Elanco Animal Health Incorporated (ELAN) Balance Sheet

NYSE: ELANAssets, liabilities, debt and equity over 10 years.

ELAN balance sheet, 2025

December 31, 2025 · U.S. dollars

$13.36B assets = $6.81B liabilities + $6.55B equity

Both columns are drawn to the same scale: what ELAN owns equals what it owes plus shareholders’ equity. Hover a block for its value.

ELAN financial health

Current ratio2.17

Comfortable · current assets cover current liabilities 2.17×

Debt / equity0.61

Moderate leverage · $0.61 of debt for each $1 of equity

Equity / assets49.0%

Equity-funded · of assets funded by shareholders

Cash / debt13.6%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles61.3%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

ELAN balance sheet trends, 2016–2025

Elanco Animal Health Incorporated balance sheet trends
Metric	Then	Latest	Change
Total assets	$8.10B2016	$13.36B2025	+5.7%/yr
Total liabilities	$1.07B2016	$6.81B2025	+22.8%/yr
Shareholders’ equity	$7.03B2016	$6.55B2025	−0.8%/yr
Cash & short-term investments	$258.8M2016	$545.0M2025	+8.6%/yr
Total debt	$2.47B2018	$4.02B2025	+7.2%/yr
Net cash (debt)	−$2.00B2018	−$3.47B2025	−$1.5B
Working capital	$1.33B2016	$1.86B2025	+$532.5M
Book value per share	$19.732016	$13.192025	−4.4%/yr
Current ratio	3.152016	2.172025	−0.98
Debt / equity	0.482018	0.612025	+0.14
Shares outstanding	356.2M2016	496.4M2025	+3.8%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

ELAN assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

ELAN liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

ELAN debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

ELAN balance sheet

Elanco Animal Health Incorporated annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$545.0M	$468.0M	$352.0M	$345.0M	$638.0M	$495.0M	$334.0M	$474.8M	$323.4M	$258.8M
Cash & equivalents	$545.0M	$468.0M	$352.0M	$345.0M	$638.0M	$495.0M	$334.0M	$474.8M	$323.4M	$258.8M
Short-term investments	—	—	—	$14.0M	—	—	—	—	—	—
Receivables	$940.0M	$886.0M	$1.01B	$1.00B	$1.03B	$1.08B	$889.9M	$709.4M	$601.9M	$630.7M
Inventory	$1.74B	$1.57B	$1.74B	$1.54B	$1.37B	$1.58B	$1.05B	$1.00B	$1.06B	$875.6M
Other current assets	$236.0M	$287.0M	$310.0M	$394.0M	$237.0M	$267.0M	$98.5M	$316.6M	$136.1M	$182.3M
Total current assets	$3.46B	$3.21B	$3.41B	$3.28B	$3.27B	$3.42B	$2.37B	$2.50B	$2.12B	$1.95B
Property, plant & equipment (net)	$1.41B	$993.0M	$1.03B	$999.0M	$1.05B	$1.32B	$955.3M	$922.4M	$920.3M	$741.8M
Goodwill & intangible assets	$8.19B	$8.10B	$9.59B	$10.84B	$11.76B	$12.61B	$5.47B	$5.41B	$5.64B	$5.20B
Long-term investments	$0	$0	$0	$0	$0	$0	$21.1M	$15.3M	$12.3M	$9.0M
Other non-current assets	$304.0M	$311.0M	$341.0M	$378.0M	$390.0M	$348.0M	$163.9M	$103.1M	$242.0M	$204.0M
Total assets	$13.36B	$12.61B	$14.36B	$15.49B	$16.48B	$17.69B	$8.99B	$8.96B	$8.94B	$8.10B
Liabilities
Accounts payable	$368.0M	$296.0M	$270.0M	$390.0M	$416.0M	$501.0M	$222.6M	$205.2M	$203.8M	$228.2M
Short-term debt	$74.0M	$44.0M	$38.0M	$388.0M	$294.0M	$555.0M	$24.5M	$29.0M	—	—
Deferred revenue	—	—	$524.0M	—	$185.0M	$148.6M	$116.0M	$367.6M	—	—
Total current liabilities	$1.60B	$1.31B	$1.24B	$1.70B	$1.65B	$2.08B	$818.5M	$970.7M	$632.6M	$618.9M
Long-term debt	$3.94B	$4.28B	$5.74B	$5.45B	$6.03B	$5.57B	$2.33B	$2.44B	$0	$0
Other long-term liabilities	$1.27B	$926.0M	$1.16B	$1.05B	$1.30B	$1.57B	$289.9M	$345.2M	$516.9M	$452.9M
Total liabilities	$6.81B	$6.52B	$8.14B	$8.20B	$8.97B	$9.22B	$3.44B	$3.76B	$1.15B	$1.07B
Shareholders' equity
Common stock & paid-in capital	—	—	—	—	—	—	—	—	$8.05B	$7.48B
Retained earnings (deficit)	−$2.18B	−$1.95B	−$2.29B	−$1.06B	−$979.0M	−$477.0M	$84.3M	$16.4M	$8.04B	$7.48B
Accumulated other comprehensive income	−$141.0M	−$771.0M	−$266.0M	−$392.0M	−$209.0M	$303.0M	−$173.7M	−$222.2M	−$256.6M	−$456.9M
Total shareholders' equity	$6.55B	$6.10B	$6.22B	$7.29B	$7.51B	$8.48B	$5.55B	$5.20B	$7.79B	$7.03B
Key figures
Total debt	$4.02B	$4.32B	$5.77B	$5.84B	$6.32B	$6.13B	$2.35B	$2.47B	—	—
Net cash (debt)	−$3.47B	−$3.85B	−$5.42B	−$5.49B	−$5.68B	−$5.63B	−$2.02B	−$2.00B	—	—
Working capital	$1.86B	$1.90B	$2.17B	$1.58B	$1.63B	$1.34B	$1.55B	$1.53B	$1.49B	$1.33B
Tangible book value	−$1.64B	−$2.00B	−$3.37B	−$3.55B	−$4.25B	−$4.14B	$74.5M	−$213.5M	$2.15B	$1.83B
Book value per share	$13.19	$12.26	$12.64	$14.93	$15.41	$19.20	$14.98	$16.57	$21.87	$19.73
Shares outstanding	496.4M	497.3M	492.3M	488.3M	487.2M	441.4M	370.3M	313.7M	356.2M	356.2M
Current ratio	2.17	2.44	2.75	1.93	1.99	1.65	2.90	2.58	3.36	3.15
Quick ratio	0.93	1.03	1.10	0.79	1.01	0.76	1.50	1.22	1.46	1.44
Debt / equity	0.61	0.71	0.93	0.80	0.84	0.72	0.42	0.48	—	—
Equity / assets	49.0%	48.3%	43.3%	47.1%	45.6%	47.9%	61.7%	58.0%	87.1%	86.8%

