Revenue rose 23.6% sequentially to $47.6M in 2026Q3 and gross margin improved to 95.3%, yet operating margin of -3.5% remains far from breakeven after quarters of losses exceeding -86%.
Cytokinetics, Incorporated (CYTK) annual income statement — 24-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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 116.58M | 88.04M | 18.47M | 7.53M | 94.59M | 70.43M | 55.83M | 26.87M | 31.5M | 13.37M | 106.41M | 28.66M | 46.94M | 30.65M | 7.56M | 4M | 2.58M | 81.54M | 12.42M | 13.62M | 3.13M | 8.91M | 13.44M | 10.58M | 11.4M |
| Revenue Growth % | 33.68% | 376.56% | 145.34% | -92.04% | 34.3% | 26.15% | 107.79% | -14.71% | 135.64% | -87.44% | 271.3% | -38.95% | 53.16% | 305.45% | 88.98% | 55.22% | -96.84% | 556.51% | -8.82% | 335.63% | -64.91% | -33.7% | 27.09% | -7.19% | - |
| Cost of Goods Sold | 10.2M | 10.13M | 339.41M | 330.12M | 240.81M | 159.94M | 96.95M | 86.13M | 89.14M | 90.3M | 64.4M | 46.4M | 44.43M | 49.45M | 35.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 11.5% | 1837.22% | 4384.1% | 254.59% | 227.09% | 173.66% | 320.55% | 282.96% | 675.46% | 60.52% | 161.9% | 94.64% | 161.35% | 471.53% | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 106.38M | 77.91M | -320.93M | -322.59M | -146.22M | -89.51M | -41.12M | -59.26M | -57.63M | -76.93M | 42.01M | -17.74M | 2.51M | -18.8M | -28.08M | 4M | 2.58M | 81.54M | 12.42M | 13.62M | 3.13M | 8.91M | 13.44M | 10.58M | 11.4M |
| Gross Margin % | 91.25% | 88.5% | -1737.22% | -4284.1% | -154.59% | -127.09% | -73.66% | -220.55% | -182.96% | -575.46% | 39.48% | -61.9% | 5.36% | -61.35% | -371.53% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 124.28% | 0.51% | -120.61% | -63.36% | -117.66% | 30.6% | -2.82% | 25.08% | -283.12% | 336.81% | -805.65% | 113.37% | 33.05% | -802.1% | 55.22% | -96.84% | 556.51% | -8.82% | 335.63% | -64.91% | -33.7% | 27.09% | -7.19% | - |
| Operating Expenses | 811.34M | 690.17M | 215.31M | 173.61M | 177.98M | 96.8M | 52.82M | 39.61M | 31.28M | 36.47M | 23.32M | 19.67M | 17.27M | 15.09M | 12.37M | 50.77M | 52.21M | 55.47M | 69.03M | 70.11M | 64.47M | 53.55M | 51.88M | 43.17M | 35.38M |
| OpEx % of Revenue | - | 783.94% | 1165.5% | 2305.6% | 188.16% | 137.45% | 94.61% | 147.42% | 99.3% | 272.8% | 21.92% | 68.63% | 36.79% | 49.24% | 163.59% | 1269.3% | 2026.08% | 68.02% | 555.76% | 514.67% | 2061.56% | 600.82% | 385.92% | 408.12% | 310.43% |
| Selling, General & Admin | 414.16M | 284.27M | 215.31M | 173.61M | 177.98M | 96.8M | 52.82M | 39.61M | 31.28M | 36.47M | 27.82M | 19.67M | 17.27M | 15.09M | 11.72M | 13.59M | 14.2M | 15.63M | 15.08M | 16.72M | 15.24M | 12.97M | 11.99M | 9.16M | 6.95M |
| SG&A % of Revenue | - | 322.89% | 1165.5% | 2305.6% | 188.16% | 137.45% | 94.61% | 147.42% | 99.3% | 272.8% | 26.15% | 68.63% | 36.79% | 49.24% | 155.01% | 339.75% | 550.99% | 19.16% | 121.38% | 122.75% | 487.37% | 145.59% | 89.21% | 86.63% | 61.01% |
| Research & Development | 394.15M | 405.9M | 339.41M | 330.12M | 240.81M | 159.94M | 96.95M | 86.13M | 89.14M | 90.3M | 59.9M | 46.4M | 44.43M | 49.45M | 35.64M | 37.18M | 38.01M | 39.84M | 53.95M | 53.39M | 49.23M | 40.57M | 39.88M | 34M | 28.42M |
