Filing Flows › CorMedix (CRMD) › Q4 2025
CorMedix (CRMD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 5, 2026
CorMedix (CRMD) reported revenue of $129M for the fourth quarter 2025 (Q4 2025), +312% from a year earlier and +23% from the quarter before. Operating margin was 46.0%, net earnings $14.0M (10.9% of revenue).
CorMedix, Q4 2025: revenue $129M (+312% year over year), operating margin 46.0%, net earnings $14.0M, operating cash flow $94.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $129M | +23% | +312% |
| Gross profit | $107M | +15% | +257% |
| Operating profit | $59.1M | +15% | +357% |
| Net earnings | $14.0M | -87% | +4% |
| Operating cash flow | $94.5M | +206% | — |
| Free cash flow | $92.7M | +206% | — |
What changed
Revenue was $128.6M in Q4 2025, up 312% year over year and up 23% from the previous quarter. Defen Cath was the largest line at 71% of revenue.
Gross margin was 83.4%, down 12.8 points from Q4 2024. Operating profit was $59.1M, a 46.0% margin (up 4.5 points year over year). Of the extra revenue versus Q4 2024, 47% reached operating profit, above the 41% margin then. Operating expenses grew 182% against revenue growth of 312%. The fastest-growing cost line was Research & development (+398%). Net earnings were $14.0M, up 4% year over year. The effective tax rate was 75.2%.
Operating cash flow was $94.5M, 674% of net earnings. Non-cash charges added back $10.4M of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items added $66.4M. Capital expenditures of $1.7M left free cash flow of $92.7M.
Questions
What was CorMedix's revenue in the fourth quarter 2025?
CorMedix (CRMD) reported revenue of $129M for the fourth quarter 2025 (Q4 2025), +312% from a year earlier and +23% from the quarter before.
Was CorMedix profitable in the fourth quarter 2025?
Operating profit was $59.1M (46.0% of revenue) and net earnings $14.0M.
Source: CorMedix 10-K on SEC EDGAR.