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Glaukos Corp Financials

GKOS
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Glaukos Corp (GKOS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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

Profitability Growth Leverage Liquidity Cash Flow Returns 48 / 100
Financial Profile 48/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
0

Glaukos Corp has an operating margin of -39.3%, meaning the company retains $-39 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -31.9% the prior year.

Growth
87

Glaukos Corp's revenue surged 32.3% year-over-year to $507.4M, reflecting rapid business expansion. This strong growth earns a score of 87/100.

Leverage
95

Glaukos Corp carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
93

With a current ratio of 4.69, Glaukos Corp holds $4.69 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 93/100.

Cash Flow
14

While Glaukos Corp generated -$14.8M in operating cash flow, capex of $7.7M consumed most of it, leaving -$22.5M in free cash flow. This results in a low score of 14/100, reflecting heavy capital investment rather than weak cash generation.

Returns
0

Glaukos Corp generates a -28.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -19.1% the prior year.

Piotroski F-Score Weak
2/9

Glaukos Corp 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.

Earnings Quality Low Quality
0.08x

For every $1 of reported earnings, Glaukos Corp generates $0.08 in operating cash flow (-$14.8M OCF vs -$187.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-43.1x

Glaukos Corp earns $-43.1 in operating income for every $1 of interest expense (-$199.6M vs $4.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$507.4M
YoY+32.3%
5Y CAGR+17.7%
10Y CAGR+21.6%

Glaukos Corp generated $507.4M in revenue in fiscal year 2025. This represents an increase of 32.3% from the prior year.

EBITDA
-$161.5M
YoY-86.2%

Glaukos Corp's EBITDA was -$161.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 86.2% from the prior year.

Net Income
-$187.7M
YoY-28.2%

Glaukos Corp reported -$187.7M in net income in fiscal year 2025. This represents a decrease of 28.2% from the prior year.

EPS (Diluted)
$-3.28
YoY-18.4%

Glaukos Corp earned $-3.28 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 18.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$22.5M
YoY+66.8%

Glaukos Corp generated -$22.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 66.8% from the prior year.

Cash & Debt
$90.8M
YoY-46.5%
5Y CAGR-1.2%
10Y CAGR+15.5%

Glaukos Corp held $90.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
58M
YoY+1.9%
5Y CAGR+4.9%
10Y CAGR+6.0%

Glaukos Corp had 58M shares outstanding in fiscal year 2025. This represents an increase of 1.9% from the prior year.

Margins & Returns

Gross Margin
55.7%
YoY-19.8pp
5Y CAGR-3.5pp
10Y CAGR-26.2pp

Glaukos Corp's gross margin was 55.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 19.8 percentage points from the prior year.

Operating Margin
-39.3%
YoY-7.4pp
5Y CAGR+15.6pp
10Y CAGR-25.0pp

Glaukos Corp's operating margin was -39.3% in fiscal year 2025, reflecting core business profitability. This is down 7.4 percentage points from the prior year.

Net Margin
-37.0%
YoY+1.2pp
5Y CAGR+16.5pp
10Y CAGR+14.9pp

Glaukos Corp's net profit margin was -37.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.2 percentage points from the prior year.

Return on Equity
-28.6%
YoY-9.5pp
5Y CAGR-10.6pp
10Y CAGR+10.5pp

Glaukos Corp's ROE was -28.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.5 percentage points from the prior year.

Capital Allocation

R&D Spending
$150.6M
YoY+10.4%
5Y CAGR+12.0%
10Y CAGR+19.6%

Glaukos Corp invested $150.6M in research and development in fiscal year 2025. This represents an increase of 10.4% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$7.7M
YoY+21.7%
5Y CAGR+2.0%
10Y CAGR+24.2%

Glaukos Corp invested $7.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 21.7% from the prior year.

