Incyte Corporation (INCY) Income Statement
INCY 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsINCY revenue and net income
Where INCY's revenue goes
2025Each bar shows an amount and its share of revenue. INCY kept 25.0% of revenue as net income.
INCY profit margins
INCY growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +21.2% | +14.8% | +14.0% | +21.2% |
| Gross profit | +21.4% | +14.4% | +13.5% | +20.7% |
| Operating income | +1,225.6% | +31.4% | — | +38.8% |
| Net income | +3,845.0% | +55.7% | — | +69.6% |
| EPS (diluted) | +414.4% | +34.7% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
INCY quarterly EPS vs estimates
Incyte beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 29, 2026 (estimate $-3.87).
INCY income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.14B | $4.24B | $3.70B | $3.39B | $2.99B | $2.67B | $2.16B | $1.88B | $1.54B | $1.11B |
| Cost of revenue | $372.1M | $312.1M | $255.0M | $207.0M | $151.0M | $131.3M | $114.2M | $94.1M | $79.5M | $58.2M |
| Gross profit | $4.77B | $3.93B | $3.44B | $3.19B | $2.84B | $2.54B | $2.04B | $1.79B | $1.46B | $1.05B |
| Research & development | $2.05B | $2.61B | $1.63B | $1.59B | $1.46B | $2.22B | $1.15B | $1.20B | $1.33B | $581.9M |
| Sales, general & admin | $1.38B | $1.24B | $1.17B | $1.00B | $739.6M | $516.9M | $468.7M | $434.9M | $366.4M | $303.3M |
| Total operating expenses | $3.43B | $3.83B | $2.79B | $2.60B | $2.25B | $2.80B | $1.64B | $1.66B | $1.70B | $902.5M |
| Operating income | $1.34B | $101.3M | $655.4M | $591.6M | $585.8M | −$263.7M | $402.0M | $129.2M | −$243.4M | $145.0M |
| Interest income | $105.6M | $128.7M | $172.3M | $39.9M | $10.6M | — | $84.8M | $45.6M | $17.5M | $4.4M |
| Interest expense | $2.4M | $2.3M | $2.6M | $2.7M | $1.9M | $2.2M | $1.9M | $1.5M | $6.9M | $38.7M |
| Income before taxes | $1.66B | $316.6M | $834.2M | $529.1M | $570.4M | −$232.2M | $486.8M | $115.3M | −$312.3M | $107.4M |
| Income taxes | $377.8M | $284.0M | $236.6M | $188.5M | −$378.1M | $63.5M | $39.9M | $5.9M | $852,000 | $3.2M |
| Net income | $1.29B | $32.6M | $597.6M | $340.7M | $948.6M | −$295.7M | $446.9M | $109.5M | −$313.1M | $104.2M |
| EBITDA | $1.76B | $408.2M | $919.4M | $599.6M | $630.2M | −$178.2M | $543.2M | $171.9M | −$253.2M | $204.6M |
| EPS (diluted) | $6.79 | $1.32 | $3.52 | $2.78 | $2.75 | −$0.46 | $2.84 | $1.03 | −$1.56 | $0.54 |
| Gross margin | 92.8% | 92.6% | 93.1% | 93.9% | 94.9% | 95.1% | 94.7% | 95.0% | 94.8% | 94.7% |
| Operating margin | 26.1% | 2.4% | 17.7% | 17.4% | 19.6% | −9.9% | 18.6% | 6.9% | −15.8% | 13.1% |
| Net margin | 25.0% | 0.8% | 16.2% | 10.0% | 31.8% | −11.1% | 20.7% | 5.8% | −20.4% | 9.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.67B | $1.27B | $1.51B | $1.37B | $1.22B | $1.05B | $1.18B | $1.14B | $1.04B | $880.9M | $1.01B | $919.0M |
| Cost of revenue | $105.0M | $104.5M | $121.1M | $99.0M | $78.8M | $73.2M | $88.5M | $86.0M | $76.6M | $61.0M | $69.8M | $60.1M |
| Gross profit | $1.57B | $1.17B | $1.39B | $1.27B | $1.14B | $979.7M | $1.09B | $1.05B | $967.2M | $819.9M | $943.5M | $858.9M |
| Research & development | $517.0M | $515.9M | $611.4M | $506.6M | $494.9M | $437.3M | $466.0M | $573.2M | $1.14B | $429.3M | $444.5M | $375.7M |
| Sales, general & admin | $351.7M | $328.1M | $390.4M | $329.1M | $331.0M | $325.7M | $326.8M | $325.6M | $289.6M | $300.3M | $293.9M | $267.9M |
