United Therapeutics (UTHR)

Nasdaq Health Care Biotechnology S&P MidCap 400

$562.02

-3.70 (-0.65%)

Close of Nov 06, 2026 · end-of-day data

Source: United Therapeutics's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 05, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$1.60B	$1.73B	$1.63B	$1.45B	$1.48B	$1.69B	$1.94B	$2.33B	$2.88B	$3.18B
Cost of revenue	$72.70M	$105.70M	$198.70M	$117.60M	$108.10M	$122.50M	$151.60M	$257.50M	$309.70M	$384.40M
Gross profit	$1.53B	$1.62B	$1.43B	$1.33B	$1.38B	$1.56B	$1.78B	$2.07B	$2.57B	$2.80B
Research & development	$147.60M	$264.60M	$357.90M	$1.18B	$357.70M	$540.10M	$322.90M	$408.00M	$481.00M	$550.00M
Selling, general & admin	$316.80M	$330.10M	$265.80M	—	—	$467.00M	$482.10M	$477.10M	$709.70M	$755.80M
Operating income	$1.06B	$814.90M	$805.40M	-$187.60M	$593.60M	$555.90M	$979.70M	$1.18B	$1.38B	$1.49B
Interest expense	$3.90M	$9.00M	$13.90M	$44.20M	$23.50M	$18.60M	$32.40M	$59.30M	$42.90M	$19.50M
Pre-tax income	$1.06B	$769.50M	$758.90M	-$165.00M	$638.90M	$593.90M	$950.60M	$1.27B	$1.54B	$1.71B
Income tax	$346.50M	$351.60M	$169.70M	-$60.50M	$124.10M	$118.10M	$223.30M	$289.50M	$343.90M	$379.20M
Net income	$713.70M	$417.90M	$589.20M	-$104.50M	$514.80M	$475.80M	$727.30M	$984.80M	$1.20B	$1.33B
EBITDA	$1.09B	$845.90M	$841.30M	-$141.70M	$643.50M	$605.80M	$1.03B	$1.24B	$1.45B	$1.58B
EPS (basic)	$16.29	$9.50	$13.54	$-2.39	$11.65	$10.60	$15.98	$21.04	$26.44	$30.13
EPS (diluted)	$15.25	$9.31	$13.39	$-2.39	$11.54	$10.06	$15.00	$19.81	$24.64	$27.86
Diluted shares	46.80M	44.90M	44.00M	43.80M	44.60M	47.30M	48.50M	49.70M	48.50M	47.90M
Gross margin	95.5%	93.9%	87.8%	91.9%	92.7%	92.7%	92.2%	88.9%	89.2%	87.9%
Operating margin	66.4%	47.2%	49.5%	-12.9%	40.0%	33.0%	50.6%	50.9%	47.9%	46.9%
Net margin	44.6%	24.2%	36.2%	-7.2%	34.7%	28.2%	37.6%	42.3%	41.5%	41.9%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$1.02B	$705.10M	$669.20M	$738.40M	$738.70M	$894.80M	$961.20M	$1.21B	$1.70B	$1.56B
Short-term investments	$27.80M	$222.30M	$746.70M	$747.50M	$1.10B	$1.04B	$1.88B	$1.79B	$1.57B	$1.36B
Receivables	$214.50M	$297.10M	$175.70M	$151.40M	$157.40M	$198.70M	$220.40M	$278.90M	$279.30M	$350.20M
Inventory	$100.00M	$107.90M	$101.00M	$93.40M	$86.50M	$93.80M	$102.00M	$111.80M	$157.90M	$183.10M
Total current assets	$1.42B	$1.45B	$1.77B	$1.86B	$2.17B	$2.32B	$3.38B	$3.55B	$3.87B	$3.70B
Goodwill	$10.30M	$13.70M	$31.50M	$28.00M	$28.00M	$28.00M	$28.00M	$33.70M	$32.30M	$32.30M
Total assets	$2.33B	$2.88B	$3.40B	$3.91B	$4.62B	$5.17B	$6.04B	$7.17B	$7.36B	$7.88B
