Arcutis Biotherapeutics (ARQT) Financials

$20.66 -3.51 (-14.52%)

Closing price 04:00 PM Eastern

Extended Trading

$21.20 +0.54 (+2.63%)

As of 07:45 PM Eastern

Annual Income Statements for Arcutis Biotherapeutics

This table shows Arcutis Biotherapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-19	-42	-136	-206	-311	-262	-140	-16
Consolidated Net Income / (Loss)	-19	-42	-136	-206	-311	-262	-140	-16
Net Income / (Loss) Continuing Operations	-19	-42	-136	-206	-311	-262	-140	-16
Total Pre-Tax Income	-19	-42	-136	-206	-311	-259	-139	-15
Total Operating Income	-20	-43	-137	-207	-302	-241	-128	-12
Total Gross Profit	0.00	0.00	0.00	0.00	2.93	55	177	339
Total Revenue	0.00	0.00	0.00	0.00	3.69	60	197	376
Operating Revenue	-	-	0.00	0.00	3.69	60	197	376
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.75	4.99	19	37
Operating Cost of Revenue	-	-	0.00	0.00	0.75	4.99	19	37
Total Operating Expenses	20	43	137	207	305	296	306	352
Selling, General & Admin Expense	1.80	6.61	21	61	122	185	229	275
Research & Development Expense	18	37	115	146	182	111	76	77
Total Other Income / (Expense), net	0.48	1.14	0.97	0.17	-9.83	-18	-11	-2.74
Interest Expense	-	-	0.00	0.00	16	30	27	12
Interest & Investment Income	-	-	-	-	-	13	16	8.90
Other Income / (Expense), net	0.48	1.14	0.97	0.17	5.82	-0.73	0.05	0.44
Income Tax Expense	-	-	-	-	0.00	3.11	0.65	1.17
Basic Earnings per Share	($15.53)	($22.78)	($3.80)	($4.18)	($5.66)	($3.78)	($1.16)	($0.13)
Weighted Average Basic Shares Outstanding	1.24M	1.84M	35.67M	49.41M	55.03M	69.31M	120.96M	127.23M
Diluted Earnings per Share	($15.53)	($22.78)	($3.80)	($4.18)	($5.66)	($3.78)	($1.16)	($0.13)
Weighted Average Diluted Shares Outstanding	1.24M	1.84M	35.67M	49.41M	55.03M	69.31M	120.96M	127.23M
Weighted Average Basic & Diluted Shares Outstanding	1.24M	1.84M	35.67M	50.38M	61.08M	-	118.64M	124.03M

This table shows Arcutis Biotherapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-71	-45	-66	-35	-52	-42	-11	-25	-16	7.41	17
Consolidated Net Income / (Loss)	-71	-45	-66	-35	-52	-42	-11	-25	-16	7.41	17
Net Income / (Loss) Continuing Operations	-71	-45	-66	-35	-52	-42	-11	-25	-16	7.41	17
Total Pre-Tax Income	-71	-42	-66	-35	-52	-42	-27	-25	-16	7.49	18
Total Operating Income	-67	-37	-61	-32	-50	-39	-7.63	-25	-15	8.53	18
Total Gross Profit	4.41	37	11	46	27	39	64	57	74	91	118
Total Revenue	5.19	38	14	50	31	45	71	66	82	99	130
Operating Revenue	5.19	38	14	50	31	45	71	66	82	99	130
Total Cost of Revenue	0.78	1.18	2.25	3.26	3.46	5.50	6.91	8.83	7.49	8.69	12
Operating Cost of Revenue	0.78	1.18	2.25	3.26	3.46	5.50	6.91	8.83	7.49	8.69	12
Total Operating Expenses	71	74	72	78	77	78	72	82	89	82	99
Selling, General & Admin Expense	46	48	49	55	58	59	58	64	69	62	79
Research & Development Expense	25	26	24	23	19	20	14	18	19	20	20
Total Other Income / (Expense), net	-4.23	-4.84	-5.03	-3.44	-2.26	-2.47	-19	-0.25	-0.93	-1.04	-0.52
Interest Expense	7.35	7.56	7.76	7.48	7.48	6.65	5.55	2.98	3.03	3.07	3.00
Other Income / (Expense), net	3.12	2.72	2.74	4.04	5.23	4.18	-	2.73	2.10	2.04	-6.42
Income Tax Expense	0.00	3.02	0.09	0.32	0.00	0.00	0.32	0.28	0.34	0.08	0.47
Basic Earnings per Share	($1.16)	($0.73)	($0.58)	($0.32)	($0.42)	($0.33)	($0.09)	($0.20)	($0.13)	$0.06	$0.14
Weighted Average Basic Shares Outstanding	61.43M	61.73M	69.31M	111.05M	123.48M	124.30M	120.96M	126.04M	127.00M	127.62M	127.23M
Diluted Earnings per Share	($1.16)	($0.73)	($0.58)	($0.32)	($0.42)	($0.33)	($0.09)	($0.20)	($0.13)	$0.06	$0.14
Weighted Average Diluted Shares Outstanding	61.43M	61.73M	69.31M	111.05M	123.48M	124.30M	120.96M	126.04M	127.00M	132.88M	127.23M
Weighted Average Basic & Diluted Shares Outstanding	61.65M	94.38M	0.00	115.76M	116.89M	117.04M	118.64M	119.20M	119.91M	122.49M	124.03M

