Elanco Animal Health (ELAN) Financials

$23.62 +0.80 (+3.48%)

As of 03:11 PM Eastern

Annual Income Statements for Elanco Animal Health

This table shows Elanco Animal Health's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-48	-311	87	68	-574	-483	-78	-1,231	338	-232
Consolidated Net Income / (Loss)	-48	-311	87	68	-574	-483	-78	-1,231	338	-232
Net Income / (Loss) Continuing Operations	-48	-311	87	68	-574	-483	-78	-1,231	338	-232
Total Pre-Tax Income	-22	-233	114	78	-677	-571	-72	-1,195	488	-224
Total Operating Income	-25	-233	144	185	-705	-335	169	-918	83	-4.00
Total Gross Profit	1,505	1,395	1,493	1,601	1,604	2,632	2,498	2,486	2,436	2,593
Total Revenue	2,914	2,889	3,067	3,071	3,271	4,764	4,411	4,417	4,439	4,715
Operating Revenue	2,914	2,889	3,067	3,071	3,271	4,764	4,411	4,417	4,439	4,715
Total Cost of Revenue	1,409	1,494	1,574	1,470	1,667	2,132	1,913	1,931	2,003	2,122
Operating Cost of Revenue	1,409	1,494	1,574	1,470	1,667	2,132	1,913	1,931	2,003	2,122
Total Operating Expenses	1,530	1,628	1,349	1,416	2,309	2,967	2,329	3,404	2,353	2,597
Selling, General & Admin Expense	785	780	735	760	997	1,403	1,265	1,285	1,314	1,430
Research & Development Expense	266	252	247	270	329	369	321	327	344	368
Amortization Expense	171	221	197	200	360	556	528	548	527	543
Other Operating Expenses / (Income)	-	-	41	-	-	5.00	32	75	18	19
Impairment Charge	-	-	-	-	-	0.00	0.00	1,042	0.00	0.00
Restructuring Charge	308	375	129	186	623	634	183	127	150	237
Total Other Income / (Expense), net	2.80	0.10	-30	-107	28	-236	-241	-277	405	-220
Interest Expense	0.00	0.00	30	79	150	236	241	277	235	220
Other Income / (Expense), net	2.80	0.10	-	-28	178	-	0.00	0.00	640	0.00
Income Tax Expense	26	78	28	10	-103	-88	6.00	36	150	8.00
Basic Earnings per Share	($0.16)	($1.06)	$0.28	$0.18	($1.30)	($0.99)	($0.16)	($2.50)	$0.68	($0.47)
Weighted Average Basic Shares Outstanding	293.30M	293.30M	313.70M	369M	441.40M	487.20M	488.30M	492.30M	494M	496.40M
Diluted Earnings per Share	($0.16)	($1.06)	$0.28	$0.18	($1.30)	($0.99)	($0.16)	($2.50)	$0.68	($0.47)
Weighted Average Diluted Shares Outstanding	293.30M	293.30M	313.70M	370.30M	441.40M	487.20M	488.30M	492.30M	497.30M	496.40M
Weighted Average Basic & Diluted Shares Outstanding	293.30M	293.30M	313.70M	398.53M	472.17M	473.19M	491.54M	492.97M	494.61M	497.17M

This table shows Elanco Animal Health's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-1,096	-141	32	-50	364	-8.00	67	11	-34	-276	57
Consolidated Net Income / (Loss)	-1,096	-141	32	-50	364	-8.00	67	11	-34	-276	57
Net Income / (Loss) Continuing Operations	-1,096	-141	32	-50	364	-8.00	67	11	-34	-276	57
Total Pre-Tax Income	-1,097	-127	12	-32	559	-51	60	25	-50	-259	87
Total Operating Income	-1,016	-78	87	33	-23	-646	112	84	2.00	-202	144
Total Gross Profit	581	519	690	689	538	519	684	713	607	589	785
Total Revenue	1,068	1,035	1,205	1,184	1,030	1,020	1,193	1,241	1,137	1,144	1,371
Operating Revenue	1,068	1,035	1,205	1,184	1,030	1,020	1,193	1,241	1,137	1,144	1,371
Total Cost of Revenue	487	516	515	495	492	501	509	528	530	555	586
Operating Cost of Revenue	487	516	515	495	492	501	509	528	530	555	586
Total Operating Expenses	1,597	597	603	656	561	1,165	572	629	605	791	641
Selling, General & Admin Expense	313	292	337	354	323	300	341	400	351	338	381
Research & Development Expense	86	79	87	89	87	81	94	92	89	93	97
Amortization Expense	140	138	133	131	133	130	128	136	140	139	138
Other Operating Expenses / (Income)	0.00	-	-	2.00	1.00	647	-	-	0.00	-	9.00
Restructuring Charge	16	36	46	80	17	7.00	9.00	1.00	25	202	16
Total Other Income / (Expense), net	-81	-49	-75	-65	582	595	-52	-59	-52	-57	-57
Interest Expense	72	67	66	65	58	46	40	48	52	80	57
Income Tax Expense	-1.00	14	-20	18	195	-43	-7.00	14	-16	17	30
Basic Earnings per Share	($2.22)	($0.29)	$0.06	($0.10)	$0.74	($0.02)	$0.14	$0.02	($0.07)	($0.56)	$0.11
Weighted Average Basic Shares Outstanding	492.70M	492.30M	493.20M	494.20M	494.30M	494M	495.10M	496.60M	496.80M	496.40M	497.70M
Diluted Earnings per Share	($2.22)	($0.29)	$0.06	($0.10)	$0.73	($0.01)	$0.13	$0.02	($0.07)	($0.55)	$0.11
Weighted Average Diluted Shares Outstanding	492.70M	492.30M	496M	494.20M	497.70M	497.30M	499.10M	500.10M	496.80M	496.40M	506M
Weighted Average Basic & Diluted Shares Outstanding	492.80M	492.97M	494.18M	494.33M	494.35M	494.61M	496.65M	496.81M	496.86M	497.17M	499.45M

