Revenue scaled to $127.7M in 2026Q3 with gross margin near 96.4%, yet operating margin of 3.2% and a net loss of $737K suggest operating leverage is emerging but not yet durable.
Ardelyx, Inc. (ARDX) 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 | 468.22M | 407.32M | 333.62M | 124.46M | 52.16M | 10.1M | 7.57M | 5.28M | 2.61M | 42M | 24.03M | 24.03M | 31.62M | 28.93M | 5.41M |
| Revenue Growth % | 17.57% | 22.09% | 168.06% | 138.61% | 416.57% | 33.36% | 43.36% | 102.57% | -93.79% | 74.81% | 0% | -24.02% | 9.32% | 434.71% | - |
| Cost of Goods Sold | 26.88M | 42.6M | 50.56M | 17.8M | 4.12M | 1M | 145K | 600K | 466K | 8.4M | 1.29M | 829K | 25.9M | 28.09M | 1.91M |
| COGS % of Revenue | - | 10.46% | 15.15% | 14.3% | 7.89% | 9.9% | 1.92% | 11.36% | 17.88% | 20% | 5.39% | 3.45% | 81.9% | 97.11% | 35.34% |
| Gross Profit | 441.34M | 364.72M | 283.06M | 106.66M | 48.04M | 9.1M | 7.43M | 4.68M | 2.14M | 33.6M | 22.73M | 23.2M | 5.72M | 835K | 3.5M |
| Gross Margin % | 94.26% | 89.54% | 84.85% | 85.7% | 92.11% | 90.1% | 98.08% | 88.64% | 82.13% | 80% | 94.61% | 96.55% | 18.1% | 2.89% | 64.66% |
| Gross Profit Growth % | - | 28.85% | 165.38% | 122.02% | 428.1% | 22.5% | 58.64% | 118.64% | -93.63% | 47.82% | -2.01% | 305.33% | 585.39% | -76.13% | - |
| Operating Expenses | 477.44M | 405.7M | 311.01M | 169.94M | 111.8M | 163.44M | 98.21M | 95.94M | 93.09M | 98.72M | 112.89M | 53.41M | 33.19M | 31.79M | 14.21M |
| OpEx % of Revenue | - | 99.6% | 93.22% | 136.54% | 214.35% | 1618.73% | 1297.13% | 1816.78% | 3570.69% | 235.04% | 469.89% | 222.32% | 104.95% | 109.9% | 262.75% |
| Selling, General & Admin | 384.01M | 337.23M | 258.69M | 134.4M | 76.6M | 72.3M | 33.15M | 24.27M | 23.71M | 23.23M | 18.73M | 13.53M | 7.29M | 3.7M | 4.03M |
| SG&A % of Revenue | - | 82.79% | 77.54% | 107.99% | 146.86% | 716.08% | 437.89% | 459.52% | 909.67% | 55.31% | 77.97% | 56.31% | 23.04% | 12.79% | 74.51% |
| Research & Development | 93.42M | 68.47M | 52.32M | 35.54M | 35.2M | 91.14M | 65.05M | 71.68M | 69.37M | 75.48M | 94.16M | 39.88M | 25.9M | 28.09M | 10.18M |
| R&D % of Revenue | - | 16.81% | 15.68% | 28.55% | 67.49% | 902.64% | 859.24% | 1357.26% | 2661.03% | 179.72% | 391.91% | 166.01% | 81.9% | 97.11% | 188.24% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 508K | -261K | -1.58M | -52K | -30K |
| Operating Income | -36.1M | -40.98M | -27.95M | -63.28M | -63.76M | -154.35M | -90.78M | -91.26M | -90.95M | -65.11M | -112.89M | -29.39M | -1.56M | -2.87M | -8.8M |
| Operating Margin % | -7.71% | -10.06% | -8.38% | -50.84% | -122.24% | -1528.63% | -1199.05% | -1728.14% | -3488.57% | -155.04% | -469.89% | -122.32% | -4.95% | -9.9% | -162.75% |
| Operating Income Growth % | - | -46.61% | 55.83% | 0.76% | 58.69% | -70.02% | 0.53% | -0.35% | -39.67% | 42.32% | -284.14% | -1779.09% | 45.41% | 67.46% | - |
| EBITDA | -33.66M | -37.92M | -25.89M | -61.98M | -62.62M | -151.54M | -88.24M | -88.76M | -88.27M | -62.48M | -111.6M | -28.56M | -1.26M | -2.27M | -8.13M |
| EBITDA Margin % | -7.19% | -9.31% | -7.76% | -49.8% | -120.05% | -1500.83% | -1165.49% | -1680.78% | -3385.85% | -148.75% | -464.5% | -118.87% | -3.99% | -7.86% | -150.28% |
