What is Elanco Animal Health's operating income?

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

Elanco Animal Health (ELAN) Financials

$23.64 +1.13 (+5.01%)

Closing price 08/14/2026 03:59 PM Eastern

Extended Trading

$23.57 -0.06 (-0.27%)

As of 08/14/2026 07:56 PM Eastern

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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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-141	32	-50	364	-8.00	67	11	-34	-276	57	54
Consolidated Net Income / (Loss)	-141	32	-50	364	-8.00	67	11	-34	-276	57	54
Net Income / (Loss) Continuing Operations	-141	32	-50	364	-8.00	67	11	-34	-276	57	54
Total Pre-Tax Income	-127	12	-32	559	-51	60	25	-50	-259	87	56
Total Operating Income	-78	87	33	-23	-646	112	84	2.00	-202	144	115
Total Gross Profit	519	690	689	538	519	684	713	607	589	785	798
Total Revenue	1,035	1,205	1,184	1,030	1,020	1,193	1,241	1,137	1,144	1,371	1,368
Operating Revenue	1,035	1,205	1,184	1,030	1,020	1,193	1,241	1,137	1,144	1,371	1,368
Total Cost of Revenue	516	515	495	492	501	509	528	530	555	586	570
Operating Cost of Revenue	516	515	495	492	501	509	528	530	555	586	570
Total Operating Expenses	597	603	656	561	1,165	572	629	605	791	641	683
Selling, General & Admin Expense	292	337	354	323	300	341	400	351	338	381	449
Research & Development Expense	79	87	89	87	81	94	92	89	93	97	92
Amortization Expense	138	133	131	133	130	128	136	140	139	138	139
Other Operating Expenses / (Income)	-	-	2.00	1.00	647	-	-	0.00	-	9.00	-6.00
Restructuring Charge	36	46	80	17	7.00	9.00	1.00	25	202	16	9.00
Total Other Income / (Expense), net	-49	-75	-65	582	595	-52	-59	-52	-57	-57	-59
Interest Expense	67	66	65	58	46	40	48	52	80	57	59
Income Tax Expense	14	-20	18	195	-43	-7.00	14	-16	17	30	2.00
Basic Earnings per Share	($0.29)	$0.06	($0.10)	$0.74	($0.02)	$0.14	$0.02	($0.07)	($0.56)	$0.11	$0.11
Weighted Average Basic Shares Outstanding	492.30M	493.20M	494.20M	494.30M	494M	495.10M	496.60M	496.80M	496.40M	497.70M	499.50M
Diluted Earnings per Share	($0.29)	$0.06	($0.10)	$0.73	($0.01)	$0.13	$0.02	($0.07)	($0.55)	$0.11	$0.11
Weighted Average Diluted Shares Outstanding	492.30M	496M	494.20M	497.70M	497.30M	499.10M	500.10M	496.80M	496.40M	506M	505.90M
Weighted Average Basic & Diluted Shares Outstanding	492.97M	494.18M	494.33M	494.35M	494.61M	496.65M	496.81M	496.86M	497.17M	499.45M	499.62M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	-17	-7.00	71	74	-22	19	52	-34	40	-117	102
Net Cash From Operating Activities	157	2.00	200	162	177	-4.00	237	219	108	13	277
Net Cash From Continuing Operating Activities	157	2.00	200	162	177	-4.00	237	219	108	13	277
Net Income / (Loss) Continuing Operations	-141	32	-50	364	-8.00	67	11	-34	-276	57	54
Consolidated Net Income / (Loss)	-141	32	-50	364	-8.00	67	11	-34	-276	57	54
Depreciation Expense	171	166	162	170	164	161	169	176	174	172	171
Non-Cash Adjustments To Reconcile Net Income	42	11	75	-605	20	15	23	48	67	26	26
Changes in Operating Assets and Liabilities, net	85	-207	13	233	1.00	-247	34	29	143	-242	26
Net Cash From Investing Activities	-35	37	-33	1,244	-90	-58	-56	-101	-64	-60	-110
Net Cash From Continuing Investing Activities	-35	37	-33	1,244	-90	-58	-56	-101	-64	-60	-110
Purchase of Property, Plant & Equipment	-41	-24	-34	-42	-47	-65	-57	-92	-62	-51	-33
Other Investing Activities, net	6.00	-5.00	1.00	66	-1.00	-2.00	1.00	-9.00	-2.00	-9.00	-1.00
Net Cash From Financing Activities	-139	-27	-93	-1,340	-32	52	-156	-153	-18	-65	-74
Net Cash From Continuing Financing Activities	-139	-27	-93	-1,340	-32	52	-156	-153	-18	-65	-74
Repayment of Debt	-139	-127	-213	-1,690	-32	-185	-446	-153	-2,124	-31	-123
Issuance of Debt	-	100	120	350	-	250	-	-	2,106	0.00	50
Other Financing Activities, net	-	-	-	-	-	-13	-	-	-	-34	-1.00
Effect of Exchange Rate Changes	-	-19	-3.00	8.00	-77	29	27	1.00	14	-5.00	9.00

