NASDAQ · Financial Statements

Incyte Corporation (INCY) Financial Statements

$115.71 NASDAQ: INCY Market Cap $23.45B

Incyte Corporation most recently reported annual revenue of $5.1B, net profit of $1.3B. Revenue grew at an average annual rate of 14.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Incyte Corporation: Revenue rose from $1.1B in 2016 to $5.1B in 2025, a change of +364.8% over 9 years; net profit was positive in 8 of 10 reported years; operating margin moved from 13.1% to 26.1%, a shift of +13.0 percentage points; the most recent year shows net profit of $1.3B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$1.1B$1.5B$1.9B$2.2B$2.7B$3.0B$3.4B$3.7B$4.2B$5.1B
Operating Expenses$961.0M$1.8B$1.8B$1.8B$2.9B$2.4B$2.8B$3.0B$4.1B$3.8B
Operating Profit$145.0M$-243.0M$129.0M$402.0M$-264.0M$586.0M$592.0M$655.0M$101.0M$1.3B
Operating Margin13.1%-15.8%6.9%18.6%-9.9%19.6%17.4%17.7%2.4%26.1%
Other Income$-38.0M$-69.0M$-14.0M$85.0M$31.0M$-15.0M$-63.0M$179.0M$215.0M$322.0M
Interest$39.0M$7.0M$2.0M$2.0M$2.0M$2.0M$3.0M$3.0M$2.0M$2.0M
Depreciation$58.0M$52.0M$55.0M$55.0M$52.0M$58.0M$68.0M$83.0M$89.0M$93.0M
Profit Before Tax$107.0M$-312.0M$115.0M$487.0M$-232.0M$570.0M$529.0M$834.0M$317.0M$1.7B
Tax$3.0M$-270,000$5.1M$8.2M$-27.3M$-66.3M$35.6M$28.4M$89.7M$22.7M
Net Profit$104.0M$-313.0M$109.0M$447.0M$-296.0M$949.0M$341.0M$598.0M$33.0M$1.3B
EPS$0.54$-1.53$0.51$2.05$-1.36$4.27$1.52$2.65$0.15$6.41
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$919.0M$1.0B$881.0M$1.0B$1.1B$1.2B$1.1B$1.2B$1.4B$1.5B$1.3B$1.7B
Operating Expenses$704.0M$826.0M$789.0M$1.5B$992.0M$881.0M$836.0M$905.0M$935.0M$1.1B$949.0M$976.0M
Operating Profit$215.0M$187.0M$92.0M$-478.0M$146.0M$297.0M$217.0M$311.0M$431.0M$384.0M$324.0M$698.0M
Operating Margin23.4%18.5%10.4%-45.8%12.8%25.2%20.6%25.6%31.6%25.5%25.5%41.7%
Interest$1.0M$1.0M$0$1.0M$1.0M$0$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M
Profit Before Tax$234.0M$271.0M$236.0M$-390.0M$157.0M$314.0M$234.0M$558.0M$482.0M$390.0M$344.0M$752.0M
Tax$26.8M$25.8M$28.2M$-14.1M$32.0M$35.9M$32.5M$27.4M$12.1M$23.3M$11.7M$22.1M
Net Profit$171.0M$201.0M$170.0M$-445.0M$106.0M$201.0M$158.0M$405.0M$424.0M$299.0M$303.0M$586.0M
EPS$0.76$0.89$0.75$-2.04$0.54$1.02$0.80$2.04$2.11$1.46$1.47$2.81

Over the 10 years reported for Incyte Corporation, borrowings decreased from $651.0M in 2016 to $69.0M in 2025, cash stood at $3.1B in the latest year, shareholders' equity was $0, current assets covered current liabilities 3.32 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$1.6B$2.3B$2.6B$3.4B$3.6B$4.9B$5.8B$6.8B$5.4B$7.0B
Current Assets$994.0M$1.5B$1.8B$2.5B$2.4B$3.1B$4.1B$4.6B$3.2B$5.0B
Cash$652.0M$900.0M$1.2B$1.8B$1.5B$2.1B$3.0B$3.2B$1.7B$3.1B
Inventory$4.0M$6.0M$7.0M$11.0M$16.0M$28.0M$42.0M$63.0M$59.0M$101.0M
Receivables$149.0M$266.0M$308.0M$309.0M$482.0M$616.0M$645.0M$744.0M$853.0M$1.0B
Fixed Assets$168.0M$260.0M$320.0M$407.0M$588.0M$751.0M$766.0M$777.0M$794.0M$758.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$188.0M$404.0M$374.0M$419.0M$511.0M$512.0M$421.0M$630.0M$489.0M$531.0M
Other Assets$156.0M$156.0M$156.0M$156.0M$156.0M$156.0M$156.0M$156.0M$156.0M$133.0M
Total Liabilities$1.2B$672.0M$720.0M$828.0M$950.0M$1.2B$1.5B$1.6B$2.0B$1.8B
Current Liabilities$274.0M$375.0M$425.0M$513.0M$631.0M$854.0M$1.2B$1.2B$1.6B$1.5B
Borrowings$651.0M$24.0M$36.0M$60.0M$48.0M$45.0M$41.0M$38.0M$44.0M$69.0M
Other Liabilities$568.0M$648.0M$684.0M$768.0M$902.0M$1.1B$1.4B$1.6B$2.0B$1.7B
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$419.0M$1.6B$1.9B$2.6B$2.6B$3.8B$4.4B$5.2B$3.4B$5.2B

For Incyte Corporation, operating cash flow was positive in 8 of 10 reported years; free cash flow in the latest year was $1.4B; free cash flow was positive in 8 of 10 years; financing activities used $116.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$305.0M$-93.0M$336.0M$711.0M$-125.0M$749.0M$970.0M$496.0M$335.0M$1.4B
Investing Cash Flow$-322.0M$-461.0M$-160.0M$-166.0M$-456.0M$-389.0M$-156.0M$-255.0M$71.0M$-161.0M
Financing Cash Flow$9.0M$50.0M$-15.0M$-17.0M$-38.0M$-50.0M$-59.0M$-53.0M$-2.1B$-116.0M
Net Cash Flow$131.0M$247.0M$265.0M$669.0M$-319.0M$544.0M$894.0M$262.0M$-1.5B$1.4B
Free Cash Flow$184.0M$-204.0M$263.0M$633.0M$-312.0M$568.0M$892.0M$449.0M$249.0M$1.4B

Valuation & Return Ratios

MetricValue
PEG Ratio0.19
EV / EBITDA10.30
FCF Yield7.69%
Quick Ratio4.58
Interest Coverage790.59
Return 1Y29.49%
Return 3Y110.46%
Return 5Y72.51%

Incyte Corporation (INCY) financials — frequently asked questions

What is Incyte Corporation's annual revenue?

Incyte Corporation (INCY) reported annual revenue of $5.1B in its most recent fiscal year.

What is Incyte Corporation's net profit?

Incyte Corporation (INCY) reported net profit of $1.3B in its most recent fiscal year.

What is INCY EV/EBITDA?

Incyte Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is 10.30.

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