Arrowhead Pharma Financials
Arrowhead Pharma (ARWR) reported $669.5M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Commercial revenue inflection converted heavy research spending into operating profit, while financing costs still kept reported earnings near break-even.
FY2025 paired$179.6M of operating cash flow with$98.3M of operating income and$156.9M of free cash flow, indicating that accounting profitability was accompanied by cash generation rather than funded solely through financing. The cash conversion was also relatively capital-light: capital expenditures consumed only12.6% of operating cash flow, leaving most internally generated cash available for other uses.
The business shifted from operating losses of
Net income was a loss of only
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Arrowhead Pharma's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Arrowhead Pharma scores 7.47, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($11.7B) relative to total liabilities ($919.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Arrowhead Pharma passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Arrowhead Pharma reported a net loss of $1.6M while generating $179.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Arrowhead Pharma earns $1.10 in operating income for every $1 of interest expense ($98.3M vs $89.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Arrowhead Pharma generated $829.4M in revenue in fiscal year 2025. This represents an increase of 23258.2% from the prior year.
Arrowhead Pharma's EBITDA was $120.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 120.6% from the prior year.
Arrowhead Pharma reported -$1.6M in net income in fiscal year 2025. This represents an increase of 99.7% from the prior year.
Arrowhead Pharma earned -$0.01 per diluted share (EPS) in fiscal year 2025. This represents an increase of 99.8% from the prior year.
Cash & Balance Sheet
Arrowhead Pharma generated $156.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 126.0% from the prior year.
Arrowhead Pharma held $226.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Arrowhead Pharma's operating margin was 11.9% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Arrowhead Pharma's net profit margin was -0.2% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Arrowhead Pharma's ROE was -0.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 322.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Arrowhead Pharma invested $607.2M in research and development in fiscal year 2025. This represents an increase of 20.0% from the prior year.
Arrowhead Pharma invested $22.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 84.0% from the prior year.
Not reported for fiscal year 2025.
ARWR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $75.3M+2.1% | $73.7M-72.1% | $264.0M+2.9% | $256.5M+823.7% | $27.8M-94.9% | $542.7M+21608.4% | $2.5M | N/A |
| R&D Expenses | $198.2M+14.4% | $173.3M-2.2% | $177.2M+1.4% | $174.7M+7.6% | $162.4M+22.0% | $133.1M-2.8% | $137.0M | N/A |
| SG&A Expenses | $47.1M+12.9% | $41.7M-9.3% | $46.0M+22.1% | $37.7M+21.7% | $30.9M+9.0% | $28.4M+5.6% | $26.9M | N/A |
| Operating Income | -$170.1M-20.4% | -$141.3M-446.1% | $40.8M-7.5% | $44.1M+126.6% | -$165.6M-143.4% | $381.2M+336.2% | -$161.4M | N/A |
| Interest Expense | $24.6M+3.0% | $23.8M+6.0% | $22.5M+3.7% | $21.7M-11.0% | $24.4M+12.7% | $21.6M0.0% | $21.6M | N/A |
| Income Tax | $11K+57.1% | $7K-75.9% | $29K-99.9% | $20.0M+4676.7% | -$437K-124.9% | $1.8M+1601.9% | $103K | N/A |
| Net Income | -$194.3M-46.4% | -$132.7M-530.8% | $30.8M+229.7% | -$23.8M+86.4% | -$175.2M-147.3% | $370.4M+314.0% | -$173.1M | N/A |
| EPS (Diluted) | -$1.36-46.2% | -$0.93-522.7% | $0.22+222.2% | -$0.18+85.7% | -$1.26-145.8% | $2.75+297.8% | -$1.39-1.5% | -$1.37 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
ARWR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.1B-6.9% | $2.3B+41.4% | $1.6B+15.8% | $1.4B+0.3% | $1.4B-12.3% | $1.6B+55.2% | $1.0B-11.1% | $1.1B |
| Current Assets | $1.7B-9.2% | $1.8B+56.7% | $1.2B+23.5% | $950.6M+0.4% | $946.9M-16.6% | $1.1B+99.0% | $570.5M-18.0% | $695.5M |
| Cash & Equivalents | $54.8M-71.0% | $188.5M-6.5% | $201.6M-11.0% | $226.5M+74.5% | $129.8M-30.1% | $185.7M+244.6% | $53.9M-47.5% | $102.7M |
| Accounts Receivable | $8.6M-45.5% | $15.7M-92.8% | $218.9M+3107.4% | $6.8M-29.6% | $9.7M+310.1% | $2.4M-5.4% | $2.5M | $0 |
| Total Liabilities | $1.6B-0.5% | $1.7B+59.7% | $1.0B+12.7% | $919.2M+7.1% | $858.3M-3.6% | $890.2M-7.4% | $961.1M+0.7% | $954.4M |
| Current Liabilities | $283.3M-4.0% | $295.2M-15.0% | $347.4M+77.7% | $195.5M+0.5% | $194.5M-11.8% | $220.5M+135.2% | $93.8M-9.1% | $103.2M |
| Total Equity | $465.5M-24.2% | $614.0M+8.0% | $568.4M+22.0% | $466.1M-10.8% | $522.3M-23.6% | $683.3M+1199.4% | $52.6M-71.6% | $185.4M |
