Adaptive Biotechnologies Corp
ADPT Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2017–FY2025
Revenue
Total sales reported in the income statement.
$277M
54.8%
vs prior year
Operating margin
Operating income as a share of revenue.
−20.6%
70.2 pts
Net income
Profit after all expenses, interest and tax.
−$59.5M
Free cash flow
Cash from operations minus capital spending.
−$48.9M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−36.7%
76.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.40 EPS (TTM)
What Adaptive Biotechnologies Corp does
No business description yet.
- Legal name
- Adaptive Biotechnologies Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001193125-26-076902
0001478320
Revenue and margins
Adaptive Biotechnologies Corp had $277M of revenue in fiscal 2025, up 54.8% on the year before.
FY17
Revenue $38.4M
FY18
Revenue $55.7M
FY19
Revenue $85.1M
FY20
Revenue $98.4M
FY21
Revenue $154M
FY22
Revenue $185M
FY23
Revenue $170M
FY24
Revenue $179M
FY25
Revenue $277M
Q3 '23
Revenue $37.9M
Q4 '23
Revenue $45.8M
Q1 '24
Revenue $41.9M
Q2 '24
Revenue $43.2M
Q3 '24
Revenue $46.4M
Q4 '24
Revenue $47.5M
Q1 '25
Revenue $52.4M
Q2 '25
Revenue $58.9M
Q3 '25
Revenue $94.0M
Q4 '25
Revenue $71.7M
Q1 '26
Revenue $70.9M
Q2 '26
Revenue $71.6M
FY17
Gross 59.2%
Operating −115.7%
Net −111.4%
FCF −97.0%
FY18
Gross 64.7%
Operating −89.4%
Net −83.4%
FCF −69.3%
FY19
Gross 73.8%
Operating −92.1%
Net −80.6%
FCF 228.3%
FY20
Gross 77.1%
Operating −155.3%
Net −148.6%
FCF −171.3%
FY21
Gross 68.1%
Operating −135.4%
Net −134.3%
FCF −164.9%
FY22
Gross 68.7%
Operating −108.0%
Net −108.0%
FCF −108.1%
FY23
Gross 55.6%
Operating −133.3%
Net −132.3%
FCF −98.1%
FY24
Gross 59.7%
Operating −90.8%
Net −89.1%
FCF −55.3%
FY25
Gross 74.2%
Operating −20.6%
Net −21.5%
FCF −17.7%
Gross
Operating
Net
FCF
Q3 '23
Gross 49.0%
Operating −134.4%
Net −132.7%
FCF −130.4%
Q4 '23
Gross 57.2%
Operating −155.2%
Net −151.7%
FCF −61.7%
Q1 '24
Gross 56.9%
Operating −116.5%
Net −113.5%
FCF −95.2%
Q2 '24
Gross 55.3%
Operating −109.6%
Net −107.0%
FCF −44.1%
Q3 '24
Gross 64.1%
Operating −70.3%
Net −69.1%
FCF −59.0%
Q4 '24
Gross 62.0%
Operating −71.3%
Net −71.0%
FCF −26.5%
Q1 '25
Gross 67.6%
Operating −56.4%
Net −56.9%
FCF −56.7%
Q2 '25
Gross 69.4%
Operating −42.5%
Net −43.5%
FCF −22.2%
Q3 '25
Gross 80.7%
Operating 11.0%
Net 10.2%
FCF −8.0%
Q4 '25
Gross 74.6%
Operating −17.8%
Net −18.9%
FCF 2.0%
Q1 '26
Gross 73.6%
Operating −27.1%
Net −28.3%
FCF −14.6%
Q2 '26
Gross 71.8%
Operating −22.0%
Net −55.6%
FCF −10.6%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income −$42.8M
FY18
Net income −$46.4M
FY19
Net income −$68.6M
FY20
Net income −$146M
FY21
Net income −$207M
FY22
Net income −$200M
FY23
Net income −$225M
FY24
Net income −$159M
FY25
Net income −$59.5M
Q3 '23
Net income −$50.3M
Q4 '23
Net income −$69.4M
Q1 '24
Net income −$47.5M
Q2 '24
Net income −$46.2M
Q3 '24
Net income −$32.1M
Q4 '24
Net income −$33.7M
Q1 '25
Net income −$29.9M
Q2 '25
Net income −$25.6M
Q3 '25
Net income $9.5M
Q4 '25
Net income −$13.6M
Q1 '26
Net income −$20.0M
Q2 '26
Net income −$39.8M
FY17
Diluted EPS −$3.50
FY18
Diluted EPS −$3.67
FY19
Diluted EPS −$1.01
FY20
Diluted EPS −$1.11
FY21
Diluted EPS −$1.48
FY22
