Schrodinger (SDGR) FY2023 results: revenue $217 million, up 19.7% on the year

Schrodinger, Inc. (SDGR) reported revenue of $217 million for fiscal 2023, the year ended 31 December 2023, up 19.7% on the year before. Net income was $41 million, and diluted earnings per share $0.54. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2025.

Revenue

$217 million

+19.7% on the year

FY2019FY2023

Operating margin

-81.9%

-81.1% a year earlier

FY2019FY2023

Net income

$41 million

FY2019FY2023

Diluted EPS

$0.54

FY2019FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	217	181	138	+19.7%
Cost of revenue	76.0	79.9	72.3	-5.0%
Gross profit	141	101	65.6	+39.3%
Gross margin	64.9%	55.8%	47.6%
Research and development	182	126	90.9	+43.8%
Operating income	-177	-147	-111
Operating margin	-81.9%	-81.1%	-80.8%
Pre-tax income	42.9	-149	-101
Income tax	2.2	0.1	0.4	+3,390.5%
Effective tax rate	5.1%	n/a	n/a
Net income	40.7	-149	-100
Net margin	18.8%	-82.4%	-72.8%
Diluted EPS	$0.54	-$2.10	-$1.42

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	-137	-120	-70.7
Capital expenditure	13.4	8.0	7.2	+67.2%
Free cash flow	-150	-128	-77.8
Free cash flow margin	-69.3%	-70.6%	-56.4%
Cash from investing	193	90.0	-16.8	+114.4%
Cash from financing	9.0	2.1	8.0	+328.8%
Depreciation and amortisation	5.6	4.3	2.8	+27.8%
Share-based compensation	47.8	39.6	26.5	+20.7%
Diluted shares, weighted	75m	71m	71m	+5.4%
Shares outstanding at period end	63m	62m	62m	+1.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	549	448	557	+22.5%
Non-controlling interest	0.0	0.0	0.0
Debt	0.0	0.0	0.0
Operating lease liabilities	111	105	77.8	+5.2%
Other liabilities	143	135	122	+6.1%
Total liabilities and equity	803	689	756	+16.6%
Fixed assets	n/a	14.2	10.0
Goodwill	4.8	4.8	0.0	0.0%
Intangible assets	0.0	0.6	0.0
Investments	308	361	456	-14.7%
Cash and equivalents	155	90.5	120	+71.7%
Receivables	66.0	56.0	31.7	+17.9%
Other assets	269	162	138	+66.2%
Total assets	803	689	756	+16.6%

10-K for the year ended 31 December 2023, filed 26 February 2025: the filing.