This table details how cash moves in and out of Arcutis Biotherapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	36	24	3.29	31	-43	34	-17	-29
Net Cash From Operating Activities	-14	-43	-113	-175	-258	-247	-112	-5.63
Net Cash From Continuing Operating Activities	-14	-43	-113	-175	-258	-247	-112	-5.63
Net Income / (Loss) Continuing Operations	-19	-42	-136	-206	-311	-262	-140	-16
Consolidated Net Income / (Loss)	-19	-42	-136	-206	-311	-262	-140	-16
Amortization Expense	-0.01	-0.35	0.07	3.45	-1.94	-6.24	-4.94	2.57
Non-Cash Adjustments To Reconcile Net Income	3.08	0.95	8.32	24	65	45	48	43
Changes in Operating Assets and Liabilities, net	2.11	-1.51	14	3.62	-10	-24	-15	-35
Net Cash From Investing Activities	-12	-26	-182	-76	-87	180	29	-30
Net Cash From Continuing Investing Activities	-12	-26	-182	-76	-87	180	29	-30
Purchase of Property, Plant & Equipment	0.00	-0.30	-0.32	-1.00	-0.33	-0.43	-0.14	-0.69
Acquisitions	-	-	0.00	0.00	-23	0.00	-5.00	-10
Purchase of Investments	-12	-61	-279	-293	-415	-226	-255	-247
Sale and/or Maturity of Investments	0.00	35	98	218	351	407	289	227
Net Cash From Financing Activities	62	93	298	282	302	101	66	6.97
Net Cash From Continuing Financing Activities	62	93	298	282	302	101	66	6.97
Repayment of Debt	0.00	-1.40	0.00	-1.64	-2.19	0.00	-100	0.00
Issuance of Common Equity	0.00	0.00	298	208	178	100	163	2.38
Other Financing Activities, net	0.39	0.27	0.53	1.27	1.02	1.25	2.81	4.60
Effect of Exchange Rate Changes	-	-	-	-	0.00	-0.05	-0.24	0.17
Cash Interest Paid	-	0.00	0.00	0.14	13	25	22	10

This table details how cash moves in and out of Arcutis Biotherapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	24	2.36	-19	101	-106	51	-64	-18	19	-26	-4.21
Net Cash From Operating Activities	-66	-44	-56	-32	-45	-35	-0.75	-30	0.32	-1.75	26
Net Cash From Continuing Operating Activities	-66	-44	-56	-32	-44	-35	-0.75	-30	0.32	-1.75	26
Net Income / (Loss) Continuing Operations	-71	-45	-66	-35	-52	-42	-11	-25	-16	7.41	17
Consolidated Net Income / (Loss)	-71	-45	-66	-35	-52	-42	-11	-25	-16	7.41	17
Amortization Expense	-1.64	-1.35	-1.29	-1.54	-2.20	-0.42	-0.78	2.12	-0.13	0.01	0.57
Non-Cash Adjustments To Reconcile Net Income	12	11	11	11	14	10	12	10	11	11	11
Changes in Operating Assets and Liabilities, net	-5.73	-9.18	0.41	-5.44	-4.27	-3.80	-1.57	-18	5.13	-20	-2.33
Net Cash From Investing Activities	89	46	-62	-29	-62	85	35	12	17	-25	-34
Net Cash From Continuing Investing Activities	89	46	-62	-29	-62	85	35	12	17	-25	-34
Purchase of Investments	-46	-22	-118	-106	-126	-5.69	-17	-56	-33	-69	-89
Sale and/or Maturity of Investments	135	68	56	77	64	91	57	68	61	43	55
Net Cash From Financing Activities	1.07	0.87	99	162	1.46	0.39	-97	0.40	1.38	1.48	3.72
Net Cash From Continuing Financing Activities	1.07	0.87	99	162	1.46	0.39	-97	0.40	1.38	1.48	3.72
Issuance of Common Equity	0.99	-	99	162	0.65	-	1.06	0.00	1.32	-	1.06
Other Financing Activities, net	0.07	0.87	0.21	0.08	0.81	0.39	1.53	0.40	0.06	1.48	2.67
Effect of Exchange Rate Changes	0.01	-0.08	0.07	-0.07	-0.03	0.10	-0.23	0.00	0.20	-0.10	0.06
Cash Interest Paid	6.31	6.55	6.58	6.51	6.51	6.23	2.96	2.57	2.60	2.62	2.54

This table presents Arcutis Biotherapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	107	298	408	449	341	349	433
Total Current Assets	106	293	403	437	330	336	411
Cash & Equivalents	63	65	96	54	88	71	43
Restricted Cash	0.00	1.54	1.54	1.23	0.93	0.62	0.31
Short-Term Investments	38	219	291	356	183	157	178
Accounts Receivable	-	-	0.00	8.46	26	73	146
Inventories, net	-	-	0.00	7.51	13	15	23
Prepaid Expenses	5.21	6.84	14	11	19	20	21
Plant, Property, & Equipment, net	0.23	2.02	2.26	1.88	1.54	1.04	1.04
Total Noncurrent Assets	0.31	3.43	3.12	9.99	9.40	12	21
Intangible Assets	-	-	0.00	7.19	6.44	9.48	15
Other Noncurrent Operating Assets	0.31	3.43	3.12	2.80	2.96	2.55	5.89
Total Liabilities & Shareholders' Equity	107	298	408	449	341	349	433
Total Liabilities	5.55	28	110	240	253	191	243
Total Current Liabilities	5.24	23	33	38	47	81	130
Short-Term Debt	-	-	-	-	-	0.00	1.00
Accounts Payable	1.41	7.14	7.35	8.83	12	14	13
Accrued Expenses	3.65	15	26	28	34	67	116
Total Noncurrent Liabilities	0.31	5.05	77	202	206	110	114
Long-Term Debt	-	-	72	198	202	107	108
Other Noncurrent Operating Liabilities	0.31	5.05	4.80	4.12	4.23	3.13	5.70
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-65	271	298	210	89	158	189
Total Preferred & Common Equity	-65	271	298	210	89	158	189
Total Common Equity	-65	271	298	210	89	158	189
Common Stock	1.24	473	706	930	1,071	1,279	1,328
Retained Earnings	-66	-202	-408	-720	-982	-1,122	-1,138
Accumulated Other Comprehensive Income / (Loss)	-0.00	-0.00	-0.26	-1.09	0.00	-0.01	-0.04

