Arcutis Biotherapeutics, Inc.
ARQT Nasdaq Pharmaceutical Preparations Financials FY2018–FY2025
Revenue
Total sales reported in the income statement.
$376M
91.3%
vs prior year
Operating margin
Operating income as a share of revenue.
−3.3%
62.1 pts
Net income
Profit after all expenses, interest and tax.
−$16.1M
Free cash flow
Cash from operations minus capital spending.
−$6.3M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−12.5%
263.2 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 $0.22 EPS (TTM)
What Arcutis Biotherapeutics, Inc. does
No business description yet.
- Legal name
- Arcutis Biotherapeutics, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001787306-26-000018
0001787306
Revenue and margins
Arcutis Biotherapeutics, Inc. had $376M of revenue in fiscal 2025, up 91.3% on the year before.
FY18
Revenue —
FY19
Revenue —
FY20
Revenue $0.0M
FY21
Revenue $0.0M
FY22
Revenue $3.7M
FY23
Revenue $59.6M
FY24
Revenue $197M
FY25
Revenue $376M
Q3 '23
Revenue $38.1M
Q4 '23
Revenue $13.5M
Q1 '24
Revenue $49.6M
Q2 '24
Revenue $30.9M
Q3 '24
Revenue $44.8M
Q4 '24
Revenue $71.4M
Q1 '25
Revenue $65.8M
Q2 '25
Revenue $81.5M
Q3 '25
Revenue $99.2M
Q4 '25
Revenue $130M
Q1 '26
Revenue $105M
Q2 '26
Revenue $130M
FY18
Gross —
Operating —
Net —
FCF —
FY19
Gross —
Operating —
Net —
FCF —
FY20
Gross —
Operating —
Net —
FCF —
FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross 79.5%
Operating −8,183.0%
Net −8,449.8%
FCF −7,000.8%
FY23
Gross 91.6%
Operating −404.5%
Net −439.8%
FCF −415.2%
FY24
Gross 90.3%
Operating −65.3%
Net −71.3%
FCF −57.1%
FY25
Gross 90.2%
Operating −3.3%
Net −4.3%
FCF −1.7%
Gross
Operating
Net
FCF
Q3 '23
Gross 96.9%
Operating −96.8%
Net −117.5%
FCF −115.6%
Q4 '23
Gross 83.4%
Operating −452.2%
Net −490.0%
FCF −415.9%
Q1 '24
Gross 93.4%
Operating −63.8%
Net −71.4%
FCF −63.8%
Q2 '24
Gross 88.8%
Operating −162.3%
Net −169.6%
FCF −146.2%
Q3 '24
Gross 87.7%
Operating −87.3%
Net −92.8%
FCF −77.8%
Q4 '24
Gross 90.3%
Operating −10.7%
Net −15.1%
FCF −1.0%
Q1 '25
Gross 86.6%
Operating −37.3%
Net −38.1%
FCF −47.1%
Q2 '25
Gross 90.8%
Operating −17.9%
Net −19.5%
FCF 0.3%
Q3 '25
Gross 91.2%
Operating 8.6%
Net 7.5%
FCF −1.8%
Q4 '25
Gross 91.0%
Operating 14.2%
Net 13.4%
FCF 20.2%
Q1 '26
Gross 90.7%
Operating −8.6%
Net −10.7%
FCF 2.1%
Q2 '26
Gross 91.6%
Operating 12.7%
Net 11.6%
FCF 9.6%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income −$19.3M
FY19
Net income −$42.0M
FY20
Net income −$136M
FY21
Net income −$206M
FY22
Net income −$311M
FY23
Net income −$262M
FY24
Net income −$140M
FY25
Net income −$16.1M
Q3 '23
Net income −$44.8M
Q4 '23
Net income −$66.3M
Q1 '24
Net income −$35.4M
Q2 '24
Net income −$52.3M
Q3 '24
Net income −$41.5M
Q4 '24
Net income −$10.8M
Q1 '25
Net income −$25.1M
Q2 '25
Net income −$15.9M
Q3 '25
Net income $7.4M
Q4 '25
Net income $17.4M
Q1 '26
Net income −$11.3M
Q2 '26
Net income $15.0M
FY18
Diluted EPS −$15.53
FY19
Diluted EPS −$22.78
FY20
Diluted EPS −$3.80
FY21
Diluted EPS −$4.18
FY22
Diluted EPS −$5.66
