TG Therapeutics (TGTX) FY2025 results: revenue $616 million, up 87.3% on the year

TG Therapeutics, Inc. (TGTX) reported revenue of $616 million for fiscal 2025, the year ended 31 December 2025, up 87.3% on the year before. Net income was $447 million, up 1812.4%, and diluted earnings per share $2.77. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue

$616 million

+87.3% on the year

FY2018FY2025

Operating margin

20.0%

12.7% a year earlier

FY2018FY2025

Net income

$447 million

+1,812.4% on the year

FY2018FY2025

Diluted EPS

$2.77

+1,746.7% on the year

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 5 new.

Total revenue reached $192.6 million in Q4: Fourth-quarter total revenue was $192.6 million and full-year total revenue was $616.3 million, including BRIUMVI U.S. net revenue.
Q4 BRIUMVI U.S. sales reached $182.7 million: Q4 BRIUMVI U.S. net product revenue was $182.7 million, approximately 20% above Q3 2025.
Full-year U.S. sales up 92%: Full-year BRIUMVI U.S. net product revenue was $594.1 million, approximately 92% higher than the prior year.
Net income includes non-recurring tax benefit: Net income was $23.0 million for Q4 and $447.2 million for the year, the annual figure including a non-recurring $339.8 million tax benefit from the Q3 2025 valuation allowance release.
Subcutaneous Phase 3 about 75% enrolled: Enrollment in the Phase 3 pivotal program for subcutaneous ublituximab reached approximately 75%.

Read the Q4 FY2025 earnings call summary

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	616	329	234	+87.3%
Cost of revenue	101	38.5	14.1	+161.7%
Gross profit	516	291	220	+77.5%
Gross margin	83.7%	88.3%	94.0%
Research and development	160	94.3	76.2	+69.9%
Selling, general and administrative	232	154	123	+50.4%
Operating income	123	41.9	20.6	+194.1%
Operating margin	20.0%	12.7%	8.8%
Interest expense	26.7	24.0	12.6	+11.2%
Pre-tax income	107	25.6	13.1	+319.6%
Income tax	-340	2.2	0.4
Effective tax rate	-316.4%	8.6%	3.0%
Net income	447	23.4	12.7	+1,812.4%
Net margin	72.6%	7.1%	5.4%
Diluted EPS	$2.77	$0.15	$0.09	+1,746.7%

$ 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	FY2025	FY2024	FY2023	On the year
Operating cash flow	-24.8	-40.5	-31.4
Capital expenditure	0.2	0.0	0.0	+375.6%
Free cash flow	-25.0	-40.6	-31.4
Free cash flow margin	-4.1%	-12.3%	-13.4%
Cash from investing	13.8	-1.0	-50.7
Cash from financing	-89.7	129	72.7
Depreciation and amortisation	0.1	0.1	0.2	-13.2%
Share-based compensation	64.7	42.5	37.9	+52.0%
Diluted shares, weighted	161m	160m	149m	+0.7%
Shares outstanding at period end	155m	156m	151m	-0.3%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	648	222	161	+191.4%
Debt	246	244	100	+0.5%
Operating lease liabilities	7.0	8.1	9.2	-13.7%
Other liabilities	163	103	59.5	+58.2%
Total liabilities and equity	1,063	578	330	+84.1%
Fixed assets	n/a	n/a	0.1
Goodwill	n/a	n/a	0.8
Investments	122	132	125	-7.5%
Cash and equivalents	79.1	180	92.9	-56.0%
Receivables	306	129	51.1	+136.6%
Inventory	126	110	39.8	+13.7%
Other assets	431	26.2	20.3	+1,542.3%
Total assets	1,063	578	330	+84.1%

10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.