Shoulder Innovations, Inc. income statement

In fiscal 2025, Shoulder Innovations, Inc. reported revenue of $47.3m, up 49.6% on the year before, operating income of −$26.3m (a -55.6% margin) and net income of −$40.4m, or −$4.65 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Shoulder Innovations, Inc.: income statement, annual
Fiscal year	2024Dec 2024	2025Dec 2025	LTMJun 2026
Revenue	32	47	60
Cost of revenue	7	11	14
Gross profit	24	36	46
Research and development	4	8	12
Selling, general and administrative	35	55	70
Operating income	−15	−26	−35
Interest expense	1	0	−2
Income before tax	−16	−40	−35
Income tax	0	0	0
Net income	−16	−40	−35
Diluted EPS	−$242.04	−$4.65	—
Diluted shares (average)	—	9m	—
EBITDA	−13	−23	−31

US$ millions unless shown otherwise. Fiscal quarters.

Shoulder Innovations, Inc.: income statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Revenue	7	9	10	11	12	14	17	17
Cost of revenue	2	2	2	3	3	3	4	4
Gross profit	6	7	8	8	9	11	13	13
Research and development	1	1	2	1	2	3	4	3
Selling, general and administrative	8	9	11	13	15	16	18	20
Operating income	−4	−4	−4	−6	−8	−9	−9	−10
Interest expense	0	0	0	0	0	−1	−0	−1
Income before tax	−4	−4	−5	−19	−9	−8	−8	−10
Income tax	0	0	0	0	0	0	0	0
Net income	−4	−4	−5	−19	−9	−8	−8	−10
Diluted EPS	−$68.31	−$38.23	−$52.13	−$165.53	−$0.64	$2.35	−$0.41	−$0.49
EBITDA	−3	−3	−4	−5	−7	−8	−8	−9

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Shoulder Innovations, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Shoulder Innovations, Inc.