Filing Flows › Codexis (CDXS) › Q4 2025
Codexis (CDXS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 11, 2026
Codexis (CDXS) reported revenue of $38.9M for the fourth quarter 2025 (Q4 2025), +81% from a year earlier and +352% from the quarter before. Operating margin was 27.1%, net earnings $9.6M (24.7% of revenue).
Codexis, Q4 2025: revenue $38.9M (+81% year over year), operating margin 27.1%, net earnings $9.6M, operating cash flow $20.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $38.9M | +352% | +81% |
| Operating profit | $10.6M | — | — |
| Net earnings | $9.6M | — | — |
| Operating cash flow | $20.1M | — | — |
| Free cash flow | $19.6M | — | — |
What changed
Revenue was $38.9M in Q4 2025, up 81% year over year and up 352% from the previous quarter.
Operating profit was $10.6M, a 27.1% margin (up 61.3 points year over year). Total costs fell 2% while revenue rose 81%. Net earnings were $9.6M. The effective tax rate was 0.2%.
Operating cash flow was $20.1M, 209% of net earnings. Non-cash charges added back $1.4M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items added $6.9M. Capital expenditures of $520K left free cash flow of $19.6M.
Questions
What was Codexis' revenue in the fourth quarter 2025?
Codexis (CDXS) reported revenue of $38.9M for the fourth quarter 2025 (Q4 2025), +81% from a year earlier and +352% from the quarter before.
Was Codexis profitable in the fourth quarter 2025?
Operating profit was $10.6M (27.1% of revenue) and net earnings $9.6M.
Source: Codexis 10-K on SEC EDGAR.