Incyte debt and dilution—

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

—

Cash & equivalents

USD millions

$3,982.375M

Net debt

USD millions

—

Debt / equity

—

Debt / assets

—

Net debt / EBITDA

× · TTM

—

Debt / FCF

× · TTM

—

Interest coverage

× · TTM

764.9×

Current ratio

4.59×

Diluted shares

Million shares

208.22M shares

Basic shares

Million shares

200.38M shares

Share count growth

3.29%

Share repurchases

USD millions

—

Quarterly data

Incyte capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	—	3,982.38	—	—	—	—	—	764.9×	4.59×	208.22	200.38	3.29%	—
FY 2026 Q1	Mar 31, 2026	—	3,461.11	—	—	—	—	—	689.26×	3.68×	206.83	199.34	2.91%	—
FY 2025 Q4	Dec 31, 2025	—	3,097.82	—	—	—	—	—	623.91×	3.32×	204.54	197.41	2.15%	0
FY 2025 Q3	Sep 30, 2025	—	2,455.01	—	—	—	—	—	653.65×	3.2×	201.43	195.67	1.58%	0
FY 2025 Q2	Jun 30, 2025	—	1,954.97	—	—	—	—	—	483.48×	2.85×	198.74	194	-11.08%	—
FY 2025 Q1	Mar 31, 2025	—	1,941.72	—	—	—	—	—	69.58×	2.04×	198.2	193.71	-13.71%	—
FY 2024 Q4	Dec 31, 2024	—	1,687.83	—	—	—	—	—	26.91×	1.97×	206.86	193.25	-13.81%	0
FY 2024 Q3	Sep 30, 2024	—	1,304.11	—	—	—	—	—	-19.84×	1.87×	195.84	192.63	-14.03%	0.1
FY 2024 Q2	Jun 30, 2024	—	987.29	—	—	—	—	—	6.26×	1.92×	218.18	218.18	-2.27%	—
FY 2024 Q1	Mar 31, 2024	—	3,346.2	—	—	—	—	—	273.75×	3.47×	227.22	224.48	0.68%	—
FY 2023 Q4	Dec 31, 2023	—	3,213.38	—	—	—	—	—	243.25×	3.75×	226.44	224.22	0.73%	0
FY 2023 Q3	Sep 30, 2023	—	3,227.23	—	—	—	—	—	208.51×	3.91×	226.17	224.08	0.75%	0
FY 2023 Q2	Jun 30, 2023	—	3,131.12	—	—	—	—	—	175.58×	3.81×	225.65	223.25	0.72%	—
FY 2023 Q1	Mar 31, 2023	—	2,821.05	—	—	—	—	—	198.64×	3.95×	225.59	222.96	0.74%	—
FY 2022 Q4	Dec 31, 2022	—	2,951.42	—	—	—	—	—	217.34×	3.54×	224.94	222.61	0.74%	—
FY 2022 Q3	Sep 30, 2022	—	2,690.62	—	—	—	—	—	225.4×	3.8×	224.18	222.42	0.71%	—
FY 2022 Q2	Jun 30, 2022	—	2,435.38	—	—	—	—	—	281.33×	3.91×	223.66	221.66	0.72%	—
FY 2022 Q1	Mar 31, 2022	—	2,256.76	—	—	—	—	—	270.76×	3.71×	222.95	221.33	0.69%	—
FY 2021 Q4	Dec 31, 2021	—	2,057.44	—	—	—	—	—	307.01×	3.65×	221.96	220.98	—	—
FY 2021 Q3	Sep 30, 2021	—	1,999.02	—	—	—	—	—	—	3.94×	222.25	220.85	—	—
FY 2021 Q2	Jun 30, 2021	—	1,797.58	—	—	—	—	—	352.72×	3.97×	222.25	220.08	0.59%	—
FY 2021 Q1	Mar 31, 2021	—	1,669.97	—	—	—	—	—	258.48×	3.93×	221.87	219.8	1.42%	—
FY 2020 Q2	Sep 30, 2020	—	1,497.78	—	—	—	—	—	-67.32×	3.56×	218.78	218.78	1.94%	—
FY 2020 Q1	Mar 31, 2020	—	1,043.24	—	—	—	—	—	-158.37×	3.41×	216.72	216.72	1.24%	—
FY 2019 Q4	Dec 31, 2019	—	1,832.68	—	—	—	—	—	216.71×	4.83×	218.54	215.77	1.29%	—
FY 2019 Q3	Sep 30, 2019	—	1,702.02	—	—	—	—	—	242.65×	5.02×	217.79	215.2	1.21%	—
FY 2019 Q2	Jun 30, 2019	—	1,416.22	—	—	—	—	—	202.53×	5.61×	217.48	214.62	1.14%	—
FY 2019 Q1	Mar 31, 2019	—	1,299.7	—	—	—	—	—	181.11×	5.22×	217.06	214.07	1.13%	—
