Revenue growth remains inconsistent, evidenced by a 6.6% year-over-year decline in 2026Q1 and a contraction in gross margins to 76.4% from a 91.7% peak in 2024Q1.
Akebia Therapeutics, Inc. (AKBA) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 219.06M | 236.2M | 160.18M | 194.62M | 292.48M | 211.65M | 294.64M | 335M | 207.74M | 177.98M | 1.53M | 0 | 0 | 0 | 0 |
| Revenue Growth % | 7.52% | 47.46% | -17.7% | -33.46% | 38.19% | -28.17% | -12.05% | 61.26% | 16.72% | 11495.05% | - | - | - | - | - |
| Cost of Goods Sold | 44.96M | 39.46M | 63.18M | 74.15M | 22.5M | 81.49M | 63.96M | 145.34M | 7.68M | 617K | 115.78M | 96K | 23.26M | 0 | 0 |
| COGS % of Revenue | - | 16.71% | 39.44% | 38.1% | 7.69% | 38.5% | 21.71% | 43.38% | 3.7% | 0.35% | 7543% | - | - | - | - |
| Gross Profit | 174.1M | 196.73M | 97M | 120.47M | 269.99M | 130.16M | 230.68M | 189.66M | 200.06M | 177.37M | -114.25M | -96K | -23.26M | 0 | 0 |
| Gross Margin % | 79.48% | 83.29% | 60.56% | 61.9% | 92.31% | 61.5% | 78.29% | 56.62% | 96.3% | 99.65% | -7443% | - | - | - | - |
| Gross Profit Growth % | - | 102.81% | -19.48% | -55.38% | 107.43% | -43.58% | 21.63% | -5.19% | 12.79% | 255.24% | -118910.42% | 99.59% | - | - | - |
| Operating Expenses | 189.22M | 173.24M | 147.47M | 166.73M | 350.77M | 394.66M | 608.51M | 475.95M | 378.2M | 257.9M | 138M | 61.51M | 37.94M | 15.93M | 8.52M |
| OpEx % of Revenue | - | 73.34% | 92.07% | 85.67% | 119.93% | 186.47% | 206.52% | 142.08% | 182.05% | 144.9% | 8989.9% | - | - | - | - |
| Selling, General & Admin | 114.69M | 107.48M | 106.55M | 100.23M | 138.6M | 174.14M | 154.1M | 149.46M | 87.06M | 27.01M | 22.21M | 18.5M | 12.54M | 5.15M | 2.89M |
| SG&A % of Revenue | - | 45.5% | 66.52% | 51.5% | 47.39% | 82.28% | 52.3% | 44.61% | 41.91% | 15.17% | 1446.91% | - | - | - | - |
| Research & Development | 70.14M | 62.36M | 37.65M | 63.08M | 165.99M | 147.85M | 218.49M | 322.97M | 291.07M | 230.89M | 115.78M | 43.02M | 25.4M | 10.78M | 5.63M |
| R&D % of Revenue | - | 26.4% | 23.51% | 32.41% | 56.75% | 69.86% | 74.15% | 96.41% | 140.11% | 129.73% | 7543% | - | - | - | - |
| Other Operating Expenses | 2.38M | 3.4M | 3.28M | 3.42M | 46.18M | 72.67M | 235.92M | 3.53M | 0 | 204K | -188K | 287K | 700K | 0 | 0 |
| Operating Income | -15.13M | 23.5M | -50.47M | -46.26M | -80.78M | -264.5M | -377.83M | -286.29M | -178.14M | -79.92M | -136.46M | -61.51M | -37.94M | -15.93M | -8.52M |
| Operating Margin % | -6.91% | 9.95% | -31.51% | -23.77% | -27.62% | -124.97% | -128.23% | -85.46% | -85.75% | -44.9% | -8889.9% | - | - | - | - |
| Operating Income Growth % | - | 146.56% | -9.11% | 42.74% | 69.46% | 29.99% | -31.97% | -60.71% | -122.91% | 41.44% | -121.84% | -62.13% | -138.12% | -86.94% | - |
| EBITDA | -13.25M | 24.77M | -12.97M | -8.63M | -43.08M | -226.53M | -343.13M | -249.87M | -175.72M | -79.3M | -136.16M | -61.42M | -37.89M | -15.93M | -8.48M |
| EBITDA Margin % | -6.05% | 10.49% | -8.1% | -4.43% | -14.73% | -107.03% | -116.46% | -74.59% | -84.59% | -44.55% | -8870.62% | - | - | - | - |
| EBITDA Growth % | -165.77% | 290.99% | -50.28% | 79.97% | 80.98% | 33.98% | -37.32% | -42.2% | -121.59% | 41.76% | -121.7% | -62.09% | -137.83% | -87.79% | - |
| D&A (Non-Cash Add-back) | 1.88M | 1.27M | 37.5M | 37.63M | 37.7M | 37.97M | 34.69M | 36.42M | 2.42M | 617K | 296K | 96K | 49K | 1.28K | 39.16K |
| EBIT | -19.89M | 20.46M | -51.23M | -45.89M | -34.64M | -227.88M | -174.52M | -286.29M | -178.16M | -76.67M | -136.46M | -61.51M | -37.94M | -15.93M | -6.55M |
| Net Interest Income | -7.96M | -24.18M | -18.18M | -6.03M | -15.69M | -19.94M | -8.87M | 792K | 6.15M | 2.8M | 901K | 0 | 0 | 0 | 1.64M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.19M | 6.15M | 2.8M | 901K | 0 | 0 | 0 | 1.64M |
| Interest Expense | 7.96M | 24.18M | 18.18M | 6.03M | 15.69M | 19.94M | 8.87M | 1.4M | 0 | 0 | 0 | 510K | 206K | 703.57K | 0 |
| Other Income/Expense | -12.72M | -27.22M | -18.94M | -5.67M | -13.45M | -17.52M | -7.01M | -2K | 6.24M | 3M | 713K | 497K | 906K | 2.77M | 327K |
| Pretax Income | -27.85M | -3.72M | -69.41M | -51.92M | -94.23M | -282.02M | -384.84M | -286.29M | -171.9M | -76.91M | -135.75M | -60.72M | -37.03M | -13.17M | -8.2M |
| Pretax Margin % | -12.71% | -1.58% | -43.33% | -26.68% | -32.22% | -133.25% | -130.61% | -85.46% | -82.75% | -43.21% | -8843.45% | - | - | - | - |
| Income Tax | 1.82M | 1.62M | 0 | 0 | 0 | 0 | 0 | -6.63M | -28.34M | -2.8M | -901K | -510K | -206K | 0 | 1.6M |
| Effective Tax Rate % | -6.54% | -43.64% | 0% | 0% | 0% | 0% | 0% | 2.32% | 16.48% | 3.64% | 0.66% | 0.84% | 0.56% | 0% | -19.58% |
| Net Income | -29.67M | -5.34M | -69.41M | -51.92M | -94.23M | -282.02M | -384.84M | -279.66M | -171.9M | -76.91M | -135.75M | -60.72M | -37.03M | -13.17M | -8.2M |
| Net Margin % | -13.54% | -2.26% | -43.33% | -26.68% | -32.22% | -133.25% | -130.61% | -83.48% | -82.75% | -43.21% | -8843.45% | - | - | - | - |
| Net Income Growth % | 18.69% | 92.3% | -33.67% | 44.89% | 66.59% | 26.72% | -37.61% | -62.68% | -123.5% | 43.34% | -123.58% | -63.95% | -181.26% | -60.65% | - |
| Net Income (Continuing) | -29.67M | -5.34M | -69.41M | -51.92M | -94.23M | -282.02M | -384.84M | -279.66M | -143.59M | -73.67M | -135.75M | -60.72M | -37.03M | -13.17M | -8.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.11 | -0.02 | -0.33 | -0.28 | -0.58 | -1.48 | -2.53 | -2.36 | -1.47 | -1.77 | -3.60 | -2.29 | -2.40 | -0.68 | -0.81 |
| EPS Growth % | 36.13% | 93.7% | -17.86% | 51.72% | 60.81% | 41.5% | -7.2% | -60.54% | 16.95% | 50.83% | -57.21% | 4.58% | -252.94% | 16.05% | - |
| EPS (Basic) | - | -0.02 | -0.33 | -0.28 | -0.58 | -1.48 | -2.53 | -2.36 | -1.47 | -1.77 | -3.60 | -2.29 | -2.40 | -0.68 | -0.81 |
| Diluted Shares Outstanding | 269.6M | 257.16M | 210.95M | 187.47M | 182.78M | 165.95M | 138.46M | 118.4M | 116.89M | 43.5M | 37.72M | 26.47M | 15.41M | 14.89M | 10.13M |
| Basic Shares Outstanding | 269.6M | 257.16M | 210.95M | 187.47M | 182.78M | 165.95M | 138.46M | 118.4M | 116.89M | 43.5M | 37.72M | 26.47M | 15.41M | 14.89M | 10.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AKBA stock.
