ARWR financial statements

The full income statement, balance sheet, and cash-flow statement for Arrowhead Pharmaceuticals Inc. (ARWR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 124.3M2024-09 124.4M2024-12 126.1M2025-03 138.1M2025-06 138.3M2025-09 135.8M2025-12 140.0M2026-03 140.9M2026-06 141.3M+13.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofSep 30 ’25	as ofSep 30 ’24	as ofSep 30 ’23	as ofSep 30 ’22	as ofSep 30 ’21
Revenue	829M YoY+23258.2%	3.55M YoY-98.5%	241M YoY-1.0%	243M YoY+75.9%	138M YoY+57.2%
	731M YoY+20.9%	605M YoY+35.6%	446M YoY+5.7%	422M YoY+46.8%	287M YoY+58.6%
Research & development	607M YoY+20.0%	506M YoY+43.2%	353M YoY+18.8%	297M YoY+44.1%	206M YoY+60.1%
Selling, general & administrative	124M YoY+25.5%	98.8M YoY+6.7%	92.5M YoY-25.6%	124M YoY+53.7%	81.0M YoY+54.9%
General & administrative	124M YoY+25.5%	98.8M YoY+6.7%	92.5M YoY-25.6%	124M YoY+53.7%	81.0M YoY+54.9%
Amortization of intangibles	1.70M YoY+0.0%	1.70M YoY+0.0%	1.70M YoY+0.0%	1.70M YoY+0.0%	1.70M YoY+0.0%
Operating income	98.3M YoY+116.4%	-601M YoY-193.2%	-205M YoY-14.8%	-179M YoY-19.8%	-149M YoY-60.0%
Interest expense	89.4M YoY+176.2%	32.4M YoY+76.5%	18.3M	0.00	0.00
Other non-operating income	5.26M YoY+400.9%	-1.75M YoY-213.7%	1.54M YoY+101.0%	765K YoY-63.0%	2.07M YoY+455.1%
Pre-tax income	51.5M YoY+108.4%	-612M YoY-196.6%	-206M YoY-19.6%	-173M YoY-22.6%	-141M YoY-66.6%
Income tax	21.4M YoY+874.1%	-2.77M YoY-199.4%	2.78M YoY-26.4%	3.79M YoY+189150.0%	2.00K YoY+0.0%
	-1.63M YoY+99.7%	-599M YoY-192.0%	-205M YoY-16.6%	-176M YoY-25.0%	-141M YoY-66.6%
Net income to non-controlling interest	31.7M YoY+411.2%	-10.2M YoY-155.0%	-4.00M YoY-828.1%	-431K	0.00
	-$0.01 YoY+99.8%	-$5.00 YoY-160.4%	-$1.92 YoY-15.0%	-$1.67 YoY-22.8%	-$1.36 YoY-61.9%
EPS (basic)	-$0.01 YoY+99.8%	-$5.00 YoY-160.4%	-$1.92 YoY-15.0%	-$1.67 YoY-22.8%	-$1.36 YoY-61.9%
	134M YoY+11.7%	120M YoY+12.2%	107M YoY+1.3%	105M YoY+1.6%	104M YoY+3.0%
	134M YoY+11.7%	120M YoY+12.2%	107M YoY+1.3%	105M YoY+1.6%	104M YoY+3.0%
Balance Sheet	as ofSep 30 ’25	as ofSep 30 ’24	as ofSep 30 ’23	as ofSep 30 ’22	as ofSep 30 ’21
	951M YoY+36.7%	695M YoY+67.0%	416M YoY+2.8%	405M YoY+5.4%	385M YoY+19.3%
Cash & equivalents	227M YoY+120.6%	103M YoY-7.4%	111M YoY+2.7%	108M YoY-41.4%	184M YoY+28.5%
Short-term investments	693M	—	—	0.00 YoY-100.0%	127M YoY+49.1%
Accounts receivable	6.82M	0.00	0.00 YoY-100.0%	1.41M YoY-86.3%	10.3M YoY+1112.2%
Prepaid expenses	10.9M YoY+14.6%	9.54M YoY+8.2%	8.81M YoY+20.9%	7.29M YoY+67.1%	4.36M YoY+2.6%
