Revolution Medicines, Inc. Financials

RVMD

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Revolution Medicines, Inc. (RVMD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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

2/9

Revolution Medicines, Inc. passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.93x

For every $1 of reported earnings, Revolution Medicines, Inc. generates $0.93 in operating cash flow (-$557.4M OCF vs -$600.1M 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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Revenue

YoY-100.0%

Revolution Medicines, Inc. generated $0 in revenue in fiscal year 2024. This represents a decrease of 100.0% from the prior year.

EBITDA

-$683.0M

YoY-41.6%

Revolution Medicines, Inc.'s EBITDA was -$683.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 41.6% from the prior year.

Free Cash Flow

-$567.7M

YoY-58.5%

Revolution Medicines, Inc. generated -$567.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 58.5% from the prior year.

Net Income

-$600.1M

YoY-37.5%

Revolution Medicines, Inc. reported -$600.1M in net income in fiscal year 2024. This represents a decrease of 37.5% from the prior year.

EPS (Diluted)

$-3.58

YoY+7.3%

Revolution Medicines, Inc. earned $-3.58 per diluted share (EPS) in fiscal year 2024. This represents an increase of 7.3% from the prior year.

Cash & Debt

$543.1M

YoY-22.0%

5Y CAGR+100.7%

Revolution Medicines, Inc. held $543.1M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

186M

YoY+12.9%

Revolution Medicines, Inc. had 186M shares outstanding in fiscal year 2024. This represents an increase of 12.9% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$592.2M

YoY+40.0%

5Y CAGR+45.2%

Revolution Medicines, Inc. invested $592.2M in research and development in fiscal year 2024. This represents an increase of 40.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$10.3M

YoY+33.4%

5Y CAGR+31.8%

Revolution Medicines, Inc. invested $10.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 33.4% from the prior year.

RVMD Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$0-100.0%	$11.6M-67.3%	$35.4M+20.4%	$29.4M-31.6%	$43.0M-14.1%	$50.0M
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	$592.2M+40.0%	$423.1M+67.2%	$253.1M+35.4%	$186.9M+41.4%	$132.3M+44.1%	$91.8M
SG&A Expenses	$97.3M+28.7%	$75.6M+86.3%	$40.6M+33.3%	$30.4M+42.1%	$21.4M+72.7%	$12.4M
Operating Income	-$689.5M-41.5%	-$487.2M-88.6%	-$258.3M-37.4%	-$188.0M-69.8%	-$110.7M-104.5%	-$54.1M
Interest Expense	N/A	N/A	$0-100.0%	$12K-83.1%	$71K-33.0%	$106K
Income Tax	-$753K+78.6%	-$3.5M-739.0%	-$420K	$0+100.0%	-$371K+91.5%	-$4.4M
Net Income	-$600.1M-37.5%	-$436.4M-75.5%	-$248.7M-32.9%	-$187.1M-73.0%	-$108.2M-126.9%	-$47.7M
EPS (Diluted)	$-3.58+7.3%	$-3.86-25.3%	$-3.08-19.8%	$-2.57-27.9%	$-2.01	N/A

Metric	Q3'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	N/A	$0	$0	$0-100.0%	$742K	$0-100.0%	$3.8M-45.5%	$7.0M
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	$262.5M+40.0%	$187.5M+39.0%	$134.9M+14.3%	$118.0M-20.5%	$148.5M+37.8%	$107.7M+10.0%	$98.0M+42.1%	$68.9M
SG&A Expenses	$52.8M+83.3%	$28.8M+32.6%	$21.7M-4.9%	$22.8M-29.2%	$32.2M+107.9%	$15.5M+6.0%	$14.6M+10.7%	$13.2M
Operating Income	-$315.3M-45.7%	-$216.3M-38.1%	-$156.6M-11.2%	-$140.9M+21.7%	-$180.0M-46.0%	-$123.2M-13.3%	-$108.8M-44.8%	-$75.2M
Interest Expense	$11.4M	$0	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	-$753K	$0	$0-100.0%	$343K+108.9%	-$3.9M	$0	$0
Net Income	-$305.2M-56.9%	-$194.6M-46.0%	-$133.2M-14.9%	-$116.0M+28.2%	-$161.5M-49.0%	-$108.4M-10.3%	-$98.3M-44.3%	-$68.1M
EPS (Diluted)	$-1.61-42.5%	$-1.13-39.5%	$-0.81-15.7%	$-0.70+43.1%	$-1.23-24.2%	$-0.99-7.6%	$-0.92-27.8%	$-0.72