Elanco Animal Health Incorporated quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$530.0M	$428.0M	$545.0M	$505.0M	$539.0M	$487.0M	$468.0M	$490.0M	$416.0M	$345.0M	$352.0M	$369.0M
Cash & equivalents	$530.0M	$428.0M	$545.0M	$505.0M	$539.0M	$487.0M	$468.0M	$490.0M	$416.0M	$345.0M	$352.0M	$369.0M
Receivables	$1.15B	$1.15B	$940.0M	$975.0M	$1.10B	$1.06B	$886.0M	$904.0M	$1.08B	$1.08B	$1.01B	$1.14B
Inventory	$1.77B	$1.72B	$1.74B	$1.71B	$1.67B	$1.59B	$1.57B	$1.63B	$1.61B	$1.64B	$1.74B	$1.69B
Other current assets	$346.0M	$285.0M	$236.0M	$305.0M	$302.0M	$301.0M	$287.0M	$340.0M	$904.0M	$989.0M	$310.0M	$371.0M
Total current assets	$3.80B	$3.58B	$3.46B	$3.49B	$3.61B	$3.44B	$3.21B	$3.37B	$4.01B	$4.05B	$3.41B	$3.56B
Property, plant & equipment (net)	$1.41B	$1.40B	$1.41B	$1.39B	$1.36B	$1.05B	$993.0M	$979.0M	$949.0M	$949.0M	$1.03B	$992.0M
Goodwill & intangible assets	$8.05B	$7.95B	$8.19B	$8.36B	$8.46B	$8.14B	$8.10B	$8.64B	$8.48B	$8.67B	$9.59B	$9.38B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$304.0M	$295.0M	$304.0M	$306.0M	$308.0M	$312.0M	$311.0M	$302.0M	$324.0M	$346.0M	$341.0M	$410.0M
Total assets	$13.56B	$13.22B	$13.36B	$13.55B	$13.74B	$12.94B	$12.61B	$13.28B	$13.76B	$14.02B	$14.36B	$14.34B
Liabilities
Accounts payable	$427.0M	$372.0M	$368.0M	$352.0M	$368.0M	$330.0M	$296.0M	$259.0M	$291.0M	$302.0M	$270.0M	$296.0M
Short-term debt	$73.0M	$73.0M	$74.0M	$62.0M	$61.0M	$44.0M	$44.0M	$44.0M	$213.0M	$38.0M	$38.0M	$39.0M
Deferred revenue	—	—	—	—	—	—	—	—	—	$318.0M	$524.0M	$356.0M
Total current liabilities	$1.85B	$1.66B	$1.60B	$1.46B	$1.39B	$1.27B	$1.31B	$1.32B	$1.37B	$1.23B	$1.24B	$1.26B
Long-term debt	$3.85B	$3.92B	$3.94B	$3.96B	$4.15B	$4.35B	$4.28B	$4.31B	$5.46B	$5.73B	$5.74B	$5.87B
Other long-term liabilities	$1.28B	$1.14B	$1.27B	$1.39B	$1.43B	$968.0M	$926.0M	$1.13B	$989.0M	$1.00B	$1.16B	$1.07B
Total liabilities	$6.97B	$6.72B	$6.81B	$6.80B	$6.97B	$6.59B	$6.52B	$6.76B	$7.82B	$7.96B	$8.14B	$8.21B
Shareholders' equity
Retained earnings (deficit)	−$2.07B	−$2.12B	−$2.18B	−$1.91B	−$1.87B	−$1.88B	−$1.95B	−$1.94B	−$2.31B	−$2.26B	−$2.29B	−$2.15B
Accumulated other comprehensive income	−$219.0M	−$233.0M	−$141.0M	−$199.0M	−$192.0M	−$583.0M	−$771.0M	−$339.0M	−$542.0M	−$465.0M	−$266.0M	−$482.0M
Total shareholders' equity	$6.59B	$6.50B	$6.55B	$6.75B	$6.78B	$6.35B	$6.10B	$6.52B	$5.94B	$6.06B	$6.22B	$6.13B
Key figures
Total debt	$3.92B	$3.99B	$4.02B	$4.02B	$4.21B	$4.39B	$4.32B	$4.36B	$5.68B	$5.76B	$5.77B	$5.91B
Net cash (debt)	−$3.39B	−$3.56B	−$3.47B	−$3.52B	−$3.67B	−$3.91B	−$3.85B	−$3.87B	−$5.26B	−$5.42B	−$5.42B	−$5.54B
Working capital	$1.95B	$1.92B	$1.86B	$2.04B	$2.22B	$2.17B	$1.90B	$2.04B	$2.64B	$2.82B	$2.17B	$2.30B
Tangible book value	−$1.46B	−$1.45B	−$1.64B	−$1.61B	−$1.69B	−$1.79B	−$2.00B	−$2.11B	−$2.54B	−$2.62B	−$3.37B	−$3.24B
Book value per share	$13.02	$12.85	$13.18	$13.58	$13.55	$12.73	$12.33	$13.11	$12.02	$12.21	$12.63	$12.45
Shares outstanding	505.9M	506.0M	496.9M	496.8M	500.1M	499.1M	494.4M	497.7M	494.2M	496.0M	492.8M	492.7M
Current ratio	2.05	2.16	2.17	2.40	2.60	2.71	2.44	2.55	2.93	3.29	2.75	2.82
Quick ratio	0.91	0.95	0.93	1.02	1.18	1.22	1.03	1.06	1.09	1.16	1.10	1.19
Debt / equity	0.59	0.61	0.61	0.60	0.62	0.69	0.71	0.67	0.96	0.95	0.93	0.96
Equity / assets	48.6%	49.2%	49.0%	49.8%	49.3%	49.1%	48.3%	49.1%	43.2%	43.2%	43.3%	42.8%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.

