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ARCUTIS BIOTHERAPEUTICS, INC.

EDGAR
ARQT Current report (8-K) · filed 2026-10-28

Annual consolidated revenue for 2025: about USD 376.1M, using the latest reported figures. The previous period, 2024, was about USD 196.5M.

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Watchlist

Latest quarter

Revenue

130 million USD

2026 Q2 · USD

Exact inputs and evidence

Operating margin

12.65%

2026 Q2 · %

Exact inputs and evidence
  • Operating Income: 16429000 USD Source
  • Revenue: 129861000 USD Source

Operating cash flow

12.6 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 14878000 USD Source
  • Operating Cash Flow: 2239000 USD Source

Free cash flow

12.5 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 14878000 USD Source
  • Operating Cash Flow: 2239000 USD Source
  • Capital Expenditure: 158000 USD Source
  • Capital Expenditure: 0 USD Source
Cash and cash equivalents
34.1 million USD Source
Exact value

34121000 USD

Long-term debt including current maturities
109 million USD Source
Exact value

108900000 USD

Shares outstanding
126 million shares Source
Exact value

125591000 shares

Reported share-count change

4.84% · 5.79 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 119797738 shares · 2025-06-30· Source
  • 125591000 shares · 2026-06-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

464 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Revenue: 99219000 USD · 2025-07-01 – 2025-09-30 Source
  • Revenue: 376072000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 246569000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 105398000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 129861000 USD · 2026-04-01 – 2026-06-30 Source

Net income

28.5 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Net income: 7410000 USD · 2025-07-01 – 2025-09-30 Source
  • Net income: -16141000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: -33536000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: -11295000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: 15009000 USD · 2026-04-01 – 2026-06-30 Source

Operating cash flow

39.3 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: -31810000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -30056000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: -5625000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: -31810000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 2239000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 14878000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 2239000 USD · 2026-01-01 – 2026-03-31 Source

Capital expenditure

158 thousand USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Capital expenditure: 686000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 686000 USD · 2025-01-01 – 2025-06-30 Source
  • Capital expenditure: 686000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 686000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 0 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 158000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 0 USD · 2026-01-01 – 2026-03-31 Source

Free cash flow

39.2 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: -31810000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -30056000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: -5625000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: -31810000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 2239000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 14878000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 2239000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 686000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 686000 USD · 2025-01-01 – 2025-06-30 Source
  • Capital expenditure: 686000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 686000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 0 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 158000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 0 USD · 2026-01-01 – 2026-03-31 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-28.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 4 of 11 periods available· newest 2025-12-31
  • Operating income: 8 of 11 periods available· newest 2025-12-31
  • Net income: 8 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 8 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 8 of 11 periods available· newest 2025-12-31
  • Total assets: 4 of 11 periods available· newest 2025-12-31
  • Total liabilities: 4 of 11 periods available· newest 2025-12-31
  • Current assets: 4 of 11 periods available· newest 2025-12-31
  • Current liabilities: 4 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 4 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 4 of 11 periods available· newest 2025-12-31
  • Shares outstanding: 4 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +91.3%

    Prior period

    USD 196.54 million

    –

    Current period

    USD 376.07 million

    –

    Exact inputs and evidence

    376072000 − 196542000 = 179530000 USD

    196542000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    376072000 USD · 2025-01-01 – 2025-12-31

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  • Net income

    +USD 123.9 million

    Prior period

    −USD 140.04 million

    –

    Current period

    −USD 16.14 million

    –

    Exact inputs and evidence

    -16141000 − -140039000 = 123898000 USD

    -140039000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -16141000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    +USD 106.53 million

    Prior period

    −USD 112.16 million

    –

    Current period

    −USD 5.63 million

    –

    Exact inputs and evidence

    -5625000 − -112158000 = 106533000 USD

    -112158000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -5625000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    +379.7%

    Prior period

    USD 143,000

    –

    Current period

    USD 686,000

    –

    Exact inputs and evidence

    686000 − 143000 = 543000 USD

    143000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    686000 USD · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 376.07 million 100% of revenue
  • Cost of revenue USD 36.7 million 9.8% of revenue
  • Operating expenses USD 351.6 million 93% of revenue
  • Operating income −USD 12.23 million −3.3% of revenue
  • Tax, interest and other Derived USD 3.91 million 1% of revenue
  • Net income −USD 16.14 million −4.3% of revenue

