Recursion Pharmaceuticals, Inc.
RXRX Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$74.7M
26.9%
vs prior year
Operating margin
Operating income as a share of revenue.
−867.9%
53.8 pts
Net income
Profit after all expenses, interest and tax.
−$645M
Free cash flow
Cash from operations minus capital spending.
−$378M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−126.0%
45.2 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 −$1.00 EPS (TTM)
What Recursion Pharmaceuticals, Inc. does
No business description yet.
- Legal name
- RECURSION PHARMACEUTICALS, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001601830-26-000039
0001601830
Revenue and margins
Recursion Pharmaceuticals, Inc. had $74.7M of revenue in fiscal 2025, up 26.9% on the year before.
FY19
Revenue $2.3M
FY20
Revenue $4.0M
FY21
Revenue $10.2M
FY22
Revenue $39.8M
FY23
Revenue $44.6M
FY24
Revenue $58.8M
FY25
Revenue $74.7M
Q3 '23
Revenue $10.5M
Q4 '23
Revenue $10.9M
Q1 '24
Revenue $13.8M
Q2 '24
Revenue $14.4M
Q3 '24
Revenue $26.1M
Q4 '24
Revenue $4.5M
Q1 '25
Revenue $14.7M
Q2 '25
Revenue $19.2M
Q3 '25
Revenue $5.2M
Q4 '25
Revenue $35.5M
Q1 '26
Revenue $6.5M
Q2 '26
Revenue $7.7M
FY19
Gross —
Operating −2,692.6%
Net −2,668.3%
FCF −2,628.4%
FY20
Gross 100.0%
Operating −2,135.7%
Net −2,196.0%
FCF −1,293.0%
FY21
Gross 100.0%
Operating −1,795.8%
Net −1,832.2%
FCF −1,949.4%
FY22
Gross −21.2%
Operating −616.7%
Net −601.0%
FCF −302.6%
FY23
Gross 4.5%
Operating −785.3%
Net −736.0%
FCF −672.4%
FY24
Gross 23.1%
Operating −814.1%
Net −788.0%
FCF −633.7%
FY25
Gross 5.0%
Operating −867.9%
Net −863.4%
FCF −506.5%
Gross
Operating
Net
FCF
Q3 '23
Gross −3.3%
Operating −945.1%
Net −883.1%
FCF −699.4%
Q4 '23
Gross 9.3%
Operating −908.4%
Net −853.9%
FCF −699.1%
Q1 '24
Gross 19.1%
Operating −698.4%
Net −662.4%
FCF −789.9%
Q2 '24
Gross 36.2%
Operating −697.4%
Net −676.6%
FCF −578.5%
Q3 '24
Gross 53.7%
Operating −377.1%
Net −367.5%
FCF −244.6%
Q4 '24
Gross −181.4%
Operating −4,042.4%
Net −3,935.5%
FCF −2,567.7%
Q1 '25
Gross −48.0%
Operating −1,297.9%
Net −1,373.3%
FCF −907.4%
Q2 '25
Gross −4.9%
Operating −916.8%
Net −894.2%
FCF −413.9%
Q3 '25
Gross −183.8%
Operating −3,327.6%
Net −3,135.3%
FCF −2,272.5%
Q4 '25
Gross 59.8%
Operating −304.8%
Net −304.2%
FCF −133.1%
Q1 '26
Gross −93.0%
Operating −1,985.6%
Net −1,815.6%
FCF −1,257.1%
Q2 '26
Gross −49.8%
Operating −1,759.7%
Net −1,708.0%
FCF −1,381.9%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$61.9M
FY20
Net income −$87.0M
FY21
Net income −$186M
FY22
Net income −$239M
FY23
Net income −$328M
FY24
Net income −$464M
FY25
Net income −$645M
Q3 '23
Net income −$93.0M
Q4 '23
Net income −$93.0M
Q1 '24
Net income −$91.4M
Q2 '24
Net income −$97.5M
Q3 '24
Net income −$95.8M
Q4 '24
Net income −$179M
Q1 '25
Net income −$202M
Q2 '25
Net income −$172M
Q3 '25
Net income −$162M
Q4 '25
Net income −$108M
Q1 '26
Net income −$118M
Q2 '26
Net income −$131M
FY19
Diluted EPS −$2.87
FY20
Diluted EPS −$3.99
FY21
Diluted EPS −$1.49
FY22
Diluted EPS −$1.36
FY23
Diluted EPS −$1.58