This table presents Arcutis Biotherapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	509	379	321	293	479	445	437	344	352	371
Total Current Assets	497	368	309	282	468	435	424	324	333	349
Cash & Equivalents	82	81	105	107	190	84	135	53	73	47
Restricted Cash	1.23	0.93	0.93	0.93	0.62	0.62	0.62	0.62	0.31	0.31
Short-Term Investments	395	251	164	120	214	278	196	145	118	144
Accounts Receivable	2.43	13	17	19	37	43	60	85	107	115
Inventories, net	4.31	8.55	10	14	13	14	14	17	16	22
Prepaid Expenses	12	13	12	20	13	14	18	23	19	20
Plant, Property, & Equipment, net	1.94	2.07	1.87	1.74	1.37	1.35	1.19	1.50	1.39	1.22
Total Noncurrent Assets	10	9.71	9.95	9.68	9.11	8.82	12	19	18	21
Intangible Assets	7.38	7.00	6.81	6.63	6.25	6.06	9.79	17	16	15
Other Noncurrent Operating Assets	2.88	2.71	3.14	3.05	2.86	2.76	2.66	2.44	2.32	5.16
Total Liabilities & Shareholders' Equity	509	379	321	293	479	445	437	344	352	371
Total Liabilities	238	240	240	246	254	258	281	201	213	213
Total Current Liabilities	37	37	37	42	47	51	172	91	104	100
Short-Term Debt	-	-	-	-	-	-	100	-	1.00	1.00
Accounts Payable	8.67	12	17	13	13	7.94	19	25	15	5.80
Accrued Expenses	28	24	19	28	34	43	53	66	88	93
Total Noncurrent Liabilities	201	203	204	204	206	207	108	110	110	113
Long-Term Debt	197	199	200	201	203	204	105	108	107	107
Other Noncurrent Operating Liabilities	4.29	3.94	3.76	3.57	3.49	3.17	3.19	2.70	2.47	5.64
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	271	140	81	47	225	186	157	143	139	158
Total Preferred & Common Equity	271	140	81	47	225	186	157	143	139	158
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	271	140	81	47	225	186	157	143	139	158
Common Stock	920	940	952	963	1,242	1,256	1,267	1,290	1,302	1,314
Retained Earnings	-648	-800	-871	-916	-1,017	-1,070	-1,111	-1,147	-1,163	-1,155
Accumulated Other Comprehensive Income / (Loss)	-1.60	-0.41	-0.29	-0.18	-0.13	-0.29	0.53	-0.14	-0.04	-0.06

This table displays calculated financial ratios and metrics derived from Arcutis Biotherapeutics' official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	1,517.09%	229.74%	91.34%
EBITDA Growth	0.00%	-119.43%	-220.43%	-49.43%	-46.77%	20.98%	43.48%	93.09%
EBIT Growth	0.00%	-118.10%	-223.07%	-52.09%	-43.35%	22.48%	44.01%	90.82%
NOPAT Growth	0.00%	-118.56%	-216.81%	-51.14%	-46.05%	20.07%	46.75%	90.48%
Net Income Growth	0.00%	-118.10%	-223.07%	-52.09%	-50.93%	15.83%	46.58%	88.47%
EPS Growth	0.00%	-46.68%	83.32%	-10.00%	-35.41%	33.22%	69.31%	88.79%
Operating Cash Flow Growth	0.00%	-204.13%	-163.87%	-54.49%	-47.58%	4.14%	54.60%	94.98%
Free Cash Flow Firm Growth	0.00%	0.00%	-163.55%	-76.49%	-60.05%	16.05%	42.94%	54.29%
Invested Capital Growth	0.00%	0.00%	-7,897.97%	-20.91%	81.30%	609.07%	104.59%	113.28%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	408.41%	21.54%	0.00%	18.29%
EBITDA Q/Q Growth	0.00%	0.00%	-18.44%	-22.12%	1.07%	3.13%	0.00%	75.13%
EBIT Q/Q Growth	0.00%	0.00%	-18.81%	-22.05%	2.06%	2.83%	0.00%	69.19%
NOPAT Q/Q Growth	0.00%	0.00%	-18.23%	-21.98%	0.94%	2.92%	0.00%	68.03%
Net Income Q/Q Growth	0.00%	0.00%	-18.81%	-22.05%	-0.22%	2.14%	0.00%	63.58%
EPS Q/Q Growth	0.00%	0.00%	60.21%	-21.51%	4.23%	13.90%	0.00%	63.89%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-16.22%	-12.31%	-8.12%	5.66%	0.00%	82.72%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-9.29%	-8.62%	6.89%	-921.49%	31.10%
Invested Capital Q/Q Growth	0.00%	0.00%	7.69%	-219.31%	67.45%	-9.16%	20.29%	2.60%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	79.54%	91.63%	90.27%	90.24%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	-8,060.91%	-393.89%	-67.52%	-2.45%
Operating Margin	0.00%	0.00%	0.00%	0.00%	-8,183.04%	-404.49%	-65.33%	-3.25%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	-8,025.12%	-384.72%	-65.33%	-3.13%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	-8,449.76%	-439.79%	-71.25%	-4.29%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	101.20%	90.02%	107.82%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	105.29%	112.96%	121.16%	127.04%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-2,375.88%	-333.80%	-15.11%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	-2,310.14%	-281.64%	-8.62%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	2,200.09%	220.04%	5.80%
Return on Equity (ROE)	0.00%	-41.39%	-72.93%	-72.62%	-122.80%	-175.79%	-113.76%	-9.30%
Cash Return on Invested Capital (CROIC)	0.00%	-30,852.18%	0.00%	0.00%	0.00%	-1,074.23%	-402.47%	-87.42%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	-69.00%	-58.01%	-37.20%	-3.01%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	-72.65%	-66.31%	-40.58%	-4.13%
Return on Common Equity (ROCE)	0.00%	26.53%	-40.30%	-72.62%	-122.80%	-175.79%	-113.76%	-9.30%
Return on Equity Simple (ROE_SIMPLE)	0.00%	64.58%	-50.14%	-69.32%	-148.61%	-295.65%	-88.89%	0.00%
Net Operating Profit after Tax (NOPAT)	-14	-30	-96	-145	-211	-169	-90	-8.56
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	-5,728.13%	-283.14%	-45.73%	-2.28%
Net Nonoperating Expense Percent (NNEP)	0.00%	-23.31%	-20.67%	-20.52%	-37.91%	-65.74%	-52.15%	-6.49%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-51.83%	-58.10%	-33.95%	-2.87%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	20.46%	8.37%	9.73%	9.76%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	3,313.19%	310.61%	116.71%	73.01%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	4,949.40%	185.51%	38.88%	20.49%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	8,262.59%	496.12%	155.60%	93.49%
Earnings before Interest and Taxes (EBIT)	-19	-42	-136	-206	-296	-229	-128	-12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-19	-42	-135	-202	-297	-235	-133	-9.21
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	4.54	3.50	4.30	3.44	10.35	18.77
Price to Tangible Book Value (P/TBV)	0.00	0.00	4.54	3.50	4.46	3.71	11.01	20.37
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	244.64	5.11	8.30	9.46
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	1,140.11	0.00	0.00	0.00	13.23	41.72	44.65
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	186.84	3.92	7.68	9.16
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.24	0.94	2.28	0.68	0.58
Long-Term Debt to Equity	0.00	0.00	0.00	0.24	0.94	2.28	0.68	0.57
Financial Leverage	0.00	-1.00	-1.04	-1.06	-1.04	-0.95	-0.78	-0.67
Leverage Ratio	0.00	1.05	1.09	1.24	1.69	2.65	2.80	2.25
Compound Leverage Factor	0.00	1.05	1.09	1.24	1.78	2.99	3.40	2.86
Debt to Total Capital	0.00%	0.00%	0.00%	19.55%	48.55%	69.47%	40.49%	36.51%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.34%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	19.55%	48.55%	69.47%	40.49%	36.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	164.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-64.09%	100.00%	80.45%	51.45%	30.53%	59.51%	63.49%
Debt to EBITDA	0.00	0.00	0.00	-0.36	-0.67	-0.86	-0.81	-11.83
Net Debt to EBITDA	0.00	0.00	0.00	1.56	0.72	0.30	0.91	12.20
Long-Term Debt to EBITDA	0.00	0.00	0.00	-0.36	-0.67	-0.86	-0.81	-11.72
Debt to NOPAT	0.00	0.00	0.00	-0.50	-0.94	-1.20	-1.19	-12.73
Net Debt to NOPAT	0.00	0.00	0.00	2.19	1.01	0.42	1.35	13.12
Long-Term Debt to NOPAT	0.00	0.00	0.00	-0.50	-0.94	-1.20	-1.19	-12.61
Altman Z-Score	0.00	16.20	25.28	3.68	-1.08	-4.35	0.84	6.64
Noncontrolling Interest Sharing Ratio	0.00%	164.09%	44.75%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	20.33	12.96	12.09	11.57	7.08	4.15	3.17
Quick Ratio	0.00	19.34	12.58	11.61	11.06	6.38	3.72	2.83
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-30	-80	-141	-226	-190	-108	-50
Operating Cash Flow to CapEx	0.00%	-14,520.68%	-35,212.77%	-17,550.45%	-77,391.89%	-57,723.60%	-78,432.17%	-819.97%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	-14.45	-6.39	-3.99	-4.10
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	-16.47	-8.32	-4.13	-0.47
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-16.49	-8.33	-4.13	-0.52
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.01	0.15	0.57	0.96
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	3.48	3.98	3.43
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.48	1.38	1.98
Fixed Asset Turnover	0.00	0.00	0.00	0.00	1.78	34.86	152.36	360.91
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.09	0.48	1.46	2.74
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	104.91	91.81	106.42
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	755.62	263.90	184.81
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	3,916.25	761.87	250.09	133.03
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	-3,916.25	98.65	105.62	158.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.20	-15	-19	-3.47	18	36	77
Invested Capital Turnover	0.00	0.00	0.00	0.00	-0.33	8.39	7.30	6.64
Increase / (Decrease) in Invested Capital	0.00	0.20	-16	-3.21	15	21	18	41
Enterprise Value (EV)	0.00	225	941	727	689	234	1,509	3,445
Market Capitalization	159	159	1,227	1,043	902	305	1,630	3,557
