Revenue growth accelerated to 49.5% YoY in 2026Q2, with gross margin expanding to 81.7% and operating margin improving to -9.3%, though net losses persist.
Glaukos Corporation (GKOS) 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 | 612.84M | 507.44M | 383.48M | 314.71M | 282.86M | 294.01M | 224.96M | 236.98M | 181.28M | 159.25M | 114.4M | 71.7M | 45.59M | 20.95M | 2.43M |
| Revenue Growth % | 41.55% | 32.33% | 21.85% | 11.26% | -3.79% | 30.7% | -5.07% | 30.73% | 13.83% | 39.21% | 59.55% | 57.28% | 117.64% | 762.33% | - |
| Cost of Goods Sold | 127.96M | 114.23M | 94.03M | 75.58M | 68.98M | 66.63M | 91.72M | 38.59M | 25.07M | 21.05M | 16.18M | 12.99M | 11.42M | 2.54M | 1.66M |
| COGS % of Revenue | - | 22.51% | 24.52% | 24.01% | 24.39% | 22.66% | 40.77% | 16.28% | 13.83% | 13.22% | 14.14% | 18.11% | 25.05% | 12.1% | 68.14% |
| Gross Profit | 484.88M | 393.22M | 289.45M | 239.14M | 213.88M | 227.38M | 133.24M | 198.4M | 156.2M | 138.2M | 98.22M | 58.71M | 34.17M | 18.41M | 774K |
| Gross Margin % | 79.12% | 77.49% | 75.48% | 75.99% | 75.61% | 77.34% | 59.23% | 83.72% | 86.17% | 86.78% | 85.86% | 81.89% | 74.95% | 87.9% | 31.86% |
| Gross Profit Growth % | - | 35.85% | 21.04% | 11.81% | -5.94% | 70.66% | -32.84% | 27.01% | 13.02% | 40.71% | 67.29% | 71.83% | 85.59% | 2278.68% | - |
| Operating Expenses | 565.37M | 479.95M | 411.82M | 367.84M | 296.2M | 260.26M | 256.79M | 248.69M | 169.21M | 140.49M | 93.98M | 69.01M | 47.34M | 32.61M | 22.57M |
| OpEx % of Revenue | - | 94.58% | 107.39% | 116.88% | 104.71% | 88.52% | 114.15% | 104.94% | 93.34% | 88.21% | 82.15% | 96.25% | 103.85% | 155.68% | 928.98% |
| Selling, General & Admin | 386.7M | 329.33M | 262.85M | 224.07M | 192.93M | 179.26M | 171.4M | 176.63M | 119.53M | 96.26M | 64.76M | 43.96M | 28.14M | 17.1M | 9.57M |
| SG&A % of Revenue | - | 64.9% | 68.54% | 71.2% | 68.2% | 60.97% | 76.19% | 74.53% | 65.94% | 60.44% | 56.61% | 61.31% | 61.72% | 81.63% | 394.11% |
| Research & Development | 177.17M | 150.61M | 136.43M | 138.77M | 123.27M | 101M | 85.39M | 68.31M | 49.68M | 38.91M | 29.22M | 25.05M | 19.2M | 15.51M | 13.3M |
| R&D % of Revenue | - | 29.68% | 35.58% | 44.09% | 43.58% | 34.35% | 37.96% | 28.82% | 27.4% | 24.43% | 25.55% | 34.93% | 42.13% | 74.05% | 547.51% |
| Other Operating Expenses | 1000K | 0 | 12.55M | 5M | -20M | -20M | 0 | 3.75M | 0 | 5.32M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -80.49M | -86.73M | -122.37M | -128.7M | -82.31M | -32.87M | -123.55M | -50.29M | -13M | -2.28M | 4.24M | -10.3M | -13.17M | -14.2M | -22.1M |
| Operating Margin % | -13.13% | -17.09% | -31.91% | -40.89% | -29.1% | -11.18% | -54.92% | -21.22% | -7.17% | -1.43% | 3.71% | -14.36% | -28.89% | -67.78% | -909.76% |
| Operating Income Growth % | - | 29.12% | 4.92% | -56.35% | -150.4% | 73.39% | -145.67% | -286.8% | -470.01% | -153.78% | 141.19% | 21.83% | 7.23% | 35.75% | - |
| EBITDA | -43.19M | -44.39M | -82.44M | -90.72M | -46.37M | 1.55M | -88.94M | -40.43M | -6.74M | 3.2M | 8.96M | -6.03M | -8.94M | -13.04M | -21.46M |
| EBITDA Margin % | -7.05% | -8.75% | -21.5% | -28.83% | -16.39% | 0.53% | -39.54% | -17.06% | -3.72% | 2.01% | 7.83% | -8.41% | -19.61% | -62.26% | -883.49% |
| EBITDA Growth % | 25.39% | 46.16% | 9.12% | -95.66% | -3093.35% | 101.74% | -119.99% | -500.01% | -310.5% | -64.29% | 248.66% | 32.56% | 31.45% | 39.23% | - |
| D&A (Non-Cash Add-back) | 36.3M | 42.34M | 39.92M | 37.98M | 35.95M | 34.42M | 34.61M | 9.86M | 6.26M | 5.48M | 4.72M | 4.27M | 4.23M | 1.16M | 638K |
| EBIT | -187.93M | -188.41M | -135.56M | -120.09M | -84.71M | -35.9M | -118.2M | -47.47M | -12.37M | 1K | 4.24M | -37.23M | -13.16M | -13.91M | -22.1M |
| Net Interest Income | 4.87M | 6.08M | 1.06M | -4.47M | -11.35M | -12.08M | -11.74M | 604K | 2.25M | 1.38M | 281K | -980K | -873K | -294K | 0 |
| Interest Income | 9.77M | 10.71M | 11.11M | 9.16M | 2.38M | 1.29M | 2.38M | 3.17M | 2.25M | 1.38M | 889K | 82K | 3K | 13K | 228K |
| Interest Expense | 4.91M | 4.63M | 10.04M | 13.63M | 13.72M | 13.37M | 14.12M | 2.56M | 0 | 0 | 608K | 1.06M | 876K | 307K | 0 |
| Other Income/Expense | -112.34M | -106.31M | -23.23M | -5.03M | -16.12M | -16.39M | -8.76M | 256K | 634K | 2.28M | 324K | -27.99M | -868K | -23K | 79K |
| Pretax Income | -192.83M | -193.04M | -145.6M | -133.73M | -98.43M | -49.27M | -132.31M | -50.04M | -12.37M | 1K | 4.57M | -38.29M | -14.04M | -14.22M | -22.02M |
| Pretax Margin % | -31.47% | -38.04% | -37.97% | -42.49% | -34.8% | -16.76% | -58.82% | -21.11% | -6.82% | 0% | 3.99% | -53.4% | -30.8% | -67.89% | -906.5% |
| Income Tax | -4.79M | -5.35M | 771K | 934K | 766K | 326K | -11.97M | -65.46M | 583K | 93K | 43K | 33K | 18K | 6K | 3K |
| Effective Tax Rate % | 2.48% | 2.77% | -0.53% | -0.7% | -0.78% | -0.66% | 9.04% | 130.83% | -4.71% | 9300% | 0.94% | -0.09% | -0.13% | -0.04% | -0.01% |
| Net Income | -188.05M | -187.69M | -146.37M | -134.66M | -99.19M | -49.59M | -120.35M | 15.42M | -12.95M | -92K | 4.52M | -37.24M | -12.13M | -12.64M | -19.33M |
| Net Margin % | -30.68% | -36.99% | -38.17% | -42.79% | -35.07% | -16.87% | -53.5% | 6.51% | -7.14% | -0.06% | 3.95% | -51.94% | -26.6% | -60.34% | -795.84% |
| Net Income Growth % | -102.66% | -28.23% | -8.7% | -35.75% | -100.02% | 58.79% | -880.26% | 219.1% | -13977.17% | -102.03% | 112.14% | -207.12% | 4.06% | 34.62% | - |
| Net Income (Continuing) | -188.05M | -187.69M | -146.37M | -134.66M | -99.19M | -49.59M | -120.35M | 15.42M | -12.95M | -92K | 4.52M | -38.32M | -14.06M | -14.23M | -19.33M |
| 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 | -9.61M | -7.74M | -6.16M |
| EPS (Diluted) | -3.22 | -3.28 | -2.77 | -2.78 | -2.09 | -1.07 | -2.70 | 0.37 | -0.37 | -0.00 | 0.12 | -2.13 | -0.49 | -0.51 | -9.73 |
| EPS Growth % | -96.97% | -18.41% | 0.36% | -33.01% | -95.33% | 60.37% | -829.73% | 200% | - | -102.25% | 105.63% | -334.69% | 3.92% | 94.76% | - |
| EPS (Basic) | - | -3.28 | -2.77 | -2.78 | -2.09 | -1.07 | -2.70 | 0.41 | -0.37 | -0.00 | 0.14 | -2.13 | -0.49 | -0.51 | -9.73 |
| Diluted Shares Outstanding | 58.42M | 57.19M | 52.76M | 48.43M | 47.44M | 46.42M | 44.5M | 41.15M | 35.32M | 34.38M | 36.46M | 17.47M | 24.89M | 24.89M | 1.99M |
| Basic Shares Outstanding | 58.42M | 57.19M | 52.76M | 48.43M | 47.44M | 46.42M | 44.5M | 37.35M | 35M | 34.38M | 32.93M | 17.47M | 24.89M | 24.89M | 1.99M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying GKOS stock.
For fiscal year 2025, Glaukos Corporation (GKOS) reported total revenue of $507.4M. This represents a 20791.0% increase compared to $2.4M in 2012.
Glaukos Corporation (GKOS) reported a net loss of $187.7M for the fiscal year ending 2025.
Glaukos Corporation (GKOS) reported an operating income of $-86.7M, resulting in an operating profit margin of -17.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Glaukos Corporation (GKOS) generated $393.2M in gross profit for the year, representing a gross profit margin of 77.5%. 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 Momentum Accelerates Sharply
GKOS revenue surged 49.5% year-over-year in 2026Q2 to $185.6M, according to the latest quarterly report, marking the fifth consecutive quarter of accelerating growth from 15.9% in 2024Q1.
The sequential acceleration from 41.2% in 2026Q1 to 49.5% in 2026Q2 suggests strong commercial execution and possibly market share gains. The sustained double-digit growth across all quarters indicates durable demand drivers, though the contribution from new product launches versus core iStent franchise remains unclear. Investors should monitor whether this pace is sustainable as the base effect normalizes.
Gross Margin Expansion Signals Pricing Power
Gross margin improved from 76.3% in 2024Q1 to 81.7% in 2026Q2, as reported in financial statements, reflecting favorable product mix and cost efficiencies that outpace peers like ATRC and NVCR.
The 540 basis point expansion over ten quarters suggests the company is realizing scale benefits and possibly premium pricing for its micro-invasive glaucoma surgery devices. This margin profile is among the highest in the medical device peer set, indicating strong competitive positioning. However, the sustainability of this expansion depends on maintaining product mix and controlling manufacturing costs as volumes grow.
Operating Leverage Emerging Despite Losses
Operating margin improved from -45.6% in 2024Q1 to -9.3% in 2026Q2, per SEC filings, as revenue growth outpaced expense growth, demonstrating early signs of operating leverage.
While still loss-making, the narrowing operating losses are notable: operating income improved from -$39.1M to -$17.3M over the period. SG&A as a percentage of revenue declined from 72.4% to 62.5%, and R&D as a percentage dropped from 35.8% to 27.6%, indicating disciplined cost management. If this trend continues, the company could approach breakeven within the next few quarters, though the pace depends on sustaining revenue growth.
Non-Operating Charges Distort Net Income
Net income in 2025Q4 was -$133.7M, a significant outlier versus operating loss of -$27.0M, according to the income statement, likely due to a one-time non-cash charge that warrants investor attention.
The massive gap between operating and net income in that quarter suggests an impairment or other non-operating write-down, which is not reflective of ongoing operations. Excluding that quarter, net losses have been relatively stable, ranging from -$16M to -$50M. Stock-based compensation has risen from $11.2M to $28.9M per quarter, which may be diluting shareholders and should be factored into valuation.
R&D and SG&A Scale Efficiently
R&D and SG&A expenses grew 67% and 87% respectively from 2024Q1 to 2026Q2, but as a percentage of revenue they fell from 35.8% to 27.6% and 72.4% to 62.5%, based on reported figures.
The company is investing heavily in R&D to support its pipeline, yet the declining expense ratios indicate that revenue growth is outpacing cost growth. This suggests management is achieving economies of scale while maintaining innovation spending. However, the absolute dollar increases are substantial, and investors should assess whether these investments will translate into future revenue growth or if they represent a cost burden.
Path to Profitability Remains Elusive
Despite rapid revenue growth, GKOS has not posted a quarterly profit in the last ten quarters, with cumulative operating losses exceeding $200M, as per the income statement data.
Short-sellers might argue that the company's heavy spending on R&D and SG&A, coupled with rising SBC, will continue to pressure margins even as revenue grows. The gross margin expansion is encouraging, but the operating margin is still deeply negative, and the company's ability to reach profitability is unproven. If revenue growth decelerates or competition intensifies, the losses could widen, making the current valuation difficult to justify.