Revenue remains highly volatile due to milestone-driven recognition, with quarterly growth swinging by 80.2% in 2025Q3 and gross margins fluctuating to a low of -183.6% in 2024Q4.
| Sales/Revenue | 66.29M | 74.68M | 58.84M | 43.88M | 39.68M | 10M | 3.41M | 1.71M |
| Revenue Growth % | 10.96% | 26.92% | 34.1% | 10.57% | 296.81% | 193% | 99.47% | - |
| Cost of Goods Sold | 89.12M | 120.95M | 45.24M | 42.59M | 48.27M | 0 | 0 | 45.81M |
| COGS % of Revenue | - | 161.96% | 76.88% | 97.06% | 121.66% | - | - | 2677.32% |
| Gross Profit | -22.83M | -46.27M | 13.6M | 1.29M | -8.59M | 10M | 3.41M | -44.1M |
| Gross Margin % | -34.44% | -61.96% | 23.12% | 2.94% | -21.66% | 100% | 100% | -2577.32% |
| Gross Profit Growth % | - | -440.22% | 955.16% | 115% | -185.94% | 193% | 107.74% | - |
| Operating Expenses | 562.44M | 601.86M | 492.61M | 351.35M | 237.13M | 192.78M | 88.03M | 64.15M |
| OpEx % of Revenue | - | 805.91% | 837.21% | 800.78% | 597.6% | 1927.75% | 2579.2% | 3749.39% |
| Selling, General & Admin | 156.53M | 176.59M | 178.18M | 110.82M | 81.6M | 57.68M | 25.26M | 18.95M |
| SG&A % of Revenue | - | 236.46% | 302.83% | 252.58% | 205.64% | 576.82% | 740.05% | 1107.6% |
| Research & Development | 420.93M | 425.27M | 314.42M | 241.23M | 155.7M | 135.27M | 63.32M | 45.81M |
| R&D % of Revenue | - | 569.45% | 534.38% | 549.79% | 392.37% | 1352.71% | 1855.23% | 2677.32% |
| Other Operating Expenses | -1.12M | 0 | 0 | -699K | -162K | -178K | -549K | -608K |
| Operating Income | -585.27M | -648.13M | -479M | -350.06M | -245.73M | -182.78M | -84.61M | -62.44M |
| Operating Margin % | -882.92% | -867.87% | -814.09% | -797.84% | -619.26% | -1827.75% | -2479.2% | -3649.39% |
| Operating Income Growth % | - | -35.31% | -36.83% | -42.46% | -34.44% | -116.01% | -35.51% | - |
| EBITDA | -501.23M | -564.43M | -442.51M | -325.66M | -233.97M | -174.37M | -80.67M | -58.9M |
| EBITDA Margin % | -756.13% | -755.79% | -752.07% | -742.22% | -589.63% | -1743.7% | -2363.67% | -3442.31% |
| EBITDA Growth % | 4.63% | -27.55% | -35.88% | -39.19% | -34.18% | -116.15% | -36.97% | - |
| D&A (Non-Cash Add-back) | 84.04M | 83.7M | 36.49M | 24.4M | 11.76M | 8.4M | 3.94M | 3.54M |
| EBIT | -570.27M | -643.09M | -463.22M | -332.03M | -239.42M | -183.53M | -85.65M | -61.88M |
| Net Interest Income | 21.53M | 20.98M | 14.19M | 19.02M | 6.2M | -2.88M | -1.02M | 1.11M |
| Interest Income | 23.19M | 22.79M | 15.76M | 19.12M | 6.25M | 73K | 336K | 1.74M |
| Interest Expense | 1.66M | 1.81M | 1.57M | 97K | 55K | 2.95M | 1.36M | 635K |
| Other Income/Expense | 20.91M | 3.24M | 14.22M | 17.93M | 6.25M | -3.7M | -2.39M | 562K |
| Pretax Income | -564.36M | -644.89M | -464.79M | -332.13M | -239.48M | -186.48M | -87.01M | -61.88M |
| Pretax Margin % | -851.37% | -863.53% | -789.93% | -756.97% | -603.5% | -1864.79% | -2549.25% | -3616.54% |
| Income Tax | -4.58M | -136K | -1.13M | -4.06M | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.81% | 0.02% | 0.24% | 1.22% | 0% | 0% | 0% | 0% |
| Net Income | -559.78M | -644.76M | -463.66M | -328.07M | -239.48M | -186.48M | -87.01M | -62.52M |
| Net Margin % | -844.46% | -863.35% | -788.02% | -747.71% | -603.5% | -1864.79% | -2549.25% | -3654.3% |
| Net Income Growth % | 2.58% | -39.06% | -41.33% | -36.99% | -28.42% | -114.33% | -39.15% | - |
| Net Income (Continuing) | -559.78M | -644.76M | -463.66M | -328.07M | -239.48M | -186.48M | -87.01M | -61.88M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.06 | -1.44 | -1.69 | -1.58 | -1.36 | -1.05 | -0.52 | -0.37 |
| EPS Growth % | 32.2% | 14.79% | -6.96% | -16.18% | -29.52% | -100.08% | -40.62% | - |
| EPS (Basic) | - | -1.44 | -1.69 | -1.58 | -1.36 | -1.05 | -0.52 | -0.37 |