Book Value per Share	$0.00	($35.28)	$6.20	$5.92	$3.44	$0.94	$1.35	$1.55
Tangible Book Value per Share	$0.00	($35.28)	$6.20	$5.92	$3.32	$0.87	$1.27	$1.43
Total Capital	0.00	101	271	370	407	290	265	298
Total Debt	0.00	0.00	0.00	72	198	202	107	109
Total Long-Term Debt	0.00	0.00	0.00	72	198	202	107	108
Net Debt	0.00	-101	-286	-316	-213	-71	-121	-112
Capital Expenditures (CapEx)	0.00	0.30	0.32	1.00	0.33	0.43	0.14	0.69
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-0.03	-16	-19	-11	11	26	61
Debt-free Net Working Capital (DFNWC)	0.00	101	270	369	400	284	255	282
Net Working Capital (NWC)	0.00	101	270	369	400	284	255	281
Net Nonoperating Expense (NNE)	5.44	12	40	62	100	93	50	7.58
Net Nonoperating Obligations (NNO)	0.00	-101	-286	-316	-213	-71	-121	-112
Total Depreciation and Amortization (D&A)	-0.01	-0.29	0.19	3.91	-1.32	-5.47	-4.30	2.57
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	-304.50%	18.42%	13.35%	16.25%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	10,840.99%	476.06%	129.65%	75.09%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	10,840.99%	476.06%	129.65%	74.82%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($3.80)	($4.18)	($5.66)	$0.00	($1.16)	($0.13)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	50.08M	49.41M	55.03M	0.00	120.96M	127.23M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($3.80)	($4.18)	($5.66)	$0.00	($1.16)	($0.13)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	50.08M	49.41M	55.03M	0.00	120.96M	127.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($3.80)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	35.67M	50.38M	61.08M	0.00	118.64M	124.03M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-30	-96	-145	-211	-169	-90	-8.56
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	-5,728.13%	-283.14%	-45.73%	-2.28%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	-8,449.76%	-434.57%	-79.15%	-3.98%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	-18.90	-7.72	-4.73	-0.98
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	-13.49	-5.68	-3.31	-0.71
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-18.92	-7.73	-4.73	-1.03
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-13.51	-5.69	-3.31	-0.77
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Arcutis Biotherapeutics' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	5,156.41%	356.81%	1,682.42%	494.57%	17.44%	427.58%	32.84%	164.13%	121.69%	81.48%
EBITDA Growth	-0.16%	65.81%	11.30%	61.33%	27.96%	0.52%	86.11%	32.54%	73.12%	129.94%	157.48%
EBIT Growth	2.70%	66.75%	10.25%	62.25%	29.53%	-2.05%	86.94%	20.96%	72.09%	130.27%	156.89%
NOPAT Growth	-1.42%	64.77%	10.60%	58.54%	24.99%	-5.86%	87.52%	22.43%	70.82%	130.85%	435.12%
Net Income Growth	-5.32%	58.44%	7.96%	55.83%	26.28%	7.21%	83.72%	29.17%	69.64%	117.84%	261.24%
EPS Growth	11.45%	61.38%	51.26%	75.57%	63.79%	54.79%	84.48%	37.50%	69.05%	118.18%	255.56%
Operating Cash Flow Growth	-7.27%	35.03%	20.86%	60.67%	32.14%	21.14%	98.67%	3.87%	100.72%	94.94%	3,600.67%
Free Cash Flow Firm Growth	-161.80%	18.26%	-1.55%	47.66%	28.69%	32.18%	62.74%	-13.04%	24.47%	3.34%	3.20%
Invested Capital Growth	171.76%	282.40%	609.07%	350.38%	154.53%	54.51%	104.59%	121.70%	105.63%	150.06%	113.28%
Revenue Q/Q Growth	86.62%	634.28%	-64.51%	0.00%	-37.75%	45.04%	59.45%	-7.73%	23.78%	21.74%	30.52%
EBITDA Q/Q Growth	13.06%	45.72%	-68.48%	0.00%	-61.98%	25.04%	76.47%	-136.11%	35.23%	183.59%	18.64%
EBIT Q/Q Growth	12.89%	46.29%	-70.94%	0.00%	-62.62%	22.22%	78.12%	-185.63%	42.59%	184.39%	13.33%
NOPAT Q/Q Growth	12.46%	44.72%	-65.75%	0.00%	-58.36%	21.99%	80.46%	-221.40%	40.43%	182.47%	112.25%
Net Income Q/Q Growth	11.37%	36.94%	-48.07%	0.00%	-47.91%	20.63%	74.03%	-132.30%	36.61%	146.64%	134.75%
EPS Q/Q Growth	11.45%	37.07%	20.55%	0.00%	-31.25%	21.43%	72.73%	-122.22%	35.00%	146.15%	133.33%
Operating Cash Flow Q/Q Growth	17.25%	33.84%	-27.87%	0.00%	-42.77%	23.12%	97.84%	-3,961.50%	101.07%	-641.36%	1,592.87%
Free Cash Flow Firm Q/Q Growth	5.95%	22.59%	-14.31%	0.00%	-28.15%	26.38%	37.20%	-90.81%	14.38%	5.78%	37.11%
Invested Capital Q/Q Growth	106.76%	82.25%	-9.16%	0.00%	16.85%	10.63%	20.29%	42.57%	8.38%	34.54%	2.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	85.05%	96.90%	83.39%	93.43%	88.77%	87.70%	90.32%	86.59%	90.81%	91.25%	90.97%
EBITDA Margin	-1,253.95%	-92.70%	-440.03%	-58.39%	-151.94%	-78.53%	-11.59%	-29.65%	-15.52%	10.66%	9.69%
Operating Margin	-1,286.38%	-96.84%	-452.23%	-63.79%	-162.28%	-87.29%	-10.70%	-37.25%	-17.93%	8.59%	14.20%
EBIT Margin	-1,226.24%	-89.70%	-432.00%	-55.64%	-145.34%	-77.94%	-10.70%	-33.11%	-15.36%	10.64%	9.24%
Profit (Net Income) Margin	-1,367.84%	-117.47%	-490.05%	-71.38%	-169.59%	-92.81%	-15.12%	-38.06%	-19.49%	7.47%	13.43%
Tax Burden Percent	100.00%	107.24%	100.14%	100.92%	100.00%	100.00%	40.50%	101.13%	102.20%	98.93%	97.37%
Interest Burden Percent	111.55%	122.11%	113.28%	127.12%	116.69%	119.07%	349.03%	113.68%	124.20%	70.92%	149.26%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.07%	2.63%
Return on Invested Capital (ROIC)	0.00%	-756.22%	-2,656.30%	0.00%	0.00%	0.00%	-54.65%	-148.32%	-79.60%	51.35%	91.76%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-743.95%	-2,639.78%	0.00%	0.00%	0.00%	-48.98%	-142.93%	-74.93%	52.33%	92.19%
Return on Net Nonoperating Assets (RNNOA)	0.00%	723.35%	2,514.03%	0.00%	0.00%	0.00%	38.27%	113.83%	55.80%	-34.83%	-62.09%
Return on Equity (ROE)	-239.82%	-32.87%	-142.27%	0.00%	0.00%	0.00%	-16.38%	-34.49%	-23.80%	16.53%	29.67%
Cash Return on Invested Capital (CROIC)	-2,312.02%	-1,048.10%	-1,074.23%	-127.32%	-87.17%	-42.84%	-402.47%	-302.60%	-213.78%	-136.60%	-87.42%
Operating Return on Assets (OROA)	-46.03%	-10.97%	-65.14%	0.00%	0.00%	0.00%	-6.09%	-17.13%	-10.15%	8.37%	8.89%
Return on Assets (ROA)	-51.34%	-14.37%	-73.89%	0.00%	0.00%	0.00%	-8.61%	-19.69%	-12.88%	5.87%	12.92%
Return on Common Equity (ROCE)	-239.82%	-32.87%	-142.27%	0.00%	0.00%	0.00%	-16.38%	-34.49%	-23.80%	16.53%	29.67%
Return on Equity Simple (ROE_SIMPLE)	-410.91%	-573.40%	0.00%	0.00%	0.00%	0.00%	0.00%	-90.93%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-47	-26	-43	-22	-35	-27	-5.34	-17	-10	8.43	18
NOPAT Margin	-900.46%	-67.79%	-316.56%	-44.66%	-113.60%	-61.10%	-7.49%	-26.08%	-12.55%	8.50%	13.82%
Net Nonoperating Expense Percent (NNEP)	-17.32%	-12.27%	-16.52%	-7.88%	-15.09%	-18.45%	-5.66%	-5.39%	-4.67%	-0.98%	-0.44%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-14.74%	-	-	-	-2.02%	-6.86%	-4.14%	3.16%	6.00%
Cost of Revenue to Revenue	14.95%	3.10%	16.61%	6.57%	11.23%	12.30%	9.68%	13.41%	9.19%	8.75%	9.03%
SG&A Expenses to Revenue	885.51%	124.89%	359.86%	110.54%	188.52%	131.42%	80.73%	97.20%	84.87%	62.90%	60.98%
R&D to Revenue	485.92%	68.84%	175.77%	46.68%	62.54%	43.57%	20.29%	26.64%	23.87%	19.76%	15.79%
Operating Expenses to Revenue	1,371.43%	193.74%	535.63%	157.23%	251.06%	174.99%	101.02%	123.84%	108.73%	82.65%	76.78%
Earnings before Interest and Taxes (EBIT)	-64	-34	-58	-28	-45	-35	-7.63	-22	-13	11	12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-65	-35	-60	-29	-47	-35	-8.27	-20	-13	11	13
