Revenue has contracted sharply for two consecutive quarters, with a -14.8% YoY decline in Q2 2026, while gross margins have collapsed from 31.0% in Q4 2025 to -1.1% in Q2 2026, signaling severe cost structure misalignment.
Evotec SE (EVO) annual income statement — 23-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 |
|---|
| Sales/Revenue | 720.9M | 757.26M | 796.97M | 781.43M | 751.45M | 618.03M | 500.92M | 446.44M | 375.4M | 257.63M | 164.51M | 127.68M | 89.5M | 85.94M | 87.27M | 80.13M | 55.26M | 42.68M | 39.61M | 32.88M | 67.35M | 64.11M | 1.94M | 3.57M |
| Revenue Growth % | -4.68% | -4.98% | 1.99% | 3.99% | 21.59% | 23.38% | 12.2% | 18.92% | 45.71% | 56.61% | 28.85% | 42.66% | 4.14% | -1.52% | 8.91% | 45% | 29.47% | 7.75% | 20.46% | -51.18% | 5.05% | 3211.02% | -45.81% | - |
| Cost of Goods Sold | 626.58M | 694.6M | 682.09M | 606.38M | 577.38M | 466.49M | 375.18M | 313.55M | 263.39M | 175.06M | 105.95M | 89.69M | 60.12M | 54.72M | 56.24M | 45.14M | 30.92M | 24.26M | 21.98M | 24.86M | 44.4M | 42.99M | 0 | 0 |
| COGS % of Revenue | - | 91.73% | 85.59% | 77.6% | 76.84% | 75.48% | 74.9% | 70.23% | 70.16% | 67.95% | 64.41% | 70.25% | 67.17% | 63.67% | 64.45% | 56.34% | 55.94% | 56.84% | 55.48% | 75.6% | 65.92% | 67.05% | - | - |
| Gross Profit | 94.32M | 62.66M | 114.88M | 175.05M | 174.06M | 151.54M | 125.74M | 132.89M | 112.02M | 82.57M | 58.55M | 37.99M | 29.38M | 31.22M | 31.02M | 34.98M | 24.35M | 18.42M | 17.64M | 8.02M | 22.95M | 21.13M | 1.94M | 3.57M |
| Gross Margin % | 13.08% | 8.27% | 14.41% | 22.4% | 23.16% | 24.52% | 25.1% | 29.77% | 29.84% | 32.05% | 35.59% | 29.75% | 32.83% | 36.33% | 35.55% | 43.66% | 44.06% | 43.16% | 44.52% | 24.4% | 34.08% | 32.95% | 100% | 100% |
| Gross Profit Growth % | - | -45.45% | -34.37% | 0.57% | 14.86% | 20.52% | -5.38% | 18.64% | 35.67% | 41.01% | 54.14% | 29.3% | -5.91% | 0.64% | -11.32% | 43.7% | 32.16% | 4.45% | 119.82% | -65.04% | 8.63% | 991.09% | -45.81% | - |
| Operating Expenses | 205.7M | 197.97M | 257.4M | 222.56M | 153.22M | 110.55M | 77.19M | 58.38M | 49.22M | 43.89M | 21.81M | 40.52M | 27.24M | 27.05M | 30.72M | 30.65M | 27.17M | 38.03M | 63.13M | 57.24M | 53.75M | 36.26M | -32.2M | -36.72M |
| OpEx % of Revenue | - | 26.14% | 32.3% | 28.48% | 20.39% | 17.89% | 15.41% | 13.08% | 13.11% | 17.04% | 13.26% | 31.74% | 30.43% | 31.48% | 35.2% | 38.25% | 49.16% | 89.11% | 159.37% | 174.05% | 79.8% | 56.55% | -1662.82% | -1027.8% |
| Selling, General & Admin | 167.17M | 123.65M | 188.2M | 169.61M | 156.19M | 105.44M | 77.2M | 66.43M | 57.01M | 42.38M | 27.01M | 25.17M | 17.99M | 16.6M | 16.3M | 15.76M | 15.96M | 16.7M | 19.95M | 17.81M | 18.58M | 15.54M | 6.1M | 5.27M |
| SG&A % of Revenue | - | 16.33% | 23.61% | 21.71% | 20.79% | 17.06% | 15.41% | 14.88% | 15.19% | 16.45% | 16.42% | 19.71% | 20.1% | 19.31% | 18.68% | 19.67% | 28.87% | 39.11% | 50.36% | 54.15% | 27.58% | 24.24% | 315.05% | 147.49% |
| Research & Development | 39.75M | 74.33M | 50.86M | 68.53M | 76.64M | 65.7M | 59.61M | 58.43M | 35.62M | 17.61M | 18.11M | 18.34M | 12.4M | 9.66M | 8.34M | 8.44M | 6.12M | 20.95M | 42.54M | 36.94M | 30.31M | 9.3M | 0 | 0 |
| R&D % of Revenue | - | 9.82% | 6.38% | 8.77% | 10.2% | 10.63% | 11.9% | 13.09% | 9.49% | 6.84% | 11.01% | 14.37% | 13.86% | 11.25% | 9.56% | 10.53% | 11.07% | 49.08% | 107.38% | 112.32% | 45% | 14.51% | - | - |
