Revenue growth has turned sharply negative, with a 59.7% year-over-year decline in 2026Q1, while operating margins remain persistently negative despite various cost-cutting initiatives.
| Sales/Revenue | 141.31M | 170.16M | 227.04M | 251.46M | 477.71M | 313.84M | 76.66M | 54.18M |
| Revenue Growth % | -40.48% | -25.06% | -9.71% | -47.36% | 52.21% | 309.4% | 41.48% | - |
| Cost of Goods Sold | 35.37M | 31.52M | 38.55M | 54.01M | 204.22M | 129.69M | 15.61M | 0 |
| COGS % of Revenue | - | 18.52% | 16.98% | 21.48% | 42.75% | 41.32% | 20.36% | - |
| Gross Profit | 105.94M | 138.63M | 188.49M | 197.45M | 273.49M | 184.15M | 61.05M | 54.18M |
| Gross Margin % | 74.97% | 81.48% | 83.02% | 78.52% | 57.25% | 58.68% | 79.64% | 100% |
| Gross Profit Growth % | - | -26.45% | -4.54% | -27.8% | 48.52% | 201.65% | 12.66% | - |
| Operating Expenses | 403.62M | 453.91M | 748.25M | 1.06B | 2.48B | 2.01B | 198.07M | 125.78M |
| OpEx % of Revenue | - | 266.76% | 329.56% | 422.28% | 519.66% | 641.29% | 258.39% | 232.14% |
| Selling, General & Admin | 172.08M | 183.29M | 246.16M | 385.02M | 1.43B | 862.95M | 38.31M | 29.48M |
| SG&A % of Revenue | - | 107.72% | 108.42% | 153.12% | 299.31% | 274.97% | 49.97% | 54.41% |
| Research & Development | 222.77M | 243.77M | 424.06M | 580.62M | 1.05B | 1.15B | 159.77M | 96.3M |
| R&D % of Revenue | - | 143.27% | 186.78% | 230.9% | 220.35% | 366.32% | 208.42% | 177.73% |
| Other Operating Expenses | 2M | 26.85M | 78.03M | 96.21M | 0 | 0 | 0 | 0 |
| Operating Income | -297.68M | -315.28M | -559.76M | -864.41M | -2.21B | -1.83B | -137.03M | -71.6M |
| Operating Margin % | -210.66% | -185.29% | -246.54% | -343.76% | -462.41% | -582.62% | -178.75% | -132.14% |
| Operating Income Growth % | - | 43.68% | 35.24% | 60.87% | -20.81% | -1234.38% | -91.38% | - |
| EBITDA | -208.4M | -256.29M | -496.74M | -792.85M | -2.15B | -1.8B | -123.16M | -60.84M |
| EBITDA Margin % | -147.48% | -150.62% | -218.79% | -315.31% | -449.51% | -573.35% | -160.67% | -112.29% |
| EBITDA Growth % | 48.57% | 48.41% | 37.35% | 63.08% | -19.34% | -1360.98% | -102.43% | - |
| D&A (Non-Cash Add-back) | 89.28M | 58.99M | 63.02M | 71.55M | 61.63M | 29.08M | 13.86M | 10.76M |
| EBIT | -295.39M | -313.6M | -547.41M | -892.85M | -2.12B | -1.84B | -122.45M | -117.41M |
| Net Interest Income | 56.28M | 22.62M | 38.52M | 57.12M | 20.16M | -1.54M | 197K | 3.33M |
| Interest Income | 56.28M | 22.62M | 38.61M | 57.22M | 20.26M | 837K | 2.58M | 5.76M |
| Interest Expense | 0 | 0 | 94K | 93K | 106K | 2.37M | 2.38M | 2.42M |
| Other Income/Expense | -1.19M | 1.68M | 12.25M | -28.53M | 87.55M | -9.65M | 12.19M | -48.24M |
| Pretax Income | -298.87M | -313.6M | -547.51M | -892.94M | -2.12B | -1.84B | -124.83M | -119.83M |
| Pretax Margin % | -211.5% | -184.3% | -241.15% | -355.11% | -444.08% | -585.69% | -162.85% | -221.16% |
| Income Tax | -1M | -837K | -479K | -71K | -15.03M | -1.48M | 1.89M | 22K |
| Effective Tax Rate % | 0.34% | 0.27% | 0.09% | 0.01% | 0.71% | 0.08% | -1.51% | -0.02% |
| Net Income | -304.39M | -312.76M | -547.03M | -892.87M | -2.1B | -1.83B | -126.61M | -119.33M |
| Net Margin % | -215.41% | -183.81% | -240.94% | -355.08% | -440.63% | -583.12% | -165.16% | -220.23% |
| Net Income Growth % | 35.52% | 42.83% | 38.73% | 57.58% | -15.02% | -1345.43% | -6.1% | - |
| Net Income (Continuing) | -297.87M | -312.76M | -547.03M | -892.87M | -2.11B | -1.84B | -126.72M | -119.86M |
| Discontinued Operations | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 62.01M | 8.68M | 8.79M |
| EPS (Diluted) | -5.11 | -5.64 | -10.54 | -18.40 | -50.20 | -55.53 | -4.00 | -4.15 |
| EPS Growth % | 40.73% | 46.49% | 42.72% | 63.35% | 9.6% | -1288.25% | 3.61% | - |
| EPS (Basic) | - | -5.64 | -10.54 | -18.37 | -50.15 | -53.83 | -3.97 | -4.15 |
| Diluted Shares Outstanding | 59.56M | 55.46M | 51.89M | 48.61M | 42M | 34.01M | 31.87M | 28.73M |
| Basic Shares Outstanding | 59.56M | 55.46M | 51.89M | 48.53M | 41.93M | 32.95M | 31.65M | 28.73M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and operational exhaustion
