Filing Flows › Elanco Animal Health (ELAN) › Q2 2026 › vs Q1 2026
Elanco Animal Health (ELAN) Q2 2026 vs Q1 2026 (quarter over quarter)
Elanco Animal Health's revenue fell $3.0M (-0.2%) from $1.4B in Q1 2026 to $1.4B in Q2 2026. The biggest changes: Farm Animal: −$9.0M (-1%); Pet Health +$8.0M (+1%); Contract Manufacturing −$2.0M (-11%). Gross margin 58.3% against 57.3% (+1.1 pts).
Elanco Animal Health, Q2 2026: revenue $1.4B (+10% year over year), operating margin 4.1%, net earnings $54.0M, operating cash flow $277M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 58.3% | 57.3% | +1.1 pts |
| Operating margin | 4.1% | 6.3% | -2.3 pts |
| Net margin | 3.9% | 4.2% | -0.2 pts |
| Free cash flow margin | 17.8% | -2.8% | +20.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Cattle | $313M | $316M | −$3.0M | -0.9% |
| Poultry | $223M | $230M | −$7.0M | -3% |
| Swine | $97.0M | $96.0M | $1.0M | +1% |
| Farm Animal: | $633M | $642M | −$9.0M | -1% |
| Pet Health | $718M | $710M | $8.0M | +1% |
| Contract Manufacturing | $17.0M | $19.0M | −$2.0M | -11% |
| Revenue | $1.4B | $1.4B | −$3.0M | -0.2% |
| Gross profit | $798M | $785M | $13.0M | +2% |
| Cost of revenue | $570M | $586M | −$16.0M | -3% |
| Operating profit | $56.0M | $87.0M | −$31.0M | -36% |
| Operating expenses | $742M | $698M | $44.0M | +6% |
| Pre-tax earnings | $56.0M | $87.0M | −$31.0M | -36% |
| Research & development | $92.0M | $97.0M | −$5.0M | -5% |
| SG&A | $449M | $381M | $68.0M | +18% |
| Other operating costs | $201M | $220M | −$19.0M | -9% |
| Net earnings | $54.0M | $57.0M | −$3.0M | -5% |
| Income tax | $2.0M | $30.0M | −$28.0M | -93% |
| Depreciation & amortization | $171M | $172M | −$1.0M | -0.6% |
| Share-based compensation | $20.0M | $21.0M | −$1.0M | -5% |
| Working capital & other | $32.0M | −$237M | $269M | — |
| Operating cash flow | $277M | $13.0M | $264M | 21× |
| Free cash flow (OCF − capex) | $244M | −$38.0M | $282M | — |
| Capital expenditures | $33.0M | $51.0M | −$18.0M | -35% |
Questions
How much did Elanco Animal Health's revenue grow quarter over quarter in Q2 2026?
Elanco Animal Health's revenue fell $3.0M (-0.2%) from $1.4B in Q1 2026 to $1.4B in Q2 2026.
What drove Elanco Animal Health's revenue change in Q2 2026?
Farm Animal: −$9.0M (-1%); Pet Health +$8.0M (+1%); Contract Manufacturing −$2.0M (-11%).