This table details how cash moves in and out of Elanco Animal Health's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-176	57	325	-333	161	132	-293	7.00	116	77
Net Cash From Operating Activities	156	174	487	224	-41	483	452	271	541	560
Net Cash From Continuing Operating Activities	156	174	487	224	-41	483	452	271	541	560
Net Income / (Loss) Continuing Operations	-48	-311	87	68	-574	-483	-78	-1,231	338	-232
Consolidated Net Income / (Loss)	-48	-311	87	68	-574	-483	-78	-1,231	338	-232
Depreciation Expense	254	318	296	314	517	716	682	694	662	680
Non-Cash Adjustments To Reconcile Net Income	119	116	146	82	-146	263	367	1,177	-499	153
Changes in Operating Assets and Liabilities, net	-169	50	-41	-241	72	-77	-519	-369	40	-41
Net Cash From Investing Activities	-182	-965	-127	-235	-4,779	-530	-179	-169	1,158	-279
Net Cash From Continuing Investing Activities	-182	-965	-127	-235	-4,779	-530	-179	-169	1,158	-279
Purchase of Property, Plant & Equipment	-110	-99	-135	-140	-135	-159	-171	-140	-147	-276
Acquisitions	-45	-901	-2.00	-90	-5,177	-380	-13	-19	-41	0.00
Divestitures	-	-	0.00	0.00	435	-	0.00	0.00	1,360	9.00
Other Investing Activities, net	-34	-3.00	0.10	-5.00	26	9.00	5.00	-10	-14	-12
Net Cash From Financing Activities	-150	848	-35	-305	4,954	210	-549	-83	-1,492	-275
Net Cash From Continuing Financing Activities	-150	848	-35	-305	4,954	210	-549	-83	-1,492	-275
Repayment of Debt	0.00	-0.80	-49	-113	-1,070	-854	-1,522	-683	-2,062	-2,921
Issuance of Debt	0.00	0.00	2,500	0.00	4,804	500	988	600	570	2,356
Other Financing Activities, net	-150	848	-4,146	-192	0.00	64	-15	0.00	0.00	290
Effect of Exchange Rate Changes	-	-	-	-17	27	-31	-17	-12	-91	71

This table details how cash moves in and out of Elanco Animal Health's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	2.00	-17	-7.00	71	74	-22	19	52	-34	40	-117
Net Cash From Operating Activities	198	157	2.00	200	162	177	-4.00	237	219	108	13
Net Cash From Continuing Operating Activities	198	157	2.00	200	162	177	-4.00	237	219	108	13
Net Income / (Loss) Continuing Operations	-1,096	-141	32	-50	364	-8.00	67	11	-34	-276	57
Consolidated Net Income / (Loss)	-1,096	-141	32	-50	364	-8.00	67	11	-34	-276	57
Depreciation Expense	173	171	166	162	170	164	161	169	176	174	172
Non-Cash Adjustments To Reconcile Net Income	1,114	42	11	75	-605	20	15	23	48	67	26
Changes in Operating Assets and Liabilities, net	7.00	85	-207	13	233	1.00	-247	34	29	143	-242
Net Cash From Investing Activities	-36	-35	37	-33	1,244	-90	-58	-56	-101	-64	-60
Net Cash From Continuing Investing Activities	-36	-35	37	-33	1,244	-90	-58	-56	-101	-64	-60
Purchase of Property, Plant & Equipment	-33	-41	-24	-34	-42	-47	-65	-57	-92	-62	-51
Divestitures	-	-	66	-	1,228	-	9.00	-	-	-	0.00
Other Investing Activities, net	-	6.00	-5.00	1.00	66	-1.00	-2.00	1.00	-9.00	-2.00	-9.00
Net Cash From Financing Activities	-157	-139	-27	-93	-1,340	-32	52	-156	-153	-18	-65
Net Cash From Continuing Financing Activities	-157	-139	-27	-93	-1,340	-32	52	-156	-153	-18	-65
Repayment of Debt	-507	-139	-127	-213	-1,690	-32	-185	-446	-153	-2,124	-31
Issuance of Debt	350	-	100	120	350	-	250	-	-	2,106	0.00
Other Financing Activities, net	-	-	-	-	-	-	-13	-	-	-	-34
Effect of Exchange Rate Changes	-3.00	-	-19	-3.00	8.00	-77	29	27	1.00	14	-5.00

This table presents Elanco Animal Health's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	8,940	8,957	8,986	17,693	16,478	15,491	14,362	12,614	13,358
Total Current Assets	2,124	2,505	2,373	3,417	3,274	3,279	3,407	3,215	3,458
Cash & Equivalents	323	475	334	495	638	345	352	468	545
Accounts Receivable	602	709	890	1,077	1,028	1,002	1,010	886	940
Inventories, net	1,062	1,004	1,051	1,578	1,371	1,538	1,735	1,574	1,737
Prepaid Expenses	136	114	87	256	237	394	310	287	236
Plant, Property, & Equipment, net	920	922	955	1,316	1,055	999	1,026	993	1,409
Total Noncurrent Assets	5,896	5,529	5,657	12,960	12,149	11,213	9,929	8,406	8,491
Goodwill	2,969	2,958	2,990	6,225	6,172	5,993	5,094	4,414	4,779
Intangible Assets	2,673	2,505	2,483	6,387	5,587	4,842	4,494	3,681	3,408
Other Noncurrent Operating Assets	254	67	185	348	390	378	341	311	304
Total Liabilities & Shareholders' Equity	8,940	8,957	8,986	17,693	16,478	15,491	14,362	12,614	13,358
Total Liabilities	1,160	3,759	3,439	9,217	8,970	8,202	8,139	6,518	6,811
Total Current Liabilities	643	971	819	2,077	1,647	1,702	1,241	1,315	1,597
Short-Term Debt	0.00	29	25	555	294	388	38	44	74
Accounts Payable	204	474	239	501	416	390	270	296	368
Current Deferred Revenue	-	-	-	-	-	324	367	332	416
Other Current Liabilities	350	369	455	877	752	454	409	466	739
Total Noncurrent Liabilities	517	2,789	2,620	7,140	7,323	6,500	6,898	5,203	5,214
Long-Term Debt	0.00	2,443	2,331	5,572	6,025	5,448	5,736	4,277	3,943
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	0.00	304
Noncurrent Deferred & Payable Income Tax Liabilities	252	115	101	900	765	662	567	449	382
Other Noncurrent Operating Liabilities	126	122	107	322	262	229	411	302	585
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,780	5,198	5,547	8,476	7,508	7,289	6,223	6,096	6,547
Total Preferred & Common Equity	7,780	5,198	5,547	8,476	7,508	7,289	6,223	6,096	6,547
Preferred Stock	-	0.00	0.00	0.00	0.00	-	-	0.00	0.00
Total Common Equity	7,780	5,198	5,547	8,476	7,508	7,289	6,223	6,096	6,547
Common Stock	0.00	5,403	5,636	8,650	8,696	8,738	8,777	8,817	8,870
Retained Earnings	0.00	16	84	-477	-979	-1,057	-2,288	-1,950	-2,182
Accumulated Other Comprehensive Income / (Loss)	-257	-222	-174	303	-209	-392	-266	-771	-141