FY 2018 Q4	Dec 31, 2018	19,094	1,163.98	17,930.02	9.91×	721.68%	97.34×	72.67×	83.75×	4.31×	216.04	213.01	0.89%	—
FY 2018 Q3	Sep 30, 2018	—	1,112.18	—	—	—	—	—	-54.67×	4.02×	215.96	212.63	2.82%	—
FY 2018 Q2	Jun 30, 2018	—	928.52	—	—	—	—	—	-74.63×	4.34×	215.1	212.21	3.45%	—
FY 2018 Q1	Mar 31, 2018	—	894.43	—	—	—	—	—	-131.9×	3.86×	211.68	211.68	8.41%	—
FY 2017 Q4	Dec 31, 2017	26.8	899.51	-872.71	0.02×	1.16%	—	—	-35.32×	4.01×	211.13	211.13	11.94%	—
FY 2017 Q3	Sep 30, 2017	—	1,128.05	—	—	—	—	—	-4.32×	4.82×	212.61	206.8	9.98%	—
FY 2017 Q2	Jun 30, 2017	—	451.75	—	—	—	—	—	-2.44×	2.88×	205.14	205.14	109,202.44%	—
FY 2017 Q1	Mar 31, 2017	—	361.82	—	—	—	—	—	-0.7×	2.69×	195.26	195.26	104,214.47%	—
FY 2016 Q4	Dec 31, 2016	749.8	652.34	97.46	1.79×	45.76%	0.48×	4.06×	3.74×	3.64×	195.19	188.6	1.25%	—
FY 2016 Q3	Sep 30, 2016	—	580.1	—	—	—	—	—	4.25×	3.69×	194.27	188.03	3.66%	—
FY 2016 Q2	Jun 30, 2016	—	487.65	—	—	—	—	—	3.53×	3.98×	0.19	0.19	-99.89%	—
FY 2016 Q1	Mar 31, 2016	—	657.62	—	—	—	—	—	2.17×	4.67×	0.19	0.19	-99.89%	—
FY 2015 Q4	Dec 31, 2015	749.8	521.44	228.36	4.38×	74.43%	2.39×	12.39×	1.11×	5.01×	193.37	186.27	9.62%	—
FY 2015 Q3	Sep 30, 2015	—	445.8	—	—	—	—	—	-0.84×	4.86×	181.39	181.39	7.59%	—
FY 2015 Q2	Jun 30, 2015	—	439.68	—	—	—	—	—	0.62×	3.81×	186.49	178.68	6.41%	—
FY 2015 Q1	Mar 31, 2015	—	421.82	—	—	—	—	—	0.23×	3.07×	172.07	172.07	4.06%	—
FY 2014 Q4	Dec 31, 2014	840.9	452.3	388.6	—	101.3%	10.61×	—	-0.1×	3.16×	169.92	169.92	5.04%	—
FY 2014 Q3	Sep 30, 2014	—	382	—	—	—	—	—	0.11×	5.32×	189.05	168.59	8.72%	—
FY 2014 Q2	Jun 30, 2014	—	406.26	—	—	—	—	—	-1.99×	5.13×	167.91	167.91	18.01%	—
FY 2014 Q1	Mar 31, 2014	—	436.59	—	—	—	—	—	-0.91×	5.43×	165.36	165.36	—	—
FY 2013 Q4	Dec 31, 2013	846.6	471.43	375.17	—	134.47%	28.63×	172.32×	-0.42×	5.14×	161.77	161.77	22.82%	—
FY 2013 Q3	Sep 30, 2013	—	272.12	—	—	—	—	—	0.73×	3.05×	155.07	155.07	18.51%	—
FY 2013 Q2	Jun 30, 2013	—	258.2	—	—	—	—	—	0.73×	3.04×	142.28	142.28	10.11%	—
FY 2013 Q1	Mar 31, 2013	—	265.81	—	—	—	—	—	0.67×	2.55×	—	—	—	—
FY 2012 Q4	Dec 31, 2012	410	224.06	185.94	—	124.08%	5.97×	—	0.02×	2.27×	139.12	131.71	4.22%	—
FY 2012 Q3	Sep 30, 2012	—	239.08	—	—	—	—	—	-1.61×	2.03×	130.85	130.85	3.64%	—
FY 2012 Q2	Jun 30, 2012	—	257.56	—	—	—	—	—	-2.34×	2.11×	137.97	129.22	3.11%	—
FY 2012 Q1	Mar 31, 2012	—	231.86	—	—	—	—	—	-3.64×	1.94×	127.2	127.2	3.03%	—
FY 2011 Q4	Dec 31, 2011	420	273.16	146.84	—	127.67%	—	—	-3.27×	2.29×	126.38	126.38	—	—
FY 2011 Q3	Sep 30, 2011	—	312.33	—	—	—	—	—	—	2.86×	126.26	126.26	—	—
FY 2011 Q2	Jun 30, 2011	—	359.07	—	—	—	—	—	—	3.54×	125.33	125.33	—	—
FY 2011 Q1	Mar 31, 2011	—	377.84	—	—	—	—	—	—	3.87×	123.47	123.47	—	—

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · INCY, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.