Pre-tax margin is the percentage of revenue left as profit after every expense except income tax. It is income before income tax divided by revenue, and the table shows both amounts beside the percentage. It sits between operating margin and net margin: it includes interest and other non-operating items but not the tax charge, so the gap down to net margin is the tax burden. Quarterly and annual points each use the amounts filed for that same period, so a single quarter can swing with the seasons.
Phathom Pharmaceuticals, Inc. pre-tax margin for fiscal 2025 was -126.35%, a change of 478.75% from fiscal 2024.
Phathom Pharmaceuticals, Inc. pre-tax margin for fiscal 2024 was -605.09%.