Other current assets	13.5M YoY+171.8%	4.97M YoY+23.3%	4.03M YoY-80.0%	20.2M YoY+822.1%	2.19M YoY+23.0%
	1.39B YoY+21.5%	1.14B YoY+48.9%	766M YoY+10.6%	692M YoY-2.6%	710M YoY+35.9%
Property, plant & equipment	383M YoY-0.9%	386M YoY+33.0%	290M YoY+163.2%	110M YoY+126.6%	48.7M YoY+57.6%
Operating lease right-of-use	43.9M YoY-3.0%	45.3M YoY-0.1%	45.3M YoY-22.3%	58.3M YoY+236.0%	17.3M YoY+7.5%
Intangible assets	6.86M YoY-19.9%	8.56M YoY-16.6%	10.3M YoY-14.2%	12.0M YoY-12.4%	13.7M YoY-11.1%
Other non-current assets	1.39M YoY-69.0%	4.48M YoY+37.5%	3.26M YoY+1395.0%	218K YoY-19.9%	272K YoY+3.0%
	195M YoY+89.5%	103M YoY-2.2%	105M YoY-24.1%	139M YoY-5.2%	147M YoY+260.2%
Accounts payable	17.7M YoY+55.2%	11.4M YoY-68.2%	35.9M YoY+1150.6%	2.87M YoY-69.7%	9.46M YoY+38.5%
Accrued liabilities	90.4M YoY+43.5%	63.0M YoY+58.5%	39.8M YoY-15.1%	46.9M YoY+234.7%	14.0M YoY+159.8%
Deferred revenue	2.40M	0.00 YoY-100.0%	866K YoY-98.8%	74.1M YoY-33.3%	111M YoY+475.7%
Current lease liability	7.29M YoY+14.9%	6.34M YoY-40.0%	10.6M YoY+280.5%	2.78M YoY+23.4%	2.25M YoY+105.5%
Other current liabilities	10.8M YoY+2402.5%	432K YoY-0.7%	435K	0.00	—
Deferred revenue (non-current)	0.00	—	0.00 YoY-100.0%	56.0M YoY-57.5%	131M
Non-current lease liability	104M YoY-6.2%	111M YoY+6.1%	105M YoY+32.8%	78.8M YoY+238.3%	23.3M YoY+16.2%
Operating lease liability (total)	111M YoY-5.1%	117M YoY+1.9%	115M YoY+41.2%	81.6M YoY+219.3%	25.5M YoY+20.8%
Other non-current liabilities	—	—	—	0.00	—
Total non-current liabilities	686M YoY-18.8%	846M YoY+126.7%	373M YoY+176.8%	135M YoY-12.9%	155M YoY+672.3%
	466M YoY+151.3%	185M YoY-31.7%	271M YoY-31.9%	399M YoY-2.5%	409M YoY-11.5%
Common stock	231K YoY+6.5%	217K YoY+8.5%	200K YoY+1.0%	198K YoY+0.5%	197K YoY+1.0%
Additional paid-in capital	2.14B YoY+18.5%	1.81B YoY+38.9%	1.30B YoY+6.7%	1.22B YoY+15.7%	1.05B YoY+9.1%
Retained earnings	-1.63B YoY-0.1%	-1.63B YoY-58.4%	-1.03B YoY-25.0%	-821M YoY-27.3%	-645M YoY-28.0%
Treasury stock	53.2M	0.00	—	—	—
Accumulated other comprehensive income	6.44M YoY+35.6%	4.75M YoY+247.4%	-3.22M YoY-2269.1%	-136K YoY-97.1%	-69.0K YoY-483.3%
Non-controlling interest	37.4M YoY+565.0%	5.62M YoY-64.5%	15.8M YoY-20.2%	19.8M	0.00
Total equity incl. non-controlling	503M YoY+163.5%	191M YoY-33.5%	287M YoY-31.4%	418M YoY+2.3%	409M YoY-11.5%
Total liabilities & equity	1.39B YoY+21.5%	1.14B YoY+48.9%	766M YoY+10.6%	692M YoY-2.6%	710M YoY+35.9%
	138M YoY+11.2%	124M YoY+15.9%	107M YoY+1.3%	106M YoY+1.6%	104M YoY+1.9%
