Filing Flows › Fortress Biotech (FBIO) › Q3 2025
Fortress Biotech (FBIO) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
Fortress Biotech (FBIO) reported revenue of $17.6M for the third quarter 2025 (Q3 2025), +21% from a year earlier and +7% from the quarter before. Operating margin was -38.6%, net earnings $8.8M (50.1% of revenue).
Fortress Biotech, Q3 2025: revenue $17.6M (+20% year over year), operating margin -38.6%, net earnings $8.8M, operating cash flow −$6.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.6M | +7% | +21% |
| Operating profit | −$6.8M | — | — |
| Net earnings | $8.8M | — | — |
| Operating cash flow | −$6.1M | — | — |
What changed
Revenue was $17.6M in Q3 2025, up 21% year over year and up 7% from the previous quarter. Qbrexza was the largest line at 42% of revenue. Vyne acquisition products (Amzeeq and Zilxi) declined 38%.
Operating costs exceeded revenue by $6.8M, an operating margin of -38.6%. Total costs fell 33% while revenue rose 21%. The fastest-growing cost line was Other operating costs (+31%). Net earnings were $5.8M. The effective tax rate was 0.3%. Non-operating items added $15.7M, 177% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$6.1M. Non-cash charges added back $1.2M of depreciation and amortization and $3.2M of share-based compensation. Working capital and other items used $19.3M.
Questions
What was Fortress Biotech's revenue in the third quarter 2025?
Fortress Biotech (FBIO) reported revenue of $17.6M for the third quarter 2025 (Q3 2025), +21% from a year earlier and +7% from the quarter before.
Was Fortress Biotech profitable in the third quarter 2025?
Operating loss was $6.8M (-38.6% of revenue) and net earnings $8.8M.
Source: Fortress Biotech 10-Q on SEC EDGAR.