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Phathom Pharmaceuticals, Inc. PHAT Q2 2025 earnings

Reported August 7, 2025 · Before market open

Revenue$39.5MMiss by $7.3M
EPS-$0.79Miss by $0.03
Revenue estimate$46.8M
EPS estimate-$0.76

Next report

Jul 30, 2026 (Tomorrow)
Revenue estimate$72.7M
EPS estimate-$0.06

Financials

Q2 2025

Income statement

See full
Revenue$39.5M+439%
Gross profit$34.5M+479%
Operating income-$59.9M+22.5%
Net income-$75.8M+17.1%
EPS (diluted)-$1.05+32.7%

Balance sheet

See full
Cash & equivalents$149.6M-45.9%
Total debt$206.0M+17.5%
Total equity-$405.8M-73.6%
Total assets$250.2M-21.7%

Cash flow

See full
Operating cash flow-$62.7M+11.3%
CapEx$97.0K+111%
Free cash flow-$62.8M+11.2%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$681.39M+13.3%
Enterprise value$737.78M+47.5%
P/S6×-54.6×

Profitability

See full
Gross margin86.9%+6.8pp
Operating margin-235.9%-112pp
Net margin-289.5%-137pp
FCF margin-241%-113pp

Returns & leverage

See full
Current ratio2.4×-4.1×

Segments

By segment

See full
Reportable Segment Aggregation Before Other Operating$39.5M+439%

By product

See full
Voquezna Product$39.5M+441%

Versus estimates

Revenue

Q1 2026$58.3MBeat by $2.4MQ4 2025$57.6MBeat by $412.4KQ3 2025$49.5MMiss by $7.9M
Q2 2025$39.5MMiss by $7.3M
Q1 2025$28.5MMiss by $7.1MQ4 2024$29.7MBeat by $625.5K

Diluted EPS

Q1 2026-$0.37Miss by $0.10Q4 2025-$0.16Beat by $0.16Q3 2025-$0.15Beat by $0.15
Q2 2025-$0.79Miss by $0.03
Q1 2025-$1.07Miss by $0.01Q4 2024-$0.79Beat by $0.50

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Questions, answered.

When did Phathom Pharmaceuticals, Inc. report Q2 2025 earnings?
Phathom Pharmaceuticals, Inc. (PHAT) reported Q2 2025 earnings on August 7, 2025 before market open.
What were Phathom Pharmaceuticals, Inc.'s Q2 2025 revenue and EPS?
Phathom Pharmaceuticals, Inc. reported revenue of $39.5M and eps of $-0.79 for Q2 2025.
Did Phathom Pharmaceuticals, Inc. beat estimates in Q2 2025?
Revenue missed the consensus estimate of $46.8M by $7.3M. EPS missed the consensus estimate of $-0.76 by $0.03.
How did Phathom Pharmaceuticals, Inc.'s Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 439.4% from $7.3M a year earlier and eps grew 36.8% from $-1.25.
Where can I find Phathom Pharmaceuticals, Inc.'s Q2 2025 SEC filings?
You can read the 10-Q periodic report (0000950170-25-104548) directly on SEC EDGAR. The filing index links above go to sec.gov.