United Therapeutics (UTHR) Q4 FY2025 earnings: revenue $790 million, up 7.4% on the year

United Therapeutics Corp. (UTHR) reported revenue of $790 million for Q4 FY2025, the quarter ended 31 December 2025, up 7.4% on the same quarter a year earlier. Net income was $364 million, up 20.9% on the year, and diluted earnings per share $7.70. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue$790 millionup 7.4%

Net income$364 millionup 20.9%

Diluted EPS$7.70

QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Revenue	790	800	736	+7.4%
Cost of revenue	103	101	75.9	+36.2%
Gross profit	687	699	660	+4.1%
Gross margin	86.9%	87.4%	89.7%
Research and development	140	128	134	+4.3%
Selling, general and administrative	191	183	168	+13.1%
Operating income	357	388	358	-0.3%
Operating margin	45.1%	48.6%	48.6%
Interest expense	3.1	3.0	7.9	-60.8%
Pre-tax income	444	438	396	+12.0%
Income tax	79.7	99.3	95.2	-16.3%
Effective tax rate	18.0%	22.7%	24.0%
Net income	364	339	301	+20.9%
Net margin	46.1%	42.4%	40.9%
Diluted EPS	$7.70	$7.16	$6.19	+24.4%

$ 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 and capital returned

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Operating cash flow	346	562	341	+1.5%
Capital expenditure	173	210	86.7	+99.4%
Free cash flow	173	352	254	-31.9%
Free cash flow margin	21.9%	44.0%	34.6%
Cash from investing	-228	141	-123	n/a
Cash from financing	98.4	-956	-74.7	n/a
Depreciation and amortisation	22.8	21.9	19.7	+15.7%
Share-based compensation	39.0	39.1	27.0	+44.4%
Buybacks	0.0	1,000	0.0	n/a
Diluted shares, weighted	47m	47m	49m	-2.9%
Shares outstanding at period end	44m	43m	45m	-2.7%

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

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Shareholders' equity	7,096	6,590	6,444	+10.1%
Debt	0.0	0.0	300	n/a
Other liabilities	784	761	620	+26.4%
Total liabilities and equity	7,880	7,351	7,364	+7.0%
Fixed assets	1,730	1,556	1,222	+41.5%
Goodwill	32.3	n/a	32.3	+0.0%
Investments	3,140	2,995	3,045	+3.1%
Cash and equivalents	1,557	1,340	1,697	-8.3%
Receivables	350	298	279	+25.4%
Inventory	183	176	158	+16.0%
Other assets	888	986	930	-4.5%
Total assets	7,880	7,351	7,364	+7.0%

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	609	615	678	715	749	736	794	799	800	790	782	783
Cost of revenue	70.1	71.0	72.9	77.8	83.1	75.9	92.5	87.6	101	103	133	99.5
Gross profit	539	544	605	637	666	660	702	711	699	687	648	684
Gross margin	88%	88%	89%	89%	89%	90%	88%	89%	87%	87%	83%	87%
R&D	84.7	151	104	140	104	134	149	134	128	140	138	146
SG&A	128	132	144	178	219	168	170	212	183	191	184	207
Operating income	327	260	356	320	343	358	383	364	388	357	326	331
Operating margin	54%	42%	53%	45%	46%	49%	48%	46%	49%	45%	42%	42%
Interest expense	15.6	15.1	13.3	11.6	10.1	7.9	6.1	7.3	3.0	3.1	3.0	2.9
Pre-tax income	352	295	399	355	389	396	424	408	438	444	318	373
Tax rate	24%	27%	23%	22%	20%	24%	24%	24%	23%	18%	14%	11%
Net income	268	217	307	278	309	301	322	310	339	364	275	333
Net margin	44%	35%	45%	39%	41%	41%	41%	39%	42%	46%	35%	43%
Diluted EPS	$5.38	$4.36	$6.17	$5.85	$6.39	$6.19	$6.63	$6.41	$7.16	$7.70	$5.82	$7.27
Operating cash flow	346	151	376	232	377	341	461	192	562	346	463	314
Capital expenditure	65.7	78.7	38.2	45.1	76.5	86.7	74.9	62.2	210	173	101	108
Free cash flow	280	72.0	338	187	301	254	386	130	352	173	362	206
Buybacks	0.0	0.0	1,000	0.0	0.0	0.0	0.0	0.0	1,000	0.0	1,500	0.0
Shares outstanding	47m	47m	44m	44m	45m	45m	45m	45m	43m	44m	42m	43m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	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 diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. 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.

Source

10-K for the period ended 31 December 2025, filed 25 February 2026, accession 0001082554-26-000006: the filing on EDGAR. All of United Therapeutics Corp.'s filings: EDGAR company page.

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