What is Vaxcyte, Inc.'s earnings per share (EPS)?

Vaxcyte, Inc. (PCVX) reported diluted earnings per share of $-5.63 for fiscal year 2025. This represents a -48.2% 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.

Vaxcyte, Inc. Financials

PCVX

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

This page shows Vaxcyte, Inc. (PCVX) 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

Piotroski F-Score Weak

1/9

Vaxcyte, Inc. passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.86x

For every $1 of reported earnings, Vaxcyte, Inc. generates $0.86 in operating cash flow (-$655.6M OCF vs -$766.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$907.3M

YoY-61.3%

Vaxcyte, Inc.'s EBITDA was -$907.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 61.3% from the prior year.

Net Income

-$766.6M

YoY-65.2%

Vaxcyte, Inc. reported -$766.6M in net income in fiscal year 2025. This represents a decrease of 65.2% from the prior year.

EPS (Diluted)

$-5.63

YoY-48.2%

Vaxcyte, Inc. earned $-5.63 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 48.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$669.3M

YoY-40.9%

Vaxcyte, Inc. generated -$669.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 40.9% from the prior year.

Cash & Debt

$174.0M

YoY-55.2%

5Y CAGR-14.7%

Vaxcyte, Inc. held $174.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.00

Vaxcyte, Inc. paid $0.00 per share in dividends in fiscal year 2025.

Shares Outstanding

131M

YoY+4.9%

5Y CAGR+20.7%

Vaxcyte, Inc. had 131M shares outstanding in fiscal year 2025. This represents an increase of 4.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-28.5%

YoY-14.5pp

5Y CAGR-2.7pp

Vaxcyte, Inc.'s ROE was -28.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 14.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$794.3M

YoY+66.6%

5Y CAGR+60.9%

Vaxcyte, Inc. invested $794.3M in research and development in fiscal year 2025. This represents an increase of 66.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$13.7M

YoY-38.9%

5Y CAGR+64.0%

Vaxcyte, Inc. invested $13.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 38.9% from the prior year.

PCVX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$794.3M+66.6%	$476.6M+43.4%	$332.3M+96.1%	$169.5M+116.1%	$78.4M+6.6%	$73.6M
SG&A Expenses	$129.4M+39.3%	$92.9M+53.1%	$60.7M+52.5%	$39.8M+57.6%	$25.3M+57.7%	$16.0M
Operating Income	-$923.7M-62.2%	-$569.5M-21.7%	-$468.0M-101.5%	-$232.3M-124.0%	-$103.7M-15.7%	-$89.6M
Interest Expense	N/A	$0	$0-100.0%	$2K-71.4%	$7K0.0%	$7K
Income Tax	$0	$0	$0	N/A	N/A	N/A
Net Income	-$766.6M-65.2%	-$463.9M-15.3%	-$402.3M-80.0%	-$223.5M-123.3%	-$100.1M-12.2%	-$89.2M
EPS (Diluted)	$-5.63-48.2%	$-3.80+8.2%	$-4.14-20.3%	$-3.44-78.2%	$-1.93+36.1%	$-3.02

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$209.9M+8.1%	$194.2M+31.1%	$148.1M	N/A	$116.9M-11.1%	$131.5M+39.0%	$94.6M
SG&A Expenses	N/A	$32.4M+1.3%	$32.0M-1.9%	$32.7M	N/A	$23.0M+7.1%	$21.5M+8.0%	$19.9M
Operating Income	N/A	-$242.4M-7.1%	-$226.2M-25.1%	-$180.8M	N/A	-$139.9M+8.5%	-$153.0M-33.6%	-$114.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$0	$0	$0	N/A	$0	$0	$0
Net Income	N/A	-$212.8M-27.8%	-$166.6M-18.4%	-$140.7M	N/A	-$103.1M+19.9%	-$128.7M-35.4%	-$95.0M
EPS (Diluted)	N/A	$-1.56-27.9%	$-1.22-17.3%	$-1.04	N/A	$-0.83+24.5%	$-1.10-29.4%	$-0.85

