Revenue has been highly volatile and gross margin swung from -183.6% in 2024Q4 to 45.9% in 2026Q3, with operating losses of $123.2M in the latest quarter indicating that R&D spend of $99.1M still far outpaces recognized revenue.
Recursion Pharmaceuticals, Inc. (RXRX) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 68.23M | 74.68M | 58.84M | 43.88M | 39.68M | 10M | 3.41M | 1.71M |
| Revenue Growth % | 56.73% | 26.92% | 34.1% | 10.57% | 296.81% | 193% | 99.47% | - |
| Cost of Goods Sold | 60.9M | 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 | 7.33M | -46.27M | 13.6M | 1.29M | -8.59M | 10M | 3.41M | -44.1M |
| Gross Margin % | 10.74% | -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 | 502.31M | 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 | 142.34M | 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 | 359.97M | 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 | 0 | 0 | 0 | -699K | -162K | -178K | -549K | -608K |
| Operating Income | -494.98M | -648.13M | -479M | -350.06M | -245.73M | -182.78M | -84.61M | -62.44M |
| Operating Margin % | -725.44% | -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 | -421.13M | -564.43M | -442.51M | -325.66M | -233.97M | -174.37M | -80.67M | -59.95M |
| EBITDA Margin % | -617.2% | -755.79% | -752.07% | -742.22% | -589.63% | -1743.7% | -2363.67% | -3503.92% |
| EBITDA Growth % | 34.85% | -27.55% | -35.88% | -39.19% | -34.18% | -116.15% | -34.56% | - |
| D&A (Non-Cash Add-back) | 73.85M | 83.7M | 36.49M | 24.4M | 11.76M | 8.4M | 3.94M | 2.49M |
| EBIT | -479.57M | -643.09M | -463.22M | -332.03M | -239.42M | -183.53M | -85.65M | -61.88M |
| Net Interest Income | 21.41M | 20.98M | 14.19M | 19.02M | 6.2M | -2.88M | -1.02M | 1.11M |
| Interest Income | 22.33M | 22.79M | 15.76M | 19.12M | 6.25M | 73K | 336K | 1.74M |
| Interest Expense | 925K | 1.81M | 1.57M | 97K | 55K | 2.95M | 1.36M | 635K |
| Other Income/Expense | 14.76M | 3.24M | 14.22M | 17.93M | 6.25M | -3.7M | -2.39M | 562K |
| Pretax Income | -480.23M | -644.89M | -464.79M | -332.13M | -239.48M | -186.48M | -87.01M | -61.88M |
| Pretax Margin % | -703.81% | -863.53% | -789.93% | -756.97% | -603.5% | -1864.79% | -2549.25% | -3616.54% |
| Income Tax | -4.56M | -136K | -1.13M | -4.06M | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.95% | 0.02% | 0.24% | 1.22% | 0% | 0% | 0% | 0% |
| Net Income | -475.67M | -644.76M | -463.66M | -328.07M | -239.48M | -186.48M | -87.01M | -62.52M |
| Net Margin % | -697.13% | -863.35% | -788.02% | -747.71% | -603.5% | -1864.79% | -2549.25% | -3654.3% |
| Net Income Growth % | 33.52% | -39.06% | -41.33% | -36.99% | -28.42% | -114.33% | -39.15% | - |
| Net Income (Continuing) | -475.67M | -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) | -0.88 | -1.44 | -1.69 | -1.58 | -1.36 | -1.05 | -0.52 | -0.37 |
| EPS Growth % | 50% | 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 | 543M | 447.45M | 274.21M | 207.85M | 175.54M | 170.27M | 165.79M | 165.79M |
| Basic Shares Outstanding | 543M | 447.45M | 274.21M | 207.85M | 175.54M | 170.27M | 165.79M | 165.79M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Funding runway and dilution
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Growth Trend
Based on the reported quarterly figures, RXRX revenue swung from $26.1M in 2024Q3 to $4.5M in 2024Q4 and $35.5M in 2025Q4, a pattern that signals lumpy milestone recognition rather than a steady commercial ramp in the income statement.
The sequential swings suggest revenue is driven by collaboration milestones and upfront amortization rather than recurring demand, so a single quarter's growth rate carries limited information. The 2026Q3 print of $18.6M against $6.5M in 2026Q1 points to timing effects that investors should monitor rather than extrapolate. Until revenue cadence becomes more predictable, trend conclusions should rest on multi-year comparisons instead of quarterly momentum.
Gross Margin Turns Positive Only Intermittently
As reported in the income statement, gross margin ranged from -183.6% in 2024Q4 to 53.7% in 2024Q3 and 45.9% in 2026Q3, indicating that direct costs of collaboration delivery remain highly variable relative to recognized revenue.
The erratic gross profit line suggests cost of revenue does not scale predictably with partner revenue, which may reflect fixed platform and lab costs being absorbed unevenly across periods. A positive print in 2026Q3 is encouraging but insufficient on its own to confirm a durable margin structure. Investors should watch whether gross margin holds positive across consecutive quarters before attributing it to structural pricing power.
Operating Losses Outpace Revenue Scaling
Based on reported figures, R&D expense of $99.1M against $18.6M of revenue in 2026Q3 produced a -6.6% operating margin in that quarter, while the TTM operating margin of -867.9% signals that overhead remains far larger than recognized revenue.
Operating income has remained deeply negative across the ten quarters, indicating that the cost base is not yet scaling down relative to top-line output. R&D consumes the majority of spending, so the operating model depends heavily on whether pipeline and platform investment converts into revenue or milestones. The lack of demonstrated operating leverage suggests the company's path to profitability remains dependent on external collaboration economics rather than internal efficiency.
Stock Compensation Weighs on Reported Losses
According to the reported figures, stock-based compensation of $23.0M in 2026Q3 and $41.7M in 2026Q2 represents a material share of operating losses, which may affect how investors interpret the net loss trajectory.
Because SBC is a non-cash expense, its magnitude relative to net loss suggests that a meaningful portion of reported losses reflects equity-based talent costs rather than cash outflows. The EPS series is also complicated by the unconfirmed actual EPS print for the most recent period, which limits confidence in quarter-over-quarter loss comparisons. Investors should adjust for SBC when evaluating underlying burn and monitor dilution implied by ongoing equity compensation.
Negative Margins Challenge the Platform Thesis
Based on reported figures, operating losses of $108.3M to $191.4M in most recent quarters and a TTM operating margin of -867.9% suggest the platform has not yet demonstrated economics that justify its valuation premium.
The bear case centers on sustained negative gross margins and persistent operating losses, which may indicate that platform revenue is insufficient to cover delivery costs even before R&D. A single delayed milestone or non-renewed collaboration could materially compress revenue given the lumpy profile, raising funding and dilution pressure. Investors should weigh whether the revenue trajectory can support the current burn rate before the next clinical readouts.