FY24
Diluted EPS −$1.69
FY25
Diluted EPS −$1.44
Q3 '23
Diluted EPS −$0.43
Q4 '23
Diluted EPS −$0.43
Q1 '24
Diluted EPS −$0.39
Q2 '24
Diluted EPS −$0.40
Q3 '24
Diluted EPS −$0.34
Q4 '24
Diluted EPS −$0.56
Q1 '25
Diluted EPS −$0.50
Q2 '25
Diluted EPS −$0.41
Q3 '25
Diluted EPS −$0.36
Q4 '25
Diluted EPS −$0.17
Q1 '26
Diluted EPS −$0.22
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.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets −29.1%
FY21
Return on capital −532.8%
Return on equity −110.8%
Return on assets −41.0%
FY22
Return on capital —
Return on equity −46.6%
Return on assets −36.5%
FY23
Return on capital −378.8%
Return on equity −69.1%
Return on assets −48.4%
FY24
Return on capital −80.9%
Return on equity −61.9%
Return on assets −44.1%
FY25
Return on capital −126.0%
Return on equity −59.5%
Return on assets −44.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$378M in fiscal 2025, −506.5% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$61.0M
FY20
Free cash flow −$51.2M
FY21
Free cash flow −$198M
FY22
Free cash flow −$121M
FY23
Free cash flow −$300M
FY24
Free cash flow −$373M
FY25
Free cash flow −$378M
Q3 '23
Free cash flow −$73.7M
Q4 '23
Free cash flow −$76.1M
Q1 '24
Free cash flow −$109M
Q2 '24
Free cash flow −$83.4M
Q3 '24
Free cash flow −$63.8M
Q4 '24
Free cash flow −$117M
Q1 '25
Free cash flow −$134M
Q2 '25
Free cash flow −$79.6M
Q3 '25
Free cash flow −$118M
Q4 '25
Free cash flow −$47.3M
Q1 '26
Free cash flow −$81.4M
Q2 '26
Free cash flow −$106M
FY19
Cash from operations −$57.0M
Capital spending $3.9M
FY20
Cash from operations −$45.4M
Capital spending $5.8M
FY21
Cash from operations −$159M
Capital spending $39.8M
FY22
Cash from operations −$83.5M
Capital spending $37.1M
FY23
Cash from operations −$288M
Capital spending $12.0M
FY24
Cash from operations −$359M
Capital spending $13.7M
FY25
Cash from operations −$372M
Capital spending $6.5M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$72.9M
Capital spending $0.7M
Q4 '23
Cash from operations −$74.1M
Capital spending $2.1M
Q1 '24
Cash from operations −$102M
Capital spending $6.7M
Q2 '24
Cash from operations −$82.2M
Capital spending $1.2M
Q3 '24
Cash from operations −$59.2M
Capital spending $4.6M
Q4 '24
Cash from operations −$115M
Capital spending $1.3M
Q1 '25
Cash from operations −$132M
Capital spending $1.8M
Q2 '25
Cash from operations −$76.4M
Capital spending $3.2M
Q3 '25
Cash from operations −$117M
Capital spending $0.2M
Q4 '25
Cash from operations −$46.1M
Capital spending $1.2M
Q1 '26
Cash from operations −$81.1M
Capital spending $0.3M
Q2 '26
Cash from operations −$106M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Recursion Pharmaceuticals, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 63.2%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.13B
FY22
Diluted shares 0.18B
FY23
Diluted shares 0.21B
FY24
Diluted shares 0.27B
FY25
Diluted shares 0.45B
Balance sheet
Cash, debt and the ratios that show how comfortably Recursion Pharmaceuticals, Inc. can carry it.
