Filing Flows › ADC Therapeutics SA (ADCT) › Q4 2025
ADC Therapeutics SA (ADCT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 10, 2026
ADC Therapeutics SA (ADCT) reported revenue of $23.1M for the fourth quarter 2025 (Q4 2025), +36% from a year earlier and +40% from the quarter before. Operating margin was -77.7%, net loss $6.4M (27.8% of revenue).
ADC Therapeutics SA, Q4 2025: revenue $23.1M (+36% year over year), operating margin -77.7%, net loss $6.4M, operating cash flow −$31.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.1M | +40% | +36% |
| Operating profit | −$17.9M | — | — |
| Net earnings | −$6.4M | — | — |
| Operating cash flow | −$31.1M | — | — |
What changed
Revenue was $23.1M in Q4 2025, up 36% year over year and up 40% from the previous quarter. Product revenues, net was the largest line at 97% of revenue.
Operating costs exceeded revenue by $17.9M, an operating margin of -77.7%. Total costs fell 17% while revenue rose 36%. The quarter ended with a net loss of $6.4M, narrower than the previous quarter's $41.0M loss. Non-operating items added $11.1M, -163% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$31.1M. Non-cash charges added back $673K of share-based compensation. Working capital and other items used $25.4M.
Questions
What was ADC Therapeutics SA's revenue in the fourth quarter 2025?
ADC Therapeutics SA (ADCT) reported revenue of $23.1M for the fourth quarter 2025 (Q4 2025), +36% from a year earlier and +40% from the quarter before.
Was ADC Therapeutics SA profitable in the fourth quarter 2025?
Operating loss was $17.9M (-77.7% of revenue) and net loss $6.4M.