Glaukos (GKOS) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 consolidated net sales of $143.1M, up 36% year-over-year, and full-year 2025 net sales of $507.4M, up 32% from 2024.

• U.S. Glaucoma Q4 net sales grew 53% year-over-year to $86.4M; global Glaucoma Q4 net sales rose 42% year-over-year to $119.2M.

• Celebrated surpassing $500M in annual sales, 10th IPO anniversary, and broke ground on a new facility in Alabama.

• Advanced pipeline with launches of iDose TR and Epioxa, supporting future growth.

• Positioned for continued growth in 2026, driven by iDose TR and Epioxa launches.

Financial highlights

• Q4 U.S. glaucoma net sales reached $86.4M, up 53% year-over-year, with iDose TR contributing ~$45M.

• International glaucoma net sales were $32.8M, up 18% year-over-year (13% constant currency).

• Corneal health franchise net sales were $24M, up 12% year-over-year, with Photrexa at $21.4M.

• Q4 2025 gross margin was (1%) GAAP due to a $112.9M non-cash impairment; non-GAAP gross margin was 85% vs. 82% in Q4 2024.

• Q4 2025 GAAP net loss was $133.7M ($2.32/share); non-GAAP net loss was $16.4M ($0.28/share).

Outlook and guidance

• Reaffirmed 2026 net sales guidance of $600M–$620M, implying over 20% growth at midpoint.

• U.S. glaucoma expected to grow ~30% year-over-year in 2026, driven by iDose TR.

• International glaucoma projected to grow high single digits, with some headwinds from competitive launches.

• Corneal health expected to grow modestly, with volatility during Epioxa transition.

• Sequential improvement anticipated each quarter in 2026 for iDose TR.