United Therapeutics Corp. (UTHR) financial statements: income statement, balance sheet and cash flow
United Therapeutics Corp.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), United Therapeutics Corp. reported revenue of $3.2B (+10.6% year on year) and net income of $1.3B (+11.7% year on year).
Income statement
United Therapeutics Corp. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenues
$3.2B
$2.9B
$2.3B
$1.9B
Cost of sales
$384.4M
$309.7M
$257.5M
$151.6M
Research and development
$550.0M
$481.0M
$408.0M
$322.9M
Selling, general, and administrative
$755.8M
$709.7M
$477.1M
$482.1M
Total operating expenses
$1.7B
$1.5B
$1.1B
$956.6M
Operating income
$1.5B
$1.4B
$1.2B
$979.7M
Interest income
$192.0M
$199.1M
$162.7M
$45.2M
Interest expense
($19.5M)
($42.9M)
($59.3M)
($32.4M)
Other income (expense), net
$48.9M
$5.8M
($14.0M)
($40.2M)
Total other income, net
$221.4M
$162.0M
$89.4M
($29.1M)
Income before income taxes
$1.7B
$1.5B
$1.3B
$950.6M
Income tax expense
($379.2M)
($343.9M)
($289.5M)
($223.3M)
Net income
$1.3B
$1.2B
$984.8M
$727.3M
Basic (in dollars per share)
$30.13
$26.44
$21.04
$15.98
Diluted (in dollars per share)
$27.86
$24.64
$19.81
$15.00
Basic (in shares)
44.3M
45.2M
46.8M
45.5M
Diluted (in shares)
47.9M
48.5M
49.7M
48.5M
United Therapeutics Corp. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Total revenues
$783.3M
$781.5M
$799.5M
$798.6M
Cost of sales
$99.5M
$133.4M
$100.9M
$87.6M
Research and development
$146.3M
$138.2M
$127.5M
$134.0M
Selling, general, and administrative
$206.7M
$184.1M
$182.6M
$212.5M
Total operating expenses
$452.5M
$455.7M
$411.0M
$434.1M
Operating income
$330.8M
$325.8M
$388.5M
$364.5M
Interest income
$31.5M
$41.8M
$46.4M
$51.3M
Interest expense
($2.9M)
($3.0M)
($3.0M)
($7.3M)
Other income (expense), net
$13.3M
($46.3M)
$6.1M
($100.0K)
Total other income, net
$41.9M
($7.5M)
$49.5M
$43.9M
Income before income taxes
$372.7M
$318.3M
$438.0M
$408.4M
Income tax expense
($39.7M)
($43.4M)
($99.3M)
($98.9M)
Net income
$333.0M
$274.9M
$338.7M
$309.5M
Basic (in dollars per share)
$7.82
$6.32
$7.73
$6.86
Diluted (in dollars per share)
$7.27
$5.82
$7.16
$6.41
Basic (in shares)
42.6M
43.5M
43.8M
45.1M
Diluted (in shares)
45.8M
47.2M
47.3M
48.3M
Balance sheet
United Therapeutics Corp. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$1.6B
$1.7B
$1.2B
$961.2M
Marketable investments
$1.4B
$1.6B
$1.8B
$1.9B
Accounts receivable, no allowance for 2025 and 2024
$350.2M
$279.3M
$278.9M
$220.4M
Inventories, net
$183.1M
$157.9M
$111.8M
$102.0M
Other current assets
$248.9M
$169.7M
$166.2M
$219.2M
Total current assets
$3.7B
$3.9B
$3.6B
$3.4B
Marketable investments
$1.8B
$1.5B
$1.9B
$1.3B
Goodwill and other intangible assets, net
$116.5M
$111.9M
$114.2M
$44.5M
Property, plant, and equipment, net
$1.7B
$1.2B
$1.0B
$861.5M
Deferred tax assets, net
$357.7M
$458.4M
$394.8M
$327.7M
Other non-current assets
$196.9M
$222.1M
$151.8M
$114.3M
Total assets
$7.9B
$7.4B
$7.2B
$6.0B
Accounts payable and accrued expenses
$488.0M
$344.5M
$298.0M
$229.9M
Line of credit
$0
$300.0M
$400.0M
$800.0M
Other current liabilities
$72.6M
$82.6M
$71.0M
$32.5M
Total current liabilities
$560.6M
$738.1M
$804.4M
$343.2M
Other non-current liabilities
$223.2M
$181.9M
$77.8M
$104.6M
Total liabilities
$783.8M
$920.0M
$1.2B
$1.2B
Preferred stock, par value $.01, 10,000,000 shares authorized, no shares issued
0
0
0
0
Common stock, par value $.01, 245,000,000 shares authorized, 76,452,253 and 74,997,896 shares issued, and 43,643,165 and 44,831,306 shares outstanding as of December 31, 2025 and 2024, respectively
