Elanco Animal Health Financials
Elanco Animal Health (ELAN) reported $4.7B in revenue for fiscal year 2025, up 6.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).
Elanco’s cash-generative operating model is paired with volatile reported earnings as reinvestment and overhead absorb gross profit.
In FY2025, operating cash flow of$560M exceeded the$232M net loss, indicating that noncash costs still weigh heavily on reported earnings. Yet cash conversion after reinvestment was narrower: free cash flow was$284M as capital expenditures reached$276M , so much of the operating cash generation was reinvested.
Gross margin remained roughly
Long-term debt fell from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Elanco Animal Health'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.
Not available for Elanco Animal Health, and counted as zero in the overall score.
Elanco Animal Health's revenue grew 6.2% year-over-year to $4.7B, a solid pace of expansion. This earns a growth score of 43/100.
Elanco Animal Health has a moderate D/E ratio of 0.60. This balance of debt and equity financing earns a leverage score of 56/100.
Elanco Animal Health's current ratio of 2.17 indicates adequate short-term liquidity, earning a score of 62/100. The company can meet its near-term obligations, though with limited headroom.
Elanco Animal Health has a free cash flow margin of 6.0%, earning a moderate score of 53/100. The company generates positive cash flow after capital investments, but with room for improvement.
Not available for Elanco Animal Health, and counted as zero in the overall score.
Elanco Animal Health passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Elanco Animal Health reported a net loss of $232.0M while generating $560.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Elanco Animal Health generated $4.7B in revenue in fiscal year 2025. This represents an increase of 6.2% from the prior year.
Elanco Animal Health reported -$232.0M in net income in fiscal year 2025. This represents a decrease of 168.6% from the prior year.
Elanco Animal Health earned -$0.47 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 169.1% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Elanco Animal Health generated $284.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 27.9% from the prior year.
Elanco Animal Health held $545.0M in cash against $3.9B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Elanco Animal Health's gross margin was 55.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the prior year.
Elanco Animal Health's net profit margin was -4.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 12.5 percentage points from the prior year.
Elanco Animal Health's ROE was -3.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.1 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Elanco Animal Health invested $368.0M in research and development in fiscal year 2025. This represents an increase of 7.0% from the prior year.
Elanco Animal Health invested $276.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 87.8% from the prior year.
Not reported for fiscal year 2025.
ELAN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.0B | $4.7B+6.2% | $4.4B+0.5% | $4.4B+0.1% | $4.4B-7.4% | $4.8B+45.6% | $3.3B+6.6% | $3.1B+0.1% | $3.1B+6.2% | $2.9B-0.8% | $2.9B |
| Cost of Revenue | $2.2B | $2.1B+5.9% | $2.0B+3.7% | $1.9B+0.9% | $1.9B-10.3% | $2.1B+27.9% | $1.7B+13.4% | $1.5B-6.6% | $1.6B+5.3% | $1.5B+6.0% | $1.4B |
| Gross Profit | $2.8B | $2.6B+6.4% | $2.4B-2.0% | $2.5B-0.5% | $2.5B-5.1% | $2.6B+63.9% | $1.6B+0.3% | $1.6B+7.2% | $1.5B+7.0% | $1.4B-7.3% | $1.5B |
| R&D Expenses | $371.0M | $368.0M+7.0% | $344.0M+5.2% | $327.0M+1.9% | $321.0M-13.0% | $369.0M+12.2% | $329.0M+21.9% | $270.0M+9.5% | $246.6M-2.0% | $251.7M-5.3% | $265.8M |