Diluted EPS −$1.40
FY23
Diluted EPS −$1.56
FY24
Diluted EPS −$1.08
FY25
Diluted EPS −$0.39
Q3 '23
Diluted EPS −$0.35
Q4 '23
Diluted EPS −$0.48
Q1 '24
Diluted EPS −$0.33
Q2 '24
Diluted EPS −$0.31
Q3 '24
Diluted EPS −$0.22
Q4 '24
Diluted EPS −$0.22
Q1 '25
Diluted EPS −$0.20
Q2 '25
Diluted EPS −$0.17
Q3 '25
Diluted EPS $0.06
Q4 '25
Diluted EPS −$0.08
Q1 '26
Diluted EPS −$0.13
Q2 '26
Diluted EPS −$0.25
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity —
Return on assets —
FY18
Return on capital —
Return on equity —
Return on assets −14.0%
FY19
Return on capital —
Return on equity −43.8%
Return on assets −11.0%
FY20
Return on capital —
Return on equity −22.3%
Return on assets −14.4%
FY21
Return on capital —
Return on equity −30.8%
Return on assets −20.3%
FY22
Return on capital −173.2%
Return on equity −37.5%
Return on assets −22.5%
FY23
Return on capital −193.6%
Return on equity −58.3%
Return on assets −29.7%
FY24
Return on capital −112.9%
Return on equity −62.4%
Return on assets −26.6%
FY25
Return on capital −36.7%
Return on equity −28.2%
Return on assets −11.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$48.9M in fiscal 2025, −17.7% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow −$37.3M
FY18
Free cash flow −$38.6M
FY19
Free cash flow $194M
FY20
Free cash flow −$168M
FY21
Free cash flow −$254M
FY22
Free cash flow −$200M
FY23
Free cash flow −$167M
FY24
Free cash flow −$98.9M
FY25
Free cash flow −$48.9M
Q3 '23
Free cash flow −$49.5M
Q4 '23
Free cash flow −$28.2M
Q1 '24
Free cash flow −$39.9M
Q2 '24
Free cash flow −$19.0M
Q3 '24
Free cash flow −$27.4M
Q4 '24
Free cash flow −$12.6M
Q1 '25
Free cash flow −$29.7M
Q2 '25
Free cash flow −$13.1M
Q3 '25
Free cash flow −$7.5M
Q4 '25
Free cash flow $1.4M
Q1 '26
Free cash flow −$10.3M
Q2 '26
Free cash flow −$7.6M
FY17
Cash from operations −$34.9M
Capital spending $2.4M
FY18
Cash from operations −$32.3M
Capital spending $6.3M
FY19
Cash from operations $205M
Capital spending $11.2M
FY20
Cash from operations −$150M
Capital spending $18.8M
FY21
Cash from operations −$193M
Capital spending $61.7M
FY22
Cash from operations −$184M
Capital spending $16.3M
FY23
Cash from operations −$156M
Capital spending $10.7M
FY24
Cash from operations −$95.2M
Capital spending $3.7M
FY25
Cash from operations −$46.0M
Capital spending $3.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$46.7M
Capital spending $2.8M
Q4 '23
Cash from operations −$26.9M
Capital spending $1.3M
Q1 '24
Cash from operations −$38.4M
Capital spending $1.5M
Q2 '24
Cash from operations −$17.3M
Capital spending $1.7M
Q3 '24
Cash from operations −$27.1M
Capital spending $0.3M
Q4 '24
Cash from operations −$12.5M
Capital spending $0.1M
Q1 '25
Cash from operations −$28.5M
Capital spending $1.3M
Q2 '25
Cash from operations −$12.4M
Capital spending $0.7M
Q3 '25
Cash from operations −$7.1M
Capital spending $0.4M
Q4 '25
Cash from operations $2.1M
Capital spending $0.6M
Q1 '26
Cash from operations −$9.5M
Capital spending $0.8M
Q2 '26
Cash from operations −$6.4M
Capital spending $1.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Adaptive Biotechnologies Corp returned — to shareholders in fiscal 2025. The diluted share count rose 3.1%.
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.07B
FY20
Diluted shares 0.13B
FY21
Diluted shares 0.14B
FY22
Diluted shares 0.14B
FY23
Diluted shares 0.14B
FY24
Diluted shares 0.15B
FY25
Diluted shares 0.15B
Balance sheet
Cash, debt and the ratios that show how comfortably Adaptive Biotechnologies Corp can carry it.
FY17
Cash —
Debt —
FY18
Cash $165M
Debt —
FY19
Cash $577M
Debt —
FY20
Cash $688M
Debt —
FY21
Cash $353M
Debt —
FY22
Cash $498M
Debt $125M
FY23
Cash $346M
Debt $131M
FY24
Cash $222M
Debt $133M
FY25
Cash $227M
Debt $131M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $353M | $498M | $346M | $222M | $227M |
| Debt incl. finance leases | — | $125M | $131M | $133M | $131M |
| Debt / equity | — | 0.3x | 0.4x | 0.7x | 0.6x |
| Interest coverage | — | −47.2x | −16.5x | −14.0x | −4.9x |
| Current ratio | 3.5x | 5.1x | 4.7x | 2.9x | 3.3x |
| Quick ratio | 3.4x | 5.0x | 4.5x | 2.8x | 3.2x |
| Total assets | $923M | $857M | $661M | $539M | $513M |
| Total liabilities | $319M | $393M | $353M | $337M | $288M |
| Shareholders' equity | $604M | $464M | $308M | $203M | $219M |
| Net debt (− = net cash) | — | −$373M | −$216M | −$89.0M | −$95.8M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | ✕ | ✕ | ✕ |
| Current ratio rose | — | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | — / 5 | 4 / 8 | 1 / 8 | 2 / 8 | 4 / 8 | 2 / 9 | 4 / 9 | 5 / 9 |
| Accruals ratio | — | −4.3% | −44.0% | 0.3% | −1.4% | −1.8% | −9.1% | −10.7% | −2.6% |
| Altman Z'' | — | −9.84 | 3.72 | 3.33 | −0.02 | −0.36 | −3.84 | −7.02 | −5.93 |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $38.4M | $55.7M | $85.1M | $98.4M | $154M | $185M | $170M | $179M | $277M |
| Gross profit | $22.8M | $36.0M | $62.8M | $75.9M | $105M | $127M | $94.7M | $107M | $206M |
| Research and development | $32.0M | $39.2M | $70.7M | $116M | $142M | $142M | $122M | $103M | $93.8M |
| Operating income | −$44.5M | −$49.8M | −$78.4M | −$153M | −$209M | −$200M | −$227M | −$163M | −$57.1M |
| Interest expense | — | — | — | — | — | $4.2M | $13.8M | $11.6M | $11.8M |
| Pretax income | — | — | −$68.6M | −$146M | −$207M | −$200M | −$225M | −$160M | −$59.5M |
| Income tax | — | — | $0.0M | — | — | — | $0.0M | $0.0M | $0.0M |
| Net income | −$42.8M | −$46.4M | −$68.6M | −$146M | −$207M | −$200M | −$225M | −$159M | −$59.5M |
| Net income to common | −$42.7M | −$46.3M | −$69.6M | −$146M | −$207M | — | — | — | — |
| Diluted EPS | −$3.50 | −$3.67 | −$1.01 | −$1.11 | −$1.48 | −$1.40 | −$1.56 | −$1.08 | −$0.39 |
| Diluted shares | 0.01B | 0.01B | 0.07B | 0.13B | 0.14B | 0.14B | 0.14B | 0.15B | 0.15B |
| Cash flow | |||||||||
| Cash from operations | −$34.9M | −$32.3M | $205M | −$150M | −$193M | −$184M | −$156M | −$95.2M | −$46.0M |
| Capital expenditure | $2.4M | $6.3M | $11.2M | $18.8M | $61.7M | $16.3M | $10.7M | $3.7M | $3.0M |
| Free cash flow | −$37.3M | −$38.6M | $194M | −$168M | −$254M | −$200M | −$167M | −$98.9M | −$48.9M |
| Depreciation and amortization | $4.1M | $4.3M | $6.1M | $6.8M | $12.3M | $20.9M | $19.6M | $17.4M | $16.0M |
| Stock-based compensation | $7.0M | $11.1M | $13.1M | $24.8M | $43.3M | $55.5M | $62.9M | $53.6M | $51.5M |
| Balance sheet | |||||||||