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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	15,769	15,796	14,344	14,019	13,764	13,283	12,941	13,742	13,551	13,222	13,561
Total Current Assets	3,548	3,652	3,565	4,050	4,011	3,366	3,440	3,614	3,493	3,584	3,797
Cash & Equivalents	318	367	369	345	416	490	487	539	505	428	530
Accounts Receivable	1,264	1,225	1,135	1,078	1,080	904	1,060	1,103	975	1,154	1,152
Inventories, net	1,596	1,690	1,690	1,638	1,611	1,632	1,592	1,670	1,708	1,717	1,769
Prepaid Expenses	370	370	371	338	277	340	301	302	305	285	346
Plant, Property, & Equipment, net	1,000	1,007	992	949	949	979	1,047	1,357	1,392	1,395	1,411
Total Noncurrent Assets	11,221	11,137	9,787	9,020	8,804	8,938	8,454	8,771	8,666	8,243	8,353
Goodwill	6,061	6,040	4,902	4,478	4,480	4,625	4,508	4,758	4,764	4,723	4,845
Intangible Assets	4,791	4,678	4,475	4,196	4,000	4,011	3,634	3,705	3,596	3,225	3,204
Other Noncurrent Operating Assets	369	419	410	346	324	302	312	308	306	295	304
Total Liabilities & Shareholders' Equity	15,769	15,796	14,344	14,019	13,764	13,283	12,941	13,742	13,551	13,222	13,561
Total Liabilities	8,289	8,376	8,210	7,963	7,822	6,760	6,588	6,967	6,802	6,722	6,973
Total Current Liabilities	1,578	1,284	1,265	1,232	1,370	1,321	1,269	1,392	1,455	1,662	1,852
Short-Term Debt	381	39	39	38	213	44	44	61	62	73	73
Accounts Payable	381	354	296	302	291	259	330	368	352	372	427
Current Deferred Revenue	-	332	356	318	356	333	319	-	376	400	450
Other Current Liabilities	706	559	574	574	510	685	576	963	665	817	902
Total Noncurrent Liabilities	6,711	7,092	6,945	6,731	6,452	5,439	5,319	5,575	5,347	5,060	5,121
Long-Term Debt	5,639	6,023	5,870	5,727	5,463	4,313	4,351	4,148	3,962	3,918	3,845
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	293	300	309	315
Noncurrent Deferred & Payable Income Tax Liabilities	663	658	643	530	524	539	481	496	478	366	410
Other Noncurrent Operating Liabilities	245	411	432	474	465	587	487	638	607	467	551
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	7,480	7,420	6,134	6,056	5,942	6,523	6,353	6,775	6,749	6,500	6,588
Total Preferred & Common Equity	7,480	7,420	6,134	6,056	5,942	6,523	6,353	6,775	6,749	6,500	6,588
Preferred Stock	0.00	-	-	-	-	-	-	-	-	0.00	0.00
Total Common Equity	7,480	7,420	6,134	6,056	5,942	6,523	6,353	6,775	6,749	6,500	6,588
Common Stock	8,744	8,752	8,763	8,777	8,790	8,804	8,819	8,839	8,854	8,858	8,878
Retained Earnings	-954	-1,051	-2,147	-2,256	-2,306	-1,942	-1,883	-1,872	-1,906	-2,125	-2,071
Accumulated Other Comprehensive Income / (Loss)	-310	-281	-482	-465	-542	-339	-583	-192	-199	-233	-219