| EBITDA Growth % | 4.65% | -46.48% | 58.24% | 1.01% | 58.68% | -71.74% | 0.59% | -0.56% | -41.28% | 44.02% | -290.76% | -2163.07% | 44.48% | 72.04% | - |
| D&A (Non-Cash Add-back) | 2.44M | 3.06M | 2.06M | 1.29M | 1.14M | 2.81M | 2.54M | 2.5M | 2.68M | 2.64M | 1.29M | 829K | 302K | 592K | 675K |
| EBIT | -31.14M | -32.23M | -18.78M | -56.65M | -62.13M | -153.66M | -89.21M | -88.91M | -87.76M | -63.16M | -112.89M | -29.39M | -1.56M | -2.87M | -8.8M |
| Net Interest Income | -26.83M | -28.4M | -20.09M | -8.87M | -5.07M | -4.5M | -5.1M | -5.73M | -3.53M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 26.83M | 28.4M | 20.09M | 8.87M | 5.07M | 4.5M | 5.1M | 5.73M | 3.53M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -19.16M | -19.65M | -10.92M | -2.24M | -3.44M | -3.81M | -3.53M | -3.37M | -347K | 1.96M | 508K | -261K | -1.58M | -3.56M | -980K |
| Pretax Income | -55.26M | -60.63M | -38.87M | -65.52M | -67.2M | -158.16M | -94.31M | -94.64M | -91.29M | -63.16M | -112.39M | -29.65M | -3.15M | -6.42M | -9.79M |
| Pretax Margin % | -11.8% | -14.89% | -11.65% | -52.65% | -128.84% | -1566.42% | -1245.69% | -1792.03% | -3501.88% | -150.38% | -467.77% | -123.41% | -9.95% | -22.2% | -180.87% |
| Income Tax | 215K | 969K | 266K | 547K | 8K | 4K | 2K | 303K | 4K | 1.18M | 29K | -29K | 67K | 141K | 0 |
| Effective Tax Rate % | -0.39% | -1.6% | -0.68% | -0.83% | -0.01% | -0% | -0% | -0.32% | -0% | -1.87% | -0.03% | 0.1% | -2.13% | -2.2% | 0% |
| Net Income | -55.47M | -61.6M | -39.14M | -66.07M | -67.21M | -158.16M | -94.31M | -94.94M | -91.3M | -64.34M | -112.39M | -29.62M | -3.21M | -6.56M | -9.79M |
| Net Margin % | -11.85% | -15.12% | -11.73% | -53.08% | -128.85% | -1566.46% | -1245.71% | -1797.77% | -3502.03% | -153.19% | -467.77% | -123.29% | -10.16% | -22.69% | -180.87% |
| Net Income Growth % | 1.9% | -57.4% | 40.76% | 1.7% | 57.51% | -67.7% | 0.66% | -3.99% | -41.9% | 42.75% | -279.42% | -821.62% | 51.04% | 32.92% | - |
| Net Income (Continuing) | -55.47M | -61.6M | -39.14M | -66.07M | -67.21M | -158.16M | -94.31M | -94.94M | -91.3M | -64.34M | -112.39M | -29.62M | -3.21M | -6.56M | -9.79M |
| 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) | -0.22 | -0.26 | -0.17 | -0.30 | -0.42 | -1.52 | -1.05 | -1.47 | -1.62 | -1.36 | -2.80 | -1.29 | -0.17 | -0.49 | -0.73 |
| EPS Growth % | 4.22% | -52.94% | 43.33% | 28.57% | 72.37% | -44.76% | 28.57% | 9.26% | -19.12% | 51.43% | -117.05% | -658.82% | 65.31% | 32.88% | - |
| EPS (Basic) | - | -0.26 | -0.17 | -0.30 | -0.42 | -1.52 | -1.05 | -1.47 | -1.62 | -1.36 | -2.80 | -1.29 | -0.17 | -0.49 | -0.73 |
| Diluted Shares Outstanding | 250.01M | 241.03M | 235.23M | 219.33M | 158.69M | 104.21M | 89.58M | 64.48M | 56.22M | 47.44M | 40.12M | 22.89M | 18.54M | 13.34M | 13.34M |
| Basic Shares Outstanding | 250.01M | 241.03M | 235.23M | 219.33M | 158.69M | 104.21M | 89.58M | 64.48M | 56.22M | 47.44M | 40.12M | 22.89M | 18.54M | 13.34M | 13.34M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ARDX stock.