This table presents Elanco Animal Health's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	14,948	15,769	15,796	14,344	14,019	13,764	13,283	12,941	13,742	13,551	13,222
Total Current Assets	3,154	3,548	3,652	3,565	4,050	4,011	3,366	3,440	3,614	3,493	3,584
Cash & Equivalents	460	318	367	369	345	416	490	487	539	505	428
Accounts Receivable	1,028	1,264	1,225	1,135	1,078	1,080	904	1,060	1,103	975	1,154
Inventories, net	1,340	1,596	1,690	1,690	1,638	1,611	1,632	1,592	1,670	1,708	1,717
Prepaid Expenses	326	370	370	371	338	277	340	301	302	305	285
Plant, Property, & Equipment, net	936	1,000	1,007	992	949	949	979	1,047	1,357	1,392	1,395
Total Noncurrent Assets	10,858	11,221	11,137	9,787	9,020	8,804	8,938	8,454	8,771	8,666	8,243
Goodwill	5,716	6,061	6,040	4,902	4,478	4,480	4,625	4,508	4,758	4,764	4,723
Intangible Assets	4,766	4,791	4,678	4,475	4,196	4,000	4,011	3,634	3,705	3,596	3,225
Other Noncurrent Operating Assets	376	369	419	410	346	324	302	312	308	306	295
Total Liabilities & Shareholders' Equity	14,948	15,769	15,796	14,344	14,019	13,764	13,283	12,941	13,742	13,551	13,222
Total Liabilities	8,203	8,289	8,376	8,210	7,963	7,822	6,760	6,588	6,967	6,802	6,722
Total Current Liabilities	1,613	1,578	1,284	1,265	1,232	1,370	1,321	1,269	1,392	1,455	1,662
Short-Term Debt	394	381	39	39	38	213	44	44	61	62	73
Accounts Payable	350	381	354	296	302	291	259	330	368	352	372
Current Deferred Revenue	-	-	332	356	318	356	333	319	-	376	400
Other Current Liabilities	733	706	559	574	574	510	685	576	963	665	817
Total Noncurrent Liabilities	6,590	6,711	7,092	6,945	6,731	6,452	5,439	5,319	5,575	5,347	5,060
Long-Term Debt	5,507	5,639	6,023	5,870	5,727	5,463	4,313	4,351	4,148	3,962	3,918
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	-	293	300	309
Noncurrent Deferred & Payable Income Tax Liabilities	618	663	658	643	530	524	539	481	496	478	366
Other Noncurrent Operating Liabilities	225	245	411	432	474	465	587	487	638	607	467
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,745	7,480	7,420	6,134	6,056	5,942	6,523	6,353	6,775	6,749	6,500
Total Preferred & Common Equity	6,745	7,480	7,420	6,134	6,056	5,942	6,523	6,353	6,775	6,749	6,500
Preferred Stock	0.00	0.00	-	-	-	-	-	-	-	-	0.00
Total Common Equity	6,745	7,480	7,420	6,134	6,056	5,942	6,523	6,353	6,775	6,749	6,500
Common Stock	8,724	8,744	8,752	8,763	8,777	8,790	8,804	8,819	8,839	8,854	8,858
Retained Earnings	-972	-954	-1,051	-2,147	-2,256	-2,306	-1,942	-1,883	-1,872	-1,906	-2,125
Accumulated Other Comprehensive Income / (Loss)	-1,007	-310	-281	-482	-465	-542	-339	-583	-192	-199	-233

