The company remains in a pre-revenue phase, with R&D expenses surging to $344.0 million in 2026Q1, driving an operating loss of $445.2 million.
| Sales/Revenue | 0 | 0 | 0 | 11.58M | 35.38M | 29.39M | 42.98M | 50.04M | 20.16M | 0 |
| Revenue Growth % | - | - | -100% | -67.27% | 20.38% | -31.62% | -14.1% | 148.16% | - | - |
| Cost of Goods Sold | 4.7M | 16.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.59M |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -4.7M | -16.56M | 0 | 11.58M | 35.38M | 29.39M | 42.98M | 50.04M | 20.16M | -26.59M |
| Gross Margin % | - | - | - | 100% | 100% | 100% | 100% | 100% | 100% | - |
| Gross Profit Growth % | - | - | -100% | -67.27% | 20.38% | -31.62% | -14.1% | 148.16% | 175.85% | - |
| Operating Expenses | 1.38B | 1.17B | 689.52M | 498.76M | 293.66M | 217.4M | 153.68M | 104.16M | 60.49M | 4.54M |
| OpEx % of Revenue | - | - | - | 4307.12% | 830.01% | 739.7% | 357.54% | 208.15% | 300% | - |
| Selling, General & Admin | 258.91M | 187.13M | 97.3M | 75.62M | 40.59M | 30.45M | 21.43M | 12.41M | 9.41M | 4.54M |
| SG&A % of Revenue | - | - | - | 653.03% | 114.71% | 103.61% | 49.85% | 24.79% | 46.66% | - |
| Research & Development | 1.12B | 978.68M | 592.23M | 423.14M | 253.07M | 186.95M | 132.25M | 91.75M | 51.08M | 26.59M |
| R&D % of Revenue | - | - | - | 3654.09% | 715.3% | 636.09% | 307.68% | 183.36% | 253.33% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26.59M |
| Operating Income | -1.39B | -1.18B | -689.52M | -487.19M | -258.28M | -188.01M | -110.7M | -54.12M | -40.33M | -31.13M |
| Operating Margin % | - | - | - | -4207.12% | -730.01% | -639.7% | -257.54% | -108.15% | -199.99% | - |
| Operating Income Growth % | - | -71.48% | -41.53% | -88.63% | -37.38% | -69.84% | -104.54% | -34.2% | -29.55% | - |
| EBITDA | -1.37B | -1.17B | -677.7M | -477.88M | -248.62M | -180.68M | -104.15M | -50.78M | -38.56M | -29.94M |
| EBITDA Margin % | - | - | - | -4126.74% | -702.72% | -614.75% | -242.31% | -101.47% | -191.25% | - |
| EBITDA Growth % | -76.91% | -72.02% | -41.82% | -92.21% | -37.61% | -73.47% | -105.11% | -31.67% | -28.8% | - |
| D&A (Non-Cash Add-back) | 12.84M | 16.56M | 11.82M | 9.31M | 9.66M | 7.33M | 6.54M | 3.34M | 1.76M | 1.19M |
| EBIT | -911.45M | -1.11B | -689.52M | -487.19M | -258.28M | -187.08M | -108.46M | -51.93M | -41.67M | -31.02M |
| Net Interest Income | 42.41M | 66.46M | 86.88M | 47.18M | 9.15M | 917K | 2.17M | 2.08M | 661K | 2K |
| Interest Income | 85.29M | 90.69M | 86.88M | 47.48M | 9.15M | 929K | 2.24M | 2.19M | 777K | 105K |
| Interest Expense | 11.17M | 24.23M | 0 | 303K | 0 | 12K | 71K | 106K | 116K | 103K |
| Other Income/Expense | 15.13M | 51.07M | 88.68M | 47.29M | 9.15M | 917K | 2.17M | 2.08M | -1.46M | 2K |
| Pretax Income | -1.37B | -1.13B | -600.85M | -439.89M | -249.13M | -187.09M | -108.53M | -52.04M | -41.79M | -31.13M |
| Pretax Margin % | - | - | - | -3798.71% | -704.14% | -636.58% | -252.5% | -103.99% | -207.24% | - |
| Income Tax | 0 | 0 | -753K | -3.52M | -420K | 0 | -371K | -4.37M | 0 | 105K |
| Effective Tax Rate % | 0% | 0% | 0.13% | 0.8% | 0.17% | 0% | 0.34% | 8.4% | 0% | -0.34% |
| Net Income | -1.37B | -1.13B | -600.09M | -436.37M | -248.71M | -187.09M | -108.16M | -47.66M | -41.79M | -31.13M |
| Net Margin % | - | - | - | -3768.28% | -702.95% | -636.58% | -251.63% | -95.25% | -207.24% | - |
| Net Income Growth % | -96.66% | -88.52% | -37.52% | -75.46% | -32.93% | -72.98% | -126.92% | -14.06% | -34.25% | - |
| Net Income (Continuing) | -1.37B | -1.13B | -600.09M | -436.37M | -248.71M | -187.09M | -108.16M | -47.66M | -41.79M | -31.13M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.92 | -5.95 | -3.58 | -3.86 | -3.08 | -2.47 | -1.62 | -1.31 | -1.15 | -0.85 |
