Arcutis Biotherapeutics (ARQT) Financials

$21.15 +0.04 (+0.19%)

Closing price 05/27/2026 04:00 PM Eastern

Extended Trading

$21.41 +0.26 (+1.22%)

As of 04:00 AM 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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-45	-66	-35	-52	-42	-11	-25	-16	7.41	17	-11
Consolidated Net Income / (Loss)	-45	-66	-35	-52	-42	-11	-25	-16	7.41	17	-11
Net Income / (Loss) Continuing Operations	-45	-66	-35	-52	-42	-11	-25	-16	7.41	17	-11
Total Pre-Tax Income	-42	-66	-35	-52	-42	-27	-25	-16	7.49	18	-11
Total Operating Income	-37	-61	-32	-50	-39	-7.63	-25	-15	8.53	18	-9.09
Total Gross Profit	37	11	46	27	39	64	57	74	91	118	96
Total Revenue	38	14	50	31	45	71	66	82	99	130	105
Operating Revenue	38	14	50	31	45	71	66	82	99	130	105
Total Cost of Revenue	1.18	2.25	3.26	3.46	5.50	6.91	8.83	7.49	8.69	12	9.78
Operating Cost of Revenue	1.18	2.25	3.26	3.46	5.50	6.91	8.83	7.49	8.69	12	9.78
Total Operating Expenses	74	72	78	77	78	72	82	89	82	99	105
Selling, General & Admin Expense	48	49	55	58	59	58	64	69	62	79	74
Research & Development Expense	26	24	23	19	20	14	18	19	20	20	31
Total Other Income / (Expense), net	-4.84	-5.03	-3.44	-2.26	-2.47	-19	-0.25	-0.93	-1.04	-0.52	-2.11
Interest Expense	7.56	7.76	7.48	7.48	6.65	5.55	2.98	3.03	3.07	3.00	4.37
Interest & Investment Income	-	-	-	-	-	-	2.54	-	-	-	2.28
Other Income / (Expense), net	2.72	2.74	4.04	5.23	4.18	-	0.19	2.10	2.04	-6.42	-0.02
Income Tax Expense	3.02	0.09	0.32	0.00	0.00	0.32	0.28	0.34	0.08	0.47	0.09
Basic Earnings per Share	($0.73)	($0.58)	($0.32)	($0.42)	($0.33)	($0.09)	($0.20)	($0.13)	$0.06	$0.14	($0.09)
Weighted Average Basic Shares Outstanding	61.73M	69.31M	111.05M	123.48M	124.30M	120.96M	126.04M	127.00M	127.62M	127.23M	129.37M
Diluted Earnings per Share	($0.73)	($0.58)	($0.32)	($0.42)	($0.33)	($0.09)	($0.20)	($0.13)	$0.06	$0.14	($0.09)
Weighted Average Diluted Shares Outstanding	61.73M	69.31M	111.05M	123.48M	124.30M	120.96M	126.04M	127.00M	132.88M	127.23M	129.37M
Weighted Average Basic & Diluted Shares Outstanding	94.38M	0.00	115.76M	116.89M	117.04M	118.64M	119.20M	119.91M	122.49M	124.03M	125.08M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
Net Change in Cash & Equivalents	2.36	-19	101	-106	51	-64	-18	19	-26	-4.21	-8.15
Net Cash From Operating Activities	-44	-56	-32	-45	-35	-0.75	-30	0.32	-1.75	26	2.24
Net Cash From Continuing Operating Activities	-44	-56	-32	-44	-35	-0.75	-30	0.32	-1.75	26	2.24
Net Income / (Loss) Continuing Operations	-45	-66	-35	-52	-42	-11	-25	-16	7.41	17	-11
Consolidated Net Income / (Loss)	-45	-66	-35	-52	-42	-11	-25	-16	7.41	17	-11
Amortization Expense	-1.35	-1.29	-1.54	-2.20	-0.42	-0.78	2.12	-0.13	0.01	0.57	0.38
Non-Cash Adjustments To Reconcile Net Income	11	11	11	14	10	12	10	11	11	11	11
Changes in Operating Assets and Liabilities, net	-9.18	0.41	-5.44	-4.27	-3.80	-1.57	-18	5.13	-20	-2.33	1.79
Net Cash From Investing Activities	46	-62	-29	-62	85	35	12	17	-25	-34	-11
Net Cash From Continuing Investing Activities	46	-62	-29	-62	85	35	12	17	-25	-34	-11
Purchase of Property, Plant & Equipment	-0.06	-0.01	0.00	-	-0.14	-	-0.61	-0.08	-	-	0.00
Purchase of Investments	-22	-118	-106	-126	-5.69	-17	-56	-33	-69	-89	-62
Sale and/or Maturity of Investments	68	56	77	64	91	57	68	61	43	55	51
Net Cash From Financing Activities	0.87	99	162	1.46	0.39	-97	0.40	1.38	1.48	3.72	1.07
Net Cash From Continuing Financing Activities	0.87	99	162	1.46	0.39	-97	0.40	1.38	1.48	3.72	1.07
Other Financing Activities, net	0.87	0.21	0.08	0.81	0.39	1.53	0.40	0.06	1.48	2.67	1.07
Effect of Exchange Rate Changes	-0.08	0.07	-0.07	-0.03	0.10	-0.23	0.00	0.20	-0.10	0.06	-0.12
Cash Interest Paid	6.55	6.58	6.51	6.51	6.23	2.96	2.57	2.60	2.62	2.54	2.91

