UTHR financial statements

The full income statement, balance sheet, and cash-flow statement for United Therapeutics Corporation (UTHR), 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 44.5M2024-09 44.6M2024-12 44.9M2025-03 45.1M2025-06 45.2M2025-09 43.1M2025-12 43.8M2026-03 42.4M2026-06 42.9M-3.6% 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	3.18B YoY+10.6%	2.88B YoY+23.6%	2.33B YoY+20.2%	1.94B YoY+14.9%	1.69B YoY+13.6%
	2.80B YoY+9.0%	2.57B YoY+24.0%	2.07B YoY+16.0%	1.78B YoY+14.2%	1.56B YoY+13.7%
Cost of revenue	384M YoY+24.1%	310M YoY+20.3%	258M YoY+69.9%	152M YoY+23.8%	123M YoY+13.3%
Research & development	550M YoY+14.3%	481M YoY+17.9%	408M YoY+26.4%	323M YoY-40.2%	540M YoY+51.0%
Selling, general & administrative	756M YoY+6.5%	710M YoY+48.8%	477M YoY-1.0%	482M YoY+3.2%	467M
Amortization of intangibles	900K YoY+0.0%	900K YoY+200.0%	300K YoY+200.0%	100K YoY+0.0%	100K YoY-50.0%
Operating income	1.49B YoY+8.4%	1.38B YoY+16.2%	1.18B YoY+20.9%	980M YoY+76.2%	556M YoY-6.4%
Interest expense	19.5M YoY-54.5%	42.9M YoY-27.7%	59.3M YoY+83.0%	32.4M YoY+74.2%	18.6M YoY-20.9%
Interest & investment income	192M YoY-3.6%	199M YoY+22.4%	163M YoY+260.0%	45.2M YoY+170.7%	16.7M YoY-41.6%
Other non-operating income	48.9M YoY+743.1%	5.80M YoY+141.4%	-14.0M YoY+65.2%	-40.2M YoY-195.3%	42.2M YoY-14.4%
Pre-tax income	1.71B YoY+11.4%	1.54B YoY+20.8%	1.27B YoY+34.1%	951M YoY+60.1%	594M YoY-7.0%
Income tax	379M YoY+10.3%	344M YoY+18.8%	290M YoY+29.6%	223M YoY+89.1%	118M YoY-4.8%
	1.33B YoY+11.7%	1.20B YoY+21.4%	985M YoY+35.4%	727M YoY+52.9%	476M YoY-7.6%
Net income to common	—	—	—	727M YoY+52.9%	476M YoY-7.6%
	$27.86 YoY+13.1%	$24.64 YoY+24.4%	$19.81 YoY+32.1%	$15.00 YoY+49.1%	$10.06 YoY-12.8%
EPS (basic)	$30.13 YoY+14.0%	$26.44 YoY+25.7%	$21.04 YoY+31.7%	$15.98 YoY+50.8%	$10.60 YoY-9.0%
	44.3M YoY-2.0%	45.2M YoY-3.4%	46.8M YoY+2.9%	45.5M YoY+1.3%	44.9M YoY+1.6%
	47.9M YoY-1.2%	48.5M YoY-2.4%	49.7M YoY+2.5%	48.5M YoY+2.5%	47.3M YoY+6.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.70B YoY-4.4%	3.87B YoY+9.1%	3.55B YoY+5.0%	3.38B YoY+45.5%	2.32B YoY+7.2%
Cash & equivalents	1.56B YoY-8.3%	1.70B YoY+40.5%	1.21B YoY+25.6%	961M YoY+7.4%	895M YoY+21.1%
Short-term investments	1.36B YoY-13.2%	1.57B YoY-12.1%	1.79B YoY-4.9%	1.88B YoY+81.2%	1.04B YoY-5.5%
Accounts receivable	350M YoY+25.4%	279M YoY+0.1%	279M YoY+26.5%	220M YoY+10.9%	199M YoY+26.2%