RVMD Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$2.6B+24.1%	$2.1B+153.9%	$811.9M+10.0%	$738.0M+30.1%	$567.4M+157.3%	$220.5M
Current Assets	$2.3B+23.9%	$1.9B+184.7%	$660.2M+11.9%	$589.8M+29.9%	$454.1M+238.9%	$134.0M
Cash & Equivalents	$543.1M-22.0%	$696.1M+331.3%	$161.4M+48.8%	$108.5M+4.1%	$104.3M+525.9%	$16.7M
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	$14.6M0.0%	$14.6M0.0%	$14.6M0.0%	$14.6M0.0%	$14.6M0.0%	$14.6M
Total Liabilities	$293.1M+24.5%	$235.5M+85.8%	$126.7M-6.4%	$135.4M+46.0%	$92.7M-75.1%	$373.1M
Current Liabilities	$163.9M+13.9%	$143.9M+132.1%	$62.0M+2.7%	$60.4M+27.9%	$47.2M+9.6%	$43.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.3B+24.0%	$1.8B+166.5%	$685.2M+13.7%	$602.6M+26.9%	$474.7M+411.1%	-$152.6M
Retained Earnings	-$1.7B-52.7%	-$1.1B-62.2%	-$701.3M-54.9%	-$452.6M-70.5%	-$265.5M-68.7%	-$157.4M

Metric	Q3'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Total Assets	$2.3B-12.0%	$2.6B+41.5%	$1.8B-5.2%	$1.9B-7.4%	$2.1B+109.5%	$984.2M-8.3%	$1.1B0.0%	$1.1B
Current Assets	$2.0B-15.0%	$2.3B+43.3%	$1.6B-6.0%	$1.7B-8.0%	$1.9B+127.9%	$824.5M-10.6%	$922.1M-0.1%	$922.8M
Cash & Equivalents	$217.4M-60.0%	$543.1M+97.0%	$275.7M-4.4%	$288.4M-58.6%	$696.1M+94.2%	$358.4M-5.8%	$380.3M-11.0%	$427.2M
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	$14.6M0.0%	$14.6M0.0%	$14.6M0.0%	$14.6M0.0%	$14.6M0.0%	$14.6M0.0%	$14.6M0.0%	$14.6M
Total Liabilities	$655.0M+123.5%	$293.1M+54.6%	$189.6M+3.7%	$182.9M-22.3%	$235.5M+60.5%	$146.8M+2.7%	$142.9M+18.0%	$121.0M
Current Liabilities	$245.6M+49.8%	$163.9M+55.6%	$105.3M+12.4%	$93.7M-34.8%	$143.9M+68.2%	$85.5M+9.6%	$78.1M+42.9%	$54.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.6B-29.5%	$2.3B+39.9%	$1.6B-6.2%	$1.7B-5.5%	$1.8B+118.1%	$837.5M-10.0%	$930.8M-2.2%	$952.2M
Retained Earnings	-$2.5B-44.1%	-$1.7B-25.3%	-$1.4B-10.6%	-$1.3B-10.2%	-$1.1B-16.5%	-$976.2M-12.5%	-$867.7M-12.8%	-$769.4M

RVMD Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$557.4M-59.0%	-$350.6M-56.2%	-$224.4M-52.5%	-$147.2M-47.1%	-$100.1M-101.7%	-$49.6M
Capital Expenditures	$10.3M+33.4%	$7.7M-28.5%	$10.8M+65.7%	$6.5M+122.6%	$2.9M+13.3%	$2.6M
Free Cash Flow	-$567.7M-58.5%	-$358.3M-52.3%	-$235.2M-53.0%	-$153.7M-49.2%	-$103.0M-97.3%	-$52.2M
Investing Cash Flow	-$554.4M-61.8%	-$342.6M-1320.6%	-$24.1M+83.0%	-$142.1M+39.3%	-$234.2M-129.7%	-$102.0M
Financing Cash Flow	$959.4M-21.9%	$1.2B+307.8%	$301.4M+2.5%	$294.2M-30.4%	$422.8M+328.5%	$98.7M
Dividends Paid	N/A	N/A	N/A	N/A	$0	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Operating Cash Flow	-$207.3M-49.9%	-$138.3M-7.9%	-$128.2M+20.2%	-$160.6M-33.2%	-$120.6M-20.0%	-$100.5M-49.7%	-$67.1M-7.6%	-$62.4M
Capital Expenditures	$3.3M+174.1%	$1.2M-49.1%	$2.4M-24.3%	$3.2M+36.7%	$2.3M-8.6%	$2.5M+126.5%	$1.1M-36.3%	$1.8M
Free Cash Flow	-$210.7M-51.0%	-$139.5M-6.9%	-$130.6M+20.3%	-$163.7M-33.2%	-$122.9M-19.3%	-$103.0M-51.0%	-$68.2M-6.4%	-$64.1M
Investing Cash Flow	$24.8M+106.3%	-$392.9M-464.0%	$107.9M+143.5%	-$248.0M+34.8%	-$380.4M-591.8%	$77.4M+277.6%	-$43.5M-1189.7%	$4.0M
Financing Cash Flow	-$1.6M-100.2%	$873.8M+11544.5%	$7.5M+826.4%	$810K-99.9%	$839.4M+82922.2%	$1.0M-98.4%	$64.6M-80.1%	$324.2M
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

