TEVA Pharmaceutical Industries
TEVA · NYSEPharmaceutical Preparations · Fiscal year ends Dec 31
TEVA Pharmaceutical Industries reported revenue of $17.3B in the fiscal year ended Dec 2025, up 4.3% from the year before. Operating income was $2.2B, an operating margin of 12.5%, and net income was $1.4B. Operating cash flow of $1.6B less capital expenditure of $501M left free cash flow of $1.1B. Net debt was $13.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $15.9B | $14.9B | $15.8B | $16.5B | $17.3B |
| Cost of revenue | $8.3B | $8B | $8.2B | $8.5B | $8.3B |
| Gross profit | $7.6B | $7B | $7.6B | $8.1B | $8.9B |
| Research & development | – | $98M | – | – | – |
| Operating income | $1.7B | −$2.2B | $433M | −$303M | $2.2B |
| Interest expense | $891M | $930M | $1B | $1B | $916M |
| Pre-tax income | $658M | −$3.2B | −$624M | −$1.3B | $1.2B |
| Income tax | $211M | −$643M | −$7M | $676M | −$180M |
| Net income | $417M | −$2.4B | −$559M | −$1.6B | $1.4B |
| Diluted EPS | 0.38 | −2.20 | −0.50 | −1.45 | 1.21 |
| Diluted shares | 1,107M | 1,110M | 1,119M | 1,131M | 1,163M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.2B | $2.8B | $3.2B | $3.3B | $3.6B |
| Receivables | $4.5B | $3.7B | $3.4B | $3.1B | $3.7B |
| Inventory | $3.8B | $3.8B | $4B | $3B | $3.2B |
| Current assets | $12.6B | $12.1B | $12.5B | $12.6B | $13.9B |
| Net PP&E | $6B | $5.7B | $5.8B | $4.6B | $4.1B |
| Goodwill | $17.6B | $17.2B | $17.2B | $16B | $16B |
| Total assets | $47.7B | $44B | $43.5B | $39.3B | $40.7B |
| Payables | – | – | $108M | $158M | $225M |
| Current liabilities | $11B | $11.5B | $12.2B | $12.8B | $13.5B |
| Short-term debt | $1.4B | $2.1B | $1.6B | $1.8B | $1.8B |
| Long-term debt | $21.6B | $19.1B | $18.2B | $16B | $15B |
| Total liabilities | $36.4B | $35.4B | $35.4B | $33.6B | $32.8B |
| Shareholders' equity | $10.3B | $7.8B | $7.5B | $5.4B | $7.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $798M | $1.6B | $1.4B | $1.2B | $1.6B |
| Capital expenditure | $562M | $548M | $526M | $498M | $501M |
| Free cash flow | $236M | $1B | $842M | $749M | $1.1B |
| Depreciation & amortisation | $1.3B | $1.3B | $1.2B | $1.1B | $1B |
| Stock-based compensation | $119M | $124M | $121M | $123M | $157M |
| Acquisitions | $0 | $7M | $0 | $15M | $0 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −6.0% | 6.2% | 4.4% | 4.3% |
| Operating income growth (YoY) | – | −228.0% | – | −170.0% | – |
| EPS growth (YoY) | – | −678.9% | – | – | – |
| Gross margin | 47.8% | 46.7% | 48.2% | 48.7% | 51.8% |
| Operating margin | 10.8% | −14.7% | 2.7% | −1.8% | 12.5% |
| Net margin | 2.6% | −16.4% | −3.5% | −9.9% | 8.2% |
| Return on equityBlank when equity is negative | 4.1% | −31.3% | −7.4% | −30.5% | 17.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.7% | −6.8% | 1.4% | −1.1% | 7.9% |
| Free cash flow margin | 1.5% | 7.0% | 5.3% | 4.5% | 6.7% |
| Cash conversion (CFO ÷ net income) | 1.91x | −0.65x | −2.45x | −0.76x | 1.17x |
| Receivable days | 104 | 90 | 79 | 67 | 78 |
| Inventory days | 168 | 176 | 179 | 129 | 139 |
| Payable days | – | – | 5 | 7 | 10 |
| Interest cover | 1.93x | −2.36x | 0.42x | −0.30x | 2.35x |
| Debt ÷ equity | 2.24x | 2.72x | 2.64x | 3.31x | 2.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $20.9B | $18.4B | $16.6B | $14.5B | $13.2B |
| Current ratio | 1.14x | 1.05x | 1.02x | 0.98x | 1.04x |
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.