Elanco Animal Health Inc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Elanco Animal Health Inc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,914	2,889	3,067	3,071	3,273	4,764	4,411	4,417	4,439	4,715
Cost of revenue	1,409	1,494	1,574	1,470	1,667	2,132	1,913	1,931	2,003	2,122
Gross profit	1,505	1,395	1,493	1,601	1,606	2,632	2,498	2,486	2,436	2,593
Research and development	266	252	247	270	329	369	321	327	344	368
Selling, general and administrative	785	780	735	760	997	1,403	1,265	1,285	1,314	1,430
Selling and marketing						248	201	207	236	314
Interest expense	0	0	29.6	79	150	236	241	277
Interest income								4	31	43
Other non-operating income	2.8	0.1	-41.3	-28	178	-5	-32	-75
Pre-tax income	-22.4	-233	114	78	-677	-571	-72	-1,195	488	-224
Income tax	25.5	78.1	27.6	10	-103	-88	6	36	150	8
Net income	-47.9	-311	86.5	68	-574	-483	-78	-1,231	338	-232
EPS, basic	-0.16	-1.06	0.28	0.18	-1.30	-0.99	-0.16	-2.50	0.68	-0.47
EPS, diluted	-0.16	-1.06	0.28	0.18	-1.30	-0.99	-0.16	-2.50	0.68	-0.47
Shares, basic (weighted)	293	293	314	369	441	487	488	492	494	496
Shares, diluted (weighted)	293	293	314	370	441	487	488	492	497	496

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	259	323	475	334	495	638	345	352	468	545
Receivables		567	652	817	872	833	797	842	805	873
Inventory		1,062	1,004	1,051	1,578	1,371	1,538	1,735	1,574	1,737
Other current assets		136	114	87.4	256	237	394	310	287	236
Total current assets		2,124	2,505	2,373	3,417	3,274	3,279	3,407	3,215	3,458
Property, plant and equipment		920	922	955	1,316	1,055	999	1,026	993	1,409
Lease right-of-use assets				85	187	161	141	140	122	116
Goodwill		2,969	2,958	2,990	6,225	6,172	5,993	5,094	4,414	4,779
Intangible assets		2,673	2,505	2,483	6,387	5,587	4,842	4,494	3,681	3,408
Other non-current assets		242	66.6	185	348	390	378	341	311	304
Total assets		8,940	8,957	8,986	17,693	16,478	15,491	14,362	12,614	13,358
Accounts payable		204	205	223	501	416	390	270	296	368
Accrued liabilities		89.3	98.9	99.6	144	185	146	157	177	206
Deferred revenue		166	170	211	295	319	324	367	332	416
Short-term debt		0	29	24.5	555	294	388	38	44	74
Total current liabilities		643	971	819	2,077	1,647	1,702	1,241	1,315	1,597
Long-term debt		0	2,443	2,331	5,572	6,025	5,448	5,736	4,277	3,943
Lease liabilities				61.7	151	127	111	110	92	86
Other non-current liabilities		126	122	107	322	262	229	411	302	585
Total liabilities		1,160	3,759	3,439	9,217	8,970	8,202	8,139	6,518	6,811
Total debt		0	2,472	2,355	6,127	6,319	5,836	5,774	4,321	3,762
Paid-in capital		0	5,403	5,636	8,650	8,696	8,738	8,777	8,817	8,870
Retained earnings		0	16.4	84.3	-477	-979	-1,057	-2,288	-1,950	-2,182
Other comprehensive income		-257	-222	-174	303	-209	-392	-266	-771	-141
Shareholders' equity	7,017	7,780	5,197	5,543	8,457	7,508	7,289	6,223	6,096	6,547
Total equity	7,017	7,780	5,197	5,543	8,457	7,508	7,289	6,223	6,096	6,547
Total liabilities and equity		8,940	8,957	8,986	17,693	16,478	15,491	14,362	12,614	13,358
Shares outstanding		366	366	373	472	473	474	493	494	497

