Revolution Medicines, Inc. Financials
This page shows Revolution Medicines, Inc. (RVMD) 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).
R&D expansion is outpacing the balance sheet, making cash-runway management the central operating mechanic.
From FY2023 to FY2025, operating cash burn widened from-$350.6M to-$897.7M , showing the research build-out is consuming cash at a much faster pace. That burn acceleration sits beside FY2025 R&D spending of$987.3M , so the business is being financed as a long-duration development program rather than a self-funding commercial operation.
FY2025 free cash flow of
The company still has short-term liquidity with a 7.1x current ratio, so near-term bills are not the main constraint visible in the statements. The more important shift is funding mix: shares outstanding increased from 164.7M in FY2023 to 197.0M in FY2025, showing that new capital has come with dilution as spending accelerated.
Financial Health Signals
We are recalculating Revolution Medicines, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Revolution Medicines, Inc. scores 31.02, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($40.3B) relative to total liabilities ($723.2M). 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.
Revolution Medicines, Inc. passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Revolution Medicines, Inc. generates $0.79 in operating cash flow (-$897.7M OCF vs -$1.1B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Revolution Medicines, Inc. earns $-48.8 in operating income for every $1 of interest expense (-$1.2B vs $24.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Revolution Medicines, Inc. generated $0 in revenue in fiscal year 2025.
Revolution Medicines, Inc.'s EBITDA was -$1.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 72.0% from the prior year.
Revolution Medicines, Inc. reported -$1.1B in net income in fiscal year 2025. This represents a decrease of 88.5% from the prior year.
Revolution Medicines, Inc. earned $-5.95 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 66.2% from the prior year.
Cash & Balance Sheet
Revolution Medicines, Inc. generated -$913.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 60.9% from the prior year.
Revolution Medicines, Inc. held $383.7M in cash against $0 in long-term debt as of fiscal year 2025.
Revolution Medicines, Inc. had 197M shares outstanding in fiscal year 2025. This represents an increase of 6.0% from the prior year.
Margins & Returns
Revolution Medicines, Inc.'s ROE was -69.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 42.8 percentage points from the prior year.
Capital Allocation
Revolution Medicines, Inc. invested $987.3M in research and development in fiscal year 2025. This represents an increase of 66.7% from the prior year.
Revolution Medicines, Inc. invested $16.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 55.1% from the prior year.
RVMD Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0B | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| 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 | $344.0M | N/A | $262.5M+17.1% | $224.1M+8.9% | $205.7M | N/A | $151.8M+12.5% | $134.9M |
| SG&A Expenses | $101.3M | N/A | $52.8M+30.0% | $40.6M+15.9% | $35.0M | N/A | $24.0M+10.4% | $21.7M |
| Operating Income | -$445.2M | N/A | -$315.3M-19.1% | -$264.7M-9.9% | -$240.8M | N/A | -$175.7M-12.2% | -$156.6M |
| Interest Expense | $12.2M | N/A | $11.4M | N/A | $0 | N/A | $0 | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| Net Income | -$453.8M | N/A | -$305.2M-23.2% | -$247.8M-16.1% | -$213.4M | N/A | -$156.3M-17.3% | -$133.2M |
| EPS (Diluted) | $-2.29 | N/A | $-1.61-22.9% | $-1.31-15.9% | $-1.13 | N/A | $-0.94-16.0% | $-0.81 |
RVMD Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.3B-4.3% | $2.4B+4.6% | $2.3B-7.3% | $2.4B+2.7% | $2.4B-7.5% | $2.6B+45.1% | $1.8B-2.5% | $1.8B |
| Current Assets | $2.0B-5.2% | $2.1B+4.9% | $2.0B-9.1% | $2.2B+2.0% | $2.1B-8.3% | $2.3B+47.4% | $1.6B-2.8% | $1.6B |
| Cash & Equivalents | $440.9M+14.9% | $383.7M+76.5% | $217.4M-46.0% | $402.4M+20.7% | $333.6M-38.6% | $543.1M+169.8% | $201.3M-27.0% | $275.7M |
| 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 | $753.8M+4.2% | $723.2M+10.4% | $655.0M+16.1% | $564.2M+96.4% | $287.2M-2.0% | $293.1M+49.0% | $196.7M+3.7% | $189.6M |