RVMD Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	-4207.1%-3477.1pp	-730.0%-90.3pp	-639.7%-382.2pp	-257.5%-149.4pp	-108.1%
Net Margin	N/A	-3768.3%-3065.3pp	-702.9%-66.4pp	-636.6%-384.9pp	-251.6%-156.4pp	-95.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-23.5%-2.3pp	-21.2%+9.5pp	-30.6%-5.3pp	-25.4%-6.3pp	-19.1%+2.5pp	-21.6%
Current Ratio	14.20+1.1	13.06+2.4	10.65+0.9	9.77+0.1	9.63+6.5	3.11
Debt-to-Equity	0.130.0	0.13-0.1	0.18-0.0	0.22+0.0	0.20+2.6	-2.45
FCF Margin	N/A	-3094.1%-2429.3pp	-664.8%-141.8pp	-523.0%-283.4pp	-239.6%-135.3pp	-104.3%

Metric	Q3'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
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	-24256.5%	N/A	-2845.1%-1773.6pp	-1071.5%
Net Margin	N/A	N/A	N/A	N/A	-21770.5%	N/A	-2570.6%-1599.7pp	-970.9%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-13.6%-5.9pp	-7.6%-0.2pp	-7.4%-1.3pp	-6.1%+1.8pp	-7.8%+3.2pp	-11.0%-1.9pp	-9.2%-2.8pp	-6.3%
Current Ratio	8.05-6.1	14.20-1.2	15.42-3.0	18.45+5.4	13.06+3.4	9.64-2.2	11.81-5.1	16.89
Debt-to-Equity	0.41+0.3	0.13+0.0	0.12+0.0	0.11-0.0	0.13-0.0	0.18+0.0	0.15+0.0	0.13
FCF Margin	N/A	N/A	N/A	N/A	-16560.7%	N/A	-1784.5%-869.9pp	-914.6%

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Frequently Asked Questions

What is Revolution Medicines, Inc.'s annual revenue?

Revolution Medicines, Inc. (RVMD) reported $0 in total revenue for fiscal year 2024. This represents a -100.0% 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 Revolution Medicines, Inc.'s revenue growing?

Revolution Medicines, Inc. (RVMD) revenue declined by 100% year-over-year, from $11.6M to $0 in fiscal year 2024.

Is Revolution Medicines, Inc. profitable?

No, Revolution Medicines, Inc. (RVMD) reported a net income of -$600.1M in fiscal year 2024.

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

Revolution Medicines, Inc. (RVMD) reported diluted earnings per share of $-3.58 for fiscal year 2024. This represents a 7.3% 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.

What is Revolution Medicines, Inc.'s EBITDA?

Revolution Medicines, Inc. (RVMD) had EBITDA of -$683.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Revolution Medicines, Inc.'s free cash flow?

Revolution Medicines, Inc. (RVMD) generated -$567.7M in free cash flow during fiscal year 2024. This represents a -58.5% 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 Revolution Medicines, Inc.'s operating cash flow?

Revolution Medicines, Inc. (RVMD) generated -$557.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Revolution Medicines, Inc.'s total assets?

Revolution Medicines, Inc. (RVMD) had $2.6B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Revolution Medicines, Inc.'s capital expenditures?

Revolution Medicines, Inc. (RVMD) invested $10.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

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

Revolution Medicines, Inc. (RVMD) invested $592.2M in research and development during fiscal year 2024.

How many shares does Revolution Medicines, Inc. have outstanding?

Revolution Medicines, Inc. (RVMD) had 186M shares outstanding as of fiscal year 2024.

What is Revolution Medicines, Inc.'s current ratio?

Revolution Medicines, Inc. (RVMD) had a current ratio of 14.20 as of fiscal year 2024, which is generally considered healthy.

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

Revolution Medicines, Inc. (RVMD) had a debt-to-equity ratio of 0.13 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Revolution Medicines, Inc. (RVMD) had a return on assets of -23.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Revolution Medicines, Inc.'s cash runway?

Based on fiscal year 2024 data, Revolution Medicines, Inc. (RVMD) had $543.1M in cash against an annual operating cash burn of $557.4M. This gives an estimated cash runway of approximately 12 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 Revolution Medicines, Inc.'s Piotroski F-Score?

Revolution Medicines, Inc. (RVMD) 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.

Are Revolution Medicines, Inc.'s earnings high quality?

Revolution Medicines, Inc. (RVMD) has an earnings quality ratio of 0.93x, 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.