Filing Flows › Ocular Therapeutix (OCUL) › Q4 2025
Ocular Therapeutix (OCUL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 5, 2026
Ocular Therapeutix (OCUL) reported revenue of $13.2M for the fourth quarter 2025 (Q4 2025), -22% from a year earlier and -9% from the quarter before. Operating margin was -526.5%, net loss $64.7M (488.0% of revenue).
Ocular Therapeutix, Q4 2025: revenue $13.2M (-22% year over year), operating margin -526.5%, net loss $64.7M, operating cash flow −$54.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.2M | -9% | -22% |
| Operating profit | −$69.8M | — | — |
| Net earnings | −$64.7M | — | — |
| Operating cash flow | −$54.2M | — | — |
What changed
Revenue was $13.2M in Q4 2025, down 22% year over year and down 9% from the previous quarter.
Operating costs exceeded revenue by $69.8M, an operating margin of -526.5%. Total costs grew 23% against a revenue fall of 22%. The fastest-growing cost line was Cost of revenue (+30%). The quarter ended with a net loss of $64.7M, narrower than the previous quarter's $69.4M loss.
Operating cash flow was −$54.2M. Non-cash charges added back $1.2M of depreciation and amortization and $11.4M of share-based compensation. Capital expenditures of $2.8M exceeded it, leaving free cash flow of −$57.1M.
Questions
What was Ocular Therapeutix's revenue in the fourth quarter 2025?
Ocular Therapeutix (OCUL) reported revenue of $13.2M for the fourth quarter 2025 (Q4 2025), -22% from a year earlier and -9% from the quarter before.
Was Ocular Therapeutix profitable in the fourth quarter 2025?
Operating loss was $69.8M (-526.5% of revenue) and net loss $64.7M.
Source: Ocular Therapeutix 10-K on SEC EDGAR.