Sutro Biopharma, Inc. (STRO) Income Statement
STRO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSTRO revenue and net income
Where STRO's revenue goes
2025Each bar shows an amount and its share of revenue. STRO kept −186.5% of revenue as net income.
STRO profit margins
STRO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +65.2% | +14.8% | +19.1% | — |
| Gross profit | +73.6% | +17.0% | — | — |
| 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.
STRO quarterly EPS vs estimates
Sutro Biopharma beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $-1.88).
STRO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $102.5M | $62.0M | $153.7M | $67.8M | $61.9M | $42.7M | $42.7M | $38.4M | $51.7M | $59.7M |
| Cost of revenue | $7.3M | $7.2M | $6.8M | $8.3M | $9.8M | $77.0M | $65.6M | $54.3M | $51.9M | $43.5M |
| Gross profit | $95.2M | $54.8M | $146.9M | $59.5M | $52.1M | −$34.2M | $42.7M | −$15.8M | −$156,000 | $16.2M |
| Research & development | $166.4M | $252.0M | $180.4M | $137.2M | $104.4M | $77.0M | $65.6M | $54.3M | $54.6M | $43.5M |
| Sales, general & admin | $41.0M | $48.5M | $62.6M | $59.5M | $56.0M | $36.8M | $32.6M | $21.4M | $16.4M | $14.8M |
| Total operating expenses | $200.1M | $293.3M | $236.2M | $188.4M | $150.6M | $36.8M | $98.2M | $75.6M | $71.0M | $58.4M |
| Operating income | −$105.0M | −$238.5M | −$89.3M | −$128.9M | −$98.5M | −$71.1M | −$55.5M | −$37.2M | −$19.3M | $1.4M |
| Interest income | $9.3M | $44.4M | $12.1M | $3.5M | $577,000 | $1.5M | $4.1M | $1.6M | $273,000 | $251,000 |
| Interest expense | $38.2M | $31.1M | $23.8M | $3.3M | $3.1M | $4.0M | $4.3M | $1.6M | $689,000 | $0 |
| Income before taxes | −$191.2M | −$225.1M | −$88.6M | −$116.7M | −$105.5M | −$32.1M | −$55.7M | −$35.3M | −$19.7M | $1.7M |
| Income taxes | −$93,000 | $2.4M | $18.2M | $2.5M | $3.1M | $4.1M | $8.7M | $3.5M | $535,000 | $87,000 |
| Net income | −$191.1M | −$227.5M | −$106.8M | −$119.2M | −$105.5M | −$32.1M | −$55.7M | −$35.3M | −$19.7M | $1.7M |
| EBITDA | −$145.6M | −$180.5M | −$67.9M | −$107.7M | −$97.6M | −$23.8M | −$46.6M | −$32.8M | −$14.1M | $7.4M |
| EPS (diluted) | −$19.18 | −$20.12 | −$16.12 | −$25.78 | −$13.11 | −$19.19 | −$18.44 | −$5.97 | −$28.14 | — |
| Gross margin | 92.9% | 88.4% | 95.6% | 87.8% | 84.2% | −80.1% | 100.0% | −41.2% | −0.3% | 27.1% |
| Operating margin | −102.4% | −384.3% | −58.1% | −190.3% | −159.2% | −166.3% | −129.8% | −96.9% | −37.2% | 2.3% |
| Net margin | −186.5% | −366.6% | −69.5% | −175.9% | −170.6% | −75.2% | −130.4% | −91.9% | −38.1% | 2.8% |
| 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 | $9.8M | $14.5M | $11.6M | $9.7M | $63.7M | $17.4M | $14.8M | $8.5M | $25.7M | $13.0M | $113.7M | $16.9M |
| Cost of revenue | $0 | $1.3M | $1.6M | $1.9M | $1.9M | $0 | −$1.7M | $1.8M | $1.8M | $1.8M | $1.7M | $434,000 |
| Gross profit | $9.8M | $13.2M | $11.6M | $9.7M | $63.7M | $17.4M | $14.8M | $8.5M | $23.9M | $11.2M | $113.7M | $16.9M |
| Research & development | $31.7M | $36.6M | $36.6M | $39.9M | $38.3M | $51.6M | $71.0M | $62.1M | $62.0M | $56.9M | $53.8M | $45.7M |
| Sales, general & admin | $7.8M | $7.6M | $8.7M | $8.7M | $10.3M | $13.3M | $9.0M | $14.3M | $12.4M | $12.7M | $16.8M | $15.3M |
| Total operating expenses | $39.7M | $42.9M | $45.3M | $58.2M | $67.1M | $85.9M | $80.1M | $76.4M | $72.6M | $67.8M | $70.6M | $60.9M |
