Revenue growth accelerated to 23.2% year-over-year in 2026Q3, but gross margin plateaued at 52.8% and operating margin remained deeply negative at -30.6%, with SG&A consuming 68% of revenue.
Twist Bioscience Corporation (TWST) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 |
|---|
| Sales/Revenue | 431.8M | 376.57M | 312.97M | 245.11M | 203.56M | 132.33M | 90.1M | 54.38M | 25.43M | 10.77M | 2.27M |
| Revenue Growth % | 19.19% | 20.32% | 27.69% | 20.41% | 53.83% | 46.87% | 65.67% | 113.89% | 136.16% | 374.53% | - |
| Cost of Goods Sold | 207.41M | 185.57M | 179.63M | 155.38M | 119.33M | 80.62M | 61.41M | 47.43M | 32.19M | 24.02M | 9.42M |
| COGS % of Revenue | - | 49.28% | 57.39% | 63.39% | 58.62% | 60.92% | 68.15% | 87.2% | 126.59% | 223.09% | 415.2% |
| Gross Profit | 224.38M | 191M | 133.35M | 89.73M | 84.23M | 51.71M | 28.69M | 6.96M | -6.76M | -13.25M | -7.15M |
| Gross Margin % | 51.97% | 50.72% | 42.61% | 36.61% | 41.38% | 39.08% | 31.85% | 12.8% | -26.59% | -123.09% | -315.2% |
| Gross Profit Growth % | - | 43.23% | 48.61% | 6.52% | 62.89% | 80.22% | 312.33% | 202.91% | 48.98% | -85.3% | - |
| Operating Expenses | 362.16M | 327.26M | 354.18M | 306.89M | 319.01M | 204.44M | 168.77M | 115.81M | 63.8M | 45.23M | 36.5M |
| OpEx % of Revenue | - | 86.91% | 113.17% | 125.2% | 156.71% | 154.49% | 187.32% | 212.94% | 250.9% | 420.07% | 1608.81% |
| Selling, General & Admin | 290.29M | 246.98M | 218.4M | 189.74M | 212.95M | 135.9M | 103.27M | 80.13M | 43.45M | 26.06M | 18.27M |
| SG&A % of Revenue | - | 65.59% | 69.78% | 77.41% | 104.61% | 102.7% | 114.61% | 147.33% | 170.88% | 242.04% | 805.38% |
| Research & Development | 71.86M | 80.28M | 90.85M | 106.89M | 120.31M | 69.07M | 43.01M | 35.68M | 20.35M | 19.17M | 18.23M |
| R&D % of Revenue | - | 21.32% | 29.03% | 43.61% | 59.1% | 52.2% | 47.73% | 65.61% | 80.02% | 178.03% | 803.44% |
| Other Operating Expenses | 0 | 0 | 44.93M | 10.26M | -14.24M | -534K | 22.5M | -265K | -121K | -55K | 73K |
| Operating Income | -137.77M | -136.26M | -220.83M | -217.16M | -234.78M | -152.73M | -140.08M | -108.85M | -70.56M | -58.48M | -43.66M |
| Operating Margin % | -31.91% | -36.18% | -70.56% | -88.6% | -115.33% | -115.41% | -155.47% | -200.15% | -277.5% | -543.16% | -1924.02% |
| Operating Income Growth % | - | 38.3% | -1.69% | 7.5% | -53.72% | -9.03% | -28.69% | -54.27% | -20.65% | -33.96% | - |
| EBITDA | -112.38M | -111.41M | -189.4M | -187.85M | -218.26M | -142.98M | -133.4M | -102.54M | -64.83M | -53.46M | -39.43M |
| EBITDA Margin % | -26.03% | -29.58% | -60.52% | -76.64% | -107.22% | -108.04% | -148.06% | -188.54% | -254.97% | -496.53% | -1737.64% |
| EBITDA Growth % | 4.05% | 41.18% | -0.83% | 13.93% | -52.66% | -7.18% | -30.1% | -58.16% | -21.27% | -35.59% | - |
| D&A (Non-Cash Add-back) | 25.39M | 24.85M | 31.43M | 29.31M | 16.51M | 9.75M | 6.68M | 6.31M | 5.73M | 5.02M | 4.23M |