| Cash and short-term investments | — | $165M | $577M | $688M | $353M | $498M | $346M | $222M | $227M |
| Total debt | — | — | — | — | — | $125M | $131M | $133M | $131M |
| Current assets | — | $181M | $613M | $727M | $403M | $562M | $410M | $284M | $300M |
| Current liabilities | — | $22.8M | $78.3M | $105M | $114M | $110M | $88.0M | $98.1M | $89.9M |
| Inventory | — | $7.8M | $9.1M | $14.1M | $19.3M | $14.5M | $14.4M | $8.4M | $9.8M |
| Property and equipment, net | — | $19.1M | $60.4M | $39.7M | $85.3M | $83.4M | $68.2M | $48.6M | $34.1M |
| Goodwill | — | $119M | $119M | $119M | $119M | $119M | $119M | $119M | $119M |
| Intangible assets | — | $13.6M | $11.9M | $10.2M | $8.5M | $6.8M | $5.1M | $3.4M | $1.7M |
| Total assets | — | $333M | $912M | $1.1B | $923M | $857M | $661M | $539M | $513M |
| Total liabilities | — | $29.9M | $341M | $373M | $319M | $393M | $353M | $337M | $288M |
| Shareholders' equity | −$225M | −$258M | $571M | $743M | $604M | $464M | $308M | $203M | $219M |
| Margins | |||||||||
| Gross margin | 59.2% | 64.7% | 73.8% | 77.1% | 68.1% | 68.7% | 55.6% | 59.7% | 74.2% |
| Operating margin | −115.7% | −89.4% | −92.1% | −155.3% | −135.4% | −108.0% | −133.3% | −90.8% | −20.6% |
| EBITDA margin | −105.0% | −81.7% | −85.0% | −148.4% | −127.5% | −96.7% | −121.8% | −81.1% | −14.8% |
| Net margin | −111.4% | −83.4% | −80.6% | −148.6% | −134.3% | −108.0% | −132.3% | −89.1% | −21.5% |
| FCF margin | −97.0% | −69.3% | 228.3% | −171.3% | −164.9% | −108.1% | −98.1% | −55.3% | −17.7% |
| Returns | |||||||||
| Return on capital | — | — | — | — | — | −173.2% | −193.6% | −112.9% | −36.7% |
| Return on capital employed | — | −16.1% | −9.4% | −15.1% | −25.8% | −26.8% | −39.6% | −36.8% | −13.5% |
| Return on equity | — | — | −43.8% | −22.3% | −30.8% | −37.5% | −58.3% | −62.4% | −28.2% |
| Return on assets | — | −14.0% | −11.0% | −14.4% | −20.3% | −22.5% | −29.7% | −26.6% | −11.3% |
| Return on tangible equity | — | — | −15.8% | −23.8% | −43.5% | −59.2% | −122.2% | −198.6% | −60.7% |
| Growth | |||||||||
| Revenue growth | — | 44.8% | 52.8% | 15.6% | 56.9% | 20.1% | −8.1% | 5.1% | 54.8% |
| FCF growth | — | — | — | −186.8% | — | — | — | — | — |
| Share count change | — | 3.5% | 447.6% | 89.7% | 7.0% | 1.5% | 1.3% | 1.9% | 3.1% |
| Financial health | |||||||||
| Debt / equity | — | — | — | — | — | 0.3x | 0.4x | 0.7x | 0.6x |
| Interest coverage | — | — | — | — | — | −47.2x | −16.5x | −14.0x | −4.9x |
| Current ratio | — | 7.9x | 7.8x | 6.9x | 3.5x | 5.1x | 4.7x | 2.9x | 3.3x |
| Quick ratio | — | 7.6x | 7.7x | 6.8x | 3.4x | 5.0x | 4.5x | 2.8x | 3.2x |
| Capital allocation | |||||||||
| Capex / revenue | 6.3% | 11.3% | 13.2% | 19.1% | 40.0% | 8.8% | 6.3% | 2.0% | 1.1% |
| Stock comp / revenue | 18.2% | 20.0% | 15.4% | 25.2% | 28.0% | 29.9% | 36.9% | 30.0% | 18.6% |
| Quality scores | |||||||||
| Piotroski F-score | — | — | 4.0 | 1.0 | 2.0 | 4.0 | 2.0 | 4.0 | 5.0 |
| Altman Z'' | — | −9.8 | 3.7 | 3.3 | −0.0 | −0.4 | −3.8 | −7.0 | −5.9 |
| Accruals ratio | — | −4.3% | −44.0% | 0.3% | −1.4% | −1.8% | −9.1% | −10.7% | −2.6% |
Source: SEC EDGAR XBRL filings (CIK 0001478320). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.