--- title: "Ionis Pharmaceuticals Inc. Metrics Guide" description: "Ionis Pharmaceuticals Inc. revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios explained." canonical: https://www.getswoopr.com/stocks/companies/ionis-pharmaceuticals-inc/financial-metrics/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Ionis Pharmaceuticals Inc. Financial Metrics Guide ## Direct Answer > Ionis Pharmaceuticals Inc. reported revenue of $944 million for the fiscal year ended December 31, 2025, with an operating margin of -40.4% and net income of -$381 million, according to its SEC filings. Revenue grew 33.8% from the prior year. ## What Are Ionis Pharmaceuticals Inc.'s Key Financial Figures? | Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 | | --- | --- | --- | --- | --- | | Revenue | $944 million | $705 million | $788 million | $587 million | | Operating income | -$382 million | -$475 million | -$354 million | -$410 million | | Operating margin | -40.4% | -67.4% | -44.9% | -69.8% | | Net income | -$381 million | -$454 million | -$366 million | -$270 million | | Net margin | -40.4% | -64.4% | -46.5% | -45.9% | | Operating cash flow | -$269 million | -$501 million | -$308 million | -$274 million | | Capital expenditures | $51 million | $45 million | $24 million | $16 million | | Free cash flow | -$320 million | -$546 million | -$331 million | -$290 million | Operating margin widened by 26.9 percentage points between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. Free cash flow (operating cash flow minus capital expenditures) was -$320 million against net income of -$381 million; cash generation covered reported earnings. ![Bar chart of Ionis Pharmaceuticals Inc. revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $944 million, operating income negative $382 million and net income negative $381 million.](https://www.getswoopr.com/images/charts/ionis-pharmaceuticals-inc-metrics-revenue-profit.webp) *Ionis Pharmaceuticals Inc. revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.* ![Line chart of Ionis Pharmaceuticals Inc. operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was -40.4% and net margin was -40.4%.](https://www.getswoopr.com/images/charts/ionis-pharmaceuticals-inc-metrics-margins.webp) *Ionis Pharmaceuticals Inc. operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.* ![Bar chart of Ionis Pharmaceuticals Inc. operating cash flow, capital expenditures, free cash flow for fiscal 2022 to 2025. In fiscal 2025, operating cash flow was negative $269 million, capital expenditures was $51 million, free cash flow was negative $320 million.](https://www.getswoopr.com/images/charts/ionis-pharmaceuticals-inc-metrics-cash-flow.webp) *Ionis Pharmaceuticals Inc. operating cash flow, capital expenditures and free cash flow by fiscal year. Select the chart to open it full size.* ## What Does Ionis Pharmaceuticals Inc.'s Balance Sheet Show? | Cash and cash equivalents | $372 million | | --- | --- | | Long-term debt | $1.3 billion | | Total assets | $3.5 billion | | Total liabilities | $3.0 billion | | Shareholders' equity | $489 million | | Current ratio | 3.8x | Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions. ## Where These Numbers Come From Every figure on this page is a value Ionis Pharmaceuticals Inc. reported in its own SEC filings, read from the SEC's XBRL data (accession 0000874015-26-000115 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 7, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary. Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What was Ionis Pharmaceuticals Inc.'s revenue in fiscal 2025? Ionis Pharmaceuticals Inc. reported revenue of $944 million for the fiscal year ended December 31, 2025, according to its SEC filings. ### What is Ionis Pharmaceuticals Inc.'s operating margin? Ionis Pharmaceuticals Inc.'s operating margin was -40.4% in fiscal 2025: operating income of -$382 million on revenue of $944 million. ### How much free cash flow did Ionis Pharmaceuticals Inc. generate? Operating cash flow of -$269 million less capital expenditures of $51 million gives free cash flow of -$320 million for fiscal 2025. ## References - [SEC EDGAR: IONIS PHARMACEUTICALS INC Form 10-K filed February 26, 2026](https://www.sec.gov/Archives/edgar/data/874015/000087401526000115/form10k.htm) - [SEC EDGAR: IONIS PHARMACEUTICALS INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=874015&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) ## Related Pages - [Ionis Pharmaceuticals Inc. company dossier](https://www.getswoopr.com/stocks/companies/ionis-pharmaceuticals-inc/) - [Ionis Pharmaceuticals Inc. financial metrics](https://www.getswoopr.com/stocks/companies/ionis-pharmaceuticals-inc/financial-metrics/) - [Ionis Pharmaceuticals Inc. financial risk indicators](https://www.getswoopr.com/stocks/companies/ionis-pharmaceuticals-inc/risks-monitoring/) - [Ionis Pharmaceuticals Inc. business model and revenue mix](https://www.getswoopr.com/stocks/companies/ionis-pharmaceuticals-inc/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) [Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) Swoopr's editorial team produces independent investment education content. 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