| R&D % of Revenue | - | 461.05% | 1837.22% | 4384.1% | 254.59% | 227.09% | 173.66% | 320.55% | 282.96% | 675.46% | 56.29% | 161.9% | 94.64% | 161.35% | 471.53% | 929.55% | 1475.09% | 48.86% | 434.38% | 391.92% | 1574.19% | 455.23% | 296.72% | 321.49% | 249.42% |
| Other Operating Expenses | 1.16M | 0 | -339.41M | -330.12M | -240.81M | -159.94M | -96.95M | -86.13M | -89.14M | -90.3M | -64.4M | -46.4M | -44.43M | -49.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -704.95M | -612.26M | -536.25M | -496.2M | -324.2M | -186.31M | -93.94M | -98.87M | -88.92M | -113.4M | 18.69M | -37.41M | -14.75M | -33.89M | -39.1M | -47.96M | -49.63M | 26.09M | -59.08M | -56.49M | -61.34M | -44.63M | -38.43M | -32.59M | -23.98M |
| Operating Margin % | -604.69% | -695.44% | -2902.72% | -6589.71% | -342.75% | -264.54% | -168.27% | -367.97% | -282.26% | -848.26% | 17.56% | -130.53% | -31.43% | -110.59% | -517.29% | -1199.1% | -1926.08% | 32% | -475.68% | -414.67% | -1961.56% | -500.82% | -285.92% | -308.12% | -210.43% |
| Operating Income Growth % | - | -14.17% | -8.07% | -53.05% | -74.01% | -98.33% | 4.98% | -11.19% | 21.59% | -706.82% | 149.96% | -153.54% | 56.47% | 13.32% | 18.48% | 3.37% | -290.21% | 144.17% | -4.59% | 7.91% | -37.43% | -16.13% | -17.93% | -35.9% | - |
| EBITDA | -691.44M | -602.13M | -526.72M | -484.31M | -318.39M | -184.04M | -92.11M | -97.57M | -87.68M | -111.48M | 19.43M | -36.82M | -14.26M | -33.46M | -38.51M | -46.67M | -47.73M | 28.12M | -56.62M | -53.66M | -58.41M | -41.57M | -35.16M | -29.41M | -21.13M |
| EBITDA Margin % | -593.09% | -683.94% | -2851.13% | -6431.78% | -336.61% | -261.31% | -164.99% | -363.16% | -278.33% | -833.9% | 18.26% | -128.47% | -30.39% | -109.18% | -509.47% | -1166.67% | -1852.35% | 34.48% | -455.9% | -393.91% | -1867.96% | -466.46% | -261.55% | -278.05% | -185.43% |
| EBITDA Growth % | -22.75% | -14.32% | -8.76% | -52.11% | -73% | -99.8% | 5.6% | -11.29% | 21.35% | -673.79% | 152.77% | -158.12% | 57.37% | 13.11% | 17.48% | 2.24% | -269.78% | 149.65% | -5.53% | 8.14% | -40.51% | -18.24% | -19.55% | -39.17% | - |
| D&A (Non-Cash Add-back) | 13.52M | 10.13M | 9.53M | 11.89M | 5.81M | 2.28M | 1.83M | 1.29M | 1.24M | 1.92M | 741K | 589K | 490K | 433K | 591K | 1.3M | 1.9M | 2.02M | 2.46M | 2.83M | 2.93M | 3.06M | 3.28M | 3.18M | 2.85M |
| EBIT | -706.07M | -784.96M | -503.01M | -468.58M | -337.8M | -185.98M | -88.61M | -94.33M | -84.72M | -110.79M | 14.19M | -37.25M | -14.65M | -33.72M | -40.37M | -47.82M | -49.3M | 25.1M | -55.88M | -56.49M | -61.34M | -44.63M | -38.43M | -32.59M | -23.98M |
| Net Interest Income | -84.65M | -55.45M | -34.98M | -30.04M | -39.81M | -29M | -33.35M | -22.82M | -17.37M | -14.39M | -2.23M | -94K | 108K | 177K | 87K | 104K | 172K | 184K | 2.7M | 7.59M | 4.22M | 2.38M | 1.24M | -95K | 901K |
| Interest Income | 52.34M | 48.42M | 51.53M | 27.63M | 11.34M | 331K | 5.33M | 4.54M | 4.19M | 2.6M | 0 | 0 | 108K | 177K | 89K | 104K | 335K | 593K | 3.2M | 8.29M | 4.75M | 2.92M | 1.78M | 2.4M | 2.23M |
| Interest Expense | 136.99M | 103.87M | 86.51M | 57.67M | 51.16M | 29.33M | 38.68M | 27.36M | 21.56M | 17M | 2.23M | 94K | 0 | 0 | 2K | 0 | 163K | 409K | 491K | 699K | 523K | 535K | 549K | 2.49M | 1.33M |