| Diluted Shares Outstanding | 529.3M | 447.45M | 274.21M | 207.85M | 175.54M | 170.27M | 165.79M | 165.79M |
| Basic Shares Outstanding | 529.3M | 447.45M | 274.21M | 207.85M | 175.54M | 170.27M | 165.79M | 165.79M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial milestone dependency
As reported in financial statements, RXRX revenue exhibits extreme volatility, with quarterly figures swinging from $35.5M in 2025Q4 to $6.5M in 2026Q1, reflecting a business model heavily reliant on the timing of non-recurring milestone payments rather than consistent, predictable commercial product sales or recurring service subscriptions.
The lack of a stable revenue base suggests that top-line growth is currently a function of partnership deal structures rather than operational scaling. Investors should monitor whether the company can transition toward more predictable revenue streams, as the current reliance on lumpy milestone recognition makes quarter-over-quarter growth comparisons largely uninformative.
Based on reported figures, gross margins have fluctuated wildly, reaching a low of -183.6% in 2024Q4 before briefly turning positive, which highlights the difficulty in managing costs associated with high-throughput laboratory operations against the unpredictable timing of revenue recognition from strategic pharmaceutical collaborations.
The negative gross margins observed in several periods suggest that the direct costs of maintaining the platform and fulfilling collaboration obligations currently exceed the revenue generated. This volatility implies that the company has yet to achieve the necessary scale to absorb its fixed laboratory and computational overhead.
According to recent SEC filings, RXRX maintains a heavy R&D expenditure profile, with quarterly costs peaking at $129.6M in 2025Q1, which significantly dwarfs the company's revenue and underscores a capital-intensive strategy focused on building a proprietary data moat rather than achieving near-term operational profitability.
The consistent prioritization of R&D spending suggests that management is aggressively reinvesting in its phenomics platform to maintain a competitive advantage. However, the lack of expense discipline relative to revenue generation warrants further investigation into the long-term sustainability of this high-burn operational model.
Analysis of the income statement reveals that stock-based compensation, which reached $36.1M in 2025Q1, represents a substantial non-cash expense that significantly impacts the net loss, suggesting that reported EPS figures may not fully capture the true economic cost of talent acquisition in the competitive AI-bio sector.
The reliance on equity-based incentives to attract specialized talent is a common practice, yet it complicates the assessment of the company's underlying profitability. Investors should monitor the dilution impact of these awards, as they represent a real cost to shareholders that is often obscured by the focus on non-GAAP metrics.
Quick answers to the most common questions about buying RXRX stock.
For fiscal year 2025, Recursion Pharmaceuticals, Inc. (RXRX) reported total revenue of $74.7M. This represents a 4264.8% increase compared to $1.7M in 2019.
Recursion Pharmaceuticals, Inc. (RXRX) reported a net loss of $644.8M for the fiscal year ending 2025.
Recursion Pharmaceuticals, Inc. (RXRX) reported an operating income of $-648.1M, resulting in an operating profit margin of -867.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Recursion Pharmaceuticals, Inc. (RXRX) generated $-46.3M in gross profit for the year, representing a gross profit margin of -62.0%. This demonstrates the company's core pricing power and production efficiency.