| EPS Growth % | -77.31% | -66.2% | 7.25% | -25.32% | -24.7% | -52.47% | -23.66% | -13.91% | -35.29% | - |
| EPS (Basic) | - | -5.95 | -3.58 | -3.86 | -3.08 | -2.47 | -1.62 | -1.31 | -1.15 | -0.85 |
| Diluted Shares Outstanding | 198.1M | 190.13M | 167.74M | 113.15M | 80.63M | 72.81M | 66.6M | 36.47M | 36.47M | 36.47M |
| Basic Shares Outstanding | 198.1M | 190.13M | 167.74M | 113.15M | 80.63M | 72.81M | 66.6M | 36.47M | 36.47M | 36.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As indicated by the company's financial disclosures, RVMD has generated no meaningful revenue since 2023Q4, underscoring its status as a pure-play clinical-stage entity where top-line growth is entirely dependent on the unpredictable timing of milestone payments rather than recurring commercial product sales or sustainable market demand.
The lack of consistent revenue streams highlights the company's reliance on collaboration-based accounting, which creates significant volatility in reported figures. Investors should monitor the transition from milestone-dependent income to potential commercialization, as the current trajectory remains tethered to the clinical trial calendar rather than operational scale.
Based on the provided income statement data, R&D expenses have surged from $118.0 million in 2024Q1 to $344.0 million by 2026Q1, reflecting an aggressive investment strategy in late-stage clinical trials that significantly outpaces the company's ability to generate offsetting revenue or achieve operational cost efficiencies.
The rapid expansion of R&D spending suggests a management team prioritizing pipeline velocity over near-term expense discipline. This cost structure warrants further investigation into whether the current burn rate is sustainable relative to the company's cash position, as clinical trial complexity continues to drive overhead higher.
According to recent financial filings, stock-based compensation has remained a persistent non-cash expense, reaching $33.7 million in 2025Q4, which effectively masks the true magnitude of the company's operational cash requirements and complicates the assessment of underlying profitability for long-term equity holders.
The consistent reliance on equity-based incentives suggests that management is utilizing non-cash compensation to preserve liquidity, though this practice dilutes existing shareholders. Analysts should adjust for these figures to better understand the actual cash-based operating loss, which appears to be widening as the company scales its infrastructure.
As reported in the latest quarterly data, the company's operating loss has expanded to $445.2 million in 2026Q1, a trend that suggests the current capital-intensive model may necessitate further dilutive financing if clinical milestones do not materialize to provide the required non-dilutive funding for ongoing operations.
The widening gap between operating expenses and revenue indicates a high-risk profile where the company is essentially betting its future on the success of its RAS-ON platform. Investors should remain cautious, as any delay in clinical trial enrollment or regulatory approval could force a capital raise under potentially unfavorable market conditions.
Quick answers to the most common questions about buying RVMD stock.
For fiscal year 2025, Revolution Medicines, Inc. (RVMD) reported total revenue of $0.0M.
Revolution Medicines, Inc. (RVMD) reported a net loss of $1.13B for the fiscal year ending 2025.