INCY FY 2025 Earnings Report — Incyte Corporation Revenue & Financial Results | Market Cap Arena

Incyte CorporationINCY

FY 2025 Earnings

Reported February 10, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$5.1B	—	$4.2B	—	21.2%
Op. Income	$1.3B	—	$80M	—	1575.4%
Gross Margin	91.5%	—	91.1%	—	0.4pp
Net Margin	25.0%	—	0.8%	—	24.3pp
EPS (Diluted)	$6.41	—	$0.15	—	4173.3%
Free Cash Flow	$1.4B	—	$249M	—	443.9%

Revenue Flow

Item	Amount
REVENUE	$5.1B
Cost of Revenue	$439M
GROSS PROFIT	$4.7B
R&D Expenses	$2.0B
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.4B
Other Expenses	$0
Operating Expenses	$3.4B
Cost & Expenses	$3.8B
OPERATING INCOME	$1.3B
Interest Income	$106M
Interest Expense	$2M
Other Income/Expenses	$322M
INCOME BEFORE TAX	$1.7B
Income Tax Expense	$378M
Net Income from Continuing Ops	$1.3B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.3B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.3B
D&A	$93M
EBIT	$1.7B
EBITDA	$1.8B
EPS	$7
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$5.1B
Cost of Revenue	$439M
GROSS PROFIT	$4.7B
R&D Expenses	$2.0B
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.4B
Other Expenses	$0
Operating Expenses	$3.4B
Cost & Expenses	$3.8B
OPERATING INCOME	$1.3B
Interest Income	$106M
Interest Expense	$2M
Other Income/Expenses	$322M
INCOME BEFORE TAX	$1.7B
Income Tax Expense	$378M
Net Income from Continuing Ops	$1.3B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.3B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.3B
D&A	$93M
EBIT	$1.7B
EBITDA	$1.8B
EPS	$7
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$1.3B
Depreciation & Amortization	$93M
Stock-Based Compensation	$249M
Deferred Income Tax	$248M
Other Non-Cash Items	$64M
Change in Working Capital	-$527M
OPERATING CASH FLOW	$1.4B
Capital Expenditure	-$59M
Acquisitions (Net)	$0
Purchases of Investments	-$303M
Sales/Maturities of Investments	$285M
Other Investing Activities	-$25M
NET CASH FROM INVESTING	-$103M
Net Debt Issuance	-$5M
Common Stock Repurchased	-$19M
Common Dividends Paid	$0
Other Financing Activities	-$97M
NET CASH FROM FINANCING	$101M
FREE CASH FLOW	$1.4B
Net Change in Cash	$1.4B

Balance Sheet

Item	Amount
Cash & Equivalents	$3.1B
Short-Term Investments	$483M
Net Receivables	$1.0B
Inventory	$101M
Other Current Assets	$318M
TOTAL CURRENT ASSETS	$5.0B
PP&E (Net)	$758M
Goodwill	$133M
Intangible Assets	$117M
Long-Term Investments	$48M
Tax Assets	$515M
Other Non-Current Assets	-$48M
TOTAL NON-CURRENT ASSETS	$1.5B
TOTAL ASSETS	$7.0B
Account Payables	$210M
Short-Term Debt	$10M
Deferred Revenue	$0
Other Current Liabilities	$1.1B
TOTAL CURRENT LIABILITIES	$1.5B
Long-Term Debt	$15M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$13M
Other Non-Current Liabilities	$216M
TOTAL NON-CURRENT LIABILITIES	$288M
TOTAL LIABILITIES	$1.8B
Common Stock	$198.0K
Additional Paid-In Capital	$4.9B
Retained Earnings	$214M
Treasury Stock	$0
Accum. Other Comp. Income	$25M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.2B
Minority Interest	$0
TOTAL EQUITY	$5.2B
TOTAL LIABILITIES & EQUITY	$7.0B
Total Debt	$69M
Net Debt	-$3.0B