Revenue growth has been volatile, swinging from a 17.2% year-over-year increase in 2025Q3 to a 3.2% decline in 2026Q1, while gross margins have deteriorated significantly to 30.1% in 2026Q2, indicating structural cost pressures.
Fulgent Genetics, Inc. (FLGT) annual income statement — 12-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 |
|---|
| Sales/Revenue | 323.93M | 322.67M | 283.47M | 289.21M | 618.97M | 992.58M | 421.71M | 32.53M | 21.36M | 18.73M | 18.28M | 9.58M | 1.28M |
| Revenue Growth % | 6.83% | 13.83% | -1.99% | -53.27% | -37.64% | 135.37% | 1196.46% | 52.31% | 14.03% | 2.48% | 90.85% | 649.3% | - |
| Cost of Goods Sold | 208.67M | 191.8M | 176.25M | 184.76M | 252.07M | 215.53M | 89.81M | 14.11M | 10.69M | 8.55M | 6.72M | 5.07M | 936K |
| COGS % of Revenue | - | 59.44% | 62.18% | 63.88% | 40.72% | 21.71% | 21.3% | 43.37% | 50.06% | 45.65% | 36.78% | 52.93% | 73.24% |
| Gross Profit | 115.26M | 130.88M | 107.22M | 104.46M | 366.9M | 777.05M | 331.9M | 18.42M | 10.66M | 10.18M | 11.55M | 4.51M | 342K |
| Gross Margin % | 35.58% | 40.56% | 37.82% | 36.12% | 59.28% | 78.29% | 78.7% | 56.63% | 49.94% | 54.35% | 63.22% | 47.07% | 26.76% |
| Gross Profit Growth % | - | 22.07% | 2.64% | -71.53% | -52.78% | 134.12% | 1701.78% | 72.72% | 4.77% | -11.91% | 156.38% | 1217.84% | - |
| Operating Expenses | 235.37M | 221.97M | 181.13M | 299.99M | 188.37M | 101.1M | 41.75M | 18.85M | 15.72M | 13.58M | 10.64M | 9.52M | 1.33M |
| OpEx % of Revenue | - | 68.79% | 63.9% | 103.72% | 30.43% | 10.19% | 9.9% | 57.95% | 73.62% | 72.5% | 58.2% | 99.4% | 104.23% |
| Selling, General & Admin | 169.93M | 160.03M | 124.35M | 130.47M | 149.99M | 75.17M | 30.17M | 12.31M | 10.19M | 9.44M | 7.08M | 5.09M | 811K |
| SG&A % of Revenue | - | 49.6% | 43.87% | 45.11% | 24.23% | 7.57% | 7.15% | 37.85% | 47.7% | 50.39% | 38.73% | 53.13% | 63.46% |
| Research & Development | 56.76M | 53.91M | 48.82M | 41.44M | 28.91M | 24.22M | 11.58M | 6.54M | 5.53M | 4.22M | 3.56M | 4.43M | 521K |
| R&D % of Revenue | - | 16.71% | 17.22% | 14.33% | 4.67% | 2.44% | 2.75% | 20.1% | 25.91% | 22.55% | 19.47% | 46.27% | 40.77% |
| Other Operating Expenses | 4M | 8.03M | 7.96M | 128.08M | 9.47M | 1.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -120.11M | -91.1M | -73.92M | -195.53M | 178.53M | 675.95M | 290.16M | -428K | -5.07M | -3.48M | 919K | -5.01M | -990K |
| Operating Margin % | -37.08% | -28.23% | -26.08% | -67.61% | 28.84% | 68.1% | 68.8% | -1.32% | -23.74% | -18.59% | 5.03% | -52.34% | -77.46% |
| Operating Income Growth % | - | -23.24% | 62.2% | -209.52% | -73.59% | 132.96% | 67893.93% | 91.56% | -45.61% | -478.89% | 118.34% | -406.26% | - |
| EBITDA | -94.28M | -66.97M | -48.99M | -169.39M | 211.19M | 686.96M | 293.12M | 1.68M | -2.91M | -1.75M | 2.09M | -4.44M | -794K |
| EBITDA Margin % | -29.11% | -20.76% | -17.28% | -58.57% | 34.12% | 69.21% | 69.51% | 5.16% | -13.61% | -9.36% | 11.43% | -46.33% | -62.13% |