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.27	0.00	3.44	4.16	5.78	6.94	10.35	13.01	12.03	14.30	18.77
Price to Tangible Book Value (P/TBV)	7.94	0.00	3.71	4.28	5.97	7.40	11.01	14.71	13.58	15.84	20.37
Price to Revenue (P/Rev)	50.21	0.00	5.11	0.00	0.00	0.00	8.30	8.72	6.34	7.11	9.46
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	48.27	0.00	13.23	31.54	33.75	31.94	41.72	34.21	28.41	28.96	44.65
Enterprise Value to Revenue (EV/Rev)	44.22	0.00	3.92	0.00	0.00	0.00	7.68	8.29	6.03	6.85	9.16
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.48	4.30	2.28	0.90	1.09	1.31	0.68	0.75	0.78	0.69	0.58
Long-Term Debt to Equity	2.48	4.30	2.28	0.90	1.09	0.67	0.68	0.75	0.77	0.68	0.57
Financial Leverage	-1.02	-0.97	-0.95	-0.92	-0.86	-0.76	-0.78	-0.80	-0.74	-0.67	-0.67
Leverage Ratio	2.25	2.53	2.65	2.35	2.87	3.59	2.80	2.24	2.45	2.57	2.25
Compound Leverage Factor	2.51	3.08	3.00	2.99	3.35	4.28	9.79	2.54	3.04	1.82	3.36
Debt to Total Capital	71.28%	81.12%	69.47%	47.41%	52.23%	56.64%	40.49%	43.00%	43.74%	40.70%	36.51%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	27.55%	0.00%	0.00%	0.40%	0.38%	0.34%
Long-Term Debt to Total Capital	71.28%	81.12%	69.47%	47.41%	52.23%	29.09%	40.49%	43.00%	43.34%	40.33%	36.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	28.72%	18.88%	30.53%	52.59%	47.77%	43.36%	59.51%	57.00%	56.26%	59.30%	63.49%
Debt to EBITDA	-0.64	-0.83	-0.86	0.00	0.00	0.00	-0.81	-0.88	-1.27	-2.93	-11.83
Net Debt to EBITDA	0.23	0.11	0.30	0.00	0.00	0.00	0.91	0.75	0.98	2.24	12.20
Long-Term Debt to EBITDA	-0.64	-0.83	-0.86	0.00	0.00	0.00	-0.81	-0.88	-1.26	-2.90	-11.72
Debt to NOPAT	-0.90	-1.15	-1.20	0.00	0.00	0.00	-1.19	-1.27	-1.80	-4.05	-12.73
Net Debt to NOPAT	0.32	0.16	0.42	0.00	0.00	0.00	1.35	1.07	1.38	3.10	13.12
Long-Term Debt to NOPAT	-0.90	-1.15	-1.20	0.00	0.00	0.00	-1.19	-1.27	-1.78	-4.02	-12.61
Altman Z-Score	-1.94	0.00	-2.70	0.10	-0.17	-0.81	1.98	2.08	1.49	3.77	6.83
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.43	6.72	7.08	9.89	8.46	2.46	4.15	3.55	3.20	3.50	3.17
Quick Ratio	7.80	5.89	6.38	9.32	7.90	2.27	3.72	3.11	2.86	3.07	2.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-72	-56	-64	-40	-52	-38	-24	-45	-39	-37	-23
Operating Cash Flow to CapEx	-24,088.77%	-68,725.00%	-937,400.00%	0.00%	0.00%	-24,257.34%	0.00%	-4,996.71%	415.38%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-9.84	-7.40	-8.24	-5.38	-6.89	-5.71	-4.29	-15.25	-12.86	-11.95	-7.69
Operating Cash Flow to Interest Expense	-9.05	-5.82	-7.25	-4.23	-6.03	-5.21	-0.13	-10.19	0.11	-0.57	8.73
Operating Cash Flow Less CapEx to Interest Expense	-9.08	-5.83	-7.25	-4.23	-6.03	-5.24	-0.13	-10.39	0.08	-0.57	8.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.12	0.15	0.00	0.00	0.00	0.57	0.52	0.66	0.79	0.96
Accounts Receivable Turnover	0.00	4.49	3.48	0.00	0.00	0.00	3.98	3.47	3.51	3.63	3.43
Inventory Turnover	0.00	0.35	0.48	0.00	0.00	0.00	1.38	1.65	1.90	1.75	1.98
Fixed Asset Turnover	5.91	26.70	34.86	0.00	0.00	0.00	152.36	148.56	192.24	264.83	360.91
Accounts Payable Turnover	0.18	0.30	0.48	0.00	0.00	0.00	1.46	1.32	2.50	2.54	2.74
Days Sales Outstanding (DSO)	0.00	81.30	104.91	0.00	0.00	0.00	91.81	105.11	103.97	100.59	106.42
Days Inventory Outstanding (DIO)	0.00	1,030.73	755.62	0.00	0.00	0.00	263.90	220.62	191.86	208.36	184.81
Days Payable Outstanding (DPO)	2,019.34	1,235.81	761.87	0.00	0.00	0.00	250.09	277.04	146.26	143.66	133.03
Cash Conversion Cycle (CCC)	-2,019.34	-123.77	98.65	0.00	0.00	0.00	105.62	48.68	149.58	165.29	158.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11	19	18	23	27	30	36	52	56	75	77
Invested Capital Turnover	-5.55	11.16	8.39	0.00	0.00	0.00	7.30	5.69	6.34	6.04	6.64
Increase / (Decrease) in Invested Capital	26	30	21	18	17	11	18	28	29	45	41
Enterprise Value (EV)	516	0.00	234	734	917	961	1,509	1,764	1,588	2,177	3,445
Market Capitalization	585	0.00	305	935	1,077	1,087	1,630	1,856	1,671	2,260	3,557
Book Value per Share	$1.31	$0.76	$0.94	$2.03	$1.61	$1.34	$1.35	$1.20	$1.17	$1.32	$1.55
Tangible Book Value per Share	$1.20	$0.65	$0.87	$1.97	$1.56	$1.26	$1.27	$1.06	$1.03	$1.19	$1.43
Total Capital	280	248	290	428	390	361	265	250	247	267	298
Total Debt	200	201	202	203	204	205	107	108	108	108	109
Total Long-Term Debt	200	201	202	203	204	105	107	108	107	107	108
Net Debt	-70	-27	-71	-202	-159	-127	-121	-91	-83	-83	-112
Capital Expenditures (CapEx)	0.28	0.06	0.01	0.00	0.00	0.14	0.00	0.61	0.08	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2.61	12	11	16	20	20	26	34	39	59	61
Debt-free Net Working Capital (DFNWC)	272	240	284	421	383	351	255	233	230	250	282
Net Working Capital (NWC)	272	240	284	421	383	251	255	233	229	249	281
Net Nonoperating Expense (NNE)	24	19	23	13	17	14	5.45	7.89	5.66	1.02	0.51
Net Nonoperating Obligations (NNO)	-70	-27	-71	-202	-159	-127	-121	-91	-83	-83	-112
Total Depreciation and Amortization (D&A)	-1.44	-1.15	-1.09	-1.37	-2.04	-0.26	-0.64	2.27	-0.13	0.01	0.57
Debt-free, Cash-free Net Working Capital to Revenue	22.42%	23.70%	18.42%	0.00%	0.00%	0.00%	13.35%	15.90%	14.69%	18.58%	16.25%
Debt-free Net Working Capital to Revenue	2,335.15%	488.69%	476.06%	0.00%	0.00%	0.00%	129.65%	109.27%	87.24%	78.78%	75.09%
Net Working Capital to Revenue	2,335.15%	488.69%	476.06%	0.00%	0.00%	0.00%	129.65%	109.27%	86.86%	78.46%	74.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.16)	($0.73)	($0.58)	($0.32)	($0.42)	($0.33)	($0.09)	($0.20)	($0.13)	$0.06	$0.14
Adjusted Weighted Average Basic Shares Outstanding	61.43M	61.73M	69.31M	111.05M	123.48M	124.30M	120.96M	126.04M	127.00M	127.62M	127.23M
Adjusted Diluted Earnings per Share	($1.16)	($0.73)	($0.58)	($0.32)	($0.42)	($0.33)	($0.09)	($0.20)	($0.13)	$0.06	$0.14
Adjusted Weighted Average Diluted Shares Outstanding	61.43M	61.73M	69.31M	111.05M	123.48M	124.30M	120.96M	126.04M	127.00M	132.88M	127.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	61.65M	94.38M	0.00	115.76M	116.89M	117.04M	118.64M	119.20M	119.91M	122.49M	124.03M
Normalized Net Operating Profit after Tax (NOPAT)	-47	-26	-43	-22	-35	-27	-5.34	-17	-10	8.43	18
Normalized NOPAT Margin	-900.46%	-67.79%	-316.56%	-44.66%	-113.60%	-61.10%	-7.49%	-26.08%	-12.55%	8.50%	13.82%
Pre Tax Income Margin	-1,367.84%	-109.53%	-489.38%	-70.73%	-169.59%	-92.81%	-37.33%	-37.63%	-19.07%	7.55%	13.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-8.66	-4.52	-7.53	-3.69	-5.99	-5.24	-1.37	-7.31	-4.13	3.44	3.99
NOPAT to Interest Expense	-6.36	-3.42	-5.52	-2.96	-4.68	-4.11	-0.96	-5.76	-3.38	2.75	5.97
EBIT Less CapEx to Interest Expense	-8.70	-4.53	-7.53	-3.69	-5.99	-5.26	-1.37	-7.51	-4.16	3.44	3.99
NOPAT Less CapEx to Interest Expense	-6.40	-3.43	-5.52	-2.96	-4.68	-4.13	-0.96	-5.96	-3.40	2.75	5.97
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Arcutis Biotherapeutics (ARQT) has shown a meaningful shift in 2025, with improving profitability and cash generation leading into the year’s final quarter. Below are the key takeaways distilled from the last four years of quarterly statements.

