United Therapeutics Corporation (UTHR) Income Statement
UTHR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsUTHR revenue and net income
Where UTHR's revenue goes
2025Each bar shows an amount and its share of revenue. UTHR kept 41.9% of revenue as net income.
UTHR profit margins
UTHR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +10.6% | +18.0% | +16.5% | +8.1% |
| Gross profit | +9.0% | +16.1% | +15.3% | +7.2% |
| Operating income | +10.2% | +15.7% | +20.6% | +8.1% |
| Net income | +11.7% | +22.4% | +21.0% | +7.4% |
| EPS (diluted) | +10.4% | +20.2% | +15.9% | +8.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
UTHR quarterly EPS vs estimates
United Therapeutics beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 4, 2026 (estimate $6.25).
UTHR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.18B | $2.88B | $2.33B | $1.94B | $1.69B | $1.48B | $1.45B | $1.63B | $1.73B | $1.60B |
| Cost of revenue | $384.4M | $309.7M | $257.5M | $146.7M | $122.5M | $108.1M | $117.6M | $198.7M | $105.7M | $72.7M |
| Gross profit | $2.80B | $2.57B | $2.07B | $1.79B | $1.56B | $1.38B | $1.33B | $1.43B | $1.62B | $1.53B |
| Research & development | $550.0M | $481.0M | $408.0M | $322.9M | $540.1M | $357.7M | $1.18B | $357.9M | $264.6M | $147.6M |
| Sales, general & admin | $731.1M | $638.6M | $477.1M | $487.0M | $467.0M | $423.9M | $336.2M | $265.8M | $330.1M | $316.8M |
| Total operating expenses | $1.28B | $1.19B | $885.1M | $809.9M | $1.01B | $781.6M | $1.52B | $623.7M | $594.7M | $464.4M |
| Operating income | $1.52B | $1.38B | $1.18B | $979.7M | $555.9M | $593.6M | −$187.6M | $805.4M | $814.9M | $1.06B |
| Interest income | $192.0M | $199.1M | $162.7M | $45.2M | $16.7M | $28.6M | $44.2M | $28.6M | $9.0M | $3.9M |
| Interest expense | $19.5M | $42.9M | $59.3M | $32.4M | $18.6M | $23.5M | $44.2M | $13.9M | $9.0M | $3.9M |
| Income before taxes | $1.71B | $1.54B | $1.27B | $950.6M | $593.9M | $638.9M | −$165.0M | $758.9M | $769.5M | $1.06B |
| Income taxes | $379.2M | $343.9M | $289.5M | $223.3M | $118.1M | $124.1M | −$60.5M | $169.7M | $351.6M | $346.5M |
| Net income | $1.33B | $1.20B | $984.8M | $727.3M | $475.8M | $514.8M | −$104.5M | $589.2M | $417.9M | $713.7M |
| EBITDA | $1.82B | $1.65B | $1.39B | $1.04B | $736.8M | $646.3M | −$74.9M | $838.4M | $1.05B | $1.09B |
| EPS (diluted) | $27.90 | $25.28 | $19.84 | $16.07 | $13.35 | $13.36 | −$2.66 | $12.02 | $16.56 | $14.26 |
| Gross margin | 87.9% | 89.2% | 88.9% | 92.4% | 92.7% | 92.7% | 91.9% | 87.8% | 93.9% | 95.5% |
| Operating margin | 47.7% | 47.9% | 50.9% | 50.6% | 33.0% | 40.0% | −12.9% | 49.5% | 47.2% | 66.4% |
| Net margin | 41.9% | 41.5% | 42.3% | 37.6% | 28.2% | 34.7% | −7.2% | 36.2% | 24.2% | 44.6% |
| 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 | $783.3M | $781.5M | $790.2M | $799.5M | $798.6M | $794.4M | $735.9M | $748.9M | $714.9M | $677.7M | $614.7M | $609.4M |
| Cost of revenue | $99.5M | $133.4M | $103.4M | $100.9M | $87.6M | $92.5M | $75.9M | $83.1M | $77.8M | $72.9M | $71.0M | $70.1M |
| Gross profit | $683.8M | $648.1M | $686.8M | $698.6M | $711.0M | $701.9M | $660.0M | $665.8M | $637.1M | $604.8M | $543.7M | $539.3M |
| Research & development | $146.3M | $138.2M | $139.5M | $127.5M | $134.0M | $149.0M | $133.8M | $103.5M | $139.6M | $104.1M | $151.4M | $84.7M |
| Sales, general & admin | $175.2M | $184.1M | $189.8M | $181.8M | $190.8M | $170.1M | $162.5M | $219.2M | $177.6M | $144.4M | $132.2M | $127.6M |
