ELAN financial statements

The full income statement, balance sheet, and cash-flow statement for Elanco Animal Health Incorporated (ELAN), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 494.3M2024-09 494.4M2024-12 494.6M2025-03 496.6M2025-06 496.8M2025-09 496.9M2025-12 497.2M2026-03 499.4M2026-06 499.6M+1.1% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	4.71B YoY+6.2%	4.44B YoY+0.5%	4.42B YoY+0.1%	4.41B YoY-7.4%	4.76B YoY+45.6%
	2.59B YoY+6.4%	2.44B YoY-2.0%	2.49B	—	—
Cost of revenue	2.12B YoY+5.9%	2.00B YoY+3.7%	1.93B YoY+0.9%	1.91B YoY-10.3%	2.13B YoY+27.9%
Research & development	368M YoY+7.0%	344M YoY+5.2%	327M YoY+1.9%	321M YoY-13.0%	369M YoY+12.2%
Selling, general & administrative	1.43B YoY+8.8%	1.31B YoY+2.3%	1.28B YoY+1.6%	1.26B YoY-9.8%	1.40B YoY+40.7%
Restructuring	156M YoY+254.5%	44.0M	0.00 YoY+100.0%	-7.00M YoY-106.4%	110M YoY-29.9%
Amortization of intangibles	543M YoY+3.0%	527M YoY-3.8%	548M YoY+3.8%	528M YoY-5.0%	556M YoY+54.4%
Interest expense	—	—	277M YoY+14.9%	241M YoY+2.1%	236M YoY+57.3%
Interest & investment income	43.0M YoY+38.7%	31.0M YoY+675.0%	4.00M	—	—
Other non-operating income	—	—	-75.0M YoY-134.4%	-32.0M YoY-540.0%	-5.00M YoY-102.8%
Pre-tax income	-224M YoY-145.9%	488M YoY+140.8%	-1.20B YoY-1559.7%	-72.0M YoY+87.4%	-571M YoY+15.7%
Income tax	8.00M YoY-94.7%	150M YoY+316.7%	36.0M YoY+500.0%	6.00M YoY+106.8%	-88.0M YoY+14.6%
Net income	-232M YoY-168.6%	338M YoY+127.5%	-1.23B YoY-1478.2%	-78.0M YoY+83.9%	-483M YoY+15.9%
	-$0.47 YoY-169.1%	$0.68 YoY+127.2%	-$2.50 YoY-1462.5%	-$0.16 YoY+83.8%	-$0.99 YoY+23.8%
EPS (basic)	-$0.47 YoY-169.1%	$0.68 YoY+127.2%	-$2.50 YoY-1462.5%	-$0.16 YoY+83.8%	-$0.99 YoY+23.8%
	496M YoY+0.5%	494M YoY+0.3%	492M YoY+0.8%	488M YoY+0.2%	487M YoY+10.4%
	496M YoY-0.2%	497M YoY+1.0%	492M YoY+0.8%	488M YoY+0.2%	487M YoY+10.4%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.46B YoY+7.6%	3.21B YoY-5.6%	3.41B YoY+3.9%	3.28B YoY+0.2%	3.27B YoY-4.2%
Cash & equivalents	545M YoY+16.5%	468M YoY+33.0%	352M YoY+2.0%	345M YoY-45.9%	638M YoY+28.9%
Accounts receivable	873M YoY+8.4%	805M YoY-4.4%	842M YoY+5.6%	797M YoY-4.3%	833M YoY-4.5%
Inventory	1.74B YoY+10.4%	1.57B YoY-9.3%	1.74B YoY+12.8%	1.54B YoY+12.2%	1.37B YoY-13.1%
Prepaid expenses	236M YoY-17.8%	287M YoY-7.4%	310M YoY-21.3%	394M YoY+66.2%	237M YoY-7.4%
	13.4B YoY+5.9%	12.6B YoY-12.2%	14.4B YoY-7.3%	15.5B YoY-6.0%	16.5B YoY-6.9%
Property, plant & equipment	1.41B YoY+41.9%	993M YoY-3.2%	1.03B YoY+2.7%	999M YoY-5.3%	1.05B YoY-19.8%