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	Q1 2026
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	3/31/2026
Total Assets	509	379	321	293	479	445	437	344	352	371	460
Total Current Assets	497	368	309	282	468	435	424	324	333	349	438
Cash & Equivalents	82	81	105	107	190	84	135	53	73	47	35
Restricted Cash	1.23	0.93	0.93	0.93	0.62	0.62	0.62	0.62	0.31	0.31	0.31
Short-Term Investments	395	251	164	120	214	278	196	145	118	144	189
Accounts Receivable	2.43	13	17	19	37	43	60	85	107	115	144
Inventories, net	4.31	8.55	10	14	13	14	14	17	16	22	37
Prepaid Expenses	12	13	12	20	13	14	18	23	19	20	32
Plant, Property, & Equipment, net	1.94	2.07	1.87	1.74	1.37	1.35	1.19	1.50	1.39	1.22	1.04
Total Noncurrent Assets	10	9.71	9.95	9.68	9.11	8.82	12	19	18	21	21
Intangible Assets	7.38	7.00	6.81	6.63	6.25	6.06	9.79	17	16	15	14
Other Noncurrent Operating Assets	2.88	2.71	3.14	3.05	2.86	2.76	2.66	2.44	2.32	5.16	6.66
Total Liabilities & Shareholders' Equity	509	379	321	293	479	445	437	344	352	371	460
Total Liabilities	238	240	240	246	254	258	281	201	213	213	270
Total Current Liabilities	37	37	37	42	47	51	172	91	104	100	163
Short-Term Debt	-	-	-	-	-	-	100	-	1.00	1.00	7.95
Accounts Payable	8.67	12	17	13	13	7.94	19	25	15	5.80	18
Accrued Expenses	28	24	19	28	34	43	53	66	88	93	137
Total Noncurrent Liabilities	201	203	204	204	206	207	108	110	110	113	107
Long-Term Debt	197	199	200	201	203	204	105	108	107	107	101
Other Noncurrent Operating Liabilities	4.29	3.94	3.76	3.57	3.49	3.17	3.19	2.70	2.47	5.64	5.68
Commitments & Contingencies	0.00	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	190
Total Preferred & Common Equity	271	140	81	47	225	186	157	143	139	158	190
Total Common Equity	271	140	81	47	225	186	157	143	139	158	190
Common Stock	920	940	952	963	1,242	1,256	1,267	1,290	1,302	1,314	1,340
Retained Earnings	-648	-800	-871	-916	-1,017	-1,070	-1,111	-1,147	-1,163	-1,155	-1,149
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	-0.51

