INCYTE CORPORATION financials
Source: EDGAR filings · Built 2026-06-02T03:18:09Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | — | — | — | 889.25M | 566.07M | -312.81M |
| EBITDA | 1.61B | 150.61M | 703.18M | 647.29M | 643.62M | -211.87M |
| Working Capital | 3.51B | 1.60B | 3.41B | 2.94B | 2.26B | 1.73B |
| Net Debt | -3.04B | -1.63B | -3.16B | -2.90B | -2.00B | -1.45B |
| Gross Margin | 92.76% | 92.64% | 93.10% | 93.90% | 94.94% | 95.08% |
| Operating Margin | 29.46% | 1.45% | 16.79% | 17.07% | 19.62% | -9.89% |
| Net Margin | 25.03% | 0.77% | 16.17% | 10.04% | 31.76% | -11.09% |
| Return on Equity (ROE) | 24.90% | 0.95% | 11.51% | 7.80% | 25.16% | -11.32% |
| Return on Assets (ROA) | 18.49% | 0.60% | 8.81% | 5.83% | 19.23% | -8.30% |
| Current Ratio | 3.32× | 1.97× | 3.75× | 3.54× | 3.65× | 3.74× |
| Debt-to-Equity | 0.01× | 0.02× | 0.01× | 0.01× | 0.02× | 0.02× |
| Effective Tax Rate | 22.70% | 89.70% | 28.36% | 35.62% | -66.29% | -27.34% |
| Cash Conversion Ratio | 1.10× | 10.28× | 0.83× | 2.85× | 0.79× | 0.42× |
| Accruals Ratio | -0.02× | -0.06× | 0.01× | -0.11× | 0.04× | -0.05× |
| SBC % of Revenue | 4.85% | 6.27% | 5.84% | 5.55% | 6.13% | 6.67% |
| CapEx Coverage | — | — | — | 12.02× | 4.09× | -0.66× |
| Free Cash Flow Per Share | — | — | — | $3.97 | $2.55 | $-1.43 |
Valuation Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 15.41× | 460.47× | 23.69× | 52.84× | 17.19× | — |
| P/FCF | — | — | — | 20.23× | 28.80× | — |
| FCF Yield | — | — | — | 4.94% | 3.47% | — |
| EV / EBITDA | 10.30× | 77.90× | 15.53× | 23.17× | 22.11× | — |
| P/S | 3.81× | 3.15× | 3.81× | 5.27× | 5.43× | 7.16× |
| P/B | 3.79× | 3.88× | 2.71× | 4.09× | 4.30× | 7.31× |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 5.14B | 4.24B | 3.70B | 3.39B | 2.99B | 2.67B |
| Revenues | — | — | — | 3.39B | 2.99B | 2.67B |
| Cost of Revenue | 372.13M | 312.07M | 254.99M | 207.00M | 150.99M | 131.33M |
| Research and Development Expense | 2.05B | 2.61B | 1.63B | 1.59B | 1.46B | 2.22B |
| Selling, General and Administrative Expense | 1.38B | 1.24B | 1.16B | 1.00B | 739.56M | 516.92M |
| Operating Income (Loss) | 1.51B | 61.37M | 620.52M | 579.44M | 585.78M | -263.68M |
| Income Tax Expense (Benefit) | 377.80M | 284.01M | 236.62M | 188.46M | -378.14M | 63.48M |
| Net Income (Loss) Attributable to Parent | 1.29B | 32.62M | 597.60M | 340.66M | 948.58M | -295.70M |
| Earnings Per Share, Basic | $6.59 | $0.16 | $2.67 | $1.53 | $4.30 | $-1.36 |
| Weighted Average Number of Shares Outstanding, Basic | 195.20M | 207.11M | 223.63M | 222.00M | 220.43M | 218.07M |
| Earnings Per Share, Diluted | $6.41 | $0.15 | $2.65 | $1.52 | $4.27 | $-1.36 |
| Weighted Average Number of Shares Outstanding, Diluted | 200.70M | 210.53M | 225.93M | 223.96M | 222.07M | 218.07M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 3.10B | 1.69B | 3.21B | 2.95B | 2.06B | 1.51B |
| Assets, Current | 5.02B | 3.24B | 4.65B | 4.09B | 3.12B | 2.36B |
| Assets | 6.96B | 5.44B | 6.78B | 5.84B | 4.93B | 3.56B |
| Liabilities, Current | 1.52B | 1.64B | 1.24B | 1.16B | 854.31M | 631.20M |
| Liabilities | 1.79B | 2.00B | 1.59B | 1.47B | 1.16B | 949.65M |
| Stockholders' Equity Attributable to Parent | 5.17B | 3.45B | 5.19B | 4.37B | 3.77B | 2.61B |
| Common Stock, Shares, Outstanding | 198.46M | 193.43M | 224.29M | 222.75M | 221.08M | 219.49M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 1.41B | 335.34M | 496.49M | 969.94M | 749.49M | -124.60M |
| Net Cash Provided by (Used in) Investing Activities | -102.61M | 157.52M | -207.68M | -78.54M | -207.70M | -269.00M |