FY19
Cash $75.2M
Debt —
FY20
Cash $262M
Debt —
FY21
Cash $517M
Debt $0.7M
FY22
Cash $550M
Debt —
FY23
Cash $392M
Debt $1.1M
FY24
Cash $594M
Debt $54.1M
FY25
Cash $743M
Debt $37.0M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $517M | $550M | $392M | $594M | $743M |
| Debt incl. finance leases | $0.7M | — | $1.1M | $54.1M | $37.0M |
| Debt / equity | 0.0x | — | 0.0x | 0.0x | 0.0x |
| Interest coverage | −61.9x | −4,467.8x | −3,608.9x | −304.7x | −358.1x |
| Current ratio | 11.5x | 5.7x | 4.7x | 3.8x | 5.5x |
| Quick ratio | 11.5x | 5.7x | 4.7x | 3.8x | 5.5x |
| Total assets | $610M | $701M | $654M | $1.4B | $1.5B |
| Total liabilities | $67.4M | $215M | $190M | $414M | $343M |
| Shareholders' equity | $543M | $486M | $463M | $1.0B | $1.1B |
| Net debt (− = net cash) | −$516M | — | −$390M | −$540M | −$706M |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✕ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | ✕ | ✓ |
| Current ratio rose | — | — | ✕ | ✕ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | ✕ | ✕ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | — / 4 | 2 / 8 | 2 / 8 | 3 / 8 | 3 / 9 | 4 / 9 |
| Accruals ratio | — | −13.9% | −6.1% | −23.8% | −5.9% | −9.9% | −18.7% |
| Altman Z'' | — | −2.72 | 9.55 | 1.43 | −2.40 | −0.43 | −1.13 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $2.3M | $4.0M | $10.2M | $39.8M | $44.6M | $58.8M | $74.7M |
| Gross profit | — | $4.0M | $10.2M | −$8.4M | $2.0M | $13.6M | $3.7M |
| Research and development | $45.8M | $63.3M | $135M | $156M | $241M | $314M | $475M |
| Operating income | −$62.4M | −$84.6M | −$183M | −$246M | −$350M | −$479M | −$648M |
| Interest expense | $0.6M | $1.4M | $3.0M | $0.1M | $0.1M | $1.6M | $1.8M |
| Pretax income | — | — | −$186M | −$239M | −$332M | −$465M | −$645M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | −$4.1M | −$1.1M | −$0.1M |
| Net income | −$61.9M | −$87.0M | −$186M | −$239M | −$328M | −$464M | −$645M |
| Diluted EPS | −$2.87 | −$3.99 | −$1.49 | −$1.36 | −$1.58 | −$1.69 | −$1.44 |
| Diluted shares | 0.02B | 0.02B | 0.13B | 0.18B | 0.21B | 0.27B | 0.45B |
| Cash flow | |||||||
| Cash from operations | −$57.0M | −$45.4M | −$159M | −$83.5M | −$288M | −$359M | −$372M |
| Capital expenditure | $3.9M | $5.8M | $39.8M | $37.1M | $12.0M | $13.7M | $6.5M |
| Free cash flow | −$61.0M | −$51.2M | −$198M | −$121M | −$300M | −$373M | −$378M |
| Depreciation and amortization | $2.5M | $3.9M | $8.4M | $11.8M | $24.4M | $36.5M | $83.7M |
| Stock-based compensation | $1.4M | $4.3M | $14.8M | $27.9M | $53.5M | $81.7M | $111M |
| Acquisitions | $0.0M | $2.6M | $0.0M | $0.0M | −$1.8M | −$277M | $0.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $75.2M | $262M | $517M | $550M | $392M | $594M | $743M |