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	124,033,382.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	124,033,382.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.09
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5,156.41%	356.81%	1,682.42%	494.57%	17.44%	427.58%	32.84%	164.13%	121.69%	81.48%	60.07%
EBITDA Growth	65.81%	11.30%	61.33%	27.96%	0.52%	86.11%	32.54%	73.12%	129.94%	157.48%	60.71%
EBIT Growth	66.75%	10.25%	62.25%	29.53%	-2.05%	86.94%	20.96%	72.09%	130.27%	156.89%	62.57%
NOPAT Growth	64.77%	10.60%	58.54%	24.99%	-5.86%	87.52%	22.43%	70.82%	130.85%	435.12%	62.95%
Net Income Growth	58.44%	7.96%	55.83%	26.28%	7.21%	83.72%	29.17%	69.64%	117.84%	261.24%	54.93%
EPS Growth	61.38%	51.26%	75.57%	63.79%	54.79%	84.48%	37.50%	69.05%	118.18%	255.56%	55.00%
Operating Cash Flow Growth	35.03%	20.86%	60.67%	32.14%	21.14%	98.67%	3.87%	100.72%	94.94%	3,600.67%	107.37%
Free Cash Flow Firm Growth	18.26%	-1.55%	47.66%	28.69%	32.18%	62.74%	-13.04%	24.47%	3.34%	3.20%	35.02%
Invested Capital Growth	282.40%	609.07%	350.38%	154.53%	54.51%	104.59%	121.70%	105.63%	150.06%	113.28%	44.97%
Revenue Q/Q Growth	634.28%	-64.51%	0.00%	-37.75%	45.04%	59.45%	-7.73%	23.78%	21.74%	30.52%	-18.61%
EBITDA Q/Q Growth	45.72%	-68.48%	0.00%	-61.98%	25.04%	76.47%	-136.11%	35.23%	183.59%	18.64%	-169.59%
EBIT Q/Q Growth	46.29%	-70.94%	0.00%	-62.62%	22.22%	78.12%	-185.63%	42.59%	184.39%	13.33%	-176.10%
NOPAT Q/Q Growth	44.72%	-65.75%	0.00%	-58.36%	21.99%	80.46%	-221.40%	40.43%	182.47%	112.25%	-135.54%
Net Income Q/Q Growth	36.94%	-48.07%	0.00%	-47.91%	20.63%	74.03%	-132.30%	36.61%	146.64%	134.75%	-164.93%
EPS Q/Q Growth	37.07%	20.55%	0.00%	-31.25%	21.43%	72.73%	-122.22%	35.00%	146.15%	133.33%	-164.29%
Operating Cash Flow Q/Q Growth	33.84%	-27.87%	0.00%	-42.77%	23.12%	97.84%	-3,961.50%	101.07%	-641.36%	1,592.87%	-91.45%
Free Cash Flow Firm Q/Q Growth	22.59%	-14.31%	0.00%	-28.15%	26.38%	37.20%	-90.81%	14.38%	5.78%	37.11%	-28.08%
Invested Capital Q/Q Growth	82.25%	-9.16%	0.00%	16.85%	10.63%	20.29%	42.57%	8.38%	34.54%	2.60%	-3.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	96.90%	83.39%	93.43%	88.77%	87.70%	90.32%	86.59%	90.81%	91.25%	90.97%	90.72%
EBITDA Margin	-92.70%	-440.03%	-58.39%	-151.94%	-78.53%	-11.59%	-29.65%	-15.52%	10.66%	9.69%	-8.28%
Operating Margin	-96.84%	-452.23%	-63.79%	-162.28%	-87.29%	-10.70%	-37.25%	-17.93%	8.59%	14.20%	-8.62%
EBIT Margin	-89.70%	-432.00%	-55.64%	-145.34%	-77.94%	-10.70%	-33.11%	-15.36%	10.64%	9.24%	-8.64%
Profit (Net Income) Margin	-117.47%	-490.05%	-71.38%	-169.59%	-92.81%	-15.12%	-38.06%	-19.49%	7.47%	13.43%	-10.72%
Tax Burden Percent	107.24%	100.14%	100.92%	100.00%	100.00%	40.50%	101.13%	102.20%	98.93%	97.37%	100.83%
Interest Burden Percent	122.11%	113.28%	127.12%	116.69%	119.07%	349.03%	113.68%	124.20%	70.92%	149.26%	122.98%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.07%	2.63%	0.00%
Return on Invested Capital (ROIC)	-756.22%	-2,656.30%	0.00%	0.00%	0.00%	-54.65%	-148.32%	-79.60%	51.35%	91.76%	-39.72%
ROIC Less NNEP Spread (ROIC-NNEP)	-743.95%	-2,639.78%	0.00%	0.00%	0.00%	-48.98%	-142.93%	-74.93%	52.33%	92.19%	-34.93%
Return on Net Nonoperating Assets (RNNOA)	723.35%	2,514.03%	0.00%	0.00%	0.00%	38.27%	113.83%	55.80%	-34.83%	-62.09%	21.65%
Return on Equity (ROE)	-32.87%	-142.27%	0.00%	0.00%	0.00%	-16.38%	-34.49%	-23.80%	16.53%	29.67%	-18.07%
