Schrodinger (SDGR) FY2025 results: revenue $256 million, up 23.3% on the year
Schrodinger, Inc. (SDGR) reported revenue of $256 million for fiscal 2025, the year ended 31 December 2025, up 23.3% on the year before. Net income was -$103 million, and diluted earnings per share $-1.41. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$256 million
+23.3% on the year
FY2019FY2025
Operating margin
-65.2%
-100.8% a year earlier
FY2019FY2025
Net income
-$103 million
FY2019FY2025
Diluted EPS
-$1.41
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 7 new.
Total revenue up 23% for year: Software revenue reached $199.5 million, alongside total revenue of $255.9 million for the full year.
Fourth-quarter software revenue fell 13%: Fourth-quarter total revenue was $87.2 million, down 1.2%. The company attributed the software decline to accelerated recognition of upfront revenue from 2024 multi-year agreements, partly offset by higher hosted revenue.
Net dollar retention fell to 100%: Net dollar retention for Commercial customers was 100% in 2025, versus 113% in 2024. Gross dollar retention was 96% in both years.
Drug discovery revenue more than doubled: Drug discovery revenue was $56.4 million for 2025 and $18.0 million in the fourth quarter, against $8.7 million a year earlier.
Software moving to hosted deployments: Schrödinger is accelerating its move from on-premise deployments to hosted software and license server solutions. Hosted revenue was 23% of software revenue in 2025, up from 20%.
$ 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
13.9
-157
-137
Capital expenditure
1.4
7.3
13.4
-80.3%
Free cash flow
12.5
-165
-150
Free cash flow margin
4.9%
-79.3%
-69.3%
Cash from investing
57.9
149
193
-61.1%
Cash from financing
2.9
10.1
9.0
-71.0%
Depreciation and amortisation
6.0
6.2
5.6
-2.2%
Share-based compensation
43.0
49.9
47.8
-13.8%
Diluted shares, weighted
73m
73m
75m
+1.1%
Shares outstanding at period end
n/a
n/a
63m
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
364
421
549
-13.6%
Non-controlling interest
n/a
n/a
0.0
Debt
0.0
0.0
0.0
Operating lease liabilities
92.8
101
111
-8.2%
Other liabilities
269
301
143
-10.4%
Total liabilities and equity
726
823
803
-11.8%
Goodwill
4.8
4.8
4.8
0.0%
Intangible assets
n/a
n/a
0.0
Investments
165
205
308
-19.5%
Cash and equivalents
231
147
155
+56.5%
Receivables
83.0
236
66.0
-64.8%
Other assets
243
231
269
+5.3%
Total assets
726
823
803
-11.8%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.