ARGX FY 2025 Earnings Report — argenx SE Revenue & Financial Results | Market Cap Arena

FY 2025 Earnings

Reported March 19, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$4.2B	—	$2.2B	—	90.1%
Op. Income	$972M	—	-$22M	—	4590.9%
Gross Margin	89.1%	—	89.6%	—	-0.5pp
Net Margin	31.1%	—	38.0%	—	-6.9pp
EPS (Diluted)	$19.63	—	$12.78	—	53.6%
Free Cash Flow	$844M	—	-$151M	—	659.0%

Revenue Flow

Item	Amount
REVENUE	$4.2B
Cost of Revenue	$452M
GROSS PROFIT	$3.7B
R&D Expenses	$1.4B
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.4B
Other Expenses	$0
Operating Expenses	$2.7B
Cost & Expenses	$3.2B
OPERATING INCOME	$972M
Interest Income	$164M
Interest Expense	$4M
Other Income/Expenses	$310M
INCOME BEFORE TAX	$1.3B
Income Tax Expense	-$13M
Net Income from Continuing Ops	$1.3B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.3B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.3B
D&A	$0
EBIT	$972M
EBITDA	$972M
EPS	$21
EPS Diluted	$20

Income Statement

Item	Amount
REVENUE	$4.2B
Cost of Revenue	$452M
GROSS PROFIT	$3.7B
R&D Expenses	$1.4B
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.4B
Other Expenses	$0
Operating Expenses	$2.7B
Cost & Expenses	$3.2B
OPERATING INCOME	$972M
Interest Income	$164M
Interest Expense	$4M
Other Income/Expenses	$310M
INCOME BEFORE TAX	$1.3B
Income Tax Expense	-$13M
Net Income from Continuing Ops	$1.3B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.3B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.3B
D&A	$0
EBIT	$972M
EBITDA	$972M
EPS	$21
EPS Diluted	$20

Cash Flow Statement

Item	Amount
Net Income	$1.3B
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$22M
Change in Working Capital	-$424M
OPERATING CASH FLOW	$850M
Capital Expenditure	-$6M
Acquisitions (Net)	$0
Purchases of Investments	-$1.5B
Sales/Maturities of Investments	$2.4B
Other Investing Activities	$0
NET CASH FROM INVESTING	$824M
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$46M
NET CASH FROM FINANCING	$234M
FREE CASH FLOW	$844M
Net Change in Cash	$2.0B

Balance Sheet

Item	Amount
Cash & Equivalents	$3.5B
Short-Term Investments	$949M
Net Receivables	$1.7B
Inventory	$474M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$6.9B
PP&E (Net)	$48M
Goodwill	$0
Intangible Assets	$272M
Long-Term Investments	$90M
Tax Assets	$1.3B
Other Non-Current Assets	$78M
TOTAL NON-CURRENT ASSETS	$1.8B
TOTAL ASSETS	$8.7B
Account Payables	$1.3B
Short-Term Debt	$11M
Deferred Revenue	$0
Other Current Liabilities	-$212M
TOTAL CURRENT LIABILITIES	$1.3B
Long-Term Debt	$36M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$33M
TOTAL NON-CURRENT LIABILITIES	$39M
TOTAL LIABILITIES	$1.4B
Common Stock	$7M
Additional Paid-In Capital	$6.2B
Retained Earnings	-$280M
Treasury Stock	$0
Accum. Other Comp. Income	$74M
Other Equity	$1.3B
TOTAL STOCKHOLDERS' EQUITY	$7.3B
Minority Interest	$0
TOTAL EQUITY	$7.3B
TOTAL LIABILITIES & EQUITY	$8.7B
Total Debt	$83M
Net Debt	-$3.4B