Filing Flows › Eton Pharmaceuticals (ETON) › Q4 2025
Eton Pharmaceuticals (ETON) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 19, 2026
Eton Pharmaceuticals (ETON) reported revenue of $21.3M for the fourth quarter 2025 (Q4 2025), +83% from a year earlier and -5% from the quarter before. Operating margin was 11.6%, net earnings $1.5M (7.0% of revenue).
Eton Pharmaceuticals, Q4 2025: revenue $21.3M (+83% year over year), operating margin 11.6%, net earnings $1.5M, operating cash flow −$11.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $21.3M | -5% | +83% |
| Gross profit | $13.1M | +67% | +102% |
| Operating profit | $2.5M | — | +292% |
| Net earnings | $1.5M | — | — |
| Operating cash flow | −$11.6M | -196% | — |
What changed
Revenue was $21.3M in Q4 2025, up 83% year over year and down 5% from the previous quarter.
Gross margin was 61.6%, up 6.0 points from a year earlier. Operating profit was $2.5M, a 11.6% margin (up 6.2 points year over year). Of the extra revenue versus a year earlier, 19% reached operating profit, above the 5% margin then. Operating expenses grew 82% against revenue growth of 83%. Net earnings were $1.5M. The effective tax rate was -4.9%.
Operating cash flow was −$11.6M. Non-cash charges added back $1.0M of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items used $15.2M. Capital expenditures of $49K exceeded it, leaving free cash flow of −$11.6M.
Questions
What was Eton Pharmaceuticals' revenue in the fourth quarter 2025?
Eton Pharmaceuticals (ETON) reported revenue of $21.3M for the fourth quarter 2025 (Q4 2025), +83% from a year earlier and -5% from the quarter before.
Was Eton Pharmaceuticals profitable in the fourth quarter 2025?
Operating profit was $2.5M (11.6% of revenue) and net earnings $1.5M.