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Carlsmed, Inc. CARL Q4 2025 Annual earnings

Reported February 25, 2026 · After market close

Revenue$15.2MBeat by $443.8K
EPS-$0.32Beat by $0.11
Revenue estimate$14.7M
EPS estimate-$0.43

Next report

Nov 5, 2026 (in 3 months)
Revenue estimate$19.2M
EPS estimate-$0.42

Financials

Q4 2025

Income statement

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Revenue$15.2M+61.2%
Gross profit$11.6M+65.3%
Operating income-$9.3M-98.4%
Net income-$8.6M-82.5%

Balance sheet

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Cash & equivalents$85.8M+114%
Total debt$17.4M+1.4%
Total equity$98.9M+240%
Total assets$130.1M+151%

Cash flow

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Operating cash flow-$5.3M-26.6%
CapEx$73.0K+19.7%
Free cash flow-$5.4M-26.5%

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$328.42M—
Enterprise value$260.04M—
P/S6.5×—

Profitability

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Gross margin75.3%+1.5pp
Operating margin-60.5%-14.6pp
Net margin-58.7%-15.0pp
FCF margin-58.6%—

Returns & leverage

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Debt / equity0.2×—
Current ratio8.9×+3.3×

FAQ

When did Carlsmed, Inc. report Q4 2025 earnings?
Carlsmed, Inc. (CARL) reported Q4 2025 earnings on February 25, 2026 after market close.
What were Carlsmed, Inc.'s Q4 2025 revenue and EPS?
Carlsmed, Inc. reported revenue of $15.2M and eps of $-0.32 for Q4 2025.
Did Carlsmed, Inc. beat estimates in Q4 2025?
Revenue beat the consensus estimate of $14.7M by $443.8K. EPS beat the consensus estimate of $-0.43 by $0.11.
Where can I find Carlsmed, Inc.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001193125-26-071512) and the 10-K periodic report (0001193125-26-071551) directly on SEC EDGAR. The filing index links above go to sec.gov.