FY23
Diluted EPS −$3.78
FY24
Diluted EPS −$1.16
FY25
Diluted EPS −$0.13
Q3 '23
Diluted EPS −$0.73
Q4 '23
Diluted EPS −$0.58
Q1 '24
Diluted EPS −$0.32
Q2 '24
Diluted EPS −$0.42
Q3 '24
Diluted EPS −$0.33
Q4 '24
Diluted EPS −$0.09
Q1 '25
Diluted EPS −$0.20
Q2 '25
Diluted EPS −$0.13
Q3 '25
Diluted EPS $0.06
Q4 '25
Diluted EPS $0.14
Q1 '26
Diluted EPS −$0.09
Q2 '26
Diluted EPS $0.11
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity —
Return on assets —
FY19
Return on capital —
Return on equity —
Return on assets −39.2%
FY20
Return on capital —
Return on equity −132.0%
Return on assets −67.0%
FY21
Return on capital —
Return on equity −72.6%
Return on assets −58.4%
FY22
Return on capital —
Return on equity −122.8%
Return on assets −72.6%
FY23
Return on capital −1,023.6%
Return on equity −175.8%
Return on assets −66.3%
FY24
Return on capital −275.7%
Return on equity −113.8%
Return on assets −40.6%
FY25
Return on capital −12.5%
Return on equity −9.3%
Return on assets −4.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$6.3M in fiscal 2025, −1.7% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow −$14.1M
FY19
Free cash flow −$43.1M
FY20
Free cash flow −$113M
FY21
Free cash flow −$176M
FY22
Free cash flow −$258M
FY23
Free cash flow −$247M
FY24
Free cash flow −$112M
FY25
Free cash flow −$6.3M
Q3 '23
Free cash flow −$44.0M
Q4 '23
Free cash flow −$56.3M
Q1 '24
Free cash flow −$31.6M
Q2 '24
Free cash flow −$45.1M
Q3 '24
Free cash flow −$34.8M
Q4 '24
Free cash flow −$0.7M
Q1 '25
Free cash flow −$31.0M
Q2 '25
Free cash flow $0.2M
Q3 '25
Free cash flow −$1.8M
Q4 '25
Free cash flow $26.2M
Q1 '26
Free cash flow $2.2M
Q2 '26
Free cash flow $12.5M
FY18
Cash from operations −$14.1M
Capital spending $0.0M
FY19
Cash from operations −$42.8M
Capital spending $0.3M
FY20
Cash from operations −$113M
Capital spending $0.3M
FY21
Cash from operations −$175M
Capital spending $1.0M
FY22
Cash from operations −$258M
Capital spending $0.3M
FY23
Cash from operations −$247M
Capital spending $0.4M
FY24
Cash from operations −$112M
Capital spending $0.1M
FY25
Cash from operations −$5.6M
Capital spending $0.7M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$44.0M
Capital spending $0.1M
Q4 '23
Cash from operations −$56.2M
Capital spending $0.0M
Q1 '24
Cash from operations −$31.6M
Capital spending $0.0M
Q2 '24
Cash from operations −$45.1M
Capital spending $0.0M
Q3 '24
Cash from operations −$34.7M
Capital spending $0.1M
Q4 '24
Cash from operations −$0.7M
Capital spending $0.0M
Q1 '25
Cash from operations −$30.4M
Capital spending $0.6M
Q2 '25
Cash from operations $0.3M
Capital spending $0.1M
Q3 '25
Cash from operations −$1.8M
Capital spending $0.0M
Q4 '25
Cash from operations $26.2M
Capital spending $0.0M
Q1 '26
Cash from operations $2.2M
Capital spending $0.0M
Q2 '26
Cash from operations $12.6M
Capital spending $0.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Arcutis Biotherapeutics, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 5.2%.