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-47.9	-311	86.5	68	-574	-483	-78	-1,231	338	-232
Depreciation and amortization	254	318	296	314	517	716	682	694	662	680
Stock-based compensation	20.4	25	26	49	47	66	59	46	55	68
Deferred income tax	-5.9	-13.4	-60.7	0	-114	-148	-57	-80	-112	-134
Change in inventory	-89.1	-39	-20.1	-34	-95	29	-269	-160	44	-57
Cash from operations	156	174	487	224	-41	483	452	271	541	560
Capital expenditures	-110	-98.6	-135	-140	-135	-159	-171	-140	-147	-276
Acquisitions	-45	-882	0	-33	-5,001	-342	0	-19	-41	0
Cash from investing	-182	-965	-127	-235	-4,779	-530	-179	-169	1,158	-279
Debt issued	0	0	2,500	0	4,804	500	425	0	350	2,106
Debt repaid	0	0	-7.5	-121	-952	-573	-677	-402	-1,600	-2,669
Stock issued	0	0	1,660	0	1,220	500	425	0
Cash from financing	-150	848	-35.2	-305	4,954	210	-549	-83	-1,492	-275
Exchange rate effect	-26	7.9	29	-17	27	-31	-17	-12	-91	71
Net change in cash	-202	64.6	354	-333	161	132	-293	7	116	77
Free cash flow	45.6	75.2	353	84	-176	324	281	131	394	284
Interest paid				104	131	221	266	379	296	206
Income taxes paid	53.6	35.7	26.9	43	97	151	93	95	140	225

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $22.31 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	55.4%	Gross profit / revenue.
Pre-tax margin	-3.3%	Pre-tax income / revenue.
Net margin	-4.0%	Net income / revenue.
FCF margin	7.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.3%	Cash from operations / revenue.
Return on equity (ROE)	-3.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.5%	Net income / average total assets.
R&D / revenue	7.4%	Research and development expense / revenue.
SG&A / revenue	30.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.7%	Capital expenditures / revenue.
D&A / revenue	8.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-168.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-169.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	3.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-27.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	0.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	7.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-5.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.05x	Current assets / current liabilities.
Quick ratio	0.87x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.56x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	27.0%	Total debt / total assets.
Liabilities / assets	51.4%	Total liabilities / total assets.
Net debt	$3.13B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$1.95B	Current assets - current liabilities.
Goodwill and intangibles / assets	59.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.46B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.37x	Revenue / average total assets.
Fixed asset turnover	3.56x	Revenue / average property, plant and equipment.
Inventory turnover	1.27x	Cost of revenue / average inventory.
Days inventory	288 days	365 x average inventory / cost of revenue.
Receivables turnover	4.66x	Revenue / average receivables.
Days sales outstanding	78 days	365 x average receivables / revenue.
Days payables	70 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	297 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	38.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.39	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.92	Revenue / diluted weighted shares.
FCF per share	$0.75	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.22	Cash from operations / diluted weighted shares.
Book value per share	$13.19	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.92	Tangible book value / shares outstanding.
Cash per share	$1.06	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$11.15B	Share price x shares outstanding.
Enterprise value	$14.28B	Market cap + total debt - cash - short-term investments.
P/S	2.22x	Market cap / revenue.
P/B	1.69x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	29.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.1x	Market cap / cash from operations, when positive.
EV/Sales	2.84x	Enterprise value / revenue.
EV/FCF	37.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.4%	Free cash flow / market cap.
Earnings yield	-1.8%	Net income / market cap (the inverse of P/E).

What was Elanco Animal Health Inc's revenue in fiscal 2025?

Elanco Animal Health Inc reported revenue of $4.72B for fiscal 2025, 6.2% higher than the year before.

Was Elanco Animal Health Inc profitable in fiscal 2025?

No. It reported a net loss of $232.0M.

How much free cash flow did Elanco Animal Health Inc generate in fiscal 2025?

Cash from operations of $560.0M minus capital expenditures of $276.0M left free cash flow of $284.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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