UTHR FY 2025 Earnings Report — United Therapeutics Corporation Revenue & Financial Results | Market Cap Arena

United Therapeutics CorporationUTHR

FY 2025 Earnings

Reported February 25, 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	$3.2B	—	$2.9B	—	10.6%
Op. Income	$1.5B	—	$1.4B	—	8.4%
Gross Margin	87.9%	—	89.2%	—	-1.3pp
Net Margin	41.9%	—	41.5%	—	0.4pp
EPS (Diluted)	$27.86	—	$24.64	—	13.1%
Free Cash Flow	$1.0B	—	$1.1B	—	-3.7%

Revenue Flow

Item	Amount
REVENUE	$3.2B
Cost of Revenue	$384M
GROSS PROFIT	$2.8B
R&D Expenses	$550M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$756M
Other Expenses	$0
Operating Expenses	$1.3B
Cost & Expenses	$1.7B
OPERATING INCOME	$1.5B
Interest Income	$192M
Interest Expense	$20M
Other Income/Expenses	$221M
INCOME BEFORE TAX	$1.7B
Income Tax Expense	$379M
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	$86M
EBIT	$1.7B
EBITDA	$1.8B
EPS	$30
EPS Diluted	$28

Income Statement

Item	Amount
REVENUE	$3.2B
Cost of Revenue	$384M
GROSS PROFIT	$2.8B
R&D Expenses	$550M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$756M
Other Expenses	$0
Operating Expenses	$1.3B
Cost & Expenses	$1.7B
OPERATING INCOME	$1.5B
Interest Income	$192M
Interest Expense	$20M
Other Income/Expenses	$221M
INCOME BEFORE TAX	$1.7B
Income Tax Expense	$379M
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	$86M
EBIT	$1.7B
EBITDA	$1.8B
EPS	$30
EPS Diluted	$28

Cash Flow Statement

Item	Amount
Net Income	$1.3B
Depreciation & Amortization	$86M
Stock-Based Compensation	$148M
Deferred Income Tax	$98M
Other Non-Cash Items	$2M
Change in Working Capital	-$106M
OPERATING CASH FLOW	$1.6B
Capital Expenditure	-$521M
Acquisitions (Net)	$0
Purchases of Investments	-$3.5B
Sales/Maturities of Investments	$1.6B
Other Investing Activities	$1.8B
NET CASH FROM INVESTING	-$551M
Net Debt Issuance	-$300M
Common Stock Repurchased	-$1.0B
Common Dividends Paid	$0
Other Financing Activities	-$33M
NET CASH FROM FINANCING	-$1.1B
FREE CASH FLOW	$1.0B
Net Change in Cash	-$140M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.6B
Short-Term Investments	$0
Net Receivables	$350M
Inventory	$183M
Other Current Assets	$1.6B
TOTAL CURRENT ASSETS	$3.7B
PP&E (Net)	$1.7B
Goodwill	$0
Intangible Assets	$117M
Long-Term Investments	$1.8B
Tax Assets	$358M
Other Non-Current Assets	$197M
TOTAL NON-CURRENT ASSETS	$4.2B
TOTAL ASSETS	$7.9B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$561M
TOTAL CURRENT LIABILITIES	$561M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$223M
TOTAL NON-CURRENT LIABILITIES	$223M
TOTAL LIABILITIES	$784M
Common Stock	$800.0K
Additional Paid-In Capital	$2.8B
Retained Earnings	$8.6B
Treasury Stock	-$4.3B
Accum. Other Comp. Income	$900.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$7.1B
Minority Interest	$0
TOTAL EQUITY	$7.1B
TOTAL LIABILITIES & EQUITY	$7.9B
Total Debt	$0
Net Debt	-$1.6B