Filing Flows › 4D Molecular Therapeutics (FDMT) › Q4 2025
4D Molecular Therapeutics (FDMT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 18, 2026
4D Molecular Therapeutics (FDMT) reported revenue of $85.1M for the fourth quarter 2025 (Q4 2025), up 85,090-fold from a year earlier and up 945-fold from the quarter before. Operating margin was 17.3%, net earnings $19.4M (22.8% of revenue).
4D Molecular Therapeutics, Q4 2025: revenue $85.1M (85,090× year over year), operating margin 17.3%, net earnings $19.4M, operating cash flow $28.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $85.1M | 945× | 85,090× |
| Operating profit | $14.7M | — | — |
| Net earnings | $19.4M | — | — |
| Operating cash flow | $28.6M | — | — |
What changed
Revenue was $85.1M in Q4 2025, up 8508900% year over year and up 94444% from the previous quarter.
Operating profit was $14.7M, a 17.3% margin (up 5611717.3 points year over year). Total costs grew 25% against revenue growth of 8508900%. The fastest-growing cost line was Research & development (+34%). Net earnings were $19.4M. The effective tax rate was 0.0%. Non-operating items added $4.7M, 24% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $28.6M, 147% of net earnings. Non-cash charges added back $1.2M of depreciation and amortization and $5.6M of share-based compensation. Working capital and other items added $2.4M. Capital expenditures of −$70K left free cash flow of $28.6M.
Questions
What was 4D Molecular Therapeutics' revenue in the fourth quarter 2025?
4D Molecular Therapeutics (FDMT) reported revenue of $85.1M for the fourth quarter 2025 (Q4 2025), up 85,090-fold from a year earlier and up 945-fold from the quarter before.
Was 4D Molecular Therapeutics profitable in the fourth quarter 2025?
Operating profit was $14.7M (17.3% of revenue) and net earnings $19.4M.