Pacific Biosciences' revenue growth has been volatile and recently contracted -1.9% YoY in 2026Q2, with operating expenses of $56.4M that are 45% higher than its total revenue of $39.0M, resulting in operating losses exceeding -114% of sales.
Pacific Biosciences of California, Inc. (PACB) annual income statement — 18-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 |
|---|
| Sales/Revenue | 161.39M | 160M | 154.01M | 200.52M | 128.3M | 130.51M | 78.89M | 90.89M | 78.63M | 93.47M | 90.71M | 92.78M | 60.59M | 28.18M | 25.98M | 33.86M | 1.67M | 135K | 901K |
| Revenue Growth % | 4.41% | 3.89% | -23.19% | 56.29% | -1.69% | 65.43% | -13.2% | 15.6% | -15.88% | 3.04% | -2.23% | 53.12% | 115.02% | 8.46% | -23.27% | 1922.88% | 1140% | -85.02% | - |
| Cost of Goods Sold | 105.7M | 109.33M | 116.73M | 147.74M | 79.27M | 71.65M | 46.33M | 56.31M | 53.53M | 58.81M | 46.55M | 39.33M | 37.19M | 21.76M | 25.04M | 20.83M | 0 | 0 | 0 |
| COGS % of Revenue | - | 68.33% | 75.79% | 73.68% | 61.78% | 54.9% | 58.72% | 61.96% | 68.08% | 62.92% | 51.32% | 42.39% | 61.38% | 77.22% | 96.38% | 61.51% | - | - | - |
| Gross Profit | 55.7M | 50.67M | 37.28M | 52.78M | 49.03M | 58.86M | 32.57M | 34.58M | 25.1M | 34.66M | 44.16M | 53.45M | 23.4M | 6.42M | 940K | 13.03M | 1.67M | 135K | 901K |
| Gross Margin % | 34.51% | 31.67% | 24.21% | 26.32% | 38.22% | 45.1% | 41.28% | 38.04% | 31.92% | 37.08% | 48.68% | 57.61% | 38.62% | 22.78% | 3.62% | 38.49% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 35.92% | -29.36% | 7.64% | -16.69% | 80.74% | -5.81% | 37.77% | -27.59% | -21.51% | -17.38% | 128.4% | 264.57% | 582.87% | -92.79% | 678.61% | 1140% | -85.02% | - |
| Operating Expenses | 216.43M | 608.24M | 511.6M | 387.25M | 356.23M | 269.3M | 136.95M | 135.12M | 126.08M | 124.44M | 115.4M | 105.63M | 86.26M | 83.96M | 95.28M | 122.79M | 141.91M | 88.2M | 45.71M |
| OpEx % of Revenue | - | 380.13% | 332.17% | 193.12% | 277.65% | 206.34% | 173.59% | 148.66% | 160.36% | 133.14% | 127.22% | 113.84% | 142.35% | 297.94% | 366.69% | 362.61% | 8477.18% | 65337.04% | 5073.25% |
| Selling, General & Admin | 128.01M | 141.49M | 175.02M | 169.82M | 160.85M | 124.12M | 72.8M | 75.49M | 63.49M | 59.12M | 47.79M | 45.19M | 38.03M | 38.74M | 47.66M | 46.71M | 30.09M | 12.33M | 7.71M |
| SG&A % of Revenue | - | 88.43% | 113.64% | 84.69% | 125.37% | 95.1% | 92.28% | 83.06% | 80.75% | 63.25% | 52.68% | 48.7% | 62.76% | 137.49% | 183.41% | 137.94% | 1797.31% | 9130.37% | 856.05% |
| Research & Development | 85.73M | 97.31M | 134.92M | 187.17M | 193M | 112.9M | 64.15M | 59.63M | 62.59M | 65.32M | 67.62M | 60.44M | 48.23M | 45.22M | 47.62M | 76.08M | 111.82M | 75.88M | 38M |
| R&D % of Revenue | - | 60.81% | 87.6% | 93.34% | 150.42% | 86.5% | 81.32% | 65.61% | 79.61% | 69.89% | 74.54% | 65.14% | 79.6% | 160.45% | 183.29% | 224.67% | 6679.87% | 56206.67% | 4217.2% |
| Other Operating Expenses | 2.67M | 369.44M | 201.66M | 30.26M | 2.38M | 32.27M | 0 | 0 | 848K | 516K | 103K | 364K | -478K | 728K | -127K | 0 | -104K | -84K | -102K |
| Operating Income | -160.73M | -557.56M | -474.31M | -334.47M | -307.2M | -210.44M | -104.39M | -100.55M | -100.99M | -89.78M | -71.24M | -29.13M | -62.85M | -77.54M | -94.34M | -109.76M | -140.23M | -88.07M | -44.81M |
| Operating Margin % | -99.59% | -348.46% | -307.97% | -166.8% | -239.43% | -161.24% | -132.31% | -110.62% | -128.44% | -96.06% | -78.54% | -31.4% | -103.73% | -275.16% | -363.08% | -324.12% | -8377.18% | -65237.04% | -4973.25% |
| Operating Income Growth % | - | -17.55% | -41.81% | -8.88% | -45.98% | -101.6% | -3.82% | 0.44% | -12.48% | -26.02% | -144.54% | 53.65% | 18.94% | 17.8% | 14.05% | 21.73% | -59.23% | -96.55% | - |
| EBITDA | -146.01M | -171.15M | -420.96M | -301.78M | -289.88M | -198.85M | -95.08M | -90.6M | -93.77M | -81.34M | -67.37M | -25.46M | -58.63M | -71.89M | -87.69M | -103.95M | -135.07M | -83.97M | -41.82M |
