Filing Flows › Harmony Biosciences Holdings (HRMY) › Q4 2025
Harmony Biosciences Holdings (HRMY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Harmony Biosciences Holdings (HRMY) reported revenue of $244M for the fourth quarter 2025 (Q4 2025), +21% from a year earlier and +2% from the quarter before. Operating margin was 15.8%, net earnings $22.5M (9.2% of revenue).
Harmony Biosciences Holdings, Q4 2025: revenue $244M (+21% year over year), operating margin 15.8%, net earnings $22.5M, operating cash flow $126M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $244M | +2% | +21% |
| Gross profit | $175M | -3% | +19% |
| Operating profit | $38.6M | -41% | -31% |
| Net earnings | $22.5M | -56% | -55% |
| Operating cash flow | $126M | +16% | +67% |
| Free cash flow | $126M | +16% | +68% |
What changed
Revenue was $243.8M in Q4 2025, up 21% year over year and up 2% from the previous quarter.
Gross margin was 71.9%, down 1.1 points from a year earlier. Operating profit was $38.6M, a 15.8% margin (down 11.9 points year over year). Operating profit fell $17.2M even though revenue rose $42.5M versus a year earlier, so costs grew faster than sales. Operating expenses grew 50% against revenue growth of 21%. The fastest-growing cost line was General & admin (+99%). Net earnings were $22.5M, down 55% year over year. The effective tax rate was 44.8%.
Operating cash flow was $126.2M (up 67% year over year), 561% of net earnings. Non-cash charges added back $10.0M of share-based compensation. Working capital and other items added $93.7M. Capital expenditures of $107K left free cash flow of $126.0M.
Questions
What was Harmony Biosciences Holdings' revenue in the fourth quarter 2025?
Harmony Biosciences Holdings (HRMY) reported revenue of $244M for the fourth quarter 2025 (Q4 2025), +21% from a year earlier and +2% from the quarter before.
Was Harmony Biosciences Holdings profitable in the fourth quarter 2025?
Operating profit was $38.6M (15.8% of revenue) and net earnings $22.5M.