Filing Flows › Tarsus Pharmaceuticals (TARS) › Q4 2025
Tarsus Pharmaceuticals (TARS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 23, 2026
Tarsus Pharmaceuticals (TARS) reported revenue of $152M for the fourth quarter 2025 (Q4 2025), +128% from a year earlier and +28% from the quarter before. Operating margin was -5.3%, net loss $8.4M (5.5% of revenue).
Tarsus Pharmaceuticals, Q4 2025: revenue $152M (+128% year over year), operating margin -5.3%, net loss $8.4M, operating cash flow $19.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $152M | +28% | +128% |
| Operating profit | −$8.0M | — | — |
| Net earnings | −$8.4M | — | — |
| Operating cash flow | $19.3M | +6% | — |
| Free cash flow | $13.0M | -21% | — |
What changed
Revenue was $151.7M in Q4 2025, up 128% year over year and up 28% from the previous quarter.
Operating costs exceeded revenue by $8.0M, an operating margin of -5.3%. Total costs grew 76% against revenue growth of 128%. The fastest-growing cost line was Other operating costs (+122%). The quarter ended with a net loss of $8.4M, narrower than the previous quarter's $12.6M loss.
Operating cash flow was $19.3M. Non-cash charges added back $443K of depreciation and amortization and $14.3M of share-based compensation. Working capital and other items added $12.9M. Capital expenditures of $6.4M left free cash flow of $13.0M.
Questions
What was Tarsus Pharmaceuticals' revenue in the fourth quarter 2025?
Tarsus Pharmaceuticals (TARS) reported revenue of $152M for the fourth quarter 2025 (Q4 2025), +128% from a year earlier and +28% from the quarter before.
Was Tarsus Pharmaceuticals profitable in the fourth quarter 2025?
Operating loss was $8.0M (-5.3% of revenue) and net loss $8.4M.