| Other Income/Expense | -72.94M | -172.7M | -53.28M | -30.04M | -64.75M | -29M | -33.35M | -22.82M | -17.37M | -14.39M | -2.23M | -94K | 108K | 177K | 87K | 104K | 172K | -1.4M | 232K | 7.59M | 4.22M | 2.38M | 1.24M | 0 | 0 |
| Pretax Income | -777.89M | -784.96M | -589.53M | -526.24M | -388.95M | -215.31M | -127.29M | -121.69M | -106.29M | -127.79M | 16.45M | -37.5M | -14.65M | -33.72M | -39.02M | -47.86M | -49.46M | 24.69M | -56.37M | -48.89M | -57.12M | -42.25M | -37.2M | 0 | 0 |
| Pretax Margin % | -667.26% | -891.6% | -3191.11% | -6988.63% | -411.21% | -305.72% | -228% | -452.93% | -337.41% | -955.94% | 15.46% | -130.86% | -31.2% | -110.01% | -516.14% | -1196.5% | -1919.4% | 30.29% | -453.9% | -358.93% | -1826.51% | -474.1% | -276.73% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -209K | -176K | 150K | -232K | 0 | 0 | 0 | 0 | 95K | -901K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.44% | 0.36% | 0.61% | 0.41% | 0% | 0% | 0% | 0% | - | - |
| Net Income | -777.89M | -784.96M | -589.53M | -526.24M | -388.95M | -215.31M | -127.29M | -121.69M | -106.29M | -127.79M | 16.45M | -37.5M | -14.65M | -33.72M | -41.68M | -47.86M | -49.29M | 24.54M | -56.37M | -48.89M | -57.12M | -42.25M | -37.2M | -32.69M | -23.08M |
| Net Margin % | -667.26% | -891.6% | -3191.11% | -6988.63% | -411.21% | -305.72% | -228% | -452.93% | -337.41% | -955.94% | 15.46% | -130.86% | -31.2% | -110.01% | -551.36% | -1196.5% | -1912.57% | 30.1% | -453.9% | -358.93% | -1826.51% | -474.1% | -276.73% | -309.02% | -202.53% |
| Net Income Growth % | -3.45% | -33.15% | -12.03% | -35.3% | -80.65% | -69.15% | -4.6% | -14.49% | 16.83% | -876.7% | 143.87% | -156.05% | 56.56% | 19.1% | 12.92% | 2.9% | -300.81% | 143.54% | -15.3% | 14.39% | -35.18% | -13.59% | -13.81% | -41.62% | - |
| Net Income (Continuing) | -777.89M | -784.96M | -589.53M | -526.24M | -388.95M | -215.31M | -127.29M | -121.69M | -106.29M | -127.79M | 16.45M | -37.5M | -14.65M | -33.72M | 0 | -47.86M | -49.29M | 24.54M | -56.37M | -48.89M | -57.12M | -42.25M | -37.2M | -32.69M | -23.08M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.59 | -6.54 | -5.26 | -5.45 | -4.33 | -2.80 | -1.97 | -2.59 | -1.95 | -2.59 | 0.39 | -0.97 | -0.41 | -1.24 | -2.15 | -4.06 | -4.61 | 2.52 | -6.85 | -6.16 | -9.36 | -8.87 | -11.28 | -102.60 | -79.49 |
| EPS Growth % | 4.13% | -24.33% | 3.49% | -25.87% | -54.64% | -42.13% | 23.94% | -32.82% | 24.71% | -764.1% | 140.21% | -136.59% | 66.94% | 42.33% | 47.04% | 11.93% | -282.94% | 136.79% | -11.2% | 34.19% | -5.52% | 21.37% | 89.01% | -29.07% | - |
| EPS (Basic) | - | -6.54 | -5.26 | -5.45 | -4.33 | -2.80 | -1.97 | -2.59 | -1.95 | -2.59 | 0.41 | -0.97 | -0.41 | -1.24 | -2.15 | -4.06 | -4.61 | 2.58 | -6.85 | -6.16 | -9.36 | -8.87 | -11.28 | -102.62 | -79.49 |
| Diluted Shares Outstanding | 139.04M | 120.1M | 111.98M | 96.52M | 89.83M | 76.89M | 64.52M | 57.58M | 54.42M | 49.4M | 42.56M | 38.81M | 35.71M | 27.27M | 18.11M | 11.8M | 10.69M | 9.66M | 8.23M | 7.93M | 6.1M | 4.76M | 3.3M | 318.57K | 290.33K |
| Basic Shares Outstanding | 139.04M | 120.02M | 111.98M | 96.52M | 89.83M | 76.89M | 64.52M | 57.58M | 54.42M | 49.4M | 39.94M | 38.66M | 35.71M | 27.27M | 18.11M | 11.8M | 10.69M | 9.57M | 8.23M | 7.93M | 6.1M | 4.76M | 3.3M | 318.5K | 290.33K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CYTK stock.
