Filing Flows › Heartflow (HTFL) › Q2 2025
Heartflow (HTFL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Sep 19, 2025
Heartflow (HTFL) reported revenue of $43.4M for the second quarter 2025 (Q2 2025), +40% from a year earlier and +17% from the quarter before. Operating margin was -31.6%, net loss $9.2M (21.2% of revenue).
Heartflow, Q2 2025: revenue $43.4M (+40% year over year), operating margin -31.6%, net loss $9.2M, operating cash flow −$27.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $43.4M | +17% | +40% |
| Operating profit | −$13.7M | — | — |
| Net earnings | −$9.2M | — | — |
| Operating cash flow | −$27.3M | — | — |
What changed
Revenue was $43.4M in Q2 2025, up 40% year over year and up 17% from the previous quarter.
Gross margin was 75.5%, down 1.3 points from a year earlier. Operating costs exceeded revenue by $13.7M, an operating margin of -31.6%. Operating expenses grew 22% against revenue growth of 40%. The fastest-growing cost line was Research & development (+51%). The quarter ended with a net loss of $9.2M, narrower than the previous quarter's $32.3M loss. Non-operating items added $4.6M, -50% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$27.3M. Non-cash charges added back $1.4M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items used $21.8M. Capital expenditures of $790K exceeded it, leaving free cash flow of −$28.1M.
Questions
What was Heartflow's revenue in the second quarter 2025?
Heartflow (HTFL) reported revenue of $43.4M for the second quarter 2025 (Q2 2025), +40% from a year earlier and +17% from the quarter before.
Was Heartflow profitable in the second quarter 2025?
Operating loss was $13.7M (-31.6% of revenue) and net loss $9.2M.
Source: Heartflow 10-Q on SEC EDGAR.