Zai Lab Limited (ZLAB) Income Statement
ZLAB 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsZLAB revenue and net income
Where ZLAB's revenue goes
2025Each bar shows an amount and its share of revenue. ZLAB kept −38.1% of revenue as net income.
ZLAB profit margins
ZLAB growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +15.3% | +28.9% | +56.5% | — |
| Gross profit | +7.1% | +24.0% | — | — |
| 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.
ZLAB quarterly EPS vs estimates
Zai Lab beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.56).
ZLAB income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $460.2M | $399.0M | $266.7M | $215.0M | $144.3M | $49.0M | $13.0M | $129,452 | $0 | $0 |
| Cost of revenue | $191.1M | $147.9M | $95.8M | $74.0M | $52.2M | $239.4M | $3.7M | $43,590 | $0 | $0 |
| Gross profit | $269.1M | $251.1M | $170.9M | $141.0M | $92.1M | −$190.5M | $9.2M | $85,862 | $0 | $0 |
| Research & development | $220.9M | $234.5M | $265.9M | $286.4M | $573.3M | $222.7M | $142.2M | $120.3M | $39.3M | $32.1M |
| Sales, general & admin | $277.6M | $298.7M | $281.6M | $259.0M | $218.8M | $111.3M | $70.2M | $21.6M | $12.0M | $6.4M |
| Total operating expenses | $492.6M | $533.2M | $537.5M | $545.4M | $792.1M | $111.3M | $212.4M | $141.9M | $51.4M | $38.5M |
| Operating income | −$223.6M | −$282.1M | −$366.6M | −$404.4M | −$700.1M | −$301.8M | −$203.2M | −$141.8M | −$51.4M | −$38.5M |
| Interest income | $33.0M | $37.1M | $38.8M | $14.6M | $2.2M | $5.1M | $8.2M | $3.3M | $527,351 | $403,266 |
| Interest expense | $5.2M | $2.3M | $14.6M | $14.6M | $3.4M | $181,000 | $293,000 | $39,672 | $1.3M | $1.0M |
| Income before taxes | −$178.5M | −$257.1M | −$334.6M | −$443.3M | −$703.4M | −$268.9M | −$194.3M | −$138.5M | −$50.1M | −$37.5M |
| Income taxes | −$2.9M | — | $38.9M | $221,000 | $1.1M | $30.4M | −$11.0M | $3.3M | $477,699 | $1.5M |
| Net income | −$175.5M | −$257.1M | −$334.6M | −$443.3M | −$704.5M | −$268.9M | −$183.4M | −$139.1M | −$50.4M | −$37.5M |
| EBITDA | −$158.2M | −$243.0M | −$365.1M | −$434.8M | −$689.5M | −$297.2M | −$199.4M | −$138.4M | −$50.8M | −$38.3M |
| EPS (diluted) | −$1.61 | −$2.54 | −$3.45 | −$4.63 | −$7.58 | −$2.46 | −$2.38 | −$2.48 | −$0.02 | −$1.00 |
| Gross margin | 58.5% | 62.9% | 64.1% | 65.6% | 63.8% | −389.1% | 71.1% | 66.3% | — | — |
| Operating margin | −48.6% | −70.7% | −137.4% | −188.0% | −485.1% | −616.4% | −1,564.9% | −109,514.0% | — | — |
| Net margin | −38.1% | −64.4% | −125.5% | −206.1% | −488.2% | −549.3% | −1,412.2% | −107,433.6% | — | — |
| 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 | $106.3M | $99.6M | $127.6M | $116.1M | $110.0M | $106.5M | $109.1M | $102.3M | $100.5M | $87.1M | $65.8M | $69.2M |
| Cost of revenue | $48.2M | $38.3M | $62.3M | $46.9M | $43.2M | $38.6M | $42.1M | $36.9M | $35.2M | $33.6M | $25.2M | $25.5M |
| Gross profit | $58.1M | $61.3M | $65.3M | $69.2M | $66.8M | $67.8M | $67.0M | $65.3M | $65.3M | $53.5M | $40.6M | $43.7M |
| Research & development | $61.8M | $65.6M | $61.6M | $47.9M | $50.6M | $60.7M | $52.3M | $66.0M | $61.6M | $54.6M | $81.9M | $58.8M |
| Sales, general & admin | $72.9M | $65.1M | $73.0M | $70.1M | $71.0M | $63.4M | $82.6M | $67.2M | $79.7M | $69.2M | $82.6M | $68.6M |
