Arvinas (ARVN) Q3 FY2026 earnings: revenue $500,000, down 98.8% on the year

Arvinas, Inc. (ARVN) reported revenue of $500,000 for Q3 FY2026, the quarter ended 30 September 2026, down 98.8% on the same quarter a year earlier. Net income was -$54 million, and diluted earnings per share $-0.82. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2026.

Revenue

$500,000

-98.8% on the year · -99.8% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-11820.0%

-104.5% a year earlier

Q4 FY2024Q3 FY2026

Net income

-$54 million

Q4 FY2024Q3 FY2026

Diluted EPS

-$0.82

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 new, 7 kept.

Revenue fell to $0.5 million: Revenue was $0.5 million, compared with $41.9 million in the third quarter 2025. The quarter carried no collaboration or development milestone income.
Quarterly net loss was $53.9 million: The company reported a net loss of $53.9 million, or $0.82 per diluted share, against a net loss of $35.1 million, or $0.48 per diluted share, a year earlier.
ARV-6723 Phase 1/2 dosing started: The company initiated dosing in the monotherapy cohort of the Phase 1/2 trial of ARV-6723, its first immuno-oncology degrader, targeting HPK1 in advanced solid tumors.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	0.5	250	41.9	-99.8%	-98.8%
Research and development	46.9	52.6	64.7	-10.8%	-27.5%
Operating income	-59.1	164	-43.8
Operating margin	-11820.0%	65.7%	-104.5%
Interest expense	0.0	0.0	0.0
Pre-tax income	-53.7	170	-34.8
Income tax	0.2	0.2	0.3	0.0%	-33.3%
Effective tax rate	n/a	0.1%	n/a
Net income	-53.9	169	-35.1
Net margin	-10780.0%	67.8%	-83.8%
Diluted EPS	-$0.82	$2.58	-$0.48

$ million except per share.

Free 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	-10.4	-48.3	-59.1
Capital expenditure	n/a	0.2	0.1
Free cash flow	n/a	-48.5	-59.2
Free cash flow margin	n/a	-19.4%	-141.3%
Cash from investing	4.2	54.9	63.5	-92.3%	-93.4%
Cash from financing	0.4	0.4	-17.8	0.0%
Depreciation and amortisation	0.6	0.7	0.8	-14.3%	-25.0%
Share-based compensation	5.9	5.9	10.1	0.0%	-41.6%
Diluted shares, weighted	65m	66m	73m	-0.5%	-10.7%
Shares outstanding at period end	66m	65m	71m	+0.3%	-7.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	514	562	564	-8.6%	-9.0%
Debt	0.4	0.5	0.6	-20.0%	-33.3%
Operating lease liabilities	5.3	5.8	7.2	-8.6%	-26.4%
Other liabilities	88.0	107	272	-17.4%	-67.7%
Total liabilities and equity	608	675	844	-10.0%	-28.0%
Fixed assets	4.6	5.0	5.4	-8.0%	-14.8%
Investments	470	474	686	-0.7%	-31.4%
Cash and equivalents	88.0	94.3	102	-6.7%	-13.3%
Receivables	1.8	50.3	20.3	-96.4%	-91.1%
Other assets	42.7	51.9	31.0	-17.7%	+37.7%
Total assets	608	675	844	-10.0%	-28.0%

Questions

What was Arvinas' revenue in Q3 FY2026?

Arvinas (ARVN) reported revenue of $500,000 for Q3 FY2026, the quarter ended 30 September 2026, down 98.8% on the same quarter a year earlier.

How much did Arvinas earn in Q3 FY2026?

Net loss for Q3 FY2026 was $54 million, and the diluted loss per share $0.82.

When did Arvinas report Q3 FY2026 results?

Arvinas filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 3 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 * †	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	26.3	26.5	33.8	33.2	37.9	32.5	54.5	34.6	-43.1	25.3	76.5	102	59.2	189	22.4	41.9	9.5	15.6	250	0.5
R&D	61.9	64.0	75.3	77.5	98.2	95.3	103	85.9	95.1	84.3	93.7	86.9	83.3	90.8	68.6	64.7	61.1	60.3	52.6	46.9
Operating income	-54.4	-57.7	-65.8	-64.3	-75.4	-87.7	-74.6	-73.9	-165	-83.3	-48.5	-60.3	-58.1	71.4	-71.5	-43.8	-74.6	-63.8	164	-59.1
Operating margin	-207%	-218%	-195%	-194%	-199%	-270%	-137%	-214%	n/a	-329%	-63%	-59%	-98%	38%	-319%	-105%	-785%	-409%	66%	-11820%
Interest expense	n/a	0.0	0.0	0.0	n/a	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	0.0	0.0
Pre-tax income	n/a	-56.6	-64.1	-61.1	-69.2	-81.2	-65.6	-63.9	-153	-69.3	-35.0	-48.6	-45.4	83.1	-61.5	-34.8	-67.3	-57.5	170	-53.7
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0%	n/a	n/a	n/a	n/a	0%	n/a
Net income	-53.0	-63.4	-70.0	-66.2	-82.9	-81.9	-66.6	-64.0	-155	-69.4	-35.2	-49.2	-45.1	82.9	-61.2	-35.1	-67.4	-57.6	169	-53.9
Net margin	-201%	-239%	-207%	-199%	-219%	-252%	-122%	-185%	n/a	-274%	-46%	-48%	-76%	44%	-273%	-84%	-709%	-369%	68%	-10780%
Diluted EPS	-$1.01	-$1.20	-$1.32	-$1.24	-$1.56	-$1.54	-$1.25	-$1.18	-$2.53	-$0.97	-$0.49	-$0.68	-$0.63	$1.14	-$0.84	-$0.48	-$1.10	-$0.90	$2.58	-$0.82
Operating cash flow	-35.8	-57.1	-78.6	-66.6	-71.2	-91.2	-88.7	-84.8	-83.1	-97.5	50.3	-128	-84.1	-88.9	-95.4	-59.1	-30.4	-69.2	-48.3	-10.4
Capital expenditure	1.9	2.1	1.4	2.2	1.1	1.1	0.6	1.1	0.1	0.1	0.7	0.7	0.3	0.4	1.2	0.1	0.2	1.3	0.2	n/a
Free cash flow	-37.6	-59.2	-80.0	-68.8	-72.3	-92.3	-89.3	-85.9	-83.2	-97.6	49.6	-129	-84.4	-89.3	-96.6	-59.2	-30.6	-70.5	-48.5	n/a
Shares outstanding	53m	53m	53m	53m	53m	53m	53m	55m	68m	68m	69m	69m	69m	73m	73m	71m	64m	64m	65m	66m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Revenue below zero (Q4 FY2023) is as the company filed it: its revenue line takes off losses (on securities sold, hedges or investments), revenue reversed from earlier periods or incentives paid out, and in that period they were larger than the rest. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 3 November 2026: the filing.