Ginkgo Bioworks Holdings, Inc.
DNA NYSE Biological Products, (No Diagnostic Substances) Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$170M
25.1%
vs prior year
Operating margin
Operating income as a share of revenue.
−185.3%
61.3 pts
Net income
Profit after all expenses, interest and tax.
−$313M
Free cash flow
Cash from operations minus capital spending.
−$179M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
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 −$5.64 EPS (TTM)
What Ginkgo Bioworks Holdings, Inc. does
No business description yet.
- Legal name
- Ginkgo Bioworks Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001628280-26-012346
0001830214
Revenue and margins
Ginkgo Bioworks Holdings, Inc. had $170M of revenue in fiscal 2025, down 25.1% on the year before.
FY19
Revenue $54.2M
FY20
Revenue $76.7M
FY21
Revenue $314M
FY22
Revenue $478M
FY23
Revenue $251M
FY24
Revenue $227M
FY25
Revenue $170M
Q3 '23
Revenue $55.4M
Q4 '23
Revenue $34.8M
Q1 '24
Revenue $37.9M
Q2 '24
Revenue $56.2M
Q3 '24
Revenue $89.0M
Q4 '24
Revenue $43.8M
Q1 '25
Revenue $38.2M
Q2 '25
Revenue $39.1M
Q3 '25
Revenue $38.8M
Q4 '25
Revenue $33.4M
Q1 '26
Revenue $19.5M
Q2 '26
Revenue $20.2M
FY19
Gross —
Operating −132.1%
Net −220.2%
FCF −123.4%
FY20
Gross —
Operating −178.8%
Net −165.2%
FCF −252.6%
FY21
Gross —
Operating −582.6%
Net −583.1%
FCF −98.9%
FY22
Gross —
Operating −462.4%
Net −440.6%
FCF −63.7%
FY23
Gross —
Operating −343.8%
Net −355.1%
FCF −133.7%
FY24
Gross —
Operating −246.5%
Net −240.9%
FCF −168.3%
FY25
Gross —
Operating −185.3%
Net −183.8%
FCF −105.0%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating −516.7%
Net −546.4%
FCF −140.6%
Q4 '23
Gross —
Operating −512.5%
Net −609.1%
FCF −176.3%
Q1 '24
Gross —
Operating −469.1%
Net −437.3%
FCF −252.9%
Q2 '24
Gross —
Operating −396.7%
Net −386.4%
FCF −198.2%
Q3 '24
Gross —
Operating −62.0%
Net −63.3%
FCF −133.2%
Q4 '24
Gross —
Operating −236.3%
Net −245.2%
FCF −128.0%
Q1 '25
Gross 89.3%
Operating −211.8%
Net −237.9%
FCF −154.7%
Q2 '25
Gross 86.3%
Operating −148.6%
Net −154.1%
FCF −103.0%
Q3 '25
Gross —
Operating −231.8%
Net −207.9%
FCF −81.4%
Q4 '25
Gross —
Operating −211.9%
Net −241.8%
FCF −142.8%
Q1 '26
Gross 84.1%
Operating −366.5%
Net −424.1%
FCF −249.7%
Q2 '26
Gross 91.5%
Operating −290.5%
Net −231.7%
FCF −232.6%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$119M
FY20
Net income −$127M
FY21
Net income −$1.8B
FY22
Net income −$2.1B
FY23
Net income −$893M
FY24
Net income −$547M
FY25
Net income −$313M
Q3 '23
Net income −$303M
Q4 '23
Net income −$212M
Q1 '24
Net income −$166M
Q2 '24
Net income −$217M
Q3 '24
Net income −$56.4M
Q4 '24
Net income −$108M
Q1 '25
Net income −$91.0M
Q2 '25
Net income −$60.3M
Q3 '25
Net income −$80.8M
Q4 '25
Net income −$80.8M
Q1 '26
Net income −$82.6M
Q2 '26
Net income −$46.7M
FY19
Diluted EPS −$0.10
FY20
Diluted EPS −$0.10
FY21
Diluted EPS −$1.39
FY22
Diluted EPS −$50.20
FY23
Diluted EPS −$18.37
FY24
Diluted EPS −$10.54
FY25
Diluted EPS −$5.64
Q3 '23
Diluted EPS −$6.21
Q4 '23
Diluted EPS −$11.96
Q1 '24
Diluted EPS −$3.32
Q2 '24
Diluted EPS −$4.23
Q3 '24
Diluted EPS −$1.08
Q4 '24
Diluted EPS −$1.91
Q1 '25
Diluted EPS −$1.68
Q2 '25
Diluted EPS −$1.10
Q3 '25
Diluted EPS −$1.45
Q4 '25
Diluted EPS −$1.41
Q1 '26
Diluted EPS —
Q2 '26
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity −23.8%
Return on assets —
FY20
Return on capital —
Return on equity −26.3%
Return on assets −18.8%
FY21
Return on capital —
Return on equity −186.1%
Return on assets −133.3%
FY22
Return on capital —
Return on equity −129.9%
Return on assets −91.3%
FY23
Return on capital —
Return on equity −63.0%
Return on assets −42.5%
FY24
Return on capital —
Return on equity −60.3%
Return on assets −36.0%
FY25
Return on capital —
Return on equity −51.1%