Net income turning positive in Q4 2025: Net income from continuing operations was about $17.4 million for Q4 2025, with basic and diluted earnings per share of roughly $0.14.
Gross margin remains very high: Q4 2025 gross margin is around 90% (Total Gross Profit ≈ $117.8M on Revenue ≈ $129.5M), indicating strong product economics despite the prior years of losses.
Operating cash flow improved in Q4 2025: Net cash from continuing operating activities was about $26.2M, helping to reduce cash burn versus earlier quarters.
Liquidity remains robust: At Q3 2025, cash plus short-term investments totaled roughly $191M (Cash ≈ $47.1M and Short-Term Investments ≈ $143.9M). With Total Current Assets ≈ $349.2M and Total Current Liabilities ≈ $99.8M, the current ratio was around 3.5x.
Revenue trend in 2025 shows growth: Quarterly revenue progressed from about $65.8M (Q1 2025) to $129.5M (Q4 2025), implying a strengthening top line through the year.
Debt remains manageable and stable: Long-term debt sits roughly around $107–108M across 2025 quarters, with no significant near-term maturities highlighted in the data.
Equity financing activity observed: Common stock and total equity figures exceed $1.3B in several 2025 quarters, reflecting ongoing financing activity and equity issuance that has expanded the share base.
Longstanding profitability challenge persists historically: ARCUTIS posted notable net losses in 2023–2024 quarters (e.g., Q4 2024 and prior periods), underscoring a multi-year path to sustained profitability before the late-2025 improvement.
Operating cash flow volatility before 2025: Many quarters prior to 2025 show negative cash flow from operations (e.g., Q4 2024 net cash from continuing operating activities around -$56.2M), signaling ongoing cash burn before the rebound.
Investing cash outflows remain substantial: Net cash used in investing activities has been significant in multiple quarters (e.g., sizable purchases of investments), contributing to negative free cash flow despite improving profitability.