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
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.06B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.12B
FY25
Diluted shares 0.13B
Balance sheet
Cash, debt and the ratios that show how comfortably Arcutis Biotherapeutics, Inc. can carry it.
FY18
Cash $39.4M
Debt —
FY19
Cash $101M
Debt —
FY20
Cash $284M
Debt $0.0M
FY21
Cash $387M
Debt $72.4M
FY22
Cash $410M
Debt $198M
FY23
Cash $272M
Debt $202M
FY24
Cash $228M
Debt $107M
FY25
Cash $221M
Debt $109M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $387M | $410M | $272M | $228M | $221M |
| Debt incl. finance leases | $72.4M | $198M | $202M | $107M | $109M |
| Debt / equity | 0.2x | 0.9x | 2.3x | 0.7x | 0.6x |
| Interest coverage | — | −19.3x | −8.1x | −4.7x | −1.0x |
| Current ratio | 12.1x | 11.6x | 7.1x | 4.1x | 3.2x |
| Quick ratio | 12.1x | 11.4x | 6.8x | 4.0x | 3.0x |
| Total assets | $408M | $449M | $341M | $349M | $433M |
| Total liabilities | $110M | $240M | $253M | $191M | $243M |
| Shareholders' equity | $298M | $210M | $88.7M | $158M | $189M |
| Net debt (− = net cash) | −$315M | −$212M | −$70.1M | −$121M | −$112M |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | ✕ | ✕ | ✕ | ✓ | ✓ |
| Current ratio rose | — | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | — | — | — | ✕ | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | — / 4 | — / 6 | 1 / 8 | 2 / 8 | 3 / 9 | 4 / 9 | 4 / 9 |
| Accruals ratio | — | 0.8% | −11.2% | −9.0% | −12.5% | −3.8% | −8.1% | −2.7% |
| Altman Z'' | — | −10.82 | 10.93 | 2.11 | −2.98 | −8.30 | −7.30 | −3.68 |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | — | — | $0.0M | $0.0M | $3.7M | $59.6M | $197M | $376M |
| Gross profit | — | — | — | $0.0M | $2.9M | $54.6M | $177M | $339M |
| Research and development | $17.9M | $36.5M | $115M | $146M | $182M | $111M | $76.4M | $77.1M |
| Operating income | −$19.7M | −$43.1M | −$137M | −$207M | −$302M | −$241M | −$128M | −$12.2M |
| Interest expense | — | — | $0.0M | $0.0M | $15.7M | $29.7M | $27.2M | $12.1M |
| Pretax income | — | — | — | −$206M | −$311M | −$256M | −$130M | −$8.2M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $3.1M | $0.6M | $1.2M |
| Net income | −$19.3M | −$42.0M | −$136M | −$206M | −$311M | −$262M | −$140M | −$16.1M |
| Diluted EPS | −$15.53 | −$22.78 | −$3.80 | −$4.18 | −$5.66 | −$3.78 | −$1.16 | −$0.13 |
| Diluted shares | 0.00B | 0.00B | 0.04B | 0.05B | 0.06B | 0.07B | 0.12B | 0.13B |
| Cash flow | ||||||||
| Cash from operations | −$14.1M | −$42.8M | −$113M | −$175M | −$258M | −$247M | −$112M | −$5.6M |
| Capital expenditure | $0.0M | $0.3M | $0.3M | $1.0M | $0.3M | $0.4M | $0.1M | $0.7M |
| Free cash flow | −$14.1M | −$43.1M | −$113M | −$176M | −$258M | −$247M | −$112M | −$6.3M |
| Depreciation and amortization | $0.0M | $0.1M | $0.1M | $0.5M | $0.6M | $0.8M | $0.6M | $0.7M |
