Tarsus Pharmaceuticals, Inc. (TARS) Income Statement
TARS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTARS revenue and net income
Where TARS's revenue goes
2025Each bar shows an amount and its share of revenue. TARS kept −14.7% of revenue as net income.
TARS profit margins
TARS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +146.7% | +159.5% | +68.3% | — |
| Gross profit | +147.3% | +156.7% | — | — |
| 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.
TARS quarterly EPS vs estimates
Tarsus Pharmaceuticals beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 3, 2026 (estimate $-1.43).
TARS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $451.4M | $183.0M | $17.4M | $25.8M | $57.0M | $33.4M | $0 | $0 |
| Cost of revenue | $30.7M | $12.8M | $1.6M | $955,000 | $2.1M | $246,000 | $74,000 | $1,000 |
| Gross profit | $420.7M | $170.1M | $15.9M | $24.9M | $55.0M | −$246,000 | −$74,000 | −$1,000 |
| Research & development | $64.3M | $53.4M | $50.3M | $42.6M | $41.7M | $18.8M | $3.2M | $901,000 |
| Sales, general & admin | $427.3M | $237.3M | $80.3M | $44.9M | $25.4M | $8.2M | $1.1M | $449,000 |
| Total operating expenses | $491.6M | $290.7M | $159.0M | $87.6M | $67.1M | $26.7M | $4.2M | $1.3M |
| Operating income | −$71.0M | −$120.6M | −$143.2M | −$62.7M | −$12.2M | −$27.0M | −$4.3M | −$1.4M |
| Interest income | $15.7M | $15.0M | $9.5M | $3.5M | $36,000 | $188,000 | — | — |
| Interest expense | $8.9M | $7.4M | $3.2M | $2.1M | $2.9M | $188,000 | $40,000 | $0 |
| Income before taxes | −$64.4M | −$115.6M | −$135.9M | −$62.1M | −$13.8M | −$26.8M | −$4.7M | −$1.3M |
| Income taxes | $2.1M | — | $709,105 | −$4,000 | $55,000 | $1,000 | $1,000 | $1,000 |
| Net income | −$66.4M | −$115.6M | −$135.9M | −$62.1M | −$13.8M | −$26.8M | −$4.7M | −$1.3M |
| EBITDA | −$53.6M | −$106.5M | −$131.7M | −$59.7M | −$13.5M | −$26.6M | −$4.6M | −$1.3M |
| EPS (diluted) | −$1.62 | −$3.03 | −$4.62 | −$2.51 | −$0.68 | −$1.37 | −$0.43 | −$0.31 |
| Gross margin | 93.2% | 93.0% | 90.9% | 96.3% | 96.4% | −0.7% | — | — |
| Operating margin | −15.7% | −65.9% | −820.5% | −242.9% | −21.3% | −80.7% | — | — |
| Net margin | −14.7% | −63.2% | −778.9% | −240.5% | −24.2% | −80.2% | — | — |
| 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 | $173.9M | $162.1M | $151.7M | $118.7M | $102.7M | $78.3M | $66.4M | $48.1M | $40.8M | $27.6M | $13.1M | $1.9M |
| Cost of revenue | $12.1M | $9.4M | $10.9M | $24.6M | $6.2M | $5.2M | $4.9M | $3.2M | $3.0M | $1.7M | $1.2M | $377,000 |
| Gross profit | $161.8M | $152.7M | $140.7M | $94.1M | $96.4M | $73.1M | $61.5M | $44.9M | $37.8M | $26.0M | $11.9M | $1.5M |
| Research & development | $31.0M | $22.4M | $18.0M | $16.3M | $15.6M | $14.4M | $16.9M | $12.1M | $12.3M | $12.1M | $13.3M | $12.1M |
| Sales, general & admin | $150.7M | $136.4M | $130.7M | $108.6M | $103.0M | $85.0M | $69.0M | $57.9M | $58.8M | $51.6M | $65.7M | $30.3M |
| Total operating expenses | $181.7M | $158.8M | $148.7M | $108.6M | $118.6M | $99.4M | $85.9M | $70.0M | $71.1M | $63.6M | $56.3M | $42.4M |
| Operating income | −$19.9M | −$6.1M | −$8.0M | −$14.5M | −$22.2M | −$26.3M | −$24.4M | −$25.2M | −$33.3M | −$37.7M | −$44.5M | −$40.9M |
| Interest income | $3.7M | $3.7M | $4.0M | $4.1M | $4.2M | $3.5M | $3.6M | $4.1M | $4.1M | $3.1M | $3.0M | $2.8M |
