Rafael Holdings (RFL) Operating Expenses (2017 - 2026)
Rafael Holdings (RFL) recorded Operating Expenses of $6.99 million in fiscal Q3 2026 (quarter ended Apr 30, 2026), up 13.3% from $6.17 million a year earlier and up 2.9% from the prior quarter.
Powered by 
Analysis
Rafael Holdings (RFL) Operating Expenses (2017 - 2026) Analysis & Trends
On a TTM basis, Rafael Holdings' Operating Expenses came in at $24.4 million as of Apr 30, 2026, up 40.0% year-over-year; for FY2025 (ended Jul 31, 2025), it came in at $26.6 million, up 104.3% from FY2024.
- Annual Operating Expenses has a five-year compound annual growth rate of 13.4% (FY2020 to FY2025).
- Across earlier fiscal years, Operating Expenses came in at $13.02 million in FY2024 (-15.0%), $15.32 million in FY2023 (-40.4%), $25.72 million in FY2022 (-18.4%) and $31.51 million in FY2021 (+122.4%).
- Quarterly Operating Expenses has ranged from $290,000 in fiscal Q4 2025 to $24.73 million in fiscal Q1 2022 over the past five years.
- On a year-over-year basis, Operating Expenses has increased for three consecutive quarters, with growth averaging 45.9% over the last eight quarters.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 605.1% in fiscal Q1 2022, against a decline of 92.5% in fiscal Q4 2025 at the low end.
- Per Business Quant, the preceding three fiscal quarters came in at $6.8 million (Q2 2026), $10.32 million (Q1 2026) and $290,000 (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Johnson & Johnson | 655.56 Bn | 574.09 Bn | 17.26 Bn | 10.12 Bn |
| 2 | AbbVie | 470.94 Bn | 444.10 Bn | 12.70 Bn | 10.56 Bn |
| 3 | Merck | 367.14 Bn | 321.57 Bn | 12.21 Bn | 12.80 Bn |
| 4 | Novartis Ag | 280.33 Bn | 236.20 Bn | 11.24 Bn | -6.09 Bn |
| 5 | Astrazeneca | 257.78 Bn | 231.34 Bn | 12.86 Bn | -9.70 Bn |
| 6 | Amgen | 226.04 Bn | 181.44 Bn | 7.24 Bn | 6.54 Bn |
| 7 | Gilead Sciences | 188.89 Bn | 163.01 Bn | 6.22 Bn | 18.20 Bn |
| 8 | Pfizer | 163.75 Bn | 110.70 Bn | 10.94 Bn | 6.68 Bn |
| 9 | Vertex Pharmaceuticals | 133.68 Bn | 105.69 Bn | 2.84 Bn | 2.09 Bn |
| 10 | Rafael Holdings | 102.93 Mn | 108.34 Mn | 163,000.00 | 6.99 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Apr 30, 2026 | 6.99 Mn |
| Jan 31, 2026 | 6.80 Mn |
| Oct 31, 2025 | 10.32 Mn |
| Jul 31, 2025 | 290,000.00 |
| Apr 30, 2025 | 6.17 Mn |
| Jan 31, 2025 | 3.54 Mn |
| Oct 31, 2024 | 3.85 Mn |
| Jul 31, 2024 | 3.87 Mn |
| Apr 30, 2024 | 3.45 Mn |
| Jan 31, 2024 | 3.17 Mn |
| Oct 31, 2023 | 2.55 Mn |
| Jul 31, 2023 | 2.68 Mn |
| Apr 30, 2023 | 3.10 Mn |
| Jan 31, 2023 | 4.33 Mn |
| Oct 31, 2022 | 5.21 Mn |
| Jul 31, 2022 | 4.84 Mn |
| Apr 30, 2022 | 4.77 Mn |
| Jan 31, 2022 | 1.49 Mn |
| Oct 31, 2021 | 24.73 Mn |
| Jul 31, 2021 | 11.70 Mn |
API Access
Rafael Holdings Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=RFL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "RFL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=RFL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();