Evolus Financials
This page shows Evolus (EOLS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).
Improving product economics are still being offset by working-capital drag and a balance sheet that needs outside funding.
Net loss barely changed from FY2024 to FY2025, yet operating cash burn widened from-$18.0M to-$42.3M . With inventory rising to$27.0M and receivables to$54.7M , more of the year’s growth stayed trapped in working capital instead of replenishing cash.
Gross margin stayed above
Liquidity is still serviceable with a current ratio of 1.9x, but the broader balance sheet is not self-funding: cash ended FY2025 at
Financial Health Signals
Scored against operating 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 Evolus'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.
Evolus has an operating margin of -11.0%, meaning the company retains $-11 of operating profit per $100 of revenue. This below-average margin results in a low score of 29/100, suggesting thin profitability after operating expenses. This is up from -12.9% the prior year.
Evolus's revenue grew 11.6% year-over-year to $297.2M, a solid pace of expansion. This earns a growth score of 83/100.
Evolus has elevated debt relative to equity (D/E of -6.32), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 2/100, reflecting increased financial risk.
Evolus's current ratio of 1.90 indicates adequate short-term liquidity, earning a score of 55/100. The company can meet its near-term obligations, though with limited headroom.
While Evolus generated -$42.3M in operating cash flow, capex of $3.4M consumed most of it, leaving -$45.7M in free cash flow. This results in a low score of 14/100, reflecting heavy capital investment rather than weak cash generation.
Evolus scores -1.86, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($429.4M) relative to total liabilities ($249.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Evolus passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Evolus generates $0.82 in operating cash flow (-$42.3M OCF vs -$51.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Evolus earns $-1.7 in operating income for every $1 of interest expense (-$32.7M vs $19.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Evolus generated $297.2M in revenue in fiscal year 2025. This represents an increase of 11.6% from the prior year.
Evolus's EBITDA was -$25.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.6% from the prior year.
Evolus reported -$51.6M in net income in fiscal year 2025. This represents a decrease of 2.4% from the prior year.
Evolus earned $-0.80 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1.2% from the prior year.
Cash & Balance Sheet
Evolus generated -$45.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 134.7% from the prior year.
Evolus held $53.8M in cash against $146.1M in long-term debt as of fiscal year 2025.
Evolus had 65M shares outstanding in fiscal year 2025. This represents an increase of 2.4% from the prior year.
Margins & Returns
Evolus's gross margin was 66.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.1 percentage points from the prior year.
Evolus's operating margin was -11.0% in fiscal year 2025, reflecting core business profitability. This is up 1.9 percentage points from the prior year.
Evolus's net profit margin was -17.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.6 percentage points from the prior year.
Capital Allocation
Evolus invested $9.6M in research and development in fiscal year 2025. This represents an increase of 4.4% from the prior year.
Evolus invested $3.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 133.8% from the prior year.
EOLS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $73.1M-19.0% | $90.3M+30.9% | $69.0M-0.6% | $69.4M+1.3% | $68.5M-13.2% | $78.9M+29.2% | $61.1M-8.7% | $66.9M |