This table displays calculated financial ratios and metrics derived from Elanco Animal Health's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-0.84%	6.15%	0.14%	6.51%	45.64%	-7.41%	0.14%	0.50%	6.22%
EBITDA Growth	0.00%	-63.02%	412.47%	7.35%	-83.05%	456.25%	91.24%	-126.32%	718.30%	-51.19%
EBIT Growth	0.00%	-938.39%	161.78%	9.26%	-435.67%	36.43%	150.45%	-643.20%	178.76%	-100.55%
NOPAT Growth	0.00%	-823.41%	166.88%	48.05%	-405.99%	52.48%	150.45%	-643.20%	108.95%	-104.87%
Net Income Growth	0.00%	-548.64%	127.84%	-21.39%	-944.12%	15.85%	83.85%	-1,478.21%	127.46%	-168.64%
EPS Growth	0.00%	-562.50%	126.42%	-35.71%	-822.22%	23.85%	83.84%	-1,462.50%	127.20%	-169.12%
Operating Cash Flow Growth	0.00%	11.48%	180.38%	-54.03%	-118.30%	1,278.05%	-6.42%	-40.04%	99.63%	3.51%
Free Cash Flow Firm Growth	0.00%	0.00%	107.53%	-170.30%	-1,644.39%	109.58%	-21.71%	-6.62%	256.11%	-104.15%
Invested Capital Growth	0.00%	0.00%	-6.23%	8.07%	86.55%	-6.44%	-3.10%	-8.88%	-14.56%	0.70%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-0.40%	11.98%	-0.52%	-2.82%	1.17%	-0.34%	2.70%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	4.13%	869.23%	30.88%	3.78%	-25.14%	4.92%	-20.84%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	5.72%	-35.72%	38.53%	28.03%	-5.52%	11.06%	-102.17%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-7.02%	-81.56%	38.53%	28.03%	-5.52%	-82.25%	-102.17%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-27.51%	-132.95%	32.16%	40.91%	-7.60%	64.88%	-744.44%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-30.77%	-124.14%	34.87%	42.86%	-7.76%	70.00%	-771.43%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	37.46%	-5.60%	-123.01%	189.22%	-31.72%	113.39%	3.84%	-10.97%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-7.25%	614.91%	-64.11%	607.63%	9.05%	-129.03%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.39%	2.05%	-2.76%	4.87%	-0.25%	-4.24%	-2.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.64%	48.29%	48.68%	52.13%	49.04%	55.25%	56.63%	56.28%	54.88%	54.99%
EBITDA Margin	7.96%	2.97%	14.34%	15.37%	2.45%	9.34%	19.29%	-5.07%	31.20%	14.34%
Operating Margin	-0.86%	-8.05%	4.69%	6.02%	-21.55%	-7.03%	3.83%	-20.78%	1.87%	-0.08%
EBIT Margin	-0.77%	-8.05%	4.69%	5.11%	-16.11%	-7.03%	3.83%	-20.78%	16.29%	-0.08%
Profit (Net Income) Margin	-1.64%	-10.75%	2.82%	2.21%	-17.55%	-10.14%	-1.77%	-27.87%	7.61%	-4.92%
Tax Burden Percent	213.84%	133.58%	75.81%	87.18%	84.79%	84.59%	108.33%	103.01%	69.26%	103.57%
Interest Burden Percent	100.00%	100.00%	79.40%	49.68%	128.46%	170.45%	-42.60%	130.17%	67.50%	5,600.00%
Effective Tax Rate	0.00%	0.00%	24.19%	12.82%	0.00%	0.00%	0.00%	0.00%	30.74%	0.00%
Return on Invested Capital (ROIC)	0.00%	-4.37%	1.51%	2.22%	-4.56%	-1.72%	0.91%	-5.26%	0.53%	-0.03%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	87.04%	-1.54%	-2.69%	-6.67%	-6.12%	-2.60%	-16.05%	6.58%	-6.29%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-3.62%	-0.17%	-0.95%	-3.63%	-4.32%	-1.97%	-12.96%	4.96%	-3.64%
Return on Equity (ROE)	0.00%	-7.99%	1.33%	1.27%	-8.19%	-6.04%	-1.05%	-18.22%	5.49%	-3.67%
Cash Return on Invested Capital (CROIC)	0.00%	-204.37%	7.94%	-5.54%	-64.97%	4.94%	4.06%	4.03%	16.24%	-0.73%
Operating Return on Assets (OROA)	0.00%	-2.60%	1.61%	1.75%	-3.95%	-1.96%	1.06%	-6.15%	5.36%	-0.03%
Return on Assets (ROA)	0.00%	-3.48%	0.97%	0.76%	-4.30%	-2.83%	-0.49%	-8.25%	2.51%	-1.79%
Return on Common Equity (ROCE)	0.00%	-7.99%	1.33%	1.27%	-8.19%	-6.04%	-1.05%	-18.22%	5.49%	-3.67%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-3.99%	1.66%	1.23%	-6.77%	-6.43%	-1.07%	-19.78%	5.54%	0.00%
Net Operating Profit after Tax (NOPAT)	-18	-163	109	161	-494	-235	118	-643	57	-2.80
NOPAT Margin	-0.61%	-5.64%	3.55%	5.25%	-15.09%	-4.92%	2.68%	-14.55%	1.30%	-0.06%
Net Nonoperating Expense Percent (NNEP)	0.00%	-91.41%	3.05%	4.90%	2.11%	4.40%	3.51%	10.78%	-6.05%	6.26%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	0.90%	-5.36%	0.55%	-0.03%
Cost of Revenue to Revenue	48.36%	51.71%	51.32%	47.87%	50.96%	44.75%	43.37%	43.72%	45.12%	45.01%
SG&A Expenses to Revenue	26.94%	26.99%	23.97%	24.75%	30.48%	29.45%	28.68%	29.09%	29.60%	30.33%
R&D to Revenue	9.12%	8.71%	8.04%	8.79%	10.06%	7.75%	7.28%	7.40%	7.75%	7.80%
Operating Expenses to Revenue	52.50%	56.34%	44.00%	46.11%	70.59%	62.28%	52.80%	77.07%	53.01%	55.08%
Earnings before Interest and Taxes (EBIT)	-22	-233	144	157	-527	-335	169	-918	723	-4.00
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	232	86	440	472	80	445	851	-224	1,385	676
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.19	2.22	1.98	1.71	1.79	0.80	1.18	0.98	1.72
Price to Tangible Book Value (P/TBV)	0.00	0.71	0.00	147.45	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.52	0.52	3.76	3.58	4.42	2.82	1.31	1.66	1.35	2.38
Price to Earnings (P/E)	0.00	0.00	133.27	161.54	0.00	0.00	0.00	0.00	17.71	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.75%	0.62%	0.00%	0.00%	0.00%	0.00%	5.65%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.16	1.91	1.72	1.43	1.45	0.88	1.10	0.99	1.47
Enterprise Value to Revenue (EV/Rev)	0.00	0.41	4.34	4.23	6.14	4.01	2.56	2.89	2.22	3.12
Enterprise Value to EBITDA (EV/EBITDA)	0.00	13.83	30.30	27.53	251.18	42.94	13.26	0.00	7.10	21.77
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	92.71	82.77	0.00	0.00	66.78	0.00	13.61	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	122.30	80.57	0.00	0.00	95.40	0.00	171.16	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	6.83	27.34	58.01	0.00	39.56	24.97	47.10	18.19	26.28
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	23.23	0.00	0.00	28.37	21.40	25.92	5.61	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.48	0.42	0.72	0.84	0.80	0.93	0.71	0.61
Long-Term Debt to Equity	0.00	0.00	0.47	0.42	0.66	0.80	0.75	0.92	0.70	0.60
Financial Leverage	0.00	-0.04	0.11	0.35	0.54	0.71	0.76	0.81	0.75	0.58
Leverage Ratio	0.00	1.15	1.38	1.67	1.90	2.14	2.16	2.21	2.19	2.05
Compound Leverage Factor	0.00	1.15	1.10	0.83	2.44	3.64	-0.92	2.88	1.48	115.04
Debt to Total Capital	0.00%	0.00%	32.23%	29.80%	41.96%	45.70%	44.46%	48.13%	41.48%	38.03%
Short-Term Debt to Total Capital	0.00%	0.00%	0.38%	0.31%	3.80%	2.13%	2.96%	0.32%	0.42%	0.70%
Long-Term Debt to Total Capital	0.00%	0.00%	31.86%	29.49%	38.16%	43.57%	41.51%	47.81%	41.06%	37.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	100.00%	67.77%	70.20%	58.04%	54.30%	55.54%	51.87%	58.52%	61.97%
Debt to EBITDA	0.00	0.00	5.62	4.99	76.59	14.20	6.86	-25.78	3.12	5.94
Net Debt to EBITDA	0.00	0.00	4.08	4.26	70.26	12.77	6.45	-24.21	2.78	5.14
Long-Term Debt to EBITDA	0.00	0.00	5.56	4.94	69.65	13.54	6.40	-25.61	3.09	5.83
Debt to NOPAT	0.00	0.00	22.69	14.60	-12.42	-26.95	49.33	-8.99	75.16	-1,434.64
Net Debt to NOPAT	0.00	0.00	16.48	12.46	-11.39	-24.23	46.42	-8.44	67.02	-1,240.00
Long-Term Debt to NOPAT	0.00	0.00	22.43	14.45	-11.29	-25.69	46.05	-8.93	74.40	-1,408.21
Altman Z-Score	0.00	1.22	2.44	2.54	1.08	1.16	0.77	0.60	1.06	1.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	3.30	2.58	2.90	1.65	1.99	1.93	2.75	2.44	2.17
Quick Ratio	0.00	1.44	1.22	1.50	0.76	1.01	0.79	1.10	1.03	0.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-7,620	574	-403	-7,034	674	527	492	1,753	-73
Operating Cash Flow to CapEx	151.51%	284.92%	389.53%	160.00%	-65.08%	303.77%	264.33%	193.57%	368.03%	202.90%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	19.38	-5.10	-46.89	2.85	2.19	1.78	7.46	-0.33
Operating Cash Flow to Interest Expense	0.00	0.00	16.46	2.84	-0.27	2.05	1.88	0.98	2.30	2.55
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	12.24	1.06	-0.69	1.37	1.17	0.47	1.68	1.29
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.32	0.34	0.34	0.25	0.28	0.28	0.30	0.33	0.36
Accounts Receivable Turnover	0.00	4.80	4.68	3.84	3.33	4.53	4.35	4.39	4.68	5.16
Inventory Turnover	0.00	1.41	1.52	1.43	1.27	1.45	1.32	1.18	1.21	1.28
Fixed Asset Turnover	0.00	3.14	3.33	3.27	2.88	4.02	4.30	4.36	4.40	3.93
Accounts Payable Turnover	0.00	7.33	4.64	4.12	4.51	4.65	4.75	5.85	7.08	6.39
Days Sales Outstanding (DSO)	0.00	76.04	78.03	95.04	109.74	80.64	83.99	83.13	77.95	70.68
Days Inventory Outstanding (DIO)	0.00	259.55	239.62	255.10	287.79	252.44	277.52	309.33	301.49	284.76