| Operating income | −$29.9M | −$29.6M | −$33.7M | −$48.5M | −$3.3M | −$68.5M | −$65.3M | −$67.9M | −$48.7M | −$56.6M | $43.2M | −$44.0M |
| Interest income | $1.7M | $1.6M | $1.5M | $2.0M | $2.5M | $3.2M | $3.9M | $27.0M | $4.9M | $4.1M | $4.6M | $4.5M |
| Interest expense | $9.9M | $9.5M | $10.3M | $10.4M | $9.6M | $10.6M | $8.7M | $7.9M | $9.0M | $9.4M | $8.7M | $8.7M |
| Income before taxes | −$38.5M | −$38.5M | −$46.8M | −$56.9M | −$11.5M | −$76.0M | −$70.1M | −$48.8M | −$48.0M | −$58.2M | $46.9M | −$47.4M |
| Income taxes | $1,000 | −$15,000 | −$82,000 | — | −$18,000 | — | $2.4M | — | $8,000 | $1.7M | $15.8M | $1.8M |
| Net income | −$38.5M | −$38.5M | −$46.8M | −$56.9M | −$11.5M | −$76.0M | −$72.4M | −$48.8M | −$48.0M | −$58.2M | $31.1M | −$49.3M |
| EBITDA | −$27.4M | −$27.8M | −$34.9M | −$44.5M | $1.1M | −$45.6M | −$59.5M | −$39.1M | −$38.9M | −$49.3M | $57.3M | −$37.0M |
| EPS (diluted) | −$2.33 | −$2.94 | −$5.45 | −$5.57 | −$0.14 | −$8.02 | −$0.63 | −$4.98 | −$5.61 | −$8.90 | $0.52 | −$8.10 |
| Gross margin | 100.0% | 91.2% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 93.0% | 86.5% | 100.0% | 100.0% |
| Operating margin | −303.8% | −203.9% | −289.0% | −499.9% | −5.2% | −393.8% | −440.7% | −797.2% | −189.4% | −435.0% | 37.9% | −260.1% |
| Net margin | −391.6% | −265.0% | −401.5% | −586.6% | −18.0% | −436.6% | −489.2% | −572.6% | −186.8% | −447.5% | 27.3% | −291.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in STRO's financial statements (latest annual report filed March 23, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
STRO financial results
In fiscal year 2025 (ended December 31, 2025), Sutro Biopharma reported revenue of $102.5 million, up 65.2% from the year before. It had a net loss of $191.1 million, a net profit margin of −186.5%. Diluted earnings per share came to −$19.18. Over five years revenue grew at an average rate of 19.1% a year.
See the STRO stock overview for the latest quote and news, or the STRO chart for price history and technical indicators.
STRO income statement FAQ
What is Sutro Biopharma's annual revenue?
Sutro Biopharma reported total revenue of $102.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 65.2% from $62.0 million the previous year.
Is Sutro Biopharma profitable?
No. Sutro Biopharma reported a net loss of $191.1 million in fiscal 2025, a net profit margin of −186.5%; its operating margin was −102.4%.
What is Sutro Biopharma's gross margin?
Sutro Biopharma's gross margin was 92.9% in fiscal 2025: for every $100 of revenue, Sutro Biopharma kept $93 after the direct cost of its products and services.
How much does Sutro Biopharma spend on research and development?
Sutro Biopharma spent $166.4 million on research and development in fiscal 2025, 162.4% of revenue.
How fast is Sutro Biopharma growing?
Revenue grew 19.1% a year on average over the last five fiscal years, from $42.7 million to $102.5 million.
What are Sutro Biopharma's earnings per share?
Sutro Biopharma earned $-19.18 per diluted share in fiscal 2025, compared with $-20.12 a year earlier.
When will Sutro Biopharma report its next earnings?
Sutro Biopharma is expected to report results for the quarter ending September 30, 2026 on November 5, 2026.
When does Sutro Biopharma's fiscal year end?
Sutro Biopharma's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 23, 2026.