| Total operating expenses | $353.0M | $322.3M | $329.3M | $309.3M | $346.5M | $319.1M | $302.3M | $322.7M | $317.2M | $248.5M | $283.6M | $212.3M |
| Operating income | $330.8M | $325.8M | $357.5M | $389.3M | $364.5M | $382.8M | $357.7M | $343.1M | $319.9M | $356.3M | $260.1M | $327.0M |
| Interest income | $31.5M | $41.8M | $43.2M | $46.4M | $51.3M | $51.1M | $49.3M | $49.8M | $46.2M | $53.8M | $51.0M | $45.3M |
| Interest expense | $2.9M | $3.0M | $3.1M | $3.0M | $7.3M | $6.1M | $7.9M | $10.1M | $11.6M | $13.3M | $15.1M | $15.6M |
| Income before taxes | $372.7M | $318.3M | $444.0M | $438.0M | $408.4M | $423.5M | $396.5M | $388.6M | $355.3M | $398.6M | $295.4M | $351.8M |
| Income taxes | $39.7M | $43.4M | $79.7M | $99.3M | $98.9M | $101.3M | $95.2M | $79.5M | $77.2M | $92.0M | $78.3M | $84.2M |
| Net income | $333.0M | $274.9M | $364.3M | $338.7M | $309.5M | $322.2M | $301.3M | $309.1M | $278.1M | $306.6M | $217.1M | $267.6M |
| EBITDA | $399.8M | $343.9M | $469.9M | $462.9M | $436.8M | $437.2M | $424.1M | $417.8M | $385.6M | $426.9M | $324.2M | $380.7M |
| EPS (diluted) | $7.27 | $5.82 | $7.70 | $7.16 | $6.41 | $6.63 | $6.19 | $7.07 | $5.85 | $6.17 | $4.36 | $5.38 |
| Gross margin | 87.3% | 82.9% | 86.9% | 87.4% | 89.0% | 88.4% | 89.7% | 88.9% | 89.1% | 89.2% | 88.4% | 88.5% |
| Operating margin | 42.2% | 41.7% | 45.2% | 48.7% | 45.6% | 48.2% | 48.6% | 45.8% | 44.7% | 52.6% | 42.3% | 53.7% |
| Net margin | 42.5% | 35.2% | 46.1% | 42.4% | 38.8% | 40.6% | 40.9% | 41.3% | 38.9% | 45.2% | 35.3% | 43.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in UTHR's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
UTHR financial results
In fiscal year 2025 (ended December 31, 2025), United Therapeutics reported revenue of $3.2 billion, up 10.6% from the year before. It had net income of $1.3 billion (up 11.7%), a net profit margin of 41.9%. Diluted earnings per share came to $27.90. Over five years revenue grew at an average rate of 16.5% a year.
See the UTHR stock overview for the latest quote and news, or the UTHR chart for price history and technical indicators.
UTHR income statement FAQ
What is United Therapeutics's annual revenue?
United Therapeutics reported total revenue of $3.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 10.6% from $2.9 billion the previous year.
Is United Therapeutics profitable?
Yes. United Therapeutics reported net income of $1.3 billion in fiscal 2025, a net profit margin of 41.9%; its operating margin was 47.7%.
What is United Therapeutics's gross margin?
United Therapeutics's gross margin was 87.9% in fiscal 2025: for every $100 of revenue, United Therapeutics kept $88 after the direct cost of its products and services.
How much does United Therapeutics spend on research and development?
United Therapeutics spent $550.0 million on research and development in fiscal 2025, 17.3% of revenue.
How fast is United Therapeutics growing?
Revenue grew 16.5% a year on average over the last five fiscal years, from $1.5 billion to $3.2 billion.
What are United Therapeutics's earnings per share?
United Therapeutics earned $27.90 per diluted share in fiscal 2025, compared with $25.28 a year earlier.
When will United Therapeutics report its next earnings?
United Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does United Therapeutics's fiscal year end?
United Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.