PCVX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.0B-14.5%	$3.5B+149.4%	$1.4B+39.9%	$1.0B+210.2%	$324.3M-17.4%	$392.8M
Current Assets	$1.6B-9.0%	$1.8B+63.1%	$1.1B+16.3%	$942.6M+267.7%	$256.3M-34.1%	$389.0M
Cash & Equivalents	$174.0M-55.2%	$387.9M-2.4%	$397.5M-52.4%	$834.7M+1109.9%	$69.0M-82.1%	$386.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$317.2M+54.4%	$205.5M+22.7%	$167.4M+218.6%	$52.6M+30.4%	$40.3M-14.2%	$47.0M
Current Liabilities	$205.8M+46.8%	$140.2M-3.5%	$145.3M+258.6%	$40.5M+41.1%	$28.7M-38.7%	$46.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.7B-18.8%	$3.3B+166.5%	$1.2B+30.1%	$953.6M+235.8%	$284.0M-17.9%	$345.8M
Retained Earnings	-$2.2B-55.2%	-$1.4B-50.2%	-$924.4M-77.0%	-$522.1M-74.8%	-$298.6M-50.4%	-$198.6M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$3.0B-5.3%	$3.2B-4.0%	$3.3B-2.2%	$3.4B-3.8%	$3.5B-1.4%	$3.6B+70.5%	$2.1B-0.2%	$2.1B
Current Assets	$1.6B-7.9%	$1.8B+3.0%	$1.7B0.0%	$1.7B-4.0%	$1.8B-19.2%	$2.2B+49.4%	$1.5B-2.3%	$1.5B
Cash & Equivalents	$174.0M-38.1%	$281.1M-8.4%	$306.7M-11.6%	$346.9M-10.6%	$387.9M-63.1%	$1.1B+102.5%	$518.7M-15.2%	$611.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$317.2M+13.8%	$278.7M+19.1%	$234.0M+31.4%	$178.1M-13.3%	$205.5M+44.6%	$142.1M+40.5%	$101.1M-5.8%	$107.3M
Current Liabilities	$205.8M+2.9%	$200.0M+29.5%	$154.5M+59.3%	$97.0M-30.8%	$140.2M+13.2%	$123.8M+49.4%	$82.8M-4.9%	$87.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.7B-7.2%	$2.9B-5.8%	$3.1B-4.0%	$3.2B-3.2%	$3.3B-3.3%	$3.4B+72.1%	$2.0B+0.1%	$2.0B
Retained Earnings	-$2.2B-12.9%	-$1.9B-12.6%	-$1.7B-10.9%	-$1.5B-10.1%	-$1.4B-11.0%	-$1.3B-9.0%	-$1.1B-12.6%	-$1.0B

PCVX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$655.6M-44.8%	-$452.6M-52.5%	-$296.8M-74.0%	-$170.6M-40.5%	-$121.4M-160.3%	-$46.6M
Capital Expenditures	$13.7M-38.9%	$22.4M+39.6%	$16.1M+175.0%	$5.8M-10.9%	$6.6M+467.5%	$1.2M
Free Cash Flow	-$669.3M-40.9%	-$475.1M-51.8%	-$312.9M-77.3%	-$176.4M-37.9%	-$127.9M-167.8%	-$47.8M
Investing Cash Flow	$437.4M+121.8%	-$2.0B-159.4%	-$773.3M-1136.8%	$74.6M+135.1%	-$212.3M-19113.4%	-$1.1M
Financing Cash Flow	$2.0M-99.9%	$2.4B+282.7%	$639.8M-25.7%	$861.5M+4741.2%	$17.8M-95.3%	$374.9M
Dividends Paid	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

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$224.8M-56.9%	-$143.3M-18.3%	-$121.2M+27.1%	-$166.3M-49.3%	-$111.4M-83.5%	-$60.7M+50.0%	-$121.4M+23.7%	-$159.1M
Capital Expenditures	$2.7M-30.6%	$3.8M+111.2%	$1.8M-66.6%	$5.4M+34.9%	$4.0M-18.7%	$4.9M-36.4%	$7.8M+37.0%	$5.7M
Free Cash Flow	-$227.5M-54.6%	-$147.1M-19.6%	-$123.0M+28.4%	-$171.7M-48.8%	-$115.4M-75.8%	-$65.7M+49.2%	-$129.2M+21.6%	-$164.8M
Investing Cash Flow	$115.1M-5.0%	$121.2M+55.9%	$77.7M-37.0%	$123.3M+122.1%	-$557.2M+39.2%	-$917.0M-1040.5%	-$80.4M+82.2%	-$451.1M
Financing Cash Flow	$2.4M+165.6%	-$3.7M-245.8%	$2.5M+231.8%	$759K-84.5%	$4.9M-99.7%	$1.5B+1272.7%	$110.4M-86.5%	$818.2M
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

