Filing Flows › Macrogenics (MGNX) › Q3 2025
Macrogenics (MGNX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Macrogenics (MGNX) reported revenue of $72.8M for the third quarter 2025 (Q3 2025), -34% from a year earlier and +227% from the quarter before. Operating margin was 25.6%, net earnings $16.8M (23.1% of revenue).
Macrogenics, Q3 2025: revenue $72.8M (-34% year over year), operating margin 25.6%, net earnings $16.8M, operating cash flow −$30.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $72.8M | +227% | -34% |
| Operating profit | $18.6M | — | -66% |
| Net earnings | $16.8M | — | -70% |
| Operating cash flow | −$30.2M | — | — |
What changed
Revenue was $72.8M in Q3 2025, down 34% year over year and up 227% from the previous quarter. Collaborative and other agreements was the largest line at 73% of revenue. Collaborative and other agreements lost $48.4M year over year (down 48%), 128% of the total change.
Operating profit was $18.6M, a 25.6% margin (down 23.4 points year over year). Total costs fell 4% while revenue fell 34%. The fastest-growing cost line was Other operating costs (+581%). Net earnings were $16.8M, down 70% year over year. The effective tax rate was 0.0%.
Operating cash flow was −$30.2M. Non-cash charges added back $1.8M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items used $52.3M. Capital expenditures of $426K exceeded it, leaving free cash flow of −$30.6M.
Questions
What was Macrogenics' revenue in the third quarter 2025?
Macrogenics (MGNX) reported revenue of $72.8M for the third quarter 2025 (Q3 2025), -34% from a year earlier and +227% from the quarter before.
Was Macrogenics profitable in the third quarter 2025?
Operating profit was $18.6M (25.6% of revenue) and net earnings $16.8M.
Source: Macrogenics 10-Q on SEC EDGAR.