GKOS Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $143.1M+7.2% $133.5M+7.6% $124.1M+16.4% $106.7M+1.1% $105.5M+9.1% $96.7M+1.0% $95.7M+11.8% $85.6M
Cost of Revenue $31.8M+10.2% $28.8M+7.2% $26.9M+10.6% $24.3M-15.1% $28.6M+26.8% $22.6M+0.2% $22.6M+11.3% $20.3M
Gross Profit $111.3M+6.3% $104.7M+7.7% $97.2M+18.1% $82.3M+7.1% $76.9M+3.7% $74.1M+1.3% $73.1M+11.9% $65.4M
R&D Expenses $43.7M+14.7% $38.1M+4.2% $36.5M+12.9% $32.4M-11.4% $36.5M+5.1% $34.7M+0.9% $34.4M+12.0% $30.7M
SG&A Expenses $94.7M+14.1% $83.0M-0.5% $83.4M+18.0% $70.7M+2.4% $69.0M+7.8% $64.0M-3.3% $66.2M+6.8% $62.0M
Operating Income -$139.9M-754.7% -$16.4M+27.9% -$22.7M-9.7% -$20.7M+27.9% -$28.7M-16.2% -$24.7M+17.7% -$30.0M+23.3% -$39.1M
Interest Expense $1.1M-2.5% $1.2M+2.1% $1.2M-1.0% $1.2M-26.0% $1.6M-5.5% $1.7M-50.4% $3.4M-2.8% $3.5M
Income Tax -$6.2M-2732.1% $234K-5.6% $248K-23.9% $326K+386.0% -$114K-164.4% $177K-46.5% $331K-12.2% $377K
Net Income -$133.7M-723.5% -$16.2M+17.4% -$19.7M-8.3% -$18.1M+46.0% -$33.6M-56.8% -$21.4M+57.6% -$50.5M-23.8% -$40.8M
EPS (Diluted) N/A $-0.28+17.6% $-0.34-6.3% $-0.32 N/A $-0.39+61.0% $-1.00-22.0% $-0.82

GKOS Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $893.5M-10.6% $999.4M+1.3% $987.0M+2.2% $966.2M-0.9% $974.8M+5.2% $926.5M+0.7% $919.7M-1.5% $933.3M
Current Assets $475.0M+4.4% $454.8M+4.3% $436.1M-1.9% $444.5M-1.2% $449.8M+13.2% $397.3M+3.5% $383.8M-1.2% $388.6M
Cash & Equivalents $90.8M-7.6% $98.2M-2.5% $100.8M-11.8% $114.3M-32.6% $169.6M+69.4% $100.1M+47.1% $68.1M+60.2% $42.5M
Inventory $63.6M-0.5% $63.9M-1.2% $64.6M+8.7% $59.5M+3.1% $57.7M-3.7% $59.9M+6.0% $56.5M+12.5% $50.2M
Accounts Receivable $108.6M+10.1% $98.7M+18.9% $83.0M+16.0% $71.5M+17.8% $60.7M+7.7% $56.4M+10.1% $51.2M+10.0% $46.5M
Goodwill $66.7M0.0% $66.7M0.0% $66.7M+0.9% $66.1M0.0% $66.1M0.0% $66.1M0.0% $66.1M0.0% $66.1M
Total Liabilities $237.3M+3.3% $229.8M+3.6% $221.8M+9.7% $202.2M-2.7% $207.8M-19.5% $258.0M+1.4% $254.5M-47.3% $482.6M
Current Liabilities $101.3M+15.7% $87.5M+10.6% $79.1M+15.5% $68.5M-8.8% $75.1M+4.8% $71.7M+2.3% $70.1M-3.0% $72.2M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $656.2M-14.7% $769.5M+0.6% $765.1M+0.2% $764.0M-0.4% $766.9M+14.7% $668.5M+0.5% $665.2M+47.6% $450.7M
Retained Earnings -$933.1M-16.7% -$799.5M-2.1% -$783.2M-2.6% -$763.6M-2.4% -$745.4M-4.7% -$711.9M-3.1% -$690.5M-7.9% -$639.9M

GKOS Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $6.8M+167.8% -$10.1M-244.6% $7.0M+137.7% -$18.5M-3753.1% $507K+105.3% -$9.6M+47.8% -$18.4M+45.8% -$33.9M
Capital Expenditures $2.9M+78.2% $1.6M+38.7% $1.2M-39.2% $1.9M+11.8% $1.7M+19.5% $1.4M-32.5% $2.1M+122.0% $968K
Free Cash Flow $3.9M+133.5% -$11.7M-302.2% $5.8M+128.3% -$20.5M-1568.8% -$1.2M+88.9% -$11.0M+46.2% -$20.5M+41.1% -$34.8M
Investing Cash Flow -$15.9M-297.9% -$4.0M+80.8% -$20.8M+43.8% -$36.9M-413.5% $11.8M-61.4% $30.6M-12.3% $34.9M+218.7% -$29.4M
Financing Cash Flow $2.4M-53.9% $5.3M+134.5% $2.2M+15.1% $1.9M-96.8% $60.1M+521.8% $9.7M+12.5% $8.6M-34.7% $13.2M
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

