Filing Flows › Zai Lab (ZLAB) › Q4 2025
Zai Lab (ZLAB) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Zai Lab (ZLAB) reported revenue of $128M for the fourth quarter 2025 (Q4 2025), +17% from a year earlier and +10% from the quarter before. Operating margin was -54.4%, net loss $50.4M (39.5% of revenue).
Zai Lab, Q4 2025: revenue $128M (+17% year over year), operating margin -54.4%, net loss $50.4M, operating cash flow −$26.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $128M | +10% | +17% |
| Operating profit | −$69.4M | — | — |
| Net earnings | −$50.4M | — | — |
| Operating cash flow | −$26.0M | — | — |
What changed
Revenue was $127.6M in Q4 2025, up 17% year over year and up 10% from the previous quarter. ZEJULA was the largest line at 44% of revenue.
Operating costs exceeded revenue by $69.4M, an operating margin of -54.4%. Total costs grew 11% against revenue growth of 17%. The fastest-growing cost line was Cost of revenue (+49%). The quarter ended with a net loss of $50.4M, wider than the previous quarter's $36.0M loss. Non-operating items added $16.1M, -30% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$26.0M. Non-cash charges added back $3.9M of depreciation and amortization and $15.9M of share-based compensation. Working capital and other items added $4.6M. Capital expenditures of $677K exceeded it, leaving free cash flow of −$26.7M.
Questions
What was Zai Lab's revenue in the fourth quarter 2025?
Zai Lab (ZLAB) reported revenue of $128M for the fourth quarter 2025 (Q4 2025), +17% from a year earlier and +10% from the quarter before.
Was Zai Lab profitable in the fourth quarter 2025?
Operating loss was $69.4M (-54.4% of revenue) and net loss $50.4M.
Source: Zai Lab 10-K on SEC EDGAR.