Cash

  • Operating cash flow −USD 5.63 million −1.5% of revenue
  • Capital expenditure USD 686,000 0.2% of revenue
  • Free cash flow Derived −USD 6.31 million −1.7% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2022 Operating loss: operating costs were 8,283% of revenue.
  • 2023 Operating loss: operating costs were 504% of revenue.
  • 2024 Operating loss: operating costs were 165% of revenue.
  • 2025 Operating loss: operating costs were 103% of revenue.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2022 2022-01-01 – 2022-12-313686000 305313000 Derived -301627000 9831000 Derived -311458000 -258048000 Derived
Source
2023 2023-01-01 – 2023-12-3159606000 300707000 Derived -241101000 21039000 Derived -262140000 -247485000 Derived
Source
2024 2024-01-01 – 2024-12-31196542000 324939000 Derived -128397000 11642000 Derived -140039000 -112301000 Derived
Source
2025 2025-01-01 – 2025-12-31376072000 388299000 Derived -12227000 3914000 Derived -16141000 -6311000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 376.1M 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.406.2M304.6M203.1M101.5M0.02022202320242025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2022Revenue3686000
2023Revenue59606000
2024Revenue196542000
2025Revenue376072000

Revenue growth

Change in revenue from the same financial period one year earlier.

91.3% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1,638%1,229%819%410%0%2022202320242025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2022Year over yearNo prior comparable period
2023Year over year1,517.1%
2024Year over year229.7%
2025Year over year91.3%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin -3.3% 2025
Net margin -4.3% 2025
Free cash flow margin -1.7% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.676%-1,774%-4,225%-6,675%-9,126%2022202320242025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2022Operating margin-8,183%
2023Operating margin-404.5%
2024Operating margin-65.3%
2025Operating margin-3.3%
2022Net margin-8,449.8%
2023Net margin-439.8%
2024Net margin-71.3%
2025Net margin-4.3%
2022Free cash flow margin-7,000.8%
2023Free cash flow margin-415.2%
2024Free cash flow margin-57.1%
2025Free cash flow margin-1.7%

Operating cash flow

Cash generated by the company’s normal business operations.

USD -5.6M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.20.6M-54.1M-128.9M-203.6M-278.3M2022202320242025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2022Operating cash flow-257715000
2023Operating cash flow-247057000
2024Operating cash flow-112158000
2025Operating cash flow-5625000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD -6.3M 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.20.6M-54.2M-129.0M-203.9M-278.7M2022202320242025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2022Free cash flow-258048000
2023Free cash flow-247485000
2024Free cash flow-112301000
2025Free cash flow-6311000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

56.2% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.80%60%40%20%0%2022202320242025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2022Liabilities / assets53.4%
2023Liabilities / assets74%
2024Liabilities / assets54.8%
2025Liabilities / assets56.2%

Current assets to current liabilities

Current assets divided by current liabilities.

3.17× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.12.50×9.37×6.25×3.12×0.00×2022202320242025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2022Current assets / current liabilities11.57×
2023Current assets / current liabilities7.08×
2024Current assets / current liabilities4.15×
2025Current assets / current liabilities3.17×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2018 2018-01-01 – 2018-12-31
−USD 19.26 million
Exact value

Exact value: -19255000 USD

2018-01-01 – 2018-12-31: -19255000 USD Inspect Net Income Open source
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−USD 14.09 million
Exact value

Exact value: -14085000 USD

2018-01-01 – 2018-12-31: -14085000 USD Inspect Operating Cash Flow Open source
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USD 0
Exact value

Exact value: 0 USD

2018-01-01 – 2018-12-31: 0 USD Inspect Capital Expenditure Open source
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−USD 14.09 million
Calculation and evidence

-14085000 − 0 USD

Exact free cash flow: -14085000 USD

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2019 2019-01-01 – 2019-12-31
−USD 42 million
Exact value

Exact value: -41996000 USD

2019-01-01 – 2019-12-31: -41996000 USD Inspect Net Income Open source
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−USD 42.84 million
Exact value

Exact value: -42836000 USD

2019-01-01 – 2019-12-31: -42836000 USD Inspect Operating Cash Flow Open source
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USD 295,000
Exact value

Exact value: 295000 USD

2019-01-01 – 2019-12-31: 295000 USD Inspect Capital Expenditure Open source
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−USD 43.13 million
Calculation and evidence

