Filing Flows › Ultragenyx Pharmaceutical (RARE) › Q4 2025
Ultragenyx Pharmaceutical (RARE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Ultragenyx Pharmaceutical (RARE) reported revenue of $207M for the fourth quarter 2025 (Q4 2025), +26% from a year earlier and +30% from the quarter before. Operating margin was -54.7%, net loss $129M (62.0% of revenue).
Ultragenyx Pharmaceutical, Q4 2025: revenue $207M (+26% year over year), operating margin -54.7%, net loss $129M, operating cash flow −$99.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $207M | +30% | +26% |
| Operating profit | −$113M | — | — |
| Net earnings | −$129M | — | — |
| Operating cash flow | −$99.8M | — | — |
What changed
Revenue was $207.3M in Q4 2025, up 26% year over year and up 30% from the previous quarter. Royalty was the largest line at 51% of revenue.
Operating costs exceeded revenue by $113.3M, an operating margin of -54.7%. Total costs grew 12% against revenue growth of 26%. The fastest-growing cost line was Other operating costs (+71%). The quarter ended with a net loss of $128.6M, narrower than the previous quarter's $180.4M loss.
Operating cash flow was −$99.8M. Non-cash charges added back $8.8M of depreciation and amortization and $37.5M of share-based compensation. Working capital and other items used $17.5M. Capital expenditures of $938K exceeded it, leaving free cash flow of −$100.8M.
Questions
What was Ultragenyx Pharmaceutical's revenue in the fourth quarter 2025?
Ultragenyx Pharmaceutical (RARE) reported revenue of $207M for the fourth quarter 2025 (Q4 2025), +26% from a year earlier and +30% from the quarter before.
Was Ultragenyx Pharmaceutical profitable in the fourth quarter 2025?
Operating loss was $113M (-54.7% of revenue) and net loss $129M.