800.0K
800.0K
700.0K
700.0K
Additional paid-in capital
$2.8B
$2.7B
$2.5B
$2.4B
Accumulated other comprehensive income (loss)
$900.0K
($3.4M)
($12.8M)
($55.5M)
Treasury stock, 32,809,088 and 30,166,590 shares as of December 31, 2025 and 2024, respectively
-4.3B
-3.5B
-2.6B
-2.6B
Retained earnings
$8.6B
$7.2B
$6.0B
$5.0B
Total stockholders’ equity
$7.1B
$6.4B
$6.0B
$4.8B
Total liabilities and stockholders’ equity
$7.9B
$7.4B
$7.2B
$6.0B
United Therapeutics Corp. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$1.8B
$1.3B
$1.3B
$1.6B
Marketable investments
$859.1M
$874.0M
$1.4B
$1.5B
Accounts receivable, no allowance for 2026 and 2025
$310.3M
$312.0M
$297.7M
$379.3M
Inventories, net
$193.8M
$178.3M
$176.5M
$169.2M
Other current assets
$317.3M
$228.0M
$252.2M
$229.7M
Total current assets
$3.5B
$2.9B
$3.5B
$3.8B
Marketable investments
$1.1B
$1.3B
$1.6B
$1.9B
Goodwill and other intangible assets, net
$114.1M
$115.5M
$116.7M
$111.5M
Property, plant, and equipment, net
$1.9B
$1.8B
$1.6B
$1.4B
Deferred tax assets, net
$311.6M
$335.4M
$354.9M
$456.2M
Other non-current assets
$239.5M
$233.2M
$262.6M
$233.3M
Total assets
$7.2B
$6.7B
$7.4B
$7.9B
Accounts payable and accrued expenses
$497.8M
$498.3M
$468.0M
$432.0M
Other current liabilities
$110.0M
$100.8M
$78.3M
$95.1M
Total current liabilities
$607.8M
$599.1M
$546.3M
$527.1M
Other non-current liabilities
$212.0M
$214.0M
$214.6M
$207.3M
Total liabilities
$819.8M
$813.1M
$760.9M
$734.4M
Preferred stock, par value $0.01, 10,000,000 shares authorized, no shares issued
0
0
0
0
Common stock, par value $0.01, 245,000,000 shares authorized, 78,029,318 and 76,452,253 shares issued, and 42,676,835 and 43,643,165 shares outstanding as of June 30, 2026 and December 31, 2025, respectively
800.0K
800.0K
800.0K
800.0K
Additional paid-in capital
$2.9B
$2.5B
$2.7B
$2.8B
Accumulated other comprehensive (loss) income
($16.2M)
($10.2M)
$100.0K
$0
Treasury stock, 35,352,483 and 32,809,088 shares as of June 30, 2026 and December 31, 2025, respectively
-5.6B
-5.4B
-4.3B
-3.5B
Retained earnings
$9.2B
$8.8B
$8.2B
$7.9B
Total stockholders’ equity
$6.4B
$5.9B
$6.6B
$7.2B
Total liabilities and stockholders’ equity
$7.2B
$6.7B
$7.4B
$7.9B
Cash flow statement
United Therapeutics Corp. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$1.3B
$1.2B
$984.8M
$727.3M
Depreciation and amortization
$85.6M
$72.5M
$53.2M
$51.3M
Share-based compensation expense
$147.7M
$144.0M
$39.1M
$106.8M
Impairments of property, plant, and equipment
$21.7M
$0
$3.6M
$11.2M
Deferred income taxes
$97.7M
—
—
—
Other
($19.7M)
($24.3M)
($4.9M)
$52.5M
Accounts receivable
($70.9M)
($400.0K)
($58.5M)
($21.7M)
Inventories
($52.6M)
($46.9M)
($13.6M)
($13.4M)
Accounts payable and accrued expenses
$97.9M
$42.7M
$57.1M
$44.5M
Other assets and liabilities
($80.9M)
($55.6M)
($82.8M)
($150.6M)
Net cash provided by operating activities
$1.6B
$1.3B
$978.0M
$802.5M
Purchases of property, plant, and equipment
($520.5M)
($246.5M)
($230.4M)
($138.8M)
Acquired lease intangible assets
($5.5M)
—
—
—
Deposits
($10.4M)
($28.5M)
($23.0M)
—
Purchases of available-for-sale debt securities
($3.4B)
($1.6B)
($2.5B)
($1.7B)
Maturities of available-for-sale debt securities
$1.6B
$1.5B
$2.1B
$1.0B
Sales of available-for-sale debt securities
$1.9B
$831.8M
$0
$0
Purchases of investments in privately-held companies
($55.0M)
($30.5M)
$0
($1.5M)
Acquisitions, net of cash acquired
$0
$0
