Revenue growth accelerated to 28.7% YoY in 2026Q2, with gross margin expanding to 86.4% and operating income turning positive at $5.2M, though net income swung to a -$31.1M loss due to non-operating items.
Xeris Biopharma Holdings, Inc. (XERS) annual income statement — 10-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 | Dec'16 |
|---|
| Sales/Revenue | 335.41M | 291.85M | 203.07M | 163.91M | 110.25M | 49.59M | 20.43M | 2.72M | 2.46M | 1.56M | 1.07M |
| Revenue Growth % | 36.33% | 43.72% | 23.89% | 48.68% | 122.32% | 142.67% | 650.73% | 10.43% | 58.42% | 44.74% | - |
| Cost of Goods Sold | 55.87M | 53.41M | 36.83M | 28.64M | 22.63M | 13.32M | 9.33M | 1.6M | 42K | 4K | 8K |
| COGS % of Revenue | - | 18.3% | 18.14% | 17.48% | 20.53% | 26.86% | 45.65% | 58.89% | 1.7% | 0.26% | 0.74% |
| Gross Profit | 279.54M | 238.43M | 166.24M | 135.27M | 87.61M | 36.27M | 11.11M | 1.12M | 2.42M | 1.55M | 1.07M |
| Gross Margin % | 83.34% | 81.7% | 81.86% | 82.52% | 79.47% | 73.14% | 54.35% | 41.11% | 98.3% | 99.74% | 99.26% |
| Gross Profit Growth % | - | 43.43% | 22.89% | 54.39% | 141.55% | 226.57% | 892.58% | -53.82% | 56.12% | 45.45% | - |
| Operating Expenses | 242.95M | 213.54M | 199.88M | 179.28M | 169.55M | 151.43M | 94.65M | 123.5M | 61.77M | 28.18M | 14.3M |
| OpEx % of Revenue | - | 73.17% | 98.43% | 109.37% | 153.79% | 305.36% | 463.19% | 4537.07% | 2505.76% | 1811.12% | 1330.05% |
| Selling, General & Admin | 208.14M | 182.37M | 163.48M | 146.09M | 137.75M | 125.72M | 73.73M | 63.06M | 21.11M | 8.02M | 4.06M |
| SG&A % of Revenue | - | 62.49% | 80.5% | 89.13% | 124.94% | 253.51% | 360.81% | 2316.72% | 856.51% | 515.1% | 377.67% |
| Research & Development | 34.81M | 31.16M | 25.56M | 22.34M | 20.97M | 25.16M | 20.92M | 60.44M | 40.65M | 20.17M | 10.24M |
| R&D % of Revenue | - | 10.68% | 12.59% | 13.63% | 19.02% | 50.74% | 102.38% | 2220.35% | 1649.25% | 1296.02% | 952.37% |
| Other Operating Expenses | 1000K | 0 | 10.84M | 10.84M | 10.84M | 550K | 0 | 0 | 0 | -1K | -5K |
| Operating Income | 36.59M | 24.9M | -33.65M | -44.01M | -81.94M | -115.16M | -83.55M | -122.38M | -59.34M | -26.63M | -13.23M |
| Operating Margin % | 10.91% | 8.53% | -16.57% | -26.85% | -74.32% | -232.22% | -408.84% | -4495.96% | -2407.46% | -1711.38% | -1230.79% |
| Operating Income Growth % | - | 173.99% | 23.55% | 46.29% | 28.84% | -37.84% | 31.73% | -106.22% | -122.85% | -101.26% | - |
| EBITDA | 49.07M | 37.05M | -21.02M | -30.85M | -69.27M | -113.28M | -82.08M | -121.3M | -59.02M | -26.45M | -13.12M |
| EBITDA Margin % | 14.63% | 12.7% | -10.35% | -18.82% | -62.83% | -228.43% | -401.66% | -4456.36% | -2394.48% | -1700% | -1220% |
| EBITDA Growth % | 1689.64% | 276.26% | 31.86% | 55.47% | 38.85% | -38.01% | 32.34% | -105.51% | -123.14% | -101.69% | - |
| D&A (Non-Cash Add-back) | 12.48M | 12.16M | 12.63M | 13.16M | 12.67M | 1.88M | 1.47M | 1.08M | 320K | 177K | 116K |
| EBIT | 3.93M | 554K | -26.62M | -36.9M | -81.98M | -115.55M | -80.59M | -118.88M | -57.53M | -26.55M | -13.21M |