| Interest expense | $2.2M | $2.1M | $2.2M | $2.1M | $2.1M | $2.1M | $2.2M | $2.3M | $2.1M | $983,000 | $989,000 | $858,000 |
| Income before taxes | −$15.8M | −$9.3M | −$6.3M | −$12.6M | −$20.3M | −$25.1M | −$23.1M | −$23.4M | −$33.3M | −$35.7M | −$41.9M | −$39.1M |
| Income taxes | $2.7M | −$2.4M | $2.1M | — | — | — | — | — | — | −$270,000 | $30.4M | −$1.8M |
| Net income | −$18.6M | −$7.0M | −$8.4M | −$12.6M | −$20.3M | −$25.1M | −$23.1M | −$23.4M | −$33.3M | −$35.7M | −$41.9M | −$39.1M |
| EBITDA | −$12.7M | −$6.8M | −$3.7M | −$12.2M | −$17.6M | −$22.4M | −$20.4M | −$20.7M | −$30.9M | −$34.5M | −$40.6M | −$38.1M |
| EPS (diluted) | −$0.43 | −$0.16 | −$0.20 | −$0.30 | −$0.48 | −$0.64 | −$0.60 | −$0.61 | −$0.83 | −$0.99 | −$1.31 | −$1.27 |
| Gross margin | 93.0% | 94.2% | 92.8% | 79.3% | 93.9% | 93.3% | 92.6% | 93.3% | 92.6% | 94.0% | 90.7% | 79.9% |
| Operating margin | −11.4% | −3.8% | −5.3% | −12.2% | −21.6% | −33.5% | −36.8% | −52.3% | −81.6% | −136.5% | −339.9% | −2,187.9% |
| Net margin | −10.7% | −4.3% | −5.5% | −10.6% | −19.8% | −32.1% | −34.8% | −48.7% | −81.6% | −129.4% | −320.4% | −2,092.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TARS's financial statements (latest annual report filed February 23, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TARS financial results
In fiscal year 2025 (ended December 31, 2025), Tarsus Pharmaceuticals reported revenue of $451.4 million, up 146.7% from the year before. It had a net loss of $66.4 million, a net profit margin of −14.7%. Diluted earnings per share came to −$1.62. Over five years revenue grew at an average rate of 68.3% a year.
See the TARS stock overview for the latest quote and news, or the TARS chart for price history and technical indicators.
TARS income statement FAQ
What is Tarsus Pharmaceuticals's annual revenue?
Tarsus Pharmaceuticals reported total revenue of $451.4 million for fiscal year 2025, which ended on December 31, 2025. That was up 146.7% from $183.0 million the previous year.
Is Tarsus Pharmaceuticals profitable?
No. Tarsus Pharmaceuticals reported a net loss of $66.4 million in fiscal 2025, a net profit margin of −14.7%; its operating margin was −15.7%.
What is Tarsus Pharmaceuticals's gross margin?
Tarsus Pharmaceuticals's gross margin was 93.2% in fiscal 2025: for every $100 of revenue, Tarsus Pharmaceuticals kept $93 after the direct cost of its products and services.
How much does Tarsus Pharmaceuticals spend on research and development?
Tarsus Pharmaceuticals spent $64.3 million on research and development in fiscal 2025, 14.3% of revenue.
How fast is Tarsus Pharmaceuticals growing?
Revenue grew 68.3% a year on average over the last five fiscal years, from $33.4 million to $451.4 million.
What are Tarsus Pharmaceuticals's earnings per share?
Tarsus Pharmaceuticals earned $-1.62 per diluted share in fiscal 2025, compared with $-3.03 a year earlier.
When will Tarsus Pharmaceuticals report its next earnings?
Tarsus Pharmaceuticals is expected to report results for the quarter ending September 30, 2026 on November 3, 2026.
When does Tarsus Pharmaceuticals's fiscal year end?
Tarsus Pharmaceuticals's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 23, 2026.