| SG&A Expenses | $1.5B | $1.4B+8.8% | $1.3B+2.3% | $1.3B+1.6% | $1.3B-9.8% | $1.4B+40.7% | $997.0M+31.2% | $760.0M+3.4% | $735.2M-5.7% | $779.8M-0.6% | $784.8M |
| Interest Expense | $248.0M | $220.0M-6.4% | $235.0M-15.2% | $277.0M+14.9% | $241.0M+2.1% | $236.0M+57.3% | $150.0M+89.9% | $79.0M+166.9% | $29.6M | $0 | $0 |
| Income Tax | $33.0M | $8.0M-94.7% | $150.0M+316.7% | $36.0M+500.0% | $6.0M+106.8% | -$88.0M+14.6% | -$103.0M-1130.0% | $10.0M-63.8% | $27.6M-64.7% | $78.1M+206.3% | $25.5M |
| Net Income | -$199.0M | -$232.0M-168.6% | $338.0M+127.5% | -$1.2B-1478.2% | -$78.0M+83.9% | -$483.0M+15.9% | -$574.0M-944.1% | $68.0M-21.4% | $86.5M+127.8% | -$310.7M-548.6% | -$47.9M |
| EPS (Diluted) | — | -$0.47-169.1% | $0.68+127.2% | -$2.50-1462.5% | -$0.16+83.8% | -$0.99+23.8% | -$1.30-822.2% | $0.18-35.7% | $0.28+126.4% | -$1.06 | N/A |
Not reported in any period shown, so not listed: Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ELAN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.4B+5.9% | $12.6B-12.2% | $14.4B-7.3% | $15.5B-6.0% | $16.5B-6.9% | $17.7B+96.9% | $9.0B+0.3% | $9.0B+0.2% | $8.9B | N/A |
| Current Assets | $3.5B+7.6% | $3.2B-5.6% | $3.4B+3.9% | $3.3B+0.2% | $3.3B-4.2% | $3.4B+44.0% | $2.4B-5.3% | $2.5B+17.9% | $2.1B | N/A |
| Cash & Equivalents | $545.0M+16.5% | $468.0M+33.0% | $352.0M+2.0% | $345.0M-45.9% | $638.0M+28.9% | $495.0M+48.2% | $334.0M-29.7% | $474.8M+46.8% | $323.4M+25.0% | $258.8M |
| Inventory | $1.7B+10.4% | $1.6B-9.3% | $1.7B+12.8% | $1.5B+12.2% | $1.4B-13.1% | $1.6B+50.2% | $1.1B+4.6% | $1.0B-5.5% | $1.1B | N/A |
| Accounts Receivable | $873.0M+8.4% | $805.0M-4.4% | $842.0M+5.6% | $797.0M-4.3% | $833.0M-4.5% | $872.0M+6.7% | $816.9M+25.3% | $651.8M+14.9% | $567.4M | N/A |
| Goodwill | $4.8B+8.3% | $4.4B-13.3% | $5.1B-15.0% | $6.0B-2.9% | $6.2B-0.9% | $6.2B+108.2% | $3.0B+1.1% | $3.0B-0.4% | $3.0B | N/A |
| Total Liabilities | $6.8B+4.5% | $6.5B-19.9% | $8.1B-0.8% | $8.2B-8.6% | $9.0B-2.7% | $9.2B+168.0% | $3.4B-8.5% | $3.8B+224.1% | $1.2B | N/A |
| Current Liabilities | $1.6B+21.4% | $1.3B+6.0% | $1.2B-27.1% | $1.7B+3.3% | $1.6B-20.7% | $2.1B+153.8% | $818.5M-15.7% | $970.7M+50.9% | $643.1M | N/A |
| Long-Term Debt | $3.9B-7.8% | $4.3B-25.4% | $5.7B+5.3% | $5.4B-9.6% | $6.0B+8.1% | $5.6B+139.1% | $2.3B-4.6% | $2.4B | $0 | N/A |
| Total Equity | $6.5B+7.4% | $6.1B-2.0% | $6.2B-14.6% | $7.3B-2.9% | $7.5B-11.2% | $8.5B+52.6% | $5.5B+6.7% | $5.2B-33.2% | $7.8B+10.9% | $7.0B |
| Retained Earnings | -$2.2B-11.9% | -$1.9B+14.8% | -$2.3B-116.5% | -$1.1B-8.0% | -$979.0M-105.2% | -$477.0M-665.8% | $84.3M+414.0% | $16.4M | $0 | N/A |
ELAN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $617.0M | $560.0M+3.5% | $541.0M+99.6% | $271.0M-40.0% | $452.0M-6.4% | $483.0M+1278.0% | -$41.0M-118.3% | $224.0M-54.0% | $487.3M+180.4% | $173.8M+11.5% | $155.9M |
| Capital Expenditures | $238.0M | $276.0M+87.8% | $147.0M+5.0% | $140.0M-18.1% | $171.0M+7.5% | $159.0M+17.8% | $135.0M-3.6% | $140.0M+4.1% | $134.5M+36.4% | $98.6M-10.6% | $110.3M |
| Free Cash Flow | $379.0M | $284.0M-27.9% | $394.0M+200.8% | $131.0M-53.4% | $281.0M-13.3% | $324.0M+284.1% | -$176.0M-309.5% | $84.0M-76.2% | $352.8M+369.1% | $75.2M+64.9% | $45.6M |
| Investing Cash Flow | -$335.0M | -$279.0M-124.1% | $1.2B+785.2% | -$169.0M+5.6% | -$179.0M+66.2% | -$530.0M+88.9% | -$4.8B-1933.6% | -$235.0M-85.0% | -$127.0M+86.8% | -$964.6M-429.7% | -$182.1M |
| Financing Cash Flow | -$310.0M | -$275.0M+81.6% | -$1.5B-1697.6% | -$83.0M+84.9% | -$549.0M-361.4% | $210.0M-95.8% | $5.0B+1724.3% | -$305.0M-766.5% | -$35.2M-104.2% | $847.5M+666.5% | -$149.6M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ELAN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.0%+0.1pp | 54.9%-1.4pp | 56.3%-0.4pp | 56.6%+1.4pp | 55.3%+6.2pp | 49.1%-3.1pp | 52.1%+3.4pp | 48.7%+0.4pp | 48.3%-3.3pp | 51.6% |
