NASDAQ · Financial Statements

Arcutis Biotherapeutics, Inc. (ARQT) Financial Statements

$31.81 NASDAQ: ARQT Market Cap $4.00B

Arcutis Biotherapeutics, Inc. most recently reported annual revenue of $376.0M, a net loss of $16.0M. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Arcutis Biotherapeutics, Inc.: net profit was positive in 0 of 9 reported years; operating margin moved from -8183.0% to -3.3%, a shift of +8179.8 percentage points; the most recent year shows a net loss of $16.0M.

Income Statement — 9 Years (USD millions)

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$0	$0	$0	$0	$0	$4.0M	$60.0M	$197.0M	$376.0M
Operating Expenses	$4.0M	$20.0M	$43.0M	$137.0M	$207.0M	$305.0M	$301.0M	$325.0M	$388.0M
Operating Profit	$-4.0M	$-20.0M	$-43.0M	$-137.0M	$-207.0M	$-302.0M	$-241.0M	$-128.0M	$-12.0M
Operating Margin	0.0%	0.0%	0.0%	0.0%	0.0%	-8183.0%	-404.5%	-65.3%	-3.3%
Other Income	$-1.0M	$0	$1.0M	$1.0M	$0	$-10.0M	$-18.0M	$-11.0M	$-3.0M
Interest	$0	$0	$0	$0	$0	$16.0M	$30.0M	$27.0M	$12.0M
Depreciation	$4.0M	$20.0M	$0	$0	$1.0M	$1.0M	$2.0M	$3.0M	$5.0M
Profit Before Tax	$-5.0M	$-19.0M	$-42.0M	$-136.0M	$-206.0M	$-311.0M	$-259.0M	$-139.0M	$-15.0M
Tax	$0	$0	$0	$0	$0	$0	$-1.2M	$-460,000	$-7.8M
Net Profit	$-5.0M	$-19.0M	$-42.0M	$-136.0M	$-206.0M	$-311.0M	$-262.0M	$-140.0M	$-16.0M
EPS	$-4.71	$-0.53	$-1.10	$-3.80	$-4.17	$-5.66	$-3.78	$-1.16	$-0.13
Dividend Payout	0.0%	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.

Metric	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
Revenue	$38.0M	$14.0M	$50.0M	$31.0M	$45.0M	$71.0M	$66.0M	$82.0M	$99.0M	$130.0M	$105.0M	$130.0M
Operating Expenses	$75.0M	$75.0M	$81.0M	$81.0M	$84.0M	$79.0M	$90.0M	$96.0M	$91.0M	$111.0M	$114.0M	$113.0M
Operating Profit	$-37.0M	$-61.0M	$-32.0M	$-50.0M	$-39.0M	$-8.0M	$-25.0M	$-15.0M	$9.0M	$18.0M	$-9.0M	$16.0M
Operating Margin	-96.8%	-452.2%	-63.8%	-162.3%	-87.3%	-10.7%	-37.3%	-17.9%	8.6%	14.2%	-8.6%	12.7%
Interest	$8.0M	$8.0M	$7.0M	$7.0M	$7.0M	$6.0M	$3.0M	$3.0M	$3.0M	$3.0M	$4.0M	$3.0M
Profit Before Tax	$-42.0M	$-66.0M	$-35.0M	$-52.0M	$-42.0M	$-10.0M	$-25.0M	$-16.0M	$7.0M	$18.0M	$-11.0M	$15.0M
Tax	$-7.2M	$-40,000	$-920,000	$0	$0	$-3.1M	$-1.1M	$-2.2M	$1.1M	$2.6M	$-830,000	$900,000
Net Profit	$-45.0M	$-66.0M	$-35.0M	$-52.0M	$-42.0M	$-11.0M	$-25.0M	$-16.0M	$7.0M	$17.0M	$-11.0M	$15.0M
EPS	$-0.73	$-0.72	$-0.32	$-0.42	$-0.33	$-0.09	$-0.20	$-0.13	$0.06	$0.13	$-0.09	$0.11

Over the 9 years reported for Arcutis Biotherapeutics, Inc., borrowings increased from $1.0M in 2017 to $6.0M in 2025, cash stood at $43.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 3.16 times.

