Arcus Biosciences (RCUS) FY2025 results: revenue $247 million, down 4.3% on the year
Arcus Biosciences, Inc. (RCUS) reported revenue of $247 million for fiscal 2025, the year ended 31 December 2025, down 4.3% on the year before. Net income was -$353 million, and diluted earnings per share $-3.29. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$247 million
-4.3% on the year
FY2018FY2025
Operating margin
-156.3%
-127.9% a year earlier
FY2018FY2025
Net income
-$353 million
FY2018FY2025
Diluted EPS
-$3.29
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 new.
Full-year revenue of $247 million: Full-year 2025 revenue was $247 million, compared with the $225 million to $235 million range given in the third-quarter release. Full-year 2024 revenue was $258 million.
Fourth-quarter net loss of $106 million: Net loss was $106 million for the fourth quarter, against $94 million a year earlier. Full-year net loss was $353 million, or $3.29 per basic and diluted share.
100mg cohort response rate 45.2%: In the 100mg once-daily cohort, confirmed response rate rose to 45.2% and median PFS was 15.1 months, with 17.9 months of median follow-up at a January 30, 2026 cutoff.
Zimberelimab cohort fully enrolled: Casdatifan plus zimberelimab in ARC-20 has completed enrollment. Arcus expects this combination to be the backbone of its front-line strategy.
Domvanalimab Phase 3 and Phase 2 wind-down: Arcus and Gilead are winding down activities for the Phase 3 STAR-221 and Phase 2 EDGE-Gastric studies of domvanalimab plus zimberelimab.
$ 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
-482
-170
-306
Capital expenditure
2.0
6.0
24.0
-66.7%
Free cash flow
-484
-176
-330
Free cash flow margin
-196.0%
-68.2%
-282.1%
Cash from investing
66.0
-84.0
194
Cash from financing
488
277
33.0
+76.2%
Depreciation and amortisation
10.0
10.0
8.0
0.0%
Share-based compensation
60.0
76.0
73.0
-21.1%
Diluted shares, weighted
107m
90m
74m
+19.2%
Shares outstanding at period end
125m
92m
76m
+35.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
631
485
462
+30.1%
Debt
99.0
48.0
0.0
+106.2%
Operating lease liabilities
86.0
99.0
110
-13.1%
Other liabilities
323
518
523
-37.6%
Total liabilities and equity
1,139
1,150
1,095
-1.0%
Fixed assets
40.0
47.0
51.0
-14.9%
Investments
788
842
739
-6.4%
Cash and equivalents
222
150
127
+48.0%
Other assets
89.0
111
178
-19.8%
Total assets
1,139
1,150
1,095
-1.0%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.