Elanco Animal Health Inc (ELAN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.27	$0.34	+25.9%	—	$1.4B	—
Q1 26	$0.34	$0.4	+17.6%	—	$1.4B	—
Q4 25	$0.12	$0.13	+8.3%	—	$1.1B	—
Q3 25	$0.13	$0.19	+46.2%	—	$1.1B	—
Q2 25	$0.2	$0.26	+30.0%	—	$1.2B	—
Q1 25	$0.3	$0.37	+23.3%	—	$1.2B	—
Q4 24	$0.15	$0.14	-6.7%	—	$1B	—
Q3 24	$0.12	$0.13	+8.3%	—	$1B	—
Q2 24	$0.24	$0.3	+25.0%	—	$1.2B	—
Q1 24	$0.27	$0.34	+25.9%	—	$1.2B	—
Q4 23	$0.1	$0.08	-20.0%	—	$1B	—
Q3 23	$0.12	$0.18	+50.0%	—	$1.1B	—
Q2 23	$0.05	$0.18	+260.0%	—	$1.1B	—
Q1 23	$0.29	$0.45	+55.2%	—	$1.3B	—
Q4 22	$0.13	$0.19	+46.2%	—	$981M	—
Q3 22	$0.16	$0.2	+25.0%	—	$1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.47	—	—	$4.7B	—
FY24	—	$0.68	—	—	$4.4B	—
FY23	—	-$2.5	—	—	$4.4B	—
FY22	—	-$0.15	—	—	$4.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.9B	$2.9B	$3.1B	$3.1B	$3.3B	$4.8B	$4.4B	$4.4B	$4.4B	$4.7B
YoY change	+0.15%	-0.84%	+6.15%	+0.14%	+6.51%	+45.6%	-7.41%	+0.14%	+0.5%	+6.22%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.9B	2.9B	3.1B	3.1B	3.3B	4.8B	4.4B	4.4B	4.4B	4.7B
Cost of revenue	1.4B	1.5B	1.6B	1.5B	1.7B	2.1B	1.9B	1.9B	2B	2.1B
Gross profit	1.5B	1.4B	1.5B	1.6B	1.6B	2.6B	2.5B	2.5B	2.4B	2.6B
Gross margin	51.6%	48.3%	48.7%	52.1%	49%	55.2%	56.6%	56.3%	54.9%	55%
Research & development	265.8M	251.7M	246.6M	270M	329M	369M	321M	327M	344M	368M
Selling, general & administrative	784.8M	779.8M	735.2M	760M	997M	1.4B	1.3B	1.3B	1.3B	1.4B
Operating expenses	1.1B	1B	981.8M	1B	1.3B	1.8B	1.6B	1.6B	1.7B	1.8B
Operating income	283.2M	142.4M	313.8M	371M	-82M	304M	384M	326M	251M	252M
Operating margin	9.72%	4.93%	10.2%	12.1%	-2.51%	6.38%	8.71%	7.38%	5.65%	5.34%
Non-operating income, net	-305.6M	-375M	-170.1M	-214M	-445M	-639M	-215M	-1.2B	472M	-256M
Pretax income	-22.4M	-232.6M	114.1M	78M	-677M	-571M	-72M	-1.2B	488M	-224M
Income tax	25.5M	78.1M	27.6M	10M	-103M	-88M	6M	36M	150M	8M
Net income	-47.9M	-310.7M	86.5M	68M	-574M	-483M	-78M	-1.2B	338M	-232M
Net margin	-1.64%	-10.8%	2.82%	2.21%	-17.5%	-10.1%	-1.77%	-27.9%	7.61%	-4.92%
EBITDA	540.4M	460.9M	568.5M	657M	613M	1B	1B	945M	895M	913M
EPS	-0.13	-0.87	0.28	0.18	-1.27	-0.97	-0.15	-2.5	0.68	-0.47
Diluted EPS	-0.13	-0.87	0.28	0.18	-1.27	-0.97	-0.15	-2.5	0.68	-0.47

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.1B	1B	1.2B	1.2B	1B	1B	1.2B	1.2B	1.1B	1.1B	1.4B	1.4B
Cost of revenue	487M	516M	515M	495M	492M	501M	509M	528M	530M	555M	586M	570M
Gross profit	581M	519M	690M	689M	538M	519M	684M	713M	607M	589M	785M	798M
Gross margin	54.4%	50.1%	57.3%	58.2%	52.2%	50.9%	57.3%	57.5%	53.4%	51.5%	57.3%	58.3%