PCVX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-28.5%-14.5pp	-14.0%+18.4pp	-32.4%-9.0pp	-23.4%+11.8pp	-35.2%-9.4pp	-25.8%
Return on Assets	-25.5%-12.3pp	-13.2%+15.4pp	-28.6%-6.4pp	-22.2%+8.6pp	-30.9%-8.1pp	-22.7%
Current Ratio	7.91-4.8	12.75+5.2	7.54-15.7	23.26+14.3	8.93+0.6	8.30
Debt-to-Equity	0.12+0.1	0.06-0.1	0.14+0.1	0.06-0.1	0.140.0	0.14
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	-7.4%-1.9pp	-5.4%-1.0pp	-4.4%	N/A	-3.0%+3.5pp	-6.5%-1.7pp	-4.8%
Return on Assets	N/A	-6.7%-1.7pp	-5.0%-0.9pp	-4.2%	N/A	-2.9%+3.3pp	-6.2%-1.6pp	-4.5%
Current Ratio	7.91-0.9	8.83-2.3	11.11-6.6	17.70+4.9	12.75-5.1	17.880.0	17.88+0.5	17.42
Debt-to-Equity	0.12+0.0	0.10+0.0	0.08+0.0	0.060.0	0.06+0.0	0.040.0	0.050.0	0.05
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Vaxcyte, Inc. profitable?

No, Vaxcyte, Inc. (PCVX) reported a net income of -$766.6M in fiscal year 2025.

What is Vaxcyte, Inc.'s EBITDA?

Vaxcyte, Inc. (PCVX) had EBITDA of -$907.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Vaxcyte, Inc.'s return on equity (ROE)?

Vaxcyte, Inc. (PCVX) has a return on equity of -28.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Vaxcyte, Inc.'s free cash flow?

Vaxcyte, Inc. (PCVX) generated -$669.3M in free cash flow during fiscal year 2025. This represents a -40.9% 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 Vaxcyte, Inc.'s operating cash flow?

Vaxcyte, Inc. (PCVX) generated -$655.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Vaxcyte, Inc.'s total assets?

Vaxcyte, Inc. (PCVX) had $3.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Vaxcyte, Inc.'s capital expenditures?

Vaxcyte, Inc. (PCVX) invested $13.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Vaxcyte, Inc. spend on research and development?

Vaxcyte, Inc. (PCVX) invested $794.3M in research and development during fiscal year 2025.

How many shares does Vaxcyte, Inc. have outstanding?

Vaxcyte, Inc. (PCVX) had 131M shares outstanding as of fiscal year 2025.

What is Vaxcyte, Inc.'s current ratio?

Vaxcyte, Inc. (PCVX) had a current ratio of 7.91 as of fiscal year 2025, which is generally considered healthy.

What is Vaxcyte, Inc.'s debt-to-equity ratio?

Vaxcyte, Inc. (PCVX) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Vaxcyte, Inc.'s return on assets (ROA)?

Vaxcyte, Inc. (PCVX) had a return on assets of -25.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Vaxcyte, Inc.'s cash runway?

Based on fiscal year 2025 data, Vaxcyte, Inc. (PCVX) had $174.0M in cash against an annual operating cash burn of $655.6M. This gives an estimated cash runway of approximately 3 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 Vaxcyte, Inc.'s Piotroski F-Score?

Vaxcyte, Inc. (PCVX) has a Piotroski F-Score of 1 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.

Are Vaxcyte, Inc.'s earnings high quality?

Vaxcyte, Inc. (PCVX) has an earnings quality ratio of 0.86x, 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.