| EBITDA Growth % | -93.85% | -36.71% | 71.08% | -180.21% | -69.26% | 134.36% | 17358.01% | 157.76% | -65.74% | -183.96% | 147.08% | -458.82% | - |
| D&A (Non-Cash Add-back) | 25.83M | 24.12M | 24.93M | 26.14M | 32.66M | 11M | 2.96M | 2.11M | 2.16M | 1.73M | 1.17M | 575K | 196K |
| EBIT | -90.85M | -69.95M | -51.79M | -173.6M | 185.04M | 681.03M | 290.16M | -428K | -5.07M | -3.48M | 918K | -5.01M | -990K |
| Net Interest Income | 29.63M | 30.84M | 31.13M | 21.12M | 4.61M | 1.35M | 1.53M | 837K | 434K | 481K | -5.39M | 27K | 0 |
| Interest Income | 29.86M | 30.92M | 31.3M | 21.61M | 5.62M | 1.35M | 1.53M | 837K | 434K | 481K | 0 | 27K | 0 |
| Interest Expense | 238K | 75K | 170K | 488K | 1.01M | 0 | 0 | 0 | 0 | 0 | 5.39M | 0 | 0 |
| Other Income/Expense | 29.03M | 21.07M | 21.96M | 21.44M | 5.5M | 5.08M | -3.32M | 60K | 434K | 481K | -5.39M | 27K | 0 |
| Pretax Income | -91.08M | -70.03M | -51.96M | -174.09M | 184.03M | 681.03M | 286.84M | -368K | -4.64M | -3M | -4.47M | -4.99M | -990K |
| Pretax Margin % | -28.12% | -21.7% | -18.33% | -60.19% | 29.73% | 68.61% | 68.02% | -1.13% | -21.71% | -16.02% | -24.45% | -52.06% | -77.46% |
| Income Tax | -5.62M | -8.39M | -8.14M | 1.15M | 42.1M | 174.79M | 72.53M | 43K | 36K | -1.01M | 920K | 3.33M | 3.29M |
| Effective Tax Rate % | 6.17% | 11.99% | 15.66% | -0.66% | 22.88% | 25.67% | 25.29% | -11.68% | -0.78% | 33.82% | -20.59% | -66.78% | -332.63% |
| Net Income | -84.38M | -60.51M | -42.71M | -167.82M | 143.4M | 507.36M | 214.31M | -411K | -5.61M | -2.51M | -5.35M | -8.31M | -4.28M |
| Net Margin % | -26.05% | -18.75% | -15.07% | -58.03% | 23.17% | 51.12% | 50.82% | -1.26% | -26.25% | -13.4% | -29.26% | -86.82% | -335.13% |
| Net Income Growth % | -65.38% | -41.69% | 74.55% | -217.03% | -71.74% | 136.74% | 52243.55% | 92.67% | -123.39% | 53.06% | 35.69% | -94.12% | - |
| Net Income (Continuing) | -85.47M | -61.63M | -43.82M | -175.24M | 141.92M | 506.24M | 214.31M | -411K | -5.61M | -1.99M | -5.39M | -4.99M | -990K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -5.63M | -5.27M | -4.07M | -2.81M | 3.19M | 7.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.01 | -1.97 | -1.41 | -5.63 | 4.63 | 16.26 | 8.91 | -0.02 | -0.25 | -0.15 | -0.30 | -0.64 | -0.34 |
| EPS Growth % | -70.91% | -39.72% | 74.96% | -221.6% | -71.53% | 82.49% | 44650% | 92% | -66.67% | 50% | 53.13% | -88.24% | - |
| EPS (Basic) | - | -1.97 | -1.41 | -5.63 | 4.76 | 17.13 | 9.44 | -0.02 | -0.25 | -0.15 | -0.30 | -0.64 | -0.34 |
| Diluted Shares Outstanding | 28M | 30.78M | 30.23M | 29.78M | 30.96M | 30.98M | 24.06M | 18.71M | 17.98M | 17.74M | 17.68M | 12.77M | 17.68M |
| Basic Shares Outstanding | 28M | 30.78M | 30.23M | 29.78M | 30.1M | 29.41M | 22.69M | 18.71M | 17.98M | 17.74M | 17.68M | 12.77M | 17.68M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FLGT stock.
For fiscal year 2025, Fulgent Genetics, Inc. (FLGT) reported total revenue of $322.7M. This represents a 25148.1% increase compared to $1.3M in 2014.
Fulgent Genetics, Inc. (FLGT) reported a net loss of $60.5M for the fiscal year ending 2025.
Fulgent Genetics, Inc. (FLGT) reported an operating income of $-91.1M, resulting in an operating profit margin of -28.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Fulgent Genetics, Inc. (FLGT) generated $130.9M in gross profit for the year, representing a gross profit margin of 40.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and margin compression
Metrics are mathematically derived from official filings.
Revenue Growth Volatility Amidst Margin Erosion
FLGT's revenue growth has been inconsistent, swinging from a 17.2% year-over-year increase in 2025Q3 to a 3.2% decline in 2026Q1, suggesting a lack of durable demand drivers in its core testing business.
The company's top-line performance appears highly sensitive to external factors, as evidenced by the sharp deceleration from double-digit growth in mid-2025 to near-flat or negative growth in recent quarters. This volatility, combined with a structural decline in gross margins from a peak of 42.2% to approximately 30%, indicates that revenue gains are not translating into sustainable profitability and may reflect competitive pricing pressure or a shift in test mix.
Gross Margin Compression Signals Structural Headwinds
FLGT's gross margin has deteriorated significantly, falling from 42.2% in 2025Q3 to 30.1% in 2026Q2, a 1,210 basis point contraction that appears to be driven by rising direct costs outpacing revenue growth.
The rapid erosion in gross margin suggests the company is facing substantial cost pressures, likely from increased reagent, labor, or logistics expenses, which it has been unable to fully pass through to customers. This margin profile is now materially below peers like Natera (64.8%) and Exact Sciences (69.7%), indicating a potential loss of pricing power or a shift toward lower-margin testing services, which severely constrains the path to profitability.
Negative Operating Leverage Amplifies Losses
Operating losses have widened despite revenue growth, with the operating margin deteriorating from -18.3% in 2025Q3 to -39.7% in 2026Q2, indicating that fixed overhead costs are not scaling efficiently with the business.
The company's cost structure appears to lack operating leverage, as SG&A and R&D expenses have remained relatively high and stable even as revenue growth has stalled. The significant increase in SG&A to $42.4M in 2026Q2, coupled with consistent R&D spending, suggests management is investing in growth initiatives that are not yet yielding returns, thereby amplifying losses during periods of revenue softness.
Elevated SG&A Burden Undermines Path to Profitability
SG&A expenses represented 49.6% of revenue in 2026Q2, a significant burden that, combined with a 17.1% R&D intensity, leaves minimal room for operating income generation even at higher gross margins.
The company's cost structure is dominated by selling, general, and administrative expenses, which have grown in absolute terms and as a percentage of revenue. This high overhead, likely driven by sales force expansion and corporate infrastructure, is a primary obstacle to achieving breakeven. Without meaningful discipline in controlling these costs, the company's operating losses may persist even if gross margins stabilize.
Sustainability of Cash Burn and Margin Trajectory
The combination of a 30.1% gross margin and a -39.7% operating margin in 2026Q2 suggests the current business model is burning cash at an unsustainable rate, raising questions about the company's ability to fund operations without external financing.
A short-seller would focus on the severe and accelerating margin compression, which indicates that FLGT's core operations are not generating sufficient cash to cover its cost base. The negative operating income of $33.9M in the latest quarter, coupled with high stock-based compensation, implies that shareholder value is being diluted to fund ongoing losses. Investors should monitor the company's cash balance and financing activities closely, as the current trajectory appears to necessitate future capital raises.