Total current liabilities	$332.50M	$444.70M	$276.60M	$463.00M	$323.30M	$305.40M	$343.20M	$804.40M	$738.10M	$560.60M
Total liabilities	$463.40M	$758.40M	$593.20M	$1.13B	$1.22B	$1.21B	$1.25B	$1.18B	$920.00M	$783.80M
Shareholders' equity	$1.85B	$2.10B	$2.79B	$2.78B	$3.40B	$3.96B	$4.80B	$5.98B	$6.44B	$7.10B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$643.60M	$474.20M	$778.40M	-$206.60M	$755.70M	$598.20M	$802.50M	$978.00M	$1.33B	$1.56B
Capital expenditures	$38.00M	$86.30M	$184.40M	$83.70M	$59.30M	$120.80M	$138.80M	$230.40M	$246.50M	$520.50M
Free cash flow	$605.60M	$387.90M	$594.00M	-$290.30M	$696.40M	$477.40M	$663.70M	$747.60M	$1.08B	$1.04B
Investing cash flow	$48.30M	-$835.60M	-$820.60M	-$335.40M	-$738.50M	-$486.90M	-$811.50M	-$719.60M	$417.20M	-$551.30M
Financing cash flow	-$497.70M	$43.30M	$6.30M	$611.20M	-$16.90M	$44.80M	$75.40M	-$11.90M	-$1.25B	-$1.15B
Share buybacks	$500.00M	$250.00M	—	—	—	—	$0	$0	$1.00B	$1.00B
Stock-based compensation	$12.10M	$73.50M	-$26.40M	$45.40M	$163.80M	$138.50M	$106.80M	$39.10M	$144.00M	$147.70M
Depreciation & amortization	$31.60M	$31.00M	$35.90M	$45.90M	$49.90M	$49.90M	$51.30M	$53.20M	$72.50M	$85.60M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$614.70M	$677.70M	$714.90M	$748.90M	$735.90M	$794.40M	$798.60M	$799.50M	$790.20M	$781.50M	$783.30M	$832.50M
Cost of revenue	$71.00M	$72.90M	$77.80M	$83.10M	$75.90M	$92.50M	$87.60M	$100.90M	$103.40M	$133.40M	$99.50M	$99.10M
Gross profit	$543.70M	$604.80M	$637.10M	$665.80M	$660.00M	$701.90M	$711.00M	$698.60M	$686.80M	$648.10M	$683.80M	$733.40M
Research & development	$151.40M	$104.10M	$139.60M	$103.50M	$133.80M	$149.00M	$134.00M	$127.50M	$139.50M	$138.20M	$146.30M	$279.20M
Selling, general & admin	$132.20M	$144.40M	$177.60M	$219.20M	$168.50M	$170.10M	$212.50M	$182.60M	$190.60M	$184.10M	$206.70M	$146.40M
Operating income	$260.10M	$356.30M	$319.90M	$343.10M	$357.70M	$382.80M	$364.50M	$388.50M	$356.70M	$325.80M	$330.80M	$307.80M
Interest expense	$15.10M	$13.30M	$11.60M	$10.10M	$7.90M	$6.10M	$7.30M	$3.00M	$3.10M	$3.00M	$2.90M	$2.90M
Pre-tax income	$295.40M	$398.60M	$355.30M	$388.60M	$396.50M	$423.50M	$408.40M	$438.00M	$444.00M	$318.30M	$372.70M	$372.80M
Income tax	$78.30M	$92.00M	$77.20M	$79.50M	$95.20M	$101.30M	$98.90M	$99.30M	$79.70M	$43.40M	$39.70M	$114.20M
Net income	$217.10M	$306.60M	$278.10M	$309.10M	$301.30M	$322.20M	$309.50M	$338.70M	$364.30M	$274.90M	$333.00M	$258.60M
EBITDA	$273.80M	$371.30M	$338.60M	$362.20M	$377.40M	$402.60M	$385.60M	$410.40M	$379.50M	$348.40M	$355.00M	$334.20M
EPS (basic)	$4.60	$6.52	$6.26	$6.93	$6.71	$7.18	$6.86	$7.73	$8.37	$6.32	$7.82	$6.06
