Viatris (VTRS) Q4 FY2025 earnings: revenue $3.7 billion, up 5.0% on the year

Viatris Inc. (VTRS) reported revenue of $3.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 5.0% on the same quarter a year earlier. Net income was -$340 million, and diluted earnings per share $-0.30. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$3.7 billion

+5.0% on the year · -1.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

-5.2%

-5.1% a year earlier

Q1 FY2024Q4 FY2025

Net income

-$340 million

Q1 FY2024Q4 FY2025

Diluted EPS

-$0.30

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 15 new.

Fourth-quarter revenue rose 5%: Total revenues were $3.7 billion, up 5% reported and up 2% on a divestiture-adjusted operational basis versus fourth-quarter 2024.
Fourth-quarter loss tied to plants: The company attributed the fourth-quarter U.S. GAAP net loss of $(340) million mainly to contractual termination costs, remediation costs and manufacturing variances at plants slated for sale or closure.
Adjusted EPS up 6% in quarter: Adjusted EPS was $0.57 in the fourth quarter, up 6% reported, and adjusted EBITDA was $1.0 billion, up 2% reported. The company attributed both mainly to brands performance.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	3,704	3,760	3,528	-1.5%	+5.0%
Cost of revenue	2,556	2,388	2,313	+7.0%	+10.5%
Gross profit	1,148	1,372	1,215	-16.3%	-5.5%
Gross margin	31.0%	36.5%	34.4%
Research and development	275	250	206	+9.7%	+33.0%
Selling, general and administrative	1,031	887	1,047	+16.3%	-1.5%
Operating income	-193	179	-180
Operating margin	-5.2%	4.8%	-5.1%
Interest expense	120	120	120	0.0%	-0.5%
Pre-tax income	-343	-7.9	-526
Income tax	-2.9	120	-10.0
Net income	-340	-128	-516
Net margin	-9.2%	-3.4%	-14.6%
Diluted EPS	-$0.30	-$0.11	-$0.43

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	816	745	483	+9.5%	+69.0%
Capital expenditure	196	86.8	140	+126.4%	+40.0%
Free cash flow	619	658	342	-5.9%	+80.9%
Free cash flow margin	16.7%	17.5%	9.7%
Cash from investing	-211	-98.9	-169
Cash from financing	-236	-228	-1,420
Depreciation and amortisation	767	688	746	+11.4%	+2.8%
Share-based compensation	49.4	36.0	32.3	+37.2%	+52.9%
Buybacks	82.2	67.9	0.0	+21.1%
Dividend per share	$0.12	$0.12	$0.12	0.0%	0.0%
Diluted shares, weighted	1,153m	1,165m	1,194m	-1.0%	-3.4%
Shares outstanding at period end	1,151m	1,152m	1,194m	-0.0%	-3.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	14,711	15,218	18,636	-3.3%	-21.1%
Debt	14,414	14,440	14,047	-0.2%	+2.6%
Operating lease liabilities	178	171	179	+3.9%	-0.7%
Other liabilities	7,890	8,092	8,639	-2.5%	-8.7%
Total liabilities and equity	37,193	37,920	41,501	-1.9%	-10.4%
Fixed assets	2,614	2,626	2,666	-0.5%	-2.0%
Goodwill	6,755	6,731	9,133	+0.4%	-26.0%
Intangible assets	15,102	15,723	17,071	-3.9%	-11.5%
Investments	40.7	n/a	38.0		+7.1%
Trading assets	65.7	64.0	55.5	+2.7%	+18.4%
Cash and equivalents	1,322	975	735	+35.6%	+80.0%
Receivables	3,031	3,372	3,221	-10.1%	-5.9%
Inventory	3,999	4,111	3,854	-2.7%	+3.8%
Other assets	4,263	4,318	4,727	-1.3%	-9.8%
Total assets	37,193	37,920	41,501	-1.9%	-10.4%

Questions

What was Viatris' revenue in Q4 FY2025?

Viatris (VTRS) reported revenue of $3.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 5.0% on the same quarter a year earlier.

How much did Viatris earn in Q4 FY2025?

Net loss for Q4 FY2025 was $340 million, and the diluted loss per share $0.30.

When did Viatris report Q4 FY2025 results?

Viatris filed its 10-K for the year that ended with the quarter on 26 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,342	4,192	4,117	4,078	3,876	3,729	3,919	3,942	3,837	3,663	3,797	3,751	3,528	3,254	3,582	3,760	3,704	3,517	3,757	3,750
Cost of revenue	2,795	2,420	2,414	2,330	2,602	2,187	2,310	2,251	2,241	2,159	2,351	2,292	2,313	2,093	2,249	2,388	2,556	2,360	2,300	2,312
Gross profit	1,546	1,771	1,703	1,748	1,274	1,542	1,609	1,691	1,596	1,504	1,445	1,459	1,215	1,161	1,333	1,372	1,148	1,157	1,456	1,438
Gross margin	36%	42%	41%	43%	33%	41%	41%	43%	42%	41%	38%	39%	34%	36%	37%	36%	31%	33%	39%	38%
R&D	267	142	163	175	n/a	183	208	211	n/a	200	204	198	206	222	219	250	275	249	248	232
SG&A	1,083	915	981	1,017	1,265	959	1,032	1,054	1,606	1,018	1,037	1,003	1,047	948	929	887	1,031	929	1,134	951
Operating income	-77.6	707	549	560	-201	400	369	452	-454	204	-240	226	-180	-2,882	233	179	-193	-79.7	6.3	262
Operating margin	-2%	17%	13%	14%	-5%	11%	9%	11%	-12%	6%	-6%	6%	-5%	-89%	7%	5%	-5%	-2%	0%	7%
Interest expense	148	146	146	153	147	147	144	142	141	138	146	146	120	116	117	120	120	120	121	112
Pre-tax income	-204	528	389	428	1,469	323	333	402	-855	205	-392	90.5	-526	-3,097	-217	-7.9	-343	-247	-64.0	128
Tax rate	n/a	24%	19%	17%	31%	30%	21%	18%	n/a	44%	n/a	-5%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	354%
Net income	-264	399	314	354	1,011	225	264	332	-766	114	-326	94.8	-516	-3,042	-4.6	-128	-340	176	-119	-325
Net margin	-6%	10%	8%	9%	26%	6%	7%	8%	-20%	3%	-9%	3%	-15%	-93%	-0%	-3%	-9%	5%	-3%	-9%
Diluted EPS	-$0.22	$0.33	$0.26	$0.29	$0.83	$0.19	$0.22	$0.27	-$0.64	$0.09	-$0.27	$0.08	-$0.43	-$2.55	$0.00	-$0.11	-$0.30	$0.15	-$0.10	-$0.28
Operating cash flow	523	1,138	802	869	143	971	515	834	479	615	379	826	483	536	220	745	816	388	382	899
Capital expenditure	197	64.5	83.9	104	154	47.8	67.8	95.9	166	49.8	58.8	77.0	140	42.6	52.9	86.8	196	39.9	52.8	85.7
Free cash flow	326	1,074	719	765	-11.1	923	447	738	314	565	320	750	342	493	167	658	619	348	329	814
Buybacks	n/a	0.0	0.0	0.0	0.0	250	0.0	0.0	0.0	250	0.0	0.0	0.0	175	175	67.9	82.2	0.0	150	150
Shares outstanding	1,210m	1,212m	1,213m	1,213m	1,197m	1,199m	1,200m	1,200m	1,188m	1,191m	1,194m	1,194m	1,194m	1,174m	1,166m	1,152m	1,151m	1,165m	1,149m	1,146m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 26 February 2026: the filing.