Filing Flows › United Therapeutics (UTHR) › Q3 2025
United Therapeutics (UTHR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
United Therapeutics (UTHR) reported revenue of $800M for the third quarter 2025 (Q3 2025), +7% from a year earlier and +0.1% from the quarter before. Operating margin was 48.6%, net earnings $339M (42.4% of revenue).
United Therapeutics, Q3 2025: revenue $800M (+7% year over year), operating margin 48.6%, net earnings $339M, operating cash flow $562M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $800M | +0.1% | +7% |
| Gross profit | $699M | -2% | +5% |
| Operating profit | $388M | +7% | +13% |
| Net earnings | $339M | +9% | +10% |
| Operating cash flow | $562M | +193% | +49% |
| Free cash flow | $352M | +172% | +17% |
What changed
Revenue was $799.5M in Q3 2025, up 7% year over year and roughly flat from the previous quarter. Tyvaso DPI was the largest line at 42% of revenue. Tyvaso DPI added $61.6M year over year (up 22%), 122% of the total change. Unituxin declined 22%.
Gross margin was 87.4%, down 1.5 points from a year earlier. Operating profit was $388.5M, a 48.6% margin (up 2.8 points year over year). Of the extra revenue versus a year earlier, 90% reached operating profit, above the 46% margin then. Operating expenses fell 4% while revenue rose 7%. The fastest-growing cost line was Research & development (+23%). Net earnings were $338.7M, up 10% year over year. The effective tax rate was 22.7%.
Operating cash flow was $562.1M (up 49% year over year), 166% of net earnings. Non-cash charges added back $21.9M of depreciation and amortization and $39.1M of share-based compensation. Working capital and other items added $162.4M. Capital expenditures of $210.5M left free cash flow of $351.6M.
Questions
What was United Therapeutics' revenue in the third quarter 2025?
United Therapeutics (UTHR) reported revenue of $800M for the third quarter 2025 (Q3 2025), +7% from a year earlier and +0.1% from the quarter before.
Was United Therapeutics profitable in the third quarter 2025?
Operating profit was $388M (48.6% of revenue) and net earnings $339M.