| Cost of Revenue | $24.2M-21.8% | $31.0M+34.1% | $23.1M-3.9% | $24.1M+10.1% | $21.9M-16.9% | $26.3M+38.6% | $19.0M-4.3% | $19.8M |
| Gross Profit | $48.9M-17.5% | $59.3M+29.3% | $45.8M+1.1% | $45.3M-2.9% | $46.7M-11.4% | $52.6M+25.0% | $42.1M-10.6% | $47.1M |
| R&D Expenses | $2.2M-35.7% | $3.5M+70.1% | $2.0M+11.4% | $1.8M-17.0% | $2.2M-9.0% | $2.4M+5.0% | $2.3M-1.5% | $2.4M |
| SG&A Expenses | $52.0M-4.9% | $54.7M+3.5% | $52.8M-6.8% | $56.7M+0.1% | $56.6M+12.7% | $50.2M-4.3% | $52.5M+4.7% | $50.2M |
| Operating Income | -$6.8M-262.3% | $4.2M+136.7% | -$11.5M-12.6% | -$10.2M+32.7% | -$15.2M-555.7% | -$2.3M+85.0% | -$15.5M-100.9% | -$7.7M |
| Interest Expense | $4.0M-0.1% | $4.0M-2.8% | $4.1M-43.2% | $7.2M+63.2% | $4.4M-3.5% | $4.6M-4.0% | $4.8M+1.4% | $4.7M |
| Income Tax | $256K-33.5% | $385K+130.5% | $167K+215.1% | $53K-26.4% | $72K-83.6% | $440K+228.4% | $134K+211.6% | $43K |
| Net Income | -$10.7M-8310.8% | $130K+100.8% | -$15.7M+8.2% | -$17.1M+9.3% | -$18.9M-178.2% | -$6.8M+64.6% | -$19.2M-68.9% | -$11.3M |
| EPS (Diluted) | $-0.16 | N/A | $-0.24+11.1% | $-0.27+10.0% | $-0.30 | N/A | $-0.30-66.7% | $-0.18 |
EOLS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $220.6M-2.3% | $225.9M+3.1% | $219.0M-4.3% | $228.8M+7.2% | $213.4M-8.3% | $232.6M+1.3% | $229.6M-1.8% | $233.8M |
| Current Assets | $138.9M-2.8% | $142.9M+6.0% | $134.9M-7.0% | $145.0M+10.1% | $131.7M-13.0% | $151.3M+0.7% | $150.4M-4.9% | $158.1M |
| Cash & Equivalents | $49.8M-7.5% | $53.8M+23.7% | $43.5M-29.5% | $61.7M-9.1% | $67.9M-21.9% | $87.0M+2.3% | $85.0M-9.2% | $93.7M |
| Inventory | $24.8M-8.0% | $27.0M-18.0% | $32.9M+24.2% | $26.5M+163.9% | $10.0M-17.5% | $12.2M-18.4% | $14.9M+11.3% | $13.4M |
| Accounts Receivable | $52.2M-4.5% | $54.7M+8.5% | $50.4M+5.7% | $47.7M+0.5% | $47.5M-0.5% | $47.7M+6.8% | $44.6M+3.5% | $43.1M |
| Goodwill | $21.2M0.0% | $21.2M0.0% | $21.2M0.0% | $21.2M0.0% | $21.2M0.0% | $21.2M0.0% | $21.2M0.0% | $21.2M |
| Total Liabilities | $249.4M+0.2% | $249.0M+0.5% | $247.8M+0.1% | $247.5M+12.5% | $220.0M-3.1% | $227.0M+1.5% | $223.7M+4.3% | $214.5M |
| Current Liabilities | $68.0M-9.7% | $75.3M+12.9% | $66.7M+4.6% | $63.8M+13.4% | $56.2M-10.7% | $63.0M+3.5% | $60.8M+12.4% | $54.1M |
| Long-Term Debt | $156.4M+7.1% | $146.1M+0.2% | $145.8M+0.2% | $145.5M+19.4% | $121.8M+0.2% | $121.5M+0.2% | $121.2M+0.2% | $120.9M |
| Total Equity | -$28.8M-24.6% | -$23.1M+19.7% | -$28.8M-54.2% | -$18.7M-182.4% | -$6.6M-219.6% | $5.5M-6.2% | $5.9M-69.5% | $19.3M |
| Retained Earnings | -$671.7M-1.6% | -$661.0M0.0% | -$661.2M-2.4% | -$645.4M-2.7% | -$628.3M-3.1% | -$609.4M-1.1% | -$602.6M-3.3% | -$583.4M |
EOLS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.0M-177.6% | $12.8M+187.4% | -$14.7M+40.8% | -$24.8M-58.6% | -$15.6M-425.1% | $4.8M+184.0% | -$5.7M+11.6% | -$6.5M |
| Capital Expenditures | $415K-71.9% | $1.5M+54.9% | $955K+38.8% | $688K+115.7% | $319K-27.2% | $438K+39.9% | $313K-32.7% | $465K |
| Free Cash Flow | -$10.4M-191.4% | $11.3M+172.6% | -$15.6M+38.7% | -$25.5M-59.7% | -$16.0M-465.0% | $4.4M+172.4% | -$6.0M+13.0% | -$6.9M |
| Investing Cash Flow | -$1.7M+21.9% | -$2.2M-0.4% | -$2.2M+4.8% | -$2.3M-21.8% | -$1.9M-36.6% | -$1.4M+3.4% | -$1.4M-12.4% | -$1.3M |
| Financing Cash Flow | $7.6M+9794.8% | $77K+104.3% | -$1.8M-108.6% | $20.7M+1366.9% | -$1.6M-24.2% | -$1.3M+7.3% | -$1.4M-131.6% | $4.5M |
| 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 |
EOLS Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.9%+1.2pp | 65.7%-0.8pp | 66.5%+1.2pp | 65.3%-2.8pp | 68.1%+1.4pp | 66.7%-2.3pp | 68.9%-1.4pp | 70.3% |
| Operating Margin | -9.4%-14.0pp | 4.7%+21.3pp | -16.7%-2.0pp | -14.7%+7.4pp | -22.1%-19.2pp | -2.9%+22.4pp | -25.3%-13.8pp | -11.5% |
| Net Margin | -14.6%-14.7pp | 0.1%+23.0pp | -22.8%+1.9pp | -24.7%+2.9pp | -27.6%-19.0pp | -8.6%+22.8pp | -31.4%-14.4pp | -17.0% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | -123.0%+202.5pp | -325.5%-266.7pp | -58.8% |
