Filing Flows › Royalty Pharma (RPRX) › Q4 2025
Royalty Pharma (RPRX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
Royalty Pharma (RPRX) reported revenue of $622M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and +2% from the quarter before. Operating margin was 62.4%, net earnings $215M (34.6% of revenue).
Royalty Pharma, Q4 2025: revenue $622M (+5% year over year), operating margin 62.4%, net earnings $215M, operating cash flow $827M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $622M | +2% | +5% |
| Operating profit | $388M | -9% | +7% |
| Net earnings | $215M | -24% | +3% |
| Operating cash flow | $827M | +18% | +11% |
What changed
Revenue was $622.0M in Q4 2025, up 5% year over year and up 2% from the previous quarter. Income from financial royalty assets was the largest line at 95% of revenue.
Operating profit was $388.4M, a 62.4% margin (up 1.5 points year over year). Of the extra revenue versus a year earlier, 95% reached operating profit, above the 61% margin then. Total costs grew 1% against revenue growth of 5%. The fastest-growing cost line was Research & development (+10000%). Net earnings were $215.2M, up 3% year over year. The effective tax rate was 0.0%.
Operating cash flow was $827.1M (up 11% year over year), 232% of net income including minority interests. Non-cash charges added back $1.2M of depreciation and $125.8M of share-based compensation. Working capital and other items added $343.3M.
Questions
What was Royalty Pharma's revenue in the fourth quarter 2025?
Royalty Pharma (RPRX) reported revenue of $622M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and +2% from the quarter before.
Was Royalty Pharma profitable in the fourth quarter 2025?
Operating profit was $388M (62.4% of revenue) and net earnings $215M.
Source: Royalty Pharma 10-K on SEC EDGAR.