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.

Incyte Corp Financials

INCY

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

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

Financial Profile 76/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Incyte Corp has an operating margin of 29.5%, meaning the company retains $29 of operating profit per $100 of revenue. This strong profitability earns a score of 88/100, reflecting efficient cost management and pricing power. This is up from 1.5% the prior year.

Growth

Incyte Corp's revenue surged 21.2% year-over-year to $5.1B, reflecting rapid business expansion. This strong growth earns a score of 69/100.

Leverage

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 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Incyte Corp's current ratio of 3.32 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.

Returns

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 66/100. This is up from 0.9% the prior year.

Altman Z-Score Safe

8.50

Incyte Corp scores 8.50, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($19.1B) relative to total liabilities ($1.8B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

6/9

Incyte Corp passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.10x

For every $1 of reported earnings, Incyte Corp generates $1.10 in operating cash flow ($1.4B OCF vs $1.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

623.9x

Incyte Corp earns $623.9 in operating income for every $1 of interest expense ($1.5B vs $2.4M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$5.1B

YoY+21.2%

5Y CAGR+14.0%

10Y CAGR+21.2%

Incyte Corp generated $5.1B in revenue in fiscal year 2025. This represents an increase of 21.2% from the prior year.

EBITDA

$1.6B

YoY+967.7%

10Y CAGR+32.6%

Incyte Corp's EBITDA was $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 967.7% from the prior year.

Net Income

$1.3B

YoY+3845.0%

10Y CAGR+69.6%

Incyte Corp reported $1.3B in net income in fiscal year 2025. This represents an increase of 3845.0% from the prior year.

EPS (Diluted)

$6.41

YoY+4173.3%

10Y CAGR+71.0%

Incyte Corp earned $6.41 per diluted share (EPS) in fiscal year 2025. This represents an increase of 4173.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$3.1B

YoY+83.5%

5Y CAGR+15.4%

10Y CAGR+19.5%

Incyte Corp held $3.1B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

199M

YoY+2.8%

5Y CAGR-2.0%

10Y CAGR+0.6%

Incyte Corp had 199M shares outstanding in fiscal year 2025. This represents an increase of 2.8% from the prior year.

Margins & Returns

Gross Margin

92.8%

YoY+0.1pp

5Y CAGR-2.3pp

10Y CAGR-3.7pp

Incyte Corp's gross margin was 92.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the prior year.

Operating Margin

29.5%

YoY+28.0pp

5Y CAGR+39.3pp

10Y CAGR+22.7pp

Incyte Corp's operating margin was 29.5% in fiscal year 2025, reflecting core business profitability. This is up 28.0 percentage points from the prior year.

Net Margin

25.0%

YoY+24.3pp

5Y CAGR+36.1pp

10Y CAGR+24.2pp

Incyte Corp's net profit margin was 25.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 24.3 percentage points from the prior year.

Return on Equity

24.9%

YoY+23.9pp

5Y CAGR+36.2pp

10Y CAGR+21.1pp

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.

Capital Allocation

R&D Spending

$2.1B

YoY-21.4%

5Y CAGR-1.5%

10Y CAGR+15.6%

Incyte Corp invested $2.1B in research and development in fiscal year 2025. This represents a decrease of 21.4% from the prior year.

Share Buybacks

YoY-100.0%

Incyte Corp spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

N/A

INCY Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$5.1B+21.2%	$4.2B+14.8%	$3.7B+8.9%	$3.4B+13.7%	$3.0B+12.0%	$2.7B
Cost of Revenue	$372.1M+19.2%	$312.1M+22.4%	$255.0M+23.2%	$207.0M+37.1%	$151.0M+15.0%	$131.3M
Gross Profit	$4.8B+21.4%	$3.9B+14.2%	$3.4B+7.9%	$3.2B+12.4%	$2.8B+11.8%	$2.5B
R&D Expenses	$2.1B-21.4%	$2.6B+60.2%	$1.6B+2.6%	$1.6B+8.8%	$1.5B-34.2%	$2.2B
SG&A Expenses	$1.4B+10.8%	$1.2B+7.5%	$1.2B+15.3%	$1.0B+35.5%	$739.6M+43.1%	$516.9M
Operating Income	$1.5B+2368.6%	$61.4M-90.1%	$620.5M+7.1%	$579.4M-1.1%	$585.8M+322.2%	-$263.7M
Interest Expense	$2.4M+6.5%	$2.3M-10.6%	$2.6M-4.3%	$2.7M+39.7%	$1.9M-12.2%	$2.2M
Income Tax	$377.8M+33.0%	$284.0M+20.0%	$236.6M+25.6%	$188.5M+149.8%	-$378.1M-695.7%	$63.5M
Net Income	$1.3B+3845.0%	$32.6M-94.5%	$597.6M+75.4%	$340.7M-64.1%	$948.6M+420.8%	-$295.7M
EPS (Diluted)	$6.41+4173.3%	$0.15-94.3%	$2.65+74.3%	$1.52-64.4%	$4.27+414.0%	$-1.36

