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Incyte Corp Financials

INCY
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Incyte Corp (INCY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI INCY FY2025

Incyte’s economics are driven more by R&D intensity than production cost, with very high gross margins leaving profit highly spending-sensitive.

FY2024’s margin collapse looks less like a broken revenue engine than a temporary investment spike: gross margin barely moved across FY2024 and FY2025, while R&D fell from $2.61B to $2.05B as operating profitability rebounded. Cash conversion also normalized in FY2025, with operating cash flow of $1.41B slightly exceeding net income of $1.29B, so the earnings recovery was showing up in cash rather than only in accounting profit.

The balance sheet rebuilt quickly after the FY2024 buyback pulled down liquidity: cash rose from $1.69B to $3.10B by FY2025, while liabilities moved lower. That combination implies the business did not need heavier borrowing to restore financial flexibility; operations refilled the cash cushion.

The operating model is structurally asset-light, with gross margin still around 93.0% and only modest evidence of capital intensity in the years where capex is reported. That means swings in profit are explained more by how aggressively the company funds research and commercial overhead than by factories, inventory, or other heavy infrastructure.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 55 / 100
Financial Profile 55/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Incyte Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
63

Incyte Corp has an operating margin of 29.5%, meaning the company retains $29 of operating profit per $100 of revenue. This results in a moderate score of 63/100, indicating healthy but not exceptional operating efficiency. This is up from 1.5% the prior year.

Growth
63

Incyte Corp's revenue surged 21.2% year-over-year to $5.1B, reflecting rapid business expansion. This strong growth earns a score of 63/100.

Leverage
95

Incyte Corp carries a low D/E ratio of 0.35, meaning only $0.35 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
64

Incyte Corp's current ratio of 3.32 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.

Returns
45

Incyte Corp's ROE of 24.9% shows moderate profitability relative to equity, earning a score of 45/100. This is up from 0.9% the prior year.

Altman Z-Score Safe
8.62

Incyte Corp scores 8.62, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($19.5B) relative to total liabilities ($1.8B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
6/9

Incyte Corp passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.10x

For every $1 of reported earnings, Incyte Corp generates $1.10 in operating cash flow ($1.4B OCF vs $1.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
623.9x

Incyte Corp earns $623.9 in operating income for every $1 of interest expense ($1.5B vs $2.4M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$5.1B
YoY+21.2%
5Y CAGR+14.0%
10Y CAGR+21.2%

Incyte Corp generated $5.1B in revenue in fiscal year 2025. This represents an increase of 21.2% from the prior year.

EBITDA
$1.6B
YoY+967.7%
10Y CAGR+32.6%

Incyte Corp's EBITDA was $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 967.7% from the prior year.

Net Income
$1.3B
YoY+3845.0%
10Y CAGR+69.6%

Incyte Corp reported $1.3B in net income in fiscal year 2025. This represents an increase of 3845.0% from the prior year.

EPS (Diluted)
$6.41
YoY+4173.3%
10Y CAGR+71.0%

Incyte Corp earned $6.41 per diluted share (EPS) in fiscal year 2025. This represents an increase of 4173.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$3.1B
YoY+83.5%
5Y CAGR+15.4%
10Y CAGR+19.5%

Incyte Corp held $3.1B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
199M
YoY+2.8%
5Y CAGR-2.0%
10Y CAGR+0.6%

Incyte Corp had 199M shares outstanding in fiscal year 2025. This represents an increase of 2.8% from the prior year.

Margins & Returns

Gross Margin
92.8%
YoY+0.1pp
5Y CAGR-2.3pp
10Y CAGR-3.7pp

Incyte Corp's gross margin was 92.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the prior year.

Operating Margin
29.5%
YoY+28.0pp
5Y CAGR+39.3pp
10Y CAGR+22.7pp

Incyte Corp's operating margin was 29.5% in fiscal year 2025, reflecting core business profitability. This is up 28.0 percentage points from the prior year.

Net Margin
25.0%
YoY+24.3pp
5Y CAGR+36.1pp
10Y CAGR+24.2pp

Incyte Corp's net profit margin was 25.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 24.3 percentage points from the prior year.