	136M YoY+9.1%	124M YoY+15.9%	107M YoY+1.3%	106M YoY+1.6%	104M YoY+1.9%
	136M YoY+9.1%	124M YoY+15.8%	107M YoY+1.3%	106M YoY+1.4%	105M YoY+1.7%
Cash Flow	as ofSep 30 ’25	as ofSep 30 ’24	as ofSep 30 ’23	as ofSep 30 ’22	as ofSep 30 ’21
	180M YoY+138.8%	-463M YoY-200.8%	-154M YoY-13.0%	-136M YoY-179.5%	171M YoY+278.8%
Depreciation & amortization	22.2M YoY+31.4%	16.9M YoY+57.9%	10.7M YoY+23.0%	8.70M YoY+31.8%	6.60M YoY+57.1%
Intangible amortization	1.70M YoY+0.0%	1.70M YoY+0.0%	1.70M YoY+0.0%	1.70M YoY+0.0%	1.70M YoY+0.0%
Share-based compensation	63.4M YoY-14.3%	74.0M YoY-5.3%	78.1M YoY-35.4%	121M YoY+57.7%	76.7M YoY+76.7%
Deferred income taxes	0.00	0.00	0.00	0.00	0.00
Change in receivables	57.0M	0.00 YoY+100.0%	-1.41M YoY+84.1%	-8.85M YoY-194.0%	9.41M YoY+5013.6%
Change in payables	6.29M YoY+213.5%	-5.54M YoY-116.8%	33.0M YoY+600.8%	-6.59M YoY-350.7%	2.63M YoY+420.1%
	-129M YoY+69.2%	-420M YoY-336.9%	-96.2M YoY-1675.1%	-5.42M YoY+96.2%	-142M YoY+41.2%
Capital expenditure	22.7M YoY-84.0%	141M YoY-20.0%	177M YoY+234.9%	52.8M YoY+123.9%	23.6M YoY+97.2%
Free cash flow	157M YoY+126.0%	-604M YoY-82.8%	-331M YoY-75.0%	-189M YoY-227.9%	148M YoY+237.1%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Purchases of investments	796M YoY+10.4%	721M YoY+192.9%	246M YoY+10.2%	223M YoY-7.2%	241M YoY-13.7%
Sales/maturities of investments	690M YoY+55.9%	442M YoY+35.4%	327M YoY+20.7%	271M YoY+120.9%	123M YoY+144.5%
	74.0M YoY-91.5%	871M YoY+244.0%	253M YoY+288.2%	65.2M YoY+476.6%	11.3M YoY-95.6%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	241M YoY-43.8%	429M	0.00	0.00	0.00 YoY-100.0%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
FX effect on cash	-401K YoY-109.6%	4.20M YoY+3540.2%	-122K YoY-82.1%	-67.0K YoY+23.9%	-88.0K YoY-121.5%
Net change in cash	—	—	—	—	40.9M YoY+152.2%
Interest paid	19.0K	0.00	0.00	0.00	0.00
Income taxes paid	814K YoY+121.7%	-3.74M	0.00 YoY+100.0%	-2.00K YoY+0.0%	-2.00K YoY-101.9%
Valuation Ratios	as ofSep 30 ’25	as ofSep 30 ’24	as ofSep 30 ’23	as ofSep 30 ’22	as ofSep 30 ’21
Market cap	4.68B YoY+94.3%	2.41B YoY-16.3%	2.88B YoY-17.8%	3.50B YoY-46.3%	6.53B YoY+47.5%
P/S	5.6× YoY-99.2%	678.8× YoY+5937.9%	11.2× YoY-22.0%	14.4× YoY-69.5%	47.2× YoY-6.2%
P/B	10.1× YoY-22.7%	13.0× YoY+64.6%	7.9× YoY-10.2%	8.8× YoY-44.9%	16.0× YoY+66.6%
P/FCF	29.9×	—	—	—	44.2×
	3.3%	—	—	—	2.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: ARWR's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ARWR filings on SEC EDGAR → Not investment advice.