Research & development	86M	79M	87M	89M	87M	81M	94M	92M	89M	93M	97M	92M
Selling, general & administrative	313M	292M	337M	354M	323M	300M	341M	400M	351M	338M	381M	449M
Operating expenses	399M	371M	424M	443M	410M	381M	435M	492M	440M	431M	478M	541M
Operating income	42M	10M	133M	115M	-5M	8M	121M	85M	27M	19M	169M	118M
Operating margin	3.93%	0.97%	11%	9.71%	-0.49%	0.78%	10.1%	6.85%	2.37%	1.66%	12.3%	8.63%
Non-operating income, net	-1.1B	-70M	-55M	-82M	622M	-13M	-21M	-12M	-25M	-198M	-25M	-3M
Pretax income	-1.1B	-127M	12M	-32M	559M	-51M	60M	25M	-50M	-259M	87M	56M
Income tax	-1M	14M	-20M	18M	195M	-43M	-7M	14M	-16M	17M	30M	2M
Net income	-1.1B	-141M	32M	-50M	364M	-8M	67M	11M	-34M	-276M	57M	54M
Net margin	-102.6%	-13.6%	2.66%	-4.22%	35.3%	-0.78%	5.62%	0.89%	-2.99%	-24.1%	4.16%	3.95%
EBITDA	206M	147M	290M	275M	164M	166M	270M	243M	203M	197M	332M	295M
EPS	-2.22	-0.29	0.06	-0.1	0.74	-0.02	0.14	0.02	-0.07	-0.56	0.11	0.11
Diluted EPS	-2.22	-0.29	0.06	-0.1	0.73	-0.02	0.13	0.02	-0.07	-0.56	0.11	0.11

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	6B	7.3B	6B	11.2B	11.2B
Enterprise value	—	—	—	—	—	—	11.5B	12.8B	9.8B	14.7B	14.8B
Shares outstanding	356.2M	356.2M	313.7M	369M	441.4M	487.2M	488.3M	492.3M	494M	496.4M	496.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	17.7	—	377.1
P/S	—	—	—	—	—	—	1.35	1.66	1.35	2.38	2.21
P/B	—	—	—	—	—	—	0.82	1.18	0.98	1.72	1.68
EV/EBITDA	—	—	—	—	—	—	11.1	13.5	11	16.1	14.7
EV/Sales	—	—	—	—	—	—	2.6	2.89	2.22	3.12	2.96
Earnings yield	—	—	—	—	—	—	—	—	5.65%	—	0.27%
FCF yield	—	—	—	—	—	—	4.49%	1.6%	6.35%	2.53%	7.37%
PEG	—	—	—	—	—	—	—	—	—	—	0.84

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	51.6%	48.3%	48.7%	52.1%	49%	55.2%	56.6%	56.3%	54.9%	55%	58.3%
Operating margin	9.72%	4.93%	10.2%	12.1%	-2.51%	6.38%	8.71%	7.38%	5.65%	5.34%	8.63%
Net margin	-1.64%	-10.8%	2.82%	2.21%	-17.5%	-10.1%	-1.77%	-27.9%	7.61%	-4.92%	-3.96%
ROE	-0.68%	-3.99%	1.66%	1.23%	-6.77%	-6.43%	-1.07%	-19.8%	5.54%	-3.54%	-2.98%
ROA	-0.59%	-3.48%	0.97%	0.76%	-3.24%	-2.93%	-0.5%	-8.57%	2.68%	-1.74%	1.56%
ROIC	4.18%	1.91%	3.31%	4.27%	-0.58%	2.3%	3%	2.8%	1.75%	2.52%	3.34%
Return on tangible assets	2.09%	13.3%	-4.39%	-3.47%	7.62%	6.86%	1.26%	25.6%	-9.45%	7.69%	7.84%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.15	3.3	2.58	2.9	1.65	1.99	1.93	2.75	2.44	2.17	2.05
Quick ratio	1.73	1.65	1.55	1.62	0.89	1.16	1.02	1.35	1.25	1.08	1.1
Debt / equity	—	—	0.48	0.42	0.72	0.84	0.8	0.93	0.71	0.61	0.64
Debt / assets	—	—	0.28	0.26	0.35	0.38	0.38	0.4	0.34	0.3	0.29
Net debt / EBITDA	—	—	3.51	3.08	9.19	5.6	5.31	5.74	4.31	3.8	3.3
