VRTX Q4 2025 Earnings Report — Vertex Pharmaceuticals Incorporated Revenue & Financial Results | Market Cap Arena

Vertex Pharmaceuticals IncorporatedVRTX

Q4 2025 Earnings

Reported February 13, 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	$3.2B	$3.1B	$2.9B	4.9%	10.8%
Op. Income	$1.3B	$1.2B	$1.0B	9.6%	26.7%
Gross Margin	85.6%	86.5%	85.5%	-1.0pp	0.1pp
Net Margin	36.9%	35.2%	31.4%	1.7pp	5.6pp
EPS (Diluted)	$4.65	$4.20	$3.50	10.7%	32.9%
Free Cash Flow	$349M	$1.1B	$492M	-69.4%	-29.1%

Revenue Flow

Item	Amount
REVENUE	$3.2B
Cost of Revenue	$466M
GROSS PROFIT	$2.8B
R&D Expenses	$974M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$487M
Other Expenses	$0
Operating Expenses	$1.5B
Cost & Expenses	$1.9B
OPERATING INCOME	$1.3B
Interest Income	$122M
Interest Expense	$3M
Other Income/Expenses	$31M
INCOME BEFORE TAX	$1.3B
Income Tax Expense	$140M
Net Income from Continuing Ops	$1.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.2B
D&A	$53M
EBIT	$1.3B
EBITDA	$1.4B
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$3.2B
Cost of Revenue	$466M
GROSS PROFIT	$2.8B
R&D Expenses	$974M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$487M
Other Expenses	$0
Operating Expenses	$1.5B
Cost & Expenses	$1.9B
OPERATING INCOME	$1.3B
Interest Income	$122M
Interest Expense	$3M
Other Income/Expenses	$31M
INCOME BEFORE TAX	$1.3B
Income Tax Expense	$140M
Net Income from Continuing Ops	$1.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.2B
D&A	$53M
EBIT	$1.3B
EBITDA	$1.4B
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$1.2B
Depreciation & Amortization	$56M
Stock-Based Compensation	$158M
Deferred Income Tax	$31M
Other Non-Cash Items	$11M
Change in Working Capital	-$948M
OPERATING CASH FLOW	$498M
Capital Expenditure	-$149M
Acquisitions (Net)	$0
Purchases of Investments	-$1.2B
Sales/Maturities of Investments	$1.1B
Other Investing Activities	-$16M
NET CASH FROM INVESTING	-$288M
Net Debt Issuance	-$1M
Common Stock Repurchased	-$131M
Common Dividends Paid	$0
Other Financing Activities	$1M
NET CASH FROM FINANCING	-$77M
FREE CASH FLOW	$349M
Net Change in Cash	$140M

Balance Sheet

Item	Amount
Cash & Equivalents	$5.1B
Short-Term Investments	$1.5B
Net Receivables	$2.1B
Inventory	$1.7B
Other Current Assets	$749M
TOTAL CURRENT ASSETS	$11.2B
PP&E (Net)	$3.1B
Goodwill	$1.1B
Intangible Assets	$424M
Long-Term Investments	$5.8B
Tax Assets	$3.4B
Other Non-Current Assets	$1.1B
TOTAL NON-CURRENT ASSETS	$14.9B
TOTAL ASSETS	$26.1B
Account Payables	$462M
Short-Term Debt	$83M
Deferred Revenue	$172M
Other Current Liabilities	$2.7B
TOTAL CURRENT LIABILITIES	$3.9B
Long-Term Debt	$1.8B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$1.3B
Other Non-Current Liabilities	-$1.5B
TOTAL NON-CURRENT LIABILITIES	$3.6B
TOTAL LIABILITIES	$7.5B
Common Stock	$3M
Additional Paid-In Capital	$5.1B
Retained Earnings	$13.6B
Treasury Stock	$0
Accum. Other Comp. Income	-$16M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$18.7B
Minority Interest	$0
TOTAL EQUITY	$18.7B
TOTAL LIABILITIES & EQUITY	$26.1B
Total Debt	$3.9B
Net Debt	-$1.2B