Filing Flows › Vericel (VCEL) › Q4 2025
Vericel (VCEL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Vericel (VCEL) reported revenue of $92.9M for the fourth quarter 2025 (Q4 2025), +23% from a year earlier and +38% from the quarter before. Operating margin was 24.1%, net earnings $23.2M (25.0% of revenue).
Vericel, Q4 2025: revenue $92.9M (+23% year over year), operating margin 24.1%, net earnings $23.2M, operating cash flow $15.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $92.9M | +38% | +23% |
| Gross profit | $73.1M | +47% | +25% |
| Operating profit | $22.4M | +550% | +21% |
| Net earnings | $23.2M | +358% | +17% |
| Operating cash flow | $15.0M | -32% | -32% |
| Free cash flow | $12.8M | -34% | +52% |
What changed
Revenue was $92.9M in Q4 2025, up 23% year over year and up 38% from the previous quarter.
Gross margin was 78.7%, up 1.1 points from a year earlier. Operating profit was $22.4M, a 24.1% margin (down 0.4 points year over year). Of the extra revenue versus a year earlier, 22% reached operating profit, below the 25% margin then. Operating expenses grew 27% against revenue growth of 23%. The fastest-growing cost line was Research & development (+47%). Net earnings were $23.2M, up 17% year over year. The effective tax rate was 0.0%.
Operating cash flow was $15.0M (down 32% year over year), 65% of net earnings. Non-cash charges added back $3.1M of depreciation and amortization and $8.4M of share-based compensation. Working capital and other items used $19.7M. Capital expenditures of $2.2M left free cash flow of $12.8M.
Questions
What was Vericel's revenue in the fourth quarter 2025?
Vericel (VCEL) reported revenue of $92.9M for the fourth quarter 2025 (Q4 2025), +23% from a year earlier and +38% from the quarter before.
Was Vericel profitable in the fourth quarter 2025?
Operating profit was $22.4M (24.1% of revenue) and net earnings $23.2M.
Source: Vericel 10-K on SEC EDGAR.