Cash Return on Invested Capital (CROIC)	-1,048.10%	-1,074.23%	-127.32%	-87.17%	-42.84%	-402.47%	-302.60%	-213.78%	-136.60%	-87.42%	-33.15%
Operating Return on Assets (OROA)	-10.97%	-65.14%	0.00%	0.00%	0.00%	-6.09%	-17.13%	-10.15%	8.37%	8.89%	-8.93%
Return on Assets (ROA)	-14.37%	-73.89%	0.00%	0.00%	0.00%	-8.61%	-19.69%	-12.88%	5.87%	12.92%	-11.08%
Return on Common Equity (ROCE)	-32.87%	-142.27%	0.00%	0.00%	0.00%	-16.38%	-34.49%	-23.80%	16.53%	29.67%	-18.07%
Return on Equity Simple (ROE_SIMPLE)	-573.40%	0.00%	0.00%	0.00%	0.00%	0.00%	-90.93%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-26	-43	-22	-35	-27	-5.34	-17	-10	8.43	18	-6.36
NOPAT Margin	-67.79%	-316.56%	-44.66%	-113.60%	-61.10%	-7.49%	-26.08%	-12.55%	8.50%	13.82%	-6.04%
Net Nonoperating Expense Percent (NNEP)	-12.27%	-16.52%	-7.88%	-15.09%	-18.45%	-5.66%	-5.39%	-4.67%	-0.98%	-0.44%	-4.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-14.74%	-	-	-	-2.02%	-6.86%	-4.14%	3.16%	6.00%	-2.13%
Cost of Revenue to Revenue	3.10%	16.61%	6.57%	11.23%	12.30%	9.68%	13.41%	9.19%	8.75%	9.03%	9.28%
SG&A Expenses to Revenue	124.89%	359.86%	110.54%	188.52%	131.42%	80.73%	97.20%	84.87%	62.90%	60.98%	70.28%
R&D to Revenue	68.84%	175.77%	46.68%	62.54%	43.57%	20.29%	26.64%	23.87%	19.76%	15.79%	29.06%
Operating Expenses to Revenue	193.74%	535.63%	157.23%	251.06%	174.99%	101.02%	123.84%	108.73%	82.65%	76.78%	99.34%
Earnings before Interest and Taxes (EBIT)	-34	-58	-28	-45	-35	-7.63	-22	-13	11	12	-9.11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-35	-60	-29	-47	-35	-8.27	-20	-13	11	13	-8.73
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	3.44	4.16	5.78	6.94	10.35	13.01	12.03	14.30	18.77	15.41
Price to Tangible Book Value (P/TBV)	0.00	3.71	4.28	5.97	7.40	11.01	14.71	13.58	15.84	20.37	16.66
Price to Revenue (P/Rev)	0.00	5.11	0.00	0.00	0.00	8.30	8.72	6.34	7.11	9.46	7.03
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)	0.00	13.23	31.54	33.75	31.94	41.72	34.21	28.41	28.96	44.65	37.55
Enterprise Value to Revenue (EV/Rev)	0.00	3.92	0.00	0.00	0.00	7.68	8.29	6.03	6.85	9.16	6.75
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	656.53
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	815.38
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	1,248.21
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	104.00
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	4.30	2.28	0.90	1.09	1.31	0.68	0.75	0.78	0.69	0.58	0.58
Long-Term Debt to Equity	4.30	2.28	0.90	1.09	0.67	0.68	0.75	0.77	0.68	0.57	0.54
Financial Leverage	-0.97	-0.95	-0.92	-0.86	-0.76	-0.78	-0.80	-0.74	-0.67	-0.67	-0.62
Leverage Ratio	2.53	2.65	2.35	2.87	3.59	2.80	2.24	2.45	2.57	2.25	2.42
Compound Leverage Factor	3.08	3.00	2.99	3.35	4.28	9.79	2.54	3.04	1.82	3.36	2.98
Debt to Total Capital	81.12%	69.47%	47.41%	52.23%	56.64%	40.49%	43.00%	43.74%	40.70%	36.51%	36.59%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	27.55%	0.00%	0.00%	0.40%	0.38%	0.34%	2.66%
Long-Term Debt to Total Capital	81.12%	69.47%	47.41%	52.23%	29.09%	40.49%	43.00%	43.34%	40.33%	36.17%	33.93%
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	18.88%	30.53%	52.59%	47.77%	43.36%	59.51%	57.00%	56.26%	59.30%	63.49%	63.41%
Debt to EBITDA	-0.83	-0.86	0.00	0.00	0.00	-0.81	-0.88	-1.27	-2.93	-11.83	25.59
Net Debt to EBITDA	0.11	0.30	0.00	0.00	0.00	0.91	0.75	0.98	2.24	12.20	-26.87