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	497,168,077.00	499,449,583.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	497,168,077.00	499,449,583.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.11	0.11
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.18%	-4.14%	12.02%	-3.56%	-1.45%	-1.00%	4.81%	10.39%	12.16%	14.92%	10.23%
EBITDA Growth	-32.61%	-29.28%	13.37%	192.37%	-618.28%	6.97%	24.10%	-77.38%	-103.33%	21.07%	18.18%
EBIT Growth	-160.00%	-54.65%	760.00%	160.20%	-728.21%	28.21%	121.21%	-99.68%	-1,178.57%	44.00%	57.53%
NOPAT Growth	-160.00%	20.50%	760.00%	156.58%	-728.21%	-46.09%	60.00%	109.35%	-1,342.86%	-24.56%	200.03%
Net Income Growth	-161.11%	-68.93%	48.45%	133.21%	94.33%	109.38%	122.00%	-109.34%	-3,350.00%	-14.93%	390.91%
EPS Growth	-163.64%	-71.43%	50.00%	132.88%	96.55%	116.67%	120.00%	-109.59%	-5,400.00%	-15.38%	450.00%
Operating Cash Flow Growth	1,107.69%	101.38%	227.87%	-18.18%	12.74%	-300.00%	18.50%	35.19%	-38.98%	425.00%	16.88%
Free Cash Flow Firm Growth	178.45%	549.99%	706.65%	946.60%	15.12%	-73.38%	-93.49%	-90.28%	-112.54%	-57.57%	247.32%
Invested Capital Growth	-8.88%	-17.88%	-19.37%	-11.00%	-14.56%	-5.21%	-1.23%	-1.17%	0.70%	-1.93%	-4.49%
Revenue Q/Q Growth	-3.09%	16.43%	-1.74%	-13.01%	-0.97%	16.96%	4.02%	-8.38%	0.62%	19.84%	-0.22%
EBITDA Q/Q Growth	110.92%	139.22%	-20.08%	303.59%	-161.25%	154.15%	-7.28%	-26.45%	-102.81%	6,420.00%	-9.49%
EBIT Q/Q Growth	92.39%	213.04%	-57.69%	1,769.70%	-204.70%	115.48%	-27.00%	-97.26%	-9,050.00%	180.45%	-20.14%
NOPAT Q/Q Growth	92.32%	530.64%	-88.89%	1,642.07%	-212.37%	127.66%	-70.45%	-96.21%	-10,200.00%	166.72%	17.54%
Net Income Q/Q Growth	87.14%	122.70%	-256.25%	828.00%	-102.20%	937.50%	-83.58%	-409.09%	-711.76%	120.65%	-5.26%
EPS Q/Q Growth	86.94%	120.69%	-266.67%	830.00%	-101.37%	1,400.00%	-84.62%	-450.00%	-685.71%	120.00%	0.00%
Operating Cash Flow Q/Q Growth	-20.71%	-98.73%	9,900.00%	-19.00%	9.26%	-102.26%	6,025.00%	-7.59%	-50.68%	-87.96%	2,030.77%
Free Cash Flow Firm Q/Q Growth	642.37%	136.04%	-0.07%	-34.20%	-26.25%	-44.60%	-75.77%	-26.09%	-271.31%	238.29%	98.36%
Invested Capital Q/Q Growth	-0.25%	-7.04%	-2.31%	-1.75%	-4.24%	3.14%	1.79%	-1.69%	-2.43%	0.44%	-0.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.14%	57.26%	58.19%	52.23%	50.88%	57.33%	57.45%	53.39%	51.49%	57.26%	58.33%
EBITDA Margin	8.99%	20.25%	16.47%	76.41%	-47.25%	21.88%	19.50%	15.66%	-0.44%	23.05%	20.91%
Operating Margin	-7.54%	6.47%	2.79%	60.00%	-63.33%	9.39%	6.77%	0.18%	-17.66%	10.50%	8.41%
EBIT Margin	-7.54%	6.47%	2.79%	59.90%	-63.33%	8.38%	5.88%	0.18%	-15.65%	10.50%	8.41%
Profit (Net Income) Margin	-13.62%	2.66%	-4.22%	35.34%	-0.78%	5.62%	0.89%	-2.99%	-24.13%	4.16%	3.95%
Tax Burden Percent	111.02%	266.67%	156.25%	65.12%	15.69%	111.67%	44.00%	68.00%	106.56%	65.52%	96.43%
Interest Burden Percent	162.82%	15.38%	-96.97%	90.60%	7.89%	60.00%	34.25%	-2,500.00%	144.69%	60.42%	48.70%
Effective Tax Rate	0.00%	-166.67%	0.00%	34.88%	0.00%	-11.67%	56.00%	0.00%	0.00%	34.48%	3.57%
Return on Invested Capital (ROIC)	-1.91%	6.28%	0.74%	15.77%	-18.23%	4.40%	1.27%	0.05%	-5.84%	3.31%	3.99%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.49%	2.92%	-0.68%	14.96%	-8.65%	3.06%	0.65%	-0.90%	-9.51%	2.31%	2.37%
Return on Net Nonoperating Assets (RNNOA)	-2.82%	2.26%	-0.52%	11.12%	-6.51%	2.14%	0.42%	-0.50%	-5.51%	1.34%	1.25%
Return on Equity (ROE)	-4.73%	8.53%	0.22%	26.89%	-24.74%	6.54%	1.69%	-0.45%	-11.35%	4.66%	5.24%
Cash Return on Invested Capital (CROIC)	4.03%	13.68%	15.63%	14.58%	16.24%	6.06%	2.34%	2.43%	-0.73%	2.14%	5.00%
Operating Return on Assets (OROA)	-2.23%	1.90%	0.85%	19.32%	-20.84%	2.75%	1.92%	0.06%	-5.68%	3.93%	3.09%
Return on Assets (ROA)	-4.03%	0.78%	-1.28%	11.39%	-0.26%	1.84%	0.29%	-1.02%	-8.76%	1.56%	1.45%
Return on Common Equity (ROCE)	-4.73%	8.53%	0.22%	26.89%	-24.74%	6.54%	1.69%	-0.45%	-11.35%	4.66%	5.24%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-21.50%	-21.12%	3.14%	0.00%	5.87%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-55	208	23	402	-452	125	37	1.40	-141	94	111
NOPAT Margin	-5.28%	17.26%	1.95%	39.07%	-44.33%	10.48%	2.98%	0.12%	-12.36%	6.88%	8.11%
