.7M |
| EBITDA | −$289.5M | −$314.8M | −$236.7M | −$207.6M | −$161.6M | −$135.8M | −$52.6M | −$135.1M | −$125.2M | −$91.9M | −$177.9M | −$108.9M |
| EPS (diluted) | −$1.97 | −$2.30 | −$1.80 | −$1.56 | −$1.22 | −$1.04 | −$1.02 | −$0.83 | −$1.10 | −$0.85 | −$1.82 | −$0.91 |
| Gross margin | — | — | — | — | — | — | — | — | — | — | 79.6% | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — | −1,361.5% | — |
| Net margin | — | — | — | — | — | — | — | — | — | — | −1,251.6% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PCVX's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PCVX financial results
Vaxcyte reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $766.6 million. Diluted earnings per share came to −$5.62.
See the PCVX stock overview for the latest quote and news, or the PCVX chart for price history and technical indicators.
PCVX income statement FAQ
Does Vaxcyte have revenue?
Vaxcyte reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is Vaxcyte profitable?
No. Vaxcyte reported a net loss of $766.6 million in fiscal 2025.
How much does Vaxcyte spend on research and development?
Vaxcyte spent $794.3 million on research and development in fiscal 2025.
What are Vaxcyte's earnings per share?
Vaxcyte earned $-5.62 per diluted share in fiscal 2025, compared with $-3.80 a year earlier.
When will Vaxcyte report its next earnings?
Vaxcyte is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does Vaxcyte's fiscal year end?
Vaxcyte's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.