| Total debt | — | — | $0.7M | — | $1.1M | $27.4M | $18.7M |
| Finance lease liabilities | — | — | — | — | — | $26.6M | $18.3M |
| Current assets | — | $266M | $535M | $570M | $438M | $714M | $813M |
| Current liabilities | — | $23.1M | $46.7M | $100M | $93.2M | $187M | $148M |
| Property and equipment, net | — | $26.0M | $64.7M | $88.2M | $86.5M | $141M | $104M |
| Goodwill | — | $0.8M | $0.8M | $0.8M | $52.1M | $149M | $162M |
| Intangible assets | — | $1.7M | $1.4M | $1.3M | $36.4M | $336M | $310M |
| Total assets | — | $299M | $610M | $701M | $654M | $1.4B | $1.5B |
| Total liabilities | — | $56.6M | $67.4M | $215M | $190M | $414M | $343M |
| Shareholders' equity | −$124M | −$206M | $543M | $486M | $463M | $1.0B | $1.1B |
| Margins | |||||||
| Gross margin | — | 100.0% | 100.0% | −21.2% | 4.5% | 23.1% | 5.0% |
| Operating margin | −2,692.6% | −2,135.7% | −1,795.8% | −616.7% | −785.3% | −814.1% | −867.9% |
| EBITDA margin | −2,585.3% | −2,036.1% | −1,713.2% | −587.2% | −730.6% | −752.1% | −755.8% |
| Net margin | −2,668.3% | −2,196.0% | −1,832.2% | −601.0% | −736.0% | −788.0% | −863.4% |
| FCF margin | −2,628.4% | −1,293.0% | −1,949.4% | −302.6% | −672.4% | −633.7% | −506.5% |
| Returns | |||||||
| Return on capital | — | — | −532.8% | — | −378.8% | −80.9% | −126.0% |
| Return on capital employed | — | −30.7% | −32.4% | −40.9% | −62.5% | −38.0% | −48.9% |
| Return on equity | — | — | −110.8% | −46.6% | −69.1% | −61.9% | −59.5% |
| Return on assets | — | −29.1% | −41.0% | −36.5% | −48.4% | −44.1% | −44.1% |
| Return on tangible equity | — | — | −34.5% | −49.5% | −87.5% | −84.3% | −97.9% |
| Growth | |||||||
| Revenue growth | — | 70.8% | 156.9% | 291.5% | 11.9% | 32.0% | 26.9% |
| Share count change | — | 1.0% | 475.5% | 40.0% | 18.4% | 31.9% | 63.2% |
| Financial health | |||||||
| Debt / equity | — | — | 0.0x | — | 0.0x | 0.0x | 0.0x |
| Interest coverage | −98.3x | −62.2x | −61.9x | −4,467.8x | −3,608.9x | −304.7x | −358.1x |
| Current ratio | — | 11.5x | 11.5x | 5.7x | 4.7x | 3.8x | 5.5x |
| Quick ratio | — | 11.5x | 11.5x | 5.7x | 4.7x | 3.8x | 5.5x |
| Capital allocation | |||||||
| Capex / revenue | 168.6% | 147.2% | 391.0% | 93.0% | 26.8% | 23.3% | 8.7% |
| Stock comp / revenue | 59.7% | 108.3% | 145.8% | 70.0% | 120.0% | 138.8% | 148.9% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 2.0 | 2.0 | 3.0 | 3.0 | 4.0 |
| Altman Z'' | — | −2.7 | 9.6 | 1.4 | −2.4 | −0.4 | −1.1 |
| Accruals ratio | — | −13.9% | −6.1% | −23.8% | −5.9% | −9.9% | −18.7% |
Source: SEC EDGAR XBRL filings (CIK 0001601830). 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.