For fiscal year 2025, Ardelyx, Inc. (ARDX) reported total revenue of $407.3M. This represents a 7429.0% increase compared to $5.4M in 2012.
Ardelyx, Inc. (ARDX) reported a net loss of $61.6M for the fiscal year ending 2025.
Ardelyx, Inc. (ARDX) reported an operating income of $-41.0M, resulting in an operating profit margin of -10.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Ardelyx, Inc. (ARDX) generated $364.7M in gross profit for the year, representing a gross profit margin of 89.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and dilution
Metrics are mathematically derived from official filings.
Top-Line Growth Re-Accelerating Into Fiscal 2026
According to reported quarterly figures, Ardelyx's revenue reached $127.7M in 2026Q3, up roughly 16% year over year after a 24% gain in 2026Q2, suggesting commercial momentum has strengthened into the latest quarters despite earlier lumpiness.
The sequential progression from $74.1M in 2025Q1 to $127.7M in 2026Q3 shows a sustained ramp rather than a one-off spike, though the 2026Q1 sequential dip to $94.5M indicates quarterly revenue remains sensitive to channel and timing effects. Investors should distinguish whether growth is driven by IBSRELA volume, XPHOZAH uptake, or milestone recognition, since the income statement alone does not separate these. Durability of growth above the mid-teens rate will depend on whether the recent acceleration reflects underlying prescription demand rather than inventory or licensing timing.
Gross Margin Holds Near 95% Structurally
As reported in the income statements, Ardelyx's gross margin stepped up from roughly 83% in early 2025 to 96.4% in 2026Q3, indicating a structurally high-margin product mix with limited cost-of-goods exposure.
The move from 82.6% to above 94% over the past five quarters suggests that a growing share of revenue carries near-zero incremental cost, consistent with a small-molecule franchise and possibly a favorable shift in product or royalty mix. Quarterly gross margin is volatile, with 2025Q4 dipping to 90.6% on an $11.8M COGS charge, which may reflect inventory or royalty-related adjustments that warrant further investigation. The key question is whether gross-to-net pressure will erode this margin as XPHOZAH access broadens.
Operating Leverage Emerging Late, Not Yet Durable
Based on reported figures, Ardelyx's operating margin improved from -55.5% in 2025Q1 to 3.2% in 2026Q3, with SG&A holding near $94M to $102M per quarter while revenue scaled, a pattern consistent with early operating leverage.
The flat-to-declining SG&A base against a roughly 70% revenue increase over the period implies that the commercial infrastructure is absorbing growth without proportional cost expansion. However, the operating result has not been consistently positive, with 2026Q1 and 2026Q2 showing sharp losses, so the leverage thesis remains unproven on a sustained basis. Investors should monitor whether SG&A remains flat in absolute dollars as revenue approaches the cost base.
Net Income Lags Operating Results Persistently
According to quarterly statements, Ardelyx's net income was negative in six of the last ten quarters, and the 2026Q3 operating profit of $4.0M converted to a net loss of $737K, indicating non-operating drag absorbs much of the operating gain.
The gap between operating income and net income, combined with stock-based compensation of $12M to $15M per quarter, suggests that reported earnings quality depends heavily on below-the-line items such as interest expense, which is consistent with the elevated leverage profile. Quarterly EPS has swung from -$0.17 to +$0.02 within the sample, and the Q2 2026 miss relative to consensus points to limited earnings predictability. Investors should treat reported EPS as noisy until non-operating charges stabilize.
Margin Gains May Not Survive Pricing Pressure
Based on reported figures, Ardelyx's recent profitability rests on a single-quarter operating profit of $4.0M against a trailing record of losses, so the margin inflection could prove fragile if gross-to-net concessions rise to defend formulary access.
The bear case centers on the possibility that the 96% gross margin reflects favorable timing or partner-related revenue rather than sustainable pricing, and that rebate pressure in the renal and GI markets could compress realized revenue per patient. With SG&A near $94M per quarter, even modest revenue shortfalls would likely return the company to operating losses, as seen in 2026Q2 when revenue of $120.9M still produced a -$12.4M operating result. Investors should question whether the recent operating breakeven is a durable structural shift or a transitory quarter.