VRTX financial statements

The full income statement, balance sheet, and cash-flow statement for Vertex Pharmaceuticals Incorporated (VRTX), 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)

2024-06 258.1M2024-09 257.5M2024-12 256.8M2025-03 256.8M2025-06 256.4M2025-09 253.7M2025-12 254.0M2026-03 253.8M2026-06 253.5M-1.8% 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 ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	12.0B YoY+8.9%	11.0B YoY+11.7%	9.87B YoY+10.5%	8.93B YoY+17.9%	7.57B YoY+22.1%
Cost of revenue	1.65B YoY+7.9%	1.53B YoY+21.3%	1.26B YoY+16.8%	1.08B YoY+19.5%	904M YoY+22.8%
Research & development	3.91B YoY+7.7%	3.63B YoY+14.8%	3.16B YoY+24.5%	2.54B YoY-16.7%	3.05B YoY+66.8%
Selling, general & administrative	1.75B YoY+19.7%	1.46B YoY+28.8%	1.14B YoY+20.3%	945M YoY+12.5%	840M YoY+9.0%
Amortization of intangibles	20.2M YoY+0.0%	20.2M YoY+1088.2%	1.70M	—	—
Operating income	4.17B YoY+1891.9%	-233M YoY-106.1%	3.83B YoY-11.0%	4.31B YoY+54.8%	2.78B YoY-2.6%
Interest expense	13.3M YoY-56.5%	30.6M YoY-30.6%	44.1M YoY-19.5%	54.8M	—
Net interest income	—	—	-44.1M YoY+19.5%	-54.8M YoY+10.9%	-61.5M YoY-5.7%
Other non-operating income	-7.70M YoY+91.1%	-86.1M YoY-277.6%	-22.8M YoY+86.2%	-165M YoY-3463.3%	4.90M YoY-98.3%
Gain (loss) on equity securities	—	-57.7M YoY-9516.7%	-600K YoY+99.6%	-149M YoY-971.9%	17.1M YoY-94.5%
Pre-tax income	4.64B YoY+1768.5%	249M YoY-94.3%	4.38B YoY+3.5%	4.23B YoY+55.0%	2.73B YoY-12.4%
Income tax	690M YoY-12.0%	784M YoY+3.1%	760M YoY-16.5%	910M YoY+134.5%	388M YoY-4.2%
Net income	3.95B YoY+838.1%	-536M YoY-114.8%	3.62B YoY+9.0%	3.32B YoY+41.8%	2.34B YoY-13.6%
	$15.32 YoY+836.5%	-$2.08 YoY-115.0%	$13.89 YoY+8.3%	$12.82 YoY+42.3%	$9.01 YoY-12.4%
EPS (basic)	$15.46 YoY+843.3%	-$2.08 YoY-114.8%	$14.05 YoY+8.3%	$12.97 YoY+42.7%	$9.09 YoY-12.9%
	256M YoY-0.9%	258M YoY+0.1%	258M YoY+0.6%	256M YoY-0.6%	258M YoY-0.8%
	258M YoY+0.0%	258M YoY-1.0%	261M YoY+0.5%	259M YoY-0.3%	260M YoY-1.3%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	11.2B YoY+16.7%	9.60B YoY-32.2%	14.1B YoY+6.9%	13.2B YoY+38.4%	9.56B YoY+17.5%
Cash & equivalents	5.08B YoY+11.3%	4.57B YoY-55.9%	10.4B YoY-1.3%	10.5B YoY+54.6%	6.79B YoY+13.5%
Short-term investments	1.52B YoY-1.5%	1.55B YoY+82.1%	849M YoY+209.4%	275M YoY-62.4%	730M YoY+8.8%
Accounts receivable	2.05B YoY+27.6%	1.61B YoY+2.9%	1.56B YoY+8.4%	1.44B YoY+26.9%	1.14B YoY+28.4%
Inventory	1.69B YoY+39.9%	1.21B YoY+63.2%	739M YoY+60.4%	461M YoY+30.4%	353M YoY+25.7%
Prepaid expenses	853M YoY+28.2%	666M YoY+6.7%	624M YoY+12.7%	554M YoY+1.4%	546M YoY+77.0%
Other current assets	111M YoY+45.2%	76.4M YoY-9.4%	84.3M YoY+13.3%	74.4M YoY+25.7%	59.2M YoY-25.7%
	25.6B YoY+13.8%	22.5B YoY-0.9%	22.7B YoY+25.2%	18.2B YoY+35.1%	13.4B YoY+14.3%