| Total operating expenses | $871.2M | $844.0M | $1.00B | $835.7M | $825.9M | $763.0M | $792.8M | $905.8M | $1.45B | $728.0M | $756.3M | $644.2M |
| Operating income | $697.9M | $324.2M | $384.0M | $431.3M | $310.8M | $216.7M | $297.4M | $146.1M | −$478.1M | $91.9M | $187.3M | $214.7M |
| Interest income | $38.1M | $33.7M | $30.8M | $26.8M | $25.1M | $22.9M | $10.0M | $24.2M | $49.8M | $44.7M | $50.4M | $46.4M |
| Interest expense | $581,000 | $569,000 | $582,000 | $592,000 | $594,000 | $660,000 | $419,000 | $774,000 | $657,000 | $430,000 | $804,000 | $623,000 |
| Income before taxes | $751.5M | $343.6M | $389.9M | $482.3M | $558.0M | $234.2M | $313.7M | $156.5M | −$389.8M | $236.2M | $271.0M | $233.8M |
| Income taxes | $165.9M | $40.3M | $90.7M | $58.1M | $153.0M | $76.0M | $112.5M | $50.1M | $54.8M | $66.6M | $69.9M | $62.5M |
| Net income | $585.6M | $303.3M | $299.3M | $424.2M | $405.0M | $158.2M | $201.2M | $106.5M | −$444.6M | $169.5M | $201.1M | $171.3M |
| EBITDA | $778.6M | $368.0M | $414.5M | $506.9M | $581.5M | $257.2M | $336.9M | $179.8M | −$367.1M | $258.5M | $293.5M | $255.8M |
| EPS (diluted) | $2.80 | $1.81 | $1.80 | $2.26 | $1.57 | $1.16 | $1.43 | $1.07 | −$1.82 | $0.64 | $1.06 | $1.10 |
| Gross margin | 93.7% | 91.8% | 92.0% | 92.8% | 93.5% | 93.0% | 92.5% | 92.4% | 92.7% | 93.1% | 93.1% | 93.5% |
| Operating margin | 41.7% | 25.5% | 25.5% | 31.6% | 25.6% | 20.6% | 25.2% | 12.8% | −45.8% | 10.4% | 18.5% | 23.4% |
| Net margin | 35.0% | 23.8% | 19.9% | 31.1% | 33.3% | 15.0% | 17.1% | 9.4% | −42.6% | 19.2% | 19.8% | 18.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in INCY's financial statements (latest annual report filed February 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
INCY financial results
In fiscal year 2025 (ended December 31, 2025), Incyte reported revenue of $5.1 billion, up 21.2% from the year before. It had net income of $1.3 billion (up 3,845.0%), a net profit margin of 25.0%. Diluted earnings per share came to $6.79. Over five years revenue grew at an average rate of 14.0% a year.
See the INCY stock overview for the latest quote and news, or the INCY chart for price history and technical indicators.
INCY income statement FAQ
What is Incyte's annual revenue?
Incyte reported total revenue of $5.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 21.2% from $4.2 billion the previous year.
Is Incyte profitable?
Yes. Incyte reported net income of $1.3 billion in fiscal 2025, a net profit margin of 25.0%; its operating margin was 26.1%.
What is Incyte's gross margin?
Incyte's gross margin was 92.8% in fiscal 2025: for every $100 of revenue, Incyte kept $93 after the direct cost of its products and services.
How much does Incyte spend on research and development?
Incyte spent $2.1 billion on research and development in fiscal 2025, 39.9% of revenue.
How fast is Incyte growing?
Revenue grew 14.0% a year on average over the last five fiscal years, from $2.7 billion to $5.1 billion.
What are Incyte's earnings per share?
Incyte earned $6.79 per diluted share in fiscal 2025, compared with $1.32 a year earlier.
When will Incyte report its next earnings?
Incyte is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Incyte's fiscal year end?
Incyte's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 10, 2026.