| Retained Earnings | -$1.9B-11.2% | -$1.7B-8.3% | -$1.6B+1.9% | -$1.6B-1.5% | -$1.6B-12.3% | -$1.4B+20.6% | -$1.8B-10.6% | -$1.6B |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
ARWR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$177.5M-310.2% | $84.4M+526.4% | $13.5M-34.2% | $20.5M+113.2% | -$154.7M-133.6% | $460.1M+414.5% | -$146.3M-6.6% | -$137.2M |
| Capital Expenditures | $3.9M+50.3% | $2.6M+19.4% | $2.1M-71.3% | $7.5M+216.8% | $2.4M-55.4% | $5.3M-29.5% | $7.5M-69.1% | $24.3M |
| Free Cash Flow | -$181.3M-321.5% | $81.9M+622.5% | $11.3M-12.8% | $13.0M+108.3% | -$157.1M-134.5% | $454.8M+395.7% | -$153.8M+4.8% | -$161.5M |
| Investing Cash Flow | $43.7M+104.9% | -$894.3M-3666.7% | -$23.7M-132.7% | $72.6M-48.6% | $141.4M+133.6% | -$420.2M-646.4% | $76.9M+134.5% | -$222.9M |
| Financing Cash Flow | -$449K-100.1% | $795.7M+5494.7% | -$14.8M-502.0% | $3.7M+108.6% | -$42.7M-146.2% | $92.4M+347.7% | $20.6M-94.7% | $389.1M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
ARWR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -226.0% | -191.6% | 15.5%-1.7pp | 17.2% | -596.2% | 70.2% | -6456.5% | N/A |
| Net Margin | -258.2% | -180.0% | 11.7%+20.9pp | -9.3% | -631.1% | 68.3% | -6923.4% | N/A |
| Return on Equity | -41.7%-20.1pp | -21.6%-27.0pp | 5.4%+10.5pp | -5.1%+28.5pp | -33.6%-87.8pp | 54.2%+383.3pp | -329.1% | N/A |
| Return on Assets | -9.2%-3.3pp | -5.9%-7.8pp | 1.9%+3.6pp | -1.7%+11.0pp | -12.7%-36.2pp | 23.5%+40.6pp | -17.1% | N/A |
| Current Ratio | 5.90-0.3x | 6.23+2.9x | 3.38-1.5x | 4.860.0x | 4.87-0.3x | 5.15-0.9x | 6.09-0.7x | 6.74 |
| Debt-to-Equity | 3.54+0.8x | 2.69+0.9x | 1.82-0.2x | 1.97+0.3x | 1.64+0.3x | 1.30-17.0x | 18.28+13.1x | 5.15 |
| FCF Margin | -240.9% | 111.0% | 4.3%-0.8pp | 5.1% | -565.7% | 83.8% | -6151.5% | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Arrowhead Pharma Ranks
Frequently Asked Questions
What is Arrowhead Pharma's annual revenue?
Arrowhead Pharma (ARWR) reported $829.4M in total revenue for fiscal year 2025. This represents a 23258.2% 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 Arrowhead Pharma's revenue growing?
Arrowhead Pharma (ARWR) revenue grew by 23258.2% year-over-year, from $3.6M to $829.4M in fiscal year 2025.
Is Arrowhead Pharma profitable?
No, Arrowhead Pharma (ARWR) reported a net income of -$1.6M in fiscal year 2025, with a net profit margin of -0.2%.
What is Arrowhead Pharma's EBITDA?
Arrowhead Pharma (ARWR) had EBITDA of $120.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Arrowhead Pharma's operating margin?
Arrowhead Pharma (ARWR) had an operating margin of 11.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Arrowhead Pharma's net profit margin?
Arrowhead Pharma (ARWR) had a net profit margin of -0.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Arrowhead Pharma's return on equity (ROE)?
Arrowhead Pharma (ARWR) has a return on equity of -0.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Arrowhead Pharma's free cash flow?
Arrowhead Pharma (ARWR) generated $156.9M in free cash flow during fiscal year 2025. This represents a 126.0% 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 Arrowhead Pharma's operating cash flow?
Arrowhead Pharma (ARWR) generated $179.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Arrowhead Pharma's total assets?
Arrowhead Pharma (ARWR) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Arrowhead Pharma's capital expenditures?
Arrowhead Pharma (ARWR) invested $22.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Arrowhead Pharma spend on research and development?
Arrowhead Pharma (ARWR) invested $607.2M in research and development during fiscal year 2025.
What is Arrowhead Pharma's current ratio?
Arrowhead Pharma (ARWR) had a current ratio of 4.86 as of fiscal year 2025, which is generally considered healthy.
What is Arrowhead Pharma's debt-to-equity ratio?
Arrowhead Pharma (ARWR) had a debt-to-equity ratio of 1.97 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Arrowhead Pharma's return on assets (ROA)?
Arrowhead Pharma (ARWR) had a return on assets of -0.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Arrowhead Pharma's Altman Z-Score?
Arrowhead Pharma (ARWR) has an Altman Z-Score of 7.47, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Arrowhead Pharma's Piotroski F-Score?
Arrowhead Pharma (ARWR) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Arrowhead Pharma's earnings high quality?
Arrowhead Pharma (ARWR) reported a net loss of $1.6M while generating $179.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 Arrowhead Pharma cover its interest payments?
Arrowhead Pharma (ARWR) has an interest coverage ratio of 1.10x, 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 Arrowhead Pharma?
Arrowhead Pharma (ARWR) scores 79 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.