Filing Flows › ImmunityBio (IBRX) › Q4 2025
ImmunityBio (IBRX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 23, 2026
ImmunityBio (IBRX) reported revenue of $38.3M for the fourth quarter 2025 (Q4 2025), +407% from a year earlier and +19% from the quarter before. Operating margin was -169.0%, net loss $62.0M (161.8% of revenue).
ImmunityBio, Q4 2025: revenue $38.3M (+407% year over year), operating margin -169.0%, net loss $62.0M, operating cash flow −$70.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $38.3M | +19% | +407% |
| Operating profit | −$64.7M | — | — |
| Net earnings | −$62.0M | — | — |
| Operating cash flow | −$70.4M | — | — |
What changed
Revenue was $38.3M in Q4 2025, up 407% year over year and up 19% from the previous quarter. Product revenue, net was the largest line at 100% of revenue.
Operating costs exceeded revenue by $64.7M, an operating margin of -169.0%. Total costs grew 34% against revenue growth of 407%. The quarter ended with a net loss of $62.0M, narrower than the previous quarter's $67.3M loss.
Operating cash flow was −$70.4M. Non-cash charges added back $3.9M of depreciation and amortization and $8.7M of share-based compensation. Working capital and other items used $21.0M. Capital expenditures of $903K exceeded it, leaving free cash flow of −$71.3M.
Questions
What was ImmunityBio's revenue in the fourth quarter 2025?
ImmunityBio (IBRX) reported revenue of $38.3M for the fourth quarter 2025 (Q4 2025), +407% from a year earlier and +19% from the quarter before.
Was ImmunityBio profitable in the fourth quarter 2025?
Operating loss was $64.7M (-169.0% of revenue) and net loss $62.0M.
Source: ImmunityBio 10-K on SEC EDGAR.