| Other Operating Expenses | -1000K | 0 | 18.34M | -15.58M | -79.62M | -60.6M | -59.63M | -66.6M | 257K | -209K | 4K | 263K | 39K | 16K | 171K | 1.49M | 1.8M | -3.29M | -11.87M | 149K | 274K | 614K | -38.3M | -41.99M |
| Operating Income | -111.38M | -135.31M | -142.52M | -47.51M | 20.85M | 41M | 48.56M | 62.59M | 77.46M | 37.49M | 31.34M | 11.64M | -6.38M | -21.35M | -3.2M | 5.21M | 1.72M | -42.3M | -73.21M | -58.12M | -36.76M | -32.97M | -30.26M | -33.15M |
| Operating Margin % | -15.45% | -17.87% | -17.88% | -6.08% | 2.77% | 6.63% | 9.69% | 14.02% | 20.63% | 14.55% | 19.05% | 9.12% | -7.13% | -24.84% | -3.67% | 6.5% | 3.1% | -99.1% | -184.81% | -176.72% | -54.58% | -51.42% | -1562.82% | -927.8% |
| Operating Income Growth % | - | 5.06% | -200% | -327.85% | -49.14% | -15.57% | -22.43% | -19.2% | 106.6% | 19.63% | 169.26% | 282.42% | 70.11% | -566.8% | -161.49% | 203.62% | 104.05% | 42.22% | -25.97% | -58.08% | -11.52% | -8.93% | 8.71% | - |
| EBITDA | -29.47M | -39.76M | -40.9M | 45.47M | 104.05M | 111.39M | 104.61M | 111.4M | 108.76M | 58.26M | 43.23M | 23.58M | 2.15M | -12.19M | 5.61M | 11.81M | 7.22M | -37.52M | -68.08M | -49.17M | -27.15M | -16.57M | -28.12M | -31.12M |
| EBITDA Margin % | -4.09% | -5.25% | -5.13% | 5.82% | 13.85% | 18.02% | 20.88% | 24.95% | 28.97% | 22.61% | 26.28% | 18.47% | 2.41% | -14.18% | 6.43% | 14.75% | 13.07% | -87.91% | -171.88% | -149.53% | -40.31% | -25.84% | -1452.23% | -870.96% |
| EBITDA Growth % | 19.51% | 2.79% | -189.95% | -56.3% | -6.6% | 6.48% | -6.09% | 2.43% | 86.67% | 34.75% | 83.35% | 994.25% | 117.68% | -317.06% | -52.48% | 63.6% | 119.25% | 44.89% | -38.46% | -81.12% | -63.89% | 41.09% | 9.64% | - |
| D&A (Non-Cash Add-back) | 72.91M | 95.55M | 101.62M | 92.98M | 83.2M | 70.4M | 56.06M | 48.8M | 31.29M | 20.77M | 11.89M | 11.94M | 8.54M | 9.16M | 8.82M | 6.61M | 5.51M | 4.78M | 5.13M | 8.94M | 9.61M | 16.4M | 2.14M | 2.03M |
| EBIT | -158.75M | -109.44M | -182.28M | -68.85M | -140.81M | 246.23M | 34.3M | 37.96M | 74.59M | 26.83M | 34.47M | 14.22M | -4.71M | -23.23M | -4.31M | 7.11M | 4.73M | -44.39M | -75.13M | -14.82M | -33.09M | -34.83M | -30.26M | -33.15M |
| Net Interest Income | -7.41M | -9.62M | -9.26M | -2.48M | -4.81M | -6.98M | -7.13M | -5.22M | -1.69M | -358K | -660K | -1.19M | -1.15M | -1.61M | -1.2M | -1.45M | -625K | 66K | 2.12M | 1.57M | 698K | 153K | 0 | 0 |
| Interest Income | 5.86M | 4.25M | 2.44M | 9.26M | 8.34M | 2.27M | 1.34M | 2.23M | 898K | 903K | 863K | 533K | 469K | 261K | 655K | 413K | 241K | 499K | 2.96M | 1.96M | 1.37M | 851K | 0 | 0 |
| Interest Expense | 13.28M | 13.87M | 11.7M | 11.74M | 13.15M | 9.25M | 8.46M | 7.46M | 2.59M | 1.26M | 1.52M | 1.73M | 1.62M | 1.87M | 1.86M | 1.86M | 866K | 433K | 839K | 483K | 671K | 698K | 0 | 0 |
| Other Income/Expense | -54.56M | 12M | -51.45M | -33.09M | -174.81M | 195.98M | -22.72M | -6.03M | -5.46M | -11.16M | 1.61M | 851K | 1.22M | -2.3M | -6.54M | 49K | 2.15M | -21.16M | -28.2M | 1.37M | -1.46M | -20.4M | 0 | 0 |
| Pretax Income | -165.94M | -123.31M | -193.98M | -80.59M | -153.96M | 236.98M | 25.84M | 56.56M | 72M | 26.33M | 32.95M | 12.49M | -5.16M | -23.65M | -5.01M | 5.26M | 3.87M | -44.82M | -75.97M | -54.41M | -35.98M | -35.53M | 0 | 0 |
| Pretax Margin % | -23.02% | -16.28% | -24.34% | -10.31% | -20.49% | 38.34% | 5.16% | 12.67% | 19.18% | 10.22% | 20.03% | 9.78% | -5.76% | -27.52% | -5.75% | 6.56% | 7% | -105% | -191.78% | -165.44% | -53.41% | -55.42% | - | - |