| EBIT | -133.18M | -76.95M | -208.14M | -203.46M | -228.19M | -153.66M | -138.76M | -106.08M | -69.68M | -58.13M | -43.34M |
| Net Interest Income | 8.02M | 11.36M | 15.31M | 14.36M | 2.98M | 68K | 712K | 1.74M | -314K | -493K | -505K |
| Interest Income | 8.02M | 11.36M | 15.34M | 14.37M | 3.06M | 435K | 1.5M | 3.03M | 999K | 412K | 241K |
| Interest Expense | 0 | 0 | 29K | 5K | 80K | 367K | 787K | 1.29M | 1.31M | 905K | 746K |
| Other Income/Expense | 1.92M | 59.31M | 12.66M | 13.69M | 6.5M | -1.3M | 530K | 1.47M | -435K | -548K | -432K |
| Pretax Income | -135.85M | -76.95M | -208.17M | -203.47M | -228.27M | -154.03M | -139.55M | -107.38M | -70.99M | -59.03M | -44.09M |
| Pretax Margin % | -31.46% | -20.43% | -66.51% | -83.01% | -112.14% | -116.39% | -154.88% | -197.44% | -279.21% | -548.25% | -1943.06% |
| Income Tax | 241K | 719K | 560K | 1.15M | -10.41M | -1.93M | 382K | 292K | 242K | 280K | 0 |
| Effective Tax Rate % | -0.18% | -0.93% | -0.27% | -0.57% | 4.56% | 1.25% | -0.27% | -0.27% | -0.34% | -0.47% | 0% |
| Net Income | -136.72M | -77.67M | -208.73M | -204.62M | -217.86M | -152.1M | -139.93M | -107.67M | -71.24M | -59.31M | -44.09M |
| Net Margin % | -31.66% | -20.63% | -66.69% | -83.48% | -107.02% | -114.94% | -155.31% | -197.98% | -280.16% | -550.85% | -1943.06% |
| Net Income Growth % | -60.49% | 62.79% | -2.01% | 6.08% | -43.24% | -8.7% | -29.96% | -51.14% | -20.11% | -34.53% | - |
| Net Income (Continuing) | -136.09M | -77.67M | -208.73M | -204.62M | -217.86M | -152.1M | -139.93M | -107.67M | -71.24M | -59.31M | -44.09M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.19 | -1.30 | -3.60 | -3.60 | -4.04 | -3.15 | -3.57 | -3.92 | -2.68 | -3.16 | -2.35 |
| EPS Growth % | -52.05% | 63.89% | 0% | 10.89% | -28.25% | 11.76% | 8.93% | -46.27% | 15.19% | -34.47% | - |
| EPS (Basic) | - | -1.30 | -3.60 | -3.60 | -4.04 | -3.15 | -3.57 | -3.92 | -2.68 | -3.16 | -2.35 |
| Diluted Shares Outstanding | 62.4M | 59.81M | 58.02M | 56.88M | 53.88M | 48.25M | 39.19M | 27.46M | 26.61M | 18.78M | 18.78M |
| Basic Shares Outstanding | 62.4M | 59.81M | 58.02M | 56.88M | 53.88M | 48.25M | 39.19M | 27.46M | 26.61M | 18.78M | 18.78M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying TWST stock.
For fiscal year 2025, Twist Bioscience Corporation (TWST) reported total revenue of $376.6M. This represents a 16496.4% increase compared to $2.3M in 2016.
Twist Bioscience Corporation (TWST) reported a net loss of $77.7M for the fiscal year ending 2025.
Twist Bioscience Corporation (TWST) reported an operating income of $-136.3M, resulting in an operating profit margin of -36.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Twist Bioscience Corporation (TWST) generated $191.0M in gross profit for the year, representing a gross profit margin of 50.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and dilution
Metrics are mathematically derived from official filings.