Interest coverage	—	—	4.85	1.99	-3.51	-1.42	0.7	-3.31	3.08	-0.02	0.33
Effective tax rate	0%	0%	24.2%	12.8%	0%	0%	0%	0%	30.7%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.18	8.11	9.78	8.32	7.41	9.78	9.03	8.97	8.99	9.5	10.1
EPS (basic)	-0.13	-0.87	0.28	0.18	-1.27	-0.97	-0.15	-2.5	0.68	-0.47	-0.47
EPS (diluted)	-0.13	-0.87	0.28	0.18	-1.27	-0.97	-0.15	-2.5	0.68	-0.47	-0.41
Book value per share	19.7	21.8	16.6	15	19.2	15.4	14.9	12.6	12.3	13.2	13.2
FCF per share	0.13	0.16	1.12	0.07	-0.8	0.59	0.55	0.24	0.77	0.57	0.75
Cash per share	0.73	0.91	1.51	0.91	1.12	1.31	0.71	0.72	0.95	1.1	1.06
Capex per share	0.29	0.17	0.4	0.38	0.14	0.33	0.35	0.28	0.3	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.53%	2.11%	4.08%	4.56%	1.93%	3.34%	3.88%	3.17%	3.31%	—	—
Capex / operating cash flow	492.3%	45.1%	34.3%	70.7%	216.5%	115.2%	48.7%	-17.4%	13.4%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.1B	$1B	$1.2B	$1.2B	$1B	$1B	$1.2B	$1.2B	$1.1B	$1.1B	$1.4B	$1.4B
YoY change	+4.09%	+5.5%	-4.14%	+12%	-3.56%	-1.45%	-1%	+4.81%	+10.4%	+12.2%	+14.9%	+10.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	258.8M	323.4M	474.8M	334M	495M	638M	345M	352M	468M	545M
Receivables	585M	567.4M	651.8M	816.9M	872M	833M	797M	842M	805M	873M
Inventory	875.6M	1.1B	1B	1.1B	1.6B	1.4B	1.5B	1.7B	1.6B	1.7B
Total current assets	1.9B	2.1B	2.5B	2.4B	3.4B	3.3B	3.3B	3.4B	3.2B	3.5B
Property, plant & equipment	1.2B	1.4B	1.4B	1.5B	1.9B	1.9B	1.4B	396M	393M	711M
Goodwill & intangibles	10.4B	11.3B	10.9B	10.9B	25.2B	23.5B	21.7B	19.2B	16.2B	16.4B
Total assets	8.1B	8.9B	9B	9B	17.7B	16.5B	15.5B	14.4B	12.6B	13.4B
Accounts payable	228.2M	203.8M	205.2M	222.6M	501M	416M	390M	270M	296M	368M
Short-term debt	—	—	29M	24.5M	555M	294M	388M	38M	44M	74M
Total current liabilities	618.9M	643.1M	970.7M	818.5M	2.1B	1.6B	1.7B	1.2B	1.3B	1.6B
Long-term debt	—	—	2.4B	2.3B	5.6B	6B	5.4B	5.7B	4.3B	3.9B
Total liabilities	1.1B	1.2B	3.8B	3.4B	9.2B	9B	8.2B	8.1B	6.5B	6.8B
Shareholders' equity	7B	7.8B	5.2B	5.5B	8.5B	7.5B	7.3B	6.2B	6.1B	6.5B
Total debt	—	—	2.5B	2.4B	6.1B	6.3B	5.8B	5.8B	4.3B	4B
Net debt	—	—	2B	2B	5.6B	5.7B	5.5B	5.4B	3.9B	3.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	369M	352M	345M	416M	490M	468M	487M	539M	505M	545M	428M	530M
Receivables	911M	842M	988M	999M	840M	805M	970M	989M	894M	873M	1.1B	1.1B
Inventory	1.7B	1.7B	1.6B	1.6B	1.6B	1.6B	1.6B	1.7B	1.7B	1.7B	1.7B	1.8B
Total current assets	3.6B	3.4B	4B	4B	3.4B	3.2B	3.4B	3.6B	3.5B	3.5B	3.6B	3.8B
Property, plant & equipment	—	396M	—	—	—	393M	—	—	—	711M	—	—