| Income Tax | 17.68M | -23.88M | 2.1M | 3.32M | 21.7M | 21.47M | 19.56M | 19.33M | -12.06M | 2.33M | 6.11M | -4.03M | 1.82M | 1.78M | -7.49M | -1.4M | 882K | 678K | 2.32M | -6.35M | 320K | -4.53M | -798.91K | 96.08K |
| Effective Tax Rate % | -10.65% | 19.37% | -1.08% | -4.12% | -14.09% | 9.06% | 75.7% | 34.18% | -16.75% | 8.86% | 18.55% | -32.22% | -35.26% | -7.55% | 149.42% | -26.54% | 22.81% | -1.51% | -3.05% | 11.68% | -0.89% | 12.74% | - | - |
| Net Income | -183.62M | -99.43M | -196.08M | -83.91M | -175.66M | 215.51M | 6.28M | 38.16M | 84.17M | 24.26M | 27.53M | 16.52M | -6.98M | -25.43M | 2.48M | 6.75M | 3.26M | -45.5M | -78.29M | -11.16M | -32.47M | -33.58M | -29.46M | -33.25M |
| Net Margin % | -25.47% | -13.13% | -24.6% | -10.74% | -23.38% | 34.87% | 1.25% | 8.55% | 22.42% | 9.42% | 16.73% | 12.94% | -7.8% | -29.59% | 2.84% | 8.42% | 5.9% | -106.59% | -197.63% | -33.92% | -48.2% | -52.38% | -1521.56% | -930.49% |
| Net Income Growth % | -15.5% | 49.29% | -133.67% | 52.23% | -181.51% | 3332.78% | -83.55% | -54.67% | 247% | -11.89% | 66.69% | 336.69% | 72.56% | -1126.35% | -63.28% | 107.02% | 107.17% | 41.88% | -601.75% | 65.64% | 3.32% | -13.98% | 11.38% | - |
| Net Income (Continuing) | -183.62M | -99.43M | -196.08M | -83.91M | -175.66M | 215.51M | 6.28M | 37.31M | 84.06M | 25M | 27.21M | 16.52M | -6.98M | -25.43M | 2.48M | 6.65M | 2.98M | -45.5M | -78.29M | -48.05M | -36.3M | -31M | -29.46M | -33.25M |
| 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 876K | 992K | 901K | 1.59M | 0 | 0 | 0 | 0 | 476K | 613K | 0 | 0 | -6K | 0 | 0 | 0 |
| EPS (Diluted) | -0.52 | -0.28 | -0.56 | -0.23 | -0.49 | 0.65 | 0.02 | 0.13 | 0.28 | 0.08 | 0.10 | 0.06 | -0.03 | -0.10 | 0.01 | 0.03 | 0.02 | -0.21 | -0.41 | -0.08 | -0.56 | -0.62 | -0.68 | -18.50 |
| EPS Growth % | -16.86% | 50% | -143.48% | 53.06% | -175.38% | 3150% | -84.62% | -53.57% | 250% | -20% | 66.67% | 326.42% | 73.5% | -1100% | -66.67% | 100% | 107.14% | 48.78% | -412.5% | 85.71% | 9.68% | 8.82% | 96.32% | - |
| EPS (Basic) | - | -0.28 | -0.56 | -0.23 | -0.49 | 0.65 | 0.02 | 0.13 | 0.28 | 0.08 | 0.10 | 0.07 | -0.03 | -0.10 | 0.01 | 0.03 | 0.02 | -0.21 | -0.41 | -0.08 | -0.56 | -0.62 | -0.68 | -18.50 |
| Diluted Shares Outstanding | 355.53M | 355.16M | 354.59M | 353.87M | 353.41M | 332.81M | 307.5M | 299.45M | 294.96M | 290.02M | 265.01M | 275.27M | 262.58M | 242.43M | 234.59M | 232.04M | 218.03M | 213.69M | 190.4M | 143.66M | 58.69M | 53.78M | 43.41M | 1.8M |
| Basic Shares Outstanding | 355.53M | 355.16M | 353.29M | 353.87M | 353.35M | 332.81M | 307.5M | 299.45M | 294.96M | 290.02M | 265.01M | 263.36M | 262.58M | 242.43M | 234.59M | 232.04M | 218.03M | 213.69M | 190.4M | 143.66M | 58.69M | 53.74M | 43.41M | 1.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 3.34% | - | - | 121.07% | - | 11.75% | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying EVO stock.
For fiscal year 2025, Evotec SE (EVO) reported total revenue of $757.3M. This represents a 21093.1% increase compared to $3.6M in 2003.
Evotec SE (EVO) reported a net loss of $99.4M for the fiscal year ending 2025.
Evotec SE (EVO) reported an operating income of $-135.3M, resulting in an operating profit margin of -17.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Evotec SE (EVO) generated $62.7M in gross profit for the year, representing a gross profit margin of 8.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Revenue Momentum Falters Sharply
Evotec's revenue trajectory has deteriorated significantly, with a -14.8% year-over-year decline in Q2 2026 following a -20.4% drop in Q1, suggesting a potential structural shift in demand or project timing rather than a temporary blip.
The sequential decline from $250.9M in Q4 2025 to $145.9M in Q2 2026 represents a 42% contraction in just two quarters, which appears to indicate a severe pullback in client activity or milestone recognition. This deceleration is particularly concerning given the company's reliance on long-term partnerships, as it may signal that key clients are reducing their outsourcing budgets or delaying program initiations.
Gross Margin Collapse Signals Structural Stress
Based on reported figures, Evotec's gross margin has deteriorated from a healthy 31.0% in Q4 2025 to negative territory in both Q1 and Q2 2026, indicating that cost of goods sold is now exceeding revenue in recent periods.
The shift to negative gross margins suggests that the company's high fixed-cost infrastructure, particularly the J.POD manufacturing facilities, is operating at critically low utilization rates. This margin profile is fundamentally misaligned with the peer group, where companies like Charles River and Medpace maintain gross margins above 30%, indicating Evotec's cost structure may be unsustainable at current revenue levels.
Operating Leverage Working in Reverse
As reported in financial statements, operating losses have expanded from -$20.0M in Q1 2025 to -$56.3M in Q1 2026, demonstrating severe negative operating leverage as fixed costs consume an increasing share of declining revenue.
The operating margin deterioration from -10.0% to -35.4% over this period indicates that SG&A and R&D expenses are not scaling down proportionally with revenue declines. This suggests management has limited flexibility to reduce overhead quickly, which may prolong the path to profitability and increase cash burn during this downturn.
Net Income Distorted by Non-Operating Items
The Q1 2026 net loss of $123.9M was significantly larger than the operating loss of $56.3M, implying substantial non-operating charges that obscure the underlying operational performance and cash generation capability.
This discrepancy suggests the presence of significant write-downs, impairments, or other non-cash charges that are not reflective of core business operations. Investors should focus on operating metrics rather than net income, as these non-recurring items can create misleading volatility in earnings per share and make period-to-period comparisons unreliable.
Sustainability of Current Cost Structure
The most significant analytical challenge is whether Evotec's current cost structure, with SG&A consistently exceeding $40M quarterly even as revenue declines, represents a temporary investment phase or a permanent structural burden that will prevent the company from achieving profitability.
Short-sellers would focus on the fact that operating expenses have remained relatively stable while revenue has contracted sharply, suggesting management may be unable or unwilling to right-size the organization. The negative gross margins in recent quarters indicate that even core service delivery is not covering direct costs, which raises fundamental questions about the viability of the business model at current scale.