Vertex Pharmaceuticals (VRTX) financials
NASDAQ · Healthcare · Biotechnology · 6,400 employees · CEO Reshma Kewalramani
- Price
- $558.88 +3.50%
- Market cap
- $142B
- Enterprise value
- $137B
- Last report
- Q2 '26 filed 2026-08-04
- Next report
- 2026-11-02 EPS est. $4.82
Revenue (TTM)$12.6B+10.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)38.6%+4.2 pp vs a year agoOperating income $4.87B
Net income (TTM)$4.41B+21.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.8B+8.5% vs a year agoCapex $497M
Diluted EPS (TTM)$17.18+22.8% vs a year agoSum of the last 4 quarters
Net cash$5.87B+21.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $142B EV $137B
- Revenue
- $12.6B Trailing 12 months
- Revenue growth
- +10% FY2026 consensus
- Profit margin
- 34.9% Net income / revenue, TTM
- P/E
- 32.3× Forward 29.8× (FY2026)
- P/S
- 11.2× Price / sales, TTM
- EV / EBITDA
- 25.0× TTM
- Free cash flow
- $3.8B Trailing 12 months
- Net income
- $4.41B Trailing 12 months
- Revenue estimate
- $13.3B FY2026 consensus
- Earnings
- 2026-11-02 Revenue est. $3.42B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-03): revenue beat by 3.2%, EPS in lineRevenue $3.33B vs $3.23B expected (+3.2%); EPS $4.73 vs $4.74 (-0.2%).
- Revenue growth accelerating: 12.5% year on yearQ2 '26 revenue $3.33B, against an average of 10.4% over the four quarters before.
- Operating margin 38.6% (TTM), +4.2 pp on a year agoOperating income grew 24.2% while revenue grew 10.6%.
- Capex 3.9% of revenue (a year ago 3.0%)$497M invested in the last 4 quarters (+43.3% on a year earlier). Free cash flow $3.8B = 86.2% of net income.
- Returned $2.24B to shareholders = 59.0% of free cash flowBuybacks $2.24B (a year earlier $1.54B), dividends $0, stock-based pay $689M (TTM).
- Diluted share count down 1.2% in a year256M diluted shares in Q2 '26, 259M a year earlier.
- Net cash $5.87BCash + short-term investments $7.85B, debt incl. leases $1.98B; a year ago net cash $4.86B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $3.33B | $2.96B | +12.5% |
| Gross margin | 85.3% | 86.3% | -0.9 pp |
| Operating income | $1.25B | $1.15B | +8.4% |
| Operating margin | 37.4% | 38.8% | -1.4 pp |
| Net income | $1.1B | $1.03B | +6.5% |
| Diluted EPS | $4.31 | $3.99 | +8.0% |
| Operating cash flow | $1.13B | $1.07B | +4.9% |
| Capex | $112M | $146M | -23.0% |
| Free cash flow | $1.01B | $927M | +9.3% |
| R&D | $994M | $978M | +1.6% |
| Stock-based compensation | $170M | $167M | +1.7% |
Reported vs consensus
2026-08-03| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $3.33B | $3.23B | +3.2% |
| EPS (as estimated) | $4.73 | $4.74 | -0.2% |
From the report of 2026-08-03 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| TRIKAFTA/KAFTRIO | $2.5B | -2.1% | 77.8% | $10.1B | -3.0% | |
| Manufactured Product, Other | $137M | -41.9% | 4.3% | $686M | -42.3% | |
| ALYFTREK | $574M | +265.8% | 17.9% | $1.63B | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Non-US | $1.58B | – | 34.2% | $8.49B | – | |
| United States | $2.06B | +12.5% | 44.6% | $7.9B | +12.3% | |
| Europe | $978M | +7.3% | 21.2% | $3.65B | +6.8% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.29B
- Capex
- -$497M
- Buybacks
- -$2.24B
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- -$2.8M
- Stock-based compensation
- $689M
- Free cash flow
- $3.8B
- Returned to shareholders / FCF
- 59.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 32.3× | 26.2× 4 of 5 years | 22.3× – 29.3× |
| EV / EBITDA | 25.0× | 56.7× | 14.5× – 207.4× |
| EV / Sales | 10.9× | 8.4× | 6.7× – 9.7× |
| Price / FCF | 37.3× | 27.7× 4 of 5 years | 18.8× – 36.3× |
| Price / Book | 7.0× | 5.9× | 5.3× – 6.3× |
| FCF yield | 2.7% | 2.9% | -0.8% – 5.3% |
| Return on invested capital | 17.3% | 16.0% | 2.6% – 21.8% |
| Return on equity | 23.3% | 17.1% | -3.3% – 23.9% |
Analysts
Consensus target $573.50 (+2.6%)
range $350.00 – $665.00 · rating Buy
Strong buy0
Buy47
Hold8
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $13.3B | +9.8% | $18.73 | +22.3% | 29.8× | 11 |
| FY2027 | $14.7B | +10.6% | $21.08 | +12.5% | 26.5× | 13 |
| FY2028 | $16.5B | +12.3% | $25.16 | +19.3% | 22.2× | 7 |
| FY2029 | $18.6B | +12.7% | $29.90 | +18.8% | 18.7× | 2 |
| FY2030 | $20.5B | +10.7% | $34.11 | +14.1% | 16.4× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 271 figures Vertex Pharmaceuticals Incorporated tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $430M | $442M | -2.9% | $462M | $413M | +11.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.13B | $1.89B | +12.7% | $2.05B | $1.61B | +27.6% |
| Accrued Liabilities, Current | $3.18B | $3.27B | -2.8% | $2.97B | $2.79B | +6.5% |
| Accrued Royalties, Current | $277M2025-12-31 | $271M | +2.1% | $277M | $271M | +2.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $48.5M | -$101M | +148.0% | -$15.9M | $128M | -112.4% |