Revenue Momentum Persists
Twist's revenue grew 23.2% year-over-year to $118.4M in 2026Q3, marking the fourteenth consecutive quarter of growth, according to recent SEC filings. This acceleration from 19.3% in the prior quarter suggests sustained demand across NGS and SynBio segments.
The sequential acceleration from 19.3% to 23.2% indicates that the company is gaining traction, likely driven by NGS target enrichment panels which offer recurring revenue. However, the sustainability of this growth depends on continued expansion of the customer base and the ability to convert pilot programs into full-scale production. Investors should monitor whether growth can be maintained without proportional increases in operating expenses.
Gross Margin Expansion Stalls
Gross margin improved to 52.8% in 2026Q3 from 41.0% in 2024Q2, as reported in financial statements, but has plateaued around 52% for the last three quarters. This suggests that the company has not yet achieved the scale needed to reach the 60%+ margins of more mature peers.
The plateau in gross margin indicates that while the silicon-based synthesis platform provides a cost advantage, the high fixed costs of the Oregon facility are not being fully absorbed at current volumes. The mix shift toward lower-margin synthetic genes may also be offsetting gains from higher-margin NGS products. Achieving the targeted 60% gross margin will likely require higher capacity utilization and a favorable product mix, which may be challenging in the near term.
Operating Leverage Elusive
Despite revenue growth, operating margin remained deeply negative at -30.6% in 2026Q3, as per the latest income statement. SG&A expenses of $80.7M consumed 68% of revenue, indicating that overhead costs are scaling with revenue rather than providing operating leverage.
The lack of operating leverage is evident as SG&A has grown from $53.1M in 2024Q4 to $80.7M in 2026Q3, a 52% increase while revenue grew only 40% over the same period. This suggests that the company is investing heavily in sales and marketing to drive growth, but these investments are not yet yielding proportional operating income improvements. The negative operating margin indicates that the company is still in a heavy investment phase, and investors should monitor whether SG&A growth can be curtailed as revenue scales.
Earnings Distorted by One-Time Gains
Net income swung to a positive $20.4M in 2025Q3, but this appears to be a one-time event, as all other quarters show losses. Excluding that quarter, net losses have widened, with 2026Q3 net loss of $35.1M, according to reported figures.
The positive net income in 2025Q3 is an anomaly likely driven by a non-operating gain, as operating income was still negative at -$31.4M. This highlights the importance of focusing on operating performance rather than net income, which can be volatile due to one-time items. The persistent net losses, despite revenue growth, suggest that the company is not yet on a clear path to profitability, and the significant stock-based compensation (SBC) of $18.2M in 2026Q3 further dilutes earnings quality.
SG&A Escalation Pressures Bottom Line
SG&A expenses rose to $80.7M in 2026Q3, up from $63.8M a year earlier, a 26.5% increase, as per the income statement. This growth outpaces the 23.2% revenue growth, indicating that the company is spending aggressively to capture market share.
The disproportionate increase in SG&A suggests that Twist is investing heavily in commercial expansion, which may be necessary to establish its NGS panels in clinical workflows. However, this spending is a primary driver of the operating losses, and investors should monitor whether these investments translate into durable revenue growth. The company's ability to control SG&A growth while maintaining revenue momentum will be critical to achieving profitability.
EPS Miss Raises Cost Concerns
The substantial EPS miss in 2026Q3 ($-0.56 actual vs. $-0.09 estimate) suggests that operating expenses are escalating faster than revenue, according to consensus data. This raises questions about management's ability to control costs and achieve profitability.
The wide gap between actual and estimated EPS indicates that the market may be underestimating the cost pressures facing the company. While revenue guidance was raised, the EPS miss suggests that the incremental revenue is not flowing to the bottom line, possibly due to higher R&D or SG&A spending. Short-sellers could argue that the company's growth is not profitable and that the path to break-even is longer than expected, especially given the high cash burn and potential need for future equity dilution.