| Current Liabilities | $289.6M-0.3% | $290.4M+18.2% | $245.6M+33.1% | $184.5M+16.4% | $158.6M-3.2% | $163.9M+47.9% | $110.9M+5.3% | $105.3M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.5B-8.1% | $1.6B+2.2% | $1.6B-14.4% | $1.9B-10.2% | $2.1B-8.3% | $2.3B+44.6% | $1.6B-3.2% | $1.6B |
| Retained Earnings | -$3.3B-15.8% | -$2.9B-14.6% | -$2.5B-13.9% | -$2.2B-12.7% | -$2.0B-12.3% | -$1.7B-12.6% | -$1.5B-11.3% | -$1.4B |
RVMD Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$354.2M-29.1% | -$274.2M-32.3% | -$207.3M+6.5% | -$221.8M-14.1% | -$194.4M-40.6% | -$138.3M-6.0% | -$130.4M-1.8% | -$128.2M |
| Capital Expenditures | $1.5M-20.1% | $1.9M-42.5% | $3.3M-55.0% | $7.5M+128.1% | $3.3M+167.3% | $1.2M-65.3% | $3.5M+46.7% | $2.4M |
| Free Cash Flow | -$355.7M-28.8% | -$276.2M-31.1% | -$210.7M+8.1% | -$229.2M-15.9% | -$197.7M-41.7% | -$139.5M-4.2% | -$133.9M-2.6% | -$130.6M |
| Investing Cash Flow | $172.6M+130.5% | $74.9M+201.3% | $24.8M-27.5% | $34.3M+314.9% | -$15.9M+95.9% | -$392.9M-1730.1% | -$21.5M-119.9% | $107.9M |
| Financing Cash Flow | $238.7M-34.7% | $365.7M+23068.5% | -$1.6M-100.6% | $256.6M+29257.3% | $874K-99.9% | $873.8M+1030.5% | $77.3M+930.0% | $7.5M |
| 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 |
RVMD Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -22.3% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -22.7% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -30.3% | N/A | -19.1%-5.8pp | -13.3%-3.0pp | -10.3% | N/A | -10.0%-1.8pp | -8.2% |
| Return on Assets | -20.1% | N/A | -13.6%-3.4pp | -10.2%-1.2pp | -9.0% | N/A | -8.9%-1.5pp | -7.4% |
| Current Ratio | 6.80-0.3 | 7.14-0.9 | 8.05-3.7 | 11.79-1.7 | 13.46-0.7 | 14.20-0.0 | 14.24-1.2 | 15.42 |
| Debt-to-Equity | 0.50+0.1 | 0.44+0.0 | 0.41+0.1 | 0.30+0.2 | 0.140.0 | 0.130.0 | 0.130.0 | 0.12 |
| FCF Margin | -17.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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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 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Revolution Medicines, Inc. profitable?
No, Revolution Medicines, Inc. (RVMD) reported a net income of -$1.1B in fiscal year 2025.
What is Revolution Medicines, Inc.'s EBITDA?
Revolution Medicines, Inc. (RVMD) had EBITDA of -$1.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Revolution Medicines, Inc.'s return on equity (ROE)?
Revolution Medicines, Inc. (RVMD) has a return on equity of -69.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Revolution Medicines, Inc.'s free cash flow?
Revolution Medicines, Inc. (RVMD) generated -$913.7M in free cash flow during fiscal year 2025. This represents a -60.9% 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 Revolution Medicines, Inc.'s operating cash flow?
Revolution Medicines, Inc. (RVMD) generated -$897.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Revolution Medicines, Inc.'s total assets?
Revolution Medicines, Inc. (RVMD) had $2.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Revolution Medicines, Inc.'s capital expenditures?
Revolution Medicines, Inc. (RVMD) invested $16.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Revolution Medicines, Inc. spend on research and development?
Revolution Medicines, Inc. (RVMD) invested $987.3M in research and development during fiscal year 2025.
What is Revolution Medicines, Inc.'s current ratio?
Revolution Medicines, Inc. (RVMD) had a current ratio of 7.14 as of fiscal year 2025, 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 0.44 as of fiscal year 2025, 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 -48.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Revolution Medicines, Inc.'s cash runway?
Based on fiscal year 2025 data, Revolution Medicines, Inc. (RVMD) had $383.7M in cash against an annual operating cash burn of $897.7M. This gives an estimated cash runway of approximately 5 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 Altman Z-Score?
Revolution Medicines, Inc. (RVMD) has an Altman Z-Score of 31.02, 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 Revolution Medicines, Inc.'s Piotroski F-Score?
Revolution Medicines, Inc. (RVMD) has a Piotroski F-Score of 1 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 Revolution Medicines, Inc.'s earnings high quality?
Revolution Medicines, Inc. (RVMD) has an earnings quality ratio of 0.79x, 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 Revolution Medicines, Inc. cover its interest payments?
Revolution Medicines, Inc. (RVMD) has an interest coverage ratio of -48.8x, 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.