Operating lease right-of-use	116M YoY-4.9%	122M YoY-12.9%	140M YoY-0.7%	141M YoY-12.4%	161M YoY-13.9%
Goodwill	4.78B YoY+8.3%	4.41B YoY-13.3%	5.09B YoY-15.0%	5.99B YoY-2.9%	6.17B YoY-0.9%
Intangible assets	3.41B YoY-7.4%	3.68B YoY-18.1%	4.49B YoY-7.2%	4.84B YoY-13.3%	5.59B YoY-12.5%
Other non-current assets	304M YoY-2.3%	311M YoY-8.8%	341M YoY-9.8%	378M YoY-3.1%	390M YoY+12.1%
	1.60B YoY+21.4%	1.31B YoY+6.0%	1.24B YoY-27.1%	1.70B YoY+3.3%	1.65B YoY-20.7%
Accounts payable	368M YoY+24.3%	296M YoY+9.6%	270M YoY-30.8%	390M YoY-6.3%	416M YoY-17.0%
Deferred revenue	416M YoY+25.3%	332M YoY-9.5%	367M YoY+13.3%	324M YoY+1.6%	319M YoY+8.1%
Short-term & current debt	74.0M YoY+68.2%	44.0M YoY+15.8%	38.0M YoY-90.2%	388M YoY+32.0%	294M YoY-47.0%
Current lease liability	38.0M YoY+22.6%	31.0M YoY-3.1%	32.0M YoY+3.2%	31.0M YoY-8.8%	34.0M YoY-8.1%
Other current liabilities	739M YoY+58.6%	466M YoY+13.9%	409M YoY-9.9%	454M YoY+4.8%	433M YoY-25.6%
Finance lease liability (current)	16.0M	0.00	—	—	—
	6.81B YoY+4.5%	6.52B YoY-19.9%	8.14B YoY-0.8%	8.20B YoY-8.6%	8.97B YoY-2.7%
Long-term debt	3.76B YoY-12.0%	4.28B YoY-25.4%	5.74B YoY+5.3%	5.45B YoY-9.6%	6.03B YoY+8.1%
Non-current lease liability	86.0M YoY-6.5%	92.0M YoY-16.4%	110M YoY-0.9%	111M YoY-12.6%	127M YoY-15.9%
Operating lease liability (total)	124M YoY+0.8%	123M YoY-13.4%	142M YoY+0.0%	142M YoY-11.8%	161M YoY-14.5%
Finance lease liability (total)	255M	0.00	—	—	—
Finance lease liability	239M	0.00	—	—	—
Deferred tax liabilities	382M YoY-14.9%	449M YoY-20.8%	567M YoY-14.4%	662M YoY-13.5%	765M YoY-15.0%
Other non-current liabilities	585M YoY+93.7%	302M YoY-26.5%	411M YoY+79.5%	229M YoY-12.6%	262M YoY-18.6%
	6.55B YoY+7.4%	6.10B YoY-2.0%	6.22B YoY-14.6%	7.29B YoY-2.9%	7.51B YoY-11.2%
Preferred stock	0.00	0.00	—	0.00	0.00
Common stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	8.87B YoY+0.6%	8.82B YoY+0.5%	8.78B YoY+0.4%	8.74B YoY+0.5%	8.70B YoY+0.5%
Retained earnings	-2.18B YoY-11.9%	-1.95B YoY+14.8%	-2.29B YoY-116.5%	-1.06B YoY-8.0%	-979M YoY-105.2%
Accumulated other comprehensive income	-141M YoY+81.7%	-771M YoY-189.8%	-266M YoY+32.1%	-392M YoY-87.6%	-209M YoY-169.0%
Total liabilities & equity	13.4B YoY+5.9%	12.6B YoY-12.2%	14.4B YoY-7.3%	15.5B YoY-6.0%	16.5B YoY-6.9%
	497M YoY+0.5%	494M YoY+0.3%	493M YoY+3.9%	474M YoY+0.2%	473M YoY+0.3%
	497M YoY+0.5%	494M YoY+0.3%	493M YoY+3.9%	474M YoY+0.2%	473M YoY+0.3%
	497M YoY+0.5%	495M YoY+0.3%	493M YoY+0.3%	492M YoY+3.9%	473M YoY+0.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	560M YoY+3.5%	541M YoY+99.6%	271M YoY-40.0%	452M YoY-6.4%	483M YoY+1278.0%