Long-Term Debt to EBITDA	-0.83	-0.86	0.00	0.00	0.00	-0.81	-0.88	-1.26	-2.90	-11.72	23.73
Debt to NOPAT	-1.15	-1.20	0.00	0.00	0.00	-1.19	-1.27	-1.80	-4.05	-12.73	48.65
Net Debt to NOPAT	0.16	0.42	0.00	0.00	0.00	1.35	1.07	1.38	3.10	13.12	-51.08
Long-Term Debt to NOPAT	-1.15	-1.20	0.00	0.00	0.00	-1.19	-1.27	-1.78	-4.02	-12.61	45.12
Altman Z-Score	0.00	-2.70	0.10	-0.17	-0.81	1.98	2.08	1.49	3.77	6.83	4.54
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	6.72	7.08	9.89	8.46	2.46	4.15	3.55	3.20	3.50	3.17	2.68
Quick Ratio	5.89	6.38	9.32	7.90	2.27	3.72	3.11	2.86	3.07	2.83	2.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-56	-64	-40	-52	-38	-24	-45	-39	-37	-23	-30
Operating Cash Flow to CapEx	-68,725.00%	-937,400.00%	0.00%	0.00%	-24,257.34%	0.00%	-4,996.71%	415.38%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-7.40	-8.24	-5.38	-6.89	-5.71	-4.29	-15.25	-12.86	-11.95	-7.69	-6.77
Operating Cash Flow to Interest Expense	-5.82	-7.25	-4.23	-6.03	-5.21	-0.13	-10.19	0.11	-0.57	8.73	0.51
Operating Cash Flow Less CapEx to Interest Expense	-5.83	-7.25	-4.23	-6.03	-5.24	-0.13	-10.39	0.08	-0.57	8.73	0.51
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.15	0.00	0.00	0.00	0.57	0.52	0.66	0.79	0.96	1.03
Accounts Receivable Turnover	4.49	3.48	0.00	0.00	0.00	3.98	3.47	3.51	3.63	3.43	3.62
Inventory Turnover	0.35	0.48	0.00	0.00	0.00	1.38	1.65	1.90	1.75	1.98	1.39
Fixed Asset Turnover	26.70	34.86	0.00	0.00	0.00	152.36	148.56	192.24	264.83	360.91	327.78
Accounts Payable Turnover	0.30	0.48	0.00	0.00	0.00	1.46	1.32	2.50	2.54	2.74	1.76
Days Sales Outstanding (DSO)	81.30	104.91	0.00	0.00	0.00	91.81	105.11	103.97	100.59	106.42	100.90
Days Inventory Outstanding (DIO)	1,030.73	755.62	0.00	0.00	0.00	263.90	220.62	191.86	208.36	184.81	261.78
Days Payable Outstanding (DPO)	1,235.81	761.87	0.00	0.00	0.00	250.09	277.04	146.26	143.66	133.03	207.59
Cash Conversion Cycle (CCC)	-123.77	98.65	0.00	0.00	0.00	105.62	48.68	149.58	165.29	158.20	155.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19	18	23	27	30	36	52	56	75	77	75
Invested Capital Turnover	11.16	8.39	0.00	0.00	0.00	7.30	5.69	6.34	6.04	6.64	6.58
Increase / (Decrease) in Invested Capital	30	21	18	17	11	18	28	29	45	41	23
Enterprise Value (EV)	0.00	234	734	917	961	1,509	1,764	1,588	2,177	3,445	2,807
Market Capitalization	0.00	305	935	1,077	1,087	1,630	1,856	1,671	2,260	3,557	2,922
Book Value per Share	$0.76	$0.94	$2.03	$1.61	$1.34	$1.35	$1.20	$1.17	$1.32	$1.55	$1.53
Tangible Book Value per Share	$0.65	$0.87	$1.97	$1.56	$1.26	$1.27	$1.06	$1.03	$1.19	$1.43	$1.41
Total Capital	248	290	428	390	361	265	250	247	267	298	299
Total Debt	201	202	203	204	205	107	108	108	108	109	109
Total Long-Term Debt	201	202	203	204	105	107	108	107	107	108	101
Net Debt	-27	-71	-202	-159	-127	-121	-91	-83	-83	-112	-115
Capital Expenditures (CapEx)	0.06	0.01	0.00	0.00	0.14	0.00	0.61	0.08	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	11	16	20	20	26	34	39	59	61	58
Debt-free Net Working Capital (DFNWC)	240	284	421	383	351	255	233	230	250	282	283
Net Working Capital (NWC)	240	284	421	383	251	255	233	229	249	281	275
Net Nonoperating Expense (NNE)	19	23	13	17	14	5.45	7.89	5.66	1.02	0.51	4.93
Net Nonoperating Obligations (NNO)	-27	-71	-202	-159	-127	-121	-91	-83	-83	-112	-115
Total Depreciation and Amortization (D&A)	-1.15	-1.09	-1.37	-2.04	-0.26	-0.64	2.27	-0.13	0.01	0.57	0.38
