Filing Flows › Madrigal Pharmaceuticals (MDGL) › Q4 2025
Madrigal Pharmaceuticals (MDGL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Madrigal Pharmaceuticals (MDGL) reported revenue of $321M for the fourth quarter 2025 (Q4 2025), +211% from a year earlier and +12% from the quarter before. Operating margin was -18.6%, net loss $58.6M (18.2% of revenue).
Madrigal Pharmaceuticals, Q4 2025: revenue $321M (+211% year over year), operating margin -18.6%, net loss $58.6M, operating cash flow −$133M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $321M | +12% | +211% |
| Operating profit | −$59.6M | — | — |
| Net earnings | −$58.6M | — | — |
| Operating cash flow | −$133M | -267% | — |
What changed
Revenue was $321.1M in Q4 2025, up 211% year over year and up 12% from the previous quarter.
Operating costs exceeded revenue by $59.6M, an operating margin of -18.6%. Total costs grew 124% against revenue growth of 211%. The fastest-growing cost line was Other operating costs (+610%). The quarter ended with a net loss of $58.6M, narrower than the previous quarter's $114.2M loss.
Operating cash flow was −$133.5M. Non-cash charges added back $392K of depreciation and amortization and $25.8M of share-based compensation. Working capital and other items used $101.1M. Capital expenditures of −$390K exceeded it, leaving free cash flow of −$133.1M.
Questions
What was Madrigal Pharmaceuticals' revenue in the fourth quarter 2025?
Madrigal Pharmaceuticals (MDGL) reported revenue of $321M for the fourth quarter 2025 (Q4 2025), +211% from a year earlier and +12% from the quarter before.
Was Madrigal Pharmaceuticals profitable in the fourth quarter 2025?
Operating loss was $59.6M (-18.6% of revenue) and net loss $58.6M.