NASDAQ · Financial Statements

Adaptive Biotechnologies Corporation (ADPT) Financial Statements

$26.25 NASDAQ: ADPT Market Cap $4.19B

Adaptive Biotechnologies Corporation most recently reported annual revenue of $277.0M, a net loss of $59.0M. Revenue grew at an average annual rate of 23.1% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Adaptive Biotechnologies Corporation: Revenue rose from $38.0M in 2017 to $277.0M in 2025, a change of +628.9% over 8 years; net profit was positive in 0 of 9 reported years; operating margin moved from -115.7% to -20.6%, a shift of +95.1 percentage points; the most recent year shows a net loss of $59.0M.

Income Statement — 9 Years (USD millions)

Metric201720182019202020212022202320242025
Revenue$38.0M$56.0M$85.0M$98.0M$154.0M$185.0M$170.0M$179.0M$277.0M
Operating Expenses$83.0M$105.0M$163.0M$251.0M$363.0M$385.0M$397.0M$342.0M$334.0M
Operating Profit$-44.0M$-50.0M$-78.0M$-153.0M$-209.0M$-200.0M$-227.0M$-163.0M$-57.0M
Operating Margin-115.7%-89.4%-92.2%-155.3%-135.4%-108.0%-133.3%-90.8%-20.6%
Other Income$2.0M$3.0M$10.0M$7.0M$2.0M$0$2.0M$3.0M$-2.0M
Interest$0$0$0$0$0$4.0M$14.0M$12.0M$12.0M
Depreciation$6.0M$6.0M$8.0M$8.0M$14.0M$21.0M$22.0M$19.0M$18.0M
Profit Before Tax$-43.0M$-46.0M$-69.0M$-146.0M$-207.0M$-200.0M$-225.0M$-160.0M$-59.0M
Tax$0$0$0$0$0$0$0$0$0
Net Profit$-43.0M$-46.0M$-69.0M$-146.0M$-207.0M$-200.0M$-225.0M$-159.0M$-59.0M
EPS$-0.41$-0.44$-0.47$-1.06$-1.46$-1.00$-1.56$-1.08$-0.39
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$38.0M$46.0M$42.0M$43.0M$46.0M$47.0M$52.0M$59.0M$94.0M$72.0M$71.0M$72.0M
Operating Expenses$89.0M$117.0M$91.0M$91.0M$79.0M$81.0M$82.0M$84.0M$84.0M$84.0M$90.0M$87.0M
Operating Profit$-51.0M$-71.0M$-49.0M$-47.0M$-33.0M$-34.0M$-30.0M$-25.0M$10.0M$-13.0M$-19.0M$-16.0M
Operating Margin-134.4%-155.2%-116.5%-109.6%-70.3%-71.3%-56.5%-42.5%10.9%-17.8%-27.1%-22.0%
Interest$4.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M
Profit Before Tax$-50.0M$-69.0M$-48.0M$-46.0M$-32.0M$-34.0M$-30.0M$-26.0M$10.0M$-14.0M$-20.0M$-40.0M
Tax$0$0$0$0$0$0$0$0$0$0$0$0
Net Profit$-50.0M$-69.0M$-48.0M$-46.0M$-32.0M$-34.0M$-30.0M$-26.0M$10.0M$-14.0M$-20.0M$-40.0M
EPS$-0.35$-0.48$-0.33$-0.31$-0.22$-0.23$-0.20$-0.17$0.06$-0.09$-0.13$-0.25

Over the 9 years reported for Adaptive Biotechnologies Corporation, borrowings decreased from $562.0M in 2017 to $281.0M in 2025, cash stood at $70.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 3.33 times.

Balance Sheet — 9 Years (USD millions)

Metric201720182019202020212022202320242025
Total Assets$362.0M$333.0M$912.0M$1.1B$923.0M$857.0M$661.0M$539.0M$513.0M
Current Assets$205.0M$181.0M$613.0M$727.0M$403.0M$562.0M$410.0M$284.0M$300.0M
Cash$85.0M$55.0M$97.0M$123.0M$139.0M$90.0M$65.0M$48.0M$70.0M
Inventory$5.0M$8.0M$9.0M$14.0M$19.0M$14.0M$14.0M$8.0M$10.0M
Receivables$6.0M$5.0M$13.0M$10.0M$17.0M$40.0M$38.0M$42.0M$50.0M
Fixed Assets$14.0M$19.0M$60.0M$139.0M$173.0M$164.0M$120.0M$94.0M$75.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0
Investments$116.0M$110.0M$586.0M$683.0M$431.0M$408.0M$281.0M$208.0M$172.0M
Other Assets$119.0M$119.0M$119.0M$119.0M$119.0M$119.0M$119.0M$119.0M$119.0M
Total Liabilities$587.0M$591.0M$341.0M$373.0M$319.0M$393.0M$353.0M$337.0M$288.0M
Current Liabilities$21.0M$23.0M$78.0M$105.0M$114.0M$110.0M$88.0M$98.0M$90.0M
Borrowings$562.0M$561.0M$37.0M$108.0M$112.0M$108.0M$99.0M$89.0M$281.0M
Other Liabilities$25.0M$30.0M$305.0M$265.0M$208.0M$285.0M$254.0M$248.0M$7.0M
Equity$0$0$0$0$0$0$0$0$0
Reserves$-225.0M$-258.0M$571.0M$743.0M$604.0M$464.0M$308.0M$203.0M$219.0M

For Adaptive Biotechnologies Corporation, operating cash flow was positive in 1 of 9 reported years; free cash flow in the latest year was negative at $49.0M; free cash flow was positive in 1 of 9 years.

Cash Flow Statement — 9 Years (USD millions)

Metric201720182019202020212022202320242025
Operating Cash Flow$-35.0M$-32.0M$205.0M$-150.0M$-193.0M$-184.0M$-156.0M$-95.0M$-46.0M
Investing Cash Flow$34.0M$-6.0M$-493.0M$-136.0M$119.0M$-13.0M$119.0M$74.0M$35.0M
Financing Cash Flow$0$1.0M$-1.0M$21.0M$0$0$0$0$0
Net Cash Flow$52.0M$-30.0M$44.0M$27.0M$16.0M$-49.0M$-25.0M$-17.0M$22.0M
Free Cash Flow$-37.0M$-39.0M$194.0M$-168.0M$-254.0M$-200.0M$-167.0M$-99.0M$-49.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-1.42
EV / EBITDA-308.25
FCF Yield-0.51%
Quick Ratio4.68
Interest Coverage-3.26
Return 1Y89.26%
Return 3Y277.10%
Return 5Y-23.91%

Adaptive Biotechnologies Corporation (ADPT) financials — frequently asked questions

What is Adaptive Biotechnologies Corporation's annual revenue?

Adaptive Biotechnologies Corporation (ADPT) reported annual revenue of $277.0M in its most recent fiscal year.

What is Adaptive Biotechnologies Corporation's net profit?

Adaptive Biotechnologies Corporation (ADPT) reported a net loss of $59.0M in its most recent fiscal year.

What is ADPT EV/EBITDA?

Adaptive Biotechnologies Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is -308.25. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

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