| Net Interest Income | -22.98M | -24.34M | -27.85M | -21.86M | -11.52M | -6.87M | -2.9M | -4.35M | -932K | 122K | 3K |
| Interest Income | 5.28M | 4.74M | 5.32M | 4.75M | 2.58M | 313K | 4.46M | 2.81M | 1.61M | 124K | 5K |
| Interest Expense | 28.25M | 29.08M | 33.17M | 26.61M | 14.1M | 7.18M | 7.36M | 7.16M | 2.54M | 2K | 2K |
| Other Income/Expense | -53.76M | -24.34M | -23.46M | -19.49M | -14.14M | -7.57M | -7.7M | -3.66M | -736K | 75K | 22K |
| Pretax Income | -17.16M | 554K | -57.1M | -63.5M | -96.08M | -122.72M | -91.25M | -126.04M | -60.08M | -26.55M | -13.21M |
| Pretax Margin % | -5.12% | 0.19% | -28.12% | -38.74% | -87.15% | -247.48% | -446.54% | -4630.35% | -2437.32% | -1706.56% | -1228.74% |
| Income Tax | 0 | 0 | -2.27M | -1.25M | -1.42M | 0 | -110K | -458K | 0 | 1K | -3K |
| Effective Tax Rate % | 0% | 0% | 3.97% | 1.97% | 1.48% | 0% | 0.12% | 0.36% | 0% | -0% | 0.02% |
| Net Income | -17.16M | 554K | -54.84M | -62.26M | -94.66M | -122.72M | -91.14M | -125.58M | -60.08M | -26.55M | -13.21M |
| Net Margin % | -5.12% | 0.19% | -27% | -37.98% | -85.86% | -247.48% | -446% | -4613.52% | -2437.32% | -1706.56% | -1228.74% |
| Net Income Growth % | 46.36% | 101.01% | 11.92% | 34.23% | 22.87% | -34.66% | 27.42% | -109.02% | -126.26% | -101.03% | - |
| Net Income (Continuing) | -17.16M | 554K | -54.84M | -62.26M | -94.66M | -122.72M | -91.14M | -125.58M | -60.08M | -26.55M | -13.21M |
| 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) | -0.10 | 0.00 | -0.37 | -0.45 | -0.70 | -1.55 | -2.14 | -3.49 | -4.99 | -13.09 | -7.17 |
| EPS Growth % | 52.56% | 100.86% | 17.78% | 35.71% | 54.84% | 27.57% | 38.68% | 30.06% | 61.88% | -82.57% | - |
| EPS (Basic) | - | 0.00 | -0.37 | -0.45 | -0.70 | -1.55 | -2.14 | -3.49 | -4.99 | -13.09 | -7.17 |
| Diluted Shares Outstanding | 172.82M | 172.74M | 146.77M | 137.67M | 135.63M | 79.03M | 42.64M | 26.11M | 12.05M | 2.03M | 1.84M |
| Basic Shares Outstanding | 172.82M | 160.43M | 146.77M | 137.67M | 135.63M | 79.03M | 42.64M | 26.11M | 12.05M | 2.03M | 1.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying XERS stock.
For fiscal year 2025, Xeris Biopharma Holdings, Inc. (XERS) reported total revenue of $291.8M. This represents a 27048.4% increase compared to $1.1M in 2016.
Xeris Biopharma Holdings, Inc. (XERS) is profitable, generating $0.6M in net income for the fiscal year ending 2025 with a net profit margin of 0.2%.
Xeris Biopharma Holdings, Inc. (XERS) reported an operating income of $24.9M, resulting in an operating profit margin of 8.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Xeris Biopharma Holdings, Inc. (XERS) generated $238.4M in gross profit for the year, representing a gross profit margin of 81.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dependence on non-operating items
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates Sharply
Xeris's revenue grew 28.7% year-over-year in 2026Q2 to $92.1M, accelerating from 12.3% growth in 2024Q3, as reported in the latest quarterly filing.
The revenue trajectory shows a clear acceleration, with year-over-year growth climbing from 12.3% in 2024Q3 to 48.8% in 2025Q2 and maintaining a 28.7% pace in 2026Q2. This suggests the company is gaining commercial traction, likely driven by increased adoption of its products. The sequential growth from $83.1M in 2026Q1 to $92.1M in 2026Q2 indicates continued momentum, though investors should monitor whether this pace is sustainable given the competitive landscape.
Gross Margin Expansion Reflects Mix Shift
Gross margin improved to 86.4% in 2026Q2 from 75.0% in 2024Q3, as per financial statements, indicating a favorable product mix and pricing power.
The gross margin has expanded from 75.0% in 2024Q3 to 86.4% in 2026Q2, a significant improvement that suggests the company is benefiting from a higher-margin product mix or improved manufacturing efficiencies. This level is competitive with peers like Supernus (89.6%) and Corcept (98.3%), though it remains below Corcept's near-100% margin. The stability of gross margins in the mid-80s range over recent quarters indicates that this improvement may be structural, but investors should watch for any cost pressures that could erode this advantage.
Operating Leverage Emerges as Revenue Scales
Operating income swung from a -$14.2M loss in 2024Q1 to a $5.2M profit in 2026Q2, with operating margin reaching 5.6%, as reported in the income statement.
The company has demonstrated significant operating leverage, with operating income improving from a loss of $14.2M in 2024Q1 to a profit of $5.2M in 2026Q2. This turnaround is driven by revenue growth outpacing the increase in operating expenses, as SG&A grew from $38.4M to $61.0M over the same period, a 59% increase versus a 127% revenue increase. The operating margin, while still modest at 5.6%, has improved from -35.1% in 2024Q1, indicating that the cost structure is becoming more efficient as the company scales.
Net Income Volatility Masks Operational Progress
Net income swung from -$19.0M in 2024Q1 to $11.1M in 2025Q4, but 2026Q2 saw a -$31.1M loss despite positive operating income, per SEC filings.
The quality of earnings is questionable due to significant volatility in net income, which does not always align with operating performance. For instance, in 2026Q2, the company reported a net loss of $31.1M despite an operating profit of $5.2M, suggesting the impact of non-operating items such as interest expense, taxes, or one-time charges. Additionally, stock-based compensation has been substantial, ranging from $3.6M to $15.2M per quarter, which dilutes EPS and may not reflect cash earnings. Investors should scrutinize the bridge from operating income to net income to understand the recurring nature of these adjustments.
SG&A Dominates Cost Structure, R&D Stable
SG&A expenses rose to $61.0M in 2026Q2, representing 66% of revenue, while R&D remained relatively flat at $10.7M, as per the latest quarterly data.
The cost structure is heavily weighted toward SG&A, which has grown from $38.4M in 2024Q1 to $61.0M in 2026Q2, reflecting increased commercial investment. This is typical for a biopharma scaling up, but the SG&A-to-revenue ratio of 66% is high compared to peers like Lantheus (which has an operating margin of 20.2%). R&D spending has been relatively stable, suggesting a focus on commercial execution rather than pipeline expansion. The company's ability to manage SG&A growth will be critical to achieving sustainable profitability.
Sustainability of Profitability Questioned
Despite recent operating profits, 2026Q2 net loss of $31.1M and high SBC of $15.2M raise concerns about earnings quality, as reported in financial statements.
Short-sellers might argue that the company's path to profitability is fragile, given the wide swings in net income and the reliance on non-operating items. The 2026Q2 net loss of $31.1M, despite an operating profit, suggests that the company may be facing significant interest expenses or other charges that could persist. Additionally, stock-based compensation of $15.2M in that quarter is substantial relative to revenue, indicating that reported earnings may be overstated on a cash basis. The high SG&A intensity and the need to continue investing in commercial infrastructure could pressure margins, making it difficult to achieve consistent profitability.