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INCYTE CORPORATION

EDGAR
INCY Current report (8-K) · filed 2026-10-29

Annual consolidated revenue for 2025: about USD 5.141B, using the latest reported figures. The previous period, 2024, was about USD 4.241B.

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Latest quarter

Revenue

1.56 billion USD

2026 Q3 · USD

Exact inputs and evidence
  • Revenue: 1557204000 USD Source

Operating margin

-45.49%

2026 Q3 · %

Exact inputs and evidence
  • Operating Income: -708361000 USD Source
  • Revenue: 1557204000 USD Source

Operating cash flow

-675 million USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 201691000 USD Source
  • Operating Cash Flow: 877013000 USD Source
Cash and cash equivalents
3.28 billion USD Source
Exact value

3275881000 USD

Long-term debt including current maturities
19.1 billion Unit12 Source
Exact value

19094000000 Unit12

Shares outstanding
204 million shares Source
Exact value

204002500 shares

Reported share-count change

4.01% · 7.87 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 196130993 shares · 2025-09-30· Source
  • 204002500 shares · 2026-09-30· Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-29.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 6 of 11 periods available· newest 2025-12-31
  • Operating income: 6 of 11 periods available· newest 2025-12-31
  • Net income: 6 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 6 of 11 periods available· newest 2025-12-31
  • capital expenditure: No compatible figures in this window
  • Total assets: 5 of 11 periods available· newest 2025-12-31
  • Total liabilities: 5 of 11 periods available· newest 2025-12-31
  • Current assets: 5 of 11 periods available· newest 2025-12-31
  • Current liabilities: 5 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 5 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 4 of 11 periods available· newest 2018-12-31
  • Shares outstanding: 5 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +21.2%

    Prior period

    USD 4.24 billion

    –

    Current period

    USD 5.14 billion

    –

    Exact inputs and evidence

    5141242000 − 4241217000 = 900025000 USD

    4241217000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    5141242000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Net income

    +3,845%

    Prior period

    USD 32.62 million

    –

    Current period

    USD 1.29 billion

    –

    Exact inputs and evidence

    1286650000 − 32615000 = 1254035000 USD

    32615000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    1286650000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    +321.5%

    Prior period

    USD 335.34 million

    –

    Current period

    USD 1.41 billion

    –

    Exact inputs and evidence

    1413498000 − 335337000 = 1078161000 USD

    335337000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    1413498000 USD · 2025-01-01 – 2025-12-31

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Comparable inputs unavailable for: Capital expenditure.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 5.14 billion 100% of revenue
  • Operating costs Derived USD 3.63 billion 71% of revenue
  • Operating income USD 1.51 billion 29% of revenue
  • Tax, interest and other Derived USD 228.21 million 4.4% of revenue
  • Net income USD 1.29 billion 25% of revenue

Cash

  • Operating cash flow USD 1.41 billion 27% of revenue
  • Capital expenditure Unavailable An input is unavailable.
  • Free cash flow Derived Unavailable An input is unavailable.

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2020 Operating loss: operating costs were 110% of revenue.
  • 2021 Net income was higher than operating income, so the split is not drawn.
  • 2022 10%83%
  • 2023 16%83%
  • 2024 99%
  • 2025 25%71%
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2020 2020-01-01 – 2020-12-312666702000 2930378000 Derived -263676000 32021000 Derived -295697000 Unavailable
Source
2021 2021-01-01 – 2021-12-312986267000 2400490000 Derived 585777000 -362804000 Derived 948581000 Unavailable
Source
2022 2022-01-01 – 2022-12-313394635000 2815195000 Derived 579440000 238780000 Derived 340660000 Unavailable
Source
2023 2023-01-01 – 2023-12-313695649000 3075124000 Derived 620525000 22926000 Derived 597599000 Unavailable
Source
2024 2024-01-01 – 2024-12-314241217000 4179851000 Derived 61366000 28751000 Derived 32615000 Unavailable
Source
2025 2025-01-01 – 2025-12-315141242000 3626383000 Derived 1514859000 228209000 Derived 1286650000 Unavailable
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 5.1B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.5.6B4.2B2.8B1.4B0.0202020232025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2020Revenue2666702000
2021Revenue2986267000
2022Revenue3394635000
2023Revenue3695649000
2024Revenue4241217000
2025Revenue5141242000

Revenue growth

Change in revenue from the same financial period one year earlier.