Depreciation & amortization	680M YoY+2.7%	662M YoY-4.6%	694M YoY+1.8%	682M YoY-4.7%	716M YoY+38.5%
Intangible amortization	543M YoY+3.0%	527M YoY-3.8%	548M YoY+3.8%	528M YoY-5.0%	556M YoY+54.4%
Share-based compensation	68.0M YoY+23.6%	55.0M YoY+19.6%	46.0M YoY-22.0%	59.0M YoY-10.6%	66.0M YoY+40.4%
Deferred income taxes	-134M YoY-19.6%	-112M YoY-40.0%	-80.0M YoY-40.4%	-57.0M YoY+61.5%	-148M YoY-29.8%
Change in inventory	57.0M YoY+229.5%	-44.0M YoY-127.5%	160M YoY-40.5%	269M YoY+1027.6%	-29.0M YoY-130.5%
Other operating activities	-6.00M YoY-300.0%	3.00M YoY-72.7%	11.0M	0.00 YoY-100.0%	11.0M YoY-35.3%
	-279M YoY-124.1%	1.16B YoY+785.2%	-169M YoY+5.6%	-179M YoY+66.2%	-530M YoY+88.9%
Capital expenditure	276M YoY+87.8%	147M YoY+5.0%	140M YoY-18.1%	171M YoY+7.5%	159M YoY+17.8%
Free cash flow	284M YoY-27.9%	394M YoY+200.8%	131M YoY-53.4%	281M YoY-13.3%	324M YoY+284.1%
Acquisitions	0.00 YoY-100.0%	41.0M YoY+115.8%	19.0M	0.00 YoY-100.0%	342M YoY-93.2%
Proceeds from sale of PP&E	—	—	—	0.00 YoY-100.0%	17.0M YoY-76.4%
Other investing activities	12.0M YoY-14.3%	14.0M YoY+40.0%	10.0M YoY+25.0%	8.00M YoY+188.9%	-9.00M YoY+65.4%
	-275M YoY+81.6%	-1.49B YoY-1697.6%	-83.0M YoY+84.9%	-549M YoY-361.4%	210M YoY-95.8%
Long-term debt issued	2.11B YoY+501.7%	350M	0.00 YoY-100.0%	425M YoY-15.0%	500M YoY-89.6%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00 YoY-100.0%	425M YoY-15.0%	500M YoY-59.0%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	-2.00M YoY+88.2%	-17.0M YoY-183.3%	-6.00M YoY+81.3%	-32.0M YoY-3.2%	-31.0M YoY-93.8%
FX effect on cash	71.0M YoY+178.0%	-91.0M YoY-658.3%	-12.0M YoY+29.4%	-17.0M YoY+45.2%	-31.0M YoY-214.8%
Net change in cash	77.0M YoY-33.6%	116M YoY+1557.1%	7.00M YoY+102.4%	-293M YoY-322.0%	132M YoY-18.0%
Interest paid	206M YoY-30.4%	296M YoY-21.9%	379M YoY+42.5%	266M YoY+20.4%	221M YoY+68.7%
Income taxes paid	225M YoY+60.7%	140M YoY+47.4%	95.0M YoY+2.2%	93.0M YoY-38.4%	151M YoY+55.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	11.3B YoY+87.8%	5.99B YoY-18.4%	7.34B YoY+26.7%	5.79B YoY-56.8%	13.4B YoY-7.3%
P/E	—	17.7×	—	—	—
P/S	2.4× YoY+76.8%	1.3× YoY-19.7%	1.7× YoY+31.7%	1.3× YoY-54.7%	2.8× YoY-36.3%
P/B	1.7× YoY+74.9%	1.0× YoY-17.9%	1.2× YoY+38.7%	0.9× YoY-51.7%	1.8× YoY+4.5%
P/FCF	39.6× YoY+160.6%	15.2×	—	11.8× YoY-71.6%	41.4×
	—	5.6%	—	—	—
	2.5% YoY-61.6%	6.6%	—	8.5% YoY+251.9%	2.4%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: ELAN's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ELAN filings on SEC EDGAR → Not investment advice.