Return on Equity
24.9%
YoY+23.9pp
5Y CAGR+36.2pp
10Y CAGR+21.1pp

Incyte Corp's ROE was 24.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 23.9 percentage points from the prior year.

Capital Allocation

R&D Spending
$2.1B
YoY-21.4%
5Y CAGR-1.5%
10Y CAGR+15.6%

Incyte Corp invested $2.1B in research and development in fiscal year 2025. This represents a decrease of 21.4% from the prior year.

Share Buybacks
$0
YoY-100.0%

Incyte Corp spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures
N/A

INCY Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $1.3B-15.5% $1.5B+10.3% $1.4B+12.4% $1.2B+15.4% $1.1B-10.7% $1.2B+3.6% $1.1B+9.0% $1.0B
Cost of Revenue $104.5M-13.7% $121.2M+22.4% $99.0M+25.7% $78.8M+7.6% $73.2M-17.3% $88.5M+2.9% $86.0M+12.2% $76.6M
Gross Profit $1.2B-15.7% $1.4B+9.4% $1.3B+11.5% $1.1B+16.0% $979.7M-10.1% $1.1B+3.6% $1.1B+8.8% $967.1M
R&D Expenses $515.9M-15.6% $611.4M+20.7% $506.6M+2.4% $494.9M+13.2% $437.3M-6.2% $466.0M-18.7% $573.2M-49.7% $1.1B
SG&A Expenses $328.1M-16.0% $390.4M+18.6% $329.1M-0.6% $331.0M+1.6% $325.7M-0.3% $326.7M+5.7% $309.2M+1.1% $306.0M
Operating Income $301.1M-10.3% $335.9M-24.3% $443.5M-16.4% $530.3M+158.5% $205.2M-32.0% $301.5M+106.4% $146.1M+130.6% -$478.1M
Interest Expense $569K-2.2% $582K-1.7% $592K-0.3% $594K-10.0% $660K+57.5% $419K-45.9% $774K+17.8% $657K
Income Tax $40.3M-55.6% $90.7M+55.9% $58.1M-62.0% $153.0M+101.4% $76.0M-32.5% $112.5M+124.7% $50.1M-8.7% $54.8M
Net Income $303.3M+1.4% $299.3M-29.4% $424.2M+4.7% $405.0M+156.0% $158.2M-21.4% $201.2M+89.0% $106.5M+123.9% -$444.6M
EPS (Diluted) $1.47 N/A $2.11+3.4% $2.04+155.0% $0.80 N/A $0.54+126.5% $-2.04

INCY Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $7.3B+5.5% $7.0B+9.9% $6.3B+8.7% $5.8B+1.3% $5.7B+5.6% $5.4B+8.6% $5.0B+7.5% $4.7B
Current Assets $5.5B+9.2% $5.0B+17.4% $4.3B+17.4% $3.6B+3.9% $3.5B+8.3% $3.2B+15.3% $2.8B+9.4% $2.6B
Cash & Equivalents $3.5B+11.7% $3.1B+26.2% $2.5B+25.6% $2.0B+0.7% $1.9B+15.0% $1.7B+29.4% $1.3B+32.1% $987.3M
Inventory $115.6M+14.4% $101.1M+21.1% $83.4M0.0% $83.4M+30.4% $64.0M+8.7% $58.9M-16.4% $70.4M-30.1% $100.7M
Accounts Receivable $1.1B+2.6% $1.0B+14.3% $895.9M+6.3% $842.9M+2.4% $823.1M-3.5% $853.2M+12.5% $758.5M+2.6% $739.0M
Goodwill $133.0M0.0% $133.0M-14.5% $155.6M0.0% $155.6M0.0% $155.6M0.0% $155.6M0.0% $155.6M0.0% $155.6M
Total Liabilities $1.7B-4.1% $1.8B+6.6% $1.7B+1.7% $1.7B-20.7% $2.1B+4.3% $2.0B+8.4% $1.8B+10.6% $1.7B
Current Liabilities $1.5B-1.7% $1.5B+13.2% $1.3B+4.7% $1.3B-25.7% $1.7B+4.8% $1.6B+9.3% $1.5B+12.3% $1.3B
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $5.6B+8.8% $5.2B+11.1% $4.7B+11.5% $4.2B+13.7% $3.7B+6.4% $3.4B+8.7% $3.2B+5.8% $3.0B
Retained Earnings $517.1M+141.9% $213.8M+350.0% -$85.5M+83.2% -$509.7M+44.3% -$914.7M+14.7% -$1.1B+15.8% -$1.3B+7.7% -$1.4B