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)	N/A	$2.11+3.4%	$2.04+155.0%	$0.80	N/A	$0.54+126.5%	$-2.04-372.0%	$0.75

INCY Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$7.0B+27.8%	$5.4B-19.7%	$6.8B+16.1%	$5.8B+18.4%	$4.9B+38.5%	$3.6B
Current Assets	$5.0B+55.1%	$3.2B-30.3%	$4.6B+13.5%	$4.1B+31.2%	$3.1B+32.2%	$2.4B
Cash & Equivalents	$3.1B+83.5%	$1.7B-47.5%	$3.2B+8.9%	$3.0B+43.5%	$2.1B+36.0%	$1.5B
Inventory	$101.1M+71.7%	$58.9M-6.5%	$63.0M+50.0%	$42.0M+50.5%	$27.9M+69.9%	$16.4M
Accounts Receivable	$1.0B+20.1%	$853.2M+14.7%	$743.6M+15.3%	$644.9M+4.6%	$616.3M+27.9%	$482.0M
Goodwill	$133.0M-14.5%	$155.6M0.0%	$155.6M0.0%	$155.6M0.0%	$155.6M0.0%	$155.6M
Total Liabilities	$1.8B-10.3%	$2.0B+25.4%	$1.6B+8.3%	$1.5B+26.4%	$1.2B+22.5%	$949.6M
Current Liabilities	$1.5B-7.7%	$1.6B+32.4%	$1.2B+7.2%	$1.2B+35.4%	$854.3M+35.3%	$631.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$5.2B+49.9%	$3.4B-33.6%	$5.2B+18.8%	$4.4B+15.9%	$3.8B+44.4%	$2.6B
Retained Earnings	$213.8M+119.9%	-$1.1B-768.9%	$160.4M+136.7%	-$437.2M+43.8%	-$777.9M+54.9%	-$1.7B

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	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.4B+321.5%	$335.3M-32.5%	$496.5M-48.8%	$969.9M+29.4%	$749.5M+701.5%	-$124.6M
Capital Expenditures	N/A	N/A	N/A	$77.8M-57.0%	$181.0M-3.4%	$187.4M
Free Cash Flow	N/A	N/A	N/A	$892.1M+56.9%	$568.5M+282.2%	-$312.0M
Investing Cash Flow	-$102.6M-165.1%	$157.5M+175.8%	-$207.7M-164.4%	-$78.5M+62.2%	-$207.7M+22.8%	-$269.0M
Financing Cash Flow	$101.0M+105.0%	-$2.0B-9991.1%	-$20.0M-2423.0%	-$794K-112.9%	$6.2M-91.4%	$71.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0-100.0%	$2.0B	$0	$0	N/A	N/A

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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	92.8%+0.1pp	92.6%-0.5pp	93.1%-0.8pp	93.9%-1.0pp	94.9%-0.1pp	95.1%
Operating Margin	29.5%+28.0pp	1.5%-15.3pp	16.8%-0.3pp	17.1%-2.6pp	19.6%+29.5pp	-9.9%
Net Margin	25.0%+24.3pp	0.8%-15.4pp	16.2%+6.1pp	10.0%-21.7pp	31.8%+42.9pp	-11.1%
Return on Equity	24.9%+23.9pp	0.9%-10.6pp	11.5%+3.7pp	7.8%-17.4pp	25.2%+36.5pp	-11.3%
Return on Assets	18.5%+17.9pp	0.6%-8.2pp	8.8%+3.0pp	5.8%-13.4pp	19.2%+27.5pp	-8.3%
Current Ratio	3.32+1.3	1.97-1.8	3.75+0.2	3.54-0.1	3.65-0.1	3.74
Debt-to-Equity	0.35-0.2	0.58+0.3	0.31-0.0	0.34+0.0	0.31-0.1	0.36
FCF Margin	N/A	N/A	N/A	26.3%+7.2pp	19.0%+30.7pp	-11.7%

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%+18.2pp	-14.8%-18.0pp	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

Similar Companies

Genmab GMAB

$16.9B

Summit Therapeutics Inc SMMT

$15.0B

BIONTECH BNTX

$22.9B

Ascendis Pharma ASND

$14.1B

Royalty Pharma Plc RPRX

$20.8B

Frequently Asked Questions

What is Incyte Corp's annual revenue?

Incyte Corp (INCY) reported $5.1B in total revenue for fiscal year 2025. This represents a 21.2% 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 Incyte Corp's revenue growing?

Incyte Corp (INCY) revenue grew by 21.2% year-over-year, from $4.2B to $5.1B in fiscal year 2025.

Is Incyte Corp profitable?

Yes, Incyte Corp (INCY) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 25.0%.

What is Incyte Corp's EBITDA?

Incyte Corp (INCY) had EBITDA of $1.6B 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 92.8% 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 29.5% 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 25.0% 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 operating cash flow?

Incyte Corp (INCY) generated $1.4B 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 $7.0B in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Incyte Corp spend on research and development?

Incyte Corp (INCY) invested $2.1B in research and development during fiscal year 2025.

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 8.50, 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 6 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 76 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.