Adma Biologics (ADMA) FY2025 results: revenue $510 million, up 19.6% on the year
Adma Biologics, Inc. (ADMA) reported revenue of $510 million for fiscal 2025, the year ended 31 December 2025, up 19.6% on the year before. Net income was $147 million, down 25.7%, and diluted earnings per share $0.60. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$510 million
+19.6% on the year
FY2018FY2025
Operating margin
37.5%
32.6% a year earlier
FY2018FY2025
Net income
$147 million
-25.7% on the year
FY2018FY2025
Diluted EPS
$0.60
-25.9% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 raised, 7 kept.
Full-year revenue rose 20%: Full-year 2025 revenue reached $510.2 million, up $83.7 million or 20%. Excluding a 2024 Medicaid rebate accrual adjustment, growth was about 23%.
Adjusted EBITDA rose 40%: Full-year adjusted EBITDA reached $231.0 million, up 40%. Full-year adjusted net income was $160.8 million, up 35%.
ASCENIV sales rose 51%: ASCENIV revenue was $362.5 million for 2025, up 51%. Management tied growth to demand, prescriber adoption and record utilization exiting the year.
Full-year gross margin rose to 57.4%: Full-year gross margin was 57.4% against 51.5%, and fourth-quarter corporate gross margin was 63.8%. Full-year gross profit was $292.8 million.
Three plasma centers to be sold: ADMA agreed in December 2025 to divest three plasma centers for $12 million and keep seven centers, with long-term supply agreements with the buyer.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
50.4
119
8.8
-57.5%
Capital expenditure
22.6
8.2
4.8
+174.4%
Free cash flow
27.8
110
4.0
-74.8%
Free cash flow margin
5.5%
25.9%
1.6%
Cash from investing
-21.9
-8.6
-5.0
Cash from financing
-44.0
-58.3
-39.0
Depreciation and amortisation
8.0
7.7
7.6
+3.9%
Share-based compensation
20.0
13.6
6.2
+47.1%
Buybacks
31.9
0.0
0.0
Diluted shares, weighted
245m
243m
224m
+0.6%
Shares outstanding at period end
238m
237m
226m
+0.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
477
349
135
+36.8%
Debt
72.1
72.3
131
-0.3%
Operating lease liabilities
6.6
8.6
9.8
-22.4%
Other liabilities
68.1
58.8
53.6
+15.9%
Total liabilities and equity
624
489
329
+27.7%
Fixed assets
65.1
54.7
53.8
+18.9%
Goodwill
3.5
3.5
3.5
0.0%
Intangible assets
0.6
0.5
0.5
+37.4%
Cash and equivalents
87.6
103
51.4
-15.0%
Receivables
158
50.0
27.4
+216.9%
Inventory
206
170
173
+21.3%
Other assets
102
107
19.6
-3.8%
Total assets
624
489
329
+27.7%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.