-42836000 − 295000 USD

Exact free cash flow: -43131000 USD

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2020 2020-01-01 – 2020-12-31
−USD 135.68 million
Exact value

Exact value: -135678000 USD

2020-01-01 – 2020-12-31: -135678000 USD Inspect Net Income Open source
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−USD 113.03 million
Exact value

Exact value: -113033000 USD

2020-01-01 – 2020-12-31: -113033000 USD Inspect Operating Cash Flow Open source
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USD 321,000
Exact value

Exact value: 321000 USD

2020-01-01 – 2020-12-31: 321000 USD Inspect Capital Expenditure Open source
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−USD 113.35 million
Calculation and evidence

-113033000 − 321000 USD

Exact free cash flow: -113354000 USD

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2021 2021-01-01 – 2021-12-31
−USD 206.36 million
Exact value

Exact value: -206356000 USD

2021-01-01 – 2021-12-31: -206356000 USD Inspect Net Income Open source
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−USD 174.63 million
Exact value

Exact value: -174627000 USD

2021-01-01 – 2021-12-31: -174627000 USD Inspect Operating Cash Flow Open source
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USD 995,000
Exact value

Exact value: 995000 USD

2021-01-01 – 2021-12-31: 995000 USD Inspect Capital Expenditure Open source
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−USD 175.62 million
Calculation and evidence

-174627000 − 995000 USD

Exact free cash flow: -175622000 USD

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2022 2022-01-01 – 2022-12-31
−USD 311.46 million
Exact value

Exact value: -311458000 USD

2022-01-01 – 2022-12-31: -311458000 USD Inspect Net Income Open source
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−USD 257.72 million
Exact value

Exact value: -257715000 USD

2022-01-01 – 2022-12-31: -257715000 USD Inspect Operating Cash Flow Open source
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USD 333,000
Exact value

Exact value: 333000 USD

2022-01-01 – 2022-12-31: 333000 USD Inspect Capital Expenditure Open source
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−USD 258.05 million
Calculation and evidence

-257715000 − 333000 USD

Exact free cash flow: -258048000 USD

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2023 2023-01-01 – 2023-12-31
−USD 262.14 million
Exact value

Exact value: -262140000 USD

2023-01-01 – 2023-12-31: -262140000 USD Inspect Net Income Open source
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−USD 247.06 million
Exact value

Exact value: -247057000 USD

2023-01-01 – 2023-12-31: -247057000 USD Inspect Operating Cash Flow Open source
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USD 428,000
Exact value

Exact value: 428000 USD

2023-01-01 – 2023-12-31: 428000 USD Inspect Capital Expenditure Open source
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−USD 247.49 million
Calculation and evidence

-247057000 − 428000 USD

Exact free cash flow: -247485000 USD

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2024 2024-01-01 – 2024-12-31
−USD 140.04 million
Exact value

Exact value: -140039000 USD

2024-01-01 – 2024-12-31: -140039000 USD Inspect Net Income Open source
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−USD 112.16 million
Exact value

Exact value: -112158000 USD

2024-01-01 – 2024-12-31: -112158000 USD Inspect Operating Cash Flow Open source
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USD 143,000
Exact value

Exact value: 143000 USD

2024-01-01 – 2024-12-31: 143000 USD Inspect Capital Expenditure Open source
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−USD 112.3 million
Calculation and evidence

-112158000 − 143000 USD

Exact free cash flow: -112301000 USD

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2025 2025-01-01 – 2025-12-31
−USD 16.14 million
Exact value

Exact value: -16141000 USD

2025-01-01 – 2025-12-31: -16141000 USD Inspect Net Income Open source
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−USD 5.63 million
Exact value

Exact value: -5625000 USD

2025-01-01 – 2025-12-31: -5625000 USD Inspect Operating Cash Flow Open source
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USD 686,000
Exact value

Exact value: 686000 USD

2025-01-01 – 2025-12-31: 686000 USD Inspect Capital Expenditure Open source
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−USD 6.31 million
Calculation and evidence

-5625000 − 686000 USD

Exact free cash flow: -6311000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

45 filings · 2,127 latest values · 2,127 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001787306, 1787306, ARQT, edgar:1787306

Also known as ARCUTIS BIOTHERAPEUTICS, INC., Arcutis Biotherapeutics, Inc., Arcutis, Inc.