Revolution Medicines, Inc. (RVMD) Financial Statements & Historical Data
Revolution Medicines, Inc. (RVMD) — Price $188.72 (closing price, October 28, 2026) — Healthcare — Biotechnology — NASDAQ
Latest reported results:
Detailed financial statements for Revolution Medicines, Inc. (RVMD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Revolution Medicines, Inc. is a precision oncology firm operating in the clinical development stage, dedicated to creating innovative treatments that target novel pathways crucial for RAS-driven cancers. Its pipeline includes several promising drug candidates: RMC-4630, an SHP2 inhibitor, is currently undergoing Phase 1/2 clinical trials for various solid tumors, such as gynecological and colorectal cancers.
At $188.72 (closing price, October 28, 2026), RVMD has negative trailing earnings (P/E not meaningful) and an ROE of -96.44%. Market capitalisation stands at $40.4B, placing it among large-cap names.
Balance sheet quality for RVMD: current ratio of 7.1, net cash position of $1.87B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
Year
2017
2018
2019
2020
2021
2022
2023
2024
2025
Revenue
0
$20.2M
$50.0M
$43.0M
$29.4M
$35.4M
$11.6M
0
0
Cost of Revenue
$26.6M
0
0
0
0
0
0
0
$16.6M
Gross Profit
-$26.6M
$20.2M
$50.0M
$43.0M
$29.4M
$35.4M
$11.6M
0
-$16.6M
Research & Development
$26.6M
$51.1M
$91.8M
$132.3M
$186.9M
$253.1M
$423.1M
$592.2M
$978.7M
Selling, General & Admin
$4.5M
$9.4M
$12.4M
$21.4M
$30.4M
$40.6M
$75.6M
$97.3M
$187.1M
Operating Expenses
$4.5M
$60.5M
$104.2M
$153.7M
$217.4M
$293.7M
$498.8M
$689.5M
$1.17B
Operating Income
-$31.1M
-$40.3M
-$54.1M
-$110.7M
-$188.0M
-$258.3M
-$487.2M
-$689.5M
-$1.18B
EBITDA
-$29.8M
-$39.9M
-$48.6M
-$101.9M
-$179.7M
-$239.5M
-$430.3M
-$589.0M
-$1.09B
Interest Expense
$103,000
$116,000
$106,000
$71,000
$12,000
0
$303,000
0
$24.2M
Pre-tax Income
-$31.1M
-$41.8M
-$52.0M
-$108.5M
-$187.1M
-$249.1M
-$439.9M
-$600.8M
-$1.13B
Income Tax
$105,000
0
-$4.4M
-$371,000
0
-$420,000
-$3.5M
-$753,000
0
Net Income
-$31.1M
-$41.8M
-$47.7M
-$108.2M
-$187.1M
-$248.7M
-$436.4M
-$600.1M
-$1.13B
EPS
$-0.85
$-1.15
$-1.31
$-1.62
$-2.47
$-3.08
$-3.86
$-3.58
$-5.95
EPS (Diluted)
$-0.85
$-1.15
$-1.31
$-1.62
$-2.47
$-3.08
$-3.86
$-3.58
$-5.95
Shares Outstanding (Diluted)
36.5 M
36.5 M
36.5 M
66.6 M
72.8 M
80.6 M
113.1 M
167.7 M
190.1 M
Income Statement (Quarterly)
Year
2025-Q3
2025-Q4
2026-Q1
2026-Q2
Revenue
0
0
0
0
Gross Profit
0
-$4.7M
-$4.5M
0
Operating Income
-$315.3M
-$361.6M
-$445.2M
-$505.1M
EBITDA
-$289.4M
-$348.3M
-$437.1M
-$616.1M
Net Income
-$305.2M
-$364.9M
-$453.8M
-$644.4M
EPS
$-1.61
$-1.90
$-2.29
$-3.06
EPS (Diluted)
$-1.61
$-1.90
$-2.29
$-3.06
Balance Sheet (10y)
Year
2017
2018
2019
2020
2021
2022
2023
2024
2025
Cash & Equivalents
$9.1M
$69.6M
$16.7M
$104.3M
$108.5M
$161.4M
$696.1M
$543.1M
$383.7M
Short-term Investments
0
0
$106.1M
$336.5M
$468.6M
$483.5M
$1.16B
$1.75B
$1.64B
Receivables
0
$7.3M
$8.7M
$6.4M
$5.9M
$4.7M
$1.3M
0
0
Inventory
0
$6.6M
0
0
0
0
0
0
0
Total Current Assets
$9.4M
$85.4M
$134.0M
$454.1M
$589.8M
$660.2M
$1.88B
$2.33B
$2.08B
Property, Plant & Equipment
$5.3M
$6.9M
$7.1M
$36.3M
$71.2M
$73.7M
$100.0M
$141.8M
$165.3M
Goodwill
0
$14.6M
$14.6M
$14.6M
$14.6M
$14.6M
$14.6M
$14.6M
$14.6M
Intangible Assets
0
$63.1M
$62.0M
$60.9M
$59.9M
$58.8M
$57.7M
$56.7M
$55.8M
Total Assets
$15.1M
$170.6M
$220.5M
$567.4M
$738.0M
$811.9M
