Filing Flows › Harrow (HROW) › Q3 2025
Harrow (HROW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Harrow (HROW) reported revenue of $71.6M for the third quarter 2025 (Q3 2025), +45% from a year earlier and +12% from the quarter before. Operating margin was 20.6%, net earnings $1.0M (1.4% of revenue).
Harrow, Q3 2025: revenue $71.6M (+45% year over year), operating margin 20.6%, net earnings $1.0M, operating cash flow $16.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $71.6M | +12% | +45% |
| Gross profit | $53.9M | +13% | +45% |
| Operating profit | $14.7M | +29% | 11× |
| Net earnings | $1.0M | -80% | — |
| Operating cash flow | $16.6M | — | +462% |
| Free cash flow | $16.4M | — | +598% |
What changed
Revenue was $71.6M in Q3 2025, up 45% year over year and up 12% from the previous quarter. Product Sales Net was the largest line at 100% of revenue. Product Sales Net added $22.5M year over year (up 46%), 100% of the total change. Other Revenues declined 41%.
Gross margin was 75.3%, down 0.3 points from a year earlier. Operating profit was $14.7M, a 20.6% margin (up 17.9 points year over year). Of the extra revenue versus a year earlier, 60% reached operating profit, above the 3% margin then. Operating expenses grew 9% against revenue growth of 45%. The fastest-growing cost line was Research & development (+46%). Net earnings were $1.0M. The effective tax rate was 0.0%.
Operating cash flow was $16.6M (up 462% year over year), 1626% of net earnings. Non-cash charges added back $326K of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items added $12.0M. Capital expenditures of $210K left free cash flow of $16.4M.
Questions
What was Harrow's revenue in the third quarter 2025?
Harrow (HROW) reported revenue of $71.6M for the third quarter 2025 (Q3 2025), +45% from a year earlier and +12% from the quarter before.
Was Harrow profitable in the third quarter 2025?
Operating profit was $14.7M (20.6% of revenue) and net earnings $1.0M.
Source: Harrow 10-Q on SEC EDGAR.