United Therapeutics (UTHR) financial statements
United Therapeutics reported revenue of $3.2B in fiscal 2025, up 7.9% a year over 9 years.
Net income was $1.3B and the operating margin 46.9%, against 66.4% in 2016.
Free cash flow was $1.0B, and the company returned $1.0B in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from United Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B | $1.7B | $1.6B | $1.4B | $1.5B | $1.7B | $1.9B | $2.3B | $2.9B | $3.2B |
| Cost of revenue | $73M | $106M | $199M | $118M | $108M | $122M | $152M | $258M | $310M | $384M |
| Gross profit | $1.5B | $1.6B | $1.4B | $1.3B | $1.4B | $1.6B | $1.8B | $2.1B | $2.6B | $2.8B |
| Research and development | $148M | $265M | $358M | $1.2B | $358M | $540M | $323M | $408M | $481M | $550M |
| Selling, general and admin | $317M | $330M | $266M | — | — | $467M | $482M | $477M | $710M | $756M |
| Operating income | $1.1B | $815M | $805M | -$188M | $594M | $556M | $980M | $1.2B | $1.4B | $1.5B |
| Interest expense | $4M | $9M | $14M | $44M | $24M | $19M | $32M | $59M | $43M | $20M |
| Pre-tax income | $1.1B | $770M | $759M | -$165M | $639M | $594M | $951M | $1.3B | $1.5B | $1.7B |
| Income tax | $346M | $352M | $170M | -$60M | $124M | $118M | $223M | $290M | $344M | $379M |
| Net income | $714M | $418M | $589M | -$104M | $515M | $476M | $727M | $985M | $1.2B | $1.3B |
| EPS (diluted) | $15.25 | $9.31 | $13.39 | -$2.39 | $11.54 | $10.06 | $15.00 | $19.81 | $24.64 | $27.86 |
| Diluted shares | 47M | 45M | 44M | 44M | 45M | 47M | 48M | 50M | 48M | 48M |
| Gross margin | 95.5% | 93.9% | 87.8% | 91.9% | 92.7% | 92.7% | 92.2% | 88.9% | 89.2% | 87.9% |
| Operating margin | 66.4% | 47.2% | 49.5% | -12.9% | 40.0% | 33.0% | 50.6% | 50.9% | 47.9% | 46.9% |
| Net margin | 44.6% | 24.2% | 36.2% | -7.2% | 34.7% | 28.2% | 37.6% | 42.3% | 41.5% | 41.9% |
Balance sheet
Fiscal years, from United Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $927M | $1.4B | $1.5B | $1.8B | $1.9B | $2.8B | $3.0B | $3.3B | $2.9B |
| Receivables | $214M | $297M | $176M | $151M | $157M | $199M | $220M | $279M | $279M | $350M |
| Inventory | $100M | $108M | $101M | $93M | $86M | $94M | $102M | $112M | $158M | $183M |
| Total current assets | $1.4B | $1.4B | $1.8B | $1.9B | $2.2B | $2.3B | $3.4B | $3.6B | $3.9B | $3.7B |
| Property, plant and equipment | $489M | $546M | $700M | $738M | $732M | $781M | $862M | $1.0B | $1.2B | $1.7B |
| Goodwill | $10M | $14M | $32M | $28M | $28M | $28M | $28M | $34M | $32M | $32M |
| Total assets | $2.3B | $2.9B | $3.4B | $3.9B | $4.6B | $5.2B | $6.0B | $7.2B | $7.4B | $7.9B |
| Total current liabilities | $332M | $445M | $277M | $463M | $323M | $305M | $343M | $804M | $738M | $561M |
| Total liabilities | $463M | $758M | $593M | $1.1B | $1.2B | $1.2B | $1.2B | $1.2B | $920M | $784M |
| Shareholders' equity | $1.9B | $2.1B | $2.8B | $2.8B | $3.4B | $4.0B | $4.8B | $6.0B | $6.4B | $7.1B |
| Net debt | -$1.0B | -$705M | -$669M | -$738M | -$739M | -$895M | -$961M | -$1.2B | -$1.7B | -$1.6B |
Cash flow
Fiscal years, from United Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $644M | $474M | $778M | -$207M | $756M | $598M | $802M | $978M | $1.3B | $1.6B |
| Capital spending | $38M | $86M | $184M | $84M | $59M | $121M | $139M | $230M | $246M | $520M |
| Free cash flow | $606M | $388M | $594M | -$290M | $696M | $477M | $664M | $748M | $1.1B | $1.0B |
| Stock-based compensation | $12M | $74M | -$26M | $45M | $164M | $138M | $107M | $39M | $144M | $148M |
| Share buybacks (net) | -$500M | -$250M | — | — | — | — | $0 | $0 | -$1.0B | -$1.0B |
| Free cash flow margin | 37.9% | 22.5% | 36.5% | -20.0% | 46.9% | 28.3% | 34.3% | 32.1% | 37.6% | 32.7% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for UTHR.
Open UTHR in InvestinglyQuestions
What was United Therapeutics's revenue in 2025?
$3.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does United Therapeutics generate?
$1.0B in fiscal 2025 (operating cash flow minus capital spending).
From United Therapeutics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.