| Total operating expenses | $134.6M | $130.6M | $134.7M | $118.0M | $121.7M | $124.2M | $134.9M | $133.2M | $141.3M | $123.8M | $164.6M | $127.3M |
| Operating income | −$76.5M | −$69.3M | −$69.4M | −$48.8M | −$54.9M | −$56.3M | −$67.9M | −$67.9M | −$76.1M | −$70.3M | −$124.0M | −$83.6M |
| Interest income | $5.9M | $6.4M | $7.3M | $8.3M | $8.8M | $8.6M | $9.1M | $9.0M | $9.3M | $9.7M | $10.3M | $9.2M |
| Interest expense | $1.6M | $1.6M | $1.4M | $1.4M | $1.3M | $1.2M | $904,000 | $745,000 | $492,000 | $113,000 | $20.4M | $0 |
| Income before taxes | −$51.8M | −$49.6M | −$53.3M | −$36.0M | −$40.7M | −$48.4M | −$81.7M | −$41.7M | −$80.3M | −$53.5M | −$95.4M | −$69.2M |
| Income taxes | −$1.0M | $1.4M | −$2.9M | — | — | — | — | — | — | $9.5M | −$21.8M | −$9.2M |
| Net income | −$50.8M | −$51.0M | −$50.4M | −$36.0M | −$40.7M | −$48.4M | −$81.7M | −$41.7M | −$80.3M | −$53.5M | −$95.4M | −$69.2M |
| EBITDA | −$46.1M | −$44.0M | −$48.1M | −$30.7M | −$35.7M | −$43.8M | −$77.7M | −$38.1M | −$76.8M | −$50.3M | −$119.1M | −$67.2M |
| EPS (diluted) | −$0.46 | −$0.46 | −$0.46 | −$0.33 | −$0.37 | −$0.45 | −$0.80 | −$0.42 | −$0.82 | −$0.50 | −$0.98 | −$0.71 |
| Gross margin | 54.7% | 61.5% | 51.2% | 59.6% | 60.7% | 63.7% | 61.4% | 63.9% | 64.9% | 61.4% | 61.7% | 63.2% |
| Operating margin | −71.9% | −69.5% | −54.4% | −42.1% | −49.9% | −52.9% | −62.2% | −66.4% | −75.7% | −80.7% | −188.3% | −120.7% |
| Net margin | −47.8% | −51.2% | −39.5% | −31.0% | −37.0% | −45.5% | −74.9% | −40.7% | −79.9% | −61.4% | −145.0% | −99.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ZLAB's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ZLAB financial results
In fiscal year 2025 (ended December 31, 2025), Zai Lab reported revenue of $460.2 million, up 15.3% from the year before. It had a net loss of $175.5 million, a net profit margin of −38.1%. Diluted earnings per share came to −$1.61. Over five years revenue grew at an average rate of 56.5% a year.
See the ZLAB stock overview for the latest quote and news, or the ZLAB chart for price history and technical indicators.
ZLAB income statement FAQ
What is Zai Lab's annual revenue?
Zai Lab reported total revenue of $460.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 15.3% from $399.0 million the previous year.
Is Zai Lab profitable?
No. Zai Lab reported a net loss of $175.5 million in fiscal 2025, a net profit margin of −38.1%; its operating margin was −48.6%.
What is Zai Lab's gross margin?
Zai Lab's gross margin was 58.5% in fiscal 2025: for every $100 of revenue, Zai Lab kept $58 after the direct cost of its products and services.
How much does Zai Lab spend on research and development?
Zai Lab spent $220.9 million on research and development in fiscal 2025, 48.0% of revenue.
How fast is Zai Lab growing?
Revenue grew 56.5% a year on average over the last five fiscal years, from $49.0 million to $460.2 million.
What are Zai Lab's earnings per share?
Zai Lab earned $-1.61 per diluted share in fiscal 2025, compared with $-2.54 a year earlier.
When will Zai Lab report its next earnings?
Zai Lab is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Zai Lab's fiscal year end?
Zai Lab's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.