Filing Flows › Corcept Therapeutics (CORT) › Q4 2025
Corcept Therapeutics (CORT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Corcept Therapeutics (CORT) reported revenue of $202M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and -3% from the quarter before. Operating margin was 2.2%, net earnings $24.3M (12.0% of revenue).
Corcept Therapeutics, Q4 2025: revenue $202M (+11% year over year), operating margin 2.2%, net earnings $24.3M, operating cash flow $38.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $202M | -3% | +11% |
| Operating profit | $4.5M | -56% | -82% |
| Net earnings | $24.3M | +23% | -21% |
| Operating cash flow | $38.4M | -29% | -36% |
| Free cash flow | $38.4M | -30% | -36% |
What changed
Revenue was $202.1M in Q4 2025, up 11% year over year and down 3% from the previous quarter.
Operating profit was $4.5M, a 2.2% margin (down 11.7 points year over year). Operating profit fell $20.8M even though revenue rose $20.2M versus a year earlier, so costs grew faster than sales. Total costs grew 26% against revenue growth of 11%. The fastest-growing cost line was SG&A (+56%). Net earnings were $24.3M, down 21% year over year. The tax line was a benefit of $14.4M on pre-tax earnings of $9.9M. Non-operating items added $5.4M, 55% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $38.4M (down 36% year over year), 158% of net earnings. Non-cash charges added back $289K of depreciation and amortization and $20.8M of share-based compensation. Working capital and other items used $6.9M. Capital expenditures of $50K left free cash flow of $38.4M.
Questions
What was Corcept Therapeutics' revenue in the fourth quarter 2025?
Corcept Therapeutics (CORT) reported revenue of $202M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and -3% from the quarter before.
Was Corcept Therapeutics profitable in the fourth quarter 2025?
Operating profit was $4.5M (2.2% of revenue) and net earnings $24.3M.