Inventory	183M YoY+16.0%	158M YoY+41.2%	112M YoY+9.6%	102M YoY+8.7%	93.8M YoY+8.4%
Other current assets	249M YoY+46.7%	170M YoY+2.1%	166M YoY-24.2%	219M YoY+118.3%	100M YoY+13.7%
	7.88B YoY+7.0%	7.36B YoY+2.7%	7.17B YoY+18.6%	6.04B YoY+16.9%	5.17B YoY+12.0%
Property, plant & equipment	1.73B YoY+41.5%	1.22B YoY+16.9%	1.05B YoY+21.3%	862M YoY+10.3%	781M YoY+6.7%
Goodwill	32.3M YoY+0.0%	32.3M YoY-4.2%	33.7M YoY+20.4%	28.0M YoY+0.0%	28.0M YoY+0.0%
Long-term investments	1.78B YoY+20.4%	1.48B YoY-22.8%	1.91B YoY+45.1%	1.32B YoY-20.2%	1.65B YoY+43.5%
Deferred tax assets	358M YoY-22.0%	458M YoY+16.1%	395M YoY+20.5%	328M YoY+25.1%	262M YoY+9.8%
Other non-current assets	197M YoY-11.3%	222M YoY+46.3%	152M YoY+32.8%	114M YoY+5.6%	108M YoY-36.3%
	561M YoY-24.0%	738M YoY-8.2%	804M YoY+134.4%	343M YoY+12.4%	305M YoY-5.5%
Accounts payable	7.10M YoY+18.3%	6.00M YoY+7.1%	5.60M YoY+36.6%	4.10M YoY+7.9%	3.80M YoY-7.3%
Accrued liabilities	481M YoY+42.1%	339M YoY+15.8%	292M YoY+29.5%	226M YoY+32.2%	171M YoY-6.6%
Other current liabilities	72.6M YoY-22.4%	93.6M YoY+31.8%	71.0M YoY+118.5%	32.5M YoY+14.4%	28.4M YoY-28.1%
	784M YoY-14.8%	920M YoY-22.2%	1.18B YoY-5.3%	1.25B YoY+3.1%	1.21B YoY-0.8%
Other non-current liabilities	223M YoY+22.7%	182M YoY+133.8%	77.8M YoY-25.6%	105M YoY-0.2%	105M YoY+8.6%
	7.10B YoY+10.1%	6.44B YoY+7.7%	5.98B YoY+24.8%	4.80B YoY+21.2%	3.96B YoY+16.6%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	800K YoY+0.0%	800K YoY+14.3%	700K YoY+0.0%	700K YoY+0.0%	700K YoY+0.0%
Additional paid-in capital	2.80B YoY+3.7%	2.70B YoY+5.9%	2.55B YoY+6.7%	2.39B YoY+6.4%	2.25B YoY+4.5%
Retained earnings	8.56B YoY+18.5%	7.22B YoY+19.8%	6.03B YoY+19.5%	5.04B YoY+16.9%	4.32B YoY+12.4%
Treasury stock	4.26B YoY+22.6%	3.47B YoY+34.7%	2.58B YoY+0.0%	2.58B YoY+0.0%	2.58B YoY+0.0%
Accumulated other comprehensive income	900K YoY+126.5%	-3.40M YoY+73.4%	-12.8M YoY+76.9%	-55.5M YoY-141.3%	-23.0M YoY-62.0%
Total liabilities & equity	7.88B YoY+7.0%	7.36B YoY+2.7%	7.17B YoY+18.6%	6.04B YoY+16.9%	5.17B YoY+12.0%
	76.5M YoY+1.9%	75.0M YoY+1.8%	73.7M YoY+1.4%	72.7M YoY+1.3%	71.7M YoY+0.8%
	43.6M YoY-2.7%	44.8M YoY-4.7%	47.0M YoY+2.2%	46.0M YoY+2.0%	45.1M YoY+1.3%
	43.8M YoY-2.4%	44.9M YoY-4.6%	47.1M YoY+1.6%	46.3M YoY+2.6%	45.1M YoY+1.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.56B YoY+17.6%	1.33B YoY+35.7%	978M YoY+21.9%	803M YoY+34.2%	598M YoY-20.8%