ELAN financial position

At the end of fiscal 2025 (December 31, 2025), Elanco Animal Health had total assets of $13.4 billion (up 5.9% from a year earlier), total liabilities of $6.8 billion and shareholders' equity of $6.5 billion. It held $545.0 million in cash and short-term investments against $4.0 billion of debt, net debt of $3.5 billion. Its current ratio was 2.17. In the latest quarter (ended June 30, 2026) total assets were $13.6 billion and equity $6.6 billion.

Related: ELAN income statement, ELAN cash flow statement, ELAN key metrics. See the ELAN stock overview for the latest quote and news.

ELAN balance sheet FAQ

What are Elanco Animal Health's total assets?

Elanco Animal Health reported total assets of $13.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $12.6 billion a year earlier.

How much debt does Elanco Animal Health have?

Elanco Animal Health had $4.0 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.61.

How much cash does Elanco Animal Health have?

Elanco Animal Health held $545.0 million in cash and short-term investments at the end of fiscal 2025; with $4.0 billion of debt that is net debt of $3.5 billion.

What is Elanco Animal Health's book value?

Elanco Animal Health's shareholders' equity (book value) was $6.5 billion at the end of fiscal 2025, or $13.19 per share.

What is Elanco Animal Health's current ratio?

Elanco Animal Health had current assets of $3.5 billion and current liabilities of $1.6 billion, a current ratio of 2.17 (it can cover its short-term obligations).

How much goodwill does Elanco Animal Health have?

Elanco Animal Health carried $8.2 billion of goodwill and intangible assets, 61.3% of total assets, at the end of fiscal 2025.