Operating lease right-of-use	1.56B YoY+15.2%	1.36B YoY+362.1%	294M YoY-15.5%	347M YoY+5.2%	330M YoY+1.4%
Goodwill	1.09B YoY+0.0%	1.09B YoY+0.0%	1.09B YoY+0.0%	1.09B YoY+8.6%	1.00B YoY+0.0%
Intangible assets	424M YoY-48.6%	826M YoY-1.7%	840M YoY+39.1%	604M YoY+50.9%	400M YoY+0.0%
Long-term investments	5.71B YoY+11.8%	5.11B YoY+104.5%	2.50B YoY+2126.2%	112M	—
Deferred tax assets	2.90B YoY+24.3%	2.33B YoY+28.6%	1.81B YoY+45.3%	1.25B YoY+33.4%	935M YoY+5.9%
Other non-current assets	1.24B YoY+23.7%	999M YoY+11.6%	895M YoY+118.6%	410M YoY+269.7%	111M YoY+124.7%
	3.86B YoY+8.3%	3.56B YoY+0.5%	3.55B YoY+29.4%	2.74B YoY+28.0%	2.14B YoY+14.1%
Accounts payable	462M YoY+11.8%	413M YoY+13.2%	365M YoY+20.1%	304M YoY+55.8%	195M YoY+25.7%
Accrued liabilities	2.97B YoY+6.5%	2.79B YoY+5.0%	2.66B YoY+24.9%	2.13B YoY+26.7%	1.68B YoY+19.5%
Current lease liability	77.3M YoY-11.3%	87.1M YoY+163.1%	33.1M YoY-31.9%	48.6M YoY+45.9%	33.3M YoY+217.1%
Other current liabilities	428M YoY+18.0%	363M YoY-31.1%	527M YoY+69.2%	312M YoY+16.1%	268M YoY-15.4%
Finance lease liability (current)	5.50M YoY+5.8%	5.20M YoY-89.7%	50.6M YoY+24.0%	40.8M YoY-13.0%	46.9M YoY+10.6%
	6.98B YoY+13.9%	6.12B YoY+18.9%	5.15B YoY+21.5%	4.24B YoY+27.2%	3.33B YoY+8.7%
Non-current lease liability	1.85B YoY+19.6%	1.54B YoY+343.0%	349M YoY-8.1%	380M YoY+0.6%	377M YoY+7.7%
Operating lease liability (total)	1.92B YoY+17.9%	1.63B YoY+327.4%	382M YoY-10.8%	428M YoY+4.2%	411M YoY+13.8%
Finance lease liability (total)	112M YoY-4.9%	118M YoY-72.3%	427M YoY-9.5%	472M YoY-15.3%	557M YoY-4.3%
Finance lease liability	107M YoY-5.4%	113M YoY-70.0%	376M YoY-12.7%	431M YoY-15.5%	510M YoY-5.4%
Other non-current liabilities	1.27B YoY+25.1%	1.01B YoY+15.6%	878M YoY+28.0%	686M YoY+126.1%	303M YoY+179.8%
	18.7B YoY+13.7%	16.4B YoY-6.7%	17.6B YoY+26.4%	13.9B YoY+37.7%	10.1B YoY+16.3%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	2.50M YoY-3.8%	2.60M YoY+0.0%	2.60M YoY+0.0%	2.60M YoY+4.0%	2.50M YoY-3.8%
Additional paid-in capital	5.12B YoY-23.3%	6.67B YoY-10.4%	7.45B YoY+0.9%	7.39B YoY+7.3%	6.88B YoY-12.8%
Retained earnings	13.6B YoY+41.2%	9.61B YoY-5.3%	10.1B YoY+55.5%	6.52B YoY+103.8%	3.20B YoY+272.7%
Accumulated other comprehensive income	-15.9M YoY-112.4%	128M YoY+993.7%	-14.3M YoY-1887.5%	800K YoY-95.0%	15.9M YoY+123.2%
Total equity incl. non-controlling	—	—	—	—	10.1B YoY+16.3%
Total liabilities & equity	25.6B YoY+13.8%	22.5B YoY-0.9%	22.7B YoY+25.2%	18.2B YoY+35.1%	13.4B YoY+14.3%
	254M YoY-1.1%	257M YoY-0.3%	258M YoY+0.3%	257M YoY+1.0%	254M YoY-2.1%
	254M YoY-1.1%	257M YoY-0.3%	258M YoY+0.3%	257M YoY+1.0%	254M YoY-2.1%