Balance Sheet — 9 Years (USD millions)

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$4.0M	$51.0M	$107.0M	$298.0M	$408.0M	$449.0M	$341.0M	$349.0M	$433.0M
Current Assets	$4.0M	$51.0M	$106.0M	$293.0M	$403.0M	$437.0M	$330.0M	$336.0M	$411.0M
Cash	$3.0M	$39.0M	$63.0M	$65.0M	$98.0M	$54.0M	$88.0M	$71.0M	$43.0M
Inventory	$0	$0	$0	$0	$0	$8.0M	$13.0M	$15.0M	$23.0M
Receivables	$0	$0	$0	$1.0M	$0	$8.0M	$26.0M	$73.0M	$146.0M
Fixed Assets	$0	$0	$0	$5.0M	$5.0M	$5.0M	$4.0M	$3.0M	$6.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$0	$12.0M	$38.0M	$219.0M	$291.0M	$356.0M	$183.0M	$157.0M	$178.0M
Other Assets	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$9.0M	$75.0M	$6.0M	$28.0M	$110.0M	$240.0M	$253.0M	$191.0M	$243.0M
Current Liabilities	$1.0M	$3.0M	$5.0M	$23.0M	$33.0M	$38.0M	$47.0M	$81.0M	$130.0M
Borrowings	$1.0M	$0	$0	$5.0M	$78.0M	$203.0M	$206.0M	$111.0M	$6.0M
Other Liabilities	$8.0M	$75.0M	$5.0M	$23.0M	$33.0M	$37.0M	$47.0M	$81.0M	$237.0M
Equity	$0	$0	$0	$0	$0	$0	$0	$0	$0
Reserves	$-5.0M	$-24.0M	$101.0M	$271.0M	$298.0M	$210.0M	$89.0M	$158.0M	$189.0M

For Arcutis Biotherapeutics, Inc., operating cash flow was positive in 0 of 9 reported years; free cash flow in the latest year was negative at $6.0M; free cash flow was positive in 0 of 9 years.

Cash Flow Statement — 9 Years (USD millions)

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$-4.0M	$-14.0M	$-43.0M	$-113.0M	$-175.0M	$-258.0M	$-247.0M	$-112.0M	$-6.0M
Investing Cash Flow	$0	$-23.0M	$-27.0M	$-182.0M	$-77.0M	$-110.0M	$180.0M	$29.0M	$-31.0M
Financing Cash Flow	$7.0M	$0	$-1.0M	$1.0M	$0	$1.0M	$2.0M	$5.0M	$0
Net Cash Flow	$3.0M	$36.0M	$24.0M	$3.0M	$31.0M	$-43.0M	$34.0M	$-17.0M	$-29.0M
Free Cash Flow	$-4.0M	$-14.0M	$-43.0M	$-113.0M	$-176.0M	$-281.0M	$-247.0M	$-112.0M	$-6.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	0.02
EV / EBITDA	73.13
FCF Yield	1.24%
Quick Ratio	2.67
Interest Coverage	2.47
Return 1Y	91.89%
Return 3Y	166.16%
Return 5Y	14.52%

Arcutis Biotherapeutics, Inc. (ARQT) financials — frequently asked questions

What is Arcutis Biotherapeutics, Inc.'s annual revenue?

Arcutis Biotherapeutics, Inc. (ARQT) reported annual revenue of $376.0M in its most recent fiscal year.

What is Arcutis Biotherapeutics, Inc.'s net profit?

Arcutis Biotherapeutics, Inc. (ARQT) reported a net loss of $16.0M in its most recent fiscal year.

What is ARQT EV/EBITDA?

Arcutis Biotherapeutics, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 73.13.

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