Incyte Corp Financials
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).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Incyte Corp has an operating margin of 34.8%, meaning the company retains $35 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 1.5% the prior year.
Incyte Corp's revenue declined 99.9% year-over-year, from $4.2B to $4.4M. This contraction results in a growth score of 0/100.
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 98/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.32, Incyte Corp holds $3.32 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Incyte Corp converts 32.5% of revenue into free cash flow ($1.4M). This strong cash generation earns a score of 100/100.
Incyte Corp earns a strong 24.9% return on equity (ROE), meaning it generates $25 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 0.9% the prior year.
Incyte Corp scores 6744.38, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($20.1B) relative to total liabilities ($1.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Incyte Corp passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Incyte Corp generates $1.10 in operating cash flow ($1.4M OCF vs $1.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Incyte Corp earns $623.9 in operating income for every $1 of interest expense ($1.5M vs $2K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Incyte Corp generated $4.4M in revenue in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Incyte Corp's EBITDA was $1.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 98.9% from the prior year.
Incyte Corp generated $1.4M in free cash flow in fiscal year 2025, representing cash available after capex.
Incyte Corp reported $1.3M in net income in fiscal year 2025. This represents a decrease of 96.1% from the prior year.
Incyte Corp earned $6.41 per diluted share (EPS) in fiscal year 2025. This represents an increase of 4173.3% from the prior year.
Incyte Corp held $3.1M in cash against $0 in long-term debt as of fiscal year 2025.
Incyte Corp had 199M shares outstanding in fiscal year 2025. This represents an increase of 2.8% from the prior year.
Incyte Corp's gross margin was 91.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.2 percentage points from the prior year.
Incyte Corp's operating margin was 34.8% in fiscal year 2025, reflecting core business profitability. This is up 33.3 percentage points from the prior year.
Incyte Corp's net profit margin was 29.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 28.8 percentage points from the prior year.
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.
Incyte Corp invested $2.1M in research and development in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Incyte Corp spent $2.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 99.9% from the prior year.
Incyte Corp invested $49 in capex in fiscal year 2025, funding long-term assets and infrastructure.
INCY Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $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+18.5% | $880.9M |
| Cost of Revenue | $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+25.7% | $61.0M |
| Gross Profit | $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+18.0% | $819.9M |
| R&D Expenses | $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+165.2% | $429.3M |
| SG&A Expenses | $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+1.9% | $300.3M |
| Operating Income | $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-620.3% | $91.9M |
| Interest Expense | $582K-1.7% | $592K-0.3% | $594K-10.0% | $660K+57.5% | $419K-45.9% | $774K+17.8% | $657K+52.8% | $430K |
| Income Tax | $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-17.7% | $66.6M |
| Net Income | $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-362.2% | $169.5M |
| EPS (Diluted) | $1.46-30.8% | $2.11+3.4% | $2.04+155.0% | $0.80-11.1% | $0.90+66.7% | $0.54+126.5% | $-2.04-372.0% | $0.75 |
INCY Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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-34.7% | $7.1B |
| Current Assets | $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-47.1% | $4.8B |
| Cash & Equivalents | $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-70.5% | $3.3B |
| Inventory | $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+58.2% | $63.6M |
| Accounts Receivable | $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-0.9% | $745.5M |
| Goodwill | $133.0M-14.5% | $155.6M0.0% | $155.6M0.0% | $155.6M0.0% | $155.6M0.0% | $155.6M0.0% | $155.6M0.0% | $155.6M |
| Total Liabilities | $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-4.4% | $1.7B |
| Current Liabilities | $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-4.3% | $1.4B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $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-44.4% | $5.4B |
| Retained Earnings | $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-518.4% | $329.9M |
INCY Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $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-363.0% | $218.8M |
| 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 | -$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+392.5% | -$73.1M |
| Financing Cash Flow | $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-15989.4% | -$12.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0 | N/A | N/A | $0-100.0% | $103K | N/A | N/A |
INCY Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 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%-0.4pp | 93.1% |
| Operating Margin | 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%-56.2pp | 10.4% |
| Net Margin | 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%-61.9pp | 19.3% |
| Return on Equity | 5.8%-3.3pp | 9.1%-0.6pp | 9.7%+5.4pp | 4.3%-1.5pp | 5.8%+2.5pp | 3.4% | N/A | 3.1% |
| Return on Assets | 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%-11.9pp | 2.4% |
| Current Ratio | 3.32+0.1 | 3.20+0.3 | 2.85+0.8 | 2.04+0.1 | 1.97+0.1 | 1.87-0.0 | 1.92-1.6 | 3.47 |
| Debt-to-Equity | 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+0.2 | 0.32 |
| 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
What is Incyte Corp's annual revenue?
Incyte Corp (INCY) reported $4.4M in total revenue for fiscal year 2025. This represents a -99.9% 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 Incyte Corp's revenue growing?
Incyte Corp (INCY) revenue declined by 99.9% year-over-year, from $4.2B to $4.4M in fiscal year 2025.
Is Incyte Corp profitable?
Yes, Incyte Corp (INCY) reported a net income of $1.3M in fiscal year 2025, with a net profit margin of 29.5%.
What is Incyte Corp's earnings per share (EPS)?
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.
What is Incyte Corp's EBITDA?
Incyte Corp (INCY) had EBITDA of $1.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Incyte Corp's gross margin?
Incyte Corp (INCY) had a gross margin of 91.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Incyte Corp's operating margin?
Incyte Corp (INCY) had an operating margin of 34.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Incyte Corp's net profit margin?
Incyte Corp (INCY) had a net profit margin of 29.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Incyte Corp's return on equity (ROE)?
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.
What is Incyte Corp's free cash flow?
Incyte Corp (INCY) generated $1.4M in free cash flow during fiscal year 2025. 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 Incyte Corp's operating cash flow?
Incyte Corp (INCY) generated $1.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Incyte Corp's total assets?
Incyte Corp (INCY) had $7.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Incyte Corp's capital expenditures?
Incyte Corp (INCY) invested $49 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Incyte Corp spend on research and development?
Incyte Corp (INCY) invested $2.1M in research and development during fiscal year 2025.
Does Incyte Corp buy back shares?
Yes, Incyte Corp (INCY) spent $2.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Incyte Corp have outstanding?
Incyte Corp (INCY) had 199M shares outstanding as of fiscal year 2025.
What is Incyte Corp's current ratio?
Incyte Corp (INCY) had a current ratio of 3.32 as of fiscal year 2025, which is generally considered healthy.
What is Incyte Corp's debt-to-equity ratio?
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.
What is Incyte Corp's return on assets (ROA)?
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.
What is Incyte Corp's Altman Z-Score?
Incyte Corp (INCY) has an Altman Z-Score of 6744.38, 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.
What is Incyte Corp's Piotroski F-Score?
Incyte Corp (INCY) 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Incyte Corp's earnings high quality?
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.
Can Incyte Corp cover its interest payments?
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.
How financially healthy is Incyte Corp?
Incyte Corp (INCY) scores 83 out of 100 on our Financial Profile, indicating strong 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.