| Return on Assets | -4.8%-4.9pp | 0.1%+7.3pp | -7.2%+0.3pp | -7.5%+1.4pp | -8.8%-5.9pp | -2.9%+5.4pp | -8.3%-3.5pp | -4.9% |
| Current Ratio | 2.04+0.1 | 1.90-0.1 | 2.02-0.3 | 2.27-0.1 | 2.34-0.1 | 2.40-0.1 | 2.47-0.4 | 2.92 |
| Debt-to-Equity | -5.43+0.9 | -6.32-1.3 | -5.07+2.7 | -7.80+10.6 | -18.44-40.4 | 22.00+1.4 | 20.58+14.3 | 6.26 |
| FCF Margin | -14.2%-26.7pp | 12.6%+35.2pp | -22.7%+14.1pp | -36.7%-13.4pp | -23.3%-28.8pp | 5.5%+15.4pp | -9.9%+0.5pp | -10.4% |
Note: Shareholder equity is negative (-$23.1M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Evolus's annual revenue?
Evolus (EOLS) reported $297.2M in total revenue for fiscal year 2025. This represents a 11.6% 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 Evolus's revenue growing?
Evolus (EOLS) revenue grew by 11.6% year-over-year, from $266.3M to $297.2M in fiscal year 2025.
Is Evolus profitable?
No, Evolus (EOLS) reported a net income of -$51.6M in fiscal year 2025, with a net profit margin of -17.4%.
What is Evolus's EBITDA?
Evolus (EOLS) had EBITDA of -$25.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Evolus have?
As of fiscal year 2025, Evolus (EOLS) had $53.8M in cash and equivalents against $146.1M in long-term debt.
What is Evolus's gross margin?
Evolus (EOLS) had a gross margin of 66.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Evolus's operating margin?
Evolus (EOLS) had an operating margin of -11.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Evolus's net profit margin?
Evolus (EOLS) had a net profit margin of -17.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Evolus's free cash flow?
Evolus (EOLS) generated -$45.7M in free cash flow during fiscal year 2025. This represents a -134.7% 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 Evolus's operating cash flow?
Evolus (EOLS) generated -$42.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Evolus's total assets?
Evolus (EOLS) had $225.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Evolus's capital expenditures?
Evolus (EOLS) invested $3.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Evolus spend on research and development?
Evolus (EOLS) invested $9.6M in research and development during fiscal year 2025.
What is Evolus's current ratio?
Evolus (EOLS) had a current ratio of 1.90 as of fiscal year 2025, which is generally considered healthy.
What is Evolus's debt-to-equity ratio?
Evolus (EOLS) had a debt-to-equity ratio of -6.32 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Evolus's return on assets (ROA)?
Evolus (EOLS) had a return on assets of -22.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Evolus's cash runway?
Based on fiscal year 2025 data, Evolus (EOLS) had $53.8M in cash against an annual operating cash burn of $42.3M. This gives an estimated cash runway of approximately 15 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.
Why is Evolus's debt-to-equity ratio negative or unusual?
Evolus (EOLS) has negative shareholder equity of -$23.1M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Evolus's Altman Z-Score?
Evolus (EOLS) has an Altman Z-Score of -1.86, placing it in the Distress Zone (elevated 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 Evolus's Piotroski F-Score?
Evolus (EOLS) has a Piotroski F-Score of 2 out of 9, indicating weak 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Evolus's earnings high quality?
Evolus (EOLS) has an earnings quality ratio of 0.82x, 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 Evolus cover its interest payments?
Evolus (EOLS) has an interest coverage ratio of -1.7x, 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 Evolus?
Evolus (EOLS) scores 35 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.