Filing Flows › Innoviva (INVA) › Q4 2025
Innoviva (INVA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Innoviva (INVA) reported revenue of $115M for the fourth quarter 2025 (Q4 2025), +25% from a year earlier and +6% from the quarter before. Operating margin was 34.0%, net earnings $164M (143.2% of revenue).
Innoviva, Q4 2025: revenue $115M (+25% year over year), operating margin 34.0%, net earnings $164M, operating cash flow $54.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $115M | +6% | +25% |
| Gross profit | $75.7M | +0.2% | -3% |
| Operating profit | $39.0M | +13% | -10% |
| Net earnings | $164M | +83% | +707% |
| Operating cash flow | $54.5M | +10% | -8% |
| Free cash flow | $54.5M | +12% | -8% |
What changed
Revenue was $114.6M in Q4 2025, up 25% year over year and up 6% from the previous quarter. Royalty was the largest line at 48% of revenue.
Gross margin was 66.0%, down 19.1 points from a year earlier. Operating profit was $39.0M, a 34.0% margin (down 13.0 points year over year). Operating profit fell $4.2M even though revenue rose $22.8M versus a year earlier, so costs grew faster than sales. Operating expenses grew 5% against revenue growth of 25%. The fastest-growing cost line was Research & development (+24%). Net earnings were $164.2M, up 707% year over year. The effective tax rate was 15.8%. Non-operating items added $156.0M, 80% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $54.5M (down 8% year over year), 33% of net earnings. Non-cash charges added back $2.5M of share-based compensation. Working capital and other items used $112.1M. Capital expenditures of $10K left free cash flow of $54.5M.
Questions
What was Innoviva's revenue in the fourth quarter 2025?
Innoviva (INVA) reported revenue of $115M for the fourth quarter 2025 (Q4 2025), +25% from a year earlier and +6% from the quarter before.
Was Innoviva profitable in the fourth quarter 2025?
Operating profit was $39.0M (34.0% of revenue) and net earnings $164M.
Source: Innoviva 10-K on SEC EDGAR.