$2.06B
$2.56B
$2.35B
Accounts Payable
$3.4M
$5.2M
$11.4M
$12.6M
$14.1M
$21.3M
$61.8M
$54.4M
$64.6M
Short-term Debt
0
0
0
0
0
0
0
0
0
Total Current Liabilities
$7.6M
$30.6M
$43.1M
$47.2M
$60.4M
$62.0M
$143.9M
$163.9M
$290.4M
Long-term Debt
0
0
0
0
0
0
0
0
$142.2M
Total Liabilities
$10.5M
$73.9M
$68.0M
$92.7M
$135.4M
$126.7M
$235.5M
$293.1M
$723.2M
Retained Earnings
-$67.9M
-$109.7M
-$157.4M
-$265.5M
-$452.6M
-$701.3M
-$1.14B
-$1.74B
-$2.87B
Total Equity
$4.5M
$96.7M
$152.5M
$474.7M
$602.6M
$685.2M
$1.83B
$2.27B
$1.63B
Total Debt
0
$147,000
0
$32.7M
$66.6M
$64.2M
$87.9M
$135.8M
$158.7M
Net Debt
-$9.1M
-$69.4M
-$122.8M
-$408.1M
-$510.4M
-$580.7M
-$1.77B
-$2.15B
-$1.87B
Working Capital
$1.8M
$54.9M
$90.9M
$406.9M
$529.4M
$598.2M
$1.74B
$2.16B
$1.78B
Balance Sheet (Quarterly)
Year
2025-Q3
2025-Q4
2026-Q1
2026-Q2
Cash & Equivalents
$217.4M
$383.7M
$440.9M
$815.4M
Total Assets
$2.25B
$2.35B
$2.25B
$4.32B
Total Liabilities
$655.0M
$723.2M
$753.8M
$1.72B
Total Equity
$1.60B
$1.63B
$1.50B
$2.61B
Total Debt
$158.5M
$158.7M
$437.3M
$641.9M
Cash Flow (10y)
Year
2017
2018
2019
2020
2021
2022
2023
2024
2025
Net Income
-$31.1M
-$41.8M
-$47.7M
-$108.2M
-$187.1M
-$248.7M
-$436.4M
-$600.1M
-$1.13B
Depreciation & Amortization
$1.2M
$1.8M
$3.3M
$6.5M
$7.3M
$9.7M
$9.3M
$11.8M
-$27.0M
Stock-based Compensation
$141,000
$855,000
$3.2M
$8.9M
$20.7M
$31.2M
$61.8M
$79.2M
$118.4M
Change in Working Capital
$4.7M
$38.1M
-$4.5M
-$8.3M
$8.7M
-$13.5M
$40.7M
$1.2M
$86.8M
Operating Cash Flow
-$25.1M
$1.2M
-$49.6M
-$100.1M
-$147.2M
-$224.4M
-$350.6M
-$557.4M
-$897.7M
Capital Expenditure
-$1.6M
-$1.5M
-$2.6M
-$2.9M
-$6.5M
-$10.8M
-$7.7M
-$10.3M
-$16.0M
Acquisitions
0
$160,000
$6.2M
$231.3M
$135.6M
$13.3M
0
0
0
Stock Repurchased
0
-$131,000
-$45,000
0
0
0
0
0
0
Dividends Paid
0
0
0
0
0
0
0
0
0
Free Cash Flow
-$26.7M
-$286,000
-$52.2M
-$103.0M
-$153.7M
-$235.2M
-$358.3M
-$567.7M
-$913.7M
Cash Flow (Quarterly)
Year
2025-Q3
2025-Q4
2026-Q1
2026-Q2
Operating Cash Flow
-$207.3M
-$274.2M
-$354.2M
-$387.3M
Capital Expenditure
-$3.3M
-$1.9M
-$1.5M
-$2.3M
Free Cash Flow
-$210.7M
-$276.2M
-$355.7M
-$389.6M
Dividends Paid
0
0
0
0
Stock-based Compensation
$30.8M
$33.7M
$87.3M
0
Growth & Margins (10y)
Year
2017
2018
2019
2020
2021
2022
2023
2024
2025
Revenue Growth (YoY)
+148.2%
-14.1%
-31.6%
+20.4%
-67.3%
-100.0%
Net Income Growth (YoY)
-34.3%
-14.1%
-126.9%
-73.0%
-32.9%
-75.5%
-37.5%
-88.5%
EPS Growth (YoY)
-35.3%
-13.9%
-23.7%
-52.5%
-24.7%
-25.3%
+7.3%
-66.2%
Shares Change (YoY)
+0.0%
+0.0%
+82.6%
+9.3%
+10.7%
+40.3%
+48.2%
+13.3%
FCF Growth (YoY)
+98.9%
-18,153.5%
-97.3%
-49.2%
-53.0%
-52.3%
-58.5%
-60.9%
Gross Margin
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Operating Margin
-200.0%
-108.2%
-257.5%
-639.7%
-730.0%
-4,207.1%
EBITDA Margin
-197.9%
-97.1%
-237.1%
-611.6%
-676.8%
-3,715.7%
Net Margin
-207.2%
-95.2%
-251.6%
-636.6%
-703.0%
-3,768.3%
FCF Margin
-1.4%
-104.3%
-239.6%
-523.0%
-664.8%
-3,094.1%
Effective Tax Rate
-0.3%
-0.0%
8.4%
0.3%
-0.0%
0.2%
0.8%
0.1%
-0.0%
Per-Share Data (10y)
Year
2017
2018
2019
2020
2021
2022
2023
2024
2025
FCF Per Share
$-0.73
$-0.01
$-1.43
$-1.55
$-2.11
$-2.92
$-3.17
$-3.38
$-4.81
Dividends Per Share
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Shares Outstanding (Basic)
36.5 M
36.5 M
36.5 M
66.6 M
72.8 M
80.6 M
113.1 M
167.7 M
190.1 M
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap