Elanco Animal Health (ELAN) financial statements
Elanco Animal Health reported revenue of $4.7B in fiscal 2025, up 5.5% a year over 9 years.
Net income was -$232M.
Free cash flow was $284M.
The diluted share count rose 69% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Elanco Animal Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $2.0B | $2.1B |
| Gross profit | $1.5B | $1.4B | $1.5B | $1.6B | $1.6B | $2.6B | $2.5B | $2.5B | $2.4B | $2.6B |
| Research and development | $266M | $252M | $247M | $270M | $329M | $369M | $321M | $327M | $344M | $368M |
| Selling, general and admin | $785M | $780M | $735M | $760M | $997M | $1.4B | $1.3B | $1.3B | $1.3B | $1.4B |
| Operating income | -$22M | -$233M | $114M | $78M | -$677M | -$571M | -$72M | -$1.2B | $488M | — |
| Interest expense | $0 | $0 | $30M | $79M | $150M | $236M | $241M | $277M | — | — |
| Pre-tax income | -$22M | -$233M | $114M | $78M | -$677M | -$571M | -$72M | -$1.2B | $488M | -$224M |
| Income tax | $26M | $78M | $28M | $10M | -$103M | -$88M | $6M | $36M | $150M | $8M |
| Net income | -$48M | -$311M | $86M | $68M | -$574M | -$483M | -$78M | -$1.2B | $338M | -$232M |
| EPS (diluted) | -$0.16 | -$1.06 | $0.28 | $0.18 | -$1.30 | -$0.99 | -$0.16 | -$2.50 | $0.68 | -$0.47 |
| Diluted shares | 293M | 293M | 314M | 370M | 441M | 487M | 488M | 492M | 497M | 496M |
| Gross margin | 51.6% | 48.3% | 48.7% | 52.1% | 49.0% | 55.2% | 56.6% | 56.3% | 54.9% | 55.0% |
| Operating margin | -0.8% | -8.1% | 3.7% | 2.5% | -20.7% | -12.0% | -1.6% | -27.1% | 11.0% | — |
| Net margin | -1.6% | -10.8% | 2.8% | 2.2% | -17.5% | -10.1% | -1.8% | -27.9% | 7.6% | -4.9% |
Balance sheet
Fiscal years, from Elanco Animal Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $259M | $323M | $475M | $334M | $495M | $638M | $345M | $352M | $468M | $545M |
| Receivables | — | $567M | $652M | $817M | $872M | $833M | $797M | $842M | $805M | $873M |
| Inventory | — | $1.1B | $1.0B | $1.1B | $1.6B | $1.4B | $1.5B | $1.7B | $1.6B | $1.7B |
| Total current assets | — | $2.1B | $2.5B | $2.4B | $3.4B | $3.3B | $3.3B | $3.4B | $3.2B | $3.5B |
| Property, plant and equipment | — | $920M | $922M | $955M | $1.3B | $1.1B | $999M | $1.0B | $993M | $1.4B |
| Goodwill | — | $3.0B | $3.0B | $3.0B | $6.2B | $6.2B | $6.0B | $5.1B | $4.4B | $4.8B |
| Total assets | — | $8.9B | $9.0B | $9.0B | $17.7B | $16.5B | $15.5B | $14.4B | $12.6B | $13.4B |
| Total current liabilities | — | $643M | $971M | $818M | $2.1B | $1.6B | $1.7B | $1.2B | $1.3B | $1.6B |
| Long-term debt | — | $0 | $2.4B | $2.3B | $5.6B | $6.0B | $5.4B | $5.7B | $4.3B | $3.9B |
| Total liabilities | — | $1.2B | $3.8B | $3.4B | $9.2B | $9.0B | $8.2B | $8.1B | $6.5B | $6.8B |
| Shareholders' equity | $7.0B | $7.8B | $5.2B | $5.5B | $8.5B | $7.5B | $7.3B | $6.2B | $6.1B | $6.5B |
| Net debt | -$259M | -$323M | $2.0B | $2.0B | $5.6B | $5.7B | $5.5B | $5.4B | $3.9B | $3.4B |
Cash flow
Fiscal years, from Elanco Animal Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $156M | $174M | $487M | $224M | -$41M | $483M | $452M | $271M | $541M | $560M |
| Capital spending | $110M | $99M | $134M | $140M | $135M | $159M | $171M | $140M | $147M | $276M |
| Free cash flow | $46M | $75M | $353M | $84M | -$176M | $324M | $281M | $131M | $394M | $284M |
| Stock-based compensation | $20M | $25M | $26M | $49M | $47M | $66M | $59M | $46M | $55M | $68M |
| Free cash flow margin | 1.6% | 2.6% | 11.5% | 2.7% | -5.4% | 6.8% | 6.4% | 3.0% | 8.9% | 6.0% |
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Open ELAN in InvestinglyQuestions
What was Elanco Animal Health's revenue in 2025?
$4.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Elanco Animal Health generate?
$284M in fiscal 2025 (operating cash flow minus capital spending).
From Elanco Animal Health's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.