Arcutis Biotherapeutics, Inc. Financials
This page shows Arcutis Biotherapeutics, Inc. (ARQT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Arcutis Biotherapeutics, Inc. has an operating margin of -3.3%, meaning the company retains $-3 of operating profit per $100 of revenue. This below-average margin results in a low score of 15/100, suggesting thin profitability after operating expenses. This is up from -65.3% the prior year.
Arcutis Biotherapeutics, Inc.'s revenue surged 91.3% year-over-year to $376.1M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Arcutis Biotherapeutics, Inc. carries a low D/E ratio of 0.57, meaning only $0.57 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.
Arcutis Biotherapeutics, Inc.'s current ratio of 3.17 indicates adequate short-term liquidity, earning a score of 61/100. The company can meet its near-term obligations, though with limited headroom.
While Arcutis Biotherapeutics, Inc. generated -$5.6M in operating cash flow, capex of $686K consumed most of it, leaving -$6.3M in free cash flow. This results in a low score of 21/100, reflecting heavy capital investment rather than weak cash generation.
Arcutis Biotherapeutics, Inc. generates a -8.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -88.9% the prior year.
Arcutis Biotherapeutics, Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Arcutis Biotherapeutics, Inc. generates $0.35 in operating cash flow (-$5.6M OCF vs -$16.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Arcutis Biotherapeutics, Inc. earns $-1.0 in operating income for every $1 of interest expense (-$12.2M vs $12.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Arcutis Biotherapeutics, Inc. generated $376.1M in revenue in fiscal year 2025. This represents an increase of 91.3% from the prior year.
Arcutis Biotherapeutics, Inc.'s EBITDA was -$6.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 94.5% from the prior year.
Arcutis Biotherapeutics, Inc. reported -$16.1M in net income in fiscal year 2025. This represents an increase of 88.5% from the prior year.
Arcutis Biotherapeutics, Inc. earned $-0.13 per diluted share (EPS) in fiscal year 2025. This represents an increase of 88.8% from the prior year.
Cash & Balance Sheet
Arcutis Biotherapeutics, Inc. generated -$6.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 94.4% from the prior year.
Arcutis Biotherapeutics, Inc. held $42.9M in cash against $108.0M in long-term debt as of fiscal year 2025.
Arcutis Biotherapeutics, Inc. had 123M shares outstanding in fiscal year 2025. This represents an increase of 4.7% from the prior year.
Margins & Returns
Arcutis Biotherapeutics, Inc.'s gross margin was 90.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.0 percentage points from the prior year.
Arcutis Biotherapeutics, Inc.'s operating margin was -3.3% in fiscal year 2025, reflecting core business profitability. This is up 62.1 percentage points from the prior year.
Arcutis Biotherapeutics, Inc.'s net profit margin was -4.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 67.0 percentage points from the prior year.
Arcutis Biotherapeutics, Inc.'s ROE was -8.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 80.4 percentage points from the prior year.
Capital Allocation
Arcutis Biotherapeutics, Inc. invested $77.1M in research and development in fiscal year 2025. This represents an increase of 0.8% from the prior year.
Arcutis Biotherapeutics, Inc. invested $686K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 379.7% from the prior year.
ARQT Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $129.5M+30.5% | $99.2M+21.7% | $81.5M+23.8% | $65.8M-7.7% | $71.4M+59.4% | $44.8M+45.0% | $30.9M-37.7% | $49.6M |
| Cost of Revenue | $11.7M+34.6% | $8.7M+15.9% | $7.5M-15.2% | $8.8M+27.9% | $6.9M+25.5% | $5.5M+58.9% | $3.5M+6.4% | $3.3M |
| Gross Profit | $117.8M+30.1% | $90.5M+22.3% | $74.0M+29.8% | $57.0M-11.5% | $64.5M+64.2% | $39.3M+43.3% | $27.4M-40.9% | $46.3M |
| R&D Expenses | $20.5M+4.3% | $19.6M+0.8% | $19.5M+10.9% | $17.5M+21.2% | $14.5M-25.7% | $19.5M+1.1% | $19.3M-16.6% | $23.1M |
| SG&A Expenses | $79.0M+26.6% | $62.4M-9.8% | $69.2M+8.1% | $64.0M+11.1% | $57.6M-2.1% | $58.8M+1.1% | $58.2M+6.2% | $54.8M |
| Operating Income | $18.4M+115.7% | $8.5M+158.4% | -$14.6M+40.4% | -$24.5M-221.4% | -$7.6M+80.5% | -$39.1M+22.0% | -$50.1M-58.4% | -$31.6M |
| Interest Expense | $3.0M-2.3% | $3.1M+1.4% | $3.0M+1.6% | $3.0M-46.3% | $5.6M-16.6% | $6.7M-11.1% | $7.5M+0.1% | $7.5M |
| Income Tax | $470K+487.5% | $80K-76.6% | $342K+22.6% | $279K-13.6% | $323K | $0 | $0-100.0% | $324K |
| Net Income | $17.4M+134.8% | $7.4M+146.6% | -$15.9M+36.6% | -$25.1M-132.3% | -$10.8M+74.0% | -$41.5M+20.6% | -$52.3M-47.9% | -$35.4M |
| EPS (Diluted) | N/A | $0.06+146.2% | $-0.13+35.0% | $-0.20 | N/A | $-0.33+21.4% | $-0.42-31.2% | $-0.32 |
ARQT Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $433.0M+16.7% | $371.0M+5.3% | $352.4M+2.4% | $344.1M-1.4% | $348.9M-20.2% | $437.4M-1.7% | $444.8M-7.1% | $478.5M |
| Current Assets | $411.2M+17.8% | $349.2M+4.9% | $332.8M+2.8% | $323.7M-3.6% | $335.8M-20.7% | $423.7M-2.5% | $434.6M-7.2% | $468.1M |
| Cash & Equivalents | $42.9M-8.9% | $47.1M-35.2% | $72.7M+37.0% | $53.1M-25.6% | $71.3M-47.1% | $134.9M+60.0% | $84.3M-55.7% | $190.1M |
| Inventory | $22.6M+1.0% | $22.4M+37.3% | $16.3M-1.7% | $16.6M+14.4% | $14.5M+3.6% | $14.0M+1.0% | $13.9M+4.8% | $13.2M |
| Accounts Receivable | $146.2M+27.0% | $115.1M+7.9% | $106.7M+24.9% | $85.4M+16.9% | $73.1M+21.5% | $60.1M+38.5% | $43.4M+16.8% | $37.2M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $243.5M+14.4% | $212.9M-0.3% | $213.5M+6.0% | $201.4M+5.3% | $191.3M-31.8% | $280.7M+8.7% | $258.3M+1.9% | $253.6M |
| Current Liabilities | $129.8M+30.1% | $99.8M-4.0% | $103.9M+14.1% | $91.1M+12.5% | $81.0M-53.0% | $172.4M+235.8% | $51.4M+8.5% | $47.3M |
| Long-Term Debt | $108.0M+0.4% | $107.5M+0.4% | $107.0M-0.5% | $107.6M+0.4% | $107.2M+2.0% | $105.1M-48.4% | $203.8M+0.5% | $202.8M |
| Total Equity | $189.5M+19.9% | $158.1M+13.7% | $139.0M-2.6% | $142.7M-9.4% | $157.5M+0.6% | $156.6M-16.0% | $186.4M-17.1% | $224.9M |
| Retained Earnings | -$1.1B+1.5% | -$1.2B+0.6% | -$1.2B-1.4% | -$1.1B-2.2% | -$1.1B-1.0% | -$1.1B-3.9% | -$1.1B-5.1% | -$1.0B |
ARQT Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $26.2M+1592.9% | -$1.8M-641.4% | $324K+101.1% | -$30.4M-3961.5% | -$748K+97.8% | -$34.7M+23.1% | -$45.1M-42.8% | -$31.6M |
| Capital Expenditures | $0 | $0-100.0% | $78K-87.2% | $608K | $0-100.0% | $143K | $0 | $0 |
| Free Cash Flow | $26.2M+1592.9% | -$1.8M-813.0% | $246K+100.8% | -$31.0M-4042.8% | -$748K+97.9% | -$34.8M+22.8% | -$45.1M-42.8% | -$31.6M |
| Investing Cash Flow | -$34.2M-35.4% | -$25.2M-244.9% | $17.4M+48.3% | $11.8M-66.3% | $34.9M-58.9% | $84.8M+236.4% | -$62.1M-116.5% | -$28.7M |
| Financing Cash Flow | $3.7M+152.2% | $1.5M+7.0% | $1.4M+249.4% | $395K+100.4% | -$97.4M-24823.6% | $394K-72.9% | $1.5M-99.1% | $161.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ARQT Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 91.0%-0.3pp | 91.3%+0.4pp | 90.8%+4.2pp | 86.6%-3.7pp | 90.3%+2.6pp | 87.7%-1.1pp | 88.8%-4.7pp | 93.4% |
| Operating Margin | 14.2%+5.6pp | 8.6%+26.5pp | -17.9%+19.3pp | -37.3%-26.6pp | -10.7%+76.6pp | -87.3%+75.0pp | -162.3%-98.5pp | -63.8% |
| Net Margin | 13.4%+6.0pp | 7.5%+27.0pp | -19.5%+18.6pp | -38.1%-22.9pp | -15.1%+77.7pp | -92.8%+76.8pp | -169.6%-98.2pp | -71.4% |
| Return on Equity | 9.2%+4.5pp | 4.7%+16.1pp | -11.4%+6.1pp | -17.6%-10.7pp | -6.9%+19.7pp | -26.5%+1.6pp | -28.1%-12.3pp | -15.7% |
| Return on Assets | 4.0%+2.0pp | 2.0%+6.5pp | -4.5%+2.8pp | -7.3%-4.2pp | -3.1%+6.4pp | -9.5%+2.3pp | -11.8%-4.4pp | -7.4% |
| Current Ratio | 3.17-0.3 | 3.50+0.3 | 3.20-0.4 | 3.55-0.6 | 4.15+1.7 | 2.46-6.0 | 8.46-1.4 | 9.89 |
| Debt-to-Equity | 0.57-0.1 | 0.68-0.1 | 0.77+0.0 | 0.75+0.1 | 0.680.0 | 0.67-0.4 | 1.09+0.2 | 0.90 |
| FCF Margin | 20.2%+22.0pp | -1.8%-2.1pp | 0.3%+47.4pp | -47.1%-46.0pp | -1.1%+76.8pp | -77.8%+68.4pp | -146.2%-82.5pp | -63.8% |
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Frequently Asked Questions
What is Arcutis Biotherapeutics, Inc.'s annual revenue?
Arcutis Biotherapeutics, Inc. (ARQT) reported $376.1M in total revenue for fiscal year 2025. This represents a 91.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Arcutis Biotherapeutics, Inc.'s revenue growing?
Arcutis Biotherapeutics, Inc. (ARQT) revenue grew by 91.3% year-over-year, from $196.5M to $376.1M in fiscal year 2025.
Is Arcutis Biotherapeutics, Inc. profitable?
No, Arcutis Biotherapeutics, Inc. (ARQT) reported a net income of -$16.1M in fiscal year 2025, with a net profit margin of -4.3%.
What is Arcutis Biotherapeutics, Inc.'s EBITDA?
Arcutis Biotherapeutics, Inc. (ARQT) had EBITDA of -$6.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Arcutis Biotherapeutics, Inc. have?
As of fiscal year 2025, Arcutis Biotherapeutics, Inc. (ARQT) had $42.9M in cash and equivalents against $108.0M in long-term debt.
What is Arcutis Biotherapeutics, Inc.'s gross margin?
Arcutis Biotherapeutics, Inc. (ARQT) had a gross margin of 90.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Arcutis Biotherapeutics, Inc.'s operating margin?
Arcutis Biotherapeutics, Inc. (ARQT) had an operating margin of -3.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Arcutis Biotherapeutics, Inc.'s net profit margin?
Arcutis Biotherapeutics, Inc. (ARQT) had a net profit margin of -4.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Arcutis Biotherapeutics, Inc.'s return on equity (ROE)?
Arcutis Biotherapeutics, Inc. (ARQT) has a return on equity of -8.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Arcutis Biotherapeutics, Inc.'s free cash flow?
Arcutis Biotherapeutics, Inc. (ARQT) generated -$6.3M in free cash flow during fiscal year 2025. This represents a 94.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Arcutis Biotherapeutics, Inc.'s operating cash flow?
Arcutis Biotherapeutics, Inc. (ARQT) generated -$5.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Arcutis Biotherapeutics, Inc.'s total assets?
Arcutis Biotherapeutics, Inc. (ARQT) had $433.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Arcutis Biotherapeutics, Inc.'s capital expenditures?
Arcutis Biotherapeutics, Inc. (ARQT) invested $686K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Arcutis Biotherapeutics, Inc. spend on research and development?
Arcutis Biotherapeutics, Inc. (ARQT) invested $77.1M in research and development during fiscal year 2025.
What is Arcutis Biotherapeutics, Inc.'s current ratio?
Arcutis Biotherapeutics, Inc. (ARQT) had a current ratio of 3.17 as of fiscal year 2025, which is generally considered healthy.
What is Arcutis Biotherapeutics, Inc.'s debt-to-equity ratio?
Arcutis Biotherapeutics, Inc. (ARQT) had a debt-to-equity ratio of 0.57 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Arcutis Biotherapeutics, Inc.'s return on assets (ROA)?
Arcutis Biotherapeutics, Inc. (ARQT) had a return on assets of -3.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Arcutis Biotherapeutics, Inc.'s cash runway?
Based on fiscal year 2025 data, Arcutis Biotherapeutics, Inc. (ARQT) had $42.9M in cash against an annual operating cash burn of $5.6M. This gives an estimated cash runway of approximately 92 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Arcutis Biotherapeutics, Inc.'s Piotroski F-Score?
Arcutis Biotherapeutics, Inc. (ARQT) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Arcutis Biotherapeutics, Inc.'s earnings high quality?
Arcutis Biotherapeutics, Inc. (ARQT) has an earnings quality ratio of 0.35x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Arcutis Biotherapeutics, Inc. cover its interest payments?
Arcutis Biotherapeutics, Inc. (ARQT) has an interest coverage ratio of -1.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Arcutis Biotherapeutics, Inc.?
Arcutis Biotherapeutics, Inc. (ARQT) scores 48 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.