Net Nonoperating Expense Percent (NNEP)	1.58%	3.36%	1.42%	0.82%	-9.58%	1.34%	0.63%	0.96%	3.68%	1.00%	1.61%
Return On Investment Capital (ROIC_SIMPLE)	-0.46%	-	-	-	-4.34%	1.16%	0.34%	0.01%	-1.34%	0.90%	1.06%
Cost of Revenue to Revenue	49.86%	42.74%	41.81%	47.77%	49.12%	42.67%	42.55%	46.61%	48.51%	42.74%	41.67%
SG&A Expenses to Revenue	28.21%	27.97%	29.90%	31.36%	29.41%	28.58%	32.23%	30.87%	29.55%	27.79%	32.82%
R&D to Revenue	7.63%	7.22%	7.52%	8.45%	7.94%	7.88%	7.41%	7.83%	8.13%	7.08%	6.73%
Operating Expenses to Revenue	57.68%	50.79%	55.41%	-7.77%	114.22%	47.95%	50.68%	53.21%	69.14%	46.75%	49.93%
Earnings before Interest and Taxes (EBIT)	-78	78	33	617	-646	100	73	2.00	-179	144	115
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	93	244	195	787	-482	261	242	178	-5.00	316	286
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.18	1.32	1.20	1.11	0.98	0.82	1.05	1.48	1.72	1.83	1.87
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)	1.66	1.84	1.59	1.63	1.35	1.17	1.58	2.18	2.38	2.43	2.45
Price to Earnings (P/E)	0.00	0.00	0.00	35.42	17.71	13.92	16.34	277.94	0.00	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%	2.82%	5.65%	7.18%	6.12%	0.36%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.10	1.24	1.17	1.07	0.99	0.89	1.03	1.32	1.47	1.54	1.57
Enterprise Value to Revenue (EV/Rev)	2.89	3.08	2.76	2.50	2.22	2.06	2.40	2.95	3.12	3.16	3.12
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	8.43	7.10	6.49	13.08	15.84	21.77	21.50	20.85
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	17.09	13.61	12.22	67.69	73.50	0.00	552.15	265.75
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	34.36	171.16	121.10	92.48	105.01	0.00	788.79	379.65
Enterprise Value to Operating Cash Flow (EV/OCF)	47.10	32.16	22.25	21.36	18.19	17.01	18.81	21.50	26.28	26.79	25.41
Enterprise Value to Free Cash Flow (EV/FCFF)	25.92	8.19	6.69	6.92	5.61	14.24	43.68	53.93	0.00	71.05	30.73
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.93	0.95	0.96	0.67	0.71	0.69	0.62	0.60	0.61	0.61	0.59
Long-Term Debt to Equity	0.92	0.95	0.92	0.66	0.70	0.68	0.61	0.59	0.60	0.60	0.58
Financial Leverage	0.81	0.77	0.77	0.74	0.75	0.70	0.65	0.56	0.58	0.58	0.53
Leverage Ratio	2.21	2.20	2.21	2.18	2.19	2.17	2.16	2.02	2.05	2.04	2.04
Compound Leverage Factor	3.60	0.34	-2.15	1.98	0.17	1.30	0.74	-50.55	2.97	1.23	0.99
Debt to Total Capital	48.13%	48.77%	48.86%	40.05%	41.48%	40.89%	38.32%	37.35%	38.03%	38.04%	37.29%
Short-Term Debt to Total Capital	0.32%	0.32%	1.83%	0.40%	0.42%	0.41%	0.56%	0.58%	0.70%	0.70%	0.69%
Long-Term Debt to Total Capital	47.81%	48.45%	47.02%	39.64%	41.06%	40.48%	37.76%	36.78%	37.32%	37.35%	36.60%
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	51.87%	51.23%	51.14%	59.95%	58.52%	59.11%	61.68%	62.65%	61.97%	61.96%	62.71%
Debt to EBITDA	-25.78	-17.26	-18.25	3.30	3.12	3.13	5.11	4.71	5.94	5.55	5.21
Net Debt to EBITDA	-24.21	-16.23	-16.91	2.93	2.78	2.79	4.46	4.12	5.14	4.96	4.51
Long-Term Debt to EBITDA	-25.61	-17.15	-17.57	3.27	3.09	3.10	5.04	4.64	5.83	5.45	5.11
Debt to NOPAT	-8.99	-8.07	-8.25	13.45	75.16	58.48	36.17	31.24	-1,434.64	203.62	94.87
Net Debt to NOPAT	-8.44	-7.58	-7.64	11.94	67.02	52.00	31.54	27.32	-1,240.00	181.79	82.03
Long-Term Debt to NOPAT	-8.93	-8.01	-7.94	13.32	74.40	57.89	35.65	30.76	-1,408.21	199.90	93.10
Altman Z-Score	0.79	0.95	0.88	1.11	0.70	0.84	0.96	1.21	1.24	1.42	1.41
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	2.75	3.29	2.93	2.55	2.44	2.71	2.60	2.40	2.17	2.16	2.05
Quick Ratio	1.10	1.16	1.09	1.06	1.03	1.22	1.18	1.02	0.93	0.95	0.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,080	2,565	2,563	1,686	1,244	689	167	123	-211	292	580
Operating Cash Flow to CapEx	382.93%	8.33%	588.24%	385.71%	376.60%	-6.15%	415.79%	238.04%	174.19%	25.49%	839.39%
Free Cash Flow to Firm to Interest Expense	16.13	38.86	39.43	29.08	27.04	17.23	3.48	2.37	-2.64	5.13	9.83
Operating Cash Flow to Interest Expense	2.34	0.03	3.08	2.79	3.85	-0.10	4.94	4.21	1.35	0.23	4.69
Operating Cash Flow Less CapEx to Interest Expense	1.73	-0.33	2.55	2.07	2.83	-1.73	3.75	2.44	0.58	-0.67	4.14
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.29	0.30	0.32	0.33	0.33	0.33	0.34	0.36	0.37	0.37
