10-K · February 25, 2026
Arcutis presents a clear commercial strategy built around the ZORYVE franchise and a growing set of FDA- and Health Canada-approved topical products. Financial results show accelerating top-line and margin improvement…
Earnings analysis · 10-Q
ARQT earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Arcutis Biotherapeutics reported a strong Q1 2026 with revenue of $105.4 million, significantly surpassing expectations and demonstrating a year-over-year growth of 65% compared to Q1 2025. Despite this revenue upside,…
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Arcutis Biotherapeutics reported a strong Q1 2026 with revenue of $105.4 million, significantly surpassing expectations and demonstrating a year-over-year growth of 65% compared to Q1 2025. Despite this revenue upside, the company reported an EPS of -$0.09, slightly missing the consensus estimate, while projecting confidence for continued growth based on its leading product, ZORYVE, and upcoming product launches.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.09
What stood out
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Q1 2026 Revenue Beat Estimates
Reported Q1 2026 revenue of $105.4 million, exceeding the estimated $102.8 million.
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Strong Revenue Growth Year-over-Year
Revenue increased 65% from $63.8 million in Q1 2025 to $105.4 million in Q1 2026.
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Positive Operating Cash Flow
Operating cash flow improved to $2.2 million compared to a negative $30.4 million in Q1 2025.
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Notable Segment Contributions
ZORYVE foam revenue grew 64% year-over-year, contributing $49.6 million in Q1 2026.
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Significant Decrease in Net Loss
Net loss decreased from $25.1 million in Q1 2025 to $11.3 million in Q1 2026.
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Cash Position Strengthened
Cash, cash equivalents, and marketable securities totaled $224.3 million as of March 31, 2026.
What to watch
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Increased R&D Spending
R&D expenses rose 75% to $30.6 million in Q1 2026 from $17.5 million in Q1 2025.
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High Cash Burn Rate
Despite positive cash flow, the accumulated deficit grew to $1,149.4 million as of March 31, 2026.
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Potential Need for Future Financing
The company may need to seek additional financing if cash flows are insufficient for operational expenses.
Management's outlook
Full-year 2026 revenue guidance maintained between $480 million and $495 million.
Earlier filings 4
10-Q · August 6, 2025
Arcutis reported Q2 product revenue of $81.504M (vs Q2 2024 $30.858M), driven by growth across ZORYVE foam, cream 0.3% and new cream 0.15%. Gross margin remained high at 90.8% while operating loss narrowed to $14.611M…
10-Q · August 14, 2024
Arcutis reported a strong commercial ramp in Q2 2024 with product revenue of $30,858,000 driven by ZORYVE cream ($17,258,000) and ZORYVE foam ($13,600,000); GAAP net loss narrowed to $(52,332,000) or $(0.42) per share.…
10-Q · May 14, 2024
Arcutis reported Q1 revenues of $49,569 (thousands) versus $2,781 (thousands) a year ago, driven by product sales and $28,000 (thousands) of license revenue. Gross margin remained strong at ~93.4% while operating loss…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.