05/07/26 11:06 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Arcutis Biotherapeutics' Financials

When does Arcutis Biotherapeutics' financial year end?

According to the most recent income statement we have on file, Arcutis Biotherapeutics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Arcutis Biotherapeutics' net income changed over the last 7 years?

Arcutis Biotherapeutics' net income appears to be on an upward trend, with a most recent value of -$16.14 million in 2025, falling from -$19.26 million in 2018. The previous period was -$140.04 million in 2024. See where experts think Arcutis Biotherapeutics is headed by visiting Arcutis Biotherapeutics' forecast page.

What is Arcutis Biotherapeutics' operating income?

Arcutis Biotherapeutics' total operating income in 2025 was -$12.23 million, based on the following breakdown:

Total Gross Profit: $339.38 million
Total Operating Expenses: $351.60 million

How has Arcutis Biotherapeutics' revenue changed over the last 7 years?

Over the last 7 years, Arcutis Biotherapeutics' total revenue changed from $0.00 in 2018 to $376.07 million in 2025, a change of 37,607,200,000.0%.

How much debt does Arcutis Biotherapeutics have?

Arcutis Biotherapeutics' total liabilities were at $243.49 million at the end of 2025, a 27.3% increase from 2024, and a 4,287.3% increase since 2019.

How much cash does Arcutis Biotherapeutics have?

In the past 6 years, Arcutis Biotherapeutics' cash and equivalents has ranged from $42.91 million in 2025 to $96.45 million in 2021, and is currently $42.91 million as of their latest financial filing in 2025.

How has Arcutis Biotherapeutics' book value per share changed over the last 7 years?

Over the last 7 years, Arcutis Biotherapeutics' book value per share changed from 0.00 in 2018 to 1.55 in 2025, a change of 154.7%.

Related Companies

Financial statements for NASDAQ:ARQT last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Arcutis Biotherapeutics (ARQT) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Arcutis Biotherapeutics' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Arcutis Biotherapeutics (ARQT) Financials

Annual Income Statements for Arcutis Biotherapeutics

Quarterly Income Statements for Arcutis Biotherapeutics

Annual Cash Flow Statements for Arcutis Biotherapeutics

Quarterly Cash Flow Statements for Arcutis Biotherapeutics

Annual Balance Sheets for Arcutis Biotherapeutics

Quarterly Balance Sheets for Arcutis Biotherapeutics

Annual Metrics And Ratios for Arcutis Biotherapeutics

Quarterly Metrics And Ratios for Arcutis Biotherapeutics

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Arcutis Biotherapeutics' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools