United Therapeutics Corporation (UTHR) Financial Statements

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United Therapeutics financial statements at a glance

United Therapeutics reported revenue of $3.18 billion for fiscal year 2025 (ended December 31, 2025), up 10.6% from fiscal year 2024. Net income was $1.33 billion, a net margin of 41.9%, and diluted earnings per share were $27.86.

At the end of fiscal year 2025 it had total assets of $7.88 billion, total liabilities of $783.80 million and shareholders' equity of $7.10 billion, with cash and short-term investments of $2.92 billion.

Its operations brought in $1.56 billion of cash; capital spending was $526.00 million, leaving free cash flow of $1.04 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

UTHR logo

United Therapeutics Corporation

UTHRUnited States
Healthcare
USD (Local)

Income Statement

Annual • USD

Total Revenue
3.18B
Prev Year: 2.88B
YoY: +10.6%
Operating Revenue
3.18B
Prev Year: 2.88B
YoY: +10.6%
Total Unusual Items
-24.70M
Prev Year: -71.10M
YoY: +65.3%
Normalized EBITDA
1.84B
Prev Year: 1.73B
YoY: +6.9%
Tax Rate for Calcs
0.221
Prev Year: 0
Tax Effect of Unusual Items
-5.46M
Prev Year: -15.64M
YoY: +65.1%
Total Operating Income as Reported
1.49B
Prev Year: 1.38B
YoY: +8.4%
Other Income Expense
24.20M
Prev Year: -65.30M
YoY: +137.1%
Other Non-operating Income (expense)
48.90M
Prev Year: 5.80M
YoY: +743.1%
Special Income Charges
-24.70M
Prev Year: -71.10M
YoY: +65.3%
Other Special Charges
3.00M
Prev Year: 71.10M
YoY: -95.8%
Impairment of Capital Assets
21.70M
Other General and Administrative
501.00M
Prev Year: 432.80M
YoY: +15.8%
Salaries and Wages
111.50M
Prev Year: 109.50M
YoY: +1.8%
Cost of Revenue
384.40M
Prev Year: 309.70M
YoY: +24.1%
Gross Profit
2.80B
Prev Year: 2.57B
YoY: +9.0%
Operating Expense
1.28B
Prev Year: 1.12B
YoY: +14.4%
Selling General and Administrative
731.10M
Prev Year: 638.60M
YoY: +14.5%
General and Administrative Expense
612.50M
Prev Year: 542.30M
YoY: +12.9%
Selling and Marketing Expense
118.60M
Prev Year: 96.30M
YoY: +23.2%
Research and Development
550.00M
Prev Year: 481.00M
YoY: +14.3%
Operating Income
1.52B
Prev Year: 1.45B
YoY: +4.8%
Net Non Operating Interest Income Expense
172.50M
Prev Year: 156.20M
YoY: +10.4%
Non-operating Interest Income
192.00M
Prev Year: 199.10M
YoY: -3.6%
Non-operating Interest Expense
19.50M
Prev Year: 42.90M
YoY: -54.5%
Pre-tax Income
1.71B
Prev Year: 1.54B
YoY: +11.4%
Provision for Income Taxes
379.20M
Prev Year: 343.90M
YoY: +10.3%
Net Income Common Stockholders
1.33B
Prev Year: 1.20B
YoY: +11.7%
Net Income
1.33B
Prev Year: 1.20B
YoY: +11.7%
Net Income Including Non-Controlling Interests
1.33B
Prev Year: 1.20B
YoY: +11.7%
Net Income from Continuing Operations
1.33B
Prev Year: 1.20B
YoY: +11.7%
Diluted NI Available to Com Stockholders
1.33B
Prev Year: 1.20B
YoY: +11.7%
Basic EPS
30.13
Prev Year: 26.44
YoY: +14.0%
Diluted EPS
27.86
Prev Year: 24.64
YoY: +13.1%
Weighted Average Shares (basic)
44.30M
Prev Year: 45.20M
YoY: -2.0%
Weighted Average Shares (diluted)
47.90M
Prev Year: 48.50M
YoY: -1.2%
Total Expenses
1.67B
Prev Year: 1.43B
YoY: +16.5%
Net Income from Continuing and Discontinued Operation
1.33B
Prev Year: 1.20B
YoY: +11.7%
Normalized Income
1.35B
Prev Year: 1.25B
YoY: +8.3%
Interest Income
192.00M
Prev Year: 199.10M
YoY: -3.6%
Interest Expense
19.50M
Prev Year: 42.90M
YoY: -54.5%
Net Interest Income
172.50M
Prev Year: 156.20M
YoY: +10.4%
EBIT
1.73B
Prev Year: 1.58B
YoY: +9.6%
EBITDA
1.82B
Prev Year: 1.65B
YoY: +9.9%
Reconciled Cost of Revenue
384.40M
Prev Year: 309.70M
YoY: +24.1%
Reconciled Depreciation
85.60M
Prev Year: 72.50M
YoY: +18.1%
Net Income from Continuing Operation Net Minority Interest
1.33B
Prev Year: 1.20B
YoY: +11.7%
Total Unusual Items Excluding Goodwill
-24.70M
Prev Year: -71.10M
YoY: +65.3%
Values in USD

United Therapeutics key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$3.2B$2.9B$2.3B$1.9B$1.7B
Gross profit$2.8B$2.6B$2.1B$1.8B$1.6B
Operating income$1.5B$1.4B$1.2B$979.7M$555.9M
Net income$1.3B$1.2B$984.8M$727.3M$475.8M
Diluted EPS$27.86$24.64$19.81$15.00$10.06
Total assets$7.9B$7.4B$7.2B$6.0B$5.2B
Total liabilities$783.8M$920.0M$1.2B$1.2B$1.2B
Shareholders' equity$7.1B$6.4B$6.0B$4.8B$4.0B
Cash and short-term investments$2.9B$3.3B$3.0B$2.8B$1.9B
Total debt–$300.0M$700.0M$800.0M$800.0M
Operating cash flow$1.6B$1.3B$978.0M$802.5M$598.2M
Capital spending$526.0M$246.5M$230.4M$138.8M$120.8M
Free cash flow$1.0B$1.1B$747.6M$663.7M$477.4M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was United Therapeutics's revenue in fiscal year 2025?

$3.18 billion, up 10.6% from $2.88 billion in fiscal year 2024.

How much profit does United Therapeutics make?

United Therapeutics reported net income of $1.33 billion for fiscal year 2025 (41.9% of revenue); operating income was $1.52 billion.

How much cash and debt does United Therapeutics have?

At the end of fiscal year 2025: cash and short-term investments of $2.92 billion.

What is United Therapeutics's free cash flow?

$1.04 billion in fiscal year 2025 (operating cash flow of $1.56 billion minus capital spending of $526.00 million).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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