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Nektar Therapeutics NKTR Q4 2025 Annual earnings

Reported March 12, 2026 · After market close

Revenue$21.8MBeat by $11.6M
EPS-$1.78Beat by $0.98
Revenue estimate$10.2M
EPS estimate-$2.76

Next report

Aug 6, 2026 (In 1 week)
Revenue estimate$10.4M
EPS estimate-$1.94

Financials

Q4 2025

Income statement

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Revenue$21.8M-25.3%
Gross profit$21.8M+2.9%
Operating income-$27.7M—
Net income-$36.1M—
EPS (diluted)-$1.59+23.2%

Balance sheet

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Cash & equivalents$3.2M-67.5%
Total debt$85.8M-16.4%
Total equity$89.8M+47.9%
Total assets$280.4M-7.7%

Cash flow

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Operating cash flow-$65.0M-40.6%
CapEx$18.0K-96.1%
Free cash flow-$65.0M-39.3%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$860.04M+401%
Enterprise value$942.6M+257%
P/S15.6×+13.8×

Profitability

See full
Gross margin100%+31.2pp
Operating margin-253.7%—
Net margin-297.1%-1,236pp
FCF margin-377.8%-4,196pp

Returns & leverage

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Return on equity-217.9%+414pp
Debt / equity1×-0.7×
Current ratio5×+0.7×

Segments

By geography

See full
Non Us$13.8M-43.1%

By product

See full
Non Cash Royalty Revenue Related To Sale Of Future Royalties$21.8M+34.3%

Versus estimates

Revenue

Q1 2026$10.9MBeat by $169.6K
Q4 2025$21.8MBeat by $11.6M
Q3 2025$11.8MBeat by $1.4MQ2 2025$11.2MBeat by $1.8MQ1 2025$10.5MMiss by $4.9MQ4 2024$29.2MMiss by $7.5M

Diluted EPS

Q1 2026-$1.82Miss by $0.08
Q4 2025-$1.78Beat by $0.98
Q3 2025-$1.85Beat by $1.00Q2 2025-$2.95Beat by $0.18Q1 2025-$3.30Miss by $0.60Q4 2024-$2.25Miss by $0.30

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Questions, answered.

When did Nektar Therapeutics report Q4 2025 earnings?
Nektar Therapeutics (NKTR) reported Q4 2025 earnings on March 12, 2026 after market close.
What were Nektar Therapeutics's Q4 2025 revenue and EPS?
Nektar Therapeutics reported revenue of $21.8M and eps of $-1.78 for Q4 2025.
Did Nektar Therapeutics beat estimates in Q4 2025?
Revenue beat the consensus estimate of $10.2M by $11.6M. EPS beat the consensus estimate of $-2.76 by $0.98.
How did Nektar Therapeutics's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 25.3% from $29.2M a year earlier and eps grew 20.9% from $-2.25.
Where can I find Nektar Therapeutics's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001213900-26-027026) and the 10-K periodic report (0001193125-26-104547) directly on SEC EDGAR. The filing index links above go to sec.gov.