Days Payable Outstanding (DPO)	0.00	49.79	78.59	88.51	81.01	78.50	76.89	62.38	51.57	57.11
Cash Conversion Cycle (CCC)	0.00	285.80	239.07	261.64	316.51	254.58	284.61	330.09	327.87	298.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	7,457	6,992	7,557	14,097	13,189	12,780	11,645	9,949	10,019
Invested Capital Turnover	0.00	0.77	0.42	0.42	0.30	0.35	0.34	0.36	0.41	0.47
Increase / (Decrease) in Invested Capital	0.00	7,457	-465	565	6,540	-908	-409	-1,135	-1,696	70
Enterprise Value (EV)	0.00	1,186	13,323	12,995	20,095	19,108	11,286	12,765	9,840	14,716
Market Capitalization	1,510	1,510	11,528	10,985	14,474	13,427	5,795	7,343	5,987	11,244
Book Value per Share	$0.00	$26.53	$14.22	$14.87	$17.96	$15.87	$15.37	$12.63	$12.33	$13.18
Tangible Book Value per Share	$0.00	$7.29	($0.73)	$0.20	($8.76)	($8.99)	($7.48)	($6.83)	($4.04)	($3.30)
Total Capital	0.00	7,780	7,670	7,902	14,603	13,827	13,125	11,997	10,417	10,564
Total Debt	0.00	0.00	2,472	2,355	6,127	6,319	5,836	5,774	4,321	4,017
Total Long-Term Debt	0.00	0.00	2,443	2,331	5,572	6,025	5,448	5,736	4,277	3,943
Net Debt	0.00	-323	1,795	2,010	5,621	5,681	5,491	5,422	3,853	3,472
Capital Expenditures (CapEx)	103	61	125	140	63	159	171	140	147	276
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	1,157	886	1,234	1,389	1,283	1,620	1,852	1,476	1,390
Debt-free Net Working Capital (DFNWC)	0.00	1,481	1,563	1,579	1,895	1,921	1,965	2,204	1,944	1,935
Net Working Capital (NWC)	0.00	1,481	1,534	1,555	1,340	1,627	1,577	2,166	1,900	1,861
Net Nonoperating Expense (NNE)	30	148	22	93	81	249	196	588	-281	229
Net Nonoperating Obligations (NNO)	0.00	-323	1,795	2,010	5,621	5,681	5,491	5,422	3,853	3,472
Total Depreciation and Amortization (D&A)	254	318	296	315	607	780	682	694	662	680
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	40.06%	28.88%	40.18%	42.46%	26.93%	36.73%	41.93%	33.25%	29.48%
Debt-free Net Working Capital to Revenue	0.00%	51.25%	50.97%	51.42%	57.93%	40.32%	44.55%	49.90%	43.79%	41.04%
Net Working Capital to Revenue	0.00%	51.25%	50.03%	50.62%	40.97%	34.15%	35.75%	49.04%	42.80%	39.47%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.16)	($1.06)	$0.28	$0.18	($1.27)	($0.97)	$0.00	($2.50)	$0.68	($0.47)
Adjusted Weighted Average Basic Shares Outstanding	293.30M	293.30M	365.64M	369M	441.40M	487.20M	0.00	492.30M	494M	496.40M
Adjusted Diluted Earnings per Share	($0.16)	($1.06)	$0.28	$0.18	($1.27)	($0.97)	$0.00	($2.50)	$0.68	($0.47)
Adjusted Weighted Average Diluted Shares Outstanding	293.30M	293.30M	365.64M	370.30M	441.40M	487.20M	0.00	492.30M	497.30M	496.40M
Adjusted Basic & Diluted Earnings per Share	($0.16)	($1.06)	$0.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	293.30M	293.30M	313.70M	398.53M	472.17M	473.19M	0.00	492.97M	494.61M	497.17M
Normalized Net Operating Profit after Tax (NOPAT)	198	100	207	323	-57	209	246	176	161	163
Normalized NOPAT Margin	6.80%	3.45%	6.74%	10.53%	-1.75%	4.39%	5.59%	3.98%	3.64%	3.46%
Pre Tax Income Margin	-0.77%	-8.05%	3.72%	2.54%	-20.70%	-11.99%	-1.63%	-27.05%	10.99%	-4.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	4.85	1.99	-3.51	-1.42	0.70	-3.31	3.08	-0.02
NOPAT to Interest Expense	0.00	0.00	3.68	2.04	-3.29	-0.99	0.49	-2.32	0.24	-0.01
EBIT Less CapEx to Interest Expense	0.00	0.00	0.63	0.22	-3.93	-2.09	-0.01	-3.82	2.45	-1.27
NOPAT Less CapEx to Interest Expense	0.00	0.00	-0.55	0.27	-3.71	-1.67	-0.22	-2.83	-0.38	-1.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Elanco Animal Health's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	497,168,077.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	497,168,077.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.11
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.09%	5.18%	-4.14%	12.02%	-3.56%	-1.45%	-1.00%	4.81%	10.39%	12.16%	14.92%
EBITDA Growth	-565.57%	-32.61%	-29.28%	13.37%	192.37%	-618.28%	6.97%	24.10%	-77.38%	-103.33%	21.07%
EBIT Growth	-6,506.25%	-160.00%	-54.65%	760.00%	160.20%	-728.21%	28.21%	121.21%	-99.68%	-1,178.57%	44.00%
NOPAT Growth	-6,450.00%	-160.00%	20.50%	760.00%	156.58%	-728.21%	-46.09%	60.00%	109.35%	-1,342.86%	-24.56%
Net Income Growth	-1,586.15%	-161.11%	-68.93%	48.45%	133.21%	94.33%	109.38%	122.00%	-109.34%	-3,350.00%	-14.93%
EPS Growth	-1,607.69%	-163.64%	-71.43%	50.00%	132.88%	96.55%	116.67%	120.00%	-109.59%	-5,400.00%	-15.38%
Operating Cash Flow Growth	4.76%	1,107.69%	101.38%	227.87%	-18.18%	12.74%	-300.00%	18.50%	35.19%	-38.98%	425.00%
Free Cash Flow Firm Growth	-114.35%	178.45%	549.99%	706.65%	946.60%	15.12%	-73.38%	-93.49%	-90.28%	-112.54%	-57.57%
Invested Capital Growth	-4.20%	-8.88%	-17.88%	-19.37%	-11.00%	-14.56%	-5.21%	-1.23%	-1.17%	0.70%	-1.93%
Revenue Q/Q Growth	1.04%	-3.09%	16.43%	-1.74%	-13.01%	-0.97%	16.96%	4.02%	-8.38%	0.62%	19.84%
EBITDA Q/Q Growth	-595.35%	110.92%	139.22%	-20.08%	303.59%	-161.25%	154.15%	-7.28%	-26.45%	-102.81%	6,420.00%
EBIT Q/Q Growth	-20,400.00%	92.39%	213.04%	-57.69%	1,769.70%	-204.70%	115.48%	-27.00%	-97.26%	-9,050.00%	180.45%
NOPAT Q/Q Growth	-20,220.00%	92.32%	530.64%	-88.89%	1,642.07%	-212.37%	127.66%	-70.45%	-96.21%	-10,200.00%	166.72%
Net Income Q/Q Growth	-1,029.90%	87.14%	122.70%	-256.25%	828.00%	-102.20%	937.50%	-83.58%	-409.09%	-711.76%	120.65%
EPS Q/Q Growth	-1,010.00%	86.94%	120.69%	-266.67%	830.00%	-101.37%	1,400.00%	-84.62%	-450.00%	-685.71%	120.00%
Operating Cash Flow Q/Q Growth	224.59%	-20.71%	-98.73%	9,900.00%	-19.00%	9.26%	-102.26%	6,025.00%	-7.59%	-50.68%	-87.96%
Free Cash Flow Firm Q/Q Growth	52.85%	642.37%	136.04%	-0.07%	-34.20%	-26.25%	-44.60%	-75.77%	-26.09%	-271.31%	238.29%
Invested Capital Q/Q Growth	-10.99%	-0.25%	-7.04%	-2.31%	-1.75%	-4.24%	3.14%	1.79%	-1.69%	-2.43%	0.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.40%	50.14%	57.26%	58.19%	52.23%	50.88%	57.33%	57.45%	53.39%	51.49%	57.26%
EBITDA Margin	-79.78%	8.99%	20.25%	16.47%	76.41%	-47.25%	21.88%	19.50%	15.66%	-0.44%	23.05%
Operating Margin	-95.13%	-7.54%	6.47%	2.79%	60.00%	-63.33%	9.39%	6.77%	0.18%	-17.66%	10.50%
EBIT Margin	-95.97%	-7.54%	6.47%	2.79%	59.90%	-63.33%	8.38%	5.88%	0.18%	-15.65%	10.50%
Profit (Net Income) Margin	-102.62%	-13.62%	2.66%	-4.22%	35.34%	-0.78%	5.62%	0.89%	-2.99%	-24.13%	4.16%
Tax Burden Percent	99.91%	111.02%	266.67%	156.25%	65.12%	15.69%	111.67%	44.00%	68.00%	106.56%	65.52%
Interest Burden Percent	107.02%	162.82%	15.38%	-96.97%	90.60%	7.89%	60.00%	34.25%	-2,500.00%	144.69%	60.42%
Effective Tax Rate	0.00%	0.00%	-166.67%	0.00%	34.88%	0.00%	-11.67%	56.00%	0.00%	0.00%	34.48%
Return on Invested Capital (ROIC)	-24.37%	-1.91%	6.28%	0.74%	15.77%	-18.23%	4.40%	1.27%	0.05%	-5.84%	3.31%
ROIC Less NNEP Spread (ROIC-NNEP)	-31.38%	-3.49%	2.92%	-0.68%	14.96%	-8.65%	3.06%	0.65%	-0.90%	-9.51%	2.31%
Return on Net Nonoperating Assets (RNNOA)	-26.75%	-2.82%	2.26%	-0.52%	11.12%	-6.51%	2.14%	0.42%	-0.50%	-5.51%	1.34%
Return on Equity (ROE)	-51.13%	-4.73%	8.53%	0.22%	26.89%	-24.74%	6.54%	1.69%	-0.45%	-11.35%	4.66%
Cash Return on Invested Capital (CROIC)	-0.81%	4.03%	13.68%	15.63%	14.58%	16.24%	6.06%	2.34%	2.43%	-0.73%	2.14%
Operating Return on Assets (OROA)	-28.61%	-2.23%	1.90%	0.85%	19.32%	-20.84%	2.75%	1.92%	0.06%	-5.68%	3.93%
Return on Assets (ROA)	-30.59%	-4.03%	0.78%	-1.28%	11.39%	-0.26%	1.84%	0.29%	-1.02%	-8.76%	1.56%
Return on Common Equity (ROCE)	-51.13%	-4.73%	8.53%	0.22%	26.89%	-24.74%	6.54%	1.69%	-0.45%	-11.35%	4.66%
Return on Equity Simple (ROE_SIMPLE)	-18.65%	0.00%	-21.50%	-21.12%	3.14%	0.00%	5.87%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-711	-55	208	23	402	-452	125	37	1.40	-141	94
NOPAT Margin	-66.59%	-5.28%	17.26%	1.95%	39.07%	-44.33%	10.48%	2.98%	0.12%	-12.36%	6.88%
Net Nonoperating Expense Percent (NNEP)	7.01%	1.58%	3.36%	1.42%	0.82%	-9.58%	1.34%	0.63%	0.96%	3.68%	1.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.46%	-	-	-	-4.34%	1.16%	0.34%	0.01%	-1.34%	0.90%
Cost of Revenue to Revenue	45.60%	49.86%	42.74%	41.81%	47.77%	49.12%	42.67%	42.55%	46.61%	48.51%	42.74%
SG&A Expenses to Revenue	29.31%	28.21%	27.97%	29.90%	31.36%	29.41%	28.58%	32.23%	30.87%	29.55%	27.79%
R&D to Revenue	8.05%	7.63%	7.22%	7.52%	8.45%	7.94%	7.88%	7.41%	7.83%	8.13%	7.08%
