Vertex Pharmaceuticals Incorporated (VRTX) Income Statement
VRTX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVRTX revenue and net income
Where VRTX's revenue goes
2025Each bar shows an amount and its share of revenue. VRTX kept 32.7% of revenue as net income.
VRTX profit margins
VRTX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.6% | +10.6% | +14.2% | +27.9% |
| Gross profit | +8.2% | +9.4% | +13.4% | +27.5% |
| Operating income | — | +3.4% | +10.8% | — |
| Net income | — | +6.0% | +7.8% | — |
| EPS (diluted) | +6,248.3% | +7.3% | +12.3% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VRTX quarterly EPS vs estimates
Vertex beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 2, 2026 (estimate $4.35).
VRTX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.07B | $11.02B | $9.87B | $8.93B | $7.57B | $6.21B | $4.16B | $3.05B | $2.49B | $1.70B |
| Cost of revenue | $1.81B | $1.53B | $1.26B | $1.08B | $904.2M | $736.3M | $547.8M | $409.5M | $275.1M | $210.5M |
| Gross profit | $10.27B | $9.49B | $8.61B | $7.85B | $6.67B | $5.47B | $3.62B | $2.64B | $2.21B | $1.49B |
| Research & development | $3.75B | $3.63B | $3.16B | $2.66B | $3.05B | $1.83B | $1.75B | $1.42B | $1.32B | $1.05B |
| Sales, general & admin | $1.75B | $1.46B | $1.14B | $887.2M | $840.1M | $770.5M | $658.5M | $557.6M | $496.1M | $432.8M |
| Total operating expenses | $5.51B | $9.72B | $4.78B | $3.54B | $3.89B | $2.61B | $2.41B | $1.97B | $1.82B | $1.48B |
| Operating income | $4.76B | −$232.9M | $3.83B | $4.31B | $2.78B | $2.86B | $1.20B | $635.1M | $123.2M | $9.9M |
| Interest income | $490.9M | $598.1M | $614.7M | $144.6M | $4.9M | $22.2M | $63.7M | $33.5M | $57.5M | $81.4M |
| Interest expense | $13.3M | $30.6M | $44.1M | $54.8M | $61.5M | $58.2M | $58.5M | $34.1M | $69.3M | $81.4M |
| Income before taxes | $4.64B | $248.5M | $4.38B | $4.23B | $2.73B | $3.12B | $1.39B | $600.2M | −$15.7M | −$67.4M |
| Income taxes | $690.0M | $784.1M | $760.2M | $910.4M | $388.3M | $405.2M | $218.1M | −$1.49B | −$107.3M | $16.7M |
| Net income | $3.95B | −$535.6M | $3.62B | $3.32B | $2.34B | $2.71B | $1.18B | $2.10B | $263.5M | −$112.1M |
| EBITDA | $4.87B | $486.3M | $4.61B | $4.44B | $2.92B | $3.28B | $1.56B | $706.8M | $103.3M | $75.5M |
| EPS (diluted) | $18.41 | $0.29 | $15.22 | $14.89 | $13.02 | $10.32 | $5.33 | $4.09 | $2.86 | $0.84 |
| Gross margin | 85.0% | 86.1% | 87.2% | 87.9% | 88.1% | 88.1% | 86.8% | 86.6% | 88.9% | 87.6% |
| Operating margin | 39.4% | −2.1% | 38.8% | 48.2% | 36.7% | 46.0% | 28.8% | 20.8% | 5.0% | 0.6% |
| Net margin | 32.7% | −4.9% | 36.7% | 37.2% | 30.9% | 43.7% | 28.3% | 68.8% | 10.6% | −6.6% |
| 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 | $3.33B | $2.99B | $3.23B | $3.08B | $2.96B | $2.77B | $2.91B | $2.77B | $2.65B | $2.69B | $2.52B | $2.48B |
| Cost of revenue | $489.2M | $392.8M | $466.0M | $414.8M | $407.5M | $363.0M | $423.4M | $392.6M | $371.9M | $342.6M | $368.0M | $318.7M |
| Gross profit | $2.84B | $2.59B | $2.76B | $2.66B | $2.56B | $2.41B | $2.49B | $2.38B | $2.27B | $2.34B | $2.15B | $2.16B |
| Research & development | $993.8M | $961.6M | $973.7M | $1.03B | $978.4M | $979.7M | $998.7M | $875.9M | $5.42B | $865.9M | $1.35B | $861.7M |