GKOS Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 77.8%-0.6pp 78.4%+0.1pp 78.3%+1.1pp 77.2%+4.3pp 72.9%-3.8pp 76.6%+0.2pp 76.4%+0.1pp 76.3%
Operating Margin -97.7%-85.5pp -12.3%+6.0pp -18.3%+1.1pp -19.4%+7.8pp -27.2%-1.7pp -25.5%+5.8pp -31.3%+14.3pp -45.6%
Net Margin -93.4%-81.2pp -12.2%+3.7pp -15.8%+1.2pp -17.0%+14.8pp -31.8%-9.7pp -22.1%+30.7pp -52.8%-5.1pp -47.7%
Return on Equity -20.4%-18.3pp -2.1%+0.5pp -2.6%-0.2pp -2.4%+2.0pp -4.4%-1.2pp -3.2%+4.4pp -7.6%+1.5pp -9.1%
Return on Assets -15.0%-13.3pp -1.6%+0.4pp -2.0%-0.1pp -1.9%+1.6pp -3.4%-1.1pp -2.3%+3.2pp -5.5%-1.1pp -4.4%
Current Ratio 4.69-0.5 5.20-0.3 5.51-1.0 6.49+0.5 5.99+0.4 5.54+0.1 5.48+0.1 5.38
Debt-to-Equity 0.36+0.1 0.300.0 0.29+0.0 0.260.0 0.27-0.1 0.390.0 0.38-0.7 1.07
FCF Margin 2.8%+11.5pp -8.8%-13.5pp 4.7%+23.8pp -19.2%-18.0pp -1.2%+10.3pp -11.4%+10.0pp -21.4%+19.2pp -40.7%

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Frequently Asked Questions

Glaukos Corp (GKOS) reported $507.4M in total revenue for fiscal year 2025. This represents a 32.3% 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.

Glaukos Corp (GKOS) revenue grew by 32.3% year-over-year, from $383.5M to $507.4M in fiscal year 2025.

No, Glaukos Corp (GKOS) reported a net income of -$187.7M in fiscal year 2025, with a net profit margin of -37.0%.

Glaukos Corp (GKOS) reported diluted earnings per share of $-3.28 for fiscal year 2025. This represents a -18.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Glaukos Corp (GKOS) had EBITDA of -$161.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Glaukos Corp (GKOS) had a gross margin of 55.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Glaukos Corp (GKOS) had an operating margin of -39.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Glaukos Corp (GKOS) had a net profit margin of -37.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Glaukos Corp (GKOS) has a return on equity of -28.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Glaukos Corp (GKOS) generated -$22.5M in free cash flow during fiscal year 2025. This represents a 66.8% 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.

Glaukos Corp (GKOS) generated -$14.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Glaukos Corp (GKOS) had $893.5M in total assets as of fiscal year 2025, including both current and long-term assets.

Glaukos Corp (GKOS) invested $7.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Glaukos Corp (GKOS) invested $150.6M in research and development during fiscal year 2025.

Glaukos Corp (GKOS) had 58M shares outstanding as of fiscal year 2025.

Glaukos Corp (GKOS) had a current ratio of 4.69 as of fiscal year 2025, which is generally considered healthy.

Glaukos Corp (GKOS) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Glaukos Corp (GKOS) had a return on assets of -21.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Glaukos Corp (GKOS) had $90.8M in cash against an annual operating cash burn of $14.8M. This gives an estimated cash runway of approximately 74 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.

Glaukos Corp (GKOS) 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Glaukos Corp (GKOS) has an earnings quality ratio of 0.08x, 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.

Glaukos Corp (GKOS) has an interest coverage ratio of -43.1x, 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.

Glaukos Corp (GKOS) 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.

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