21.2% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.22.9%17.2%11.5%5.7%0.0%202020232025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2020Year over yearNo prior comparable period
2021Year over year12%
2022Year over year13.7%
2023Year over year8.9%
2024Year over year14.8%
2025Year over year21.2%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 29.5% 2025
Net margin 25% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.35%23%10%-2%-15%202020232025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2020Operating margin-9.9%
2021Operating margin19.6%
2022Operating margin17.1%
2023Operating margin16.8%
2024Operating margin1.4%
2025Operating margin29.5%
2020Net margin-11.1%
2021Net margin31.8%
2022Net margin10%
2023Net margin16.2%
2024Net margin0.8%
2025Net margin25%
2020Free cash flow marginNot reported
2021Free cash flow marginNot reported
2022Free cash flow marginNot reported
2023Free cash flow marginNot reported
2024Free cash flow marginNot reported
2025Free cash flow marginNot reported

Operating cash flow

Cash generated by the company’s normal business operations.

USD 1.4B 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1.5B1.1B644.4M198.4M-247.6M202020232025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2020Operating cash flow-124599000
2021Operating cash flow749488000
2022Operating cash flow969941000
2023Operating cash flow496487000
2024Operating cash flow335337000
2025Operating cash flow1413498000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

Not enough comparable data to show this history.
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2020Free cash flowUnavailable
2021Free cash flowUnavailable
2022Free cash flowUnavailable
2023Free cash flowUnavailable
2024Free cash flowUnavailable
2025Free cash flowUnavailable

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

25.7% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.39.6%29.7%19.8%9.9%0.0%2020-12-3120232025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2020-12-31Liabilities / assetsNot reportedNo source recorded
2021Liabilities / assets23.6%
2022Liabilities / assets25.2%
2023Liabilities / assets23.5%
2024Liabilities / assets36.7%
2025Liabilities / assets25.7%

Current assets to current liabilities

Current assets divided by current liabilities.

3.32× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.4.04×3.03×2.02×1.01×0.00×2020-12-3120232025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2020-12-31Current assets / current liabilitiesNot reportedNo source recorded
2021Current assets / current liabilities3.65×
2022Current assets / current liabilities3.54×
2023Current assets / current liabilities3.75×
2024Current assets / current liabilities1.97×
2025Current assets / current liabilities3.32×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2020 2020-01-01 – 2020-12-31
−USD 295.7 million
Exact value

Exact value: -295697000 USD

2020-01-01 – 2020-12-31: -295697000 USD Inspect Net Income Open source
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−USD 124.6 million
Exact value

Exact value: -124599000 USD

2020-01-01 – 2020-12-31: -124599000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2021 2021-01-01 – 2021-12-31
USD 948.58 million
Exact value

Exact value: 948581000 USD

2021-01-01 – 2021-12-31: 948581000 USD Inspect Net Income Open source
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USD 749.49 million
Exact value

Exact value: 749488000 USD

2021-01-01 – 2021-12-31: 749488000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2022 2022-01-01 – 2022-12-31
USD 340.66 million
Exact value

Exact value: 340660000 USD

2022-01-01 – 2022-12-31: 340660000 USD Inspect Net Income Open source
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USD 969.94 million
Exact value

Exact value: 969941000 USD

2022-01-01 – 2022-12-31: 969941000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2023 2023-01-01 – 2023-12-31
USD 597.6 million
Exact value

Exact value: 597599000 USD

2023-01-01 – 2023-12-31: 597599000 USD Inspect Net Income Open source
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USD 496.49 million
Exact value

Exact value: 496487000 USD

2023-01-01 – 2023-12-31: 496487000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2024 2024-01-01 – 2024-12-31
USD 32.62 million
Exact value

Exact value: 32615000 USD

2024-01-01 – 2024-12-31: 32615000 USD Inspect Net Income Open source
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USD 335.34 million
Exact value

Exact value: 335337000 USD

2024-01-01 – 2024-12-31: 335337000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2025 2025-01-01 – 2025-12-31
USD 1.29 billion
Exact value

Exact value: 1286650000 USD

2025-01-01 – 2025-12-31: 1286650000 USD Inspect Net Income Open source
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USD 1.41 billion
Exact value

Exact value: 1413498000 USD

2025-01-01 – 2025-12-31: 1413498000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

265 filings · 7,262 latest values · 7,262 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0000879169, 879169, INCY, edgar:879169

Also known as INCYTE CORP, INCYTE CORPORATION, INCYTE GENOMICS INC, INCYTE INC, INCYTE PHARMACEUTICALS INC