As reported in recent financial filings, Ginkgo's revenue has experienced a significant downturn, with a 59.7% year-over-year decline in 2026Q1, signaling that the company is struggling to replace legacy biosecurity contributions with sustainable, long-term growth from its core cell engineering and foundry services.
The sharp decline in top-line performance suggests that the company's pivot toward a 'Lab-as-a-Service' model has yet to gain sufficient traction to offset the loss of pandemic-era biosecurity contracts. Investors should monitor whether this contraction represents a structural plateau in demand for synthetic biology services or merely a temporary transition period as the company refines its partnership strategy.
Based on the provided income statement data, Ginkgo continues to face severe operating leverage challenges, as evidenced by the persistent inability to scale operating income relative to gross profit, with operating margins remaining deeply negative throughout the observed ten-quarter period despite various cost-cutting initiatives.
The company's high fixed-cost structure, primarily driven by the maintenance of its automated foundry, prevents meaningful operating leverage even when gross margins appear temporarily elevated. This disconnect suggests that the current business model requires substantial scale that has not yet materialized, leaving the company vulnerable to continued operating losses.
According to the company's quarterly disclosures, stock-based compensation remains a significant non-cash expense, frequently exceeding $20 million per quarter, which obscures the true economic cost of talent acquisition and contributes to the persistent gap between reported net losses and operational cash requirements.
The reliance on equity-based incentives to manage cash burn warrants further investigation, as it creates a continuous dilutive pressure on shareholders while failing to address the underlying structural deficit in operating cash flow. Analysts should treat these figures as a real cost of operations rather than a mere accounting adjustment, given the company's ongoing need for capital.
As indicated by the historical income statement trends, Ginkgo's cost structure is heavily weighted toward research and development, which has consistently consumed a large portion of revenue and hindered the company's ability to achieve a sustainable path toward profitability in the current fiscal environment.
The persistence of high R&D and SG&A expenses relative to shrinking revenue suggests that management's efforts to streamline the organization have not yet fundamentally altered the company's burn profile. This cost rigidity appears to be a primary risk factor, as it limits the company's ability to adapt to a lower-revenue environment without further eroding its cash position.
Based on the reported figures, the most significant risk to the investment thesis is the potential for capital exhaustion, as the company's operating losses continue to outpace its cash reserves, raising questions about the viability of its long-term 'downstream value' revenue recognition model.
Short-sellers would likely focus on the circular nature of related-party revenue and the inherent difficulty in monetizing speculative milestones in a high-interest-rate environment. The lack of a clear inflection point toward positive cash flow suggests that the company may be forced into dilutive financing, which would further impair shareholder value.
Quick answers to the most common questions about buying DNA stock.
For fiscal year 2025, Ginkgo Bioworks Holdings, Inc. (DNA) reported total revenue of $170.2M. This represents a 214.0% increase compared to $54.2M in 2019.
Ginkgo Bioworks Holdings, Inc. (DNA) reported a net loss of $312.8M for the fiscal year ending 2025.
Ginkgo Bioworks Holdings, Inc. (DNA) reported an operating income of $-315.3M, resulting in an operating profit margin of -185.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Ginkgo Bioworks Holdings, Inc. (DNA) generated $138.6M in gross profit for the year, representing a gross profit margin of 81.5%. This demonstrates the company's core pricing power and production efficiency.