| EBITDA Margin % | -90.47% | -106.96% | -273.33% | -150.5% | -225.93% | -152.36% | -120.52% | -99.68% | -119.26% | -87.03% | -74.27% | -27.44% | -96.76% | -255.12% | -337.49% | -306.98% | -8068.94% | -62197.04% | -4641.73% |
| EBITDA Growth % | 46.5% | 59.34% | -39.49% | -4.1% | -45.78% | -109.14% | -4.95% | 3.39% | -15.28% | -20.74% | -164.64% | 56.58% | 18.45% | 18.01% | 15.65% | 23.04% | -60.87% | -100.77% | - |
| D&A (Non-Cash Add-back) | 13.23M | 386.41M | 53.35M | 32.69M | 17.32M | 11.59M | 9.3M | 9.95M | 7.21M | 8.44M | 3.88M | 3.68M | 4.22M | 5.65M | 6.65M | 5.8M | 5.16M | 4.1M | 2.99M |
| EBIT | -126.35M | -539.1M | -296.12M | -303.82M | -299.56M | -262.34M | 29.67M | -81.52M | -100.14M | -89.27M | -71.14M | -28.77M | -63.33M | -76.81M | -94.19M | -109.1M | -140.23M | -88.07M | -44.81M |
| Net Interest Income | -4.17M | -6.95M | -13.41M | -14.34M | -14.69M | -12.53M | -267K | -2.61M | -2.42M | -2.92M | -3.23M | -2.93M | -2.83M | -2.48M | -274K | -287K | 172K | 451K | 1.16M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 172K | 451K | 1.16M |
| Interest Expense | 4.17M | 6.95M | 13.41M | 14.34M | 14.69M | 12.53M | 267K | 2.61M | 2.42M | 2.92M | 3.23M | 2.93M | 2.83M | 2.48M | 274K | 287K | 0 | 0 | 0 |
| Other Income/Expense | 30.21M | 11.5M | 164.78M | 16.31M | -7.05M | -64.44M | 133.79M | 16.41M | -1.57M | -2.4M | -3.13M | -2.56M | -3.31M | -1.75M | -127K | 368K | 68K | 367K | 1.05M |
| Pretax Income | -130.52M | -546.06M | -309.54M | -318.16M | -314.25M | -274.87M | 29.4M | -84.13M | -102.56M | -92.19M | -74.38M | -31.7M | -66.16M | -79.29M | -94.47M | -109.39M | -140.17M | -87.7M | -43.75M |
| Pretax Margin % | -80.87% | -341.28% | -200.98% | -158.67% | -244.92% | -210.61% | 37.27% | -92.57% | -130.44% | -98.63% | -81.99% | -34.16% | -109.19% | -281.37% | -363.56% | -323.03% | -8373.12% | -64965.19% | -4856.16% |
| Income Tax | 713K | 318K | 316K | -11.42M | 0 | -93.65M | 0 | 0 | 848K | 0 | 0 | 0 | 0 | 0 | 0 | -368K | -172K | -451K | 0 |
| Effective Tax Rate % | -0.55% | -0.06% | -0.1% | 3.59% | 0% | 34.07% | 0% | 0% | -0.83% | 0% | 0% | 0% | 0% | 0% | 0% | 0.34% | 0.12% | 0.51% | 0% |
| Net Income | -131.23M | -546.38M | -309.85M | -306.74M | -314.25M | -181.22M | 29.4M | -84.13M | -102.56M | -92.19M | -74.38M | -31.7M | -66.16M | -79.29M | -94.47M | -109.39M | -140.17M | -87.7M | -43.75M |
| Net Margin % | -81.31% | -341.47% | -201.18% | -152.97% | -244.92% | -138.85% | 37.27% | -92.57% | -130.44% | -98.63% | -81.99% | -34.16% | -109.19% | -281.37% | -363.56% | -323.03% | -8373.12% | -64965.19% | -4856.16% |
| Net Income Growth % | 73.94% | -76.34% | -1.02% | 2.39% | -73.4% | -716.34% | 134.95% | 17.97% | -11.25% | -23.95% | -134.65% | 52.09% | 16.56% | 16.06% | 13.64% | 21.96% | -59.82% | -100.45% | - |
| Net Income (Continuing) | -131.23M | -546.38M | -309.85M | -306.74M | -314.25M | -181.22M | 29.4M | -84.13M | -102.56M | -92.19M | -74.38M | -31.7M | -66.16M | -79.29M | -94.47M | -109.39M | -140.17M | -87.7M | -43.75M |
| Discontinued Operations | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.42 | -1.82 | -1.07 | -1.21 | -1.40 | -0.89 | 0.17 | -0.51 | -0.76 | -0.87 | -0.83 | -0.42 | -0.94 | -1.26 | -1.69 | -2.03 | -5.21 | -113.33 | -56.54 |
| EPS Growth % | 75.33% | -70.09% | 11.57% | 13.57% | -57.3% | -623.53% | 133.33% | 32.89% | 12.64% | -4.82% | -97.62% | 55.32% | 25.4% | 25.44% | 16.75% | 61.04% | 95.4% | -100.44% | - |
| EPS (Basic) | - | -1.82 | -1.13 | -1.21 | -1.40 | -0.89 | 0.18 | -0.51 | -0.76 | -0.87 | -0.83 | -0.42 | -0.94 | -1.26 | -1.69 | -2.03 | -5.21 | -113.33 | -56.54 |
| Diluted Shares Outstanding | 311.25M | 299.96M | 288.37M | 253.63M | 224.55M | 204.14M | 174.97M | 152.53M | 135.09M | 105.68M | 89.15M | 75.61M | 70.47M | 62.78M | 55.73M | 53.87M | 26.89M | 773.84K | 773.84K |
| Basic Shares Outstanding | 311.25M | 299.96M | 274.49M | 253.63M | 224.55M | 203.62M | 165.19M | 152.53M | 134.95M | 105.68M | 89.15M | 75.61M | 70.47M | 62.78M | 55.73M | 53.87M | 26.89M | 773.84K | 773.84K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PACB stock.
For fiscal year 2025, Pacific Biosciences of California, Inc. (PACB) reported total revenue of $160.0M. This represents a 17658.6% increase compared to $0.9M in 2008.
Pacific Biosciences of California, Inc. (PACB) reported a net loss of $546.4M for the fiscal year ending 2025.
Pacific Biosciences of California, Inc. (PACB) reported an operating income of $-557.6M, resulting in an operating profit margin of -348.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Pacific Biosciences of California, Inc. (PACB) generated $50.7M in gross profit for the year, representing a gross profit margin of 31.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Operating losses exceeding gross profit
Metrics are mathematically derived from official filings.
Volatile and Negative Revenue Growth
Pacific Biosciences' revenue growth has been erratic and predominantly negative, with seven of the last ten quarters showing year-over-year declines, including a -1.9% drop in 2026Q2 as reported in the company's financial statements.
The pattern suggests a challenging demand environment for the company's sequencing platforms, where sporadic positive quarters like 2025Q4 (+13.8%) appear driven by non-recurring orders rather than sustainable organic momentum. This inconsistency indicates limited pricing power and potential market share pressure from larger, more diversified competitors like Illumina.
Gross Margin Recovery from Trough
Gross margin has rebounded significantly from a negative -3.7% in 2025Q1 to 32.4% in 2026Q2, as per recent filings, but this remains less than half the ~67% margins achieved by peers like Illumina and CareDx.
The recovery appears to be driven by improved manufacturing efficiency and a shift towards higher-margin instrument or consumable mix following the severe operational disruption in early 2025. However, the persistent gap versus peers suggests limited structural pricing power and a cost base that is not yet optimized for the company's revenue scale.
Operating Expenses Overwhelm Gross Profit
In 2026Q2, combined R&D and SG&A expenses of $56.4 million were 45% higher than the company's total revenue, highlighting an operating expense structure that far outstrips its current commercial scale.
This level of overhead is unsustainable and forces the company to burn through cash reserves to fund operations. The high R&D spend, while potentially necessary for product development, has not yet translated into the revenue growth needed to achieve operating breakeven, indicating a significant execution risk.
2025Q1: Severe Operational Stress Event
The first quarter of 2025 saw a dramatic inflection point with a negative gross margin and a net loss of $426.1 million, suggesting a major non-recurring charge or operational write-down occurred during this period.
This quarter's results, which include a COGS figure exceeding revenue, appear to reflect a significant inventory or asset impairment. While subsequent quarters show normalized gross margins, the event underscores the company's vulnerability to operational missteps and the potential for its financial performance to be heavily distorted by such charges.
Structural Losses Challenge Viability
The income statement reveals a persistent and deep structural deficit, with operating losses consistently more than double the gross profit in recent quarters, a trend that raises serious questions about the path to self-sustainability.
Short-sellers would focus on the fact that even with a recovered gross margin, the company's operating expense base is too large for its current revenue, leading to massive cash burn. Unless revenue growth accelerates dramatically or expenses are cut further, the business model appears to require ongoing external financing, diluting existing shareholders.