Filing Flows › Axogen (AXGN) › Q4 2025
Axogen (AXGN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Axogen (AXGN) reported revenue of $59.9M for the fourth quarter 2025 (Q4 2025), +21% from a year earlier and -0.3% from the quarter before. Operating margin was -16.3%, net loss $13.2M (22.0% of revenue).
Axogen, Q4 2025: revenue $59.9M (+21% year over year), operating margin -16.3%, net loss $13.2M, operating cash flow $3.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $59.9M | -0.3% | +21% |
| Operating profit | −$9.8M | -611% | — |
| Net earnings | −$13.2M | -1958% | — |
| Operating cash flow | $3.0M | -6% | -65% |
| Free cash flow | $1.8M | +5% | -78% |
What changed
Revenue was $59.9M in Q4 2025, up 21% year over year and roughly flat from the previous quarter.
Gross margin was 74.1%, down 1.9 points from a year earlier. Operating costs exceeded revenue by $9.8M, an operating margin of -16.3%. Operating expenses grew 52% against revenue growth of 21%. The fastest-growing cost line was Research & development (+85%). The quarter ended with a net loss of $13.2M, after a profit of $708K the previous quarter.
Operating cash flow was $3.0M (down 65% year over year). Non-cash charges added back $1.7M of depreciation and amortization and $16.6M of share-based compensation. Working capital and other items used $2.1M. Capital expenditures of $1.2M left free cash flow of $1.8M.
Questions
What was Axogen's revenue in the fourth quarter 2025?
Axogen (AXGN) reported revenue of $59.9M for the fourth quarter 2025 (Q4 2025), +21% from a year earlier and -0.3% from the quarter before.
Was Axogen profitable in the fourth quarter 2025?
Operating loss was $9.8M (-16.3% of revenue) and net loss $13.2M.
Source: Axogen 10-K on SEC EDGAR.