Operating Expenses to Revenue	149.53%	57.68%	50.79%	55.41%	-7.77%	114.22%	47.95%	50.68%	53.21%	69.14%	46.75%
Earnings before Interest and Taxes (EBIT)	-1,025	-78	78	33	617	-646	100	73	2.00	-179	144
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-852	93	244	195	787	-482	261	242	178	-5.00	316
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.90	1.18	1.32	1.20	1.11	0.98	0.82	1.05	1.48	1.72	1.83
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.27	1.66	1.84	1.59	1.63	1.35	1.17	1.58	2.18	2.38	2.43
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	35.42	17.71	13.92	16.34	277.94	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	2.82%	5.65%	7.18%	6.12%	0.36%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.95	1.10	1.24	1.17	1.07	0.99	0.89	1.03	1.32	1.47	1.54
Enterprise Value to Revenue (EV/Rev)	2.54	2.89	3.08	2.76	2.50	2.22	2.06	2.40	2.95	3.12	3.16
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	8.43	7.10	6.49	13.08	15.84	21.77	21.50
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	17.09	13.61	12.22	67.69	73.50	0.00	552.15
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	34.36	171.16	121.10	92.48	105.01	0.00	788.79
Enterprise Value to Operating Cash Flow (EV/OCF)	87.23	47.10	32.16	22.25	21.36	18.19	17.01	18.81	21.50	26.28	26.79
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	25.92	8.19	6.69	6.92	5.61	14.24	43.68	53.93	0.00	71.05
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.96	0.93	0.95	0.96	0.67	0.71	0.69	0.62	0.60	0.61	0.61
Long-Term Debt to Equity	0.96	0.92	0.95	0.92	0.66	0.70	0.68	0.61	0.59	0.60	0.60
Financial Leverage	0.85	0.81	0.77	0.77	0.74	0.75	0.70	0.65	0.56	0.58	0.58
Leverage Ratio	2.27	2.21	2.20	2.21	2.18	2.19	2.17	2.16	2.02	2.05	2.04
Compound Leverage Factor	2.43	3.60	0.34	-2.15	1.98	0.17	1.30	0.74	-50.55	2.97	1.23
Debt to Total Capital	49.07%	48.13%	48.77%	48.86%	40.05%	41.48%	40.89%	38.32%	37.35%	38.03%	38.04%
Short-Term Debt to Total Capital	0.32%	0.32%	0.32%	1.83%	0.40%	0.42%	0.41%	0.56%	0.58%	0.70%	0.70%
Long-Term Debt to Total Capital	48.74%	47.81%	48.45%	47.02%	39.64%	41.06%	40.48%	37.76%	36.78%	37.32%	37.35%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	50.93%	51.87%	51.23%	51.14%	59.95%	58.52%	59.11%	61.68%	62.65%	61.97%	61.96%
Debt to EBITDA	-33.01	-25.78	-17.26	-18.25	3.30	3.12	3.13	5.11	4.71	5.94	5.55
Net Debt to EBITDA	-30.95	-24.21	-16.23	-16.91	2.93	2.78	2.79	4.46	4.12	5.14	4.96
Long-Term Debt to EBITDA	-32.79	-25.61	-17.15	-17.57	3.27	3.09	3.10	5.04	4.64	5.83	5.45
Debt to NOPAT	-9.70	-8.99	-8.07	-8.25	13.45	75.16	58.48	36.17	31.24	-1,434.64	203.62
Net Debt to NOPAT	-9.10	-8.44	-7.58	-7.64	11.94	67.02	52.00	31.54	27.32	-1,240.00	181.79
Long-Term Debt to NOPAT	-9.64	-8.93	-8.01	-7.94	13.32	74.40	57.89	35.65	30.76	-1,408.21	199.90
Altman Z-Score	0.46	0.79	0.95	0.88	1.11	0.70	0.84	0.96	1.21	1.24	1.42
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.82	2.75	3.29	2.93	2.55	2.44	2.71	2.60	2.40	2.17	2.16
Quick Ratio	1.19	1.10	1.16	1.09	1.06	1.03	1.22	1.18	1.02	0.93	0.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-199	1,080	2,565	2,563	1,686	1,244	689	167	123	-211	292
Operating Cash Flow to CapEx	600.00%	382.93%	8.33%	588.24%	385.71%	376.60%	-6.15%	415.79%	238.04%	174.19%	25.49%
Free Cash Flow to Firm to Interest Expense	-2.77	16.13	38.86	39.43	29.08	27.04	17.23	3.48	2.37	-2.64	5.13
Operating Cash Flow to Interest Expense	2.75	2.34	0.03	3.08	2.79	3.85	-0.10	4.94	4.21	1.35	0.23
Operating Cash Flow Less CapEx to Interest Expense	2.29	1.73	-0.33	2.55	2.07	2.83	-1.73	3.75	2.44	0.58	-0.67
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.30	0.29	0.30	0.32	0.33	0.33	0.33	0.34	0.36	0.37
Accounts Receivable Turnover	4.04	4.39	3.73	3.90	4.37	4.68	4.14	4.11	4.89	5.16	4.42
Inventory Turnover	1.23	1.18	1.21	1.22	1.21	1.21	1.24	1.24	1.24	1.28	1.33
Fixed Asset Turnover	4.53	4.36	4.48	4.59	4.52	4.40	4.44	3.89	3.87	3.93	4.01
Accounts Payable Turnover	5.77	5.85	5.72	6.24	7.27	7.08	6.32	6.16	6.77	6.39	6.27
Days Sales Outstanding (DSO)	90.41	83.13	97.92	93.65	83.55	77.95	88.14	88.85	74.69	70.68	82.58
Days Inventory Outstanding (DIO)	296.82	309.33	302.36	299.27	300.43	301.49	295.18	294.97	294.75	284.76	274.62
Days Payable Outstanding (DPO)	63.28	62.38	63.86	58.48	50.19	51.57	57.76	59.25	53.92	57.11	58.26
Cash Conversion Cycle (CCC)	323.95	330.09	336.42	334.44	333.78	327.87	325.56	324.57	315.53	298.33	298.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,674	11,645	10,825	10,575	10,390	9,949	10,261	10,445	10,268	10,019	10,063
Invested Capital Turnover	0.37	0.36	0.36	0.38	0.40	0.41	0.42	0.43	0.44	0.47	0.48
Increase / (Decrease) in Invested Capital	-512	-1,135	-2,357	-2,540	-1,284	-1,696	-564	-130	-122	70	-198
Enterprise Value (EV)	11,078	12,765	13,443	12,391	11,129	9,840	9,101	10,762	13,525	14,716	15,460
Market Capitalization	5,538	7,343	8,023	7,131	7,262	5,987	5,193	7,092	10,006	11,244	11,897
Book Value per Share	$12.45	$12.63	$12.28	$12.02	$13.20	$12.33	$12.84	$13.64	$13.58	$13.18	$13.07
Tangible Book Value per Share	($6.58)	($6.83)	($5.31)	($5.14)	($4.27)	($4.04)	($3.62)	($3.40)	($3.24)	($3.30)	($2.91)
Total Capital	12,043	11,997	11,821	11,618	10,880	10,417	10,748	10,984	10,773	10,564	10,491
Total Debt	5,909	5,774	5,765	5,676	4,357	4,321	4,395	4,209	4,024	4,017	3,991
Total Long-Term Debt	5,870	5,736	5,727	5,463	4,313	4,277	4,351	4,148	3,962	3,943	3,918
Net Debt	5,540	5,422	5,420	5,260	3,867	3,853	3,908	3,670	3,519	3,472	3,563
Capital Expenditures (CapEx)	33	41	24	34	42	47	65	57	92	62	51
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,970	1,852	2,511	2,438	1,599	1,476	1,728	1,744	1,595	1,390	1,567
Debt-free Net Working Capital (DFNWC)	2,339	2,204	2,856	2,854	2,089	1,944	2,215	2,283	2,100	1,935	1,995
Net Working Capital (NWC)	2,300	2,166	2,818	2,641	2,045	1,900	2,171	2,222	2,038	1,861	1,922
Net Nonoperating Expense (NNE)	385	86	176	73	38	-444	58	26	35	135	37
Net Nonoperating Obligations (NNO)	5,540	5,422	4,769	4,633	3,867	3,853	3,908	3,670	3,519	3,472	3,563
Total Depreciation and Amortization (D&A)	173	171	166	162	170	164	161	169	176	174	172
Debt-free, Cash-free Net Working Capital to Revenue	45.12%	41.93%	57.53%	54.27%	35.90%	33.25%	39.03%	38.89%	34.74%	29.48%	32.03%
Debt-free Net Working Capital to Revenue	53.57%	49.90%	65.43%	63.54%	46.90%	43.79%	50.03%	50.91%	45.74%	41.04%	40.77%
Net Working Capital to Revenue	52.68%	49.04%	64.56%	58.79%	45.91%	42.80%	49.04%	49.55%	44.39%	39.47%	39.28%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.22)	($0.29)	$0.06	($0.10)	$0.74	($0.02)	$0.14	$0.02	($0.07)	($0.56)	$0.11
Adjusted Weighted Average Basic Shares Outstanding	492.70M	492.30M	493.20M	494.20M	494.30M	494M	495.10M	496.60M	496.80M	496.40M	497.70M
Adjusted Diluted Earnings per Share	($2.22)	($0.29)	$0.06	($0.10)	$0.73	($0.01)	$0.13	$0.02	($0.07)	($0.55)	$0.11
Adjusted Weighted Average Diluted Shares Outstanding	492.70M	492.30M	496M	494.20M	497.70M	497.30M	499.10M	500.10M	496.80M	496.40M	506M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	492.80M	492.97M	494.18M	494.33M	494.35M	494.61M	496.65M	496.81M	496.86M	497.17M	499.45M
Normalized Net Operating Profit after Tax (NOPAT)	29	-29	87	79	413	-447	85	60	19	0.00	105
Normalized NOPAT Margin	2.75%	-2.84%	7.20%	6.68%	40.14%	-43.85%	7.10%	4.79%	1.66%	0.00%	7.65%
Pre Tax Income Margin	-102.72%	-12.27%	1.00%	-2.70%	54.27%	-5.00%	5.03%	2.01%	-4.40%	-22.64%	6.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-14.24	-1.16	1.18	0.51	10.64	-14.04	2.50	1.52	0.04	-2.24	2.53
NOPAT to Interest Expense	-9.88	-0.81	3.15	0.36	6.94	-9.83	3.13	0.77	0.03	-1.77	1.66
EBIT Less CapEx to Interest Expense	-14.69	-1.78	0.82	-0.02	9.91	-15.07	0.88	0.33	-1.73	-3.01	1.63
NOPAT Less CapEx to Interest Expense	-10.34	-1.43	2.79	-0.17	6.21	-10.85	1.50	-0.42	-1.74	-2.54	0.76
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, bullet-style summary of Elanco Animal Health's recent quarterly results (Q1–Q4 2025) and the four-year trend, focusing on revenue, profitability, cash flow, and the balance sheet. Items are grouped by potential impact with positives first, then neutral, then negatives.