| Payments for Repurchase of Common Stock | 0 | 2.00B | 0 | 0 | — | — |
| Net Cash Provided by (Used in) Financing Activities | 101.04M | -2.02B | -20.03M | -794.00K | 6.18M | 71.71M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| EBITDA | 324.92M | 359.84M | — | — | 227.53M | 324.25M |
| Working Capital | 3.99B | 3.51B | 2.94B | 2.37B | 1.79B | 1.60B |
| Net Debt | -3.42B | -3.04B | -2.41B | -1.91B | -1.90B | -1.63B |
| Gross Margin | 91.79% | 91.96% | 92.75% | 93.52% | 93.05% | 92.49% |
| Operating Margin | 23.66% | 22.29% | 32.47% | 43.63% | 19.49% | 25.58% |
| Net Margin | 23.83% | 19.86% | 31.05% | 33.32% | 15.03% | 17.07% |
| Return on Equity (ROE) | 5.39% | 5.79% | 9.12% | 9.71% | 4.31% | 5.84% |
| Return on Assets (ROA) | 4.13% | 4.30% | 6.70% | 6.96% | 2.75% | 3.70% |
| Current Ratio | 3.68× | 3.32× | 3.20× | 2.85× | 2.04× | 1.97× |
| Debt-to-Equity | 0.01× | 0.01× | 0.01× | 0.01× | 0.01× | 0.02× |
| Effective Tax Rate | 11.72% | 23.25% | 12.05% | 27.42% | 32.45% | 35.86% |
| Cash Conversion Ratio | 1.22× | 1.82× | 2.05× | 0.77× | 1.68× | 1.89× |
| Accruals Ratio | -0.01× | -0.04× | -0.07× | 0.02× | -0.02× | -0.03× |
| SBC % of Revenue | 5.04% | 4.13% | 13.70% | 10.33% | 5.79% | 6.08% |
Valuation Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 13.29× | 15.41× | 14.37× | 15.73× | 242.20× | 345.35× |
| P/S | 3.51× | 3.81× | 3.46× | 2.88× | 2.66× | 3.15× |
| P/B | 3.35× | 3.79× | 3.58× | 3.17× | 3.20× | 3.88× |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 1.27B | 1.51B | 1.37B | 1.22B | 1.05B | 1.18B |
| Cost of Revenue | 104.52M | 121.17M | 99.00M | 78.77M | 73.19M | 88.48M |
| Research and Development Expense | 515.90M | 611.37M | 506.58M | 494.92M | 437.28M | 466.03M |
| Selling, General and Administrative Expense | 328.09M | 390.41M | 329.08M | 331.02M | 325.69M | 326.71M |
| Operating Income (Loss) | 301.12M | 335.86M | 443.52M | 530.31M | 205.17M | 301.51M |
| Income Tax Expense (Benefit) | 40.27M | 90.66M | 58.14M | 153.01M | 75.99M | 112.51M |
| Net Income (Loss) Attributable to Parent | 303.33M | 299.28M | 424.17M | 405.00M | 158.20M | 201.21M |
| Earnings Per Share, Basic | $1.52 | $1.51 | $2.17 | $2.09 | $0.82 | $0.96 |
| Weighted Average Number of Shares Outstanding, Basic | 199.34M | 195.20M | 195.67M | 194.00M | 193.71M | 207.11M |
| Earnings Per Share, Diluted | $1.47 | $1.46 | $2.11 | $2.04 | $0.80 | $0.95 |
| Weighted Average Number of Shares Outstanding, Diluted | 206.83M | 200.70M | 201.43M | 198.74M | 198.20M | 210.53M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 3.46B | 3.10B | 2.46B | 1.95B | 1.94B | 1.69B |
| Assets, Current | 5.48B | 5.02B | 4.28B | 3.64B | 3.51B | 3.24B |
| Assets | 7.34B | 6.96B | 6.33B | 5.82B | 5.75B | 5.44B |
| Liabilities, Current | 1.49B | 1.52B | 1.34B | 1.28B | 1.72B | 1.64B |
| Liabilities | 1.72B | 1.79B | 1.68B | 1.65B | 2.08B | 2.00B |
| Stockholders' Equity Attributable to Parent | 5.62B | 5.17B | 4.65B | 4.17B | 3.67B | 3.45B |
| Common Stock, Shares, Outstanding | 199.95M | 198.46M | 196.13M | 194.12M | 193.78M | 193.43M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 369.35M | 543.30M | 870.20M | 310.81M | 266.07M | 381.22M |
| Net Cash Provided by (Used in) Investing Activities | -88.20M | -37.42M | -65.19M | -17.77M | 1.10M | -21.46M |
| Payments for Repurchase of Common Stock | — | 0 | 0 | 0 | — | 0 |
| Net Cash Provided by (Used in) Financing Activities | 84.82M | 137.74M | -36.70M | -23.92M | -12.68M | 20.39M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (INCY CIK 0000879169),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.