Revenue growth accelerated to 41.2% in 2026Q1, yet the company remains unable to achieve operating profitability, reporting an operating margin of -13.2% despite maintaining a high gross margin of 77.9%.
| 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 | 551.35M | 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 % | 36.3% | 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 | 120.84M | 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 | 430.51M | 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 % | 78.08% | 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 | 516.42M | 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 | 354.02M | 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 | 162.41M | 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 | 0 | 0 | 12.55M | 5M | -20M | -20M | 0 | 3.75M | 0 | 5.32M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -85.91M | -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 % | -15.58% | -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 | -39.99M | -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 % | -7.25% | -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 % | 38.23% | 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) | 45.92M | 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 | -85.91M | -86.73M | -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 | 5.47M | 6.08M | 1.06M | -4.47M | -11.35M | -12.08M | -11.74M | 604K | 2.25M | 1.38M | 281K | -980K | -873K | -294K | 0 |
| Interest Income | 10.07M | 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 | 4.6M | 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 | -108.61M | -106.31M | -23.23M | -5.03M | -16.12M | -16.39M | -8.76M | 256K | 634K | 2.28M | 324K | -27.99M | -868K | -23K | 79K |
| Pretax Income | -194.52M | -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 % | -35.28% | -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 | -5.19M | -5.35M | 771K | 934K | 766K | 326K | -11.97M | -65.46M | 583K | 93K | 43K | 33K | 18K | 6K | 3K |
| Effective Tax Rate % | 2.67% | 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 | -189.33M | -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 % | -34.34% | -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 % | -53.08% | -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) | -189.33M | -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) | -3.26 | -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 % | -38.4% | -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 | 58.02M | 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 | 58.02M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
CMS reimbursement policy volatility
According to recent financial filings, GKOS achieved a robust 41.2% year-over-year revenue growth in 2026Q1, signaling that the commercial adoption of the iDose TR platform and expanded iStent Infinite label are successfully driving top-line momentum beyond the company's historical baseline of mid-teens growth rates.
The acceleration in revenue suggests that the transition toward a pharmaceutical-device hybrid model is gaining traction with ophthalmic surgeons. Investors should monitor whether this growth trajectory remains durable as the company moves deeper into the standalone glaucoma procedure market, which is less dependent on cataract surgery volumes.
As reported in quarterly statements, GKOS maintains a structurally high gross margin of 77.9% as of 2026Q1, reflecting the inherent cost advantages of its micro-scale implant manufacturing despite the ongoing shift toward more complex pharmaceutical-device product offerings that typically carry different cost profiles.
The consistency of these margins suggests that the company retains significant pricing power within the MIGS category. However, the stability of these figures may be tested if the product mix shifts heavily toward lower-margin pharmaceutical components or if competitive pricing pressures emerge in the broader ophthalmic space.
Based on the provided income statement data, GKOS continues to struggle with operating leverage, as SG&A expenses of $92.9M in 2026Q1 remain disproportionately high relative to gross profit, preventing the company from achieving consistent operating profitability despite the significant acceleration in top-line revenue growth.
The persistent gap between revenue expansion and operating income suggests that the company is prioritizing market share acquisition and clinical trial investment over immediate bottom-line performance. This strategy appears to be a deliberate trade-off, though it leaves the firm vulnerable to any sudden contraction in capital availability.
Analysis of recent financial disclosures indicates that GKOS consistently utilizes stock-based compensation, with $19.1M recorded in 2026Q1, which effectively dilutes shareholders while the company continues to report net losses, complicating the assessment of true underlying operational performance and the path to sustainable GAAP profitability.
The reliance on equity-based incentives suggests management is focused on talent retention during this critical transition phase. Investors should scrutinize whether the magnitude of this compensation will moderate as the company approaches a potential inflection point in its operating margin profile.
Data from recent regulatory filings suggests that GKOS faces significant downside risk from proposed CMS physician fee schedule adjustments, which could fundamentally alter the economic incentives for surgeons and potentially dampen the adoption rates of the company's core MIGS and pharmaceutical-delivery product platforms.
While the current growth figures are impressive, they may be masking a sensitivity to payer policy that is not yet fully reflected in the valuation. A shift in reimbursement could force a rapid pivot in the company's commercial strategy, potentially leading to margin compression if pricing must be lowered to maintain volume.
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.