INCY Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $369.4M-32.0% $543.3M-2.9% $559.4M+1150.3% $44.7M-83.2% $266.1M-30.2% $381.2M+22.6% $310.9M+154.0% -$575.6M
Capital Expenditures N/A N/A N/A N/A N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Investing Cash Flow -$88.2M-135.7% -$37.4M+21.1% -$47.4M-151.3% -$18.9M-1820.3% $1.1M+105.1% -$21.5M-156.1% $38.3M-82.1% $213.8M
Financing Cash Flow $84.8M-38.4% $137.7M+1177.9% -$12.8M-13.6% -$11.2M+11.3% -$12.7M-162.2% $20.4M+163.0% -$32.4M+98.4% -$2.0B
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A $0 $0 N/A N/A $0-100.0% $103K N/A

INCY Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 91.8%-0.2pp 92.0%-0.8pp 92.8%-0.8pp 93.5%+0.5pp 93.0%+0.6pp 92.5%+0.1pp 92.4%-0.2pp 92.7%
Operating Margin 23.7%+1.4pp 22.3%-10.2pp 32.5%-11.2pp 43.6%+24.1pp 19.5%-6.1pp 25.6%+12.7pp 12.8%+58.7pp -45.8%
Net Margin 23.8%+4.0pp 19.9%-11.2pp 31.1%-2.3pp 33.3%+18.3pp 15.0%-2.0pp 17.1%+7.7pp 9.4%+52.0pp -42.6%
Return on Equity 5.4%-0.4pp 5.8%-3.3pp 9.1%-0.6pp 9.7%+5.4pp 4.3%-1.5pp 5.8%+2.5pp 3.4%+18.2pp -14.8%
Return on Assets 4.1%-0.2pp 4.3%-2.4pp 6.7%-0.3pp 7.0%+4.2pp 2.8%-0.9pp 3.7%+1.6pp 2.1%+11.7pp -9.5%
Current Ratio 3.68+0.4 3.32+0.1 3.20+0.3 2.85+0.8 2.04+0.1 1.97+0.1 1.87-0.0 1.92
Debt-to-Equity 0.31-0.0 0.35-0.0 0.36-0.0 0.40-0.2 0.57-0.0 0.580.0 0.58+0.0 0.56
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

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Frequently Asked Questions

Incyte Corp (INCY) reported $5.1B in total revenue for fiscal year 2025. This represents a 21.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Incyte Corp (INCY) revenue grew by 21.2% year-over-year, from $4.2B to $5.1B in fiscal year 2025.

Yes, Incyte Corp (INCY) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 25.0%.

Incyte Corp (INCY) reported diluted earnings per share of $6.41 for fiscal year 2025. This represents a 4173.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Incyte Corp (INCY) had EBITDA of $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Incyte Corp (INCY) had a gross margin of 92.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Incyte Corp (INCY) had an operating margin of 29.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Incyte Corp (INCY) had a net profit margin of 25.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Incyte Corp (INCY) has a return on equity of 24.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Incyte Corp (INCY) generated $1.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Incyte Corp (INCY) had $7.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Incyte Corp (INCY) invested $2.1B in research and development during fiscal year 2025.

Incyte Corp (INCY) had 199M shares outstanding as of fiscal year 2025.

Incyte Corp (INCY) had a current ratio of 3.32 as of fiscal year 2025, which is generally considered healthy.

Incyte Corp (INCY) had a debt-to-equity ratio of 0.35 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Incyte Corp (INCY) had a return on assets of 18.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Incyte Corp (INCY) has an Altman Z-Score of 8.62, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Incyte Corp (INCY) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Incyte Corp (INCY) has an earnings quality ratio of 1.10x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Incyte Corp (INCY) has an interest coverage ratio of 623.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Incyte Corp (INCY) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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