Accounts Receivable Turnover	4.39	3.73	3.90	4.37	4.68	4.14	4.11	4.89	5.16	4.42	4.45
Inventory Turnover	1.18	1.21	1.22	1.21	1.21	1.24	1.24	1.24	1.28	1.33	1.30
Fixed Asset Turnover	4.36	4.48	4.59	4.52	4.40	4.44	3.89	3.87	3.93	4.01	3.63
Accounts Payable Turnover	5.85	5.72	6.24	7.27	7.08	6.32	6.16	6.77	6.39	6.27	5.64
Days Sales Outstanding (DSO)	83.13	97.92	93.65	83.55	77.95	88.14	88.85	74.69	70.68	82.58	81.98
Days Inventory Outstanding (DIO)	309.33	302.36	299.27	300.43	301.49	295.18	294.97	294.75	284.76	274.62	280.06
Days Payable Outstanding (DPO)	62.38	63.86	58.48	50.19	51.57	57.76	59.25	53.92	57.11	58.26	64.74
Cash Conversion Cycle (CCC)	330.09	336.42	334.44	333.78	327.87	325.56	324.57	315.53	298.33	298.94	297.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,645	10,825	10,575	10,390	9,949	10,261	10,445	10,268	10,019	10,063	9,976
Invested Capital Turnover	0.36	0.36	0.38	0.40	0.41	0.42	0.43	0.44	0.47	0.48	0.49
Increase / (Decrease) in Invested Capital	-1,135	-2,357	-2,540	-1,284	-1,696	-564	-130	-122	70	-198	-469
Enterprise Value (EV)	12,765	13,443	12,391	11,129	9,840	9,101	10,762	13,525	14,716	15,460	15,679
Market Capitalization	7,343	8,023	7,131	7,262	5,987	5,193	7,092	10,006	11,244	11,897	12,291
Book Value per Share	$12.63	$12.28	$12.02	$13.20	$12.33	$12.84	$13.64	$13.58	$13.18	$13.07	$13.19
Tangible Book Value per Share	($6.83)	($5.31)	($5.14)	($4.27)	($4.04)	($3.62)	($3.40)	($3.24)	($3.30)	($2.91)	($2.93)
Total Capital	11,997	11,821	11,618	10,880	10,417	10,748	10,984	10,773	10,564	10,491	10,506
Total Debt	5,774	5,765	5,676	4,357	4,321	4,395	4,209	4,024	4,017	3,991	3,918
Total Long-Term Debt	5,736	5,727	5,463	4,313	4,277	4,351	4,148	3,962	3,943	3,918	3,845
Net Debt	5,422	5,420	5,260	3,867	3,853	3,908	3,670	3,519	3,472	3,563	3,388
Capital Expenditures (CapEx)	41	24	34	42	47	65	57	92	62	51	33
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,852	2,511	2,438	1,599	1,476	1,728	1,744	1,595	1,390	1,567	1,488
Debt-free Net Working Capital (DFNWC)	2,204	2,856	2,854	2,089	1,944	2,215	2,283	2,100	1,935	1,995	2,018
Net Working Capital (NWC)	2,166	2,818	2,641	2,045	1,900	2,171	2,222	2,038	1,861	1,922	1,945
Net Nonoperating Expense (NNE)	86	176	73	38	-444	58	26	35	135	37	57
Net Nonoperating Obligations (NNO)	5,422	4,769	4,633	3,867	3,853	3,908	3,670	3,519	3,472	3,563	3,388
Total Depreciation and Amortization (D&A)	171	166	162	170	164	161	169	176	174	172	171
Debt-free, Cash-free Net Working Capital to Revenue	41.93%	57.53%	54.27%	35.90%	33.25%	39.03%	38.89%	34.74%	29.48%	32.03%	29.64%
Debt-free Net Working Capital to Revenue	49.90%	65.43%	63.54%	46.90%	43.79%	50.03%	50.91%	45.74%	41.04%	40.77%	40.20%
Net Working Capital to Revenue	49.04%	64.56%	58.79%	45.91%	42.80%	49.04%	49.55%	44.39%	39.47%	39.28%	38.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.29)	$0.06	($0.10)	$0.74	($0.02)	$0.14	$0.02	($0.07)	($0.56)	$0.11	$0.11
Adjusted Weighted Average Basic Shares Outstanding	492.30M	493.20M	494.20M	494.30M	494M	495.10M	496.60M	496.80M	496.40M	497.70M	499.50M
Adjusted Diluted Earnings per Share	($0.29)	$0.06	($0.10)	$0.73	($0.01)	$0.13	$0.02	($0.07)	($0.55)	$0.11	$0.11
Adjusted Weighted Average Diluted Shares Outstanding	492.30M	496M	494.20M	497.70M	497.30M	499.10M	500.10M	496.80M	496.40M	506M	505.90M
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	492.97M	494.18M	494.33M	494.35M	494.61M	496.65M	496.81M	496.86M	497.17M	499.45M	499.62M
Normalized Net Operating Profit after Tax (NOPAT)	-29	87	79	413	-447	85	60	19	0.00	105	120
Normalized NOPAT Margin	-2.84%	7.20%	6.68%	40.14%	-43.85%	7.10%	4.79%	1.66%	0.00%	7.65%	8.74%
Pre Tax Income Margin	-12.27%	1.00%	-2.70%	54.27%	-5.00%	5.03%	2.01%	-4.40%	-22.64%	6.35%	4.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.16	1.18	0.51	10.64	-14.04	2.50	1.52	0.04	-2.24	2.53	1.95
NOPAT to Interest Expense	-0.81	3.15	0.36	6.94	-9.83	3.13	0.77	0.03	-1.77	1.66	1.88
EBIT Less CapEx to Interest Expense	-1.78	0.82	-0.02	9.91	-15.07	0.88	0.33	-1.73	-3.01	1.63	1.39
NOPAT Less CapEx to Interest Expense	-1.43	2.79	-0.17	6.21	-10.85	1.50	-0.42	-1.74	-2.54	0.76	1.32
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

