ARGX Q4 2025 Earnings Report — argenx SE Revenue & Financial Results | Market Cap Arena

Q4 2025 Earnings

Reported February 26, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2025	Q3 2025	Q4 2024	QoQ Change	YoY Change
Revenue	$2.4B	—	$1.3B	—	78.7%
Op. Income	$659M	—	$117M	—	461.8%
Gross Margin	89.3%	—	50.6%	—	38.6pp
Net Margin	36.4%	—	64.3%	—	-27.9pp
EPS (Diluted)	$13.22	—	$12.20	—	8.4%
Free Cash Flow	$407M	—	$41M	—	894.4%

Revenue Flow

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$258M
GROSS PROFIT	$2.1B
R&D Expenses	$725M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$764M
Other Expenses	$0
Operating Expenses	$1.5B
Cost & Expenses	$1.7B
OPERATING INCOME	$659M
Interest Income	$87M
Interest Expense	$2M
Other Income/Expenses	$129M
INCOME BEFORE TAX	$787M
Income Tax Expense	-$88M
Net Income from Continuing Ops	$875M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$875M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$875M
D&A	$0
EBIT	$789M
EBITDA	$789M
EPS	$14
EPS Diluted	$13

Income Statement

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$258M
GROSS PROFIT	$2.1B
R&D Expenses	$725M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$764M
Other Expenses	$0
Operating Expenses	$1.5B
Cost & Expenses	$1.7B
OPERATING INCOME	$659M
Interest Income	$87M
Interest Expense	$2M
Other Income/Expenses	$129M
INCOME BEFORE TAX	$787M
Income Tax Expense	-$88M
Net Income from Continuing Ops	$875M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$875M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$875M
D&A	$0
EBIT	$789M
EBITDA	$789M
EPS	$14
EPS Diluted	$13

Cash Flow Statement

Item	Amount
Net Income	$875M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$175M
Change in Working Capital	-$292M
OPERATING CASH FLOW	$408M
Capital Expenditure	-$900.2K
Acquisitions (Net)	$0
Purchases of Investments	-$327M
Sales/Maturities of Investments	$1.2B
Other Investing Activities	$0
NET CASH FROM INVESTING	$829M
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$40M
NET CASH FROM FINANCING	$158M
FREE CASH FLOW	$407M
Net Change in Cash	$1.4B

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	$0
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