Return on assets −25.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$179M in fiscal 2025, −105.0% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$66.9M
FY20
Free cash flow −$194M
FY21
Free cash flow −$310M
FY22
Free cash flow −$304M
FY23
Free cash flow −$336M
FY24
Free cash flow −$382M
FY25
Free cash flow −$179M
Q3 '23
Free cash flow −$77.9M
Q4 '23
Free cash flow −$61.3M
Q1 '24
Free cash flow −$96.0M
Q2 '24
Free cash flow −$111M
Q3 '24
Free cash flow −$119M
Q4 '24
Free cash flow −$56.1M
Q1 '25
Free cash flow −$59.1M
Q2 '25
Free cash flow −$40.3M
Q3 '25
Free cash flow −$31.6M
Q4 '25
Free cash flow −$47.7M
Q1 '26
Free cash flow −$48.6M
Q2 '26
Free cash flow −$46.9M
FY19
Cash from operations −$44.7M
Capital spending $22.2M
FY20
Cash from operations −$136M
Capital spending $57.8M
FY21
Cash from operations −$254M
Capital spending $56.5M
FY22
Cash from operations −$252M
Capital spending $52.3M
FY23
Cash from operations −$296M
Capital spending $40.8M
FY24
Cash from operations −$320M
Capital spending $62.5M
FY25
Cash from operations −$171M
Capital spending $7.7M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$73.6M
Capital spending $4.4M
Q4 '23
Cash from operations −$57.8M
Capital spending $3.4M
Q1 '24
Cash from operations −$89.3M
Capital spending $6.7M
Q2 '24
Cash from operations −$84.4M
Capital spending $27.0M
Q3 '24
Cash from operations −$104M
Capital spending $15.1M
Q4 '24
Cash from operations −$42.4M
Capital spending $13.7M
Q1 '25
Cash from operations −$51.5M
Capital spending $7.6M
Q2 '25
Cash from operations −$40.3M
Capital spending $0.0M
Q3 '25
Cash from operations −$31.6M
Capital spending $0.0M
Q4 '25
Cash from operations −$47.7M
Capital spending $0.0M
Q1 '26
Cash from operations −$46.7M
Capital spending $1.9M
Q2 '26
Cash from operations −$44.3M
Capital spending $2.6M
Cash from operations
Capital spending
Dividends, buybacks and share count
Ginkgo Bioworks Holdings, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 6.9%.
FY19
Dividends —
Buybacks $0.4M
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 1.15B
FY20
Diluted shares 1.27B
FY21
Diluted shares 1.36B
FY22
Diluted shares 0.04B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.05B
FY25
Diluted shares 0.06B
Balance sheet
Cash, debt and the ratios that show how comfortably Ginkgo Bioworks Holdings, Inc. can carry it.
FY19
Cash $495M
Debt —
FY20
Cash $381M
Debt —
FY21
Cash $1.6B
Debt —
FY22
Cash $1.3B
Debt —
FY23
Cash $944M
Debt —
FY24
Cash $562M
Debt —
FY25
Cash $423M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.6B | $1.3B | $944M | $562M | $423M |
| Interest coverage | −770.5x | −20,839.2x | −9,294.7x | −5,954.9x | — |
| Current ratio | 12.8x | 8.4x | 6.1x | 5.6x | 4.9x |
| Quick ratio | 12.8x | 8.4x | 6.1x | 5.6x | 4.9x |
| Total assets | $2.1B | $2.5B | $1.7B | $1.4B | $1.1B |
| Total liabilities | $504M | $803M | $568M | $661M | $611M |
| Shareholders' equity | $1.5B | $1.7B | $1.1B | $716M | $509M |
| Net debt (− = net cash) | — | — | — | — | — |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✕ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — |
| Current ratio rose | — | — | ✓ | ✕ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✕ | ✓ | ✕ |
| F-score | — / 3 | — / 4 | 3 / 7 | 4 / 7 | 2 / 7 | 3 / 7 | 2 / 7 |
| Accruals ratio | — | 1.4% | −114.8% | −80.4% | −28.4% | −14.9% | −11.3% |
| Altman Z'' | — | 2.17 | −1.38 | −5.92 | −8.52 | −13.05 | −16.72 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $54.2M | $76.7M | $314M | $478M | $251M | $227M | $170M |
| Net interest income | −$48.2M | $12.2M | −$9.7M | — | — | — | — |
| Research and development | $96.3M | $160M | $1.1B | $1.1B | $581M | $424M | $244M |
| Operating income | −$71.6M | −$137M | −$1.8B | −$2.2B | −$864M | −$560M | −$315M |
