Filing Flows › Harrow (HROW) › Q4 2025
Harrow (HROW) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Harrow (HROW) reported revenue of $89.1M for the fourth quarter 2025 (Q4 2025), +33% from a year earlier and +24% from the quarter before. Operating margin was 17.5%, net earnings $6.6M (7.4% of revenue).
Harrow, Q4 2025: revenue $89.1M (+33% year over year), operating margin 17.5%, net earnings $6.6M, operating cash flow $8.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $89.1M | +24% | +33% |
| Gross profit | $70.6M | +31% | +34% |
| Operating profit | $15.6M | +6% | +21% |
| Net earnings | $6.6M | +550% | -2% |
| Operating cash flow | $8.4M | -49% | — |
| Free cash flow | $8.1M | -51% | — |
What changed
Revenue was $89.1M in Q4 2025, up 33% year over year and up 24% from the previous quarter. Product Sales Net was the largest line at 100% of revenue.
Gross margin was 79.3%, up 0.4 points from Q4 2024. Operating profit was $15.6M, a 17.5% margin (down 1.8 points year over year). Of the extra revenue versus Q4 2024, 12% reached operating profit, below the 19% margin then. Operating expenses grew 38% against revenue growth of 33%. The fastest-growing cost line was Research & development (+147%). Net earnings were $6.6M, down 2% year over year. The effective tax rate was 36.3%.
Operating cash flow was $8.4M, 127% of net earnings. Non-cash charges added back $330K of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items used $2.3M. Capital expenditures of $341K left free cash flow of $8.1M.
Questions
What was Harrow's revenue in the fourth quarter 2025?
Harrow (HROW) reported revenue of $89.1M for the fourth quarter 2025 (Q4 2025), +33% from a year earlier and +24% from the quarter before.
Was Harrow profitable in the fourth quarter 2025?
Operating profit was $15.6M (17.5% of revenue) and net earnings $6.6M.
Source: Harrow 10-K on SEC EDGAR.