For fiscal year 2025, Cytokinetics, Incorporated (CYTK) reported total revenue of $88.0M. This represents a 672.5% increase compared to $11.4M in 2002.
Cytokinetics, Incorporated (CYTK) reported a net loss of $785.0M for the fiscal year ending 2025.
Cytokinetics, Incorporated (CYTK) reported an operating income of $-612.3M, resulting in an operating profit margin of -695.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Cytokinetics, Incorporated (CYTK) generated $77.9M in gross profit for the year, representing a gross profit margin of 88.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Inflection From Small Base
According to the reported quarterly income statement, CYTK revenue rose from $19.4M in 2026Q1 to $47.6M in 2026Q3, a 23.6% sequential gain that suggests commercial traction is building off a very small base.
The quarterly series shows volatility rather than a smooth ramp, with 2025Q1 and 2025Q3 revenue collapsing to $1.6M and $1.9M after a $66.8M spike in 2025Q2, which points to milestone-driven recognition rather than recurring product demand. The 2026 pattern is more consistent, but the sequential decline in 2026Q2 shows the trajectory remains lumpy. Investors should monitor whether revenue begins to stabilize at higher levels before drawing conclusions about durability.
Gross Margin Recovery Without Operating Leverage
As reported in the financial statements, CYTK gross margin improved from 83.9% in 2025Q4 to 95.3% in 2026Q3, yet operating margin remained at -3.5% only after several quarters of deep losses exceeding -86%.
The gross margin trend is consistent with a low-COGS revenue mix dominated by collaboration and milestone income rather than physical product sales. The improvement in gross margin, however, does not translate into structural profitability because R&D and SG&A consume the full gross profit base. The margin profile should be treated as a function of revenue mix timing rather than evidence of pricing power.
Fixed Cost Base Overwhelms Revenue Scale
Based on CYTK's reported figures, R&D expense held near $95M to $101M per quarter across 2025 and 2026 while revenue fluctuated between $1.6M and $66.8M, indicating a cost base largely insensitive to top-line movement.
Operating leverage has been negative because operating expenses did not scale down during low-revenue quarters, producing operating losses of -$167.1M in 2026Q3 against $47.6M of revenue. Operating income has not yet begun to scale faster than gross profit in a meaningful way. Warranting further investigation is whether the R&D run-rate can be sustained at this level as revenue grows.
Net Losses Exceed Operating Losses
According to reported quarterly data, CYTK's 2026Q3 net loss of -$190.1M exceeded its operating loss of -$167.1M, a gap that suggests non-operating items are adding to losses and warrants review of the filings.
The gap between operating and net income is consistent with interest expense or other non-operating charges, though the provided data does not break these items out. Stock-based compensation of $34.7M in 2026Q3 is material relative to operating loss but does not fully explain the difference. The reported EPS of -1.37 should be interpreted cautiously until the composition of below-the-line items is clarified.
Growth Durability Remains Unproven
Based on CYTK's reported figures, the 376.6% trailing revenue growth rests on a small base and a lumpy quarterly pattern, so a single milestone shortfall could reverse the apparent inflection.
Short-sellers would likely point to the 2025Q1 and 2025Q3 collapses to $1.6M and $1.9M as evidence that revenue is milestone-dependent rather than recurring. Net margin of -891.6% and the persistent R&D run-rate near $100M per quarter suggest that losses could widen if commercial demand fails to offset the cost base. Investors should weigh whether the reported trajectory reflects durable demand or episodic recognition.