Phathom Pharmaceuticals, Inc. (PHAT) Income Statement
PHAT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPHAT revenue and net income
Where PHAT's revenue goes
2025Each bar shows an amount and its share of revenue. PHAT kept −126.3% of revenue as net income.
PHAT profit margins
PHAT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +216.9% | — | — | — |
| Gross profit | +222.6% | — | — | — |
| 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.
PHAT quarterly EPS vs estimates
Phathom Pharmaceuticals beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 29, 2026 (estimate $-0.01).
PHAT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $175.1M | $55.3M | $682,000 | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | $22.6M | $8.0M | $167,000 | $620,000 | $521,000 | $300,000 | $8,000 | — |
| Gross profit | $152.5M | $47.3M | $515,000 | −$620,000 | −$521,000 | −$300,000 | −$8,000 | — |
| Research & development | $32.8M | $34.1M | $49.9M | $71.4M | $72.3M | $98.1M | $99.3M | $20,000 |
| Sales, general & admin | $279.7M | $290.7M | $117.9M | $101.0M | $62.7M | $27.5M | $6.9M | $1.2M |
| Total operating expenses | $312.5M | $324.7M | $167.8M | $171.8M | $134.6M | $125.4M | $106.2M | $1.2M |
| Operating income | −$160.0M | −$277.5M | −$167.3M | −$172.4M | −$135.1M | −$125.7M | −$106.2M | −$1.2M |
| Interest income | $7.0M | $15.2M | $7.9M | $2.1M | $41,000 | $1.1M | $1.1M | $0 |
| Interest expense | $68.1M | $72.0M | $42.0M | $27.3M | $6.8M | $4.6M | $4.2M | $13,000 |
| Income before taxes | −$221.2M | −$334.3M | −$201.6M | −$197.7M | −$143.9M | −$129.1M | −$255.1M | −$1.3M |
| Income taxes | — | — | $41.8M | $25.3M | $4.2M | $4.2M | −$45.4M | $13,000 |
| Net income | −$221.2M | −$334.3M | −$201.6M | −$197.7M | −$143.9M | −$129.1M | −$209.7M | −$1.3M |
| EBITDA | −$152.5M | −$261.5M | −$159.0M | −$169.8M | −$136.6M | −$124.2M | −$250.9M | −$50,000 |
| EPS (diluted) | −$2.28 | −$4.46 | −$3.88 | −$5.05 | −$3.89 | −$3.86 | −$7.69 | −$0.15 |
| Gross margin | 87.1% | 85.6% | 75.5% | — | — | — | — | — |
| Operating margin | −91.4% | −502.2% | −24,532.6% | — | — | — | — | — |
| Net margin | −126.3% | −605.1% | −29,558.9% | — | — | — | — | — |
| 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 | $74.3M | $58.3M | $57.6M | $49.5M | $39.5M | $28.5M | $29.7M | $16.4M | $7.3M | $1.9M | $682,000 | $0 |
| Cost of revenue | $15.1M | $12.0M | $7.6M | $6.2M | $5.0M | $3.7M | $3.8M | $2.4M | $1.4M | $426,000 | $352,000 | $121,000 |
| Gross profit | $59.2M | $46.3M | $49.9M | $43.3M | $34.5M | $24.8M | $25.8M | $14.0M | $5.9M | $1.5M | $330,000 | −$121,000 |
| Research & development | $7.8M | $7.8M | $7.5M | $7.0M | $9.1M | $9.2M | $8.6M | $8.7M | $7.4M | $9.4M | $13.4M | $12.3M |
| Sales, general & admin | $55.3M | $54.0M | $48.4M | $51.6M | $85.3M | $94.5M | $75.9M | $76.1M | $75.9M | $60.9M | $60.9M | $23.4M |
| Total operating expenses | $63.1M | $61.8M | $55.9M | $58.6M | $94.4M | $103.7M | $85.3M | $84.8M | $83.2M | $71.4M | $70.2M | $35.5M |
