Filing Flows › Heartflow (HTFL) › Q4 2025
Heartflow (HTFL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 18, 2026
Heartflow (HTFL) reported revenue of $49.1M for the fourth quarter 2025 (Q4 2025), +40% from a year earlier and +6% from the quarter before. Operating margin was -36.1%, net loss $24.4M (49.7% of revenue).
Heartflow, Q4 2025: revenue $49.1M (+40% year over year), operating margin -36.1%, net loss $24.4M, operating cash flow −$10.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $49.1M | +6% | +40% |
| Operating profit | −$17.8M | — | — |
| Net earnings | −$24.4M | — | — |
| Operating cash flow | −$10.6M | — | — |
What changed
Revenue was $49.1M in Q4 2025, up 40% year over year and up 6% from the previous quarter.
Gross margin was 79.5%, up 4.5 points from a year earlier. Operating costs exceeded revenue by $17.8M, an operating margin of -36.1%. Operating expenses grew 34% against revenue growth of 40%. The fastest-growing cost line was Research & development (+52%). The quarter ended with a net loss of $24.4M, narrower than the previous quarter's $50.9M loss.
Operating cash flow was −$10.6M. Non-cash charges added back $1.4M of depreciation and amortization and $5.3M of share-based compensation. Working capital and other items added $7.2M. Capital expenditures of $1.9M exceeded it, leaving free cash flow of −$12.5M.
Questions
What was Heartflow's revenue in the fourth quarter 2025?
Heartflow (HTFL) reported revenue of $49.1M for the fourth quarter 2025 (Q4 2025), +40% from a year earlier and +6% from the quarter before.
Was Heartflow profitable in the fourth quarter 2025?
Operating loss was $17.8M (-36.1% of revenue) and net loss $24.4M.
Source: Heartflow 10-K on SEC EDGAR.