($89.2M)
—
Net cash (used in) provided by investing activities
($551.3M)
$417.2M
($719.6M)
($811.5M)
Payments to repurchase common stock
($1.0B)
($1.0B)
—
—
Proceeds from line of credit
$200.0M
$0
$0
$800.0M
Repayment of line of credit
($500.0M)
($400.0M)
($100.0M)
($800.0M)
Excise tax paid on net share repurchase
($5.0M)
—
—
—
Payments of debt issuance costs
($11.5M)
($2.7M)
($2.7M)
($7.5M)
Proceeds from the exercise of stock options
$173.9M
$152.5M
$98.0M
$88.4M
Proceeds from the issuance of stock under ESPP
9.2M
7.6M
6.6M
5.9M
RSUs withheld for taxes
($16.6M)
($12.2M)
($13.8M)
($11.4M)
Net cash used in financing activities
($1.1B)
($1.3B)
($11.9M)
$75.4M
Net (decrease) increase in cash and cash equivalents
($140.1M)
$489.5M
$246.5M
$66.4M
Cash and cash equivalents, beginning of year
$1.7B
$1.2B
$961.2M
$894.8M
Cash and cash equivalents, end of year
$1.6B
$1.7B
$1.2B
$961.2M
Cash paid for interest
$13.5M
$40.2M
$56.0M
$29.1M
Cash paid for income taxes
$313.3M
$400.6M
$332.5M
$275.7M
Non-cash additions to property, plant, and equipment
$116.3M
$22.2M
$18.4M
$14.5M
Measurement period adjustment to purchase price
$0
($1.4M)
—
—
Excise tax on net share repurchase
$1.8M
$5.0M
—
—
Receivable from maturity of available-for-sale debt securities
$0
$0
$21.0M
$70.0M
United Therapeutics Corp. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$607.9M
$274.9M
$970.4M
$631.7M
Depreciation and amortization
$46.8M
$22.6M
$62.8M
$40.9M
Share-based compensation expense
$77.3M
$33.9M
$108.7M
$69.6M
Impairment of property, plant, and equipment
$0
—
$21.7M
$21.7M
Net unrealized losses on equity securities
$48.2M
$61.6M
—
—
Deferred income taxes
$51.6M
$25.9M
—
—
Other
$56.8M
$32.0M
$13.9M
$14.0M
Accounts receivable
$39.9M
$38.2M
($18.4M)
($100.0M)
Inventories
($57.8M)
($40.1M)
($36.1M)
($18.6M)
Accounts payable and accrued expenses
($16.7M)
($12.7M)
$74.7M
$43.5M
Other assets and liabilities
($77.1M)
$27.0M
$17.3M
($49.9M)
Net cash provided by operating activities
$776.9M
$463.3M
$1.2B
$652.9M
Purchases of property, plant, and equipment
($208.8M)
($100.8M)
($347.6M)
($137.1M)
Deposits
($6.4M)
($5.7M)
($15.5M)
($9.8M)
Purchases of available-for-sale debt securities
($770.8M)
($701.7M)
($2.9B)
($2.5B)
Maturities of available-for-sale debt securities
$534.3M
$269.0M
$1.1B
$915.9M
Sales of available-for-sale debt securities
$1.3B
$1.3B
$1.9B
$1.3B
Purchase of investment in privately held company
($25.0M)
($25.0M)
($30.0M)
$0
Net cash provided by (used in) investing activities
$831.2M
$743.7M
($323.7M)
($464.6M)
Payments to repurchase common stock
($1.5B)
($1.5B)
($1.0B)
$0
Proceeds from line of credit
$0
—
$200.0M
$200.0M
Repayment of line of credit
$0
$0
($500.0M)
($500.0M)
Excise tax paid on net share repurchase
$0
—
($5.0M)
($5.0M)
Payments of debt issuance costs
($3.4M)
—
($11.5M)
($11.5M)
Proceeds from the exercise of stock options
$194.6M
$68.3M
$74.9M
$34.7M
Proceeds from the issuance of stock under ESPP
5.6M
5.6M
9.2M
4.9M
RSUs withheld for taxes
($58.8M)
($58.3M)
($16.0M)
($15.5M)
Net cash used in financing activities
($1.4B)
($1.5B)
($1.2B)
($292.4M)
Net increase (decrease) in cash and cash equivalents
$246.1M
($277.4M)
($357.1M)
($104.1M)
Cash and cash equivalents, beginning of period
$1.6B
$1.6B
$1.7B
$1.7B
Cash and cash equivalents, end of period
$1.8B
$1.3B
$1.3B
$1.6B
Cash paid for interest
$3.8M
$1.9M
$11.5M
$9.6M
Cash paid for income taxes
$102.5M
$1.5M
$262.3M
$253.9M
Non-cash additions to property, plant, and equipment