Filing Flows › Incyte (INCY) › Q3 2025
Incyte (INCY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Incyte (INCY) reported revenue of $1.4B for the third quarter 2025 (Q3 2025), +20% from a year earlier and +12% from the quarter before. Operating margin was 32.5%, net earnings $424M (31.1% of revenue).
Incyte, Q3 2025: revenue $1.4B (+20% year over year), operating margin 32.5%, net earnings $424M, operating cash flow $559M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | +12% | +20% |
| Operating profit | $444M | -16% | +204% |
| Net earnings | $424M | +5% | +298% |
| Operating cash flow | $559M | 13× | +80% |
| Free cash flow | $545M | — | +78% |
What changed
Revenue was $1.4B in Q3 2025, up 20% year over year and up 12% from the previous quarter. JAKAFI was the largest line at 58% of revenue. JAKAFI added $0.05B year over year (up 7%), 22% of the total change.
Operating profit was $0.44B, a 32.5% margin (up 19.6 points year over year). Of the extra revenue versus a year earlier, 130% reached operating profit, above the 13% margin then. Total costs fell 7% while revenue rose 20%. Net earnings were $0.42B, up 298% year over year. The effective tax rate was 12.1%.
Operating cash flow was $0.56B (up 80% year over year), 132% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items added $0.05B. Capital expenditures of $0.01B left free cash flow of $0.54B.
Questions
What was Incyte's revenue in the third quarter 2025?
Incyte (INCY) reported revenue of $1.4B for the third quarter 2025 (Q3 2025), +20% from a year earlier and +12% from the quarter before.
Was Incyte profitable in the third quarter 2025?
Operating profit was $444M (32.5% of revenue) and net earnings $424M.
Source: Incyte 10-Q on SEC EDGAR.