Filing Flows › Elanco Animal Health (ELAN) › Q3 2026 › vs Q2 2026
Elanco Animal Health (ELAN) Q3 2026 vs Q2 2026 (quarter over quarter)
Elanco Animal Health's revenue fell $103M (-8%) from $1.4B in Q2 2026 to $1.3B in Q3 2026. The biggest changes: Pet Health −$110M (-15%); Contract Manufacturing +$9.0M (+53%); Farm Animal: −$2.0M (-0.3%). Gross margin 56.9% against 58.3% (-1.4 pts).
Elanco Animal Health, Q3 2026: revenue $1.3B (+11% year over year), operating margin 1.9%, net earnings $18.0M, operating cash flow $216M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 56.9% | 58.3% | -1.4 pts |
| Operating margin | 1.9% | 4.1% | -2.2 pts |
| Net margin | 1.4% | 3.9% | -2.5 pts |
| Free cash flow margin | 12.3% | 17.8% | -5.5 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Cattle | $339M | $313M | $26.0M | +8% |
| Poultry | $201M | $223M | −$22.0M | -10% |
| Swine | $91.0M | $97.0M | −$6.0M | -6% |
| Farm Animal: | $631M | $633M | −$2.0M | -0.3% |
| Pet Health | $608M | $718M | −$110M | -15% |
| Contract Manufacturing | $26.0M | $17.0M | $9.0M | +53% |
| Revenue | $1.3B | $1.4B | −$103M | -8% |
| Gross profit | $720M | $798M | −$78.0M | -10% |
| Cost of revenue | $545M | $570M | −$25.0M | -4% |
| Operating profit | $24.0M | $56.0M | −$32.0M | -57% |
| Operating expenses | $696M | $742M | −$46.0M | -6% |
| Pre-tax earnings | $24.0M | $56.0M | −$32.0M | -57% |
| Research & development | $99.0M | $92.0M | $7.0M | +8% |
| SG&A | $393M | $449M | −$56.0M | -12% |
| Other operating costs | $204M | $201M | $3.0M | +1% |
| Net earnings | $18.0M | $54.0M | −$36.0M | -67% |
| Income tax | $6.0M | $2.0M | $4.0M | +200% |
| Depreciation & amortization | $177M | $171M | $6.0M | +4% |
| Share-based compensation | $20.0M | $20.0M | $0 | 0% |
| Working capital & other | $1.0M | $32.0M | −$31.0M | -97% |
| Operating cash flow | $216M | $277M | −$61.0M | -22% |
| Free cash flow (OCF − capex) | $156M | $244M | −$88.0M | -36% |
| Capital expenditures | $60.0M | $33.0M | $27.0M | +82% |
Questions
How much did Elanco Animal Health's revenue grow quarter over quarter in Q3 2026?
Elanco Animal Health's revenue fell $103M (-8%) from $1.4B in Q2 2026 to $1.3B in Q3 2026.
What drove Elanco Animal Health's revenue change in Q3 2026?
Pet Health −$110M (-15%); Contract Manufacturing +$9.0M (+53%); Farm Animal: −$2.0M (-0.3%).