Filing Flows › Elanco Animal Health (ELAN) › Q2 2026 › vs Q2 2025
Elanco Animal Health (ELAN) Q2 2026 vs Q2 2025 (year over year)
Elanco Animal Health's revenue rose $127M (+10%) from $1.2B in Q2 2025 to $1.4B in Q2 2026. The biggest changes: Pet Health +$75.0M (+12%); Farm Animal: +$50.0M (+9%); Contract Manufacturing +$2.0M (+13%). Gross margin 58.3% against 57.5% (+0.9 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 58.3% | 57.5% | +0.9 pts |
| Operating margin | 4.1% | 2.0% | +2.1 pts |
| Net margin | 3.9% | 0.9% | +3.1 pts |
| Free cash flow margin | 17.8% | 14.5% | +3.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Cattle | $313M | $268M | $45.0M | +17% |
| Poultry | $223M | $215M | $8.0M | +4% |
| Swine | $97.0M | $100M | −$3.0M | -3% |
| Farm Animal: | $633M | $583M | $50.0M | +9% |
| Pet Health | $718M | $643M | $75.0M | +12% |
| Contract Manufacturing | $17.0M | $15.0M | $2.0M | +13% |
| Revenue | $1.4B | $1.2B | $127M | +10% |
| Gross profit | $798M | $713M | $85.0M | +12% |
| Cost of revenue | $570M | $528M | $42.0M | +8% |
| Operating profit | $56.0M | $25.0M | $31.0M | +124% |
| Operating expenses | $742M | $688M | $54.0M | +8% |
| Pre-tax earnings | $56.0M | $25.0M | $31.0M | +124% |
| Research & development | $92.0M | $92.0M | $0 | 0% |
| SG&A | $449M | $400M | $49.0M | +12% |
| Other operating costs | $201M | $196M | $5.0M | +3% |
| Net earnings | $54.0M | $11.0M | $43.0M | +391% |
| Income tax | $2.0M | $14.0M | −$12.0M | -86% |
| Depreciation & amortization | $171M | $169M | $2.0M | +1% |
| Share-based compensation | $20.0M | $20.0M | $0 | 0% |
| Working capital & other | $32.0M | $37.0M | −$5.0M | -14% |
| Operating cash flow | $277M | $237M | $40.0M | +17% |
| Free cash flow (OCF − capex) | $244M | $180M | $64.0M | +36% |
| Capital expenditures | $33.0M | $57.0M | −$24.0M | -42% |
Questions
How much did Elanco Animal Health's revenue grow year over year in Q2 2026?
Elanco Animal Health's revenue rose $127M (+10%) from $1.2B in Q2 2025 to $1.4B in Q2 2026.
What drove Elanco Animal Health's revenue change in Q2 2026?
Pet Health +$75.0M (+12%); Farm Animal: +$50.0M (+9%); Contract Manufacturing +$2.0M (+13%).