Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.58M | $14.3M | $43.0M | $25.9M | $53.6M | $131M | $78.5M | $263M | $263M |
| Revenue growth | — | 89.0% | 200.2% | -39.8% | 106.9% | 145.1% | -40.3% | 235.5% | -0.3% |
| Operating income | -$24.8M | -$43.8M | -$51.5M | -$121M | -$188M | -$263M | -$402M | -$250M | -$119M |
| Operating margin | -326.7% | -305.8% | -119.8% | -466.4% | -351.5% | -200.3% | -511.5% | -95.0% | -45.1% |
| Net income | -$24.0M | -$41.5M | -$70.3M | -$119M | -$191M | -$283M | -$367M | -$199M | -$80.8M |
| Net margin | -317.3% | -289.6% | -163.5% | -460.6% | -356.3% | -215.0% | -467.9% | -75.5% | -30.8% |
| EPS (diluted) | -$15.08 | -$25.45 | -$2.13 | -$3.02 | -$3.82 | -$5.31 | -$6.62 | -$2.77 | -$1.14 |
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.11M | -$16.1M | -$40.6M | -$89.7M | $559M | -$274M | -$348M | -$259M | -$274M |
| Capital expenditures | $1.01M | $2.83M | $6.30M | $6.40M | $4.70M | $6.80M | $2.90M | $1.80M | $1.90M |
| Free cash flow | $4.10M | -$18.9M | -$46.9M | -$96.1M | $555M | -$280M | -$351M | -$261M | -$276M |
| Share buybacks | — | — | — | — | — | — | $0.00 | $0.00 | $91.9M |
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $30.9M | $3.19M | $9.21M | $588M | $108M | $81.3M | $312M | $101M | $143M |
| Total assets | $66.8M | $199M | $302M | $717M | $1.58B | $1.27B | $1.30B | $1.09B | $718M |
| Total liabilities | $66.6M | $62.6M | $75.0M | $75.2M | $800M | $704M | $645M | $530M | $284M |
| Long-term debt | $151K | $2.00M | $2.00M | $2.00M | $1.00M | $1.00M | $800K | $600K | $400K |
| Shareholders' equity | -$61.2M | $137M | $227M | $642M | $782M | $565M | $660M | $562M | $434M |
| Retained earnings | -$62.4M | -$302M | -$373M | -$492M | -$683M | -$965M | -$1.33B | -$1.53B | -$1.61B |
| Shares (wtd avg diluted) | — | 31.2M | 32.9M | 39.5M | 50.0M | 53.2M | 55.5M | 71.9M | 70.9M |
Every figure is extracted from ARVINAS, INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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