| Additional Paid in Capital, Common Stock | $4.51B | $5.99B | -24.8% | $5.12B | $6.67B | -23.3% |
| Advertising Expense | – | – | – | $203M | $85.7M | +136.6% |
| Amortization of Intangible Assets | – | – | – | $20.2M | $20.2M | 0.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $174M | $171M | +1.6% | $700M | $709M | -1.2% |
| Assets | $27.4B | $24B | +14.1% | $25.6B | $22.5B | +13.8% |
| Assets, Current | $12.5B | $10.4B | +20.3% | $11.2B | $9.6B | +16.7% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $400K | $900K | -55.6% | $2.1M | -$500K | +520.0% |
| Business Combination, Contingent Consideration, Liability | $79.6M | $80M | -0.5% | $79M | $76.9M | +2.7% |
| Business Combination, Contingent Consideration, Liability, Noncurrent | $79M2025-12-31 | $76.9M | +2.7% | $79M | $76.9M | +2.7% |
| Capitalized Computer Software, Amortization | – | – | – | $31.2M | $25.2M | +23.8% |
| Capitalized Computer Software, Gross | $66.6M2025-12-31 | $62.6M | +6.4% | $66.6M | $62.6M | +6.4% |
| Cash and Cash Equivalents, at Carrying Value | $6.14B | $4.97B | +23.6% | $5.08B | $4.57B | +11.3% |
| Cash Flow Hedge Derivative Instrument Assets at Fair Value | $6.2M2025-12-31 | $130M | -95.2% | $6.2M | $130M | -95.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $6.15B | $4.98B | +23.5% | $5.09B | $4.57B | +11.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $649M | $297M | +118.9% | $516M | -$5.8B | +108.9% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 500M | 500M | 0.0% | 500M | 500M | 0.0% |
| Common Stock, Shares, Issued | 253M | 256M | -1.1% | 254M | 257M | -1.1% |
| Common Stock, Shares, Outstanding | 253M | 256M | -1.1% | 254M | 257M | -1.1% |
| Common Stock, Value, Issued | $2.5M | $2.6M | -3.8% | $2.5M | $2.6M | -3.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.12B | $864M | +30.1% | $3.81B | -$394M | +1,068.1% |
| Contract with Customer, Liability | $157M | $147M | +6.9% | $172M | $207M | -16.9% |
| Contract with Customer, Liability, Revenue Recognized | – | – | – | $207M | $170M | +21.4% |
| Cost of Goods and Services Sold | $489M | $408M | +20.0% | $1.65B | $1.53B | +7.9% |
| Costs and Expenses | $2.09B | $1.81B | +15.1% | $7.83B | $11.3B | -30.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $679M | $705M | -3.7% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $486M | $310M | +56.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.2B | $1.13B | +6.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $35.9M | $118M | -69.6% |
| Debt Securities, Available-for-sale | $7.49B | – | – | $8.88B2023-12-31 | $5.64B | +57.5% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $7.5M | – | – | – | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $26.2M | $1.2M | +2,083.3% | $600K | $10.6M | -94.3% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Amortized Cost | $7.5B | – | – | – | – | – |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $100K2026-03-31 | $100K | 0.0% | $100K | $100K | 0.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $8.4M2026-03-31 | $7.6M | +10.5% | $9.7M | $19.1M | -49.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $99.6M | – | – | $2.2M2023-12-31 | $0 | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $5.69B | – | – | $2.5B2023-12-31 | $112M | +2,124.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $1.7B | – | – | $6.39B2023-12-31 | $5.53B | +15.5% |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $4.8B | $816M | +488.2% | $632M | $2.2B | -71.3% |
| Deferred Costs | $318M2025-12-31 | $279M | +14.0% | $318M | $279M | +14.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$527M | -$439M | -20.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $38.3M | $139M | -72.4% |
| Deferred Income Tax Assets, Net | $3.01B | $2.71B | +11.0% | $2.9B | $2.33B | +24.3% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$511M | -$349M | -46.4% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$22.1M | -$48.7M | +54.6% |
| Deferred Tax Assets, Gross | $3.72B2025-12-31 | $3.16B | +17.8% | $3.72B | $3.16B | +17.8% |
| Deferred Tax Assets, in Process Research and Development | $1.92B2025-12-31 | $1.4B | +36.8% | $1.92B | $1.4B | +36.8% |
| Deferred Tax Assets, Net | $2.9B2025-12-31 | $2.33B | +24.3% | $2.9B | $2.33B | +24.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $3.4B2025-12-31 | $2.89B | +17.6% | $3.4B | $2.89B | +17.6% |
| Deferred Tax Assets, Other | $234M2025-12-31 | $192M | +21.6% | $234M | $192M | +21.6% |
| Deferred Tax Assets, Tax Credit Carryforwards | $356M2025-12-31 | $298M | +19.3% | $356M | $298M | +19.3% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $172M2025-12-31 | $164M | +4.6% | $172M | $164M | +4.6% |
| Deferred Tax Assets, Valuation Allowance | $326M2025-12-31 | $273M | +19.5% | $326M | $273M | +19.5% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01