Stable top-line in 2025 quarters: Operating revenue hovered around $1.1B per quarter, with Q2 2025 at $1.244B, Q1 2025 at $1.193B, Q3 2025 at $1.137B, and Q4 2025 at $1.144B.
Gross margin generally strong: Gross margin stayed in the mid‑50% range, e.g., Q2 2025 around 57%, Q1 2025 around 57%, Q3 2025 ~53.5%, and Q4 2025 ~51.5% (589M gross profit on 1.144B revenue).
Operating cash flow remains solid in most 2025 quarters: Positive net cash from continuing operating activities in Q2 2025 ($237M) and Q3 2025 ($219M), and a still-solid amount in Q4 2025 ($108M).
Liquidity and equity position stable: Cash and equivalents around $0.50B at year-ends (e.g., Q3 and Q4 2025 show about $505M), with total equity near $6.7B in 2025, indicating a solid capital base.
Debt financing activity supports liquidity: In Q4 2025, issuance of debt of about $2.106B helped fund activities, with a modest net financing impact (Net cash from financing activities about ‑$18M), suggesting access to external liquidity if needed.
Net cash from investing activities generally manageable: Investing activities show outflows consistent with capex and acquisitions, but not at suffocating levels (e.g., Q4 2025 net cash from continuing investing activities around ‑$64M, with overall cash balance supported by CFO).

