Sarepta Therapeutics (SRPT) FY2025 results: revenue $2.2 billion, up 15.6% on the year
Sarepta Therapeutics, Inc. (SRPT) reported revenue of $2.2 billion for fiscal 2025, the year ended 31 December 2025, up 15.6% on the year before. Net income was -$713 million, and diluted earnings per share $-7.13. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.
Revenue
$2.2 billion
+15.6% on the year
FY2018FY2025
Operating margin
-31.8%
11.5% a year earlier
FY2018FY2025
Net income
-$713 million
FY2018FY2025
Diluted EPS
-$7.13
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 kept.
Full-year revenue rose 16%: Total revenue for the year was $2,198.2 million, up $296.2 million from $1,902.0 million in 2024.
Fourth-quarter revenue fell by a third: Fourth-quarter total revenue was $442.9 million, down $215.5 million from $658.4 million a year earlier, a decline of 33%.
Full-year GAAP net loss widened: GAAP net loss was $713.4 million, or $7.13 per diluted share, against net income of $235.2 million in 2024. Non-GAAP net loss was $505.6 million.
ELEVIDYS sales of $898.7 million: ELEVIDYS net product revenue was $898.7 million for the year and $110.4 million in the fourth quarter.
Label adds liver injury boxed warning: The November 2025 label update added a boxed warning for serious liver injury and removed the non-ambulatory indication.
$ 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
-205
-206
-501
Capital expenditure
102
137
76.1
-25.5%
Free cash flow
-307
-343
-577
Free cash flow margin
-14.0%
-18.0%
-46.4%
Cash from investing
69.6
756
-166
-90.8%
Cash from financing
-168
125
125
Depreciation and amortisation
44.5
37.7
44.4
+18.0%
Share-based compensation
123
184
183
-33.0%
Buybacks
25.0
0.0
0.0
Diluted shares, weighted
100m
108m
92m
-7.2%
Shares outstanding at period end
105m
97m
94m
+8.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,141
1,528
859
-25.3%
Debt
829
1,137
1,238
-27.1%
Operating lease liabilities
199
192
141
+3.6%
Other liabilities
1,181
1,106
1,026
+6.8%
Total liabilities and equity
3,350
3,963
3,265
-15.5%
Fixed assets
345
340
227
+1.4%
Intangible assets
28.9
26.9
29.6
+7.7%
Investments
139
385
1,248
-63.8%
Cash and equivalents
801
1,103
428
-27.4%
Receivables
398
602
400
-33.8%
Inventory
915
750
323
+22.0%
Other assets
722
756
608
-4.5%
Total assets
3,350
3,963
3,265
-15.5%
10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.