| Interest expense | $2.4M | $2.4M | $2.4M | $0.1M | $0.1M | $0.1M | $0.0M |
| Pretax income | −$120M | −$125M | −$1.8B | −$2.1B | −$893M | −$548M | −$314M |
| Income tax | $0.0M | $1.9M | −$1.5M | −$15.0M | −$0.1M | −$0.5M | −$0.8M |
| Net income | −$119M | −$127M | −$1.8B | −$2.1B | −$893M | −$547M | −$313M |
| Diluted EPS | −$0.10 | −$0.10 | −$1.39 | −$50.20 | −$18.37 | −$10.54 | −$5.64 |
| Diluted shares | 1.15B | 1.27B | 1.36B | 0.04B | 0.05B | 0.05B | 0.06B |
| Cash flow | |||||||
| Cash from operations | −$44.7M | −$136M | −$254M | −$252M | −$296M | −$320M | −$171M |
| Capital expenditure | $22.2M | $57.8M | $56.5M | $52.3M | $40.8M | $62.5M | $7.7M |
| Free cash flow | −$66.9M | −$194M | −$310M | −$304M | −$336M | −$382M | −$179M |
| Depreciation and amortization | $10.8M | $13.9M | $29.1M | $42.6M | $70.5M | $63.0M | $59.0M |
| Stock-based compensation | $0.8M | $0.5M | $1.6B | $1.9B | $230M | $112M | $81.5M |
| Acquisitions | — | $0.0M | $12.0M | −$82.4M | $0.0M | $5.4M | $0.0M |
| Share buybacks | $0.4M | — | — | — | — | — | — |
| Dividends and buybacks | $0.4M | — | — | — | — | — | — |
| Balance sheet | |||||||
| Cash and short-term investments | $495M | $381M | $1.6B | $1.3B | $944M | $562M | $423M |
| Finance lease liabilities | — | — | — | $2.8M | $1.5M | — | $0.0M |
| Loans, net | — | — | — | $7.5M | $21.0M | $25.1M | $9.7M |
| Current assets | — | $427M | $1.7B | $1.5B | $1.0B | $603M | $472M |
| Current liabilities | — | $73.2M | $135M | $173M | $164M | $107M | $96.0M |
| Inventory | — | $2.7M | $3.4M | $4.4M | $0.0M | — | — |
| Property and equipment, net | — | $121M | $146M | $315M | $188M | $204M | $167M |
| Goodwill | $1.9M | $1.9M | $21.3M | $60.2M | $49.2M | $0.0M | — |
| Intangible assets | — | $3.3M | $21.6M | $111M | $82.7M | $72.5M | $53.5M |
| Total assets | — | $675M | $2.1B | $2.5B | $1.7B | $1.4B | $1.1B |
| Total liabilities | — | $205M | $504M | $803M | $568M | $661M | $611M |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $502M | $461M | $1.5B | $1.7B | $1.1B | $716M | $509M |
| Margins | |||||||
| Operating margin | −132.1% | −178.8% | −582.6% | −462.4% | −343.8% | −246.5% | −185.3% |
| EBITDA margin | −112.3% | −160.7% | −573.4% | −453.5% | −315.7% | −218.8% | −150.6% |
| Net margin | −220.2% | −165.2% | −583.1% | −440.6% | −355.1% | −240.9% | −183.8% |
| FCF margin | −123.4% | −252.6% | −98.9% | −63.7% | −133.7% | −168.3% | −105.0% |
| Net interest share of revenue | −89.0% | 15.9% | −3.1% | — | — | — | — |
| Returns | |||||||
| Return on capital employed | — | −22.8% | −94.4% | −93.3% | −57.6% | −44.1% | −30.8% |
| Return on equity | −23.8% | −26.3% | −186.1% | −129.9% | −63.0% | −60.3% | −51.1% |
| Return on assets | — | −18.8% | −133.3% | −91.3% | −42.5% | −36.0% | −25.0% |
| Return on tangible equity | −23.9% | −27.8% | −125.1% | −134.5% | −92.5% | −85.0% | −68.7% |
| Growth | |||||||
| Revenue growth | — | 41.5% | 309.4% | 52.2% | −47.4% | −9.7% | −25.1% |
| Share count change | — | 10.9% | 6.7% | −96.9% | 15.8% | 6.8% | 6.9% |
| Financial health | |||||||
| Interest coverage | −29.6x | −57.5x | −770.5x | −20,839.2x | −9,294.7x | −5,954.9x | — |
| Current ratio | — | 5.8x | 12.8x | 8.4x | 6.1x | 5.6x | 4.9x |
| Quick ratio | — | 5.8x | 12.8x | 8.4x | 6.1x | 5.6x | 4.9x |
| Capital allocation | |||||||
| Capex / revenue | 41.0% | 75.4% | 18.0% | 10.9% | 16.2% | 27.5% | 4.5% |
| Stock comp / revenue | 1.4% | 0.6% | 511.7% | 404.1% | 91.4% | 49.5% | 47.9% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 3.0 | 4.0 | 2.0 | 3.0 | 2.0 |
| Altman Z'' | — | 2.2 | −1.4 | −5.9 | −8.5 | −13.1 | −16.7 |
| Accruals ratio | — | 1.4% | −114.8% | −80.4% | −28.4% | −14.9% | −11.3% |
Source: SEC EDGAR XBRL filings (CIK 0001830214). 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.