| Operating income | −$4.0M | −$15.5M | −$5.9M | −$15.3M | −$59.9M | −$78.9M | −$59.4M | −$70.8M | −$77.3M | −$70.0M | −$69.9M | −$35.7M |
| Interest income | $1.5M | $1.7M | $1.2M | $1.4M | $1.8M | $2.6M | $3.5M | $3.7M | $3.6M | $4.3M | $3.3M | $2.7M |
| Interest expense | $15.1M | $15.8M | $16.4M | $16.1M | $17.5M | $18.1M | $18.6M | $18.5M | $17.8M | $17.2M | $13.0M | $10.1M |
| Income before taxes | −$17.6M | −$30.4M | −$21.1M | −$30.0M | −$75.8M | −$94.3M | −$74.5M | −$85.6M | −$91.4M | −$82.9M | −$79.6M | −$43.2M |
| Income taxes | — | — | — | — | — | — | — | — | — | $170,724 | −$16.7M | $7.3M |
| Net income | −$17.6M | −$30.4M | −$21.1M | −$30.0M | −$75.8M | −$94.3M | −$74.5M | −$85.6M | −$91.4M | −$82.9M | −$79.6M | −$43.2M |
| EBITDA | −$2.4M | −$14.5M | −$4.6M | −$13.7M | −$58.1M | −$76.1M | −$55.7M | −$66.9M | −$73.5M | −$65.5M | −$66.4M | −$33.0M |
| EPS (diluted) | −$0.08 | −$0.18 | −$0.16 | −$0.15 | −$0.90 | −$1.07 | −$1.05 | −$1.05 | −$1.25 | −$1.11 | −$1.39 | −$0.76 |
| Gross margin | 79.7% | 79.4% | 86.7% | 87.5% | 87.2% | 86.9% | 87.1% | 85.6% | 81.2% | 77.7% | 48.4% | — |
| Operating margin | −5.3% | −26.5% | −10.3% | −30.8% | −151.7% | −276.5% | −200.3% | −433.0% | −1,055.4% | −3,658.7% | −10,245.5% | — |
| Net margin | −23.7% | −52.1% | −36.7% | −60.5% | −191.9% | −330.7% | −251.0% | −523.3% | −1,248.6% | −4,333.3% | −11,667.0% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PHAT's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PHAT financial results
In fiscal year 2025 (ended December 31, 2025), Phathom Pharmaceuticals reported revenue of $175.1 million, up 216.9% from the year before. It had a net loss of $221.2 million, a net profit margin of −126.3%. Diluted earnings per share came to −$2.28.
See the PHAT stock overview for the latest quote and news, or the PHAT chart for price history and technical indicators.
PHAT income statement FAQ
What is Phathom Pharmaceuticals's annual revenue?
Phathom Pharmaceuticals reported total revenue of $175.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 216.9% from $55.3 million the previous year.
Is Phathom Pharmaceuticals profitable?
No. Phathom Pharmaceuticals reported a net loss of $221.2 million in fiscal 2025, a net profit margin of −126.3%; its operating margin was −91.4%.
What is Phathom Pharmaceuticals's gross margin?
Phathom Pharmaceuticals's gross margin was 87.1% in fiscal 2025: for every $100 of revenue, Phathom Pharmaceuticals kept $87 after the direct cost of its products and services.
How much does Phathom Pharmaceuticals spend on research and development?
Phathom Pharmaceuticals spent $32.8 million on research and development in fiscal 2025, 18.7% of revenue.
What are Phathom Pharmaceuticals's earnings per share?
Phathom Pharmaceuticals earned $-2.28 per diluted share in fiscal 2025, compared with $-4.46 a year earlier.
When will Phathom Pharmaceuticals report its next earnings?
Phathom Pharmaceuticals is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Phathom Pharmaceuticals's fiscal year end?
Phathom Pharmaceuticals's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.