Elanco Animal Health’s latest quarter shows a meaningful turnaround in profitability, but the balance sheet and cash generation still point to a business with some financial strain. In Q1 2026, revenue rose to $1.37 billion from $1.14 billion in Q4 2025 and $1.19 billion in Q1 2025, showing solid top-line momentum. Net income improved to $57 million from a $276 million loss in the prior quarter and a $34 million loss a year ago. However, operating cash flow was only $13 million, and the company still carries a heavy debt load.

Over the last several quarters, Elanco has generally improved revenue and gross profit, but expenses remain high and restructuring/amortization continue to weigh on operating results. The company posted operating income of $144 million in Q1 2026 versus an operating loss of $202 million in Q4 2025. That’s a sharp swing, although part of the improvement came from lower restructuring charges and better gross profit. The key question for investors is whether this profitability recovery can be sustained while the business converts earnings into stronger free cash flow.

Balance sheet trends are mixed. Cash and equivalents were $428 million at the end of Q1 2026, down from $505 million in Q3 2025 and $539 million in Q2 2025. Total debt remained high at about $3.99 billion in long-term debt plus $73 million in short-term debt. Equity was $6.5 billion, but retained earnings remained deeply negative at -$2.1 billion, reflecting years of accumulated losses and acquisition-related amortization.

