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Madrigal Pharmaceuticals Inc (MDGL) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

HEALTHCARE · BIOTECHNOLOGY · DATA UPDATED 2026-09-19

Madrigal Pharmaceuticals Inc (MDGL) operates in the BIOTECHNOLOGY industry and is headquartered in West Conshohocken, United States with about 915 employees. Its market capitalization is roughly $12 billion. In the fiscal year ended 2025-12-31, MDGL reported $958M in revenue and ($288M) in net income.

Madrigal Pharmaceuticals, Inc., a biopharmaceutical company, focuses on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis (MASH) in the United States. It offers Rezdiffra, a liver-directed thyroid hormone receptor beta agonist for treating MASH.

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MDGL Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$1.3B	$958M	$180M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$8M	$15M	$144M	$3M	$1M	—
Gross Profit	$1.2B	$902M	$174M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	($1M)	($1M)	($1M)	$6M	$15M	$141M	$3M	$1M	($4M)
Gross Margin %	91.5%	94.1%	96.5%	—	—	—	—	—	—	100.0%	—	—	—	—	-502.0%	80.7%	100.0%	97.4%	100.0%	100.0%	—
Operating Income (EBIT)	($323M)	($300M)	($498M)	($380M)	($294M)	($242M)	($207M)	($95M)	($41M)	($32M)	($25M)	($3M)	($84M)	($88M)	($61M)	($45M)	($37M)	$81M	($94M)	($66M)	($59M)
Operating Margin %	-25.2%	-31.3%	-276.4%	—	—	—	—	—	—	-9160.6%	—	—	—	—	-41556.5%	-599.0%	-249.3%	55.8%	-3583.5%	-8912.0%	—
Net Income	($325M)	($288M)	($466M)	($374M)	($295M)	($241M)	($197M)	($73M)	($33M)	($31M)	($26M)	($7M)	($86M)	($90M)	($63M)	($47M)	($37M)	$79M	($93M)	($63M)	($57M)
Net Margin %	-25.3%	-30.1%	-258.6%	—	—	—	—	—	—	-8901.1%	—	—	—	—	-42714.3%	-624.7%	-253.1%	54.8%	-3541.8%	-8545.8%	—
EBITDA	—	($264M)	($450M)	($360M)	($291M)	($242M)	($206M)	($95M)	($41M)	($32M)	($25M)	($3M)	($83M)	($87M)	($60M)	($44M)	($35M)	$82M	($89M)	($60M)	($54M)
Earnings Per Share (EPS)	$-12.93	$-12.85	$-21.90	$-19.99	$-17.23	$-14.58	$-12.78	$-4.73	$-2.22	$-2.54	$-5.07	$-40.03	$-30.62	$-44.47	$-37.00	$-35.15	$-32.50	$81.13	$-96.09	$-68.45	$-57.00
Shares Outstanding (M)	—	22M	21M	19M	17M	17M	15M	15M	15M	12M	5M	0M	3M	2M	2M	1M	1M	1M	1M	1M	1M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MDGL Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$364M	$311M	$321M	$287M	$213M	$137M	$103M	$62M	$15M
Gross Profit	$324M	$284M	$297M	$269M	$204M	$133M	$100M	$60M	$14M
Gross Margin %	89.0%	91.4%	92.4%	93.7%	95.7%	96.7%	96.7%	96.5%	95.7%
Operating Income (EBIT)	($56M)	($93M)	($60M)	($114M)	($47M)	($79M)	($67M)	($116M)	($163M)
Operating Margin %	-15.4%	-29.8%	-18.6%	-39.7%	-22.2%	-57.8%	-64.8%	-187.1%	-1110.4%
Net Income	($58M)	($94M)	($59M)	($114M)	($42M)	($73M)	($59M)	($107M)	($152M)
Net Margin %	-15.9%	-30.3%	-18.2%	-39.8%	-19.9%	-53.4%	-57.5%	-172.0%	-1038.2%
EBITDA	—	($86M)	($50M)	($106M)	($39M)	($70M)	($56M)	($103M)	($148M)
Earnings Per Share (EPS)	$-1.99	$-3.25	$-2.61	$-5.08	$-1.90	$-3.32	$-2.71	$-4.92	$-7.10
Shares Outstanding (M)	—	29M	22M	22M	22M	22M	22M	22M	21M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MDGL Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	($197M)	($190M)	($456M)	($324M)	($225M)	($184M)	($158M)	($42M)	($26M)	($22M)	($18M)	($71M)	($79M)	($77M)	($54M)	($47M)	($38M)	($27M)	($38M)	$27M	($53M)
Capital Expenditures (CapEx)	$9M	$0M	$1M	$1M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$1M	$1M	$1M	$0M	$0M	$2M	$2M	$2M
Free Cash Flow (FCF)	($207M)	($190M)	($457M)	($326M)	($225M)	($184M)	($158M)	($42M)	($26M)	($22M)	($18M)	($72M)	($79M)	($78M)	($55M)	($48M)	($38M)	($27M)	($40M)	$25M	($55M)
FCF Margin %	-16.1%	-19.8%	-253.7%	—	—	—	—	—	—	-6412.0%	—	—	—	—	-37170.1%	-632.8%	-259.0%	-18.9%	-1534.3%	3347.5%	—
Dividends Paid	—	—	—	—	—	—	—	—	—	$0M	$0M	$0M	$0M	$0M	$0M	$0M	—	—	—	—	$2M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MDGL Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$23M	($167M)	($133M)	$80M	($47M)	($89M)	($104M)	($67M)	($135M)
Capital Expenditures (CapEx)	$4M	$4M	$0M	$1M	$0M	$0M	$0M	$1M	$5M
Free Cash Flow (FCF)	$19M	($171M)	($134M)	$79M	($47M)	($89M)	($105M)	($68M)	($140M)
FCF Margin %	5.2%	-55.0%	-41.7%	27.5%	-22.1%	-64.8%	-101.3%	-109.0%	-956.9%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MDGL Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$1.2B	$1.3B	$1.0B	$641M	$363M	$273M	$287M	$442M	$485M	$192M	$41M	$68M	$101M	$95M	$103M	$42M	$54M	$49M	$97M	$123M	$55M
Cash & Cash Equivalents	$293M	$199M	$100M	$100M	$332M	$36M	$54M	$47M	$57M	$149M	$40M	$35M	$46M	$48M	$82M	$30M	$31M	$44M	$52M	$116M	$34M
Total Liabilities	$721M	$657M	$288M	$235M	$165M	$77M	$47M	$25M	$8M	$10M	$5M	$18M	$36M	$46M	$28M	$28M	$31M	$24M	$156M	$98M	$57M
Total Debt (Short + Long-Term)	$348M	$341M	$119M	$116M	$50M	$0M	$0M	$0M	$0M	$0M	$0M	$49M	$51M	$10M	$12M	$17M	$0M	$1M	$4M	$2M	$2M
Total Shareholders' Equity	$524M	$603M	$754M	$405M	$197M	$196M	$240M	$417M	$477M	$182M	$36M	$50M	$65M	$49M	$75M	$15M	$23M	$25M	($59M)	$25M	($2M)

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive MDGL viewer.

MDGL Metric Deep Dives

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