Elanco Animal Health
ELAN · NYSEPharmaceutical Preparations · Fiscal year ends Dec 31
Elanco Animal Health reported revenue of $4.7B in the fiscal year ended Dec 2025, up 6.2% from the year before. Net income was −$232M. Operating cash flow of $560M less capital expenditure of $276M left free cash flow of $284M. Net debt was $3.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.8B | $4.4B | $4.4B | $4.4B | $4.7B |
| Cost of revenue | $2.1B | $1.9B | $1.9B | $2B | $2.1B |
| Gross profit | $2.6B | $2.5B | $2.5B | $2.4B | $2.6B |
| Research & development | $369M | $321M | $327M | $344M | $368M |
| Selling, general & admin | $1.4B | $1.3B | $1.3B | $1.3B | $1.4B |
| Interest expense | $236M | $241M | $277M | – | – |
| Pre-tax income | −$571M | −$72M | −$1.2B | $488M | −$224M |
| Income tax | −$88M | $6M | $36M | $150M | $8M |
| Net income | −$483M | −$78M | −$1.2B | $338M | −$232M |
| Diluted EPS | −0.99 | −0.16 | −2.50 | 0.68 | −0.47 |
| Diluted shares | 487M | 488M | 492M | 497M | 496M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $638M | $345M | $352M | $468M | $545M |
| Receivables | $833M | $797M | $842M | $805M | $873M |
| Inventory | $1.4B | $1.5B | $1.7B | $1.6B | $1.7B |
| Current assets | $3.3B | $3.3B | $3.4B | $3.2B | $3.5B |
| Net PP&E | $1.1B | $999M | $1B | $993M | $1.4B |
| Goodwill | $6.2B | $6B | $5.1B | $4.4B | $4.8B |
| Total assets | $16.5B | $15.5B | $14.4B | $12.6B | $13.4B |
| Payables | $416M | $390M | $270M | $296M | $368M |
| Deferred revenue | $319M | $324M | $367M | $332M | $416M |
| Current liabilities | $1.6B | $1.7B | $1.2B | $1.3B | $1.6B |
| Short-term debt | $294M | $388M | $38M | $44M | – |
| Long-term debt | $6B | $5.4B | $5.7B | $4.3B | $3.8B |
| Total liabilities | $9B | $8.2B | $8.1B | $6.5B | $6.8B |
| Shareholders' equity | $7.5B | $7.3B | $6.2B | $6.1B | $6.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $483M | $452M | $271M | $541M | $560M |
| Capital expenditure | $159M | $171M | $140M | $147M | $276M |
| Free cash flow | $324M | $281M | $131M | $394M | $284M |
| Depreciation & amortisation | $716M | $682M | $694M | $662M | $680M |
| Stock-based compensation | $66M | $59M | $46M | $55M | $68M |
| Acquisitions | $342M | $0 | $19M | $41M | $0 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −7.4% | 0.1% | 0.5% | 6.2% |
| EPS growth (YoY) | – | – | – | – | −169.1% |
| Gross margin | 55.2% | 56.6% | 56.3% | 54.9% | 55.0% |
| Net margin | −10.1% | −1.8% | −27.9% | 7.6% | −4.9% |
| Return on equityBlank when equity is negative | −6.4% | −1.1% | −19.8% | 5.5% | −3.5% |
| Free cash flow margin | 6.8% | 6.4% | 3.0% | 8.9% | 6.0% |
| Cash conversion (CFO ÷ net income) | −1.00x | −5.79x | −0.22x | 1.60x | −2.41x |
| Receivable days | 64 | 66 | 70 | 66 | 68 |
| Inventory days | 235 | 293 | 328 | 287 | 299 |
| Payable days | 71 | 74 | 51 | 54 | 63 |
| Debt ÷ equity | 0.84x | 0.80x | 0.93x | 0.71x | 0.57x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.7B | $5.5B | $5.4B | $3.9B | $3.2B |
| Current ratio | 1.99x | 1.93x | 2.75x | 2.44x | 2.17x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.