EPS (diluted)	$4.33	$6.17	$5.85	$6.39	$6.21	$6.63	$6.41	$7.16	$7.69	$5.82	$7.27	$5.71
Diluted shares	100.00K	49.70M	47.50M	48.40M	0	48.60M	48.30M	47.30M	-200.00K	47.20M	45.80M	45.30M
Gross margin	88.4%	89.2%	89.1%	88.9%	89.7%	88.4%	89.0%	87.4%	86.9%	82.9%	87.3%	88.1%
Operating margin	42.3%	52.6%	44.7%	45.8%	48.6%	48.2%	45.6%	48.6%	45.1%	41.7%	42.2%	37.0%
Net margin	35.3%	45.2%	38.9%	41.3%	40.9%	40.6%	38.8%	42.4%	46.1%	35.2%	42.5%	31.1%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$1.21B	$1.25B	$1.36B	$1.55B	$1.70B	$1.90B	$1.59B	$1.34B	$1.56B	$1.28B	$1.80B	$1.19B
Short-term investments	$1.79B	$1.46B	$1.62B	$1.77B	$1.57B	$1.42B	$1.46B	$1.43B	$1.36B	$874.00M	$859.10M	$879.00M
Receivables	$278.90M	$307.30M	$290.70M	$341.80M	$279.30M	$322.00M	$379.30M	$297.70M	$350.20M	$312.00M	$310.30M	$348.60M
Inventory	$111.80M	$120.20M	$136.50M	$146.70M	$157.90M	$165.40M	$169.20M	$176.50M	$183.10M	$178.30M	$193.80M	$201.90M
Total current assets	$3.55B	$3.25B	$3.62B	$4.00B	$3.87B	$3.94B	$3.83B	$3.49B	$3.70B	$2.87B	$3.48B	$2.88B
Goodwill	$33.70M	—	—	—	$32.30M	—	—	—	$32.30M	—	—	—
Total assets	$7.17B	$6.50B	$6.72B	$7.12B	$7.36B	$7.74B	$7.91B	$7.35B	$7.88B	$6.71B	$7.22B	$7.03B
Total current liabilities	$804.40M	$860.60M	$832.30M	$873.40M	$738.10M	$721.50M	$527.10M	$546.30M	$560.60M	$599.10M	$607.80M	$624.30M
Total liabilities	$1.18B	$1.16B	$1.03B	$1.02B	$920.00M	$936.70M	$734.40M	$760.90M	$783.80M	$813.10M	$819.80M	$758.10M
Shareholders' equity	$5.98B	$5.34B	$5.70B	$6.10B	$6.44B	$6.81B	$7.17B	$6.59B	$7.10B	$5.90B	$6.40B	$6.28B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$150.70M	$376.50M	$232.20M	$377.20M	$341.20M	$461.20M	$191.70M	$562.10M	$346.20M	$463.30M	$313.60M	$306.50M
Capital expenditures	$78.70M	$38.20M	$45.10M	$76.50M	$86.70M	$74.90M	$62.20M	$210.50M	$172.90M	$100.80M	$108.00M	$180.70M
Free cash flow	$72.00M	$338.30M	$187.10M	$300.70M	$254.50M	$386.30M	$129.50M	$351.60M	$173.30M	$362.50M	$205.60M	$125.80M
Investing cash flow	$42.10M	$735.30M	-$80.00M	-$114.90M	-$123.20M	-$164.70M	-$299.90M	$140.90M	-$227.60M	$743.70M	$87.50M	-$510.60M
Financing cash flow	-$92.80M	-$1.07B	-$48.00M	-$64.10M	-$74.70M	-$93.80M	-$198.60M	-$956.00M	$98.40M	-$1.48B	$122.40M	-$410.20M
Share buybacks	$0	$1.00B	$0	$0	$0	$0	$0	$1.00B	$0	$1.50B	$0	$500.00M
Stock-based compensation	$16.60M	$25.60M	$49.70M	$41.70M	$27.00M	$31.80M	$37.80M	$39.10M	$39.00M	$33.90M	$43.40M	$41.00M
Depreciation & amortization	$13.70M	$15.00M	$18.70M	$19.10M	$19.70M	$19.80M	$21.10M	$21.90M	$22.80M	$22.60M	$24.20M	$26.40M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.