Debt-free, Cash-free Net Working Capital to Revenue	23.70%	18.42%	0.00%	0.00%	0.00%	13.35%	15.90%	14.69%	18.58%	16.25%	14.07%
Debt-free Net Working Capital to Revenue	488.69%	476.06%	0.00%	0.00%	0.00%	129.65%	109.27%	87.24%	78.78%	75.09%	68.04%
Net Working Capital to Revenue	488.69%	476.06%	0.00%	0.00%	0.00%	129.65%	109.27%	86.86%	78.46%	74.82%	66.13%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.73)	($0.58)	($0.32)	($0.42)	($0.33)	($0.09)	($0.20)	($0.13)	$0.06	$0.14	($0.09)
Adjusted Weighted Average Basic Shares Outstanding	61.73M	69.31M	111.05M	123.48M	124.30M	120.96M	126.04M	127.00M	127.62M	127.23M	129.37M
Adjusted Diluted Earnings per Share	($0.73)	($0.58)	($0.32)	($0.42)	($0.33)	($0.09)	($0.20)	($0.13)	$0.06	$0.14	($0.09)
Adjusted Weighted Average Diluted Shares Outstanding	61.73M	69.31M	111.05M	123.48M	124.30M	120.96M	126.04M	127.00M	132.88M	127.23M	129.37M
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	94.38M	0.00	115.76M	116.89M	117.04M	118.64M	119.20M	119.91M	122.49M	124.03M	125.08M
Normalized Net Operating Profit after Tax (NOPAT)	-26	-43	-22	-35	-27	-5.34	-17	-10	8.43	18	-6.36
Normalized NOPAT Margin	-67.79%	-316.56%	-44.66%	-113.60%	-61.10%	-7.49%	-26.08%	-12.55%	8.50%	13.82%	-6.04%
Pre Tax Income Margin	-109.53%	-489.38%	-70.73%	-169.59%	-92.81%	-37.33%	-37.63%	-19.07%	7.55%	13.80%	-10.63%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-4.52	-7.53	-3.69	-5.99	-5.24	-1.37	-7.31	-4.13	3.44	3.99	-2.09
NOPAT to Interest Expense	-3.42	-5.52	-2.96	-4.68	-4.11	-0.96	-5.76	-3.38	2.75	5.97	-1.46
EBIT Less CapEx to Interest Expense	-4.53	-7.53	-3.69	-5.99	-5.26	-1.37	-7.51	-4.16	3.44	3.99	-2.09
NOPAT Less CapEx to Interest Expense	-3.43	-5.52	-2.96	-4.68	-4.13	-0.96	-5.96	-3.40	2.75	5.97	-1.46
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.

05/28/26 04:11 AM ETAI Generated. May Contain Errors.

Arcutis Biotherapeutics Financials - Frequently Asked Questions

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.

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.

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

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%.

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.

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.

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%.

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Financial statements for NASDAQ:ARQT last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Arcutis Biotherapeutics (ARQT) Financials

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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

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Quarterly Balance Sheets for Arcutis Biotherapeutics

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Quarterly Metrics And Ratios for Arcutis Biotherapeutics

Financials Breakdown Chart

Key Financial Trends

Arcutis Biotherapeutics Financials - Frequently Asked Questions

When does Arcutis Biotherapeutics' financial year end?

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

What is Arcutis Biotherapeutics' operating income?

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

How much debt does Arcutis Biotherapeutics have?

How much cash does Arcutis Biotherapeutics have?

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

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