	254M YoY-1.1%	257M YoY-0.6%	258M YoY+0.5%	257M YoY+1.0%	255M YoY-2.1%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.63B YoY+837.2%	-493M YoY-113.9%	3.54B YoY-14.3%	4.13B YoY+56.2%	2.64B YoY-18.7%
Depreciation & amortization	210M YoY+1.3%	207M YoY+14.3%	181M YoY+22.3%	148M YoY+18.1%	126M YoY+14.7%
Intangible amortization	20.2M YoY+0.0%	20.2M YoY+1088.2%	1.70M	—	—
Share-based compensation	686M YoY-1.8%	699M YoY+20.2%	581M YoY+18.3%	491M YoY+11.3%	441M YoY+2.8%
Deferred income taxes	-511M YoY-46.4%	-349M YoY+35.0%	-537M YoY-94.5%	-276M YoY-78.5%	-155M YoY-155.8%
Change in receivables	347M YoY+249.7%	99.3M YoY+18.1%	84.1M YoY-76.5%	359M YoY+30.5%	275M YoY+23.0%
Change in inventory	524M YoY+1.3%	517M YoY+60.2%	323M YoY+136.7%	136M YoY+47.0%	92.8M YoY-29.7%
Change in payables	36.8M YoY-25.7%	49.5M YoY+1.6%	48.7M YoY-59.7%	121M YoY+278.7%	31.9M YoY-37.8%
	-945M YoY+74.9%	-3.77B YoY-20.0%	-3.14B YoY-878.4%	-321M YoY+5.8%	-341M YoY-443.0%
Capital expenditure	438M YoY+47.0%	298M YoY+48.6%	200M YoY-2.1%	205M YoY-12.9%	235M YoY-9.5%
Free cash flow	3.19B YoY+504.1%	-790M YoY-123.7%	3.34B YoY-15.0%	3.93B YoY+63.0%	2.41B YoY-19.5%
Acquisitions	0.00	0.00	0.00 YoY-100.0%	296M	0.00
Sales/maturities of investments	—	—	—	—	499M YoY+34.1%
Other investing activities	24.7M YoY-54.3%	54.0M YoY+74.2%	31.0M YoY-35.1%	47.8M	—
	-2.26B YoY-51.3%	-1.49B YoY-165.9%	-562M YoY-730.4%	-67.7M YoY+95.4%	-1.48B YoY-192.5%
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	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	2.02B YoY+71.4%	1.18B YoY+175.3%	428M	0.00 YoY-100.0%	1.43B YoY+164.4%
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	3.70M YoY-40.3%	6.20M YoY+244.4%	1.80M YoY-48.6%	3.50M YoY-38.6%	5.70M YoY+416.7%
FX effect on cash	90.9M YoY+313.4%	-42.6M YoY-258.4%	26.9M YoY+192.1%	-29.2M YoY-117.9%	-13.4M YoY-165.0%
Net change in cash	516M YoY+108.9%	-5.80B YoY-4051.8%	-140M YoY-103.8%	3.71B YoY+357.6%	811M YoY-71.7%
Interest paid	12.4M YoY-59.3%	30.5M YoY-29.2%	43.1M YoY-17.6%	52.3M YoY-7.1%	56.3M YoY+3.3%
Income taxes paid	1.57B YoY+44.8%	1.08B YoY-35.5%	1.68B YoY+58.6%	1.06B YoY+122.1%	476M YoY+148.3%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	115B YoY+11.4%	103B YoY-1.4%	105B YoY+41.4%	74.1B YoY+32.6%	55.9B YoY-9.0%
P/E	29.1×	—	30.2× YoY+33.4%	22.6× YoY-5.1%	23.9× YoY+5.4%
P/S	9.6× YoY+2.3%	9.4× YoY-13.6%	10.9× YoY+27.5%	8.5× YoY+15.4%	7.4× YoY-25.4%
P/B	6.2× YoY-2.1%	6.3× YoY-0.8%	6.3× YoY+11.6%	5.7× YoY+2.8%	5.5× YoY-21.7%
P/FCF	36.1×	—	24.9× YoY+28.3%	19.4× YoY-16.3%	23.2× YoY+13.1%
	3.4%	—	3.3% YoY-25.1%	4.4% YoY+5.4%	4.2% YoY-5.1%
	2.8%	—	4.0% YoY-22.0%	5.1% YoY+19.4%	4.3% YoY-11.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: VRTX'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 VRTX filings on SEC EDGAR → Not investment advice.