Goodwill & intangibles	18.8B	19.2B	17.3B	17B	17.3B	16.2B	16.3B	16.9B	16.7B	16.4B	15.9B	16.1B
Total assets	14.3B	14.4B	14B	13.8B	13.3B	12.6B	12.9B	13.7B	13.6B	13.4B	13.2B	13.6B
Accounts payable	296M	270M	302M	291M	259M	296M	330M	368M	352M	368M	372M	427M
Short-term debt	39M	38M	38M	213M	44M	44M	44M	61M	62M	74M	73M	73M
Total current liabilities	1.3B	1.2B	1.2B	1.4B	1.3B	1.3B	1.3B	1.4B	1.5B	1.6B	1.7B	1.9B
Long-term debt	5.9B	5.7B	5.7B	5.5B	4.3B	4.3B	4.4B	4.1B	4B	3.9B	3.9B	3.8B
Total liabilities	8.2B	8.1B	8B	7.8B	6.8B	6.5B	6.6B	7B	6.8B	6.8B	6.7B	7B
Shareholders' equity	6.1B	6.2B	6.1B	5.9B	6.5B	6.1B	6.4B	6.8B	6.7B	6.5B	6.5B	6.6B
Total debt	5.9B	5.8B	5.8B	5.7B	4.4B	4.3B	4.4B	4.2B	4B	4B	4B	3.9B
Net debt	5.5B	5.4B	5.4B	5.3B	3.9B	3.9B	3.9B	3.7B	3.5B	3.5B	3.6B	3.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-47.9M	-310.7M	86.5M	68M	-574M	-483M	-78M	-1.2B	338M	-232M
Depreciation & amortization	254.4M	318.4M	296M	314M	517M	716M	682M	694M	662M	680M
Stock-based compensation	20.4M	25M	26M	49M	47M	66M	59M	46M	55M	68M
Change in working capital	-206.1M	106M	-32.4M	-221M	46.1M	-88M	-462M	-300M	149M	99M
Operating cash flow	20.9M	135.3M	364.4M	198M	29.1M	138M	351M	-803M	1.1B	560M
Capital expenditure	-102.9M	-61M	-125.1M	-140M	-63M	-159M	-171M	-140M	-147M	—
Investing cash flow	-182.1M	-946.1M	-125M	-178M	-4.6B	-492M	-166M	-155M	1.2B	-3M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-149.6M	847.5M	-35.2M	-305M	5B	460M	-799M	-83M	-1.5B	-275M
Net change in cash	-310.8M	36.7M	204.2M	-285M	412.8M	106M	-614M	-1B	780M	282M
Free cash flow	45.6M	56.7M	350.8M	27M	-352M	286M	268M	117M	380M	284M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-1.1B	-141M	32M	-50M	364M	-8M	67M	11M	-34M	-276M	57M	54M
Depreciation & amortization	173M	171M	166M	162M	170M	164M	161M	169M	176M	174M	172M	171M
Stock-based compensation	10M	15M	11M	14M	15M	15M	15M	20M	17M	16M	21M	20M
Change in working capital	—	—	—	—	—	—	-237M	—	—	—	—	—
Operating cash flow	-876M	64M	179M	117M	539M	228M	-4M	237M	219M	108M	13M	277M
Capital expenditure	-33M	-41M	-24M	-34M	-42M	-47M	-65M	—	—	—	—	—
Investing cash flow	-36M	-35M	37M	-34M	1.3B	-83M	-58M	1M	-9M	-2M	-9M	-77M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	-34M	-1M
Financing cash flow	-157M	-139M	-77M	-93M	-1.3B	-32M	52M	-169M	-167M	-18M	-65M	-74M
Net change in cash	-1.1B	-110M	139M	-10M	451M	113M	-10M	69M	43M	88M	-61M	126M
Free cash flow	165M	116M	-22M	166M	112M	124M	-69M	180M	127M	46M	-38M	244M

Elanco Animal Health Inc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement