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Revolution Medicines

RVMD Q4 2025 Earnings

Reported Feb 25, 2026 at 4:05 PM ET · SEC Source

Q4 25 EPS

$-1.86

MISS 17.72%

Est. $-1.58

Q4 25 Revenue

N/A

vs S&P Since Q4 25

+37.6%

BEATING MARKET

RVMD +42.1% vs S&P +4.5%

Full Year 2025 Results

FY 25 EPS

$-5.95

MISS 7.53%

Est. $-5.53

Market Reaction

Did RVMD Beat Earnings? Q4 2025 Results

Revolution Medicines delivered a sharper-than-expected loss in Q4 2025, missing Wall Street's estimates as the clinical-stage oncology company accelerated spending across its RAS(ON) inhibitor pipeline. The company posted a loss of $1.86 per share, f… Read more Revolution Medicines delivered a sharper-than-expected loss in Q4 2025, missing Wall Street's estimates as the clinical-stage oncology company accelerated spending across its RAS(ON) inhibitor pipeline. The company posted a loss of $1.86 per share, falling short of the $1.58 consensus estimate by 17.72%, as its quarterly net loss widened to $364.89 million from $194.57 million a year earlier. The primary driver was a surge in R&D expenses to $294.94 million, up from $188.10 million in Q4 2024, reflecting intensified clinical trial activity behind lead candidates daraxonrasib, zoldonrasib, and elironrasib, while G&A costs more than doubled to $66.68 million amid commercial preparation efforts. For the full year, the net loss nearly doubled to $1.13 billion. Despite the widening cash burn, Revolution ended 2025 with $2.03 billion in liquidity, supported by a Royalty Pharma arrangement with $1.75 billion in committed future capital remaining. The company guided for 2026 operating expenses of $1.60 billion to $1.70 billion, with investors closely watching a pivotal Phase 3 readout for daraxonrasib expected in the first half of the year.

Key Takeaways

  • • Rapid advancement of five ongoing Phase 3 clinical trials across PDAC and NSCLC
  • • Expansion of clinical pipeline with new combination studies and novel drug candidates
  • • Receipt of $250 million first tranche from Royalty Pharma royalty monetization arrangement

RVMD Forward Guidance & Outlook

Revolution Medicines expects full year 2026 GAAP operating expenses to be between $1.6 billion and $1.7 billion, which includes estimated non-cash stock-based compensation expense of between $180 million and $200 million. The company anticipates a pivotal readout from the RASolute 302 Phase 3 trial in the first half of 2026, expects to substantially complete enrollment in the RASolve 301 Phase 3 trial in 2026, and plans to initiate three additional Phase 3 trials during the year. An additional $1.75 billion in committed future capital remains available under the Royalty Pharma arrangement.

24/7 Wall St

RVMD YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

“We made substantial clinical progress over the past year continuing to advance our broad portfolio of RAS(ON) inhibitors across multiple tumor types and disease settings. Our focus remains on executing high-quality clinical programs and leveraging our innovation platform to discover and develop potentially groundbreaking approaches aimed at improving outcomes for patients with RAS-addicted cancers. We expect a pivotal readout from RASolute 302 in the first half of 2026, which represents an important milestone for daraxonrasib, for patients with pancreatic cancer, and for our RAS(ON)-targeting strategy overall.”

— Mark A. Goldsmith, Q4 2025 Earnings Press Release

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