Revenue is absent, while R&D expenses grew 235% from $118.0M in 2024Q1 to $394.9M in 2026Q2, driving net losses to -$644.4M in 2026Q2.
Revolution Medicines, Inc. (RVMD) annual income statement — 9-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 |
|---|
| 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 | 9.24M | 16.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.59M |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -9.24M | -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 | 1.62B | 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 | 328.54M | 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 | 1.29B | 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 | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26.59M |
| Operating Income | -1.63B | -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 | -1.73B | -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 % | -95.67% | -72.02% | -41.82% | -92.21% | -37.61% | -73.47% | -105.11% | -31.67% | -28.8% | - |
| D&A (Non-Cash Add-back) | 13.57M | 16.56M | 11.82M | 9.31M | 9.66M | 7.33M | 6.54M | 3.34M | 1.76M | 1.19M |
| EBIT | -1.71B | -1.11B | -600.85M | -439.59M | -249.13M | -187.08M | -108.46M | -51.93M | -41.67M | -31.02M |
| Net Interest Income | 39.12M | 66.46M | 86.88M | 47.18M | 9.15M | 917K | 2.17M | 2.08M | 661K | 2K |
| Interest Income | 98.46M | 90.69M | 86.88M | 47.48M | 9.15M | 929K | 2.24M | 2.19M | 777K | 105K |
| Interest Expense | 59.34M | 24.23M | 0 | 303K | 0 | 12K | 71K | 106K | 116K | 103K |
| Other Income/Expense | -141.04M | 51.07M | 88.68M | 47.29M | 9.15M | 917K | 2.17M | 2.08M | -1.46M | 2K |
| Pretax Income | -1.77B | -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 | -1.77B | -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 % | -117.75% | -88.52% | -37.52% | -75.46% | -32.93% | -72.98% | -126.92% | -14.06% | -34.25% | - |
| Net Income (Continuing) | -1.77B | -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) | -8.38 | -5.95 | -3.58 | -3.86 | -3.08 | -2.47 | -1.62 | -1.31 | -1.15 | -0.85 |
| EPS Growth % | -96.45% | -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 | 210.89M | 190.13M | 167.74M | 113.15M | 80.63M | 72.81M | 66.6M | 36.47M | 36.47M | 36.47M |
| Basic Shares Outstanding | 210.89M | 190.13M | 167.74M | 113.15M | 80.63M | 72.81M | 66.6M | 36.47M | 36.47M | 36.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
R&D cost escalation
Metrics are mathematically derived from official filings.
R&D Spend Outpaces Revenue
Revenue remains nil, while R&D expenses surged 235% from $118.0M in 2024Q1 to $394.9M in 2026Q2, according to reported financials, indicating a heavy investment phase with no top-line offset.
The company has no product revenue, and the growth in operating losses is driven entirely by escalating R&D and SG&A costs. The sequential increase in R&D from $344.0M to $394.9M in 2026Q2 suggests an acceleration in clinical development spending, likely tied to late-stage trials. Investors should monitor whether this spending translates into regulatory milestones or partnerships, as the current trajectory implies continued cash burn without revenue visibility.
R&D Dominates Cost Structure
R&D expenses account for roughly 78% of total operating costs in 2026Q2, per financial statements, with SG&A growing 4x from $22.8M to $110.2M over eight quarters, reflecting scaling infrastructure.
The cost structure is overwhelmingly R&D-centric, which is typical for a clinical-stage biotech, but the rapid growth in SG&A (from $28.2M in 2024Q4 to $110.2M in 2026Q2) suggests significant investment in commercial or administrative capabilities. This may indicate preparation for potential commercialization, but it also pressures operating margins, which remain deeply negative. The lack of COGS (except minor amounts in 2025Q4 and 2026Q1) underscores the pre-revenue stage, making cost discipline a key watch item.
SBC Amplifies Net Losses
Stock-based compensation reached $154.3M in 2026Q2, per reported figures, exceeding the net loss of $644.4M by 24%, indicating that non-cash charges are a significant driver of reported losses.
SBC has grown from $16.2M in 2024Q1 to $154.3M in 2026Q2, a 9.5x increase, which is substantial even for a biotech. This suggests heavy equity-based compensation, possibly to attract talent, but it also dilutes shareholders and inflates reported losses. The gap between net income and cash burn (net loss minus SBC) is narrowing, implying that cash operating losses are also escalating, which warrants close monitoring of the balance sheet's cash runway.
2026Q2 Marks Escalation
The most pronounced inflection occurs in 2026Q2, where R&D jumps to $394.9M and net loss widens to $644.4M, per financial data, representing a 45% sequential increase in total operating expenses.
This quarter stands out as a step-change in spending, with R&D up 15% sequentially and SG&A up 9%, while net loss grew 42% quarter-over-quarter. The acceleration likely reflects pivotal trial costs or expanded clinical programs. The lasting impact is a higher fixed-cost base, which will require successful product launches or partnerships to achieve profitability. Investors should assess whether this spending aligns with value-creating milestones.
Cash Burn Sustainability Question
With quarterly operating losses exceeding $500M and no revenue, as reported in 2026Q2, the company's cash runway may be limited, posing a dilution risk if financing is needed.
The widening losses, coupled with rising SBC, suggest that the company is consuming cash at an accelerating rate. If the company cannot secure partnerships or financing, it may face dilution or a need to cut programs. The lack of revenue and negative margins make the stock highly speculative, and the market's valuation likely hinges on clinical data readouts. Short-sellers might argue that the escalating costs without commensurate progress in the pipeline could lead to value destruction.