| Sales, general & admin | $582.2M | $493.7M | $487.0M | $445.1M | $424.6M | $396.4M | $377.6M | $371.8M | $372.2M | $342.7M | $369.1M | $263.8M |
| Total operating expenses | $1.60B | $1.46B | $1.46B | $1.48B | $1.41B | $1.78B | $1.46B | $1.26B | $5.79B | $1.21B | $1.16B | $1.13B |
| Operating income | $1.25B | $1.14B | $1.30B | $1.19B | $1.15B | $630.1M | $1.03B | $1.12B | −$3.51B | $1.14B | $988.5M | $1.04B |
| Interest income | $120.6M | $114.8M | $121.9M | $125.7M | $122.4M | $120.9M | $128.2M | $132.2M | $156.5M | $181.2M | $179.5M | $167.9M |
| Interest expense | — | — | $3.3M | $3.3M | $3.7M | $3.0M | $2.8M | $7.5M | $9.9M | $10.4M | $10.6M | $10.9M |
| Income before taxes | $1.39B | $1.25B | $1.33B | $1.30B | $1.28B | $730.4M | $1.14B | $1.22B | −$3.39B | $1.28B | $1.15B | $1.18B |
| Income taxes | $292.0M | $221.5M | $139.9M | $215.9M | $250.1M | $84.1M | $223.5M | $178.7M | $202.4M | $179.5M | $178.8M | $143.9M |
| Net income | $1.10B | $1.03B | $1.19B | $1.08B | $1.03B | $646.3M | $913.0M | $1.05B | −$3.59B | $1.10B | $968.8M | $1.04B |
| EBITDA | $1.45B | $1.31B | $1.39B | $1.36B | $1.34B | $781.8M | $1.18B | $1.28B | −$3.33B | $1.34B | $1.22B | $1.23B |
| EPS (diluted) | $4.20 | $4.47 | $5.03 | $4.80 | $4.52 | $4.06 | $3.98 | $4.38 | −$12.83 | $4.76 | $4.20 | $4.08 |
| Gross margin | 85.3% | 86.8% | 85.6% | 86.5% | 86.3% | 86.9% | 85.5% | 85.8% | 85.9% | 87.3% | 85.4% | 87.2% |
| Operating margin | 37.4% | 38.1% | 40.3% | 38.6% | 38.8% | 22.7% | 35.2% | 40.3% | −132.9% | 42.4% | 39.3% | 41.8% |
| Net margin | 33.0% | 34.5% | 36.9% | 35.2% | 34.8% | 23.3% | 31.4% | 37.7% | −135.8% | 40.9% | 38.5% | 41.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VRTX's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VRTX financial results
In fiscal year 2025 (ended December 31, 2025), Vertex reported revenue of $12.1 billion, up 9.6% from the year before. It had net income of $4.0 billion, a net profit margin of 32.7%. Diluted earnings per share came to $18.41. Over five years revenue grew at an average rate of 14.2% a year.
See the VRTX stock overview for the latest quote and news, or the VRTX chart for price history and technical indicators.
VRTX income statement FAQ
What is Vertex's annual revenue?
Vertex reported total revenue of $12.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 9.6% from $11.0 billion the previous year.
Is Vertex profitable?
Yes. Vertex reported net income of $4.0 billion in fiscal 2025, a net profit margin of 32.7%; its operating margin was 39.4%.
What is Vertex's gross margin?
Vertex's gross margin was 85.0% in fiscal 2025: for every $100 of revenue, Vertex kept $85 after the direct cost of its products and services.
How much does Vertex spend on research and development?
Vertex spent $3.8 billion on research and development in fiscal 2025, 31.1% of revenue.
How fast is Vertex growing?
Revenue grew 14.2% a year on average over the last five fiscal years, from $6.2 billion to $12.1 billion.
What are Vertex's earnings per share?
Vertex earned $18.41 per diluted share in fiscal 2025, compared with $0.29 a year earlier.
When will Vertex report its next earnings?
Vertex is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 after the market closes.
When does Vertex's fiscal year end?
Vertex's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.