Filing Flows › Incyte (INCY) › Q4 2025
Incyte (INCY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 10, 2026
Incyte (INCY) reported revenue of $1.5B for the fourth quarter 2025 (Q4 2025), +28% from a year earlier and +10% from the quarter before. Operating margin was 22.3%, net earnings $299M (19.9% of revenue).
Incyte, Q4 2025: revenue $1.5B (+28% year over year), operating margin 22.3%, net earnings $299M, operating cash flow $543M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | +10% | +28% |
| Operating profit | $336M | -24% | +11% |
| Net earnings | $299M | -29% | +49% |
| Operating cash flow | $543M | -3% | +43% |
| Free cash flow | $521M | — | +43% |
What changed
Revenue was $1.5B in Q4 2025, up 28% year over year and up 10% from the previous quarter. JAKAFI was the largest line at 55% of revenue.
Operating profit was $0.34B, a 22.3% margin (down 3.3 points year over year). Of the extra revenue versus a year earlier, 10% reached operating profit, below the 26% margin then. Total costs grew 33% against revenue growth of 28%. Net earnings were $0.30B, up 49% year over year. The effective tax rate was 23.3%.
Operating cash flow was $0.54B (up 43% year over year), 182% 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 $0.16B. Capital expenditures of $0.02B left free cash flow of $0.52B.
Questions
What was Incyte's revenue in the fourth quarter 2025?
Incyte (INCY) reported revenue of $1.5B for the fourth quarter 2025 (Q4 2025), +28% from a year earlier and +10% from the quarter before.
Was Incyte profitable in the fourth quarter 2025?
Operating profit was $336M (22.3% of revenue) and net earnings $299M.
Source: Incyte 10-K on SEC EDGAR.