Filing Flows › United Therapeutics (UTHR) › Q4 2025
United Therapeutics (UTHR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
United Therapeutics (UTHR) reported revenue of $790M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -1% from the quarter before. Operating margin was 45.1%, net earnings $364M (46.1% of revenue).
United Therapeutics, Q4 2025: revenue $790M (+7% year over year), operating margin 45.1%, net earnings $364M, operating cash flow $346M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $790M | -1% | +7% |
| Gross profit | $687M | -2% | +4% |
| Operating profit | $357M | -8% | -0.3% |
| Net earnings | $364M | +8% | +21% |
| Operating cash flow | $346M | -38% | +1% |
| Free cash flow | $173M | -51% | -32% |
What changed
Revenue was $790.2M in Q4 2025, up 7% year over year and down 1% from the previous quarter. Tyvaso DPI was the largest line at 43% of revenue.
Gross margin was 86.9%, down 2.8 points from a year earlier. Operating profit was $356.7M, a 45.1% margin (down 3.5 points year over year). Operating profit fell $1.0M even though revenue rose $54.3M versus a year earlier, so costs grew faster than sales. Operating expenses grew 9% against revenue growth of 7%. The fastest-growing cost line was SG&A (+13%). Net earnings were $364.3M, up 21% year over year. The effective tax rate was 18.0%.
Operating cash flow was $346.2M (up 1% year over year), 95% of net earnings. Non-cash charges added back $22.8M of depreciation and amortization and $39.0M of share-based compensation. Working capital and other items used $79.9M. Capital expenditures of $172.9M left free cash flow of $173.3M.
Questions
What was United Therapeutics' revenue in the fourth quarter 2025?
United Therapeutics (UTHR) reported revenue of $790M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -1% from the quarter before.
Was United Therapeutics profitable in the fourth quarter 2025?
Operating profit was $357M (45.1% of revenue) and net earnings $364M.