Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.60B | $1.73B | $1.63B | $1.45B | $1.48B | $1.69B | $1.94B | $2.33B | $2.88B | $3.18B |
| Revenue growth | — | 7.9% | -5.7% | -11.0% | 2.4% | 13.6% | 14.9% | 20.2% | 23.6% | 10.6% |
| Gross profit | — | — | — | $1.33B | $1.38B | $1.56B | $1.78B | $2.07B | $2.57B | $2.80B |
| Gross margin | — | — | — | 91.9% | 92.7% | 92.7% | 92.2% | 88.9% | 89.2% | 87.9% |
| Operating income | $1.06B | $815M | $805M | -$188M | $594M | $556M | $980M | $1.18B | $1.38B | $1.49B |
| Operating margin | 66.4% | 47.2% | 49.5% | -12.9% | 40.0% | 33.0% | 50.6% | 50.9% | 47.9% | 46.9% |
| Net income | $714M | $418M | $589M | -$105M | — | $476M | $727M | $985M | $1.20B | $1.33B |
| Net margin | 44.6% | 24.2% | 36.2% | -7.2% | — | 28.2% | 37.6% | 42.3% | 41.5% | 41.9% |
| EPS (diluted) | $15.25 | $9.31 | $13.39 | -$2.39 | $11.54 | $10.06 | $15.00 | $19.81 | $24.64 | $27.86 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $644M | $474M | $778M | -$207M | $756M | $598M | $803M | $978M | $1.33B | $1.56B |
| Capital expenditures | $38.0M | $86.3M | $184M | $83.7M | $59.3M | $121M | $139M | $230M | $247M | $521M |
| Free cash flow | $606M | $388M | $594M | -$290M | $696M | $477M | $664M | $748M | $1.08B | $1.04B |
| Share buybacks | $500M | $250M | — | — | — | — | $0.00 | $0.00 | $1.00B | $1.00B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.02B | $705M | $669M | $738M | $739M | $895M | $961M | $1.21B | $1.70B | $1.56B |
| Total assets | $2.33B | $2.88B | $3.40B | $3.91B | $4.62B | $5.17B | $6.04B | $7.17B | $7.36B | $7.88B |
| Total liabilities | $463M | $758M | $593M | $1.13B | $1.22B | $1.21B | $1.25B | $1.18B | $920M | $784M |
| Shareholders' equity | $1.85B | $2.10B | $2.79B | $2.78B | $3.40B | $3.96B | $4.80B | $5.98B | $6.44B | $7.10B |
| Retained earnings | $2.43B | $2.85B | $3.43B | $3.33B | $3.84B | $4.32B | $5.04B | $6.03B | $7.22B | $8.56B |
| Shares (wtd avg diluted) | 46.8M | 44.9M | 44.0M | 43.8M | 44.6M | 47.3M | 48.5M | 49.7M | 48.5M | 47.9M |
Every figure is extracted from UNITED THERAPEUTICS Corp’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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