Cash flow remains the weak spot. Despite positive net income, Q1 2026 operating cash flow was only $13 million, after $108 million in Q4 2025 and $237 million in Q2 2025. Working capital changes were a drag in the latest quarter, and the company also used cash for capex and debt repayment. That suggests earnings quality is improving, but cash conversion is still inconsistent.

Key takeaways for investors:

Revenue growth is accelerating, with Q1 2026 revenue up meaningfully versus the prior quarter and year-ago period.
Profitability improved sharply, as Elanco returned to a solid operating profit and positive net income in Q1 2026.
Gross profit expanded, indicating better mix or pricing relative to cost of revenue.
Restructuring charges fell versus some prior quarters, which helped earnings rebound.
Share count has been fairly stable, so recent EPS improvement is being driven more by operations than by buybacks.
Debt repayment continues, which is constructive if it can be done without squeezing liquidity too much.
Amortization remains large, which keeps reported earnings below the cash generation potential of the business.
Operating cash flow is still weak at just $13 million in Q1 2026, well below earnings.
Debt remains elevated, with roughly $4.0 billion of long-term debt on the balance sheet.
Retained earnings are deeply negative, highlighting the company’s long recovery path after prior losses and acquisition costs.

Bottom line: Elanco is showing real improvement in revenue and profit after a difficult stretch, and the latest quarter is the strongest sign yet that the turnaround is working. Still, investors should watch whether the company can turn that earnings improvement into more reliable operating cash flow while continuing to manage its debt burden.

08/16/26 05:31 AM 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. View Elanco Animal Health's forecast to see where analysts expect Elanco Animal Health to go next.

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 8/5/2026 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 book value per share changed over the last 9 years?

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