| Net Margin | -4.9%-12.5pp | 7.6%+35.5pp | -27.9%-26.1pp | -1.8%+8.4pp | -10.1%+7.4pp | -17.5%-19.8pp | 2.2%-0.6pp | 2.8%+13.6pp | -10.8%-9.1pp | -1.6% |
| Return on Equity | -3.5%-9.1pp | 5.5%+25.3pp | -19.8%-18.7pp | -1.1%+5.4pp | -6.4%+0.4pp | -6.8%-8.0pp | 1.2%-0.4pp | 1.7%+5.6pp | -4.0%-3.3pp | -0.7% |
| Return on Assets | -1.7%-4.4pp | 2.7%+11.3pp | -8.6%-8.1pp | -0.5%+2.4pp | -2.9%+0.3pp | -3.2%-4.0pp | 0.8%-0.2pp | 1.0%+4.5pp | -3.5% | N/A |
| Current Ratio | 2.17-0.3x | 2.44-0.3x | 2.75+0.8x | 1.93-0.1x | 1.99+0.3x | 1.65-1.3x | 2.90+0.3x | 2.58-0.7x | 3.30 | N/A |
| Debt-to-Equity | 0.60-0.1x | 0.70-0.2x | 0.92+0.2x | 0.75-0.1x | 0.80+0.1x | 0.66+0.2x | 0.420.0x | 0.47+0.5x | 0.00 | N/A |
| FCF Margin | 6.0%-2.9pp | 8.9%+5.9pp | 3.0%-3.4pp | 6.4%-0.4pp | 6.8%+12.2pp | -5.4%-8.1pp | 2.7%-8.8pp | 11.5%+8.9pp | 2.6%+1.0pp | 1.6% |
Not reported in any period shown, so not listed: Operating Margin.
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Where Elanco Animal Health Ranks
Frequently Asked Questions
What is Elanco Animal Health's annual revenue?
Elanco Animal Health (ELAN) reported $4.7B in total revenue for fiscal year 2025. This represents a 6.2% 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.
How fast is Elanco Animal Health's revenue growing?
Elanco Animal Health (ELAN) revenue grew by 6.2% year-over-year, from $4.4B to $4.7B in fiscal year 2025.
Is Elanco Animal Health profitable?
No, Elanco Animal Health (ELAN) reported a net income of -$232.0M in fiscal year 2025, with a net profit margin of -4.9%.
How much debt does Elanco Animal Health have?
As of fiscal year 2025, Elanco Animal Health (ELAN) had $545.0M in cash and equivalents against $3.9B in long-term debt.
What is Elanco Animal Health's gross margin?
Elanco Animal Health (ELAN) had a gross margin of 55.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Elanco Animal Health's net profit margin?
Elanco Animal Health (ELAN) had a net profit margin of -4.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Elanco Animal Health's return on equity (ROE)?
Elanco Animal Health (ELAN) has a return on equity of -3.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Elanco Animal Health's free cash flow?
Elanco Animal Health (ELAN) generated $284.0M in free cash flow during fiscal year 2025. This represents a -27.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Elanco Animal Health's operating cash flow?
Elanco Animal Health (ELAN) generated $560.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Elanco Animal Health's total assets?
Elanco Animal Health (ELAN) had $13.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Elanco Animal Health's capital expenditures?
Elanco Animal Health (ELAN) invested $276.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Elanco Animal Health spend on research and development?
Elanco Animal Health (ELAN) invested $368.0M in research and development during fiscal year 2025.
What is Elanco Animal Health's current ratio?
Elanco Animal Health (ELAN) had a current ratio of 2.17 as of fiscal year 2025, which is generally considered healthy.
What is Elanco Animal Health's debt-to-equity ratio?
Elanco Animal Health (ELAN) had a debt-to-equity ratio of 0.60 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Elanco Animal Health's return on assets (ROA)?
Elanco Animal Health (ELAN) had a return on assets of -1.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Elanco Animal Health's Piotroski F-Score?
Elanco Animal Health (ELAN) has a Piotroski F-Score of 5 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.
Are Elanco Animal Health's earnings high quality?
Elanco Animal Health (ELAN) reported a net loss of $232.0M while generating $560.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
How financially healthy is Elanco Animal Health?
Elanco Animal Health (ELAN) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.