Filing Flows › Axsome Therapeutics (AXSM) › Q4 2025
Axsome Therapeutics (AXSM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 23, 2026
Axsome Therapeutics (AXSM) reported revenue of $196M for the fourth quarter 2025 (Q4 2025), +65% from a year earlier and +15% from the quarter before. Operating margin was -13.8%, net loss $28.6M (14.6% of revenue).
Axsome Therapeutics, Q4 2025: revenue $196M (+65% year over year), operating margin -13.8%, net loss $28.6M, operating cash flow −$18.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $196M | +15% | +65% |
| Operating profit | −$27.0M | — | — |
| Net earnings | −$28.6M | — | — |
| Operating cash flow | −$18.7M | -1883% | — |
What changed
Revenue was $196.0M in Q4 2025, up 65% year over year and up 15% from the previous quarter.
Operating costs exceeded revenue by $27.0M, an operating margin of -13.8%. Total costs grew 16% against revenue growth of 65%. The quarter ended with a net loss of $28.6M, narrower than the previous quarter's $47.2M loss.
Operating cash flow was −$18.7M. Non-cash charges added back $1.7M of depreciation and amortization and $22.7M of share-based compensation. Working capital and other items used $14.5M. Capital expenditures of $71K exceeded it, leaving free cash flow of −$18.7M.
Questions
What was Axsome Therapeutics' revenue in the fourth quarter 2025?
Axsome Therapeutics (AXSM) reported revenue of $196M for the fourth quarter 2025 (Q4 2025), +65% from a year earlier and +15% from the quarter before.
Was Axsome Therapeutics profitable in the fourth quarter 2025?
Operating loss was $27.0M (-13.8% of revenue) and net loss $28.6M.