| Stock-based compensation | $0.2M | $0.8M | $7.9M | $23.9M | $32.7M | $38.8M | $41.7M | $40.4M |
| Balance sheet | ||||||||
| Cash and short-term investments | $39.4M | $101M | $284M | $387M | $410M | $272M | $228M | $221M |
| Total debt | — | — | $0.0M | $72.4M | $198M | $202M | $107M | $109M |
| Current assets | — | $106M | $293M | $403M | $437M | $330M | $336M | $411M |
| Current liabilities | — | $5.2M | $22.6M | $33.3M | $37.8M | $46.7M | $81.0M | $130M |
| Inventory | — | — | — | $0.0M | $7.5M | $13.1M | $14.5M | $22.6M |
| Property and equipment, net | — | $0.2M | $2.0M | $2.3M | $1.9M | $1.5M | $1.0M | $1.0M |
| Intangible assets | — | — | — | $0.0M | $7.2M | $6.4M | $9.5M | $14.8M |
| Total assets | — | $107M | $298M | $408M | $449M | $341M | $349M | $433M |
| Total liabilities | — | $5.6M | $27.6M | $110M | $240M | $253M | $191M | $243M |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | — |
| Shareholders' equity | −$24.0M | −$65.0M | $271M | $298M | $210M | $88.7M | $158M | $189M |
| Margins | ||||||||
| Gross margin | — | — | — | — | 79.5% | 91.6% | 90.3% | 90.2% |
| Operating margin | — | — | — | — | −8,183.0% | −404.5% | −65.3% | −3.3% |
| EBITDA margin | — | — | — | — | −8,166.2% | −403.1% | −65.0% | −3.1% |
| Net margin | — | — | — | — | −8,449.8% | −439.8% | −71.3% | −4.3% |
| FCF margin | — | — | — | — | −7,000.8% | −415.2% | −57.1% | −1.7% |
| Returns | ||||||||
| Return on capital | — | — | — | — | — | −1,023.6% | −275.7% | −12.5% |
| Return on capital employed | — | −42.4% | −49.6% | −55.1% | −73.3% | −81.8% | −47.9% | −4.0% |
| Return on equity | — | — | −132.0% | −72.6% | −122.8% | −175.8% | −113.8% | −9.3% |
| Return on assets | — | −39.2% | −67.0% | −58.4% | −72.6% | −66.3% | −40.6% | −4.1% |
| Return on tangible equity | — | — | −50.1% | −69.3% | −153.9% | −318.8% | −94.6% | −9.2% |
| Growth | ||||||||
| Revenue growth | — | — | — | — | — | 1,517.1% | 229.7% | 91.3% |
| Share count change | — | 48.7% | 1,835.1% | 38.5% | 11.4% | 25.9% | 74.5% | 5.2% |
| Financial health | ||||||||
| Debt / equity | — | — | 0.0x | 0.2x | 0.9x | 2.3x | 0.7x | 0.6x |
| Interest coverage | — | — | — | — | −19.3x | −8.1x | −4.7x | −1.0x |
| Current ratio | — | 20.3x | 13.0x | 12.1x | 11.6x | 7.1x | 4.1x | 3.2x |
| Quick ratio | — | 20.3x | 13.0x | 12.1x | 11.4x | 6.8x | 4.0x | 3.0x |
| Capital allocation | ||||||||
| Capex / revenue | — | — | — | — | 9.0% | 0.7% | 0.1% | 0.2% |
| Stock comp / revenue | — | — | — | — | 886.7% | 65.1% | 21.2% | 10.7% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | — | 1.0 | 2.0 | 3.0 | 4.0 | 4.0 |
| Altman Z'' | — | −10.8 | 10.9 | 2.1 | −3.0 | −8.3 | −7.3 | −3.7 |
| Accruals ratio | — | 0.8% | −11.2% | −9.0% | −12.5% | −3.8% | −8.1% | −2.7% |
Source: SEC EDGAR XBRL filings (CIK 0001787306). 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.