Incyte (INCY) Q1 FY2026 earnings: revenue $1.3 billion, up 20.9% on the year

Incyte Corp. (INCY) reported revenue of $1.3 billion for Q1 FY2026, the quarter ended 31 March 2026, up 20.9% on the same quarter a year earlier. Net income was $303 million, up 91.7% on the year, and diluted earnings per share $1.47. The figures are the company's own, from the 10-Q it filed with the SEC on 28 April 2026.

Revenue

$1.3 billion

+20.9% on the year · -15.5% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

23.7%

19.5% a year earlier

Q2 FY2024Q1 FY2026

Net income

$303 million

+91.7% on the year · +1.4% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.47

+83.7% on the year · +0.7% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 kept.

Total revenue rose 21%: Total revenue was $1.27 billion, up 21% from the first quarter of 2025. Total net sales were $1.10 billion, up 20%.
Hematology and oncology more than doubled: Hematology and oncology net sales were $204 million, up 116%, driven by Niktimvo, Monjuvi/Minjuvi and Zynyz in SCAC.
Operating income up 47%: GAAP operating income was $301.1 million, up 47%. Non-GAAP operating income was $393.7 million, up 39%, driven by revenue growth.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	1,273	1,507	1,053	-15.5%	+20.9%
Cost of revenue	105	121	73.2	-13.7%	+42.8%
Gross profit	1,168	1,386	980	-15.7%	+19.2%
Gross margin	91.8%	92.0%	93.0%
Research and development	516	611	437	-15.6%	+18.0%
Selling, general and administrative	328	390	326	-16.0%	+0.7%
Operating income	301	336	205	-10.3%	+46.8%
Operating margin	23.7%	22.3%	19.5%
Interest expense	0.6	0.6	0.7	-2.2%	-13.8%
Pre-tax income	344	390	234	-11.9%	+46.7%
Income tax	40.3	90.7	76.0	-55.6%	-47.0%
Effective tax rate	11.7%	23.3%	32.4%
Net income	303	299	158	+1.4%	+91.7%
Net margin	23.8%	19.9%	15.0%
Diluted EPS	$1.47	$1.46	$0.80	+0.7%	+83.7%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	369	543	266	-32.0%	+38.8%
Cash from investing	-88.2	-37.4	1.1
Cash from financing	84.8	138	-12.7	-38.4%
Depreciation and amortisation	23.8	24.0	22.4	-0.8%	+6.4%
Share-based compensation	64.1	62.2	61.0	+3.2%	+5.2%
Diluted shares, weighted	207m	205m	198m	+1.0%	+4.4%
Shares outstanding at period end	200m	198m	194m	+0.7%	+3.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	5,623	5,167	3,668	+8.8%	+53.3%
Debt	0.0	0.0	0.0
Operating lease liabilities	n/a	14.5	n/a
Finance lease liabilities	29.4	30.2	32.6	-2.6%	-9.9%
Other liabilities	1,687	1,746	2,049	-3.4%	-17.7%
Total liabilities and equity	7,339	6,958	5,749	+5.5%	+27.7%
Fixed assets	720	731	765	-1.5%	-5.9%
Goodwill	133	133	156	0.0%	-14.5%
Securities held for sale or to maturity	555	483	467	+14.9%	+18.8%
Cash and equivalents	3,461	3,098	1,942	+11.7%	+78.2%
Inventory	116	101	64.0	+14.4%	+80.7%
Other assets	2,354	2,412	2,356	-2.4%	-0.1%
Total assets	7,339	6,958	5,749	+5.5%	+27.7%

Questions

What was Incyte's revenue in Q1 FY2026?

Incyte (INCY) reported revenue of $1.3 billion for Q1 FY2026, the quarter ended 31 March 2026, up 20.9% on the same quarter a year earlier.

How much did Incyte earn in Q1 FY2026?

Net income for Q1 FY2026 was $303 million, up 91.7% on the year, and diluted earnings per share $1.47.

When did Incyte report Q1 FY2026 results?

Incyte filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 28 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	863	733	911	823	927	809	955	919	1,013	881	1,044	1,138	1,179	1,053	1,216	1,366	1,507	1,273	1,674	1,557
Cost of revenue	43.9	42.6	50.6	54.6	59.2	56.8	68.3	60.1	69.8	61.0	76.6	86.0	88.5	73.2	78.8	99.0	121	105	105	109
Gross profit	819	691	861	769	868	752	886	859	944	820	967	1,052	1,090	980	1,137	1,267	1,386	1,168	1,569	1,448
Gross margin	95%	94%	94%	93%	94%	93%	93%	93%	93%	93%	93%	92%	92%	93%	94%	93%	92%	92%	94%	93%
R&D	473	353	347	384	501	407	401	376	444	429	1,138	573	466	437	495	507	611	516	517	1,792
SG&A	226	210	253	266	273	316	284	268	294	300	306	309	327	326	331	329	390	328	352	364
Operating income	111	117	254	138	70.1	24.8	194	215	187	91.9	-478	146	302	205	530	444	336	301	698	-708
Operating margin	13%	16%	28%	17%	8%	3%	20%	23%	18%	10%	-46%	13%	26%	19%	44%	32%	22%	24%	42%	-45%
Interest expense	0.8	0.7	0.7	0.6	0.7	0.5	0.7	0.6	0.8	0.4	0.7	0.8	0.4	0.7	0.6	0.6	0.6	0.6	0.6	0.6
Pre-tax income	120	70.5	229	149	80.6	51.9	278	234	271	236	-390	157	314	234	558	482	390	344	752	-689
Tax rate	-370%	46%	30%	24%	65%	58%	27%	27%	26%	28%	n/a	32%	36%	32%	27%	12%	23%	12%	22%	n/a
Net income	564	38.0	161	113	28.5	21.7	204	171	201	170	-445	106	201	158	405	424	299	303	586	-785
Net margin	65%	5%	18%	14%	3%	3%	21%	19%	20%	19%	-43%	9%	17%	15%	33%	31%	20%	24%	35%	-50%
Diluted EPS	$2.54	$0.17	$0.72	$0.50	$0.13	$0.10	$0.90	$0.76	$0.89	$0.75	-$2.04	$0.54	$1.02	$0.80	$2.04	$2.11	$1.46	$1.47	$2.81	-$3.86
Operating cash flow	115	216	174	296	284	-106	307	148	148	219	-576	311	381	266	44.7	559	543	369	508	-675
Capital expenditure	34.5	17.0	11.7	27.8	21.3	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free cash flow	80.9	199	162	269	262	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.1	n/a	n/a	n/a	0.0	n/a	n/a	n/a	n/a
Shares outstanding	221m	221m	222m	222m	223m	223m	223m	224m	224m	225m	192m	193m	193m	194m	194m	196m	198m	200m	201m	204m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 28 April 2026: the filing.