Filing Flows › Heartflow (HTFL) › Q3 2025
Heartflow (HTFL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Heartflow (HTFL) reported revenue of $46.3M for the third quarter 2025 (Q3 2025), +41% from a year earlier and +7% from the quarter before. Operating margin was -32.6%, net loss $50.9M (109.9% of revenue).
Heartflow, Q3 2025: revenue $46.3M (+40% year over year), operating margin -32.6%, net loss $50.9M, operating cash flow −$3.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $46.3M | +7% | +41% |
| Operating profit | −$15.1M | — | — |
| Net earnings | −$50.9M | — | — |
| Operating cash flow | −$3.0M | — | — |
What changed
Revenue was $46.3M in Q3 2025, up 41% year over year and up 7% from the previous quarter.
Gross margin was 76.5%, up 0.8 points from a year earlier. Operating costs exceeded revenue by $15.1M, an operating margin of -32.6%. Operating expenses grew 27% against revenue growth of 41%. The fastest-growing cost line was Research & development (+46%). The quarter ended with a net loss of $50.9M, wider than the previous quarter's $9.2M loss. Net interest and other expense of $35.7M was the main reason.
Operating cash flow was −$3.0M. Non-cash charges added back $1.3M of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items added $42.6M. Capital expenditures of $1.2M exceeded it, leaving free cash flow of −$4.2M.
Questions
What was Heartflow's revenue in the third quarter 2025?
Heartflow (HTFL) reported revenue of $46.3M for the third quarter 2025 (Q3 2025), +41% from a year earlier and +7% from the quarter before.
Was Heartflow profitable in the third quarter 2025?
Operating loss was $15.1M (-32.6% of revenue) and net loss $50.9M.
Source: Heartflow 10-Q on SEC EDGAR.