Filing Flows › Sarepta Therapeutics (SRPT) › Q4 2025
Sarepta Therapeutics (SRPT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Sarepta Therapeutics (SRPT) reported revenue of $443M for the fourth quarter 2025 (Q4 2025), -33% from a year earlier and +11% from the quarter before. Operating margin was -92.9%, net loss $283M (63.9% of revenue).
Sarepta Therapeutics, Q4 2025: revenue $443M (-33% year over year), operating margin -92.9%, net loss $283M, operating cash flow $131M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $443M | +11% | -33% |
| Operating profit | −$412M | — | — |
| Net earnings | −$283M | — | — |
| Operating cash flow | $131M | — | +43% |
| Free cash flow | $128M | — | +136% |
What changed
Revenue was $442.9M in Q4 2025, down 33% year over year and up 11% from the previous quarter. Pmo Products was the largest line at 59% of revenue.
Operating costs exceeded revenue by $411.6M, an operating margin of -92.9%. The quarter ended with a net loss of $282.8M, wider than the previous quarter's $179.9M loss. Non-operating items added $133.3M, -48% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $131.2M (up 43% year over year). Non-cash charges added back $5.3M of depreciation and amortization and $30.0M of share-based compensation. Working capital and other items added $378.8M. Capital expenditures of $3.6M left free cash flow of $127.6M.
Questions
What was Sarepta Therapeutics' revenue in the fourth quarter 2025?
Sarepta Therapeutics (SRPT) reported revenue of $443M for the fourth quarter 2025 (Q4 2025), -33% from a year earlier and +11% from the quarter before.
Was Sarepta Therapeutics profitable in the fourth quarter 2025?
Operating loss was $412M (-92.9% of revenue) and net loss $283M.