Depreciation & amortization	85.6M YoY+18.1%	72.5M YoY+36.3%	53.2M YoY+3.7%	51.3M YoY+2.8%	49.9M YoY+0.0%
Intangible amortization	900K YoY+0.0%	900K YoY+200.0%	300K YoY+200.0%	100K YoY+0.0%	100K YoY-50.0%
Share-based compensation	148M YoY+2.6%	144M YoY+268.3%	39.1M YoY-63.4%	107M YoY-22.9%	139M YoY-15.4%
Deferred income taxes	97.7M YoY+252.4%	-64.1M YoY+0.5%	-64.4M YoY-26.8%	-50.8M YoY-170.2%	-18.8M YoY-79.0%
Change in receivables	70.9M YoY+17625.0%	400K YoY-99.3%	58.5M YoY+169.6%	21.7M YoY-47.5%	41.3M YoY+588.3%
Change in inventory	52.6M YoY+12.2%	46.9M YoY+244.9%	13.6M YoY+1.5%	13.4M YoY+78.7%	7.50M YoY+172.8%
	-551M YoY-232.1%	417M YoY+158.0%	-720M YoY+11.3%	-812M YoY-66.7%	-487M YoY+34.1%
Capital expenditure	521M YoY+111.2%	247M YoY+7.0%	230M YoY+66.0%	139M YoY+14.9%	121M YoY+103.7%
Free cash flow	1.04B YoY-3.7%	1.08B YoY+44.5%	748M YoY+12.6%	664M YoY+39.0%	477M YoY-31.4%
Acquisitions	0.00	0.00 YoY-100.0%	89.2M	0.00	0.00
Sales/maturities of investments	1.58B YoY+3.1%	1.54B YoY-28.1%	2.14B YoY+109.2%	1.02B YoY-25.4%	1.37B YoY-10.1%
Proceeds from sale of PP&E	—	—	—	0.00	0.00 YoY-100.0%
	-1.15B YoY+8.4%	-1.25B YoY-10444.5%	-11.9M YoY-115.8%	75.4M YoY+68.3%	44.8M YoY+365.1%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	1.00B YoY+0.0%	1.00B	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
Net change in cash	-140M YoY-128.6%	490M YoY+98.6%	247M YoY+271.2%	66.4M YoY-57.5%	156M YoY+51933.3%
Interest paid	13.5M YoY-66.4%	40.2M YoY-28.2%	56.0M YoY+92.4%	29.1M YoY+79.6%	16.2M YoY-21.7%
Income taxes paid	313M YoY-21.8%	401M YoY+20.5%	333M YoY+20.6%	276M YoY+79.8%	153M YoY+65.2%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	21.4B YoY+34.8%	15.8B YoY+53.4%	10.3B YoY-18.5%	12.7B YoY+30.0%	9.75B YoY+44.2%
P/E	16.0× YoY+20.7%	13.3× YoY+15.5%	11.5× YoY-35.9%	17.9× YoY-12.6%	20.5× YoY+56.1%
P/S	6.7× YoY+21.8%	5.5× YoY+17.5%	4.7× YoY-31.2%	6.8× YoY+17.8%	5.8× YoY+26.9%
P/B	3.0× YoY+22.4%	2.5× YoY+35.9%	1.8× YoY-34.9%	2.8× YoY+12.8%	2.5× YoY+23.7%
P/FCF	20.5× YoY+39.9%	14.7× YoY+8.5%	13.5× YoY-27.6%	18.7× YoY-8.6%	20.4× YoY+110.4%
	6.3% YoY-17.1%	7.5% YoY-13.4%	8.7% YoY+56.0%	5.6% YoY+14.4%	4.9% YoY-35.9%
	4.9% YoY-28.5%	6.8% YoY-7.8%	7.4% YoY+38.1%	5.4% YoY+9.4%	4.9% YoY-52.5%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: UTHR'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 UTHR filings on SEC EDGAR → Not investment advice.