Quarterly earnings volatility: Net income swung from a positive $67M in Q1 2025 to $11M in Q2 2025, then to a negative $34M in Q3 2025 and a large negative $276M in Q4 2025, reflecting fluctuating profitability drivers.
Revenue and margin variability by quarter: While top-line remained stable, gross margins and operating income shifted quarter to quarter, with a notable drop in margins in Q4 2025.

Significant 2025 profitability deterioration later in the year: Net income attributable to common shareholders fell to ‑$276M in Q4 2025 (vs. smaller losses earlier and a positive Q1), signaling profitability challenges in the latest quarter.
Higher restructuring charges in 2025: Notable restructuring expense in Q4 2025 (~$202M) and smaller restructuring charges earlier in the year contributed to the bottom-line pressure.
Debt load remains sizable: Long-term debt around $3.96B–$4.15B in 2025 (varies by quarter), with total liabilities around $6.8B and equity around $6.7B, indicating a relatively high leverage level.

05/27/26 03:11 PM ETAI Generated. May Contain Errors.

Elanco Animal Health Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Elanco Animal Health's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Elanco Animal Health's net income appears to be on an upward trend, with a most recent value of -$232 million in 2025, rising from -$47.90 million in 2016. The previous period was $338 million in 2024. Find out what analysts predict for Elanco Animal Health in the coming months.

Elanco Animal Health's total operating income in 2025 was -$4 million, based on the following breakdown:

Total Gross Profit: $2.59 billion
Total Operating Expenses: $2.60 billion

Over the last 9 years, Elanco Animal Health's total revenue changed from $2.91 billion in 2016 to $4.72 billion in 2025, a change of 61.8%.

Elanco Animal Health's total liabilities were at $6.81 billion at the end of 2025, a 4.5% increase from 2024, and a 487.2% increase since 2017.

In the past 8 years, Elanco Animal Health's cash and equivalents has ranged from $323.40 million in 2017 to $638 million in 2021, and is currently $545 million as of their latest financial filing in 2025.

Over the last 9 years, Elanco Animal Health's book value per share changed from 0.00 in 2016 to 13.18 in 2025, a change of 1,317.7%.

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Financial statements for NYSE:ELAN last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Elanco Animal Health (ELAN) Financials

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Elanco Animal Health (ELAN) Financials

Annual Income Statements for Elanco Animal Health

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Quarterly Cash Flow Statements for Elanco Animal Health

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Quarterly Balance Sheets for Elanco Animal Health

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Quarterly Metrics And Ratios for Elanco Animal Health

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Elanco Animal Health Financials - Frequently Asked Questions

When does Elanco Animal Health's fiscal year end?

How has Elanco Animal Health's net income changed over the last 9 years?

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How has Elanco Animal Health's revenue changed over the last 9 years?

How much debt does Elanco Animal Health have?

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How has Elanco Animal Health's book value per share changed over the last 9 years?

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