For fiscal year 2025, Akebia Therapeutics, Inc. (AKBA) reported total revenue of $236.2M.
Akebia Therapeutics, Inc. (AKBA) reported a net loss of $5.3M for the fiscal year ending 2025.
Akebia Therapeutics, Inc. (AKBA) reported an operating income of $23.5M, resulting in an operating profit margin of 9.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Akebia Therapeutics, Inc. (AKBA) generated $196.7M in gross profit for the year, representing a gross profit margin of 83.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Reimbursement and commercial adoption
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Trends
According to recent financial disclosures, Akebia's revenue trajectory remains highly inconsistent, with a 6.6% year-over-year decline in 2026Q1 following a period of significant growth in 2025, suggesting that the company is struggling to establish a predictable, sustainable commercial ramp for its core therapeutic portfolio.
The revenue profile appears heavily influenced by the timing of milestone payments and the initial launch dynamics of Vafseo. Investors should monitor whether the recent contraction reflects a genuine loss of market share or merely the lumpy nature of collaboration-based revenue recognition.
Gross Margin Volatility Indicates Sensitivity
As reported in quarterly filings, Akebia's gross margin has fluctuated significantly, dropping from a peak of 91.7% in 2024Q1 to 76.4% in 2026Q1, which highlights the company's vulnerability to shifts in product mix and the potential impact of competitive pricing pressures in the dialysis market.
The compression in gross margins suggests that the cost of goods sold is becoming more burdensome as the company scales its newer product offerings. This trend warrants further investigation into whether manufacturing efficiencies can be realized or if pricing power is being eroded by generic alternatives.
Operating Leverage Remains Elusive Target
Based on the provided income statement data, Akebia has failed to demonstrate consistent operating leverage, as evidenced by the return to negative operating income of $4.7 million in 2026Q1 despite previous periods of profitability, indicating that SG&A expenses are not scaling efficiently with top-line revenue.
The inability to maintain positive operating margins suggests that the fixed costs associated with the specialized nephrology sales force are currently outweighing the incremental revenue generated by the product portfolio. This implies that the company may need to achieve a higher volume threshold before reaching sustainable profitability.
Earnings Quality Impacted by SBC
Data from recent SEC filings reveals that stock-based compensation remains a persistent drag on the bottom line, with $3.7 million recorded in 2026Q1, which effectively masks the true operational cash requirements and complicates the assessment of the company's underlying profitability and long-term earnings potential.
The reliance on non-cash compensation to manage operating expenses suggests that management is attempting to preserve cash at the expense of shareholder dilution. Investors should carefully evaluate the impact of these recurring charges on the company's ability to achieve GAAP profitability in the near term.
Commercial Ramp Risks Remain Elevated
As indicated by the recent return to net losses, the short-seller narrative likely focuses on the company's inability to sustain the profitability seen in mid-2025, suggesting that the Vafseo launch may be underperforming expectations within the highly concentrated and competitive U.S. dialysis organization landscape.
The rapid reversal from positive net income to a $9.1 million loss in 2026Q1 raises significant questions regarding the durability of the current business model. Without a clear path to consistent margin expansion, the company may face continued pressure to raise capital, further diluting existing equity holders.